XML 18 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Direct premiums written $ 574,351 $ 531,988 $ 1,598,797 $ 1,489,216
Change in unearned premium (66,606) (57,677) (118,331) (96,213)
Direct premium earned 507,745 474,311 1,480,466 1,393,003
Ceded premium earned (162,009) (143,271) (455,747) (476,465)
Premiums earned, net 345,736 331,040 1,024,719 916,538
Net investment income 15,406 12,755 43,589 34,735
Net realized gains (losses) on investments (1,146) (431) (1,534) (337)
Net change in unrealized gains (losses) on investments 7,299 (1,285) 11,760 1,403
Commission revenue 12,959 10,830 35,671 43,098
Policy fees 5,194 5,111 15,175 14,662
Other revenue 2,106 2,028 6,347 6,027
Total revenues 387,554 360,048 1,135,727 1,016,126
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 316,955 287,972 800,714 717,853
General and administrative expenses 87,103 78,322 252,883 230,924
Total operating costs and expenses 404,058 366,294 1,053,597 948,777
Interest and amortization of debt issuance costs 1,619 1,631 4,864 4,896
INCOME (LOSS) BEFORE INCOME TAXES (18,123) (7,877) 77,266 62,453
Income tax expense (benefit) (1,960) (1,962) 24,356 15,629
NET INCOME (LOSS) $ (16,163) $ (5,915) $ 52,910 $ 46,824
Basic earnings (loss) per common share (in USD per share) $ (0.57) $ (0.20) $ 1.85 $ 1.56
Weighted average common shares outstanding - Basic (in shares) 28,355 29,617 28,607 30,087
Diluted earnings (loss) per common share (in USD per share) $ (0.57) $ (0.20) $ 1.80 $ 1.54
Weighted average common shares outstanding - Diluted (in shares) 28,355 29,617 29,317 30,378
Cash dividend declared per common share (in USD per share) $ 0.16 $ 0.16 $ 0.48 $ 0.48