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QUARTERLY RESULTS FOR 2024 AND 2023 (UNAUDITED)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS FOR 2024 AND 2023 (UNAUDITED) QUARTERLY RESULTS FOR 2024 AND 2023 (UNAUDITED)
The following table provides a summary of results for the periods presented (in thousands except per share data):
Three Months Ended
March 31June 30September 30December 31
For the Year Ended December 31, 2024
Premiums earned, net$334,025 $344,958 $345,736 $348,354 
Net investment income13,523 14,660 15,406 15,559 
Total revenues367,959 380,214 387,554 384,809 
Total expenses318,853 330,686 404,058 375,852 
Net income (loss)33,657 35,416 (16,163)6,018 
Basic earnings (loss) per share$1.17 $1.24 $(0.57)$0.21 
Diluted earnings (loss) per share$1.14 $1.21 $(0.57)$0.21 
For the Year Ended December 31, 2023
Premiums earned, net$282,224 $303,274 $331,040 $335,398 
Net investment income10,698 11,282 12,755 13,714 
Total revenues316,508 339,570 360,048 375,456 
Total expenses282,081 300,402 366,294 347,925 
Net income (loss)24,173 28,566 (5,915)19,999 
Basic earnings (loss) per share$0.80 $0.94 $(0.20)$0.69 
Diluted earnings (loss) per share$0.79 $0.93 $(0.20)$0.68 
Direct premiums written increased by $38.3 million, or 8.8%, to $470.9 million for the three months ended December 31, 2024, driven by premium growth within our Florida business of $2.7 million, or 0.8%, and premium growth in our other states business of $35.6 million, or 38.4%, as compared to the three months ended December 31, 2023. Rate increases approved in 2023 and 2024 for Florida and for certain other states and policy inflation adjustments were the principal driver of higher written premiums, in addition to an increase in policies in force. In total, policies in force increased by 10,987 or 1.3% during the quarter ended December 31, 2024, and increased by 45,594 or 5.6% over the last 12 months. Expense ratio excluding interest increased to 25.6% from 21.8%. In the fourth quarter of 2024, losses have increased due to Hurricane Milton and lower-than-expected subrogation recoveries. However, these losses were partially mitigated by a reduced level of prior-year development compared to the fourth quarter of 2023.