XML 20 R5.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Direct premiums written $ 2,069,692 $ 1,921,833 $ 1,845,786
Change in unearned premium (69,887) (46,704) (86,085)
Direct premium earned 1,999,805 1,875,129 1,759,701
Ceded premium earned (626,732) (623,193) (631,075)
Premiums earned, net 1,373,073 1,251,936 1,128,626
Net investment income 59,148 48,449 25,785
Net realized gains (losses) on investments (1,315) (1,229) 348
Net change in unrealized gains (losses) on investments 9,936 12,046 (13,145)
Commission revenue 51,792 54,058 53,168
Policy fees 19,490 18,881 20,182
Other revenue 8,412 7,441 7,694
Total revenues 1,520,536 1,391,582 1,222,658
OPERATING COSTS AND EXPENSES      
Losses and loss adjustment expenses 1,087,366 992,636 938,399
General and administrative expenses 342,083 304,066 304,897
Total operating costs and expenses 1,429,449 1,296,702 1,243,296
Interest and amortization of debt issuance costs 6,476 6,531 6,609
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 84,611 88,349 (27,247)
Income tax expense (benefit) 25,683 21,526 (4,990)
NET INCOME (LOSS) $ 58,928 $ 66,823 $ (22,257)
Basic earnings (loss) per common share (in USD per share) $ 2.07 $ 2.24 $ (0.72)
Weighted average common shares outstanding - Basic (in shares) 28,498 29,829 30,751
Diluted earnings (loss) per common share (in USD per share) $ 2.01 $ 2.22 $ (0.72)
Weighted average common shares outstanding - Diluted (in shares) 29,274 30,147 30,751
Cash dividend declared per common share (in USD per share) $ 0.77 $ 0.77 $ 0.77