XML 17 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUE:        
Change in gross unearned premiums     $ 59,854 $ (14,657)
Investment Income, Net $ 2,692 $ 1,839 5,281 3,243
EXPENSES:        
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest (17,779) 69,055 (285,059) 102,312
Net Income (Loss) Attributable to Noncontrolling Interest 0 (26) 0 (111)
Net income (loss) 17,779 (69,029) 285,059 (102,201)
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gains (losses) on investments (2,168) (16,590) 2,063 (44,279)
Reclassification adjustment for net realized investment (gains) losses 6,725 78 6,808 1,847
Income tax benefit (expense) related to items of other comprehensive income 0 (6,187) 0 49
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 22,336 (91,754) 293,930 (144,695)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 0 479 0 (164)
Total comprehensive income $ 22,336 $ (92,233) $ 293,930 $ (144,531)
Weighted-average shares outstanding        
Weighted-average shares outstanding 43,229,416 43,049,227 43,178,758 43,015,114
Weighted-average diluted shares 43,805,217 43,049,227 43,690,435 43,015,114
Earnings Per Share        
Basic earnings per share $ 0.42 $ (1.60) $ 6.59 $ (2.37)
Diluted earnings per share $ 0.41 $ (1.60) $ 6.52 $ (2.37)
Unearned premiums     $ (59,854) $ 14,657
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 17,779 $ (69,055) $ 285,059 $ (102,312)
Basic earnings per share $ 0.42 $ (1.60) $ 6.59 $ (2.37)
Diluted earnings per share $ 0.41 $ (1.60) $ 6.52 $ (2.37)
Investment Income, Net $ 2,692 $ 1,839 $ 5,281 $ 3,243
Net Income (Loss) Attributable to Noncontrolling Interest 0 (26) 0 (111)
Change in net unrealized gains (losses) on investments (2,168) (16,590) 2,063 (44,279)
Reclassification adjustment for net realized investment (gains) losses 6,725 78 6,808 1,847
Income tax benefit (expense) related to items of other comprehensive income 0 (6,187) 0 49
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 22,336 (91,754) 293,930 (144,695)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 0 479 0 (164)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 22,336 $ (92,233) $ 293,930 $ (144,531)
Weighted-average shares outstanding 43,229,416 43,049,227 43,178,758 43,015,114
Weighted-average diluted shares 43,805,217 43,049,227 43,690,435 43,015,114
Net Income (Loss), Parent $ 17,779 $ (69,029) $ 285,059 $ (102,201)
Continuing Operations        
REVENUE:        
Gross premiums written 243,885 207,632 431,008 350,046
Change in gross unearned premiums (85,686) (78,149) (128,333) (97,830)
Gross premiums earned 158,199 129,483 302,675 252,216
Ceded premiums earned (75,030) (64,951) (132,182) (129,938)
Net premiums earned 83,169 64,532 170,493 122,278
Investment Income, Net 2,692 1,839 5,281 3,243
Gain (Loss) on Investments (6,725) (77) (6,808) (40)
Increase (Decrease) in Equity Securities, FV-NI 141 (2,391) 615 (3,161)
Other revenue 18 7 34 22
Total revenue (79,295) (63,910) (169,615) (122,342)
EXPENSES:        
Losses and loss adjustment expenses 20,915 14,032 37,327 40,347
Policy acquisition costs 25,545 23,570 52,517 43,878
Operating Costs and Expenses 3,274 3,820 5,442 7,527
General and administrative expenses 6,583 8,208 15,376 16,272
Interest expense (2,719) (2,363) (5,438) (4,722)
Total expenses 59,036 51,993 116,100 112,746
Income (loss) before other income 20,259 11,917 53,515 9,596
Other income 806 258 1,394 1,591
Provision for income taxes 713 25,486 4,190 24,771
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest (20,352) 13,311 (50,719) 13,584
Net Income (Loss) Attributable to Noncontrolling Interest 0 (26) 0 (111)
Net income (loss) $ 20,352 $ (13,285) $ 50,719 $ (13,473)
Earnings Per Share        
Basic earnings per share $ 0.48 $ (0.31) $ 1.16 $ (0.31)
Diluted earnings per share $ 0.47 $ (0.31) $ 1.16 $ (0.31)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 21,065 $ 12,175 $ 54,909 $ 11,187
Unearned premiums 85,686 78,149 128,333 97,830
Revenues 79,295 63,910 169,615 122,342
Interest expense 2,719 2,363 5,438 4,722
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 20,352 $ (13,311) $ 50,719 $ (13,584)
Basic earnings per share $ 0.48 $ (0.31) $ 1.16 $ (0.31)
Diluted earnings per share $ 0.47 $ (0.31) $ 1.16 $ (0.31)
Insurance Agency Management Fee     $ 0 $ 0
Gross premiums written $ 243,885 $ 207,632 431,008 350,046
Gross premiums earned 158,199 129,483 302,675 252,216
Ceded Premiums Earned 75,030 64,951 132,182 129,938
Premiums Earned, Net, Property and Casualty 83,169 64,532 170,493 122,278
Investment Income, Net 2,692 1,839 5,281 3,243
Gain (Loss) on Investments (6,725) (77) (6,808) (40)
Increase (Decrease) in Equity Securities, FV-NI 141 (2,391) 615 (3,161)
Other revenue 18 7 34 22
Losses and loss adjustment expenses 20,915 14,032 37,327 40,347
Policy acquisition costs 25,545 23,570 52,517 43,878
Operating Costs and Expenses 3,274 3,820 5,442 7,527
General and administrative expenses 6,583 8,208 15,376 16,272
Costs and Expenses 59,036 51,993 116,100 112,746
Operating Income (Loss) 20,259 11,917 53,515 9,596
Other income 806 258 1,394 1,591
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 21,065 12,175 54,909 11,187
Provision for income taxes 713 25,486 4,190 24,771
Net Income (Loss) Attributable to Noncontrolling Interest 0 (26) 0 (111)
Net Income (Loss), Parent 20,352 (13,285) 50,719 (13,473)
Discontinued Operations        
REVENUE:        
Gross premiums written 0 174,094 (120,608) 320,922
Change in gross unearned premiums 0 13,243 198,154 72,969
Gross premiums earned 0 187,337 77,546 393,891
Ceded premiums earned 0 (140,463) (48,203) (303,906)
Net premiums earned 0 46,874 29,343 89,985
Investment Income, Net 0 1,301 2,182 2,375
Gain (Loss) on Investments 0 (1) 1,343 (1,807)
Increase (Decrease) in Equity Securities, FV-NI 0 (2,693) 2,080 (4,191)
Other revenue 0 6,411 2,717 9,474
Total revenue 0 (51,892) (37,665) (95,836)
EXPENSES:        
Losses and loss adjustment expenses 1,191 76,051 36,417 141,115
Policy acquisition costs (170) 5,418 (1,522) 11,126
Operating Costs and Expenses 507 9,199 4,503 17,740
General and administrative expenses 1,275 6,286 2,559 14,227
Interest expense 0 (31) (22) (50)
Total expenses 2,803 96,985 41,979 184,258
Income (loss) before other income (2,803) (45,093) (4,314) (88,422)
Other income 0 13 0 23
Provision for income taxes (230) 10,664 (214) 329
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest $ 2,573 $ 55,744 $ (234,340) $ 88,728
Earnings Per Share        
Basic earnings per share $ (0.06) $ (1.29) $ 5.43 $ (2.06)
Diluted earnings per share $ (0.06) $ (1.29) $ 5.36 $ (2.06)
Unearned premiums $ 0 $ (13,243) $ (198,154) $ (72,969)
Revenues 0 51,892 37,665 95,836
Interest expense 0 31 22 50
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ (2,573) $ (55,744) $ 234,340 $ (88,728)
Basic earnings per share $ (0.06) $ (1.29) $ 5.43 $ (2.06)
Diluted earnings per share $ (0.06) $ (1.29) $ 5.36 $ (2.06)
Gross premiums written $ 0 $ 174,094 $ (120,608) $ 320,922
Gross premiums earned 0 187,337 77,546 393,891
Ceded Premiums Earned 0 140,463 48,203 303,906
Premiums Earned, Net, Property and Casualty 0 46,874 29,343 89,985
Investment Income, Net 0 1,301 2,182 2,375
Gain (Loss) on Investments 0 (1) 1,343 (1,807)
Increase (Decrease) in Equity Securities, FV-NI 0 (2,693) 2,080 (4,191)
Other revenue 0 6,411 2,717 9,474
Losses and loss adjustment expenses 1,191 76,051 36,417 141,115
Policy acquisition costs (170) 5,418 (1,522) 11,126
Operating Costs and Expenses 507 9,199 4,503 17,740
General and administrative expenses 1,275 6,286 2,559 14,227
Costs and Expenses 2,803 96,985 41,979 184,258
Operating Income (Loss) (2,803) (45,093) (4,314) (88,422)
Other income 0 13 0 23
Provision for income taxes $ (230) $ 10,664 $ (214) $ 329