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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUE:        
Change in gross unearned premiums     $ 121,742 $ 32,036
Investment Income, Net $ 2,709 $ 2,236 7,990 5,479
EXPENSES:        
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest (10,568) 70,884 (295,627) 173,196
Net Income (Loss) Attributable to Noncontrolling Interest 0 0 0 (111)
Net income (loss) 10,568 (70,884) 295,627 (173,085)
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gains (losses) on investments (2,761) (15,953) (698) (60,232)
Reclassification adjustment for net realized investment (gains) losses 2 (9) (6,806) (1,856)
Income tax benefit (expense) related to items of other comprehensive income 0 0 0 49
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 7,805 (86,828) 301,735 (231,523)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 0 0 0 (164)
Total comprehensive income $ 7,805 $ (86,828) $ 301,735 $ (231,359)
Weighted-average shares outstanding        
Weighted-average shares outstanding 43,301,388 43,075,234 43,220,084 43,035,374
Weighted-average diluted shares 44,142,693 43,075,234 43,888,665 43,035,374
Earnings Per Share        
Basic earnings per share $ 0.24 $ (1.65) $ 6.84 $ (4.02)
Diluted earnings per share $ 0.24 $ (1.65) $ 6.73 $ (4.02)
Unearned premiums     $ (121,742) $ (32,036)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 10,568 $ (70,884) $ 295,627 $ (173,196)
Basic earnings per share $ 0.24 $ (1.65) $ 6.84 $ (4.02)
Diluted earnings per share $ 0.24 $ (1.65) $ 6.73 $ (4.02)
Investment Income, Net $ 2,709 $ 2,236 $ 7,990 $ 5,479
Net Income (Loss) Attributable to Noncontrolling Interest 0 0 0 (111)
Change in net unrealized gains (losses) on investments (2,761) (15,953) (698) (60,232)
Reclassification adjustment for net realized investment (gains) losses 2 (9) (6,806) (1,856)
Income tax benefit (expense) related to items of other comprehensive income 0 0 0 49
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 7,805 (86,828) 301,735 (231,523)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 0 0 0 (164)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 7,805 $ (86,828) $ 301,735 $ (231,359)
Weighted-average shares outstanding 43,301,388 43,075,234 43,220,084 43,035,374
Weighted-average diluted shares 44,142,693 43,075,234 43,888,665 43,035,374
Net Income (Loss), Parent $ 10,568 $ (70,884) $ 295,627 $ (173,085)
Continuing Operations        
REVENUE:        
Gross premiums written 103,872 103,153 534,880 453,199
Change in gross unearned premiums 61,888 35,207 (66,445) (62,623)
Gross premiums earned 165,760 138,360 468,435 390,576
Ceded premiums earned (109,952) (68,134) (242,134) (198,072)
Net premiums earned 55,808 70,226 226,301 192,504
Investment Income, Net 2,709 2,236 7,990 5,479
Gain (Loss) on Investments 2 (4) (6,806) (44)
Increase (Decrease) in Equity Securities, FV-NI 177 (897) 792 (4,058)
Other revenue 18 1,191 52 1,213
Total revenue (58,714) (72,752) (228,329) (195,094)
EXPENSES:        
Losses and loss adjustment expenses 13,764 52,765 51,091 93,112
Policy acquisition costs 15,600 26,030 68,117 69,908
Operating Costs and Expenses 2,799 3,123 8,241 10,650
General and administrative expenses 6,131 15,959 21,507 32,231
Interest expense (2,718) (2,358) (8,156) (7,080)
Total expenses 41,012 100,235 157,112 212,981
Income (loss) before other income 17,702 (27,483) 71,217 (17,887)
Other income (226) (29) 1,168 1,562
Provision for income taxes 3,103 (66) 7,293 24,705
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest (14,373) 27,446 (65,092) 41,030
Net Income (Loss) Attributable to Noncontrolling Interest 0 0 0 (111)
Net income (loss) $ 14,373 $ (27,446) $ 65,092 $ (40,919)
Earnings Per Share        
Basic earnings per share $ 0.33 $ (0.64) $ 1.51 $ (0.95)
Diluted earnings per share $ 0.33 $ (0.64) $ 1.48 $ (0.95)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 17,476 $ (27,512) $ 72,385 $ (16,325)
Unearned premiums (61,888) (35,207) 66,445 62,623
Revenues 58,714 72,752 228,329 195,094
Interest expense 2,718 2,358 8,156 7,080
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 14,373 $ (27,446) $ 65,092 $ (41,030)
Basic earnings per share $ 0.33 $ (0.64) $ 1.51 $ (0.95)
Diluted earnings per share $ 0.33 $ (0.64) $ 1.48 $ (0.95)
Gross premiums written $ 103,872 $ 103,153 $ 534,880 $ 453,199
Gross premiums earned 165,760 138,360 468,435 390,576
Ceded Premiums Earned 109,952 68,134 242,134 198,072
Premiums Earned, Net, Property and Casualty 55,808 70,226 226,301 192,504
Investment Income, Net 2,709 2,236 7,990 5,479
Gain (Loss) on Investments 2 (4) (6,806) (44)
Increase (Decrease) in Equity Securities, FV-NI 177 (897) 792 (4,058)
Other revenue 18 1,191 52 1,213
Losses and loss adjustment expenses 13,764 52,765 51,091 93,112
Policy acquisition costs 15,600 26,030 68,117 69,908
Operating Costs and Expenses 2,799 3,123 8,241 10,650
General and administrative expenses 6,131 15,959 21,507 32,231
Costs and Expenses 41,012 100,235 157,112 212,981
Operating Income (Loss) 17,702 (27,483) 71,217 (17,887)
Other income (226) (29) 1,168 1,562
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 17,476 (27,512) 72,385 (16,325)
Provision for income taxes 3,103 (66) 7,293 24,705
Net Income (Loss) Attributable to Noncontrolling Interest 0 0 0 (111)
Net Income (Loss), Parent 14,373 (27,446) 65,092 (40,919)
Discontinued Operations        
REVENUE:        
Gross premiums written 0 168,587 (120,608) 489,509
Change in gross unearned premiums 0 7,810 198,154 80,779
Gross premiums earned 0 176,397 77,546 570,288
Ceded premiums earned 0 (130,437) (48,203) (434,343)
Net premiums earned 0 45,960 29,343 135,945
Investment Income, Net 0 2,033 2,182 4,408
Gain (Loss) on Investments 0 (4) 1,343 (1,811)
Increase (Decrease) in Equity Securities, FV-NI 0 (1,622) 2,080 (5,813)
Other revenue 0 4,650 2,717 14,124
Total revenue 0 (51,017) (37,665) (146,853)
EXPENSES:        
Losses and loss adjustment expenses 851 64,443 37,268 205,558
Policy acquisition costs 0 12,914 (1,522) 24,040
Operating Costs and Expenses 153 6,492 4,656 24,232
General and administrative expenses 2,872 10,433 5,431 24,660
Interest expense 0 (34) (22) (84)
Total expenses 3,876 94,316 45,855 278,574
Income (loss) before other income (3,876) (43,299) (8,190) (131,721)
Other income 0 14 0 37
Provision for income taxes $ (71) $ 153 $ (285) $ 482
Earnings Per Share        
Basic earnings per share $ (0.09) $ (1.01) $ 5.33 $ (3.07)
Diluted earnings per share $ (0.09) $ (1.01) $ 5.25 $ (3.07)
Unearned premiums $ 0 $ (7,810) $ (198,154) $ (80,779)
Revenues 0 51,017 37,665 146,853
Interest expense 0 34 22 84
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax $ (3,805) $ (43,438) $ 230,535 $ (132,166)
Basic earnings per share $ (0.09) $ (1.01) $ 5.33 $ (3.07)
Diluted earnings per share $ (0.09) $ (1.01) $ 5.25 $ (3.07)
Gross premiums written $ 0 $ 168,587 $ (120,608) $ 489,509
Gross premiums earned 0 176,397 77,546 570,288
Ceded Premiums Earned 0 130,437 48,203 434,343
Premiums Earned, Net, Property and Casualty 0 45,960 29,343 135,945
Investment Income, Net 0 2,033 2,182 4,408
Gain (Loss) on Investments 0 (4) 1,343 (1,811)
Increase (Decrease) in Equity Securities, FV-NI 0 (1,622) 2,080 (5,813)
Other revenue 0 4,650 2,717 14,124
Losses and loss adjustment expenses 851 64,443 37,268 205,558
Policy acquisition costs 0 12,914 (1,522) 24,040
Operating Costs and Expenses 153 6,492 4,656 24,232
General and administrative expenses 2,872 10,433 5,431 24,660
Costs and Expenses 3,876 94,316 45,855 278,574
Operating Income (Loss) (3,876) (43,299) (8,190) (131,721)
Other income 0 14 0 37
Provision for income taxes $ (71) $ 153 $ (285) $ 482