XML 115 R4.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Gross premiums written $ 184,377 $ 168,346 $ 611,950 $ 554,579
Gross premiums ceded (21,695) (26,598) (65,344) (64,611)
Net premiums written 162,682 141,748 546,606 489,968
Change in net unearned premium reserves 2,737 10,136 (51,083) (18,150)
Net premiums earned 165,419 151,884 495,523 471,818
Income (loss) from investment in related party investment fund (Note 3) (14,404) 19,844 (483) 42,422
Net investment income (loss) (2,950) 10,454 15,807 34,580
Foreign exchange gains (losses) (1,994) 5,826 8,632 3,245
Other income 0 0 0 2,119
Total revenues 146,071 188,008 519,479 554,184
Expenses        
Net loss and loss adjustment expenses incurred 88,593 93,165 311,556 304,524
Acquisition costs 46,962 46,162 140,676 138,226
Underwriting expenses 7,472 6,073 20,311 18,223
Corporate and other expenses 5,399 4,253 14,826 13,334
Deposit interest expense 94 377 367 3,139
Interest expense 1,430 2,018 4,038 4,827
Total expenses 149,950 152,048 491,774 482,273
Income (loss) before income tax (3,879) 35,960 27,705 71,911
Income tax expense (526) (723) (2,154) (1,677)
Net income (loss) $ (4,405) $ 35,237 $ 25,551 $ 70,234
Earnings (Loss) per share ("EPS"):        
Basic (in dollars per share) $ (0.13) $ 1.03 $ 0.75 $ 2.05
Diluted (in dollars per share) $ (0.13) $ 1.01 $ 0.74 $ 2.02
Weighted average number of ordinary shares used in the determination of EPS:        
Basic (in shares) 33,760,337 34,120,955 33,892,806 34,210,560
Diluted (in shares) 33,760,337 34,810,066 34,477,322 34,824,372