CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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| REVENUES | ||||
| Direct premiums written | $ 500,677 | $ 432,984 | $ 1,429,685 | $ 1,271,925 |
| Change in unearned premium | (48,227) | (22,363) | (133,827) | (93,124) |
| Direct premium earned | 452,450 | 410,621 | 1,295,858 | 1,178,801 |
| Ceded premium earned | (161,819) | (145,967) | (459,102) | (414,670) |
| Premiums earned, net | 290,631 | 264,654 | 836,756 | 764,131 |
| Net investment income | 6,074 | 2,797 | 15,337 | 8,641 |
| Net realized gains (losses) on investments | 292 | 4,319 | (375) | 5,357 |
| Net change in unrealized gains (losses) of equity securities | (4,150) | (3,759) | (16,430) | (3,024) |
| Commission revenue | 12,592 | 11,418 | 35,157 | 30,404 |
| Policy fees | 5,272 | 5,859 | 15,991 | 17,821 |
| Other revenue | 2,099 | 1,966 | 5,862 | 5,862 |
| Total revenues | 312,810 | 287,254 | 892,298 | 829,192 |
| OPERATING COSTS AND EXPENSES | ||||
| Losses and loss adjustment expenses | 330,444 | 187,581 | 715,854 | 498,765 |
| General and administrative expenses | 73,973 | 73,180 | 231,561 | 237,469 |
| Total operating costs and expenses | 404,417 | 260,761 | 947,415 | 736,234 |
| Interest and amortization of debt issuance costs | 1,630 | 29 | 4,969 | 84 |
| INCOME (LOSS) BEFORE INCOME TAXES | (93,237) | 26,464 | (60,086) | 92,874 |
| Income tax expense (benefit) | (20,962) | 6,281 | (12,718) | 24,342 |
| NET INCOME (LOSS) | $ (72,275) | $ 20,183 | $ (47,368) | $ 68,532 |
| Basic earnings (loss) per common share (in USD per share) | $ (2.36) | $ 0.65 | $ (1.54) | $ 2.19 |
| Weighted average common shares outstanding - Basic (in shares) | 30,604 | 31,247 | 30,858 | 31,232 |
| Diluted earnings (loss) per common share (in USD per share) | $ (2.36) | $ 0.64 | $ (1.54) | $ 2.19 |
| Weighted average common shares outstanding - Diluted (in shares) | 30,604 | 31,337 | 30,858 | 31,302 |
| Cash dividend declared per common share (in USD per share) | $ 0.16 | $ 0.16 | $ 0.48 | $ 0.48 |
| X | ||||||||||
- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of earned premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of realized gain (loss) on investment in debt and equity securities. No definition available.
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| X | ||||||||||
- Definition Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums written. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of decrease (increase) in unearned premiums. No definition available.
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| X | ||||||||||
- Definition Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after effects of policies assumed or ceded, of expense related to the provision for policy benefits and costs incurred. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Insurance Policy Fees Revenue No definition available.
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