v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Gross premiums written $ 212,150 $ 147,452
Change in gross unearned premiums (1,994) 9,476
Gross premiums earned 210,156 156,928
Ceded premiums earned (144,754) (117,645)
Net premiums earned 65,402 39,283
Policy fees 2,204 1,554
Net investment income 4,103 3,248
Net realized gains (losses) on investments 16 6
Other income 161 217
Total revenues 71,886 44,308
Expenses:    
Losses and loss adjustment expenses, net 20,862 20,365
Policy acquisition expenses 3,107 5,354
General and administrative expenses 5,008 5,282
Total expenses 28,977 31,001
Income before income taxes 42,909 13,307
Income tax expense 4,813 1,201
Net income 38,096 12,106
Other comprehensive income:    
Unrealized holding gains on available-for-sale securities, net of taxes 457 41
Reclassification adjustment for net realized gains, net of taxes (12) (5)
Total other comprehensive income 445 36
Comprehensive income $ 38,541 $ 12,142
Earnings per unit:    
Basic earnings per unit $ 292.15 $ 94.27
Diluted earnings per unit $ 292.15 $ 94.27
Weighted average units outstanding – Basic 122,900 122,900
Weighted average units outstanding – Diluted 122,900 122,900