v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net Income (Loss) $ 38,096 $ 12,106
Adjustments to reconcile net income to net cash from operating activities:    
Amortization and depreciation 497 688
Deferred income taxes (1,090) (914)
Net realized (gains) losses (16) (6)
Changes in operating assets and liabilities:    
Premiums receivable (4,899) (3,183)
Accrued investment income 238 (253)
Prepaid reinsurance premiums 89,856 110,565
Reinsurance recoverable 22,394 (36,511)
Other assets 8,879 200
Unpaid losses and loss adjustment expense (44,089) (17,773)
Unearned premiums 1,994 (37,611)
Reinsurance payable (55,072) (61,061)
Advance premiums 13,950 11,135
Income taxes payable (recoverable) 6,418 2,120
Operating lease payments (501) (514)
Deferred policy acquisition costs, net unearned ceding commissions (5,095) 7,677
Other liabilities and accrued expenses (3,475) (6,816)
Net cash from (used in) operating activities 68,085 (20,151)
Investing activities    
Purchases of property and equipment (108) (595)
Proceeds from sales and maturities of fixed maturity securities 59,870 3,532
Purchases of fixed maturity securities (51,419) (7,487)
Proceeds from sales and maturities of short-term investments 0 (14)
Net cash from (used in) investing activities 8,343 (4,564)
Financing activities    
Cash distributions to members (14,875) (4,022)
Repayment of long-term debt (103) (103)
Net cash used in financing activities (14,978) (4,125)
Net increase in cash and cash equivalents 61,450 (28,840)
Cash, cash equivalents and restricted cash at beginning of year 179,272 62,168
Cash, cash equivalents and restricted cash at end of year 240,722 33,328
Supplemental disclosures of cash flow information    
Interest paid 0 30
Income taxes paid (refund) 0 0
Cash, cash equivalents, restricted cash, and restricted cash equivalents    
Cash and cash equivalents 236,416 173,220
Restricted cash 4,306 6,052
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 240,722 $ 33,328