Segment Reporting (Tables)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenues:
Net earned premiums	$	383,613	$	332,461	$	749,403	$	641,979
Fee income	10,796		8,991		20,355		17,083
Net investment income	46,473		35,847		90,292		68,780
Change in fair value of equity securities	28,621		3,159		31,659		21,212
Net realized investment gains	136		2,879		673		6,745
Change in allowance for credit losses on investments	5		476		(15)		486
Other income (1)	170		740		844		1,059
Total revenues	469,814		384,553		893,211		757,344
Expenses:
Losses and loss adjustment expenses – current year	229,100		199,406		454,147		394,060
Losses and loss adjustment expenses – catastrophes	3,705		3,420		26,283		3,998
Losses and loss adjustment expenses – prior year development	(15,446)		(9,501)		(30,095)		(17,947)
Net commissions incurred	39,727		33,405		75,407		64,944
Salaries, employee benefits and bonus expense	32,487		25,973		61,696		50,689
Credit loss expense – premiums receivable	1,777		6,079		4,901		10,342
Depreciation (2)	1,122		988		2,229		1,863
Interest expense	2,557		2,564		5,095		4,986
Other segment items (3)	6,496		6,419		12,948		12,742
Income tax expense	34,168		23,221		57,252		40,147
Segment net income	134,121		92,579		223,348		191,520
Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—		—
Consolidated net income	$	134,121	$	92,579	$	223,348	$	191,520

(1) Other income primarily includes income generated from the Company's real estate operations.

(2) Excludes depreciation expense allocated to loss adjustment expenses and investment expenses

(3) Other segment items primarily includes other general and administrative expenses such as technology costs, facility expenses and audit and inspection costs.