v3.25.2
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Gross written premiums $ 555,522 $ 529,770 $ 1,039,797 $ 978,414
Ceded written premiums (96,822) (99,534) (199,392) (197,124)
Net written premiums 458,700 430,236 840,405 781,290
Change in unearned premiums (75,087) (97,775) (91,002) (139,311)
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 the fair value of equity securities 28,621 3,159 31,659 21,212
Net realized investment gains 136 2,879 673 6,745
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Period Increase (Decrease) 5 476 (15) 486
Other income 170 740 844 1,059
Total revenues 469,814 384,553 893,211 757,344
Expenses:        
Losses and loss adjustment expenses 217,359 193,325 450,335 380,111
Underwriting, acquisition and insurance expenses 81,597 72,068 156,509 137,821
Interest Expense 2,557 2,564 5,095 4,986
Other expenses 12 796 672 2,759
Total expenses 301,525 268,753 612,611 525,677
Income before income taxes 168,289 115,800 280,600 231,667
Total income tax expense 34,168 23,221 57,252 40,147
Net income 134,121 92,579 223,348 191,520
Other comprehensive income (loss):        
Change in net unrealized losses on available-for-sale investments, net of taxes 14,453 (5,658) 40,835 (15,598)
Total comprehensive income $ 148,574 $ 86,921 $ 264,183 $ 175,922
Earnings per share:        
Basic $ 5.79 $ 4.00 $ 9.64 $ 8.28
Diluted $ 5.76 $ 3.97 $ 9.59 $ 8.21
Weighted average shares outstanding:        
Basic 23,175 23,165 23,172 23,137
Diluted 23,291 23,329 23,301 23,332