v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 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        
Net premiums earned $ 149,066 $ 141,168 $ 298,432 $ 277,825
Net investment income 24,949 20,688 48,635 40,124
Net realized investment losses (400) 0 (376) 0
Other revenues 164 266 334 426
Total revenues 173,779 162,122 347,025 318,375
Expenses        
Insurance claims and claim expenses 13,445 276 17,923 3,970
Underwriting and operating expenses 29,508 28,330 59,683 58,145
Service expenses 110 194 226 331
Interest expense 7,115 14,678 14,221 22,718
Total expenses 50,178 43,478 92,053 85,164
Income before income taxes 123,601 118,644 254,972 233,211
Income tax expense 27,450 26,565 56,262 52,082
Net income $ 96,151 $ 92,079 $ 198,710 $ 181,129
Earnings per share        
Basic (in dollars per share) $ 1.23 $ 1.15 $ 2.54 $ 2.25
Diluted (in dollars per share) $ 1.21 $ 1.13 $ 2.50 $ 2.22
Weighted average common shares outstanding        
Basic (in shares) 77,987 80,117 78,197 80,421
Diluted (in shares) 79,256 81,300 79,557 81,703
Comprehensive income:        
Net income $ 96,151 $ 92,079 $ 198,710 $ 181,129
Other comprehensive income (loss), net of tax:        
Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $5,570 and $(412) for the three months ended June 30, 2025 and 2024, and $13,756 and $(3,141) for the six months ended June 30, 2025 and 2024, respectively 20,955 (1,549) 51,750 (11,454)
Reclassification adjustment for realized losses included in net income, net of tax benefit of $84 and $79 for the three and six months ended June 30, 2025, respectively 316 0 297 0
Other comprehensive income (loss), net of tax 21,271 (1,549) 52,047 (11,454)
Comprehensive income $ 117,422 $ 90,530 $ 250,757 $ 169,675