v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Gross premiums written $ 227,938 $ 247,945
Gross premiums ceded (44,464) (28,548)
Net premiums written 183,474 219,397
Change in net unearned premium reserves (29,329) (50,934)
Net premiums earned 154,145 168,463
Income from investment in related party investment fund (see Note 3) 33,689 32,197
Net investment income 6,731 8,287
Foreign exchange gains (losses) (4,905) 4,355
Total revenues 189,660 213,302
Expenses    
Net loss and loss adjustment expenses incurred 91,155 122,884
Acquisition costs 48,962 46,866
Underwriting expenses 7,805 6,358
Corporate and other expenses 5,742 4,672
Deposit interest expense 32 149
Interest expense 99 1,464
Total expenses 153,795 182,393
Income before income tax 35,865 30,909
Income tax expense (115) (1,282)
Net income $ 35,750 $ 29,627
Earnings per share ("EPS"):    
Basic (in dollars per share) $ 1.06 $ 0.87
Diluted (in dollars per share) $ 1.05 $ 0.86
Weighted average number of ordinary shares used in the determination of EPS:    
Basic (in shares) 33,618,851 33,949,967
Diluted (in shares) 34,174,109 34,418,262