v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 16,010,000 $ 11,425,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 20,900 4,100
Amortization of premium/discounts on fixed maturity securities (194,000) (366,000)
Stock‐based compensation 2,362,000 1,303,000
Depreciation and amortization 617,000 401,000
Non-cash amortization of deferred issuance costs 67,000 0
Non-cash lease expense 317,000 301,000
Deferred income taxes (3,013,000) (990,000)
Warrant expense 775,000 775,000
Net changes in operating assets and liabilities:    
Accrued investment income (369,000) (155,000)
Premium balances receivable (216,000) (9,558,000)
Reinsurance recoverable (33,589,000) (29,801,000)
Prepaid reinsurance premiums (289,000) 958,000
Deferred policy acquisition costs (4,760,000) (528,000)
Income taxes receivable 1,647,000 (24,000)
Other assets (2,643,000) (3,932,000)
Reserve for losses and loss expenses 90,864,000 88,365,000
Unearned premiums 3,822,000 5,995,000
Reinsurance balances payable (6,693,000) (9,009,000)
Accrued expenses (7,959,000) (12,227,000)
Income taxes payable 5,899,000 4,032,000
Other liabilities 2,780,000 753,000
Net cash provided by operating activities 65,456,000 47,722,000
Purchases of:    
Fixed maturity securities (237,383,000) (250,537,000)
Short-term investments (4,954,000) 0
Proceeds from the sale and maturity of:    
Fixed maturity securities 86,716,000 105,441,000
Purchase of property and equipment, net (1,288,000) (1,233,000)
Net cash used in investing activities (156,909,000) (146,329,000)
Net cash used in financing activities    
Capital contribution from parent 0 0
Taxes paid on withholding (789,000) 0
Net cash used in financing activities (789,000) 0
Net change in cash, cash equivalents and restricted cash (92,242,000) (98,607,000)
Cash, cash equivalents and restricted cash, beginning of period 233,770,000 222,058,000
Cash, cash equivalents and restricted cash, end of period 141,528,000 123,451,000
Reconciliation of restricted cash    
Cash and cash equivalents 97,185,000 88,050,000
Restricted cash and cash equivalents 44,343,000 35,401,000
Total cash and cash equivalents and restricted cash $ 141,528,000 $ 123,451,000