v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Net premiums earned $ 157,524 $ 149,066 $ 312,330 $ 298,432
Net investment income 30,331 24,949 58,935 48,635
Net realized investment losses (229) (400) (376) (376)
Other revenues 265 164 477 334
Total revenues 187,891 173,779 371,366 347,025
Expenses        
Insurance claims and claim expenses 13,147 13,445 33,808 17,923
Underwriting and operating expenses 30,492 29,508 61,115 59,683
Service expenses 190 110 329 226
Interest expense 7,116 7,115 14,225 14,221
Total expenses 50,945 50,178 109,477 92,053
Income before income taxes 136,946 123,601 261,889 254,972
Income tax expense 31,158 27,450 56,771 56,262
Net income $ 105,788 $ 96,151 $ 205,118 $ 198,710
Earnings per share        
Basic (in dollars per share) $ 1.40 $ 1.23 $ 2.70 $ 2.54
Diluted (in dollars per share) $ 1.38 $ 1.21 $ 2.66 $ 2.50
Weighted average common shares outstanding        
Basic (in shares) 75,779 77,987 75,977 78,197
Diluted (in shares) 76,585 79,256 77,010 79,557
Comprehensive income:        
Net income $ 105,788 $ 96,151 $ 205,118 $ 198,710
Other comprehensive (loss) income, net of tax:        
Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $(1,686) and $5,570 for the three months ended June 30, 2026 and 2025, and $(7,645) and $13,756 for the six months ended June 30, 2026 and 2025, respectively (6,345) 20,955 (28,761) 51,750
Reclassification adjustment for realized losses included in net income, net of tax benefit of $48 and $84 for the three months ended June 30, 2026 and 2025, and $138 and $79 for the six months ended June 30, 2026 and 2025, respectively 181 316 520 297
Other comprehensive (loss) income, net of tax (6,164) 21,271 (28,241) 52,047
Comprehensive income $ 99,624 $ 117,422 $ 176,877 $ 250,757