v3.26.1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Gross written premiums $ 297,894,000 $ 232,361,000 $ 514,635,000 $ 407,209,000
Ceded written premiums (116,869,000) (83,508,000) (193,268,000) (141,587,000)
Net written premiums 181,025,000 148,853,000 321,367,000 265,622,000
Change in net unearned premiums (37,072,000) (29,716,000) (40,605,000) (36,668,000)
Net earned premiums 143,953,000 119,137,000 280,762,000 228,954,000
Net investment income 18,820,000 13,677,000 36,847,000 26,236,000
Net realized investment losses (11,200) (11,200) (32,100) (15,200)
Other insurance-related income 1,095,000 460,000 1,974,000 805,000
Total revenues 163,857,000 133,263,000 319,551,000 255,980,000
Expenses        
Net losses and loss adjustment expenses 96,945,000 78,900,000 188,427,000 152,327,000
Net acquisition costs 15,820,000 11,038,000 29,713,000 20,834,000
Operating expenses 26,384,000 25,849,000 52,187,000 49,785,000
Non-operating expenses 0 437,000 0 548,000
Warrant expense 783,000 783,000 1,558,000 1,558,000
Interest expense and financing fees 3,266,000 261,000 6,429,000 508,000
Foreign exchange (gains) losses (2,000) 79,000 6,000 33,000
Total expenses 143,196,000 117,347,000 278,320,000 225,593,000
Income before income taxes 20,661,000 15,916,000 41,231,000 30,387,000
Income tax expense (4,523,000) (3,574,000) (9,083,000) (6,620,000)
Net income 16,138,000 12,342,000 32,148,000 23,767,000
Other comprehensive income        
Change in unrealized (loss) gain on investments (net of income tax benefit (expense) of $986, $(847), $3,238, $(2,819), respectively (3,710,000) 3,188,000 (12,183,000) 10,606,000
Total comprehensive income $ 12,428,000 $ 15,530,000 $ 19,965,000 $ 34,373,000
Earnings per share:        
Basic (in dollars per share) $ 0.49 $ 0.38 $ 0.98 $ 0.73
Diluted (in dollars per share) $ 0.48 $ 0.36 $ 0.96 $ 0.70
Weighted average shares outstanding:        
Basic (in shares) 32,887,461 32,721,629 32,847,504 32,692,319
Diluted (in shares) 33,557,875 34,045,961 33,456,675 33,885,414