v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Net earned premiums $ 444,472 $ 295,542 $ 878,479 $ 595,908
Underwriting fee income 12,588 0 22,666 0
Commission and fee income 2,334 2,560 3,861 4,536
Net investment income 30,727 18,704 57,782 38,126
Net investment (losses) gains (601) 3,090 2,584 9,840
Other income 13 7 28 20
Total revenues 489,533 319,903 965,400 648,430
Expenses:        
Losses and loss adjustment expenses 276,741 181,262 541,964 368,571
Underwriting, acquisition and insurance expenses 123,281 85,596 247,895 172,147
Fee‑based service expenses 4,562 0 8,732 0
Interest expense 8,812 1,876 16,531 3,710
Amortization expense 8,843 372 17,686 709
Other expenses 3,737 1,002 6,959 2,063
Total expenses 425,976 270,108 839,767 547,200
Income before income taxes 63,557 49,795 125,633 101,230
Income tax expense 14,519 10,956 26,864 20,333
Net income 49,038 38,839 98,769 80,897
Comprehensive income        
Net income 49,038 38,839 98,769 80,897
Unrealized gains and losses on investments:        
Net change in unrealized (losses) gains on investments, net of tax (625) 11,005 (17,842) 23,260
Reclassification adjustment for (losses) gains on securities no longer held, net of tax (490) (3,624) 12 (3,806)
Foreign currency translation adjustment 150 0 (718) 0
Total other comprehensive (loss) income (965) 7,381 (18,548) 19,454
Comprehensive income $ 48,073 $ 46,220 $ 80,221 $ 100,351
Per share data:        
Basic earnings per share (in dollar per share) $ 1.10 $ 0.96 $ 2.22 $ 2.01
Diluted earnings per share (in dollar per share) $ 1.07 $ 0.93 $ 2.17 $ 1.94
Weighted-average common shares outstanding        
Basic (in shares) 44,521,162 40,445,391 44,492,608 40,322,051
Diluted (in shares) 45,692,641 41,871,496 45,526,233 41,771,215