v3.26.1
Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Gross written premiums $ 268,899 $ 378,003 $ 505,272 $ 672,364
Ceded written premiums (120,501) (202,013) (236,776) (368,418)
Net written premiums 148,398 175,990 268,496 303,946
Change in net unearned premiums (9,380) (23,381) 6,234 565
Net earned premiums 139,018 152,609 274,730 304,511
Net investment income 20,277 20,516 41,604 40,524
Net realized and unrealized gains (losses) on investments 999 (352) (5,633) (1,723)
Other income 1,050 2,070 2,027 3,820
Total revenues 161,344 174,843 312,728 347,132
Expenses        
Losses and loss adjustment expenses 99,105 113,141 207,265 212,666
Other operating expenses 47,201 47,471 95,252 98,031
Other expenses 873 1,008 1,001 1,571
Interest expense 5,613 5,805 11,202 11,346
Amortization of intangible assets 91 91 182 182
Total expenses 152,883 167,516 314,902 323,796
Income (loss) from continuing operations before income taxes 8,461 7,327 (2,174) 23,336
Income tax expense (benefit) on continuing operations 1,841 2,207 (20) 7,228
Net income (loss) from continuing operations 6,620 5,120 (2,154) 16,108
Discontinued operations (Note 2):        
Loss on disposal of discontinued operations, net of tax (221) (361) (370) (1,775)
Total loss from discontinued operations (221) (361) (370) (1,775)
Net income (loss) 6,399 4,759 (2,524) 14,333
Dividends on Series A preferred shares (1,969) (1,969) (3,938) (3,938)
Net income (loss) available to common shareholders 4,430 2,790 (6,462) 10,395
Other comprehensive (loss) income:        
Net unrealized (losses) gains, net of taxes of $(257) and $(2,691) in 2026 and $1,310 and $5,117 in 2025 (968) 4,927 (10,122) 19,249
Total comprehensive income (loss) $ 5,431 $ 9,686 $ (12,646) $ 33,582
Basic        
Continuing operations (in dollars per share) $ 0.10 $ 0.07 $ (0.13) $ 0.27
Discontinued operations (in dollars per share) 0 (0.01) (0.01) (0.04)
Basic (in dollars per share) 0.10 0.06 (0.14) 0.23
Diluted        
Continuing operations (in dollars per share) 0.10 0.07 (0.13) 0.26
Discontinued operations (in dollars per share) 0 (0.01) (0.01) (0.04)
Diluted (in dollars per share) 0.10 0.06 (0.14) 0.22
Dividend declared per common share (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.02
Weighted-average common shares outstanding:        
Basic (in shares) 46,319,945 46,032,626 46,210,545 45,918,697
Diluted (in shares) 46,962,276 46,726,255 46,210,545 46,432,481