v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows provided by (used in) operating activities    
Net income $ 54,056 $ 65,590
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 880 10,433
Amortization and depreciation 1,091 1,147
Deferred income taxes 4,314 (9,829)
Net realized gains (51) (501)
Changes in operating assets and liabilities:    
Premiums receivable (14,073) (7,031)
Accrued investment income 295 (737)
Prepaid reinsurance premiums (244,481) (297,587)
Reinsurance recoverable 21,140 69,524
Other assets 8,367 9,299
Unpaid losses and loss adjustment expense (12,413) (96,922)
Unearned premiums 73,573 65,250
Reinsurance payable 245,054 288,416
Advance premiums 10,095 16,004
Income taxes payable (recoverable) (4,225) (9,070)
Operating lease payments (416) (1,053)
Deferred policy acquisition costs, net unearned ceding commissions (17,287) (5,066)
Other liabilities and accrued expenses 3,924 (2,386)
Net cash provided by operating activities 129,843 95,481
Cash flows provided by (used in) investing activities    
Purchases of property and equipment (4,475) (579)
Proceeds from sales and maturities of fixed maturity securities 35,038 103,486
Purchases of fixed maturity securities (53,784) (162,776)
Proceeds from sales and maturities of short-term investments 22,659 0
Purchases of short-term investments (9,231) 0
Net cash used in investing activities (9,793) (59,869)
Cash flows provided by (used in) financing activities    
Proceeds from initial public offering, net of underwriting discounts and commissions 0 93,000
Payments on tax withheld on vesting of restricted stock (120) (3,753)
Cash dividends paid (19,971) 0
Cash distributions to members [1] 0 (22,875)
Repayment of long-term debt (206) (206)
Payments of initial public offering costs 0 (4,227)
Net cash provided by (used in) financing activities (20,297) 61,939
Net increase in cash, cash equivalents and restricted cash and cash equivalents 99,753 97,551
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 244,119 179,272
Cash, cash equivalents and restricted cash and cash equivalents at end of period 343,872 276,823
Supplemental disclosures of cash flow information    
Interest paid 12 11
Income taxes paid 19,865 20,850
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 288,453  
Restricted cash and cash equivalents 55,419  
Total cash, cash equivalents and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows $ 343,872 $ 276,823
[1] The distributions were made to members prior to the IPO. See Note 1 — “Nature of Operations and Basis of Presentation” and
Note 11 — “Shareholders’ Equity.”