CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
|
| Revenues | ||||
| Gross premiums written | $ 181,875 | $ 184,377 | $ 592,931 | $ 611,950 |
| Gross premiums ceded | (39,173) | (21,695) | (119,946) | (65,344) |
| Net premiums written | 142,702 | 162,682 | 472,985 | 546,606 |
| Change in net unearned premium reserves | 10,727 | 2,737 | (3,598) | (51,083) |
| Net premiums earned | 153,429 | 165,419 | 469,387 | 495,523 |
| Loss from investment in related party investment fund (see Note 3) | (15,133) | (14,404) | (9,301) | (483) |
| Net investment income (loss) | 10,493 | (2,950) | 21,300 | 15,807 |
| Foreign exchange gains (losses) | (495) | (1,994) | (5,976) | 8,632 |
| Total revenues | 148,294 | 146,071 | 475,410 | 519,479 |
| Expenses | ||||
| Net loss and loss adjustment expenses incurred | 84,365 | 88,593 | 287,603 | 311,556 |
| Acquisition costs | 45,518 | 46,445 | 136,789 | 138,646 |
| Underwriting expenses | 8,913 | 7,989 | 24,329 | 22,341 |
| Corporate and other expenses | 5,717 | 5,399 | 16,176 | 14,826 |
| Deposit interest expense | 31 | 94 | 109 | 367 |
| Interest expense | 127 | 1,430 | 354 | 4,038 |
| Total expenses | 144,671 | 149,950 | 465,360 | 491,774 |
| Income (loss) before income tax | 3,623 | (3,879) | 10,050 | 27,705 |
| Income tax expense | (389) | (526) | (662) | (2,154) |
| Net income (loss) | $ 3,234 | $ (4,405) | $ 9,388 | $ 25,551 |
| Earnings (loss) per share ("EPS"): | ||||
| Basic (in dollars per share) | $ 0.10 | $ (0.13) | $ 0.28 | $ 0.75 |
| Diluted (in dollars per share) | $ 0.10 | $ (0.13) | $ 0.28 | $ 0.74 |
| Weighted average number of ordinary shares used in the determination of EPS: | ||||
| Basic (in shares) | 32,614,964 | 33,760,337 | 33,111,226 | 33,892,806 |
| Diluted (in shares) | 33,212,431 | 33,760,337 | 33,719,206 | 34,477,322 |
| X | ||||||||||
- Definition The net income earned from investments in securities and other investments including derivatives. It includes dividends from shares in corporations, and interest from bonds, loans, mortgages, derivatives, commercial paper, bank accounts, certificates of deposits, treasuries, and other financial securities. It also includes realized and unrealized gains and losses on all investments. No definition available.
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- Definition Amount of written premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount of written premiums ceded to other entities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of amortization expense (reversal of expense) for deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax, of realized and unrealized gain (loss) from foreign currency transaction. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before tax, of income (loss) including portion attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of decrease (increase) in unearned premiums. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as other. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Costs incurred during the period, such as those relating to general administration and policy maintenance that do not vary with and are not primarily related to the acquisition or renewal of insurance contracts. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after effects of policies assumed or ceded, of expense related to the provision for policy benefits and costs incurred. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums written. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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