v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 45,090,000 $ 38,943,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 46,600 30,200
Amortization of premium/discounts on fixed maturity securities (521,000) (923,000)
Stock‐based compensation 8,147,000 3,406,000
Depreciation and amortization 2,114,000 1,219,000
Non-cash amortization of deferred issuance costs 284,000 0
Non-cash lease expense 963,000 914,000
Deferred income taxes (7,141,000) (2,980,000)
Warrant expense 2,350,000 2,350,000
Net changes in operating assets and liabilities:    
Accrued investment income (2,639,000) (1,373,000)
Premium balances receivable 10,844,000 (2,432,000)
Reinsurance recoverable (125,461,000) (105,805,000)
Prepaid reinsurance premiums (50,534,000) (31,993,000)
Deferred policy acquisition costs (8,518,000) (5,845,000)
Income taxes receivable (1,019,000) (2,759,000)
Other assets (1,488,000) (989,000)
Reserve for losses and loss expenses 302,416,000 278,312,000
Unearned premiums 90,378,000 89,258,000
Reinsurance balances payable 77,406,000 16,023,000
Accrued expenses 5,892,000 (3,626,000)
Income taxes payable (3,000) (1,435,000)
Other liabilities 3,299,000 1,143,000
Net cash provided by operating activities 351,906,000 271,438,000
Purchases of:    
Fixed maturity securities (497,215,000) (530,056,000)
Short-term investments (4,954,000) 0
Proceeds from the sale and maturity of:    
Fixed maturity securities 190,183,000 281,393,000
Short-term investments 5,000,000 10,000,000
Purchase of property and equipment, net (3,906,000) (4,057,000)
Net cash used in investing activities (310,892,000) (242,720,000)
Net cash used in financing activities    
Taxes paid on withholding (2,172,000) 0
Net cash used in financing activities (2,172,000) 0
Net change in cash, cash equivalents and restricted cash 38,842,000 28,718,000
Cash, cash equivalents and restricted cash, beginning of period 233,770,000 222,058,000
Cash, cash equivalents and restricted cash, end of period 272,612,000 250,776,000
Reconciliation of restricted cash    
Cash and cash equivalents 232,221,000 197,855,000
Restricted cash and cash equivalents 40,391,000 52,921,000
Total cash and cash equivalents and restricted cash $ 272,612,000 $ 250,776,000