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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Net premiums earned $ 232,407 $ 239,867 $ 468,682 $ 484,017
Net investment income 38,933 36,558 75,883 70,455
Equity in earnings (loss) of unconsolidated subsidiaries 4,584 8,652 8,599 11,616
Net investment gains (losses):        
Impairment losses 882 9 727 (1,501)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes 0 (474) (102) 102
Net impairment losses recognized in earnings 882 (465) 625 (1,399)
Other net investment gains (losses) (655) 3,628 (2,091) 4,294
Total net investment gains (losses) 227 3,163 (1,466) 2,895
Other income (expense) 602 2,115 (2,867) 6,070
Total revenues 276,753 290,355 548,831 575,053
Expenses        
Net losses and loss adjustment expenses 159,937 186,000 349,898 380,694
Underwriting, policy acquisition and operating expenses:        
Operating expense 49,148 46,199 99,955 90,512
DPAC amortization 31,767 33,818 64,148 67,511
SPC U.S. federal income tax expense (benefit) 906 249 1,255 666
SPC dividend expense (income) 2,336 512 2,088 1,119
Interest expense 5,224 5,648 10,384 11,305
Total expenses 249,318 272,426 527,728 551,807
Income (loss) before income taxes 27,435 17,929 21,103 23,246
Provision for income taxes:        
Current expense (benefit) (478) 581 (998) 18
Deferred expense (benefit) 5,992 1,840 6,002 3,094
Total income tax expense (benefit) 5,514 2,421 5,004 3,112
Net income (loss) 21,921 15,508 16,099 20,134
Other comprehensive income (loss), after tax, net of reclassification adjustments 18,302 924 55,835 (1,548)
Comprehensive income (loss) $ 40,223 $ 16,432 $ 71,934 $ 18,586
Earnings (loss) per share:        
Basic (in usd per share) $ 0.43 $ 0.30 $ 0.31 $ 0.39
Diluted (in usd per share) $ 0.42 $ 0.30 $ 0.31 $ 0.39
Weighted average number of common shares outstanding:        
Basic (in shares) 51,345 51,060 51,267 51,036
Diluted (in shares) 51,677 51,225 51,562 51,187