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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Gross premiums written $ 116,689 $ 152,340 $ 226,476 $ 314,900
Gross premiums ceded (132) (23,141) (810) (44,542)
Net premiums written 116,557 129,199 225,666 270,358
Change in net unearned premium reserves (8,143) (8,758) (6,231) (24,555)
Net premiums earned 108,414 120,441 219,435 245,803
Income (loss) from investment in related party investment fund [net of related party expenses of $616 and $1,278, (three and six months ended June 30, 2019: $3,131 and $8,563, respectively)] 1,609 14,405 (40,517) 45,161
Net investment income 3,934 4,386 10,771 5,953
Other income (expense), net 788 1,117 1,001 2,186
Total revenues 114,745 140,349 190,690 299,103
Expenses        
Net loss and loss adjustment expenses incurred 89,194 78,476 164,891 201,341
Acquisition costs 17,903 37,172 49,642 58,698
General and administrative expenses 6,149 7,919 12,943 14,759
Interest 1,562 1,562 3,123 3,106
Total expenses 114,808 125,129 230,599 277,904
Income (loss) before income tax (63) 15,220 (39,909) 21,199
Income tax (expense) benefit 0 94 (424) 21
Net income (loss) $ (63) $ 15,314 $ (40,333) $ 21,220
Earnings (loss) per share        
Basic (in dollars per share) $ (0.00) $ 0.42 $ (1.12) $ 0.59
Diluted (in dollars per share) $ (0.00) $ 0.42 $ (1.12) $ 0.58
Weighted average number of ordinary shares used in the determination of earnings and loss per share        
Basic (in shares) 35,776,736 36,100,665 35,958,965 36,037,177
Diluted (in shares) 35,776,736 36,829,963 35,958,965 36,592,318
Management fee $ 616 $ 1,278 $ 3,131 $ 8,563