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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Gross premiums written $ 135,596 $ 110,607 $ 362,072 $ 425,507
Gross premiums ceded (1,464) (4,035) (2,274) (48,577)
Net premiums written 134,132 106,572 359,798 376,930
Change in net unearned premium reserves (18,613) 22,582 (24,844) (1,973)
Net premiums earned 115,519 129,154 334,954 374,957
Income (loss) from investment in related party investment fund [net of related party expenses of $703 and $1,981, (three and nine months ended September 30, 2019: $1,325 and $9,888, respectively)] 6,431 6,609 (34,086) 51,770
Net investment income 466 3,312 11,237 9,265
Other income (expense), net 1,569 (887) 2,570 1,299
Total revenues 123,985 138,188 314,675 437,291
Expenses        
Net loss and loss adjustment expenses incurred 88,053 92,962 252,944 294,303
Acquisition costs 27,018 30,962 76,660 89,660
General and administrative expenses 5,152 7,725 18,095 22,484
Interest expense 1,579 1,578 4,702 4,684
Total expenses 121,802 133,227 352,401 411,131
Income (loss) before income tax 2,183 4,961 (37,726) 26,160
Income tax (expense) benefit 0 179 (424) 200
Net income (loss) $ 2,183 $ 5,140 $ (38,150) $ 26,360
Earnings (loss) per share        
Basic (in dollars per share) $ 0.06 $ 0.14 $ (1.07) $ 0.72
Diluted (in dollars per share) $ 0.06 $ 0.14 $ (1.07) $ 0.72
Weighted average number of ordinary shares used in the determination of earnings and loss per share        
Basic (in shares) 35,677,554 36,841,623 35,569,292 36,646,515
Diluted (in shares) 35,779,703 36,921,490 35,569,292 36,720,550