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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Gross premiums written $ 134,780 $ 141,579 $ 280,666 $ 311,514
Gross premiums ceded (7,163) (1) (13,172) 54
Net premiums written 127,617 141,578 267,494 311,568
Change in net unearned premium reserves (17,398) (9,099) (31,350) (43,693)
Net premiums earned 110,219 132,479 236,144 267,875
Income (loss) from investment in related party investment fund (net of related party expenses - Note 3) 11,876 (2,006) 15,953 2,018
Net investment income (loss) 5,280 4,046 8,940 18,696
Other income (expense), net (5,957) (3) (6,590) (734)
Total revenues 121,418 134,516 254,447 287,855
Expenses        
Net loss and loss adjustment expenses incurred 60,823 86,957 158,230 184,678
Acquisition costs 36,335 37,631 69,280 71,012
General and administrative expenses 8,106 7,739 15,338 15,280
Deposit interest expense 191 0 225 2,919
Interest expense 1,166 1,562 2,320 3,106
Total expenses 106,621 133,889 245,393 276,995
Income (loss) before income tax 14,797 627 9,054 10,860
Income tax (expense) benefit (9) 1 7 (3,733)
Net income (loss) $ 14,788 $ 628 $ 9,061 $ 7,127
Earnings (loss) per share        
Basic (in dollars per share) $ 0.44 $ 0.02 $ 0.27 $ 0.21
Diluted (in dollars per share) $ 0.37 $ 0.02 $ 0.23 $ 0.21
Weighted average number of ordinary shares used in the determination of earnings and loss per share        
Basic (in shares) 33,871,359 34,667,114 33,861,151 34,560,246
Diluted (in shares) 40,111,152 34,821,248 39,993,066 34,699,291