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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Gross premiums written $ 168,346 $ 183,074 $ 554,579 $ 524,472
Gross premiums ceded (26,598) (14,789) (64,611) (35,740)
Net premiums written 141,748 168,285 489,968 488,732
Change in net unearned premium reserves 10,136 (5,175) (18,150) (43,030)
Net premiums earned 151,884 163,110 471,818 445,702
Income (loss) from investment in related party investment fund (net of related party expenses - Note 3) 19,844 (1,853) 42,422 27,791
Net investment income 8,244 6,958 24,611 24,705
Foreign exchange gains (losses) 5,826 (1,999) 3,245 7,661
Other income, net 2,210 706 12,088 5,738
Total revenues 188,008 166,922 554,184 511,597
Expenses        
Net loss and loss adjustment expenses incurred 93,165 96,843 304,524 284,072
Acquisition costs 46,162 46,933 138,226 126,702
General and administrative expenses 10,326 7,905 31,557 27,866
Deposit interest expense 377 278 3,139 645
Interest expense 2,018 1,457 4,827 2,977
Total expenses 152,048 153,416 482,273 442,262
Income before income tax 35,960 13,506 71,911 69,335
Income tax expense (723) (29) (1,677) (111)
Net income $ 35,237 $ 13,477 $ 70,234 $ 69,224
Earnings per share ("EPS"):        
Basic (in dollars per share) $ 1.03 $ 0.40 $ 2.05 $ 2.03
Diluted (in dollars per share) $ 1.01 $ 0.39 $ 2.02 $ 1.99
Weighted average number of ordinary shares used in the determination of EPS:        
Basic (in shares) 34,120,955 34,070,818 34,210,560 34,067,012
Diluted (in shares) 34,810,066 34,801,864 34,824,372 34,703,973