XML 15 R4.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Gross premiums written $ 179,628 $ 168,975 $ 427,573 $ 386,233
Gross premiums ceded (15,101) (14,832) (43,649) (38,013)
Net premiums written 164,527 154,143 383,924 348,220
Change in net unearned premium reserves (2,886) 4,255 (53,820) (28,286)
Net premiums earned 161,641 158,398 330,104 319,934
Income (loss) from investment in related party investment fund (Note 3) (18,276) 4,330 13,921 22,578
Net investment income 10,470 10,948 18,757 24,126
Foreign exchange gains (losses) 6,271 (932) 10,626 (2,581)
Other income 0 2,119 0 2,119
Total revenues 160,106 174,863 373,408 366,176
Expenses        
Net loss and loss adjustment expenses incurred 100,079 102,033 222,963 211,359
Acquisition costs 46,848 50,454 93,714 92,064
Underwriting expenses 6,481 5,811 12,839 12,150
Corporate and other expenses 4,755 4,706 9,427 9,081
Deposit interest expense 124 1,886 273 2,762
Interest expense 1,144 1,560 2,608 2,809
Total expenses 159,431 166,450 341,824 330,225
Income before income tax 675 8,413 31,584 35,951
Income tax expense (346) (435) (1,628) (954)
Net income $ 329 $ 7,978 $ 29,956 $ 34,997
Earnings per share ("EPS"):        
Basic (in dollars per share) $ 0.01 $ 0.23 $ 0.88 $ 1.02
Diluted (in dollars per share) $ 0.01 $ 0.23 $ 0.87 $ 1.01
Weighted average number of ordinary shares used in the determination of EPS:        
Basic (in shares) 33,969,716 34,238,863 33,960,643 34,255,454
Diluted (in shares) 34,423,679 34,699,182 34,479,351 34,679,325