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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue    
Gross premiums earned $ 256,644 [1] $ 180,068 [2]
Premiums ceded (68,106) (70,509)
Net premiums earned 188,538 109,559
Net investment income 14,067 17,715
Net realized investment losses 0 (1,149)
Net unrealized investment gains 2,635 529
Policy fee income 1,019 1,090
Other 355 1,285
Total revenue 206,614 129,029
Expenses    
Losses and loss adjustment expenses 79,922 60,565
Policy acquisition and other underwriting expenses 22,139 22,720
General and administrative personnel expenses 16,274 13,502
Interest expense 3,149 2,801
Other operating expenses 7,700 6,305
Total expenses 129,184 105,893
Income before income taxes 77,430 23,136
Income tax expense 20,474 5,343
Net (loss) income 56,956 17,793
Net income attributable to redeemable noncontrolling interest (10,149) (2,324)
Net loss (income) attributable to noncontrolling interests 804 (131)
Net income after noncontrolling interests $ 47,611 $ 15,338
Basic earnings per share $ 4.76 $ 1.78
Diluted earnings per share $ 3.81 $ 1.54
[1] Gross premiums earned under HCPCI Insurance Operations consist of $149,271 from HCPCI and $6,111 from a reinsurance company.
[2] Gross premiums earned under HCPCI Insurance Operations consist of $92,456 from HCPCI and $4,535 from a reinsurance company.