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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
REVENUE:        
Gross premiums written $ 83,601 $ 59,461 $ 274,650 $ 195,385
Increase in gross unearned premiums (3,463) (903) (49,736) (31,702)
Gross premiums earned 80,138 58,558 224,914 163,683
Ceded Premiums Earned (31,317) (28,335) (87,825) (75,948)
Net premiums earned 48,821 30,223 137,089 87,735
Net investment income 1,089 807 2,644 2,331
Net realized gains (38) 37 (199) 155
Other revenue 1,945 1,205 5,105 3,118
Total revenue 51,817 32,272 144,639 93,339
EXPENSES:        
Losses and loss adjustment expenses 25,578 16,950 69,132 39,401
Policy acquisition costs 13,115 9,404 36,567 26,535
Operating expenses 2,265 1,670 6,944 4,860
General and administrative expenses 4,034 3,031 10,688 8,124
Interest expense 102 71 255 283
Total expenses 45,094 31,126 123,586 79,203
Income before other income 6,723 1,146 21,053 14,136
Other income (expenses) 1 1 1 (268)
Income before income taxes 6,724 1,147 21,054 13,868
Provision for income taxes 2,593 164 8,063 5,146
Net income 4,131 983 12,991 8,722
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gain on investments 365 1,442 (4,011) 3,042
Reclassification adjustment for net realized investment (gains) losses 38 (37) 199 (155)
Income tax expense related to items of other comprehensive income (156) (542) 1,470 (1,114)
Total comprehensive income $ 4,378 $ 1,846 $ 10,649 $ 10,495
Weighted average shares outstanding        
Basic 16,129,247 10,361,849 16,091,323 10,361,849
Diluted 16,186,178 10,448,839 16,167,316 10,396,455
Earnings per share        
Basic $ 0.26 $ 0.09 $ 0.81 $ 0.84
Diluted $ 0.26 $ 0.09 $ 0.80 $ 0.84
Dividends declared per share $ 0.03 $ 0.00 $ 0.09 $ 0.05