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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue and Other Income        
Gross earned premiums $ 36,013 $ 33,782 $ 70,307 $ 66,546
Ceded earned premiums (12,830) (9,206) (25,172) (18,015)
Net earned premiums 23,183 24,576 45,135 48,531
Net investment income 1,354 564 2,661 1,071
Net realized investment gains (losses) 0 (1,436) 0 (1,505)
Change in fair value of equity securities (12) 317 682 597
Other gains (losses) 0 (1) 0 (6)
Other income 398 663 1,024 1,361
Total revenue and other income 24,923 24,683 49,502 50,049
Expenses        
Losses and loss adjustment expenses, net 19,319 22,251 33,032 40,269
Policy acquisition costs 4,413 5,725 9,134 11,189
Operating expenses 5,114 4,470 9,393 8,630
Interest expense 820 727 1,506 1,438
Total expenses 29,666 33,173 53,065 61,526
Income (loss) before equity earnings in Affiliate and income taxes (4,743) (8,490) (3,563) (11,477)
Equity earnings (loss) in Affiliate, net of tax 4 93 (175) 169
Income tax expense (benefit) 0 2 0 (39)
Net income (loss) $ (4,739) $ (8,399) $ (3,738) $ (11,269)
Earnings (loss) per common share, basic $ (0.39) $ (0.86) $ (0.31) $ (1.16)
Earnings (loss) per common share, diluted $ (0.39) $ (0.86) $ (0.31) $ (1.16)
Weighted average common shares outstanding, basic [1] 12,220,331 9,712,602 12,218,102 9,710,223
Weighted average common shares outstanding, diluted [1] 12,220,331 9,712,602 12,218,102 9,710,223
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2023 and 2022.