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Consolidated Statements of Operations (FY) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue and Other Income          
Gross earned premiums $ 34,294 $ 32,764 $ 135,401 $ 123,050 $ 106,614
Ceded earned premiums (12,342) (8,809) (38,690) (24,248) (17,511)
Net earned premiums 21,952 23,955 96,711 98,802 89,103
Net investment income 1,307 507 3,043 1,968 3,156
Net realized investment gains (losses) 0 (69) (1,505) 2,878 8,126
Change in fair value of equity securities 694 280 403 (2,020) 228
Gain from VSRM Transaction     8,810 0 0
Loss portfolio transfer risk fee     (5,400) 0 0
Other gains (losses) 0 (5) 59 11,664 260
Other income 626 698 2,768 2,671 2,615
Total revenue and other income 24,579 25,366 104,889 115,963 103,488
Expenses          
Losses and loss adjustment expenses, net 13,713 18,018 81,440 69,861 56,228
Policy acquisition costs 4,721 5,464 22,179 28,451 26,105
Operating expenses 4,279 4,160 18,789 16,509 18,468
Interest expense 686 711 2,971 2,852 2,925
Total expenses 23,399 28,353 125,379 117,673 103,726
Income (loss) before equity earnings in Affiliate and income taxes 1,180 (2,987) (20,490) (1,710) (238)
Equity earnings in Affiliate, net of tax (179) 76 368 824 839
Income tax expense (benefit) 0 (41) (9,441) 208 6
Net income (loss) $ 1,001 $ (2,870) $ (10,681) $ (1,094) $ 595
Net income (loss) per share, basic $ 0.08 $ (0.3) $ (1) $ (0.11) $ 0.06
Net income (loss) per share, diluted $ 0.08 $ (0.3) $ (1) $ (0.11) $ 0.06
Weighted average common shares outstanding, basic 12,215,849 [1] 9,707,817 [1] 10,692,090 9,691,998 9,625,059
Weighted average common shares outstanding, diluted 12,215,849 [1] 9,707,817 [1] 10,692,090 9,691,998 9,625,059
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2023 and 2022.