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Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Gross written premiums $ 399,714 $ 380,146 $ 759,650 $ 753,401
Ceded written premiums (205,023) (186,542) (389,100) (385,198)
Net written premiums 194,691 193,604 370,550 368,203
Change in net unearned premiums (8,429) (20,899) 5,536 (34,905)
Net earned premiums 186,262 172,705 376,086 333,298
Net investment income 14,705 14,348 30,972 29,437
Net realized and unrealized (losses) gains on investments (17,110) 3,483 (22,120) 9,755
Other income 949 1,031 1,816 2,057
Total revenues 184,806 191,567 386,754 374,547
Expenses        
Losses and loss adjustment expenses 121,369 110,000 256,977 383,500
Other operating expenses 49,036 45,840 99,097 93,221
Other expenses 0 904 368 1,525
Interest expense 4,049 2,249 6,341 4,465
Amortization of intangible assets 91 91 182 182
Total expenses 174,545 159,084 362,965 482,893
Income (loss) before taxes 10,261 32,483 23,789 (108,346)
Income tax expense (benefit) 2,597 11,640 5,920 (25,729)
Net income (loss) 7,664 20,843 17,869 (82,617)
Dividends on Series A preferred shares (2,625) 0 (3,500) 0
Net income (loss) available to common shareholders 5,039 20,843 14,369 (82,617)
Other comprehensive (loss) income:        
Net unrealized (losses) gains, net of taxes of $(7,998) and $(19,648) in 2022 and $2,013 and $(3,635) in 2021 (58,600) 15,358 (144,571) (27,330)
Total comprehensive (loss) income $ (50,936) $ 36,201 $ (126,702) $ (109,947)
Net income (loss) per common share:        
Basic (in dollars per share) $ 0.13 $ 0.61 $ 0.38 $ (2.54)
Diluted (in dollars per share) 0.13 0.60 0.38 (2.54)
Dividend declared per common share (in dollars per share) $ 0.05 $ 0.30 $ 0.10 $ 0.60
Weighted-average common shares outstanding:        
Basic (in shares) 37,449,621 34,418,472 37,428,385 32,576,463
Diluted (in shares) 37,732,371 34,586,997 37,643,634 32,576,463