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Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Gross written premiums $ 427,741 $ 399,714 $ 791,634 $ 759,650
Ceded written premiums (209,562) (205,023) (390,235) (389,100)
Net written premiums 218,179 194,691 401,399 370,550
Change in net unearned premiums (8,521) (8,429) 16,372 5,536
Net earned premiums 209,658 186,262 417,771 376,086
Net investment income 25,175 14,705 50,947 30,972
Net realized and unrealized gains (losses) on investments 2,145 (17,110) 2,552 (22,120)
Other income 1,464 949 2,773 1,816
Total revenues 238,442 184,806 474,043 386,754
Expenses        
Losses and loss adjustment expenses 141,308 121,369 296,596 256,977
Other operating expenses 58,865 49,036 119,124 99,097
Other expenses 223 0 826 368
Interest expense 6,941 4,049 13,557 6,341
Amortization of intangible assets 91 91 182 182
Total expenses 207,428 174,545 430,285 362,965
Income before taxes 31,014 10,261 43,758 23,789
Income tax expense 7,321 2,597 10,457 5,920
Net income 23,693 7,664 33,301 17,869
Dividends on Series A preferred shares (2,625) (2,625) (5,250) (3,500)
Net income available to common shareholders 21,068 5,039 28,051 14,369
Other comprehensive (loss) income:        
Net unrealized (losses) gains, net of taxes of $(3,633) and $1,369 in 2023 and $(7,998) and $(19,648) in 2022 (16,457) (58,600) 14,445 (144,571)
Total comprehensive income (loss) $ 7,236 $ (50,936) $ 47,746 $ (126,702)
Net income per common share:        
Basic (in dollars per share) $ 0.56 $ 0.13 $ 0.75 $ 0.38
Diluted (in dollars per share) 0.54 0.13 0.74 0.38
Dividend declared per common share (in dollars per share) $ 0.05 $ 0.05 $ 0.10 $ 0.10
Weighted-average common shares outstanding:        
Basic (in shares) 37,642,289 37,449,621 37,587,359 37,428,385
Diluted (in shares) 43,498,905 37,732,371 37,822,405 37,643,634