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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues    
Gross written premiums $ 330,810 $ 353,454
Ceded written premiums (192,638) (179,299)
Net written premiums 138,172 174,155
Change in net unearned premiums 33,519 (2,315)
Net earned premiums 171,691 171,840
Net investment income 22,632 18,425
Net realized and unrealized gains on investments 4,583 160
Other income 2,221 1,309
Total revenues 201,127 191,734
Expenses    
Losses and loss adjustment expenses 110,049 126,381
Other operating expenses 50,810 48,036
Other expenses 732 603
Interest expense 6,485 5,583
Amortization of intangible assets 91 91
Total expenses 168,167 180,694
Income from continuing operations before income taxes 32,960 11,040
Income tax expense on continuing operations 9,452 3,136
Net income from continuing operations 23,508 7,904
Discontinued operations (Note 2):    
(Loss) income from discontinued operations (9,605) 1,704
Gain on held for sale classification of discontinued operations 1,500 0
Total (loss) income from discontinued operations (8,105) 1,704
Net income 15,403 9,608
Dividends on Series A preferred shares (2,625) (2,625)
Net income available to common shareholders 12,778 6,983
Other comprehensive (loss) income:    
Net unrealized (losses) gains, net of taxes of $(2,066) in 2024 and $5,001 in 2023 (7,773) 30,902
Total comprehensive income $ 7,630 $ 40,510
Basic    
Continuing operations (in dollars per share) $ 0.55 $ 0.14
Discontinued operations (in dollars per share) (0.21) 0.05
Basic (in dollars per share) 0.34 0.19
Diluted    
Continuing operations (in dollars per share) 0.53 0.14
Discontinued operations (in dollars per share) (0.18) 0.04
Diluted (in dollars per share) 0.35 0.18
Dividend declared per common share (in dollars per share) $ 0.05 $ 0.05
Weighted-average common shares outstanding:    
Basic (in shares) 37,733,710 37,531,819
Diluted (in shares) 44,638,969 37,785,452