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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Gross written premiums $ 294,361 $ 330,810
Ceded written premiums (166,405) (192,638)
Net written premiums 127,956 138,172
Change in net unearned premiums 23,946 33,519
Net earned premiums 151,902 171,691
Net investment income 20,008 22,632
Net realized and unrealized (losses) gains on investments (1,371) 4,583
Other income 1,750 2,221
Total revenues 172,289 201,127
Expenses    
Losses and loss adjustment expenses 99,525 110,049
Other operating expenses 50,560 50,810
Other expenses 563 732
Interest expense 5,541 6,485
Amortization of intangible assets 91 91
Total expenses 156,280 168,167
Income from continuing operations before income taxes 16,009 32,960
Income tax expense on continuing operations 5,021 9,452
Net income from continuing operations 10,988 23,508
Discontinued operations (Note 2):    
Loss from discontinued operations 0 (7,933)
Loss on disposal of discontinued operations (1,414) (172)
Total loss from discontinued operations (1,414) (8,105)
Net income 9,574 15,403
Dividends on Series A preferred shares (1,969) (2,625)
Net income available to common shareholders 7,605 12,778
Other comprehensive income (loss):    
Net unrealized gains (losses), net of taxes of $3,807 in 2025 and $(2,066) in 2024 14,322 (7,773)
Total comprehensive income $ 23,896 $ 7,630
Basic    
Continuing operations (in dollars per share) $ 0.20 $ 0.55
Discontinued operations (in dollars per share) (0.03) (0.21)
Basic (in dollars per share) 0.17 0.34
Diluted    
Continuing operations (in dollars per share) 0.18 0.53
Discontinued operations (in dollars per share) (0.02) (0.18)
Diluted (in dollars per share) 0.16 0.35
Dividend declared per common share (in dollars per share) $ 0.01 $ 0.05
Weighted-average common shares outstanding:    
Basic (in shares) 45,803,501 37,733,710
Diluted (in shares) 59,659,075 44,638,969