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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Gross written premiums $ 378,003 $ 412,247 $ 672,364 $ 743,057
Ceded written premiums (202,013) (230,894) (368,418) (423,532)
Net written premiums 175,990 181,353 303,946 319,525
Change in net unearned premiums (23,381) (18,160) 565 15,359
Net earned premiums 152,609 163,193 304,511 334,884
Net investment income 20,516 24,931 40,524 47,563
Net realized and unrealized (losses) gains on investments (352) (2,305) (1,723) 2,278
Other income 2,070 2,470 3,820 4,691
Total revenues 174,843 188,289 347,132 389,416
Expenses        
Losses and loss adjustment expenses 113,141 115,471 212,666 225,520
Other operating expenses 47,471 44,096 98,031 94,906
Other expenses 1,008 2,098 1,571 2,830
Interest expense 5,805 6,344 11,346 12,829
Amortization of intangible assets 91 91 182 182
Total expenses 167,516 168,100 323,796 336,267
Income from continuing operations before income taxes 7,327 20,189 23,336 53,149
Income tax expense on continuing operations 2,207 5,711 7,228 15,163
Net income from continuing operations 5,120 14,478 16,108 37,986
Discontinued operations (Note 2):        
Loss from discontinued operations 0 (5,650) 0 (13,583)
Loss on disposal of discontinued operations (361) (1,203) (1,775) (1,375)
Total loss from discontinued operations (361) (6,853) (1,775) (14,958)
Net income 4,759 7,625 14,333 23,028
Dividends on Series A preferred shares (1,969) (2,625) (3,938) (5,250)
Net income available to common shareholders 2,790 5,000 10,395 17,778
Other comprehensive income (loss):        
Net unrealized gains (losses), net of taxes of $1,310 and $5,117 in 2025 and $(627) and $(2,693) in 2024 4,927 (2,359) 19,249 (10,132)
Total comprehensive income $ 9,686 $ 5,266 $ 33,582 $ 12,896
Basic        
Continuing operations (in dollars per share) $ 0.07 $ 0.31 $ 0.27 $ 0.87
Discontinued operations (in dollars per share) (0.01) (0.18) (0.04) (0.40)
Basic (in dollars per share) 0.06 0.13 0.23 0.47
Diluted        
Continuing operations (in dollars per share) 0.07 0.31 0.26 0.85
Discontinued operations (in dollars per share) (0.01) (0.18) (0.04) (0.33)
Diluted (in dollars per share) 0.06 0.13 0.22 0.52
Dividend declared per common share (in dollars per share) $ 0.01 $ 0.05 $ 0.02 $ 0.10
Weighted-average common shares outstanding:        
Basic (in shares) 46,032,626 37,869,322 45,918,697 37,801,516
Diluted (in shares) 46,726,255 38,037,393 46,432,481 44,762,563