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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues:    
Gross written premiums $ 168,876 $ 124,036
Ceded written premiums (24,578) (15,983)
Net written premiums 144,298 108,053
Change in unearned premiums (21,257) (18,292)
Net earned premiums 123,041 89,761
Net investment income 6,942 5,960
Change in the fair value of equity securities 7,091 (16,161)
Net realized investment gains 1,198 776
Other income 11 10
Total revenues 138,283 80,346
Expenses:    
Losses and loss adjustment expenses 70,260 53,733
Underwriting, acquisition and insurance expenses 28,136 21,583
Other expenses 448 0
Total expenses 98,844 75,316
Income before income taxes 39,439 5,030
Total income tax expense (benefit) 7,360 (56)
Net income 32,079 5,086
Other comprehensive income (loss):    
Change in net unrealized gains on available-for-sale investments, net of taxes (19,622) (9,223)
Total comprehensive income (loss) $ 12,457 $ (4,137)
Earnings per share:    
Basic $ 1.42 $ 0.23
Diluted $ 1.39 $ 0.22
Weighted average shares outstanding:    
Basic 22,665 22,109
Diluted 23,069 22,678