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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Gross written premiums $ 284,111 $ 197,616 $ 806,625 $ 560,553
Ceded written premiums (48,212) (26,939) (111,885) (77,825)
Net written premiums 235,899 170,677 694,740 482,728
Change in unearned premiums (26,640) (13,806) (116,761) (65,116)
Net earned premiums 209,259 156,871 577,979 417,612
Net investment income 13,858 8,095 33,540 22,466
Change in the fair value of equity securities (6,095) (1,012) (37,199) 13,644
Net realized investment gains (173) 895 1,535 2,397
Other income 112 35 381 58
Total revenues 216,961 164,884 576,236 456,177
Expenses:        
Losses and loss adjustment expenses 134,788 87,352 344,333 236,727
Underwriting, acquisition and insurance expenses 40,145 31,465 117,662 89,490
Interest Expense 1,716 243 2,306 752
Other expenses 212 145 521 482
Total expenses 176,861 119,205 464,822 327,451
Income before income taxes 40,100 45,679 111,414 128,726
Total income tax expense 7,116 9,054 19,549 24,387
Net income 32,984 36,625 91,865 104,339
Other comprehensive income (loss):        
Change in net unrealized losses on available-for-sale investments, net of taxes (46,652) (6,072) (165,464) (16,111)
Total comprehensive (loss) income $ (13,668) $ 30,553 $ (73,599) $ 88,228
Earnings per share:        
Basic $ 1.45 $ 1.61 $ 4.03 $ 4.60
Diluted $ 1.43 $ 1.59 $ 3.98 $ 4.53
Weighted average shares outstanding:        
Basic 22,813 22,714 22,783 22,681
Diluted 23,114 23,064 23,099 23,057