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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Gross written premiums $ 438,222 $ 277,001 $ 795,810 $ 522,514
Ceded written premiums (73,181) (34,658) (131,739) (63,673)
Net written premiums 365,041 242,343 664,071 458,841
Change in unearned premiums (107,995) (52,185) (169,867) (90,121)
Net earned premiums 257,046 190,158 494,204 368,720
Fee income 6,986 4,919 13,187 9,264
Net investment income 24,172 10,594 44,867 19,682
Change in the fair value of equity securities 5,811 (23,353) 9,329 (31,104)
Net realized investment (losses) gains 1,291 1,413 (3,361) 1,708
Change in allowance for credit losses on investments 25 0 (56) 0
Other income 435 145 741 269
Total revenues 295,766 183,876 558,911 368,539
Expenses:        
Losses and loss adjustment expenses 147,042 107,040 286,076 209,545
Underwriting, acquisition and insurance expenses 55,473 43,891 108,219 86,781
Interest Expense 2,724 337 5,294 590
Other expenses 417 166 819 309
Total expenses 205,656 151,434 400,408 297,225
Income before income taxes 90,110 32,442 158,503 71,314
Total income tax expense 17,319 5,352 29,912 12,433
Net income 72,791 27,090 128,591 58,881
Other comprehensive income (loss):        
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (14,107) (54,882) 3,402 (118,812)
Total comprehensive income (loss) $ 58,684 $ (27,792) $ 131,993 $ (59,931)
Earnings per share:        
Basic $ 3.16 $ 1.19 $ 5.59 $ 2.59
Diluted $ 3.12 $ 1.17 $ 5.52 $ 2.55
Weighted average shares outstanding:        
Basic 23,040 22,781 23,024 22,767
Diluted 23,301 23,103 23,293 23,095