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Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Gross written premiums [1] $ 368,078 $ 250,112
Ceded written premiums (228,171) (170,344)
Net written premiums 139,907 79,768
Change in unearned premiums (32,041) 3,473
Net earned premiums 107,866 83,241
Net investment income 7,139 5,120
Net realized and unrealized gains on investments 3,002 146
Commission and other income 528 695
Total revenues 118,535 89,202
Expenses:    
Losses and loss adjustment expenses 26,837 20,652
Acquisition expenses, net of ceding commissions and fronting fees 31,798 25,679
Other underwriting expenses 24,804 19,222
Interest expense 740 1,020
Total expenses 84,179 66,573
Income before income taxes 34,356 22,629
Income tax expense 7,974 5,316
Net income 26,382 17,313
Other comprehensive income, net:    
Net unrealized (losses) gains on securities available for sale (2,514) 5,474
Net comprehensive income $ 23,868 $ 22,787
Per Share Data:    
Basic earnings per share (in dollars per share) $ 1.06 $ 0.69
Diluted earnings per share (in dollars per share) $ 1.04 $ 0.68
Weighted-average common shares outstanding:    
Basic (in shares) 24,862,367 24,969,703
Diluted (in shares) 25,468,564 25,442,902
[1] Beginning in 2024, the Company has updated the categorization of its products to align with management's current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.