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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Gross written premiums $ 66,242 $ 39,994 $ 178,619 $ 111,348
Ceded written premiums (28,060) (20,764) (78,797) (61,200)
Net written premiums 38,182 19,230 99,822 50,148
Change in unearned premiums (10,520) (3,194) (30,602) 2,132
Net earned premiums 27,662 16,036 69,220 52,280
Net investment income 1,729 865 4,172 2,211
Net realized and unrealized gains on investments 361 1,336 3,265 969
Commission and other income 709 679 2,017 1,869
Total revenues 30,461 18,916 78,674 57,329
Expenses:        
Losses and loss adjustment expenses 2,439 5,374 3,398 7,043
Acquisition expenses 10,243 6,392 26,189 21,632
Other underwriting expenses (includes stock-based compensation of $410 and $0 for the three months ended September 30, 2019 and 2018, respectively and $23,677 and $0 for the nine months ended September 30, 2019 and 2018, respectively) 8,330 4,976 44,348 13,119
Interest expense   605 1,068 1,444
Total expenses 21,012 17,347 75,003 43,238
Income before income taxes 9,449 1,569 3,671 14,091
Income tax expense (benefit) 1,995 3 3,929 (1)
Net income (loss) 7,454 1,566 (258) 14,092
Other comprehensive income, net:        
Net unrealized gains (losses) on securities available for sale for the three and nine months ended September 30, 2019 and 2018, respectively 974 (309) 6,459 (1,299)
Net comprehensive income $ 8,428 $ 1,257 $ 6,201 $ 12,793
Per Share Data:        
Basic earnings per share $ 0.32 $ 0.09 $ (0.01) $ 0.83
Diluted earnings per share $ 0.31 $ 0.09 $ (0.01) $ 0.83
Weighted-average common shares outstanding:        
Weighted-average common shares outstanding, basic 23,468,750 17,000,000 20,838,599 17,000,000
Weighted-average common shares outstanding, diluted 23,885,137 17,000,000 20,838,599 17,000,000