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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Gross written premiums $ 167,502 $ 126,614 $ 283,645 $ 208,219
Ceded written premiums (50,231) (41,838) (76,503) (61,187)
Net written 117,271 84,776 207,142 147,032
Change in unearned premiums (30,343) (12,138) (41,913) (6,115)
Net earned 86,928 72,638 165,229 140,917
Fee Income 1,524 191 2,084 316
Net investment income 11,891 5,728 19,786 10,981
Net realized and unrealized gains (losses) on investments 1,409 (4,215) (3,190) (1,828)
Other income 28 24 993 48
Total revenues 101,780 74,366 184,902 150,434
Expenses        
Losses and loss adjustment expenses 50,412 44,128 97,274 85,174
Underwriting, acquisition and insurance expenses 28,430 24,315 53,315 47,705
Interest expense 447 544 894 1,094
Other expenses 161 56 399 110
Total expenses 79,450 69,043 151,882 134,083
Income before income taxes 22,330 5,323 33,020 16,351
Income tax expense 4,713 1,207 6,953 3,277
Net income 17,617 4,116 26,067 13,074
Less: Net income (loss) attributable to non-controlling interest - General Partner (5) (828) (16) 374
Net income attributable to stockholders 17,622 4,944 26,083 12,700
Other comprehensive income:        
Unrealized gains (losses), net of taxes 152 840 38 3,349
Total comprehensive income attributable to stockholders $ 17,774 $ 5,784 $ 26,121 $ 16,049
Earnings per share:        
Basic (in dollars per share) $ 0.40 $ 0.14 $ 0.61 $ 0.35
Diluted (in dollars per share) $ 0.39 $ 0.14 $ 0.60 $ 0.35
Weighted-average shares outstanding:        
Basic (in shares) 42,084,982 36,242,682 41,191,609 36,235,158
Diluted (in shares) 43,584,999 36,243,959 42,246,997 36,235,950