Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Components of Net Combined Ratio to Consolidated Net Income

The following tables reconcile the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Revenue components of net combined ratio
Net premiums earned	$	47,925,053	$	33,407,194	$	137,663,376	$	92,530,708
Ceding commission revenue	4,900,401		4,741,676		10,940,648		13,870,748
Other income	145,779		139,490		436,906		392,468
Total revenue components of net combined ratio	52,971,233		38,288,360		149,040,930		106,793,924

Expense components of net combined ratio
Loss and loss adjustment expenses	21,232,324		13,027,597		66,334,564		45,125,492
Commission expense	10,308,092		9,004,254		30,250,601		25,088,546
Other underwriting expenses	8,358,432		6,894,590		23,491,221		18,675,720
Total expense components of net combined ratio	39,898,848		28,926,441		120,076,386		88,889,758

Operating segment net income	13,072,385		9,361,919		28,964,544		17,904,166

Reconciliation of net income components
excluded from net combined ratio:

Revenue components excluded from net combined ratio
Net investment income	2,499,071		1,649,673		6,847,934		4,917,129
Net gains on investments	182,122		826,522		590,594		1,319,307
Gain on sale of real estate	—		—		1,965,989		—
Other income	64		7,173		597		8,660
Total revenue components excluded
from net combined ratio	2,681,257		2,483,368		9,405,114		6,245,096

Expense components excluded from net combined ratio
Other operating expenses	1,330,258		1,241,572		3,519,475		2,820,620
Depreciation and amortization	644,653		619,056		1,881,880		1,835,503
Interest expense	72,609		900,583		377,137		2,884,181
Income tax	2,833,647		2,105,931		6,583,699		3,689,197
Total expense components excluded
from net combined ratio	4,881,167		4,867,142		12,362,191		11,229,501

Total net loss components
excluded from net combined ratio:	(2,199,910)		(2,383,774)		(2,957,077)		(4,984,405)

Consolidated net income	$	10,872,475	$	6,978,145	$	26,007,467	$	12,919,761

The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.


	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024
Net combined ratio
Net loss ratio	44.3		%	39.0		%	48.2		%	48.8		%
Net underwriting expense ratio	28.4		%	33.0		%	30.8		%	31.9		%
Net combined ratio	72.7		%	72.0		%	79.0		%	80.7		%

Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses	$	18,666,524		$	15,898,844		$	53,741,822		$	43,764,266
Less: Ceding commission revenue	(4,900,401)			(4,741,676)			(10,940,648)			(13,870,748)
Less: Other income	(145,779)			(139,490)			(436,906)			(392,468)
Total commission expense and other
underwriting expenses	$	13,620,344		$	11,017,678		$	42,364,268		$	29,501,050

Net earned premium	$	47,925,053		$	33,407,194		$	137,663,376		$	92,530,708

Net Underwriting Expense Ratio	28.4		%	33.0		%	30.8		%	31.9		%

Return on equity on net investment income
Stockholders' equity beginning of period	$	94,877,892		$	40,802,774		$	66,708,451		$	34,504,139
Stockholders' equity end of period	$	107,653,042		$	59,669,732		$	107,653,042		$	59,669,732
Average stockholders' equity	$	101,265,467		$	50,236,253		$	87,180,747		$	47,086,936
Net investment income	$	2,499,071		$	1,649,673		$	6,847,934		$	4,917,129
Return on equity on net investment income	2.5		%	3.3		%	7.9		%	10.4		%
Return on equity on net investment income - annualized	10.0		%	13.2		%	15.8		%	20.8		%
Total assets	$	428,590,242		$	318,292,723		$	428,590,242		$	318,292,723