Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 (loss) income for the periods presented.


	Three months ended March 31,
		2026		2025

Revenue components of net combined ratio
Net premiums earned		$	55,868,814	$	43,523,063
Ceding commission revenue		1,403,876		2,958,691
Other income		180,789		139,954
Total revenue components of net combined ratio		57,453,479		46,621,708

Expense components of net combined ratio
Loss and loss adjustment expenses		45,574,384		27,175,078
Commission expense		10,195,412		9,312,880
Other underwriting expenses		8,361,273		7,405,422
Total expense components of net combined ratio		64,131,069		43,893,380

Operating segment net (loss) income		(6,677,590)		2,728,328

Reconciliation of net income components
excluded from net combined ratio:

Revenue components excluded from net combined ratio
Net investment income		3,337,581		2,048,596
Net loss on investments		(1,015,347)		(137,979)
Gain on sale of real estate		-		1,965,989
Other income		23		461
Total revenue components excluded
from net combined ratio		2,322,257		3,877,067

Expense components excluded from net combined ratio
Other operating expenses		2,260,547		1,035,737
Depreciation and amortization		715,507		623,863
Interest expense		69,855		227,454
Income tax		(1,592,992)		835,681
Total expense components excluded
from net combined ratio		1,452,917		2,722,735

Total net loss components
excluded from net combined ratio:		869,340		1,154,332

Consolidated net (loss) income		$	(5,808,250)	$	3,882,660

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
	March 31,
		2026			2025
Net combined ratio
Net loss ratio		81.6		%	62.4		%
Net underwriting expense ratio		30.4		%	31.3		%
Net combined ratio		112.0		%	93.7		%

Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses		$	18,556,685		$	16,718,302
Less: Ceding commission revenue		(1,403,876)			(2,958,691)
Less: Other income		(180,789)			(139,954)
Total commission expense and other
underwriting expenses		$	16,972,020		$	13,619,657

Net earned premium		$	55,868,814		$	43,523,063

Net Underwriting Expense Ratio		30.4		%	31.3		%

Return on equity on net investment income
Stockholders' equity beginning of period		$	122,731,249		$	66,708,451
Stockholders' equity end of period		$	114,504,510		$	82,209,963
Average stockholders' equity		$	118,617,880		$	74,459,207
Net investment income		$	3,337,581		$	2,048,596
Return on equity on net investment income		2.8		%	2.8		%
Return on equity on net investment income - annualized		11.2		%	11.2		%
Total assets		$	465,339,043		$	385,439,240