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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Net premiums earned $ 33,407,194 $ 27,938,318 $ 92,530,708 $ 85,701,467
Ceding commission revenue 4,741,676 5,536,327 13,870,748 16,393,944
Net investment income 1,649,673 1,444,360 4,917,129 4,437,208
Net gains (losses) on investments 826,522 (824,370) 1,319,307 597,643
Other income 146,663 142,036 401,128 454,160
Total revenues 40,771,728 34,236,671 113,039,020 107,584,422
Expenses        
Loss and loss adjustment expenses 13,027,597 21,932,453 45,125,492 66,552,565
Commission expense 9,004,254 8,210,430 25,088,546 25,221,374
Other underwriting expenses 6,894,590 6,318,625 18,675,720 19,873,882
Other operating expenses 1,241,572 441,963 2,820,620 1,868,011
Depreciation and amortization 619,056 741,059 1,835,503 2,327,691
Interest expense 900,583 988,699 2,884,181 3,004,564
Total expenses 31,687,652 38,633,229 96,430,062 118,848,087
Income (loss) from operations before taxes 9,084,076 (4,396,558) 16,608,958 (11,263,665)
Income tax expense (benefit) 2,105,931 (858,987) 3,689,197 (2,149,367)
Net income (loss) 6,978,145 (3,537,571) 12,919,761 (9,114,298)
Other comprehensive income (loss), net of tax        
Gross change in unrealized gains (losses) on available-for-sale-securities 4,533,334 (2,821,785) 4,082,771 (1,486,887)
Reclassification adjustment for net realized losses included in net income (loss) 3,939 4,181 11,468 17,201
Net change in unrealized gains (losses), on available-for-sale-securities 4,537,273 (2,817,604) 4,094,239 (1,469,686)
Income tax (expense) benefit related to items of other comprehensive income (loss) (952,827) 591,697 (859,789) 308,635
Other comprehensive income (loss), net of tax 3,584,446 (2,225,907) 3,234,450 (1,161,051)
Comprehensive income (loss) $ 10,562,591 $ (5,763,478) $ 16,154,211 $ (10,275,349)
Earnings (loss) per common share:        
Basic (in dollars per share) $ 0.61 $ (0.33) $ 1.16 $ (0.85)
Diluted (in dollars per share) $ 0.55 $ (0.33) $ 1.05 $ (0.85)
Weighted average common shares outstanding        
Basic (in shares) 11,404,360 10,756,156 11,142,043 10,754,709
Diluted (in shares) 12,581,128 10,756,156 12,249,576 10,754,709