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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Premiums written:        
Direct $ 279,203 $ 275,124 $ 832,880 $ 823,664
Assumed 4,122 3,602 11,377 10,371
Ceded (48,097) (44,720) (136,299) (132,751)
Net premiums written 235,228 234,006 707,958 701,284
Decrease in unearned premiums, net 6,522 9,334 21,833 28,228
Net premiums earned 241,750 243,340 729,791 729,512
Investment income, net of expenses 62,210 62,093 184,648 183,316
Net gains (losses) on investments and other financial instruments 162 583 (523) (8,202)
Other revenue 383 633 1,068 1,661
Total revenues 304,505 306,649 914,984 906,287
Losses and expenses:        
Losses incurred, net 10,928 (9,842) 17,684 (23,559)
Amortization of deferred insurance policy acquisition costs 1,830 2,323 5,225 6,482
Other underwriting and operating expenses, net 47,780 50,967 149,540 162,660
Interest expense 8,906 8,905 26,704 26,703
Total losses and expenses 69,444 52,353 199,153 172,286
Income before tax 235,061 254,296 715,831 734,001
Provision for income tax 43,966 54,327 146,794 155,707
Net income $ 191,095 $ 199,969 $ 569,037 $ 578,294
Earnings per share:        
Basic (in dollars per share) $ 0.83 $ 0.77 $ 2.41 $ 2.18
Diluted (in dollars per share) $ 0.83 $ 0.77 $ 2.39 $ 2.17
Weighted average common shares outstanding - basic (in shares) 229,308 258,596 236,541 264,719
Weighted average common shares outstanding - diluted (in shares) 231,376 260,833 238,558 266,915