v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 32,148,000 $ 23,767,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 32,100 15,200
Amortization of premium/discounts on fixed maturity securities (389,000) (680,000)
Stock‐based compensation 5,283,000 1,440,000
Depreciation and amortization 1,329,000 757,000
Non-cash amortization of deferred issuance costs 126,000 0
Non-cash lease expense 638,000 605,000
Deferred income taxes (3,859,000) (2,038,000)
Warrant expense 1,558,000 1,558,000
Net changes in operating assets and liabilities:    
Accrued investment income (2,728,000) (2,224,000)
Premium balances receivable (37,955,000) (25,177,000)
Reinsurance recoverable (66,529,000) (64,351,000)
Prepaid reinsurance premiums (35,227,000) (18,880,000)
Deferred policy acquisition costs (10,207,000) (4,553,000)
Income taxes receivable (1,234,000) (1,291,000)
Other assets (2,999,000) (2,749,000)
Reserve for losses and loss expenses 188,708,000 193,860,000
Unearned premiums 75,672,000 55,528,000
Reinsurance balances payable 19,799,000 10,757,000
Accrued expenses (7,443,000) (7,529,000)
Income taxes payable 0 (1,434,000)
Other liabilities 2,616,000 (679,000)
Net cash provided by operating activities 159,339,000 156,702,000
Purchases of:    
Fixed maturity securities (377,768,000) (374,613,000)
Short-term investments (4,954,000) 0
Proceeds from the sale and maturity of:    
Fixed maturity securities 154,220,000 154,911,000
Short-term investments 5,000,000 10,000,000
Purchase of property and equipment, net (2,644,000) (2,795,000)
Net cash used in investing activities (226,146,000) (212,497,000)
Net cash used in financing activities    
Capital contribution from parent 0 0
Taxes paid on withholding (2,142,000) 0
Net cash used in financing activities (2,142,000) 0
Net change in cash, cash equivalents and restricted cash (68,949,000) (55,795,000)
Cash, cash equivalents and restricted cash, beginning of period 233,770,000 222,058,000
Cash, cash equivalents and restricted cash, end of period 164,821,000 166,263,000
Reconciliation of restricted cash    
Cash and cash equivalents 141,748,000 114,816,000
Restricted cash and cash equivalents 23,073,000 51,447,000
Total cash and cash equivalents and restricted cash $ 164,821,000 $ 166,263,000

Source

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