v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 23,767,000 $ 12,545,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (losses) gains 15,200 (1,900)
Amortization of premium/discounts on fixed maturity securities (680,000) (2,066,000)
Stock‐based compensation 1,440,000 2,073,000
Depreciation and amortization 757,000 1,719,000
Non-cash lease expense 605,000 378,000
Deferred income taxes (2,038,000) (2,591,000)
Warrant expense 1,558,000 332,000
Net changes in operating assets and liabilities:    
Accrued investment income (2,224,000) (2,068,000)
Premium balances receivable (25,177,000) (30,678,000)
Reinsurance recoverable (64,351,000) (52,636,000)
Prepaid reinsurance premiums (18,880,000) (17,260,000)
Deferred policy acquisition costs (4,553,000) (5,157,000)
Income taxes receivable (1,291,000) (213,000)
Other assets (2,749,000) (7,445,000)
Reserve for losses and loss expenses 193,860,000 156,719,000
Unearned premium 55,528,000 47,098,000
Reinsurance balances payable 10,757,000 5,327,000
Accrued expenses (7,529,000) (3,613,000)
Income taxes payable (1,434,000) (13,000)
Other liabilities (679,000) 10,967,000
Net cash provided by operating activities 156,702,000 113,416,000
Purchases of:    
Fixed maturity securities (374,613,000) (219,832,000)
Short-term investments 0 (9,907,000)
Proceeds from the sale and maturity of:    
Fixed maturity securities 154,911,000 56,970,000
Short-term investments 10,000,000 6,180,000
Purchase of property and equipment, net (2,795,000) (1,599,000)
Net cash used in investing activities (212,497,000) (168,188,000)
Net cash provided by financing activities    
Capital contribution from parent 0 2,839,000
Proceeds from initial public offering, net 0 130,983,000
Net cash provided by financing activities 0 133,822,000
Net change in cash, cash equivalents and restricted cash (55,795,000) 79,050,000
Cash, cash equivalents and restricted cash, beginning of period 222,058,000 119,768,000
Cash, cash equivalents and restricted cash, end of period 166,263,000 198,818,000
Reconciliation of restricted cash    
Cash and cash equivalents 114,816,000 180,324,000
Restricted cash and cash equivalents 51,447,000 18,494,000
Total cash and cash equivalents and restricted cash $ 166,263,000 $ 198,818,000

Source

10-Q PDF XBRL Zip