v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 53,786,000 $ 38,243,000 $ 25,047,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains (losses) (42,900) 16,200 0
Amortization of premium/discounts on fixed maturity securities (1,259,000) (3,508,000) (2,848,000)
Stock‐based compensation 7,235,000 4,102,000 683,000
Depreciation and amortization 1,779,000 3,868,000 2,268,000
Amortization expense 50,000 0 0
Non-cash loss on extinguishment of credit facility 819,000 0 0
Non-cash lease expense 1,230,000 1,043,000 577,000
Deferred income taxes (6,525,000) (6,168,000) (4,362,000)
Warrant expense 3,142,000 1,917,000 0
Net changes in operating assets and liabilities:      
Accrued investment income (3,438,000) (2,860,000) (3,429,000)
Premium balances receivable (20,743,000) (24,855,000) (9,330,000)
Reinsurance recoverable (144,604,000) (115,683,000) (75,858,000)
Prepaid reinsurance premiums (39,254,000) (35,835,000) (42,191,000)
Deferred policy acquisition costs (7,659,000) (8,218,000) (5,735,000)
Income taxes receivable (2,487,000) 521,000 (1,107,000)
Other assets (2,296,000) (6,314,000) (1,437,000)
Reserve for losses and loss expenses 373,077,000 325,673,000 224,135,000
Unearned premium 105,744,000 102,146,000 112,961,000
Reinsurance balances payable 13,922,000 11,416,000 16,753,000
Accrued expenses 1,037,000 3,110,000 2,871,000
Income taxes payable (1,257,000) 1,529,000 (1,475,000)
Other liabilities (669,000) 4,144,000 (1,298,000)
Net cash provided by operating activities 331,587,000 294,287,000 236,225,000
Purchases of:      
Fixed maturity securities (828,159,000) (603,028,000) (345,843,000)
Short-term investments 0 (9,907,000) (21,406,000)
Proceeds from the sale and maturity of:      
Fixed maturity securities 359,338,000 281,184,000 36,809,000
Short-term investments 10,000,000 8,980,000 59,494,000
Purchase of property and equipment, net (5,570,000) (3,112,000) (3,819,000)
Net cash used in investing activities (464,391,000) (325,883,000) (274,765,000)
Net cash provided by (used in) financing activities      
Capital contribution from parent 0 2,839,000 77,656,000
Taxes paid on withholding shares (1,837,000) 64,000 0
Proceeds from initial public offering, net 0 130,983,000 0
Proceeds from debt 150,000,000 0 0
Payments related to loss extinguishment of credit facility (44,000) 0 0
Debt issuance costs (3,603,000) 0 0
Net cash provided by (used in) financing activities 144,516,000 133,886,000 77,656,000
Net change in cash, cash equivalents and restricted cash 11,712,000 102,290,000 39,117,000
Cash, cash equivalents and restricted cash, beginning of period 222,058,000 119,768,000 80,651,000
Cash, cash equivalents and restricted cash, end of period 233,770,000 222,058,000 119,768,000
Reconciliation of restricted cash      
Cash and cash equivalents 193,545,000 97,476,000 118,070,000
Restricted cash and cash equivalents 40,225,000 124,582,000 1,698,000
Total cash and cash equivalents and restricted cash 233,770,000 222,058,000 119,768,000
Supplemental disclosures of cash flow information:      
Income taxes paid $ 23,427,000 $ 16,411,000 $ 14,011,000

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