v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 11,425,000 $ 7,012,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Realized Investment Gains (Losses) 4,100 0
Amortization of premium/discounts on fixed maturity securities (366,000) (1,031,000)
Stock‐based compensation 1,303,000 225,000
Depreciation and amortization 401,000 759,000
Non-cash lease expense 301,000 145,000
Deferred income taxes (990,000) (1,171,000)
Warrant expense 775,000 0
Net changes in operating assets and liabilities:    
Accrued investment income (155,000) (876,000)
Premium balances receivable (9,558,000) (8,803,000)
Reinsurance recoverable (29,801,000) (23,843,000)
Prepaid reinsurance premiums 958,000 (2,702,000)
Deferred policy acquisition costs (528,000) (1,542,000)
Income taxes receivable (24,000) 971,000
Other assets (3,932,000) (1,251,000)
Reserve for losses and loss expenses 88,365,000 75,784,000
Unearned premium 5,995,000 10,574,000
Reinsurance balances payable (9,009,000) (6,803,000)
Accrued expenses (12,227,000) (8,211,000)
Income taxes payable 4,032,000 2,239,000
Other liabilities 753,000 434,000
Net cash provided by operating activities 47,722,000 41,910,000
Purchases of:    
Fixed maturity securities (250,537,000) (93,656,000)
Proceeds from the sale and maturity of:    
Fixed maturity securities 105,441,000 15,342,000
Purchase of property and equipment, net (1,233,000) (808,000)
Net cash used in investing activities (146,329,000) (79,122,000)
Net cash provided by financing activities    
Capital contribution from parent 0 2,839,000
Net cash provided by financing activities 0 2,839,000
Net change in cash, cash equivalents and restricted cash (98,607,000) (34,373,000)
Cash, cash equivalents and restricted cash, beginning of period 222,058,000 119,768,000
Cash, cash equivalents and restricted cash, end of period 123,451,000 85,395,000
Reconciliation of restricted cash    
Cash and cash equivalents 88,050,000 73,485,000
Restricted cash and cash equivalents 35,401,000 11,910,000
Total cash and cash equivalents and restricted cash $ 123,451,000 $ 85,395,000

Source

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