v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 38,943,000 $ 24,637,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 30,200 16,200
Amortization of premium/discounts on fixed maturity securities (923,000) (2,929,000)
Stock‐based compensation 3,406,000 3,087,000
Depreciation and amortization 1,219,000 2,768,000
Non-cash lease expense 914,000 747,000
Deferred income taxes (2,980,000) (4,727,000)
Warrant expense 2,350,000 1,125,000
Net changes in operating assets and liabilities:    
Accrued investment income (1,373,000) (2,458,000)
Premium balances receivable (2,432,000) (7,889,000)
Reinsurance recoverable (105,805,000) (85,622,000)
Prepaid reinsurance premiums (31,993,000) (29,401,000)
Deferred policy acquisition costs (5,845,000) (7,056,000)
Income taxes receivable (2,759,000) 782,000
Other assets (989,000) (7,268,000)
Reserve for losses and loss expenses 278,312,000 248,382,000
Unearned premium 89,258,000 82,392,000
Reinsurance balances payable 16,023,000 13,722,000
Accrued expenses (3,626,000) (204,000)
Income taxes payable (1,435,000) (13,000)
Other liabilities 1,143,000 2,774,000
Net cash provided by operating activities 271,438,000 232,865,000
Purchases of:    
Fixed maturity securities (530,056,000) (458,431,000)
Short-term investments 0 (9,907,000)
Proceeds from the sale and maturity of:    
Fixed maturity securities 281,393,000 137,223,000
Short-term investments 10,000,000 8,980,000
Purchase of property and equipment, net (4,057,000) (2,605,000)
Net cash used in investing activities (242,720,000) (324,740,000)
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 28,718,000 41,947,000
Cash, cash equivalents and restricted cash, beginning of period 222,058,000 119,768,000
Cash, cash equivalents and restricted cash, end of period 250,776,000 161,715,000
Reconciliation of restricted cash    
Cash and cash equivalents 197,855,000 132,893,000
Restricted cash and cash equivalents 52,921,000 28,822,000
Total cash and cash equivalents and restricted cash $ 250,776,000 $ 161,715,000

Source

10-Q PDF XBRL Zip