v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 38,243,000 $ 25,047,000 $ 11,256,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment losses 16,200 0 0
Amortization of premium/discounts on fixed maturity securities (3,508,000) (2,848,000) (70,000)
Stock‐based compensation 4,102,000 683,000 368,000
Depreciation and amortization 3,868,000 2,268,000 727,000
Non-cash lease expense 1,043,000 577,000 640,000
Deferred income taxes (6,168,000) (4,362,000) (2,972,000)
Warrant expense 1,917,000 0 0
Net changes in operating assets and liabilities:      
Accrued investment income (2,860,000) (3,429,000) (933,000)
Premium balances receivable (24,855,000) (9,330,000) (1,945,000)
Reinsurance recoverable (115,683,000) (75,858,000) (49,586,000)
Prepaid reinsurance premiums (35,835,000) (42,191,000) (27,618,000)
Deferred policy acquisition costs (8,218,000) (5,735,000) (5,763,000)
Income taxes receivable 521,000 (1,107,000) 0
Other assets (6,314,000) (1,437,000) 1,053,000
Reserve for losses and loss expenses 325,673,000 224,135,000 159,100,000
Unearned premium 102,146,000 112,961,000 89,869,000
Reinsurance balances payable 11,416,000 16,753,000 5,148,000
Accrued expenses 3,110,000 2,871,000 2,260,000
Income taxes payable 1,529,000 (1,475,000) 1,089,000
Other liabilities 4,144,000 (1,298,000) (979,000)
Net cash provided by operating activities 294,287,000 236,225,000 181,644,000
Purchases of:      
Fixed maturity securities (603,028,000) (345,843,000) (152,629,000)
Short-term investments (9,907,000) (21,406,000) (45,665,000)
Proceeds from the sale and maturity of:      
Fixed maturity securities 281,184,000 36,809,000 14,808,000
Short-term investments 8,980,000 59,494,000 0
Purchase of property and equipment, net (3,112,000) (3,819,000) (3,972,000)
Net cash used in investing activities (325,883,000) (274,765,000) (187,458,000)
Net cash provided by (used in) financing activities      
Capital contribution from parent 2,839,000 77,656,000 24,000,000
Capital distribution to parent 0 0 (25,000,000)
Proceeds from share issuance related to equity awards 64,000 0 0
Proceeds from initial public offering, net 130,983,000 0 0
Net cash provided by (used in) financing activities 133,886,000 77,656,000 (1,000,000)
Net change in cash, cash equivalents and restricted cash 102,290,000 39,117,000 (6,814,000)
Cash, cash equivalents and restricted cash, beginning of period 119,768,000 80,651,000 87,465,000
Cash, cash equivalents and restricted cash, end of period 222,058,000 119,768,000 80,651,000
Reconciliation of restricted cash      
Cash and cash equivalents 97,476,000 118,070,000 64,659,000
Restricted cash and cash equivalents 124,582,000 1,698,000 15,992,000
Total cash and cash equivalents and restricted cash 222,058,000 119,768,000 80,651,000
Supplemental disclosures of cash flow information:      
Income taxes paid $ 16,411,000 $ 14,011,000 $ 5,291,000

Source

10-K PDF XBRL Zip