v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 24,637,000 $ 20,263,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 16,200 0
Amortization of premium/discounts on fixed maturity securities (2,929,000) (1,839,000)
Stock‐based compensation 3,087,000 492,000
Depreciation and amortization 2,768,000 1,458,000
Non-cash lease expense 747,000 433,000
Deferred income taxes (4,727,000) (3,293,000)
Warrant expense 1,125,000 0
Net changes in operating assets and liabilities:    
Accrued investment income (2,458,000) (1,848,000)
Premium balances receivable (7,889,000) (7,691,000)
Reinsurance recoverable (85,622,000) (52,206,000)
Prepaid reinsurance premiums (29,401,000) (30,738,000)
Deferred policy acquisition costs (7,056,000) (5,216,000)
Income taxes receivable 782,000 (117,000)
Other assets (7,268,000) (1,520,000)
Reserve for losses and loss expenses 248,382,000 157,279,000
Unearned premium 82,392,000 82,556,000
Reinsurance balances payable 13,722,000 15,102,000
Accrued expenses (204,000) (704,000)
Income taxes payable (13,000) 49,000
Other liabilities 2,774,000 2,391,000
Net cash provided by operating activities 232,865,000 174,851,000
Purchases of:    
Fixed maturity securities (458,431,000) (217,859,000)
Short-term investments (9,907,000) (21,406,000)
Proceeds from the sale and maturity of:    
Fixed maturity securities 137,223,000 16,655,000
Short-term investments 8,980,000 51,494,000
Purchase of property and equipment, net (2,605,000) (2,895,000)
Net cash used in investing activities (324,740,000) (174,011,000)
Net cash provided by financing activities    
Capital contribution from parent 2,839,000 53,061,000
Proceeds from initial public offering, net 130,983,000 0
Net cash provided by financing activities 133,822,000 53,061,000
Net change in cash, cash equivalents and restricted cash 41,947,000 53,901,000
Cash, cash equivalents and restricted cash, beginning of period 119,768,000 80,651,000
Cash, cash equivalents and restricted cash, end of period 161,715,000 134,552,000
Reconciliation of restricted cash    
Cash and cash equivalents 132,893,000 126,662,000
Restricted cash and cash equivalents 28,822,000 7,890,000
Total cash and cash equivalents and restricted cash $ 161,715,000 $ 134,552,000

Source

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