v3.25.4
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Gross written premiums $ 862,806,000 $ 695,717,000 $ 507,688,000
Ceded written premiums (304,619,000) (244,295,000) (173,016,000)
Net written premiums 558,187,000 451,422,000 334,672,000
Change in net unearned premiums (66,510,000) (66,311,000) (70,770,000)
Net earned premiums 491,677,000 385,111,000 263,902,000
Net investment income 57,827,000 40,121,000 19,371,000
Net realized investment gains (losses) 42,900 (16,200) 0
Other insurance-related income 2,042,000 444,000 125,000
Total revenues 551,589,000 425,660,000 283,398,000
Expenses      
Net losses and loss adjustment expenses 328,022,000 248,099,000 166,282,000
Net acquisition costs 46,513,000 32,397,000 20,935,000
Operating expenses 102,264,000 89,112,000 63,456,000
Non-operating expenses 1,425,000 2,807,000 630,000
Warrant expense 3,142,000 1,917,000 0
Interest expense and financing fees 2,012,000 725,000 0
Loss on extinguishment of credit facility 862,000 0 0
Foreign exchange losses (gains) 50,000 68,000 (20,000)
Total expenses 484,290,000 375,125,000 251,283,000
Income before income taxes 67,299,000 50,535,000 32,115,000
Income tax expense (13,513,000) (12,292,000) (7,068,000)
Net income 53,786,000 38,243,000 25,047,000
Other comprehensive income      
Change in unrealized gain (loss) on investments (net of income tax benefit (expense) of $(4,388), $(58) and $(1,413), respectively) 16,508,000 218,000 5,317,000
Total comprehensive income $ 70,294,000 $ 38,461,000 $ 30,364,000
Earnings per share:      
Basic (in dollars per share) $ 1.64 $ 1.31 $ 1.04
Diluted (in dollars per share) $ 1.59 $ 1.29 $ 1.04
Weighted average shares outstanding:      
Basic (in shares) 32,737,932 29,261,209 24,000,000
Diluted (in shares) 33,735,944 29,677,196 24,000,000

Source

10-K PDF XBRL Zip