v3.25.1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Gross written premiums $ 174,848,000 $ 138,433,000
Ceded written premiums (58,079,000) (47,580,000)
Net written premiums 116,769,000 90,853,000
Change in net unearned premiums (6,953,000) (7,872,000)
Net earned premiums 109,816,000 82,981,000
Net investment income 12,559,000 7,660,000
Net realized investment losses (4,100) 0
Other insurance-related income 345,000 31,000
Total revenues 122,716,000 90,672,000
Expenses    
Net losses and loss adjustment expenses 73,427,000 54,320,000
Net acquisition costs 9,796,000 6,521,000
Operating expenses 23,937,000 20,522,000
Non-operating expenses 110,000 219,000
Warrant expense 775,000 0
Credit facility interest expenses and fees 247,000 0
Foreign exchange (gains) losses (46,000) 34,000
Total expenses 108,246,000 81,616,000
Income before income taxes 14,470,000 9,056,000
Income tax expense (3,045,000) (2,044,000)
Net income 11,425,000 7,012,000
Other comprehensive income    
Change in unrealized loss on investments (net of income tax (expense) benefit of $(1,972) and $243, respectively 7,418,000 (916,000)
Total comprehensive income $ 18,843,000 $ 6,096,000
Earnings per share:    
Basic (in dollars per share) $ 0.35 $ 0.29
Diluted (in dollars per share) $ 0.34 $ 0.29
Weighted average shares outstanding:    
Basic (in shares) 32,662,683 24,000,000
Diluted (in shares) 33,711,924 24,000,000

Source

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