v3.25.0.1
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Gross written premiums $ 695,717,000 $ 507,688,000 $ 356,948,000
Ceded written premiums (244,295,000) (173,016,000) (111,834,000)
Net 451,422,000 334,672,000 245,114,000
Change in net unearned premiums (66,311,000) (70,770,000) (62,251,000)
Net earned premiums 385,111,000 263,902,000 182,863,000
Net investment income 40,121,000 19,371,000 4,725,000
Net realized investment losses (16,200) 0 0
Other insurance-related income 444,000 125,000 14,000
Total revenues 425,660,000 283,398,000 187,602,000
Expenses      
Net losses and loss adjustment expenses 248,099,000 166,282,000 111,761,000
Net acquisition costs 32,397,000 20,935,000 15,194,000
Operating expenses 89,112,000 63,456,000 45,986,000
Non-operating expenses 2,807,000 630,000 0
Warrant expense 1,917,000 0 0
Credit facility interest expenses and fees 725,000 0 0
Foreign exchange losses (gains) 68,000 (20,000) 0
Total expenses 375,125,000 251,283,000 172,941,000
Income before income taxes 50,535,000 32,115,000 14,661,000
Income tax expense (12,292,000) (7,068,000) (3,405,000)
Net income 38,243,000 25,047,000 11,256,000
Other comprehensive income (loss)      
Change in unrealized loss on investments (net of income tax (expense) of $(58), $(1,413) and $4,247, respectively) 218,000 5,317,000 (15,975,000)
Total comprehensive income (loss) $ 38,461,000 $ 30,364,000 $ (4,719,000)
Earnings per share:      
Basic (in dollars per share) $ 1.31 $ 1.04 $ 0.47
Diluted (in dollars per share) $ 1.29 $ 1.04 $ 0.47
Weighted average shares outstanding:      
Basic (in shares) 29,261,209 24,000,000 24,000,000
Diluted (in shares) 29,677,196 24,000,000 24,000,000

Source

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