v3.25.2
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Revenues | ||||
| Gross written premiums | $ 232,361,000 | $ 175,539,000 | $ 407,209,000 | $ 313,971,000 |
| Ceded written premiums | (83,508,000) | (63,486,000) | (141,587,000) | (111,066,000) |
| Net written premiums | 148,853,000 | 112,053,000 | 265,622,000 | 202,905,000 |
| Change in net unearned premiums | (29,716,000) | (21,966,000) | (36,668,000) | (29,838,000) |
| Net earned premiums | 119,137,000 | 90,087,000 | 228,954,000 | 173,067,000 |
| Net investment income | 13,677,000 | 8,777,000 | 26,236,000 | 16,437,000 |
| Net realized investment (losses) gains | (11,200) | 1,900 | (15,200) | 1,900 |
| Other insurance-related income | 460,000 | 32,000 | 805,000 | 63,000 |
| Total revenues | 133,263,000 | 98,898,000 | 255,980,000 | 189,569,000 |
| Expenses | ||||
| Net losses and loss adjustment expenses | 78,900,000 | 59,018,000 | 152,327,000 | 113,338,000 |
| Net acquisition costs | 11,038,000 | 7,582,000 | 20,834,000 | 14,104,000 |
| Operating expenses | 25,849,000 | 22,855,000 | 49,785,000 | 43,377,000 |
| Non-operating expenses | 437,000 | 1,481,000 | 548,000 | 1,698,000 |
| Warrant expense | 783,000 | 332,000 | 1,558,000 | 332,000 |
| Credit facility interest expenses and fees | 261,000 | 224,000 | 508,000 | 224,000 |
| Foreign exchange losses (gains) | 79,000 | (4,000) | 33,000 | 30,000 |
| Total expenses | 117,347,000 | 91,488,000 | 225,593,000 | 173,103,000 |
| Income before income taxes | 15,916,000 | 7,410,000 | 30,387,000 | 16,466,000 |
| Income tax expense | (3,574,000) | (1,877,000) | (6,620,000) | (3,921,000) |
| Net income | 12,342,000 | 5,533,000 | 23,767,000 | 12,545,000 |
| Other comprehensive income | ||||
| Change in unrealized loss on investments (net of income tax (expense) benefit of $(847), $6, $(2,819), $249, respectively | 3,188,000 | (21,000) | 10,606,000 | (937,000) |
| Total comprehensive income | $ 15,530,000 | $ 5,512,000 | $ 34,373,000 | $ 11,608,000 |
| Earnings per share: | ||||
| Basic (in dollars per share) | $ 0.38 | $ 0.20 | $ 0.73 | $ 0.49 |
| Diluted (in dollars per share) | $ 0.36 | $ 0.20 | $ 0.70 | $ 0.48 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 32,721,629 | 27,648,869 | 32,692,319 | 25,824,434 |
| Diluted (in shares) | 34,045,961 | 27,771,108 | 33,885,414 | 25,885,554 |
| X | ||||||||||
- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of written premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of amortization expense (reversal of expense) for deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, before tax, of realized and unrealized gain (loss) from foreign currency transaction. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of decrease (increase) in unearned premiums. No definition available.
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of expense related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of direct and assumed premiums written. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums written. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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