v3.24.3
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Net premiums earned $ 243,160 $ 242,420 $ 727,176 $ 730,068
Net investment income 37,272 32,754 107,727 94,714
Equity in earnings (loss) of unconsolidated subsidiaries 4,767 (61) 16,383 5,450
Net investment gains (losses):        
Impairment losses (1,801) (141) (3,302) (3,117)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes 0 0 102 0
Net impairment losses recognized in earnings (1,801) (141) (3,200) (3,117)
Other net investment gains (losses) 4,053 (2,561) 8,346 6,273
Total net investment gains (losses) 2,252 (2,702) 5,146 3,156
Other income (expense) (2,198) 3,336 3,872 6,864
Total revenues 285,253 275,747 860,304 840,252
Expenses        
Net losses and loss adjustment expenses 176,331 208,891 557,025 605,245
Underwriting, policy acquisition and operating expenses:        
Operating expense 48,036 41,132 138,544 118,394
DPAC amortization 32,353 32,882 99,864 100,385
SPC U.S. federal income tax expense (benefit) 377 (175) 1,043 1,351
SPC dividend expense (income) 1,360 (2,518) 2,479 3,171
Interest expense 5,698 5,514 17,004 16,478
Goodwill impairment 0 44,110 0 44,110
Total expenses 264,155 329,836 815,959 889,134
Income (loss) before income taxes 21,098 (54,089) 44,345 (48,882)
Provision for income taxes:        
Current expense (benefit) 881 (1,228) 901 (453)
Deferred expense (benefit) 3,776 (3,427) 6,869 (3,448)
Total income tax expense (benefit) 4,657 (4,655) 7,770 (3,901)
Net income (loss) 16,441 (49,434) 36,575 (44,981)
Other comprehensive income (loss), after tax, net of reclassification adjustments 80,929 (29,359) 79,381 1,768
Comprehensive income (loss) $ 97,370 $ (78,793) $ 115,956 $ (43,213)
Earnings (loss) per share:        
Basic (in usd per share) $ 0.32 $ (0.95) $ 0.72 $ (0.85)
Diluted (in usd per share) $ 0.32 $ (0.95) $ 0.71 $ (0.85)
Weighted average number of common shares outstanding:        
Basic (in shares) 51,156 51,837 51,077 53,205
Diluted (in shares) 51,277 52,006 51,217 53,339
Cash dividends declared per common share (in usd per share) $ 0 $ 0 $ 0 $ 0.05