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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Gross written premiums $ 416,397 $ 727,603 $ 682,122
Ceded written premiums (17,078) (136,272) (102,054)
Net written premiums 399,319 591,331 580,068
Change in net unearned premiums 74,038 11,140 15,542
Net earned premiums 473,357 602,471 595,610
Net investment income 55,444 27,627 37,020
Net realized investment gains (losses) (2,107) (32,929) 15,887
Other income 1,435 31,365 29,751
Total revenues 528,129 628,534 678,268
Losses and Expenses:      
Net losses and loss adjustment expenses 289,153 359,228 384,964
Acquisition costs and other underwriting expenses 182,617 236,381 222,841
Corporate and other operating expenses 23,383 24,421 27,179
Interest expense 0 3,004 10,481
Loss on extinguishment of debt 0 3,529 0
Income before income taxes 32,976 1,971 32,803
Income tax expense 7,547 2,821 3,449
Net income (loss) 25,429 (850) 29,354
Less: preferred stock distributions 440 440 440
Net income (loss) available to common shareholders $ 24,989 $ (1,290) $ 28,914
Net income (loss) available to common shareholders      
Basic [1] $ 1.84 $ (0.09) $ 2
Diluted [1] $ 1.83 $ (0.09) $ 1.97
Weighted-average number of shares outstanding      
Basic 13,553,168 14,482,164 14,426,739
Diluted 13,666,408 14,482,164 14,664,330
Cash distributions declared per common share $ 1 $ 1.00 $ 1.00
[1] For the year ended December 31, 2022, “weighted average shares outstanding - basic” was used to calculate “diluted earnings per share” due to a net loss for the period.