Exhibit 99.1
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![]() |
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Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
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2023
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2022
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2023
|
2022
|
||||||||||||
Revenues:
|
||||||||||||||||
Net premiums written
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$
|
49,822
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$
|
66,658
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$
|
132,793
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$
|
199,409
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||||||||
Escrow and other title-related fees
|
4,683
|
6,136
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12,942
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17,461
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||||||||||||
Non-title services
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4,636
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3,679
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14,513
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8,889
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||||||||||||
Interest and dividends
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2,313
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1,229
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6,537
|
3,055
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||||||||||||
Other investment income
|
514
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2,173
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2,915
|
4,616
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||||||||||||
Net investment (losses) gains
|
(815
|
)
|
(2,154
|
)
|
720
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(16,456
|
)
|
|||||||||
Other
|
257
|
277
|
647
|
924
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||||||||||||
Total Revenues
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61,410
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77,998
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171,067
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217,898
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||||||||||||
Operating Expenses:
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||||||||||||||||
Commissions to agents
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23,806
|
33,478
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63,735
|
97,161
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||||||||||||
Provision for claims
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1,838
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1,966
|
3,897
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3,452
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||||||||||||
Personnel expenses
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19,083
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21,586
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58,451
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63,738
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||||||||||||
Office and technology expenses
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4,209
|
4,274
|
13,122
|
12,930
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||||||||||||
Other expenses
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3,864
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6,606
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11,845
|
19,783
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||||||||||||
Total Operating Expenses
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52,800
|
67,910
|
151,050
|
197,064
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||||||||||||
Income before Income Taxes
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8,610
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10,088
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20,017
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20,834
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||||||||||||
Provision for Income Taxes
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1,526
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2,175
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4,167
|
4,457
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||||||||||||
Net Income
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$
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7,084
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$
|
7,913
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$
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15,850
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$
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16,377
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||||||||
Basic Earnings per Common Share
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$
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3.75
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$
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4.17
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$
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8.37
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$
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8.63
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||||||||
Weighted Average Shares Outstanding – Basic
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1,891
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1,897
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1,894
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1,897
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||||||||||||
Diluted Earnings per Common Share
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$
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3.75
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$
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4.17
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$
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8.37
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$
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8.63
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||||||||
Weighted Average Shares Outstanding – Diluted
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1,891
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1,897
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1,894
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1,898
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|
September 30,
2023 |
December 31,
2022 |
||||||
Assets
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||||||||
Cash and cash equivalents
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$
|
30,411
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$
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35,311
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||||
Investments:
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||||||||
Fixed maturity securities, available-for-sale, at fair value
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64,640
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53,989
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||||||
Equity securities, at fair value
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31,831
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51,691
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||||||
Short-term investments
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103,959
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103,649
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||||||
Other investments
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20,144
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18,368
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||||||
Total investments
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220,574
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227,697
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||||||
Premiums and fees receivable
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17,322
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19,047
|
||||||
Accrued interest and dividends
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1,111
|
872
|
||||||
Prepaid expenses and other receivables
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14,888
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11,095
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||||||
Property, net
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22,093
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17,785
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||||||
Goodwill and other intangible assets, net
|
16,588
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17,611
|
||||||
Lease assets
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6,432
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6,707
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||||||
Other assets
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2,496
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2,458
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||||||
Current income taxes recoverable
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—
|
1,174
|
||||||
Total Assets
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$
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331,915
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$
|
339,757
|
||||
Liabilities and Stockholders’ Equity
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||||||||
Liabilities:
|
||||||||
Reserve for claims
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$
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37,494
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$
|
37,192
|
||||
Accounts payable and accrued liabilities
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30,719
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47,050
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||||||
Lease liabilities
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6,639
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6,839
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||||||
Current income taxes payable
|
1,008
|
—
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||||||
Deferred income taxes, net
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3,387
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7,665
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||||||
Total liabilities
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79,247
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98,746
|
||||||
Stockholders’ Equity:
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||||||||
Common stock – no par value (10,000 authorized shares; 1,891 and 1,897 shares issued
and outstanding as of September 30, 2023 and December 31, 2022, respectively,
excluding in each period 292 shares of common stock held by the Company's subsidiary)
|
—
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—
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||||||
Retained earnings
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253,423
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240,811
|
||||||
Accumulated other comprehensive (loss) income
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(755
|
)
|
200
|
|||||
Total stockholders’ equity
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252,668
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241,011
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
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331,915
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$
|
339,757
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||||||||||||||||||
2023
|
%
|
2022
|
%
|
2023
|
%
|
2022
|
%
|
|||||||||||||||||||||||||
Direct
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$
|
17,485
|
35.1
|
$
|
22,112
|
33.2
|
$
|
45,975
|
34.6
|
$
|
69,446
|
34.8
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||||||||||||||||||||
Agency
|
32,337
|
64.9
|
44,546
|
66.8
|
86,818
|
65.4
|
129,963
|
65.2
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||||||||||||||||||||||||
Total
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$
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49,822
|
100.0
|
$
|
66,658
|
100.0
|
$
|
132,793
|
100.0
|
$
|
199,409
|
100.0
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenues
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||||||||||||||||
Total revenues (GAAP)
|
$
|
61,410
|
$
|
77,998
|
$
|
171,067
|
$
|
217,898
|
||||||||
Add (Subtract): Net investment losses (gains)
|
815
|
2,154
|
(720
|
)
|
16,456
|
|||||||||||
Adjusted revenues (non-GAAP)
|
$
|
62,225
|
$
|
80,152
|
$
|
170,347
|
$
|
234,354
|
||||||||
Income before Income Taxes
|
||||||||||||||||
Income before income taxes (GAAP)
|
$
|
8,610
|
$
|
10,088
|
$
|
20,017
|
$
|
20,834
|
||||||||
Add (Subtract): Net investment losses (gains)
|
815
|
2,154
|
(720
|
)
|
16,456
|
|||||||||||
Adjusted income before income taxes (non-GAAP)
|
$
|
9,425
|
$
|
12,242
|
$
|
19,297
|
$
|
37,290
|