Premiums and Revenues - Gross premiums written increased by 7.2% from 184,601,000inQ12024to197,852,000 in Q1 2025[158] - Net premiums earned rose by 8.6% from 62,631,000inQ12024to68,272,000 in Q1 2025[158] - Total revenues increased by 8.0% from 66,598,000inQ12024to72,202,000 in Q1 2025[158] - Year-over-year revenues increased by 8.4%, driven by an increase in net premiums earned, despite increased policy acquisition costs[187] - New and renewal policies increased by 134, totaling 1,196 for the three months ended March 31, 2025, compared to 1,062 in the same period in 2024[189] Income and Expenses - Consolidated net income decreased by 9.5% from 23,599,000inQ12024to21,348,000 in Q1 2025[158] - Core income for Q1 2025 was 20,651,000,downfrom24,390,000 in Q1 2024, representing a decline of 15.0%[158] - Total expenses increased by 11,038,000,or30.647,078,000 for the three months ended March 31, 2025, from 36,040,000forthesameperiodin2024[190]−Policyacquisitioncostssurgedby13,871,000, or 144.6%, to 23,466,000forthethreemonthsendedMarch31,2025,from9,595,000 in the same period in 2024[194] - General and administrative expenses decreased by 1,746,000,or15.59,506,000 for the three months ended March 31, 2025, from 11,252,000forthesameperiodin2024[195]FinancialPosition−Cash,cashequivalents,restrictedcash,andinvestmentportfoliototaled568,827,000 at March 31, 2025, up from 540,811,000atDecember31,2024[169]−AsofMarch31,2025,totalinvestmentsamountedto335,787 million, a decrease from 341,418millionasofDecember31,2024,representinga1.8150,739 million, accounting for 26.2% of total investments as of March 31, 2025, down from 28.7% at the end of 2024[170] - Unpaid losses and loss adjustment expenses (LAE) totaled 256,289millionasofMarch31,2025,adecreaseof20.5322,087 million as of December 31, 2024[184] Ratios and Performance Metrics - The combined ratio for Q1 2025 was 65.0%, compared to 53.2% in Q1 2024, indicating a deterioration in underwriting performance[159] - The total ceding ratio for reinsurance costs as a percentage of gross earned premium was 57.9% for the three months ended March 31, 2025, compared to 61.0% for the same period in 2024[180] Catastrophe Reinsurance - The core catastrophe reinsurance program provides occurrence-based coverage up to approximately 1,260millionforafirstoccurrenceand1,610 million in the aggregate[173] - The new catastrophe aggregate excess of loss agreement provides 40millionofaggregatelimitwitha20 million per occurrence cap, effective January 1, 2025[175] - The company’s catastrophe losses incurred from all other events totaled 0.3millionforthethreemonthsendedMarch31,2025,withnolossesfromnamedandnumberedstorms[182]−Areductioninexpenseofapproximately6,300 million was realized during the three months ended March 31, 2024, due to a commutation of a private reinsurer's share of core catastrophe reinsurance coverage[176] Cash Flow and Financing - Cash inflows from operating activities decreased to 26,443,000forthethreemonthsendedMarch31,2025,comparedto124,484,000 for the same period in 2024[204] - Net sales of investments totaled 5,300,000duringthethreemonthsendedMarch31,2025,comparedtonetpurchasesof2,005,000 in the same period in 2024[205] - Cash provided by financing activities totaled 309,000forthethreemonthsendedMarch31,2025,comparedto11,398,000 for the same period in 2024[206] - As of March 31, 2025, 4,373,000 shares had been sold under the equity distribution agreement, resulting in net proceeds of approximately $38,190,000[199] - The company did not make any capital contributions to its subsidiaries during the three months ended March 31, 2025[198] Sale of Subsidiary - The company completed the sale of IIC to Forza Insurance Holdings, LLC, with the sale closing on April 1, 2025[154]
