Financial Performance - Net earnings for Q3 2024 were $2,052,000, or $0.69 per share, compared to a net loss of $769,000, or $0.26 per share in Q3 2023[2]. - Net earnings for the three months ended September 30, 2024, were $2,052,191, a significant recovery from a loss of $768,962 in the same period of 2023[21]. - Basic net earnings per share for the three months ended September 30, 2024, were $0.69, a recovery from a loss of $0.26 per share in the same period of 2023[21]. - Comprehensive earnings for the three months ended September 30, 2024, totaled $5,287,153, compared to a loss of $3,794,216 in the same period of 2023[21]. Revenue and Premiums - Direct premiums written increased by $3,167,000, or 12.9%, to $27,662,000 in Q3 2024, and by $7,888,000, or 11.4%, to $76,788,000 for the nine months ended September 30, 2024[3]. - Net premiums earned rose by $2,477,000, or 12.9%, to $21,711,000 for Q3 2024, and by $6,803,000, or 12.3%, to $62,332,000 for the nine months ended September 30, 2024[3]. - Net premiums earned for the three months ended September 30, 2024, increased to $21,711,407, up from $19,233,517 in the same period of 2023, representing a growth of 12.9%[21]. - Consolidated revenues for the three months ended September 30, 2024, reached $24,375,415, compared to $19,764,371 in 2023, marking an increase of 23.1%[21]. Investment Income - Net investment income increased by $215,000, or 16.0%, to $1,557,000 for Q3 2024, and by $739,000, or 19.5%, to $4,537,000 for the nine months ended September 30, 2024[5]. - Net investment income for the three months ended September 30, 2024, was $1,556,776, up from $1,342,258 in 2023, indicating an increase of 16.0%[21]. - The company reported net unrealized gains on investments of $613,594 for the three months ended September 30, 2024, compared to losses of $1,062,332 in 2023[21]. Expenses and Liabilities - Losses and settlement expenses increased by $708,000, or 5.3%, to $14,144,000 for Q3 2024, and by $4,335,000, or 11.8%, to $41,034,000 for the nine months ended September 30, 2024[7]. - Losses and settlement expenses for the three months ended September 30, 2024, were $14,144,203, compared to $13,436,464 in 2023, reflecting an increase of 5.3%[21]. - Total liabilities increased to $159,823,927 as of September 30, 2024, compared to $144,013,464 at the end of 2023, representing a rise of 11.0%[20]. Assets and Equity - Total assets increased by $21,910,000, or 10.4%, to $232,927,000 as of September 30, 2024[9]. - Total assets as of September 30, 2024, amounted to $232,927,415, an increase from $211,017,013 as of December 31, 2023, reflecting a growth of 10.4%[20]. - Total equity increased by $6,099,000, or 9.1%, to $73,103,000 as of September 30, 2024[10]. Operational Improvements - The Company's GAAP combined ratio improved to 98.7% for Q3 2024, down from 106.4% in Q3 2023[13]. - Management noted improvements in loss ratios due to rate strengthening and the introduction of Charlee.ai for claim resolution[14]. Merger Progress - The merger is progressing as planned, with a vote scheduled for late November 2024 and an expected closing in Q4 2024[15].
ICC(ICCH) - 2024 Q3 - Quarterly Results