Financial Performance - Gross premiums written decreased by 22.8% year-over-year to $71,812,000 for Q3 2025[4] - Net premiums earned increased by 8.5% year-over-year to $80,818,000 for Q3 2025[4] - Total revenue rose by 10.1% year-over-year to $90,395,000 for Q3 2025[4] - Income from continuing operations, net of tax, increased by 17.4% year-over-year to $32,483,000 for Q3 2025[4] - Consolidated net income grew by 15.5% year-over-year to $32,483,000 for Q3 2025[4] - Core income per diluted share increased by 13.0% year-over-year to $0.61 for Q3 2025[4] - Net income for Q3 2025 was $32.5 million, or $0.65 per diluted share, up from $28.1 million, or $0.57 per diluted share in Q3 2024, driven by increased gross premiums earned[18] - Total comprehensive income for the nine months ended September 30, 2025, was $87,536,000, compared to $78,300,000 for the same period in 2024, reflecting an increase of 11.4%[44] Premiums and Ratios - The underlying combined ratio was 57.8% for Q3 2025, compared to 52.9% for Q3 2024[11] - Total gross written premium decreased by $21.2 million, or 22.8%, to $71.8 million in Q3 2025 from $93.0 million in Q3 2024[19] - Gross premiums earned increased by $2.6 million, or 1.6%, to $162.8 million in Q3 2025 from $160.2 million in Q3 2024[19] - Ceded premiums earned decreased by $3.8 million, or 4.4%, to $81.9 million in Q3 2025 from $85.7 million in Q3 2024[19] - Loss and LAE decreased by $2.6 million, or 22.0%, to $9.2 million in Q3 2025 from $11.8 million in Q3 2024, with the loss ratio decreasing to 11.4%[20] - The total ceding ratio decreased to 50.3% in Q3 2025 from 53.5% in Q3 2024, reflecting a decrease in quota share reinsurance coverage[24] Expenses and Costs - Policy acquisition costs increased by 21.5% year-over-year to $25,439,000 for Q3 2025[17] - Policy acquisition costs increased by $4.5 million, or 21.5%, to $25.4 million in Q3 2025, primarily due to higher external management fees[21] - General and administrative expenses rose by $1.0 million, or 9.7%, to $11.3 million in Q3 2025, driven by increased salary-related expenses[22] Assets and Investments - Cash and investment holdings increased from $540.8 million at December 31, 2024, to $695.0 million at September 30, 2025, driven by cash flows from operations[25] - Cash and cash equivalents increased significantly to $267,872,000 as of September 30, 2025, compared to $137,036,000 at the end of 2024[46] - Total assets decreased to $1,178,854,000 as of September 30, 2025, down from $1,216,112,000 at the end of 2024[46] - Total liabilities decreased to $851,633,000 as of September 30, 2025, compared to $980,452,000 at the end of 2024[46] Other Notable Events - The company recognized a loss of $247,000 on the disposal of Interboro Insurance Company, net of tax impact, from the sale to Forza Insurance Holdings[39] - The company reported a net unrealized gain on equity securities of $3,161,000 in Q3 2025, compared to $1,543,000 in Q3 2024[44] - The company maintains a disciplined focus on long-term value creation despite softening market conditions[6] - The company achieved a return on equity of 47.5% based on GAAP net income for Q3 2025[8] - Book value per common share increased by 37.2% to $6.71 at September 30, 2025, from $4.89 at December 31, 2024[27]
United Insurance(ACIC) - 2025 Q3 - Quarterly Results