Ategrity Specialty Insurance Company Holdings Reports Second Quarter 2026 Results
Combined ratio of 85.9% drives underwriting income growth of 66.9% and record earnings
NEW YORK, NY – July 29, 2026 – Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended June 30, 2026. The Company reported net income attributable to stockholders of $33.5 million, or $0.67 per diluted share, compared to $17.6 million, or $0.39 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders(1) was $33.5 million, or $0.67 per diluted share(1).
Second Quarter 2026 Highlights
•Gross written premiums increased 23.4% to $206.8 million
•Net income attributable to stockholders was $33.5 million, or $0.67 per diluted share, up 89.8%
•Adjusted net income attributable to stockholders(1) was $33.5 million, or $0.67 per diluted share
•Combined ratio was 85.9%, compared to 88.9% in Q2 2025
•Adjusted return on stockholders’ equity(1) was 20.7%
•Book value per share at quarter-end was $13.86 per share, up 8.5% from year-end
Chief Executive Officer Justin Cohen said, “Ategrity delivered another quarter of record production, underwriting profitability and earnings, with gross written premium growth of 23.4%, a combined ratio of 85.9% and adjusted net income growth of 87.9%. These results demonstrate the strength of our productionized underwriting platform, and our ability to take market share while expanding profitability.
“The scalability of our model was evident this quarter, as our expense ratio improved 350 basis points to 27.5%, contributing to a 66.9% increase in underwriting income. We continue to see opportunities to drive further efficiencies through automation and streamlined processes while executing our disciplined underwriting approach. As we continue to scale, we believe our model is positioned to deliver attractive returns for shareholders and exceptional value to our distribution partners.”
Underwriting Results
For the quarter ended June 30, 2026, gross written premiums increased 23.4% compared to the prior-year period, driven by execution of our growth initiatives and increased engagement across our expanding distribution network. Gross written premiums for casualty lines increased 24.7% year-over-year, reflecting the Company’s strategic focus on broadening casualty-related products and verticals. Gross written premiums in property lines increased 21.3% year-over-year, with contribution from growth in lower-risk geographies, including the Midwest and New England.
Underwriting income(1) was $16.0 million for the quarter, up 66.9% from $9.6 million in the prior-year period. The combined ratio for the quarter was 85.9%, a decrease from 88.9% in the prior-year period, driven by improvement in the expense ratio. The loss ratio increased by 0.5 percentage points to 58.5%, reflecting a shift in business mix toward our Brokerage channel in recent periods and lower catastrophe activity in the prior-year period.
The overall expense ratio was 27.5% for the quarter, compared to 31.0% in the prior-year period, driven by operating expense leverage and lower net policy acquisition costs. Operating expenses, net of fee income, decreased as a percentage of net earned premiums by 2.9 percentage points to 9.5%, reflecting emerging scale benefits of our centralized model and stronger fee income. Policy
acquisition costs also improved, decreasing by 0.6 percentage points to 17.9% of net earned premiums due to a favorable shift in our business mix.
“Our team delivered another quarter of strong growth while maintaining our technical underwriting standards” said Chris Schenk, President and Chief Underwriting Officer. “Record new business growth was driven by the expansion of our distribution relationships and the execution of differentiated growth strategies, including initiatives such as Project Heartland and our New England strategy. We also entered the quarter with a larger and more valuable renewal portfolio, reflecting the cumulative benefits of investments made over the past several years. Together, these differentiated growth initiatives and our expanding renewal franchise are creating a more durable, predictable and profitable earnings foundation.”
“Across our portfolio, we continue to capture attractive opportunities as we see increased market focus on coverage terms and conditions, particularly in the middle-market segment. Our strategy is to provide insureds with the coverage they need at fair, technically sound rates. As insureds demonstrate a renewed willingness to pay for coverage certainty, we believe our differentiated underwriting approach, targeted market strategies and disciplined execution will enable Ategrity to continue gaining market share while delivering sustainable, profitable growth.”
(1) See the definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the section titled “Non-GAAP Financial Measures” below.
Summary of Operating Results
The following table summarizes the Company’s results of operations for the three months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except percentages and per share data) | 2026 | | 2025 | | 2026 | | 2025 |
Gross written premiums | $ | 206,762 | | | $ | 167,502 | | | $ | 349,689 | | | $ | 283,645 | |
Ceded written premiums | (53,325) | | | (50,231) | | | (77,545) | | | (76,503) | |
Net written premiums | $ | 153,437 | | | $ | 117,271 | | | $ | 272,144 | | | $ | 207,142 | |
| | | | | | | |
Net earned premiums | $ | 113,775 | | | $ | 86,928 | | | $ | 218,986 | | | $ | 165,229 | |
Fee income | 3,432 | | | 1,524 | | | 5,654 | | | 2,084 | |
Losses and loss adjustment expenses | 66,503 | | | 50,412 | | | 128,383 | | | 97,274 | |
Underwriting, acquisition and insurance expenses | 34,666 | | | 28,430 | | | 66,945 | | | 53,315 | |
Underwriting income (1) | 16,038 | | | 9,610 | | | 29,312 | | | 16,724 | |
Net investment income | 12,662 | | | 11,891 | | | 24,704 | | | 19,786 | |
Net realized and unrealized gains (losses) on investments | 18,591 | | | 1,409 | | | 28,056 | | | (3,190) | |
Interest expense | 4 | | | 447 | | | 8 | | | 894 | |
Other income | 24 | | | 28 | | | 48 | | | 993 | |
Other expenses | 872 | | | 161 | | | 1,444 | | | 399 | |
Income before income taxes | 46,439 | | | 22,330 | | | 80,668 | | | 33,020 | |
Income tax expense | 9,267 | | | 4,713 | | | 16,320 | | | 6,953 | |
Net income | $ | 37,172 | | | $ | 17,617 | | | $ | 64,348 | | | $ | 26,067 | |
Less: Net income (loss) attributable to non-controlling interest - General Partner | 3,721 | | | (5) | | | 5,431 | | | (16) | |
Net income attributable to stockholders | $ | 33,451 | | | $ | 17,622 | | | $ | 58,917 | | | $ | 26,083 | |
| | | | | | | |
Key Metrics | | | | | | | |
Adjusted net income attributable to stockholders (1) | $ | 33,545 | | | $ | 17,857 | | | $ | 59,147 | | | $ | 26,400 | |
Loss ratio | 58.5 | % | | 58.0 | % | | 58.6 | % | | 58.9 | % |
Expense ratio | 27.5 | % | | 31.0 | % | | 28.0 | % | | 31.0 | % |
Combined ratio (3) | 85.9 | % | | 88.9 | % | | 86.6 | % | | 89.9 | % |
Return on stockholders' equity (2) | 20.7 | % | | 14.3 | % | | 18.4 | % | | 10.9 | % |
Adjusted return on stockholders' equity (1) (2) | 20.7 | % | | 14.5 | % | | 18.5 | % | | 11.0 | % |
Diluted earnings per share | $ | 0.67 | | | $ | 0.39 | | | $ | 1.18 | | | $ | 0.60 | |
Adjusted diluted earnings per share(1) | $ | 0.67 | | | $ | 0.41 | | | $ | 1.19 | | | $ | 0.62 | |
(1)Each of these metrics is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.
(2)For the three and six months ended June 30, 2026 and 2025, net income attributable to stockholders and adjusted net income attributable to stockholders are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.
(3) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding.
Gross Written Premiums
The following tables presents gross written premiums by product for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except percentages) | | 2026 | | 2025 | | | | % Change | | 2026 | | 2025 | | | | % Change |
Casualty | | $ | 133,424 | | | $ | 107,023 | | | | | 24.7 | % | | $ | 238,077 | | | $ | 189,163 | | | | | 25.9 | % |
Property | | 73,338 | | | 60,479 | | | | | 21.3 | % | | 111,612 | | | 94,482 | | | | | 18.1 | % |
Gross written premiums | | $ | 206,762 | | | $ | 167,502 | | | | | 23.4 | % | | $ | 349,689 | | | $ | 283,645 | | | | | 23.3 | % |
Expense Ratio
The following tables summarize the components of our expense ratio for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
($ in thousands, except percentages) | | 2026 | | 2025 |
| | Expenses | | % of Net Earned Premiums (2) | | Expenses | | % of Net Earned Premiums (2) |
Policy acquisition costs | | $ | 20,370 | | | 17.9 | % | | $ | 16,088 | | | 18.5 | % |
Operating expenses, net of fee income (1) | | 10,864 | | | 9.5 | % | | 10,818 | | | 12.4 | % |
Underwriting, acquisition and insurance expenses, net of fee income | | $ | 31,234 | | | 27.5 | % | | $ | 26,906 | | | 31.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
($ in thousands, except percentages) | | 2026 | | 2025 |
| | Expenses | | % of Net Earned Premiums | | Expenses | | % of Net Earned Premiums (2) |
Policy acquisition costs | | $ | 38,913 | | | 17.8 | % | | $ | 30,820 | | | 18.7 | % |
Operating expenses, net of fee income (1) | | 22,378 | | | 10.2 | % | | 20,411 | | | 12.4 | % |
Underwriting, acquisition and insurance expenses, net of fee income | | $ | 61,291 | | | 28.0 | % | | $ | 51,231 | | | 31.0 | % |
(1)Net of fee income of $3.4 million and $5.7 million for the three and six months ended June 30, 2026, and $1.5 million and $2.1 million for the three and six months ended June 30, 2025, respectively.
(2) The sum of components differs slightly from the total shown due to rounding.
Investment results
The following tables summarize net investment income and net realized and unrealized gains on investments for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 |
| Investment income | | | | | | | | |
| Fixed-maturity securities | | $ | 8,846 | | | $ | 6,460 | | | $ | 17,201 | | | $ | 12,725 | |
| Short-term investments | | 1,939 | | | 1,154 | | | 3,568 | | | 1,724 | |
| Cash equivalents | | 290 | | | 475 | | | 705 | | | 911 | |
| | | | | | | | |
| Loans to affiliates | | 1,524 | | | 1,543 | | | 3,053 | | | 1,793 | |
| | | | | | | | |
| Total fixed income | | 12,599 | | | 9,632 | | | 24,527 | | | 17,153 | |
| Utility & Infrastructure Investments | | 210 | | | 2,422 | | | 452 | | | 2,931 | |
| Other expenses | | (147) | | | (163) | | | (275) | | | (298) | |
| Net investment income | | $ | 12,662 | | | $ | 11,891 | | | $ | 24,704 | | | $ | 19,786 | |
| | | | | | | | |
| Net realized and unrealized gains (losses) on investments | | $ | 18,591 | | | $ | 1,409 | | | $ | 28,056 | | | $ | (3,190) | |
| | | | | | | | |
Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies.
These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures.
Underwriting Income
We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in connection with the Company’s initial public offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP, and other companies may define underwriting income differently.
Underwriting income for the three and six months ended June 30, 2026 and 2025 reconciles to income before income taxes as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 |
Income before income taxes | | $ | 46,439 | | | $ | 22,330 | | | $ | 80,668 | | | $ | 33,020 | |
Less: | | | | | | | | |
Net investment income | | (12,662) | | | (11,891) | | | (24,704) | | | (19,786) | |
Net realized and unrealized (gains) losses on investments | | (18,591) | | | (1,409) | | | (28,056) | | | 3,190 | |
Other income | | (24) | | | (28) | | | (48) | | | (993) | |
Add: | | | | | | | | |
Interest expense | | 4 | | | 447 | | | 8 | | | 894 | |
Other expenses | | 872 | | | 161 | | | 1,444 | | | 399 | |
Underwriting income | | $ | 16,038 | | | $ | 9,610 | | | $ | 29,312 | | | $ | 16,724 | |
| | | | | | | | |
Adjusted net income attributable to stockholders
We define adjusted net income attributable to stockholders as net income attributable to stockholders excluding certain other non-operating expenses, which include expenses recorded by us in connection with the Company’s initial public offering. We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently.
Adjusted net income attributable to stockholders for the three and six months ended June 30, 2026 and 2025 reconciles to net income attributable to stockholders as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 |
Net income attributable to stockholders | | $ | 33,451 | | | $ | 17,622 | | | $ | 58,917 | | | $ | 26,083 | |
Adjustments: | | | | | | | | |
Other non-operating expenses (1) | | 119 | | | 298 | | | 291 | | | 401 | |
Tax impact | | (25) | | | (63) | | | (61) | | | (84) | |
Adjusted net income attributable to stockholders | | $ | 33,545 | | | $ | 17,857 | | | $ | 59,147 | | | $ | 26,400 | |
| | | | | | | | |
(1)In the three and six months ended June 30, 2026 and 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering.
Adjusted return on stockholders’ equity
We define adjusted return on stockholders’ equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders’ equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on stockholders’ equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of
our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders’ equity should not be viewed as a substitute for return on stockholders’ equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders’ equity and adjusted net income attributable to stockholders differently.
Adjusted return on stockholders’ equity for the three and six months ended June 30, 2026 and 2025 reconciles to return on stockholders’ equity as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except percentages) | | 2026 | | 2025 | | 2026 | | 2025 |
Numerator: Adjusted net income attributable to stockholders, annualized (1) | | $ | 134,180 | | $ | 71,428 | | $ | 118,294 | | $ | 52,800 |
Denominator: Average stockholders’ equity | | 647,709 | | 493,253 | | 639,352 | | 478,998 |
Adjusted return on stockholders' equity | | 20.7 | % | | 14.5 | % | | 18.5 | % | | 11.0 | % |
(1)For the three and six months ended June 30, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.
Adjusted diluted earnings per share
We define adjusted diluted earnings per share as adjusted net income attributable to stockholders, divided by weighted average common shares outstanding - diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently.
Adjusted diluted earnings per share for the three and six months ended June 30, 2026 and 2025 reconciles to diluted earnings per share as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except share and per share data) | | 2026 | | 2025 | | 2026 | | 2025 |
Numerator: Adjusted net income attributable to stockholders | | $ | 33,545 | | | $ | 17,857 | | | $ | 59,147 | | | $ | 26,400 | |
Denominator: Weighted-average shares outstanding - diluted | | 49,864,919 | | | 43,584,999 | | | 49,839,370 | | | 42,246,997 | |
Adjusted diluted earnings per share | | $ | 0.67 | | | $ | 0.41 | | | $ | 1.19 | | | $ | 0.62 | |
Conference Call
Ategrity will hold a conference call to discuss this press release today, July 29, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at https://events.q4inc.com/attendee/692692597 or by visiting the Company’s Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A replay of the event webcast will be available on the Company’s Investor Relations website approximately two hours following the call, for a period of at least 30 days.
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About Ategrity Specialty Insurance Company Holdings
Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict.
Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption “Risk Factors” in our 2025 Form 10-K filed with the Securities and Exchange Commission, (the “SEC”) on March 4, 2026. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect.
Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Investor Relations Contact IR@ategrity.com
Condensed Consolidated Balance Sheets (Unaudited)
| | | | | | | | | | | |
| June 30, 2026 | | December 31, 2025 |
| ($ in thousands) |
Assets: | | | |
Fixed-maturity securities available-for-sale, at fair value | $ | 611,314 | | | $ | 558,428 | |
| | | |
| | | |
Utility & Infrastructure Investments, at fair value | 227,267 | | | 189,859 | |
Short-term investments | 228,919 | | | 220,241 | |
Loans to affiliates | 106,500 | | | 106,500 | |
Other invested assets | 1,766 | | | 280 | |
Total invested assets | 1,175,766 | | | 1,075,308 | |
| | | |
Cash and cash equivalents | $ | 33,327 | | | $ | 29,721 | |
Investment income due and accrued | 10,497 | | | 10,186 | |
Premiums receivable, net of allowance for credit losses | 111,638 | | | 75,244 | |
Deferred policy acquisition costs, net of ceding commissions | 39,004 | | | 30,204 | |
Income tax receivable | — | | | — | |
Deferred income tax asset, net | 13,996 | | | 13,289 | |
Reinsurance recoverable, net of allowance for credit losses | 188,156 | | | 150,386 | |
Ceded unearned premiums | 76,555 | | | 74,317 | |
Other assets | 14,662 | | | 15,658 | |
Total assets | 1,663,601 | | | 1,474,313 | |
| | | |
Liabilities, stockholders' equity and non-controlling interest: | | | |
Liabilities: | | | |
Reserves for unpaid losses and loss adjustment expenses | $ | 583,933 | | | $ | 502,248 | |
Unearned premiums | 337,260 | | | 281,864 | |
Payable to reinsurers | 39,434 | | | 31,064 | |
Accounts payable and accrued expenses | 27,671 | | | 31,684 | |
Income tax payable | 1,406 | | | 8,414 | |
Other liabilities | 3,522 | | | 4,180 | |
Total liabilities | 993,226 | | | 859,454 | |
| | | |
Stockholders' equity: | | | |
Total stockholders' equity | 664,394 | | | 614,309 | |
Non-controlling interest - General Partner | 5,981 | | | 550 | |
Total stockholders' equity and non-controlling interest | 670,375 | | | 614,859 | |
Total liabilities, stockholders' equity and non-controlling interest | 1,663,601 | | | 1,474,313 | |
| | | |
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2026 | | 2025 | | 2026 | | 2025 |
| ($ in thousands, except share and per share data) |
| Revenues | | | | | | | |
| Gross written premiums | $ | 206,762 | | | $ | 167,502 | | | $ | 349,689 | | | $ | 283,645 | |
| Ceded written premiums | (53,325) | | | (50,231) | | | (77,545) | | | (76,503) | |
| Net written premiums | 153,437 | | | 117,271 | | | 272,144 | | | 207,142 | |
| Change in unearned premiums | (39,662) | | | (30,343) | | | (53,158) | | | (41,913) | |
| Net earned premiums | 113,775 | | | 86,928 | | | 218,986 | | | 165,229 | |
| Fee income | 3,432 | | | 1,524 | | | 5,654 | | | 2,084 | |
| Net investment income | 12,662 | | | 11,891 | | | 24,704 | | | 19,786 | |
| Net realized and unrealized gains (losses) on investments | 18,591 | | | 1,409 | | | 28,056 | | | (3,190) | |
| Other income | 24 | | | 28 | | | 48 | | | 993 | |
| Total revenues | 148,484 | | | 101,780 | | | 277,448 | | | 184,902 | |
| | | | | | | |
| Expenses | | | | | | | |
| Losses and loss adjustment expenses | 66,503 | | | 50,412 | | | 128,383 | | | 97,274 | |
| Underwriting, acquisition and insurance expenses | 34,666 | | | 28,430 | | | 66,945 | | | 53,315 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Interest expense | 4 | | | 447 | | | 8 | | | 894 | |
| Other expenses | 872 | | | 161 | | | 1,444 | | | 399 | |
| Total expenses | 102,045 | | | 79,450 | | | 196,780 | | | 151,882 | |
| | | | | | | |
| Income before income taxes | 46,439 | | | 22,330 | | | 80,668 | | | 33,020 | |
| Income tax expense | 9,267 | | | 4,713 | | | 16,320 | | | 6,953 | |
| Net income | 37,172 | | | 17,617 | | | 64,348 | | | 26,067 | |
| | | | | | | |
| Less: Net income (loss) attributable to non-controlling interest - General Partner | 3,721 | | | (5) | | | 5,431 | | | (16) | |
| Net income attributable to stockholders | 33,451 | | | 17,622 | | | 58,917 | | | 26,083 | |
| | | | | | | |
| Other comprehensive income: | | | | | | | |
| Unrealized gains (losses), net of taxes | 2,559 | | | 152 | | | (6,411) | | | 38 | |
| | | | | | | |
| Total comprehensive income attributable to stockholders | $ | 36,010 | | | $ | 17,774 | | | $ | 52,506 | | | $ | 26,121 | |
| | | | | | | |
| Earnings per share: | | | | | | | |
| Basic | $ | 0.70 | | | $ | 0.40 | | | $ | 1.23 | | | $ | 0.61 | |
| Diluted | $ | 0.67 | | | $ | 0.39 | | | $ | 1.18 | | | $ | 0.60 | |
| Weighted-average shares outstanding: | | | | | | | |
| Basic | 48,008,741 | | | 42,084,982 | | | 48,037,544 | | | 41,191,609 | |
| Diluted | 49,864,919 | | | 43,584,999 | | | 49,839,370 | | | 42,246,997 | |
