News

Three Months Ended September 30,

Nine Months Ended September 30,

Dollars in thousands, except per share data

(unaudited)

     2026

       2025

    Change

      2026

      2025

   Change

Gross premiums written

$54,346

$58,586

(7.2%)

$219,049

$238,180

(8.0%)

Net premiums earned

$65,756

$71,905

(8.6%)

$185,886

$212,407

(12.5%)

Loss and loss adjustment expense ratio

64.1%

78.2%

(14.1) pts

61.3%

76.0%

(14.7) pts

Expense ratio

29.5%

30.9%

(1.4) pts

33.1%

34.0%

(0.9) pts

Combined ratio

93.6%

109.1%

(15.5) pts

94.4%

110.0%

(15.6) pts

Net investment income

$2,716

$3,040

(10.7%)

$8,181

$9,024

(9.3%)

Net investment gains (losses)

$(93)

$1,362

NM

$3,674

$1,821

NM

Net income (loss)

$5,528

$(1,666)

NM

$18,182

$(7,257)

NM

Return on average equity

9.0%

(2.7%)

11.7 pts

10.0%

(4.0%)

14.0 pts

Basic earnings (loss) per share

$0.27

$(0.08)

NM

$0.87

$(0.35)

NM

NM = not meaningful