Net Income

Decrease from $16.9M to $8.9M " " "

Net income dropped significantly because lower equity valuations led to a net unrealized loss of $3.2M in Q1 2025 compared to a gain of $4.8M the previous year, reflecting market volatility affecting financial holdings. " " "

Operating Net Income

Decrease from $13.3M to $11.4M "

Operating net income declined due in part to similar equity valuation issues, though its impact was less pronounced than on net income, indicating operational performance was relatively more stable. "

Gross Written Premiums

Increase from $80.1M to $83.8M (4.6%) " " "

Premiums grew by 4.6% driven by strong new business acquisition and improved premium retention, as higher sales volumes partially offset the challenges seen in other areas. " " "

Expense Ratio

Increase from 27.3% to 29.9% " "

The expense ratio rose because total underwriting and other expenses increased by $1.9M to $20.6M, as the company invested more heavily to support growth, contributing to a higher operating cost burden. " "

Investment Income

Decrease by 9.7% to $6.7M " "

Investment income fell by 9.7% as a result of a reduction in investable assets following the payout of a special dividend, which has impacted overall returns from the investment portfolio. " "

Tax Rate

Increase from 18.4% to 20.2% " "

The effective tax rate went up from 18.4% to 20.2% because of a shift in the income mix, with a larger portion coming from taxable underwriting income rather than tax-exempt investment income. " "