Total Revenues

–0.2% (from $498.22M in Q1 2024 to $497.43M in Q1 2025)

Total Revenues remained virtually flat, indicating that the prior period’s revenue drivers (such as steady insurance underwriting and ancillary revenues) continued at similar levels without further acceleration. " "

Earned Premiums, Net

+4.7% (from $347.31M in Q1 2024 to $363.44M in Q1 2025)

Earned Premiums, Net increased by about $16.13 million, continuing the expansion trend seen in earlier periods through growth in specialty Excess & Surplus and admitted lines that built on previous period successes. " "

Net Realized and Unrealized Gains

–56% (from $15.62M in Q1 2024 to $6.83M in Q1 2025)

Net Realized and Unrealized Gains dropped sharply, reflecting adverse market movements and negative changes in the fair value of equity and other investments—a reversal from the relatively stronger gains recorded in the prior period. " "

Operating Cash Flow

Decreased from $62.70M in Q1 2024 to –$33.32M in Q1 2025

Operating Cash Flow turned negative, driven by unfavorable working capital changes including increased accounts receivable and reinsurance recoverables coupled with decreases in unearned premiums and deferred revenue that had previously generated positive cash flow. " " "

Net Income & Net Income Attributable to Common Stockholders

Net Income down 18% (from $15.88M to $12.97M); Net Income attributable to Common Stockholders down 38% (from $9.05M to $5.64M)

Both net income metrics declined significantly, likely due to lower investment gains and pricing or expense pressures narrowing margins, contrasting with the stronger profitability and operational performance seen in the previous period. " "