2024 Q2 Form 10-Q Financial Statement

#000182352924000105 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $298.8M $291.6M
YoY Change 7.68% 3.79%
Cost Of Revenue -$16.82M $19.50M
YoY Change 313.29% -277.54%
Gross Profit $315.7M $272.1M
YoY Change 12.1% -6.8%
Gross Profit Margin 105.63% 93.31%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $39.43M $72.69M
YoY Change -21.86% 67.65%
Operating Profit $276.2M $199.4M
YoY Change 19.51% -19.79%
Interest Expense $13.64M -$12.96M
YoY Change -205.66% -199.2%
% of Operating Profit 4.94% -6.5%
Other Income/Expense, Net
YoY Change
Pretax Income $234.8M $205.9M
YoY Change 9.66% -8.28%
Income Tax $51.16M $44.93M
% Of Pretax Income 21.78% 21.82%
Net Earnings $183.7M $161.0M
YoY Change 9.32% -8.52%
Net Earnings / Revenue 61.46% 55.21%
Basic Earnings Per Share $1.17 $1.01
Diluted Earnings Per Share $1.16 $1.01
COMMON SHARES
Basic Shares Outstanding 157.3M shares 159.1M shares
Diluted Shares Outstanding 158.6M shares 160.1M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $699.0M $614.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.344B $5.361B
YoY Change 8.48% 8.7%
Other Assets $89.12M $89.37M
YoY Change 10.89% -17.15%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $6.349B $6.304B
YoY Change 7.18% 7.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $742.4M $746.1M
YoY Change -0.23% 0.35%
Other Long-Term Liabilities $143.2M $173.5M
YoY Change 2.92% 54.85%
Total Long-Term Liabilities $885.5M $919.6M
YoY Change 0.26% 7.49%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $885.5M $919.6M
Total Liabilities $1.524B $1.590B
YoY Change -1.58% 2.87%
SHAREHOLDERS EQUITY
Retained Earnings $2.840B $2.685B
YoY Change 18.57% 19.2%
Common Stock $1.561M $1.577M
YoY Change -2.56% -2.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.826B $4.714B
YoY Change
Total Liabilities & Shareholders Equity $6.349B $6.304B
YoY Change 7.18% 7.9%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $183.7M $161.0M
YoY Change 9.32% -8.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $144.7M $187.3M
YoY Change -13.79% 56.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $32.20M $3.609M
YoY Change -203.49% 38.7%
Cash From Investing Activities $32.20M -$113.5M
YoY Change -203.49% -439.08%
FINANCING ACTIVITIES
Cash Dividend Paid $25.46M
YoY Change 11.87%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.20M -$75.18M
YoY Change 37.74% 67.23%
NET CHANGE
Cash From Operating Activities 144.7M $187.3M
Cash From Investing Activities 32.20M -$113.5M
Cash From Financing Activities -92.20M -$75.18M
Net Change In Cash 84.70M -$1.353M
YoY Change 21.36% -101.25%
FREE CASH FLOW
Cash From Operating Activities $144.7M $187.3M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
4240298000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
323816000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
993000 security
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
277957000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
4822000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
89000 security
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
3801500000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
319239000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
824000 security
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
4079457000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
324061000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
913000 security
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
451940000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
446335000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
1953086000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
1838150000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
1770978000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
1645235000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
219328000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
206501000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
4395332000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
4136221000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss
5653873000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
5351138000 usd
CY2024Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
103700000 usd
CY2023Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
77900000 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
331484000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
8000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-2523000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
3935000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
523000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
4651000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
2088000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
334944000 usd
CY2024Q1 us-gaap Direct Premiums Written
DirectPremiumsWritten
255160000 usd
CY2023Q1 us-gaap Direct Premiums Written
DirectPremiumsWritten
240939000 usd
CY2024Q1 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
8000 usd
CY2024Q1 us-gaap Fair Value Asset Recurring Basis Still Held Unrealized Gain Loss Oci
FairValueAssetRecurringBasisStillHeldUnrealizedGainLossOci
-2548000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
319261000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-735000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
6805000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
6759000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
10442000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
27689000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
2514000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
291445000 usd
CY2023Q1 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
2000 usd
CY2023Q1 us-gaap Fair Value Asset Recurring Basis Still Held Unrealized Gain Loss Oci
FairValueAssetRecurringBasisStillHeldUnrealizedGainLossOci
5177000 usd
CY2024Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
531443000 usd
CY2023Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
518191000 usd
CY2024Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity for the liability for domestic mortgage insurance loss reserves for the three months ended March 31, is summarized as follows: </span></div><div style="margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.842%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.843%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Amounts in thousands)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross loss reserves, beginning balance</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">517,515 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">518,330 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reinsurance recoverable, beginning balance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,294)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net loss reserves, beginning balance</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">516,221 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">518,330 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Losses and LAE incurred related to current accident year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,364 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60,298 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Losses and LAE incurred related to prior accident years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(54,848)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(71,329)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total incurred</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,516 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11,031)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Losses and LAE paid related to current accident year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(191)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(137)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Losses and LAE paid related to prior accident years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,548)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,516)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total paid</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,739)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,653)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net loss reserves, ending balance</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">528,998 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500,646 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reinsurance recoverable, ending balance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,772 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross loss reserves, ending balance</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:700;line-height:100%">530,770</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:700;line-height:100%">500,646</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2024Q1 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
1571000 usd
CY2023Q1 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
59000 usd
CY2024Q1 us-gaap Ceded Premiums Written
CededPremiumsWritten
26428000 usd
CY2023Q1 us-gaap Ceded Premiums Written
CededPremiumsWritten
19927000 usd
CY2024Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
230303000 usd
CY2023Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
221071000 usd
CY2024Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
265604000 usd
CY2023Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
254976000 usd
CY2024Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
1571000 usd
CY2023Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
59000 usd
CY2024Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
26428000 usd
CY2023Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
19927000 usd
CY2024Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
240747000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
235108000 usd
CY2024Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
230300000 usd
CY2024Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
240700000 usd
CY2023Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
221100000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
235100000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
212000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
211000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
495000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
48000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
189000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
188000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
303000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
164000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
304000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
302000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
372000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
237000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
244000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
244000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
248000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
248000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
697000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
691000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
689000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
168000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
14000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
671000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
669000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
206000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
122000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
462000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
460000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
196000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
195000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
385000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
383000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
25000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
25000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
317000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
316000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
289000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
207000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
264000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
263000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
36000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
36000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
256000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
255000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
201000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
191000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
360000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
360000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
180000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
180000000 usd
CY2024Q1 act Initial First Layer Retained Loss
InitialFirstLayerRetainedLoss
78000000 usd
CY2024Q1 act Current First Layer Retained Loss
CurrentFirstLayerRetainedLoss
78000000 usd
CY2024Q1 act Initial Reinsurance Coverage
InitialReinsuranceCoverage
51000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
51000000 usd
CY2024Q1 act Current Reinsurance Coverage
CurrentReinsuranceCoverage
1021000000 usd
CY2024Q1 act Reinsurance Percentage Of Premiums Ceded
ReinsurancePercentageOfPremiumsCeded
0.16125
CY2024Q1 act Reinsurance Percentage Of Ceding Commission
ReinsurancePercentageOfCedingCommission
0.20
CY2024Q1 act Reinsurance Maximum Percentage Profit Commission
ReinsuranceMaximumPercentageProfitCommission
0.55
CY2024Q1 act Reinsurance Percentage Of Premiums Ceded
ReinsurancePercentageOfPremiumsCeded
0.21225
CY2024Q1 act Reinsurance Percentage Of Ceding Commission
ReinsurancePercentageOfCedingCommission
0.20
CY2024Q1 act Reinsurance Maximum Percentage Profit Commission
ReinsuranceMaximumPercentageProfitCommission
0.55
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
160988000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
175988000 usd
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.01
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
158818000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162442000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
160087000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163179000 shares
CY2024Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-12349000 usd
CY2024Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-5272000 usd
CY2024Q1 act Other Comprehensive Income Loss And Other Adjustments Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossAndOtherAdjustmentsNetOfTaxPortionAttributableToParent
-7077000 usd
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
62406000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-96000 usd
CY2023Q1 act Other Comprehensive Income Loss And Other Adjustments Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossAndOtherAdjustmentsNetOfTaxPortionAttributableToParent
62502000 usd
CY2023Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1779838 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
27.51
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
916776 shares
CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.19
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
36900000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.16
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.14
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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