Increase in Gross Written Premium
Gross written premium increased by 1.4% compared to 2024 due to increases in renewal business premiums. Net premiums earned were $192.1 million compared to $186.6 million for the prior year, an increase of 3%.
Share Repurchase and Capital Returns
Announced a $125 million debt-funded recapitalization plan and an associated $125 million increase to the existing share repurchase authorization, expanding the share repurchase authority to $250 million. Returned $52.7 million to stockholders through dividends and share repurchases.
Launch of New Product Offering
Commenced the build-out of a new excess workers' compensation offering with plans to start accepting submissions in early 2026, leveraging existing expertise and systems.
Net Investment Income and Gains
Earned $26.1 million of net investment income during the quarter. Net realized and unrealized gains on investments increased to $21.2 million compared to $10.9 million for the prior quarter.