This article first appeared on GuruFocus.
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Net Income: $17.6 million, up 62% YoY; $1.19 per diluted share (Q3 2025: $10.9 million / $0.74).
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Operating Net Income: $18.0 million, up 68%; $1.22 per diluted share (Q3 2025: $0.73).
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Direct Premiums Written: $86.8 million, up 14.5% YoY in Q3; nine-month DPW $228.9 million, up 17.4%.
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Net Premiums Earned: $62.4 million, up 30.2% YoY in Q3; nine-month NPE $178.7 million, up 29.8%.
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GAAP Net Combined Ratio: 65.6%, improved 7.1 points YoY (Q3 2025: 72.7%).
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Underlying Combined Ratio: 64.2%, improved 8.3 points YoY.
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Net Loss Ratio: 34.9% vs. 44.3% prior-year quarter.
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Underlying Loss Ratio: 33.5%, improved 10.6 points YoY (excludes catastrophes and prior-year development).
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Catastrophe Losses: Added 7.5 points in Q3 (vs. 0.2 points prior year); nine-month cat losses 10.4 points vs. 0.8 points.
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Prior-Year Reserve Development: $3.8 million favorable (6.1 points) in Q3; ~$6.7 million favorable through nine months.
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Net Underwriting Expense Ratio: 30.7% in Q3 vs. 28.4% prior year (prior year included $1.4 million / ~2.9-point favorable ceding commission adjustment); nine-month ratio improved to 30.6% from 30.8%.
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Net Investment Inc...