Summary of Third Quarter 2025 Results, Continuing Operations(All comparisons vs. continuing operations for the third quarter of 2024, unless noted otherwise)
Direct written premiums of $58.5 million compared to $67.7 million in the prior period. The decrease was primarily driven by an 80.0% decline in Non-Standard Auto, reflecting the Company's strategic decision during the quarter to stop writing this business in Illinois, Arizona and South Dakota. This decline was partially offset by a 10.1% increase in Home and Farm premiums, driven by new business growth in North Dakota, rate increases, and increased insured property values, partially offset by lower retention and new business in Nebraska.
Combined ratio of 109.1% versus 111.0%, with the elevated ratios in both periods primarily driven by unfavorable prior year loss reserve development in Non-Standard Auto contributing 11.2 pts and 7.2 pts to the combined ratio, respectively.
Net investment income increased 8.1% to $3.0 million in the current period, primarily driven by higher reinvestment rates in the fixed income portfolio.
Net investment gains decreased 43.5% to $1.4 million in the current period, driven by lower unrealized gains on equity securities, partially offset by higher net realized gains.
Basic loss per share of ($0.08) compared to ($0.13) in the prior period.
Three Months Ended September 30,
Nine Months Ended September 30,
Dollars in thousands, except per share data(unaudited)
2025
2024
Change
2025
2024
Change
Direct written premiums
$58,458
$67,704
(13.7%)
$235,705
$269,217
(12.4%)
Net earned premiums
$71,905
$83,270
(13.6%)
$212,407
$238,323
(10.9%)
Loss and LAE ratio
78.2%
78.2%
0.0 pts
