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New words:
appraisal, bore, delisting, deregister, multiplied, notification, notified, NYSE, opening, perfected, PSU, rebound, requested, RSU, Simultaneously, strategic, strong, suspended, target, unvested, withdrawn
Removed:
absence, annum, bear, capitalization, close, commitment, continued, devote, disruption, filing, increasing, limitation, Live, ranging, Solar, Specimen, stated, supplemented, ticking, undrawn, unused
Financial report summary
?Management Discussion
- Net income was $18.1 million for the three months ended June 30, 2021 compared to $17.3 million for the three months ended June 30, 2020, an increase of $0.8 million, or 4.5%. The increase in net income primarily resulted from an increase in realized gains largely driven by the sale of fixed maturity securities to generate cash required to fund the ceding of loss reserves associated with the proposed reinsurance transaction with Cavello Bay.
- GWP were $238.5 million for the three months ended June 30, 2021 compared to 186.4 million for the three months ended June 30, 2020, an increase of $52.1 million, or 28.0%.
- GWP from customer segments (excluding GWP within “Other”) for the three months ended June 30, 2021 grew by 28.8% primarily due to the rebound from the COVID-19 pandemic in the Transportation and Media & Entertainment customer segments, as well as strong growth in the Construction customer segment, partially offset by contraction in the Real Estate customer segment due to the strategic exit of certain niches.