Financial Performance and Metrics (9M and Q3 2025) Net Income for the nine months ended September 30, 2025, declined sharply to $18.9M from \(34.2M in 2024, primarily due to **\)15.8M** in pre-tax losses related to California Wildfires. Excluding this event, 9M Net Income was \(31.2M. Diluted EPS fell to \)1.30 (vs \(2.48 in 2024). Q3 Net Income was stable at \)12.4M. Total Revenues grew slightly to \(114.2M in Q3. Underwriting income improved in Q3 (\)10.0M vs \(5.8M), with an accident year combined ratio of **90.4%**. Segment income dropped significantly YTD (\)5.3M vs $14.6M in 2024), driven
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