v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment information
The Company has one reportable segment, the Excess and Surplus Lines Insurance segment, which primarily offers commercial excess and surplus lines liability and property insurance products through its underwriting divisions in the United States. The Company reports operating and financial results in a single segment based on the Company's exclusive focus on property and casualty insurance in the excess and surplus lines market and the consolidated information used by the chief operating decision maker ("CODM") in evaluating the financial performance of its business and allocating resources.
The Company's CODM is the Chief Executive Officer. The CODM uses consolidated net income to allocate resources primarily during the annual budgeting process and uses that measure to assess performance by considering budget-to-actual variances and evaluating financial results. The measure of segment assets is reported on the consolidated balance sheets as total assets.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Revenues:
Net earned premiums$383,613 $332,461 $749,403 $641,979 
Fee income10,796 8,991 20,355 17,083 
Net investment income46,473 35,847 90,292 68,780 
Change in fair value of equity securities28,621 3,159 31,659 21,212 
Net realized investment gains136 2,879 673 6,745 
Change in allowance for credit losses on investments5 476 (15)486 
Other income (1)
170 740 844 1,059 
Total revenues469,814 384,553 893,211 757,344 
Expenses:
Losses and loss adjustment expenses – current year
229,100 199,406 454,147 394,060 
Losses and loss adjustment expenses – catastrophes
3,705 3,420 26,283 3,998 
Losses and loss adjustment expenses – prior year development
(15,446)(9,501)(30,095)(17,947)
Net commissions incurred39,727 33,405 75,407 64,944 
Salaries, employee benefits and bonus expense32,487 25,973 61,696 50,689 
Credit loss expense – premiums receivable
1,777 6,079 4,901 10,342 
Depreciation (2)
1,122 988 2,229 1,863 
Interest expense2,557 2,564 5,095 4,986 
Other segment items (3)
6,496 6,419 12,948 12,742 
Income tax expense34,168 23,221 57,252 40,147 
Segment net income134,121 92,579 223,348 191,520 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — — 
Consolidated net income$134,121 $92,579 $223,348 $191,520 
(1) Other income primarily includes income generated from the Company's real estate operations.
(2) Excludes depreciation expense allocated to loss adjustment expenses and investment expenses
(3) Other segment items primarily includes other general and administrative expenses such as technology costs, facility expenses and audit and inspection costs.