Segment Information (Tables)

The following table summarizes the Company’s segment results:


	Excess & Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)




















As of and for the Three Months Ended March 31, 2026
Gross written premiums	$	212,285	$	24,088	$	—	$	236,373
Net earned premiums	131,826		3,886		—		135,712
Fee income	—		90		—		90
Losses and loss adjustment expenses	103,774		4,386		—		108,160
Less: losses and loss adjustment expense - retroactive reinsurance	14,189		—		—		14,189
Losses and loss adjustment expenses excluding retroactive reinsurance	89,585		4,386		—		93,971


	Excess & Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
Other operating expenses:
Net commissions	15,637		(1,979)		—		13,658
Employee compensation	15,985		1,767		6,731		24,483
All other operating expenses	5,963		1,597		2,350		9,910
	37,585		1,385		9,081		48,051
Underwriting profit (loss)	4,656		(1,795)		(9,081)		(6,220)
Segment revenues	143,431		7,878		75		151,384
Net investment income	17,274		4,050		3		21,327
Interest expense	—		—		5,589		5,589
Segment goodwill	181,831		—		—		181,831
Segment assets	3,638,838		1,062,592		60,379		4,761,809

As of and for the Three Months Ended March 31, 2025
Gross written premiums	$	213,243	$	81,118	$	—	$	294,361
Net earned premiums	137,028		14,874		—		151,902
Fee income	—		832		—		832
Losses and loss adjustment expenses	86,876		12,649		—		99,525
Less: losses and loss adjustment expense - retroactive reinsurance	(1,928)		—		—		(1,928)
Losses and loss adjustment expenses excluding retroactive reinsurance	88,804		12,649		—		101,453
Other operating expenses:
Net commissions	15,001		(2,852)		—		12,149
Employee compensation	16,400		2,811		8,449		27,660
All other operating expenses	5,165		3,404		2,182		10,751
	36,566		3,363		10,631		50,560
Underwriting profit (loss)	11,658		(306)		(10,631)		721
Segment revenues	151,536		20,097		656		172,289
Net investment income	15,218		4,317		473		20,008
Interest expense	—		—		5,541		5,541
Segment goodwill	181,831		—		—		181,831
Segment assets	3,523,455		1,359,670		65,890		4,949,015

The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income from continuing operations before income taxes:


	Three Months Ended March 31,
		2026		2025
		(in thousands)
Underwriting profit (loss) of the operating segments:
Excess & Surplus Lines		$	4,656	$	11,658
Specialty Admitted Insurance		(1,795)		(306)

Total underwriting profit of operating segments		2,861		11,352
Other operating expenses of the Corporate and Other segment		(9,081)		(10,631)
Underwriting (loss) profit		(6,220)		721
Losses and loss adjustment expenses – retroactive reinsurance		(14,189)		1,928
Net investment income		21,327		20,008
Net realized and unrealized losses on investments		(6,632)		(1,371)
Other income and expenses		759		355
Interest expense		(5,589)		(5,541)
Amortization of intangible assets		(91)		(91)

(Loss) income from continuing operations before income taxes		$	(10,635)	$	16,009