v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Disclosure
2.    SEGMENT INFORMATION
The Company reports its results of continuing operations in two segments: Specialty Property and Casualty Insurance and Insurance Distribution ("ID"). These reportable segments offer distinct products and services as further described in Note 1. Background and Business Description. The operating entities within each segment are wholly or majority owned by separate intermediate holding companies: Everspan Holdings, LLC for Specialty Property and Casualty Insurance and Octave Partners LLC for ID. The Company's segments have separate management teams with incentive compensation structures based on segment level performance. Financial reporting for each segment is regularly provided to the Company's Chief Executive Officer, who is the chief operating decision maker ("CODM") for purposes of monitoring the businesses, assessing performance and allocating resources.
The following tables summarize the components of the Company’s total revenues and expenses and pretax income (loss) by reportable business segment for the three months ended March 31, 2026 and 2025 as well as segment assets as of March 31, 2026 and 2025. Information provided below for “Corporate and Other” primarily relates to the operations of OSG, which include investment income on its investment portfolio and costs to maintain the operations of OSG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives. As a result of the Company reporting the results of operations of AAC as discontinued operations, certain corporate costs charged to AAC totaling $2,763 for the three months ended March 31, 2025, have been reported in Net income from continuing operations on the Consolidated Statements of Income (Loss) and included in Corporate and Other in the tables below.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Reportable SegmentsReportable Segments
Specialty Property & Casualty InsuranceInsurance DistributionCorporate & OtherTotalSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & OtherTotal
Revenues:
Net premiums earned$20,001 $20,001 $15,678 $15,678 
Commissions$68,178 68,178 $36,771 36,771 
Servicing and other fees9,362 9,362 4,964 4,964 
Program fees3,644 3,644 3,652 3,652 
Investment income1,649 308 $398 2,355 1,842 376 $597 2,815 
Other5 678 (53)630 (1)(1,113)(10)(1,124)
Total revenues from continuing operations25,299 78,526 345 104,170 21,171 40,998 587 62,756 
Less:
Losses and loss adjustment expenses19,679 19,679 10,496 10,496 
Policy acquisition costs6,371 6,371 3,841 3,841 
Commissions14,005 14,005 10,365 10,365 
Intangible amortization and depreciation11,942 272 12,214 8,872 304 9,176 
Interest2,090 2,090 5,454 5,454 
Compensation expense5,298 24,983 6,763 37,044 3,510 13,533 5,844 22,887 
Non-compensation expense2,234 8,721 5,156 16,111 1,821 5,017 8,806 15,644 
Total expenses from continuing operations33,581 61,741 12,192 107,514 19,668 43,241 14,954 77,863 
Segment pretax income (loss)(8,282)16,785 (11,847)(3,344)1,503 (2,243)(14,367)(15,107)
Segment income tax expense (benefit)(592)(368)479 (481)78 (500)(195)(617)
Segment net income (loss)(7,690)17,153 (12,326)(2,863)1,425 (1,743)(14,172)(14,490)
Segment net (income) loss attributable to NCI— (3,988)(3,988)— (1,654)(1,654)
Net income (loss) attributable to shareholders$(7,690)$13,165 $(12,326)(6,851)$1,425 $(3,397)$(14,172)(16,144)
Reconciliation to consolidated net income (loss) attributable to shareholders
Discontinued operations— (30,247)
Net income (loss) attributable to shareholders$(6,851)$(46,391)
Reconciliation of segment assets to consolidated total assets
Total assets$933,974 $1,264,704 $68,348 $2,267,026 $802,856 $929,172 $129,250 $1,861,278 
Discontinued operations6,392,004 
Total consolidated assets$8,253,282 
EBITDA Reconciliation
Segment net income (loss)$(7,690)$17,153 $(12,326)$(2,863)$1,425 $(1,743)$(14,172)$(14,490)
Adjustments:
Interest expense— 2,090 — 2,090 — 5,454 — 5,454 
Income tax expense (benefit)(592)(368)479 (481)78 (500)(195)(617)
Depreciation expense— 295 272 567 — 109 304 413 
Intangible amortization expense— 11,647 — 11,647 — 8,763 — 8,763 
EBITDA(8,282)30,817 (11,575)10,960 1,503 12,083 (14,063)(477)
Impact of noncontrolling interests— (7,350)(7,350)— (5,000)(5,000)
EBITDA attributable to shareholders$(8,282)$23,467 $(11,575)$3,610 $1,503 $7,083 $(14,063)$(5,477)
(1)Inter-segment revenues and inter-segment pretax income (loss) amounts are insignificant and are not presented separately.