v3.26.1
Insurance Contracts (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Line Items]  
Schedule of Loss And Loss Expense Reserves And Subrogation Recoverable Table [Table Text Block]
Premium Receivable, Allowance for Credit Loss [Table Text Block]
Three Months Ended March 31,20262025
Beginning balance$500 $142 
Current period provision— — 
Write-offs of the allowance— — 
Recoveries of previously written-off amounts— — 
Ending balance$500 $142 
At three months ended March 31, 2026 and 2025, $11,683 and $5,690, respectively, of premiums were past due.
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance
Below is the loss and loss reserve expense rollforward, net of subrogation recoverable and reinsurance, for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,20262025
Beginning gross loss and loss adjustment expense reserves$459,990 $349,062 
Reinsurance recoverable375,722 270,081 
Beginning balance of net loss and loss adjustment expense reserves84,268 78,981 
Losses and loss expenses:
Current year10,689 10,325 
Prior years8,990 171 
Total (1)
19,679 10,496 
Loss and loss adjustment expenses paid (recovered):
Current year534 1,120 
Prior years7,504 10,172 
Total8,038 11,292 
Ending net loss and loss adjustment expense reserves 95,909 78,185 
Reinsurance recoverable (2)
391,352 294,920 
Ending gross loss and loss adjustment expense reserves$487,261 $373,105 
(1)Total losses and loss adjustment expense (benefit) is net of $(45,601) and $(45,778) for the three months ended March 31, 2026 and 2025, respectively, related to ceded reinsurance.
(2)Represents reinsurance recoverable on future loss and loss adjustment expense. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables of $78,507 and $56,190 as of March 31, 2026 and 2025, respectively, related to previously paid loss and loss adjustment expense.
Prior accident years losses incurred development for the three months ended March 31, 2026, was primarily driven by $2,125 of net losses and $5,787 of LAE (legal expenses) from the
settlement of a potential litigation matter related to an insurance claim, whereas prior accident years losses incurred development for the three months ended March 31, 2025, was nominal.
Effects of Reinsurance
The effect of reinsurance on premiums written and earned for the three months ended March 31, 2026 and 2025 was as follows:

Three Months Ended March 31,
20262025
WrittenEarnedWrittenEarned
Direct$95,043 $85,003 $77,191 $80,446 
Assumed8,672 7,209 9,724 7,529 
Ceded71,266 72,211 68,911 72,297 
Net premiums
$32,449 $20,001 $18,004 $15,678 
Reinsurance Recoverable, Credit Quality Indicator The following table sets forth our five most significant reinsurers by amount of reinsurance recoverables as of March 31, 2026.
Reinsurers
Rating
 (1)
Reinsurance
Recoverable
(2)
Unsecured
Recoverable
(3)
General Reinsurance CompanyA++$128,406 $100,301 
Munich Reinsurance CompanyA+65,092 63,828 
QBE Insurance CorporationA17,989 17,989 
Everest Reinsurance CompanyA+17,776 18,256 
Swiss Reinsurance America CorporationA+15,512 14,788 
All other reinsurers
225,084 112,773 
Total recoverables
$469,859 $327,935 
(1)Represents financial strength ratings from AM Best.
(2)Represents reinsurance recoverables on paid and unpaid losses. Unsecured amounts from QBE Insurance Corporation are also
supported by an unlimited, uncapped indemnity from Enstar Holdings (US).
(3)Reinsurance recoverables reduced by ceded premiums payables due to reinsurers, letters of credit, and collateral posted for the benefit of Everspan.