The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)	2026		2025
Reserves for losses and LAE, beginning of period	$	2,796,491	$	1,782,383
Less: reinsurance recoverable on unpaid claims, beginning of period	(1,067,551)		(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,728,940		1,111,537
Incurred, net of reinsurance, related to:
Current period	233,969		187,309
Prior years	—		—
Total incurred, net of reinsurance	233,969		187,309
Paid, net of reinsurance, related to:
Current period	15,838		15,256
Prior years	138,077		118,900
Total paid	153,915		134,156
Net reserves for losses and LAE, end of period	1,808,994		1,164,690
Plus: reinsurance recoverable on unpaid claims, end of period	1,109,909		706,801
Reserves for losses and LAE, end of period	$	2,918,903	$	1,871,491