Operating Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary of Revenue by Major Product Type


		For the Three Months						For the Six Months
Net Premiums Earned		Ended June 30,						Ended June 30,
(in thousands)		2026			2025			2026			2025
Casualty
Commercial excess and personal umbrella		$	126,854		$	106,055		$	248,125		$	206,530
Commercial transportation			33,632			30,015			64,326			60,274
Professional services			28,134			26,623			56,083			53,210
General liability			22,850			23,869			45,658			46,799
Small commercial			19,886			20,000			39,208			39,915
Executive products			5,481			5,521			11,354			11,464
Other casualty			20,085			22,555			40,734			45,494
Total		$	256,922		$	234,638		$	505,488		$	463,686
Property
Commercial property		$	68,900		$	76,876		$	141,860		$	159,688
Marine			40,337			41,017			79,556			78,726
Other property			14,549			12,771			28,748			24,794
Total		$	123,786		$	130,664		$	250,164		$	263,208
Surety
Transactional		$	13,347		$	13,096		$	26,642		$	25,756
Commercial			12,402			12,422			25,037			25,198
Contract			10,639			11,084			21,151			22,401
Total		$	36,388		$	36,602		$	72,830		$	73,355
Grand Total		$	417,096		$	401,904		$	828,482		$	800,249

Summary of Selected Information by Operating Segment


For the Three Months Ended June 30, 2026

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	256,922		$	123,786		$	36,388		$	417,096
Net investment income			-			-			-			46,042
Net realized gains			-			-			-			9,407
Net unrealized gains on equity securities			-			-			-			103,024
Consolidated revenue		$	256,922		$	123,786		$	36,388		$	575,569

Less: Expenses
Losses and settlement expenses		$	159,686		$	26,725		$	3,484
Amortization of deferred acquisition costs			50,580			24,967			12,751
Other policy acquisition costs			25,593			9,136			11,648
Insurance operating expenses			19,321			9,459			3,837
Segment earnings before income taxes		$	1,742		$	53,499		$	4,668		$	59,909

Depreciation and amortization expense		$	1,559		$	515		$	356


For the Three Months Ended June 30, 2025

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	234,638		$	130,664		$	36,602		$	401,904
Net investment income			-			-			-			39,418
Net realized gains			-			-			-			15,004
Net unrealized gains on equity securities			-			-			-			43,500
Consolidated revenue		$	234,638		$	130,664		$	36,602		$	499,826

Less: Expenses
Losses and settlement expenses		$	141,260		$	38,459		$	4,859
Amortization of deferred acquisition costs			45,761			26,698			12,656
Other policy acquisition costs			22,067			7,320			11,000
Insurance operating expenses			17,261			8,676			3,657
Segment earnings before income taxes		$	8,289		$	49,511		$	4,430		$	62,230

Depreciation and amortization expense		$	1,544		$	521		$	359


For the Six Months Ended June 30, 2026

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	505,488		$	250,164		$	72,830		$	828,482
Net investment income			-			-			-			88,363
Net realized gains			-			-			-			18,966
Net unrealized gains on equity securities			-			-			-			63,628
Consolidated revenue		$	505,488		$	250,164		$	72,830		$	999,439

Less: Expenses
Losses and settlement expenses		$	312,518		$	60,579		$	10,042
Amortization of deferred acquisition costs			98,062			50,309			25,486
Other policy acquisition costs			49,825			19,949			23,119
Insurance operating expenses			36,048			17,643			7,206
Segment earnings before income taxes		$	9,035		$	101,684		$	6,977		$	117,696

Depreciation and amortization expense		$	3,156		$	1,053		$	721


For the Six Months Ended June 30, 2025

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	463,686		$	263,208		$	73,355		$	800,249
Net investment income			-			-			-			76,144
Net realized gains			-			-			-			29,916
Net unrealized gains on equity securities			-			-			-			1,182
Consolidated revenue		$	463,686		$	263,208		$	73,355		$	907,491

Less: Expenses
Losses and settlement expenses		$	287,095		$	71,184		$	3,537
Amortization of deferred acquisition costs			88,664			53,674			25,258
Other policy acquisition costs			44,736			15,277			21,580
Insurance operating expenses			32,831			16,647			6,990
Segment earnings before income taxes		$	10,360		$	106,426		$	15,990		$	132,776

Depreciation and amortization expense		$	3,049		$	1,019		$	669


		For the Three Months						For the Six Months
		Ended June 30,						Ended June 30,
(in thousands)		2026			2025			2026			2025
Reconciliation of earnings before income taxes
Segment earnings before income taxes		$	59,909		$	62,230		$	117,696		$	132,776
Net investment income			46,042			39,418			88,363			76,144
Net realized gains			9,407			15,004			18,966			29,916
Net unrealized gains on equity securities			103,024			43,500			63,628			1,182
Interest expense on debt			(4,441)			(1,350)			(6,794)			(2,685)
General corporate expenses			(6,223)			(4,754)			(8,947)			(7,702)
Equity in earnings of unconsolidated investees			2,970			2,467			5,117			5,515
Earnings before income taxes		$	210,688		$	156,515		$	278,029		$	235,146