v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
Insurance OperationsTotal
(in millions)
Three Months Ended June 30, 2026
Gross premiums written$163.4 $163.4 
Net premiums written162.0 162.0 
Net premiums earned174.1 174.1 
Net investment income27.4 27.4 
Net realized and unrealized losses on investments
18.7 18.7 
Total revenues220.2 220.2 
Losses and loss adjustment expenses122.3 122.3 
Commission expense22.2 22.2 
Compensation-related expenses(1)
22.9 22.9 
Information technology expenses(1)
2.9 2.9 
Professional fees(1)
5.0 5.0 
Depreciation and amortization expenses(1)
3.3 3.3 
Other underwriting expenses(1)(2)
2.5 2.5 
AO and other expense allocations(3)
(8.5)(8.5)
Premium taxes and assessments
6.9 6.9 
Policyholder dividends
0.8 0.8 
CECL related to premiums receivable
3.9 3.9 
Interest and financing expenses
1.3 1.3 
Total expenses185.5 185.5 
Net income before income taxes
34.7 34.7 
Income tax
5.6 5.6 
Net income (4)
$29.1 $29.1 
Combined ratio
105.8 %105.8 %
Adjusted stockholders' equity:
Stockholders’ equity
$858.8 $858.8 
Deferred reinsurance gain—LPT Agreement85.3 85.3 
Accumulated other comprehensive loss, net of tax12.2 12.2 
Adjusted stockholders' equity(5)
$956.3 $956.3 
Insurance OperationsTotal
(in millions)
Three Months Ended June 30, 2025
Gross premiums written$203.3 $203.3 
Net premiums written201.5 201.5 
Net premiums earned198.3 198.3 
Net investment income27.1 27.1 
Net realized and unrealized gains on investments20.9 20.9 
Total revenues246.3 246.3 
Losses and loss adjustment expenses140.1 140.1 
Commission expense26.1 26.1 
Compensation-related expenses(1)
23.9 23.9 
Information technology expenses(1)
2.8 2.8 
Professional fees(1)
5.4 5.4 
Depreciation and amortization expenses(1)
3.3 3.3 
Other underwriting expenses(1)(2)
2.2 2.2 
AO and other expense allocations(3)
(9.3)(9.3)
Premium taxes and assessments
7.6 7.6 
Policyholder dividends
2.2 2.2 
CECL related to premiums receivable5.0 5.0 
Total expenses209.3 209.3 
Net income before income taxes
37.0 37.0 
Income tax expense
7.3 7.3 
Net income(4)
$29.7 $29.7 
Combined ratio105.6 %105.6 %
Adjusted stockholders' equity:
Stockholders’ equity
$1,083.1 $1,083.1 
Deferred reinsurance gain—LPT Agreement90.7 90.7 
Accumulated other comprehensive loss, net of tax53.2 53.2 
Adjusted stockholders' equity(5)
$1,227.0 $1,227.0 
Insurance OperationsTotal
(in millions)
Six Months Ended June 30, 2026
Gross premiums written$344.2 $344.2 
Net premiums written341.4 341.4 
Net premiums earned355.0 355.0 
Net investment income55.7 55.7 
Net realized and unrealized gains on investments
17.0 17.0 
Other income
0.1 0.1 
Total revenues427.8 427.8 
Losses and loss adjustment expenses251.5 251.5 
Commission expense45.9 45.9 
Compensation-related expenses(1)
47.9 47.9 
Information technology expenses(1)
5.6 5.6 
Professional fees(1)
10.0 10.0 
Depreciation and amortization expenses(1)
6.3 6.3 
Other underwriting expenses(1)(2)
5.0 5.0 
AO and other expense allocations(3)
(17.0)(17.0)
Premium taxes and assessments
14.0 14.0 
Policyholder dividends
1.9 1.9 
CECL related to premiums receivable6.9 6.9 
Interest and financing expenses
2.4 2.4 
Total expenses380.4 380.4 
Net income before income taxes
47.4 47.4 
Income tax expense
8.2 8.2 
Net income(4)
$39.2 $39.2 
Combined ratio106.4 %106.4 %
Adjusted stockholders' equity:
Stockholders’ equity
$858.8 $858.8 
Deferred reinsurance gain—LPT Agreement85.3 85.3 
Accumulated other comprehensive loss, net of tax12.2 12.2 
Adjusted stockholders' equity(5)
$956.3 $956.3 
Insurance OperationsTotal
(in millions)
Six Months Ended June 30, 2025
Gross premiums written$415.4 $415.4 
Net premiums written411.8 411.8 
Net premiums earned381.3 381.3 
Net investment income59.2 59.2 
Net realized and unrealized gains on investments
8.1 8.1 
Other income
0.3 0.3 
Total revenues448.9 448.9 
Losses and loss adjustment expenses260.8 260.8 
Commission expense49.1 49.1 
Compensation-related expenses(1)
51.5 51.5 
Information technology expenses(1)
5.8 5.8 
Professional fees(1)
10.2 10.2 
Depreciation and amortization expenses(1)
6.7 6.7 
Other underwriting expenses(1)(2)
4.3 4.3 
AO and other expense allocations(3)
(19.9)(19.9)
Premium taxes and assessments
15.1 15.1 
Policyholder dividends
5.0 5.0 
CECL related to premiums receivable7.3 7.3 
Interest and financing expenses
0.1 0.1 
Total expenses396.0 396.0 
Net income before income taxes
52.9 52.9 
Income tax expense
10.4 10.4 
Net income(4)
$42.5 $42.5 
Combined ratio103.9 %103.9 %
Adjusted stockholders' equity:
Stockholders’ equity
$1,083.1 $1,083.1 
Deferred reinsurance gain—LPT Agreement90.7 90.7 
Accumulated other comprehensive loss, net of tax53.2 53.2 
Adjusted stockholders' equity(5)
$1,227.0 $1,227.0 
(1)Certain underwriting expenses are shown prior to adjusting and other (AO) and other expense allocations.
(2)Other underwriting segment expenses include marketing and advertising, travel, corporate insurance, payment processing fees, and other miscellaneous expenses.
(3)AO allocations consist of those underwriting expenses that relate to claims handling activities, which are allocated to loss adjustment expenses. Other allocations consist primarily of those underwriting expenses that relate to investing activities, which are allocated to net investment income, and nurse billing expenses that constitute defense and cost containment costs, which are allocated to loss adjustment expenses.
(4)There are no reconciling adjustments to consolidated net income.
(5)Adjusted stockholders' equity is a non-GAAP measure.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue
June 30, 2026June 30, 2025
State
Gross Premiums
Written
(TTM)
Policies
In-force
Gross Premiums
Written
(TTM)
Policies
In-force
(dollars in millions)
California$309.7 43,641 $355.8 46,685 
Florida53.7 10,912 66.0 11,278 
New York36.2 7,793 37.6 7,878 
Other (43 states and D.C.)
263.5 65,255 311.8 68,580 
Total excluding adjustments$663.1 127,601 $771.2 134,421 
Final audit premium accruals
7.2 — (13.0)— 
Surcharges and assigned risk premiums
14.6 — 14.7 — 
Total
$684.9 127,601 $772.9 134,421