Segment Reporting and Disaggregated Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Segment Information, by Segment

The tables below present the Company's segment information for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	251,956	$	—	$	251,956
Commission and fee revenue	23,665		—		23,665
Marketplace revenue	—		39,658		39,658
Membership and other revenue	21,361		—		21,361
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Total revenue	314,892		39,930		354,822
EXPENSES:
Losses and loss adjustment expenses, net	110,709		—		110,709
Policy acquisition costs, net	83,641		—		83,641
Underwriting and other insurance expenses	62,947		—		62,947
Selling, general, and administrative expenses	55,931		38,984		94,915
Interest expense and other, net	(1,103)		(106)		(1,209)
Total segment expenses	312,125		38,878		351,003
Segment income before taxes	2,767		1,052		3,819
Corporate expenses					(350)
Interest expense					(1,237)

Income before taxes					$	2,232


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	177,785	$	—	$	177,785
Commission and fee revenue	143,287		—		143,287
Marketplace revenue	—		26,886		26,886
Membership and other revenue	20,741		—		20,741
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Total revenue	352,294		27,015		379,309
EXPENSES:
Losses and loss adjustment expenses, net	75,213		—		75,213
Policy acquisition costs, net	82,938		—		82,938
Underwriting and other insurance expenses	1,222		—		1,222
Selling, general, and administrative expenses	131,634		29,165		160,799
Interest expense and other, net	528		(144)		384
Total segment expenses	291,535		29,021		320,556
Segment income (loss) before taxes	60,759		(2,006)		58,753
Corporate expenses					(828)
Interest expense					(1,484)
Change in TRA Liability					(3,078)
Income before taxes					$	53,363


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	491,598	$	—	$	491,598
Commission and fee revenue	40,100		—		40,100
Marketplace revenue	—		65,310		65,310
Membership and other revenue	43,488		—		43,488
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Total revenue	600,821		65,831		666,652
EXPENSES:
Losses and loss adjustment expenses, net	208,628		—		208,628
Policy acquisition costs, net	185,563		—		185,563
Underwriting and other insurance expenses	122,535		—		122,535
Selling, general, and administrative expenses	102,797		64,256		167,053
Interest expense and other, net	(1,119)		(263)		(1,382)
Total segment expenses	618,404		63,993		682,397
Segment income (loss) before taxes	(17,583)		1,838		(15,745)
Corporate expenses					(628)
Interest expense					(2,332)

Loss before taxes					$	(18,705)


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	347,140	$	—	$	347,140
Commission and fee revenue	243,574		—		243,574
Marketplace revenue	—		55,972		55,972
Membership and other revenue	41,606		—		41,606
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Total revenue	651,369		56,276		707,645
EXPENSES:
Losses and loss adjustment expenses, net	146,343		—		146,343
Policy acquisition costs, net	160,271		—		160,271
Underwriting and other insurance expenses	2,579		—		2,579
Selling, general, and administrative expenses	247,575		57,004		304,579
Interest expense and other, net	940		(260)		680
Total segment expenses	557,708		56,744		614,452
Segment income (loss) before taxes	93,661		(468)		93,193
Corporate expenses					(1,093)
Interest expense					(2,877)
Change in TRA Liability					(3,078)
Income before taxes					$	86,145

Schedule of Disaggregation of Revenue

The following tables present revenues from customer contracts that are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), disaggregated by geographic area, as well as a reconciliation to total revenue for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	29,153	$	18,449	$	47,602
International	15,873		17,351		33,224
Total revenue from customer contracts	45,026		35,800		80,826
Earned premium, net	251,956		—		251,956
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Finance revenue	—		3,858		3,858
Total revenue	$	314,892	$	39,930	$	354,822


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	149,030	$	17,655	$	166,685
International	14,998		6,748		21,746
Total revenue from customer contracts	164,028		24,403		188,431
Earned premium, net	177,785		—		177,785
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Finance revenue	—		2,483		2,483
Total revenue	$	352,294	$	27,015	$	379,309


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	60,131	$	35,480	$	95,611
International	23,457		22,851		46,308
Total revenue from customer contracts	83,588		58,331		141,919
Earned premium, net	491,598		—		491,598
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Finance revenue	—		6,979		6,979
Total revenue	$	600,821	$	65,831	$	666,652


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	264,330	$	43,750	$	308,080
International	20,850		7,893		28,743
Total revenue from customer contracts	285,180		51,643		336,823
Earned premium, net	347,140		—		347,140
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Finance revenue	—		4,329		4,329
Total revenue	$	651,369	$	56,276	$	707,645

The tables below present the Company's revenue by distribution channel for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	14,534	$	9,000	$	23,534
Contingent commission	(324)		455		131
Total commission and fee revenue	$	14,210	$	9,455	$	23,665


	Three months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	69,678	$	58,755	$	128,433
Contingent commission	8,102		6,752		14,854
Total commission and fee revenue	$	77,780	$	65,507	$	143,287


	Six months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	24,346	$	12,915	$	37,261
Contingent commission	1,091		1,748		2,839
Total commission and fee revenue	$	25,437	$	14,663	$	40,100


	Six months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	118,770	$	98,833	$	217,603
Contingent commission	13,886		12,085		25,971
Total commission and fee revenue	$	132,656	$	110,918	$	243,574

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details