v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost: $1,523,005 in 2026; $1,227,605 in 2025) $ 1,502,860 $ 1,224,187
Equity securities, at fair value (cost: $109,595 in 2026; $81,772 in 2025) 129,515 99,333
Other investments 45,877 28,503
Total investments 1,678,252 1,352,023
Cash and cash equivalents 62,689 106,875
Restricted cash 15 17
Accrued investment income 14,742 11,545
Premiums receivable 655,876 452,908
Deferred policy acquisition costs, net of ceding commissions and fronting fees 153,824 127,718
Reinsurance recoverable on paid losses and loss adjustment expenses 62,237 56,428
Reinsurance recoverable on unpaid losses and loss adjustment expenses 523,790 412,273
Ceded unearned premiums 445,449 355,918
Prepaid expenses and other assets 127,870 110,896
Deferred tax assets, net 0 761
Property and equipment, net 2,665 2,551
Goodwill and intangible assets, net 236,756 61,054
Total assets 3,964,165 3,050,967
Liabilities:    
Accounts payable and other accrued liabilities 159,331 115,663
Reserve for losses and loss adjustment expenses 944,737 688,231
Unearned premiums 1,226,105 988,143
Ceded premium payable 295,430 271,413
Funds held under reinsurance treaty 50,910 44,850
Term loan 295,773  
Deferred tax liabilities, net 10,937 0
Total liabilities 2,983,223 2,108,300
Stockholders' equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,186,979 and 26,520,417 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 3 3
Additional paid-in capital 542,662 523,168
Accumulated other comprehensive loss (15,159) (2,506)
Retained earnings 453,436 422,002
Total stockholders' equity 980,942 942,667
Total liabilities and stockholders' equity $ 3,964,165 $ 3,050,967