v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Reportable SegmentsReportable Segments
Specialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Eliminations (3)
TotalSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Eliminations (3)
Total
Revenues:
Net premiums earned$21,749 $21,749 $16,203 $16,203 
Commissions (1)
$51,786 $(2,058)49,728 $30,322 $— 30,322 
Servicing and other fees5,913 5,913 4,472 4,472 
Program fees3,293 3,293 3,497 3,497 
Investment income1,298 399 $180 1,877 1,748 340 $521 2,609 
Other63 320 52 435 (58)(2,093)5 (2,146)
Total revenues from continuing operations26,403 58,418 232 (2,058)82,995 21,390 33,041 526 — 54,957 
Less:
Losses and loss adjustment expenses13,346 13,346 10,978 10,978 
Policy acquisition costs (2)
6,482 (123)6,359 3,699 — 3,699 
Commissions10,130 (1,622)8,508 7,403 — 7,403 
Intangible amortization and depreciation11,959 305 12,264 9,301 440 9,741 
Interest2,774 2,774 5,570 5,570 
Compensation expense2,694 24,539 7,023 34,256 2,605 14,455 5,722 22,782 
Non-compensation expense2,636 9,862 4,661 17,159 3,488 6,485 7,787 17,759 
Total expenses from continuing operations25,159 59,264 11,988 (1,745)94,666 20,770 43,214 13,949 — 77,931 
Segment pretax income (loss)1,244 (846)(11,756)(313)(11,671)620 (10,173)(13,423)— (22,974)
Segment income tax expense (benefit)125 479 (119)— 485 192 (2,181)(183)— (2,172)
Segment net income (loss)1,119 (1,325)(11,637)(313)(12,156)428 (7,992)(13,240)— (20,802)
Segment net (income) loss attributable to NCI(2,386)113 (2,273)254 — 254 
Net income (loss) attributable to shareholders$1,119 $(3,711)$(11,637)$(200)(14,429)$428 $(7,738)$(13,240)$— (20,548)
Reconciliation to consolidated net income (loss) attributable to shareholders
Discontinued operations— (52,151)
Net income (loss) attributable to shareholders$(14,429)$(72,699)
Reconciliation of segment assets to consolidated total assets
Total assets$955,681 $1,274,440 $56,259 $(5,523)$2,280,857 $847,647 $975,843 $62,041 $— $1,885,531 
Discontinued operations6,636,855 
Total consolidated assets$8,522,386 
EBITDA Reconciliation
Segment net income (loss)$1,119 $(1,325)$(11,637)$(313)$(12,156)$428 $(7,992)$(13,240)$— $(20,802)
Adjustments:
Interest expense— 2,774 — — 2,774 — 5,570 — — 5,570 
Income tax expense (benefit)125 479 (119)— 485 192 (2,181)(183)— (2,172)
Depreciation expense— 350 305 — 655 — — 440 — 440 
Intangible amortization expense— 11,609 — — 11,609 — 9,301 — — 9,301 
EBITDA1,244 13,887 (11,451)(313)3,367 620 4,698 (12,983)— (7,663)
Impact of noncontrolling interests(5,217)113 (5,104)(2,185)— (2,185)
EBITDA attributable to shareholders$1,244 $8,670 $(11,451)$(200)$(1,737)$620 $2,513 $(12,983)$— $(9,848)
(1)    Insurance Distribution commission income includes $2,058 of commissions from Specialty Property and Insurance. The elimination of these revenues is included in Eliminations.
(2)    The Specialty Property & Casualty Insurance Distribution segment's results reflect Policy acquisition costs as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in Eliminations.
(3)    Intersegment revenues and intersegment pretax income (loss) amounts for the three months ended June 30, 2025 are insignificant and are not presented separately.
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Reportable SegmentsReportable Segments
Specialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Eliminations (3)
TotalSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Eliminations (3)
Total
Revenues:
Net premiums earned$41,750 $41,750 $31,881 $31,881 
Commissions (1)
$119,964 (2,058)117,906 $67,093 — 67,093 
Servicing and other fees15,275 15,275 9,436 9,436 
Program fees6,937 6,937 7,149 7,149 
Investment income2,947 707 $578 4,232 3,590 716 $1,118 5,424 
Other68 998 (1)1,065 (59)(3,206)(5)(3,270)
Total revenues from continuing operations51,702 136,944 577 (2,058)187,165 42,561 74,039 1,113 — 117,713 
Less:
Losses and loss adjustment expenses33,025 33,025 21,474 21,474 
Policy acquisition costs (2)
12,853 (123)12,730 7,540 — 7,540 
Commissions24,135 (1,622)22,513 17,768 — 17,768 
Intangible amortization and depreciation— 23,901 577 24,478 18,173 745 18,917 
Interest— 4,864 4,864 11,024 11,024 
Compensation expense7,992 49,522 13,786 71,300 6,116 27,988 11,566 45,669 
Non-compensation expense4,870 18,583 9,817 33,270 5,309 11,502 16,590 33,402 
Total expenses from continuing operations58,740 121,005 24,180 (1,745)202,180 40,439 86,455 28,901 — 155,794 
Segment pretax income (loss)(7,038)15,939 (23,603)(313)(15,015)2,122 (12,416)(27,788)— (38,081)
Segment income tax expense (benefit)(467)111 360 — 4 270 (2,681)(378)— (2,789)
Segment net income (loss)(6,571)15,828 (23,963)(313)(15,019)1,852 (9,735)(27,410)— (35,292)
Segment net (income) loss attributable to NCI(6,374)113 (6,261)(1,400)— (1,400)
Net income (loss) attributable to shareholders$(6,571)$9,454 $(23,963)$(200)(21,280)$1,852 $(11,135)$(27,410)$— (36,692)
Reconciliation to consolidated net income (loss) attributable to shareholders
Discontinued operations— (82,398)
Net income (loss) attributable to shareholders$(21,280)$(119,090)
EBITDA Reconciliation
Segment net income (loss)$(6,571)$15,828 $(23,963)$(313)$(15,019)$1,852 $(9,735)$(27,410)$— $(35,292)
Adjustments:
Interest expense— 4,864 — — 4,864 — 11,024 — — 11,024 
Income tax expense (benefit)(467)111 360 — 4 270 (2,681)(378)— (2,789)
Depreciation expense— 645 577 — 1,222 — 109 744 — 853 
Intangible amortization expense— 23,256 — — 23,256 — 18,064 — — 18,064 
EBITDA(7,038)44,704 (23,026)(313)14,327 2,122 16,781 (27,044)— (8,140)
Impact of noncontrolling interests(12,567)113 (12,454)(7,205)— (7,205)
EBITDA attributable to shareholders$(7,038)$32,137 $(23,026)$(200)$1,873 $2,122 $9,576 $(27,044)$— $(15,345)
(1)Insurance Distribution commission income includes $2,058 of commissions from Specialty Property and Insurance. The elimination of these revenues is included in Eliminations.
(2)The Specialty Property & Casualty Insurance Distribution segment's results reflect Policy acquisition costs as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in Eliminations.
(3)Intersegment revenues and intersegment pretax income (loss) amounts for the six months ended June 30, 2025 are insignificant and are not presented separately.