v3.26.1
Insurance Contracts (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Effects of Reinsurance
The effect of reinsurance on premiums written and earned were as follows for the periods presented:
Three Months Ended June 30,
20262025
WrittenEarnedWrittenEarned
Direct$92,200 $82,782 $89,849 $79,600 
Assumed2,502 7,711 6,399 6,974 
Ceded71,560 68,744 81,041 70,371 
Net premiums
$23,142 $21,749 $15,207 $16,203 
Six Months Ended June 30,
20262025
WrittenEarnedWrittenEarned
Direct$187,243 $167,785 $167,040 $160,046 
Assumed11,175 14,920 16,123 14,503 
Ceded142,826 140,955 149,952 142,669 
Net premiums$55,592 $41,750 $33,211 $31,881 
Premium Receivable, Allowance for Credit Loss [Table Text Block]
Below are rollforwards of the premium receivable allowance for credit losses for the periods presented.
Six Months Ended June 30,20262025
Beginning balance$500 $142 
Current period provision— 58 
Write-offs of the allowance— — 
Recoveries of previously written-off amounts— — 
Ending balance$500 $200 
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance
Below are the loss and loss reserve expense rollforwards, net of subrogation recoverable and reinsurance, for the periods presented:
Six Months Ended June 30,20262025
Beginning gross loss and loss adjustment expense reserves$459,990 $349,062 
Reinsurance recoverable375,722 270,081 
Beginning balance of net loss and loss adjustment expense reserves84,268 78,981 
Losses and loss expenses:
Current year23,949 21,144 
Prior years9,076 330 
Total (1)
33,025 21,474 
Loss and loss adjustment expenses paid (recovered):
Current year2,249 2,745 
Prior years23,460 19,155 
Total25,709 21,900 
Ending net loss and loss adjustment expense reserves 91,584 78,555 
Reinsurance recoverable (2)
407,459 305,414 
Ending gross loss and loss adjustment expense reserves$499,043 $383,969 
(1)Total losses and loss adjustment expense (benefit) is net of $(95,878) and $(89,957) for the six months ended June 30, 2026 and 2025, respectively, related to ceded reinsurance.
(2)Represents reinsurance recoverable on future loss and loss adjustment expense. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables of $88,194 and $71,031 as of June 30, 2026 and 2025, respectively, related to previously paid loss and loss adjustment expense.
The following is a summary of loss and loss adjustment expense reserves, including certain components, for the Company’s major product lines by reporting segment at June 30, 2026.
June 30, 2026Net Loss and Loss Adjustment Expense Reserves
Reinsurance Recoverables on Unpaid Losses (1)
Loss and Loss Adjustment Reserves (1)
Commercial auto$19,029 $120,850 $139,879 
Excess liability21,721 126,873 148,594 
General liability13,724 51,522 65,246 
Workers compensation20,500 — 20,500 
Non-standard personal auto2,086 189 2,275 
Professional liability3,620 48,564 52,184 
Multi-peril / business owners (BOP)3,912 13,986 17,898 
Surety1,796 11,189 12,985 
Unallocated loss adjustment expense reserves4,971 11,194 16,165 
Other225 23,093 23,317 
Total$91,584 $407,459 $499,043 
(1)Other includes $21,229 related to legacy liabilities obtained from the acquisitions of Providence Washington Insurance Company, Greenwood Insurance Company, and Consolidated Specialty Insurance Company. All legacy liabilities remain obligations of affiliates of the sellers through reinsurance and contractual indemnities.
Reinsurance Recoverable, Credit Quality Indicator The following table sets forth our six most significant reinsurers by amount of reinsurance recoverables as of June 30, 2026.
Reinsurers
Rating
 (1)
Reinsurance
Recoverable
(2)
Unsecured
Recoverable
(3)
General Reinsurance CompanyA++$123,107 $98,528 
Munich Reinsurance CompanyA+71,226 64,278 
QBE Insurance CorporationA18,208 18,208 
Everest Reinsurance CompanyA+17,636 18,098 
Lloyds Syndicate 566A+16,296 — 
Transatlantic Reinsurance CompanyA++16,055 13,312 
All other reinsurers
233,125 130,426 
Total recoverables
$495,653 $342,850 
(1)Represents financial strength ratings from AM Best.
(2)Represents reinsurance recoverables on paid and unpaid losses. Unsecured amounts from QBE Insurance Corporation are also supported by an unlimited, uncapped indemnity from Enstar Holdings (US).
(3)Reinsurance recoverables reduced by ceded premiums payables due to reinsurers, letters of credit, and collateral posted for the benefit of Everspan.
Schedule of Loss And Loss Expense Reserves And Subrogation Recoverable Table [Table Text Block]