The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
($ in thousands)	2026		2025
Reserves for losses and LAE, beginning of period	$	2,796,491	$	1,782,383
Less: reinsurance recoverable on unpaid claims, beginning of period	(1,067,551)		(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,728,940		1,111,537
Incurred, net of reinsurance, related to:
Current period	520,304		368,571
Prior years	—		—
Total incurred, net of reinsurance	520,304		368,571
Paid, net of reinsurance, related to:
Current period	56,539		42,153
Prior years	284,591		230,232
Total paid	341,130		272,385
Net reserves for losses and LAE, end of period	1,908,114		1,207,723
Plus: reinsurance recoverable on unpaid claims, end of period	1,162,484		711,030
Reserves for losses and LAE, end of period	$	3,070,598	$	1,918,753