v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

NOTE 22. SEGMENT INFORMATION

The Company's business is reported as one operating and reportable segment, which is residential property insurance. The Company's residential property insurance business was determined to be one operating and reportable segment based on the Company's approach to making decisions on operating matters, including allocating resources, assessing performance, determining which products to market and sell, determining distribution networks with insurance agents, and monitoring the regulatory environment. The Company conducts its business as a residential property insurer, which is based upon the Company's business organizational and management structure, as well as information used to allocate the Company's resources and assess performance by the Company's Chief Executive Officer and Board of Directors, who are collectively the chief operating decision maker ("CODM").

As the Company operates as one reportable segment, all significant expenses presented to the CODM are presented on the face of the Consolidated Statements of Income and Comprehensive Income. The CODM uses net income to evaluate income generated from segment assets, such as return on assets, in deciding whether to reinvest profits into the business or other parts of the entity, such as for acquisitions or to pay dividends.

 

 

For The Three Months Ended June 30,

 

 

For The Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

201,124

 

 

$

196,316

 

 

$

400,817

 

 

$

396,350

 

Net investment income

 

 

10,595

 

 

 

9,034

 

 

 

20,462

 

 

 

17,609

 

Net realized (losses) gains on debt securities and other investments

 

 

(37

)

 

 

4

 

 

 

(21

)

 

 

—

 

Other revenue

 

 

2,513

 

 

 

2,681

 

 

 

5,596

 

 

 

5,595

 

Total revenues

 

$

214,195

 

 

$

208,035

 

 

$

426,854

 

 

$

419,554

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expense - current year

 

 

84,437

 

 

 

77,872

 

 

 

184,215

 

 

 

185,077

 

Losses and loss adjustment expense - prior year

 

 

(23,380

)

 

 

(2,252

)

 

 

(31,561

)

 

 

(10,050

)

Policy acquisition costs

 

 

45,510

 

 

 

43,146

 

 

 

90,845

 

 

 

88,961

 

General and administration costs (1)

 

 

20,876

 

 

 

21,422

 

 

 

42,633

 

 

 

42,404

 

Depreciation & amortization

 

 

2,902

 

 

 

2,977

 

 

 

6,054

 

 

 

5,856

 

Interest expenses

 

 

1,690

 

 

 

1,880

 

 

 

3,468

 

 

 

4,306

 

Income tax expense

 

 

20,450

 

 

 

14,966

 

 

 

33,006

 

 

 

24,502

 

Segment net income

 

$

61,710

 

 

$

48,024

 

 

$

98,194

 

 

$

78,498

 

Reconciliation of profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment and reconciling items:

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net income

 

$

61,710

 

 

$

48,024

 

 

$

98,194

 

 

$

78,498

 

(1) Excludes depreciation and amortization expense