v3.26.1
Reinsurance
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Reinsurance Reinsurance
Written premiums, earned premiums and losses and loss adjustment expenses incurred are presented on a gross, ceded, and net basis for the three and six months ended June 30, 2026 and 2025 in the table below:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Written premiums:
Direct$206,762 $167,502 $349,689 $283,645 
Ceded(53,325)(50,231)(77,545)(76,503)
Net written$153,437 $117,271 $272,144 $207,142 
Earned premiums:
Direct$151,462 $124,624 $294,294 $236,774 
Ceded(37,687)(37,696)(75,308)(71,545)
Net earned$113,775 $86,928 $218,986 $165,229 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Losses and loss adjustment expenses:
Direct$103,468 $74,382 $183,197 $131,217 
Ceded(36,965)(23,970)(54,814)(33,943)
Net losses and loss adjustment expenses$66,503 $50,412 $128,383 $97,274 
As of June 30, 2026 and December 31, 2025, the Company had reinsurance recoverables on unpaid losses of $166.4 million and $139.4 million, respectively, and reinsurance recoverables on paid losses of $21.7 million and $11.0 million, respectively. As of June 30, 2026 and December 31, 2025, prepaid reinsurance premiums totaled $3.4 million and $2.9 million, respectively.