v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates as one operating segment with excess and surplus lines insurance business at its core. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses consolidated net income attributable to stockholders to make decisions about allocating resources and assessing performance for the entire Company. The measure of segment assets is reported in the condensed consolidated balance sheets as total assets.
The following table presents the Company’s operating results as evaluated by the CODM.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Revenues
Net earned premiums $113,775 $86,928 $218,986 $165,229 
Fee income3,432 1,524 5,654 2,084 
Net investment income12,662 11,891 24,704 19,786 
Net realized and unrealized gains (losses) on investments18,591 1,409 28,056 (3,190)
Other income24 28 48 993 
Total revenues148,484 101,780 277,448 184,902 
Expenses
Losses and loss adjustment expenses66,503 50,412 128,383 97,274 
Policy acquisition costs20,370 16,088 38,913 30,820 
Operating expenses14,296 12,342 28,032 22,495 
Interest expense4 447 8 894 
Other expenses872 161 1,444 399 
Total expenses102,045 79,450 196,780 151,882 
Income before income taxes46,439 22,330 80,668 33,020 
Income tax expense 9,267 4,713 16,320 6,953 
Net income37,172 17,617 64,348 26,067 
Less: Net income (loss) attributable to non-controlling interest - General Partner3,721 (5)5,431 (16)
Segment net income$33,451 $17,622 $58,917 $26,083 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — — 
Consolidated net income attributable to stockholders$33,451 $17,622 $58,917 $26,083 
The table below presents gross written premium (“GWP”) by product group three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
($ in thousands)
Product GroupAmount% of GWPAmount% of GWPAmount% of GWPAmount% of GWP
Casualty$133,424 64.5%$107,023 63.9%$238,077 68.1 %$189,163 66.7%
Property73,338 35.5%60,479 36.1%111,612 31.9 %94,482 33.3%
Total Gross Written Premium$206,762 100.0%$167,502 100.0%$349,689 100.0 %$283,645 100.0%
All long-term assets of the Company are based in the United States and similarly, all of the Company’s revenues are derived from customers based in the United States.