The following table reconciles the beginning and ending reserve balances for unpaid losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the condensed consolidated balance sheets:


	Six Months Ended June 30,
	2026		2025
	(in thousands)
Balance, beginning of period
Reserves for unpaid losses and loss adjustment expenses	$	502,248	$	403,576
Reinsurance recoverable on unpaid losses and loss adjustment expenses	(139,414)		(119,596)
Reserves for unpaid losses and loss adjustment expenses, net of reinsurance	362,834		283,980

Current Activity
Incurred losses and loss adjustment expenses, net of reinsurance:
Current year	129,883		97,274
Prior year	(1,500)		—
Total net losses and loss adjustment expenses incurred	128,383		97,274

Payments:
Current year	(13,372)		(13,491)
Prior year	(60,357)		(52,463)
Total payments	(73,729)		(65,954)



Balance, end of period
Reserves for unpaid losses and loss adjustment expenses, net of reinsurance	417,488		315,300
Reinsurance recoverable on unpaid losses and loss adjustment expenses	166,445		136,166
Reserves for unpaid losses and loss adjustment expenses, gross of reinsurance	$	583,933	$	451,466