Operating Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Summary of Revenue by Major Product Type


		For the Three Months						For the Nine Months
Net Premiums Earned		Ended September 30,						Ended September 30,
(in thousands)		2026			2025			2026			2025
Casualty
Commercial excess and personal umbrella		$	132,606		$	112,175		$	380,731		$	318,705
Commercial transportation			33,508			31,190			97,834			91,464
Professional services			28,168			27,431			84,251			80,641
General liability			22,524			25,007			68,182			71,806
Small commercial			19,587			19,627			58,795			59,542
Executive products			5,646			6,043			17,000			17,507
Other casualty			20,138			22,035			60,872			67,529
Total		$	262,177		$	243,508		$	767,665		$	707,194
Property
Commercial property		$	66,521		$	72,853		$	208,381		$	232,541
Marine			43,412			40,058			122,968			118,784
Other property			16,587			13,778			45,335			38,572
Total		$	126,520		$	126,689		$	376,684		$	389,897
Surety
Transactional		$	13,737		$	13,268		$	40,379		$	39,024
Commercial			11,942			12,700			36,979			37,898
Contract			10,538			11,530			31,689			33,931
Total		$	36,217		$	37,498		$	109,047		$	110,853
Grand Total		$	424,914		$	407,695		$	1,253,396		$	1,207,944

Summary of Selected Information by Operating Segment


For the Three Months Ended September 30, 2026

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	262,177		$	126,520		$	36,217		$	424,914
Net investment income			-			-			-			46,694
Net realized gains			-			-			-			8,637
Net unrealized gains (losses) on equity securities			-			-			-			(3,282)
Consolidated revenue		$	262,177		$	126,520		$	36,217		$	476,963

Less: Expenses
Losses and settlement expenses		$	168,087		$	31,103		$	2,151
Amortization of deferred acquisition costs			51,244			25,963			12,708
Other policy acquisition costs			23,699			10,115			10,418
Insurance operating expenses			18,107			8,913			3,637
Segment earnings before income taxes		$	1,040		$	50,426		$	7,303		$	58,769

Depreciation and amortization expense		$	1,542		$	504		$	356


For the Three Months Ended September 30, 2025

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	243,508		$	126,689		$	37,498		$	407,695
Net investment income			-			-			-			41,270
Net realized gains			-			-			-			18,318
Net unrealized gains (losses) on equity securities			-			-			-			41,981
Consolidated revenue		$	243,508		$	126,689		$	37,498		$	509,264

Less: Expenses
Losses and settlement expenses		$	150,912		$	32,815		$	4,271
Amortization of deferred acquisition costs			47,335			26,311			13,103
Other policy acquisition costs			23,199			8,219			10,770
Insurance operating expenses			17,576			8,920			3,719
Segment earnings before income taxes		$	4,486		$	50,424		$	5,635		$	60,545

Depreciation and amortization expense		$	1,517		$	534		$	370


For the Nine Months Ended September 30, 2026

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	767,665		$	376,684		$	109,047		$	1,253,396
Net investment income			-			-			-			135,057
Net realized gains			-			-			-			27,603
Net unrealized gains (losses) on equity securities			-			-			-			60,346
Consolidated revenue		$	767,665		$	376,684		$	109,047		$	1,476,402

Less: Expenses
Losses and settlement expenses		$	480,605		$	91,682		$	12,193
Amortization of deferred acquisition costs			149,306			76,272			38,194
Other policy acquisition costs			73,524			30,064			33,537
Insurance operating expenses			54,155			26,556			10,843
Segment earnings before income taxes		$	10,075		$	152,110		$	14,280		$	176,465

Depreciation and amortization expense		$	4,698		$	1,557		$	1,077


For the Nine Months Ended September 30, 2025

(in thousands)			Casualty			Property			Surety			Total
Revenue
Net premiums earned		$	707,194		$	389,897		$	110,853		$	1,207,944
Net investment income			-			-			-			117,414
Net realized gains			-			-			-			48,234
Net unrealized gains (losses) on equity securities			-			-			-			43,163
Consolidated revenue		$	707,194		$	389,897		$	110,853		$	1,416,755

Less: Expenses
Losses and settlement expenses		$	438,007		$	103,999		$	7,808
Amortization of deferred acquisition costs			135,999			79,985			38,361
Other policy acquisition costs			67,935			23,496			32,350
Insurance operating expenses			50,407			25,567			10,709
Segment earnings before income taxes		$	14,846		$	156,850		$	21,625		$	193,321

Depreciation and amortization expense		$	4,556		$	1,553		$	1,039


		For the Three Months						For the Nine Months
		Ended September 30,						Ended September 30,
(in thousands)		2026			2025			2026			2025
Reconciliation of earnings before income taxes
Segment earnings before income taxes		$	58,769		$	60,545		$	176,465		$	193,321
Net investment income			46,694			41,270			135,057			117,414
Net realized gains			8,637			18,318			27,603			48,234
Net unrealized gains (losses) on equity securities			(3,282)			41,981			60,346			43,163
Interest expense on debt			(4,200)			(1,364)			(10,994)			(4,049)
General corporate expenses			(3,388)			(5,045)			(12,335)			(12,747)
Equity in earnings of unconsolidated investees			(3,137)			1,540			1,980			7,055
Earnings before income taxes		$	100,093		$	157,245		$	378,122		$	392,391