v3.26.3
Deferred Policy Acquisition Costs
 9 Months Ended
Sep. 30, 2026
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Balance, beginning of period$124,743 $124,070 $118,737 $109,263 
Policy acquisition costs deferred:
Direct commissions68,755 71,844 219,233 225,292 
Ceding commissions(20,507)(26,244)(70,981)(90,367)
Other underwriting and policy acquisition costs4,779 3,979 13,190 12,089 
Policy acquisition costs deferred53,027 49,579 161,442 147,014 
Amortization of net policy acquisition costs
(55,601)(49,233)(158,010)(131,861)
Balance, end of period$122,169 $124,416 $122,169 $124,416 
Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.