v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Information
The Company has one reportable segment, the Excess and Surplus Lines Insurance segment, which primarily offers commercial excess and surplus lines liability and property insurance products through its underwriting divisions in the United States. The Company reports operating and financial results in a single segment based on the Company's exclusive focus on property and casualty insurance in the excess and surplus lines market and the consolidated information used by the chief operating decision maker ("CODM") in evaluating the financial performance of its business and allocating resources.
The Company's CODM is the Chief Executive Officer. The CODM uses consolidated net income to allocate resources primarily during the annual budgeting process and to assess performance by considering budget-to-actual variances and evaluating financial results. The measure of segment assets is reported on the consolidated balance sheets as total assets.
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Revenues:
Net earned premiums$423,472 $410,957 $1,247,928 $1,160,360 
Fee income11,099 10,300 34,035 30,655 
Net investment income58,265 49,604 169,428 139,896 
Change in fair value of equity securities(37,769)23,717 10,071 55,376 
Net realized investment gains (losses)(419)2,159 8,029 2,832 
Change in allowance for credit losses on investments1 4 (26)(11)
Other income (1)
149 764 561 1,608 
Total revenues454,798 497,505 1,470,026 1,390,716 
Expenses:
Losses and loss adjustment expenses – current year
249,570 241,704 746,721 695,851 
Losses and loss adjustment expenses – catastrophes
2,173 1,216 9,162 27,499 
Losses and loss adjustment expenses – prior year development
(19,664)(15,758)(57,763)(45,853)
Net commissions incurred51,122 45,275 145,234 120,682 
Salaries, employee benefits and bonus expense33,097 33,350 99,062 95,046 
Credit loss expense – premiums receivable
3,006 2,341 7,047 7,242 
Depreciation (2)
1,634 1,080 4,481 3,309 
Interest expense3,220 2,569 9,710 7,664 
Other segment items (3)
7,021 6,850 23,289 19,798 
Income tax expense25,490 37,232 96,526 94,484 
Segment net income98,129 141,646 386,557 364,994 
Reconciliation of profit or loss:
Adjustments and reconciling items— — — — 
Consolidated net income$98,129 $141,646 $386,557 $364,994 
(1) Other income primarily includes income generated from the Company's real estate operations.
(2) Excludes depreciation expense allocated to loss adjustment expenses and investment expenses.
(3) Other segment items primarily includes other general and administrative expenses such as technology costs, facility expenses and audit and inspection costs.