v3.26.3
Segment Reporting and Disaggregated Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Segment Information, by Segment
The tables below present the Company's segment information for the three and nine months ended September 30, 2026 and 2025:

Three months ended September 30, 2026
InsuranceMarketplaceTotal
REVENUES:(in thousands)
Earned premium, net$265,113 $— $265,113 
Commission and fee revenue21,586 — 21,586 
Marketplace revenue— 32,164 32,164 
Membership and other revenue21,908 — 21,908 
Net investment income12,284 436 12,720 
Net investment gains751 — 751 
Total revenue321,642 32,600 354,242 
EXPENSES:
Losses and loss adjustment expenses, net90,261 — 90,261 
Policy acquisition costs, net62,214 — 62,214 
Underwriting and other insurance expenses66,716 — 66,716 
Selling, general, and administrative expenses54,575 34,664 89,239 
Interest expense and other, net(1,007)486 (521)
Total segment expenses272,759 35,150 307,909 
Segment income (loss) before taxes48,883 (2,550)46,333 
Corporate expenses and other unallocated amounts (1)
(3,527)
Interest expense(1,407)
Income before taxes$41,399 
(1)    Other unallocated amounts includes a loss related to the write-down of certain fixed assets classified as held-for-sale (refer to Note 1 — Description of Business) and the impairment of a right-of-use asset not attributable to segment operations.
Three months ended September 30, 2025
InsuranceMarketplaceTotal
REVENUES:(in thousands)
Earned premium, net$187,039 $— $187,039 
Commission and fee revenue137,103 — 137,103 
Marketplace revenue— 34,356 34,356 
Membership and other revenue21,496 — 21,496 
Net investment income9,860 292 10,152 
Net investment gains1,271 — 1,271 
Total revenue356,769 34,648 391,417 
EXPENSES:
Losses and loss adjustment expenses, net78,626 — 78,626 
Policy acquisition costs, net87,411 — 87,411 
Underwriting and other insurance expenses1,500 — 1,500 
Selling, general, and administrative expenses137,367 39,567 176,934 
Interest expense and other, net1,067 636 1,703 
Total segment expenses305,971 40,203 346,174 
Segment income (loss) before taxes50,798 (5,555)45,243 
Corporate expenses(1,206)
Interest expense(1,503)
Expense related to TRA Liability(29,197)
Income before taxes$13,337 
Nine months ended September 30, 2026
InsuranceMarketplaceTotal
REVENUES:(in thousands)
Earned premium, net$756,711 $— $756,711 
Commission and fee revenue61,686 — 61,686 
Marketplace revenue— 97,474 97,474 
Membership and other revenue65,396 — 65,396 
Net investment income33,029 957 33,986 
Net investment gains5,641 — 5,641 
Total revenue922,463 98,431 1,020,894 
EXPENSES:
Losses and loss adjustment expenses, net298,889 — 298,889 
Policy acquisition costs, net247,777 — 247,777 
Underwriting and other insurance expenses189,251 — 189,251 
Selling, general, and administrative expenses157,372 98,920 256,292 
Interest expense and other, net(2,126)223 (1,903)
Total segment expenses891,163 99,143 990,306 
Segment income (loss) before taxes31,300 (712)30,588 
Corporate expenses and other unallocated amounts (1)
(4,155)
Interest expense(3,739)
Income before taxes$22,694 
(1)    Other unallocated amounts includes a loss related to the write-down of certain fixed assets classified as held-for-sale (refer to Note 1 — Description of Business) and the impairment of a right-of-use asset not attributable to segment operations.
Nine months ended September 30, 2025
InsuranceMarketplaceTotal
REVENUES:(in thousands)
Earned premium, net$534,179 $— $534,179 
Commission and fee revenue380,677 — 380,677 
Marketplace revenue— 90,328 90,328 
Membership and other revenue63,102 — 63,102 
Net investment income28,030 596 28,626 
Net investment gains2,150 — 2,150 
Total revenue1,008,138 90,924 1,099,062 
EXPENSES:
Losses and loss adjustment expenses, net224,969 — 224,969 
Policy acquisition costs, net247,682 — 247,682 
Underwriting and other insurance expenses4,079 — 4,079 
Selling, general, and administrative expenses384,942 96,571 481,513 
Interest expense and other, net2,007 376 2,383 
Total segment expenses863,679 96,947 960,626 
Segment income (loss) before taxes144,459 (6,023)138,436 
Corporate expenses(2,299)
Interest expense(4,380)
Expense related to TRA Liability(32,275)
Income before taxes$99,482 
Schedule of Disaggregation of Revenue
The following tables present revenues from customer contracts that are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), disaggregated by geographic area, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2026 and 2025:

Three months ended September 30, 2026
Insurance
Marketplace
Total
in thousands
United States
$30,885 $27,695 $58,580 
International12,609 54 12,663 
Total revenue from customer contracts
43,494 27,749 71,243 
Earned premium, net265,113 — 265,113 
Net investment income12,284 436 12,720 
Net investment gains751 — 751 
Finance revenue— 4,415 4,415 
Total revenue
$321,642 $32,600 $354,242 
Three months ended September 30, 2025
Insurance
Marketplace
Total
in thousands
United States
$147,039 $29,788 $176,827 
International11,560 1,567 13,127 
Total revenue from customer contracts
158,599 31,355 189,954 
Earned premium, net187,039 — 187,039 
Net investment income9,860 292 10,152 
Net investment gains1,271 — 1,271 
Finance revenue— 3,001 3,001 
Total revenue
$356,769 $34,648 $391,417 
Nine months ended September 30, 2026
Insurance
Marketplace
Total
in thousands
United States
$91,016 $63,175 $154,191 
International36,066 22,905 58,971 
Total revenue from customer contracts
127,082 86,080 213,162 
Earned premium, net756,711 — 756,711 
Net investment income33,029 957 33,986 
Net investment gains5,641 — 5,641 
Finance revenue— 11,394 11,394 
Total revenue
$922,463 $98,431 $1,020,894 

Nine months ended September 30, 2025
Insurance
Marketplace
Total
in thousands
United States
$411,369 $73,538 $484,907 
International32,410 9,460 41,870 
Total revenue from customer contracts
443,779 82,998 526,777 
Earned premium, net534,179 — 534,179 
Net investment income28,030 596 28,626 
Net investment gains2,150 — 2,150 
Finance revenue— 7,330 7,330 
Total revenue
$1,008,138 $90,924 $1,099,062 
The tables below present the Company's revenue by distribution channel for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30, 2026
AgentDirectTotal
in thousands
Commission and fee revenue$13,011 $7,753 $20,764 
Contingent commission401 421 822 
Total commission and fee revenue$13,412 $8,174 $21,586 

Three months ended September 30, 2025
AgentDirectTotal
in thousands
Commission and fee revenue$67,685 $54,049 $121,734 
Contingent commission8,466 6,903 15,369 
Total commission and fee revenue$76,151 $60,952 $137,103 
Nine months ended September 30, 2026
AgentDirectTotal
in thousands
Commission and fee revenue$37,357 $20,668 $58,025 
Contingent commission1,492 2,169 3,661 
Total commission and fee revenue$38,849 $22,837 $61,686 

Nine months ended September 30, 2025
AgentDirectTotal
in thousands
Commission and fee revenue$186,455 $152,882 $339,337 
Contingent commission22,352 18,988 41,340 
Total commission and fee revenue$208,807 $171,870 $380,677