0001519449-26-000015 | 10-K | XBRL Viewer | Skyward Specialty Insurance Group INC

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Equity Method Investments and Other - Narrative (Details)	12 Months Ended
	Dec. 31, 2025
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expense at federal statutory rate	$ 45,449	$ 32,075	$ 23,121
Tax advantaged investments		(239)	(295)
Other		2,075	1,292
Total income tax expense	$ 46,396	$ 33,911	$ 24,118
Percentage
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Tax advantaged investments		(0.20%)	(0.30%)
Other		1.40%	1.20%
Total income tax expense	21.40%	22.20%	21.90%

Mortgage Loans - Schedule of Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 9,902	$ 26,490
Total investment income	1,622	5,155	$ 5,474
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	3,334	8,474
Total investment income	432	2,025	2,340
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0	10,032
Total investment income	304	1,853	1,853
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,568	7,984
Total investment income	886	1,277	1,034
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	0	203
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 0	$ 44

Variable Interest Entity (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entity [Abstract]

Schedule of Assets And Liabilities

The following table presents the assets of HSIC-01, included in the Consolidated Balance Sheets as of December 31, 2025. The assets presented below only include third-party net assets and exclude any intercompany balances, which were eliminated upon consolidation:


($ in thousands)	2025
Assets
Cash and cash equivalents	$	15,816




Other assets	34,856
Total assets	$	50,672

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Allowance for Credit Losses - Schedule of Premium Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Premiums Receivable, Net, beginning balance	$ 321,641	$ 179,235
Allowance for Estimated Uncollectible Premiums, beginning balance	2,432	964
Current period change for estimated uncollectible premiums	2,351	3,235
Write-offs of uncollectible premiums receivable	(2,141)	(1,895)
Recoveries of amounts previously written off	498	128
Premiums Receivable, Net, ending balance	544,217	321,641
Allowance for Estimated Uncollectible Premiums, ending balance	$ 3,140	$ 2,432

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A.Description of Business Skyward Specialty Insurance Group, Inc. (the “Company”), an insurance holding company, is a Delaware corporation that was organized in 2006. It is a specialty insurance company operating in one segment delivering commercial property and casualty products insurance coverages through its underwriting divisions. The Company has four wholly owned insurance company subsidiaries based in the United States: •Great Midwest Insurance Company (“GMIC”) underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury. •Houston Specialty Insurance Company (“HSIC”), a subsidiary of GMIC, underwrites insurance on a non-admitted basis. •Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites insurance on an admitted basis. •Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of IIC, underwrites insurance on a non-admitted basis. The Company has a wholly owned captive reinsurance company subsidiary, Skyward Re, that is domiciled in the Cayman Islands and assumed net reserves for certain divisions, related to a retroactive reinsurance contract, from the Company’s insurance companies and retroceded the net reserves to a third-party reinsurer. The Company has three non-risk bearing wholly owned subsidiaries, (i) Skyward Underwriters Agency, Inc. (“SUA”),a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets, (ii) Skyward Service Company an entity which provides various administrative services to the Company’s subsidiaries, and (iii) Skyward Specialty No. 1 Limited, a Lloyd’s corporate member authorized to invest in Lloyd’s syndicates. On January 1, 2026, the Company completed the acquisition of Apollo Group Holdings Limited for aggregate consideration of approximately $555.0 million. See Note 24 for additional information. B. Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of the holding company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The Company’s actual results could differ from those estimates. C. Consolidation Variable interest entity The Company consolidates an entity in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. The Company’s assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. After performing the above assessments, the Company has determined one entity meets the definition of a VIE for which the Company is the primary beneficiary. See Note 7 for further details and required disclosures. D. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and fixed maturity securities with original maturities of three months or less. The carrying value of the Company’s cash and cash equivalents approximates fair value. E. Restricted Cash Cash with a legal restriction on withdrawal or use by the consolidated group is recorded as restricted cash. The carrying value of the Company’s restricted cash approximates fair value. SUA collects premiums from clients, and after deducting commissions and any applicable fees, remits these premiums to the Company’s insurance companies, or to third-party insurance companies. SUA holds unremitted insurance premiums in a fiduciary capacity to third-party insurance companies, as restricted cash. The Company is required by state regulations to maintain assets on deposit with certain states and hold cash as collateral for certain reinsurance balances. Cash held in a depository account for others, or restricted by a state, is recorded as restricted cash. F. Investments Available for Sale Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria are met, the amortized cost of the security is written down to fair value with the losses recognized in net investment gains on the Consolidated Statements of Operations. If neither of the these criteria are met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. Prior to 2025, changes in the allowance for credit losses were recognized in net investment income on the Consolidated Statements of Operations. As of 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive income (loss). Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive income (loss). Held to maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset-backed securities. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Prior to 2025, changes in the allowance for credit losses were recognized in net investment income on the Consolidated Statements of Operations. As of 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Equity securities with a readily determinable fair value Equity securities consists of common stock or preferred stock. Mutual funds, including those that invest mostly in debt securities, are classified as equity securities. Investments in equity securities with a readily determinable fair value are carried on the balance sheet at fair value using quoted market prices. Changes in the carrying value of equity securities are included in net investment gains (losses) within the Consolidated Statements of Operations. Mortgage loans Investments in mortgage loans are classified as held for investment and carried on the balance sheet at cost adjusted for unamortized premiums, discounts and loan fees. When an amount is determined to be uncollectible, the Company writes off the uncollectible amount in the period it was determined to be uncollectible. Interest on the loans is recognized as interest receivable which the Company includes in other assets on the Consolidated Balance Sheets. The Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief from the adoption of ASU 2016-13. Under the fair value option, mortgage loans are measured at fair value, and changes in unrealized gains and losses on mortgage loans are reported in net investment gains (losses) on the Consolidated Statements of operations. Interest income and amortization continue to be recognized in net investment income on the Consolidated Statements of Operations. Equity method investments Equity method investments include investments in equity and equity securities of non-public entities and indirect investments in loans and loan collateral. The Company has equity investments in certain limited partnerships and corporations where it has significant influence but not control. The analysis of entities that are variable interest entities indicated the Company is not the primary beneficiary, and would not have to consolidate these entities. Equity method is used to account for these investments in unconsolidated subsidiaries. Under the equity method, initial investment is recorded at cost and is subsequently adjusted based on its proportionate share of distributions and net income or loss of the equity method investee. The difference between the cost of an investment and its proportionate share of the underlying equity in net assets recorded on the investee’s books is a component of investment income. The Company amortizes the difference as an adjustment to its pro-rata share of equity method income over the useful life which is based on the underlying asset. The Company does not have significant influence in its investments in equity securities of non-public entities. When these securities do not have a readily determinable fair value, the Company carries these investments at cost, minus impairment, if any, and changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Investments in indirect collateralized loans and loan collateral are held through and accounted for as an ownership interest in an unconsolidated subsidiary. The Company’s ownership interests in unconsolidated subsidiaries consists of investments in entities such as partnerships, joint ventures, and special purpose investment vehicles. The Company has significant influence, but not control of these unconsolidated subsidiaries and uses the equity method to account for these investments. Other long-term investments Other long-term investments consist of an investment in a limited partnership held at net asset value (“NAV”) and other long-term investment securities. Short-Term Investments Short-term investments consist primarily of money market funds and are carried at cost which approximates fair value. Net Investment Income and Net Investment Gains and Losses Net investment income consists of interest, dividends and equity in earnings (losses) of unconsolidated subsidiaries net of investment expenses such as investment management expenses. Interest income is recognized on the accrual basis, and dividends as earned at the ex-dividend date. Interest income on mortgage-backed and other asset-backed securities is recognized using the effective-yield method based on estimated principal repayments. Included in interest income is the amortization of premium and accretion of discounts on debt securities. Net investment gains and losses are recognized in net income based upon the specific identification method. G. Derivatives The Company uses commodity derivatives to assume risk and manage its exposures in the insurance industry. Commodity derivatives expose the Company to potentially unfavorable price changes to the underlying commodities. The Company accounts for its derivatives in accordance with FASB ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company meets the criteria in the guidance to net the assets and liabilities, which the Company includes in “other assets” on the Consolidated Balance Sheets. While the Company considers these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. See Note 8 for further details and required disclosures. H. Reinsurance Reinsurance Accounting In the normal course of business, the Company purchases prospective reinsurance for certain lines of business on a proportional, excess of loss and facultative basis. Proportional reinsurance requires the Company to share the losses and expenses with the reinsurer in exchange for a share of the premiums. Excess of loss reinsurance shares losses, either a proportion of or in its entirety, above a certain dollar threshold, in exchange for a negotiated cost. Facultative reinsurance covers specific risks and/or policies on either a proportional or excess of loss basis. Ceded unearned premium and reinsurance balances recoverable—on paid and unpaid losses and settlement expenses—are reported separately as assets, instead of netting them with the related liabilities, since reinsurance does not relieve the Company of its legal liability to its policyholders. Reinsurance on unpaid losses and settlement expenses represent estimates of the portion of the liabilities recoverable from reinsurers. On the Consolidated Statements of Operations, net earned premiums, losses and loss adjustment expenses, net and underwriting, acquisition and insurance expenses are presented net of reinsurance ceded. The Company has purchased retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers in prior years. These contracts provide indemnification of losses related to past loss events where the reinsurer shares losses, either a proportion of or in its entirety, depending on certain dollar thresholds. Income generated from retroactive reinsurance contracts is deferred and amortized into net income over the settlement period and losses are charged to net income immediately. Subsequent changes in the measurement of the retroactive reinsurance contract are accounted for under a full retrospective method. Deposit Accounting Certain ceded reinsurance contracts, which management determines do not transfer significant insurance risk, are accounted for using the deposit method of accounting. The evaluation of the transfer of significant insurance risk involves an assessment of both timing risk and underwriting risk. Management may determine that a reinsurance contract does not transfer significant insurance risk if either underwriting risk or timing risk or both are not deemed to have been transferred. For those contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk, a deposit asset is recorded equal to the initial cash outflow under the contract, which will then be offset by cash inflows received from the reinsurers. To the extent cash outflows are expected to differ from expected cash inflows, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting asset is increased/decreased to the estimated amount receivable over the contract term. The accretion of the deposit is based on the expected rate of return implied from the estimated cash inflows and outflows under the contract. Periodically, the Company reassesses the estimated ultimate receivable and the related expected rate of return on the deposit asset. The accretion of the deposit asset, including any changes in accretion resulting from changes in estimated cash flows, are reflected as part of investment income in the Company’s results of operations. Several reinsurance contracts require deposit accounting treatment due to not transferring sufficient underwriting risk. There were no reinsurance contracts that require deposit accounting treatment due to not transferring sufficient timing risk. Reinsurance Recoverables Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. The historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the Consolidated Statements of Operations. Reinsurance does not relieve the Company of its legal liability to its policyholders. The Company continuously monitors the financial condition of its reinsurers. As part of its monitoring efforts, the Company reviews the reinsurers’ annual financial statements. The Company also reviews insurance industry developments that may impact the financial condition of its reinsurers. The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best. It also assesses the adequacy of collateral obtained, where applicable. Should its reinsurers fail to fulfill their obligations, the Company has access to collateral from various reinsurers. As of December 31, 2025 and 2024, reinsurance collateral from reinsurers was $344.1 million and $337.0 million, respectively. Reinsurance recoverables present potential exposures to individual reinsurers. eMaxx Captives and Everest Reinsurance Co. represented 17.7% and 11.1%, respectively, of the Company’s reinsurance recoverable balances at December 31, 2025, and 16.8% and 18.0%, respectively, at December 31, 2024, and were the only reinsurers that represented 10% or more of the Company’s reinsurance recoverable balances. eMaxx Captives was not rated by A.M. Best at December 31, 2025 and 2024 and Everest Reinsurance Co’s financial strength rating from A.M. Best was A+ at December 31, 2025 and 2024. I. Concentration of Credit Risk Other than reinsurance recoverables, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, investments and premiums receivable. Cash equivalents and short-term investments include U.S. government securities and money market funds. Investments are diversified throughout many industries and geographic regions. The Company limits the amount of credit exposure with any one financial institution or issuer and believes no significant concentration of credit risk exists with respect to cash and investments. As of December 31, 2025 and 2024, outstanding premiums receivable are generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across many different lines of business and geographic regions. Failure by distribution sources to remit premiums could result in premium write-offs and a corresponding loss of income. J. Deferred Policy Acquisition Costs Policy acquisition costs consist of commissions and premium taxes that vary with and are directly related to the successful production of new or renewal business. The Company defers policy acquisition costs and related ceding commissions and charges or credits them to earnings in proportion with the premium earned over the life of the policy. A premium deficiency is recognized if the sum of expected losses, loss adjustment expenses, and unamortized acquisition costs exceed its related unearned premiums. The Company first recognizes a premium deficiency by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If its premium deficiency is greater than unamortized acquisition costs, it accrues a liability for the excess deficiency. Anticipated investment income is considered in the determination of premium deficiencies. Management performed an analysis and determined no premium deficiency existed as of December 31, 2025 and 2024. K. Goodwill and Intangible Assets Goodwill and intangible assets are recorded as a result of a business combination. Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company reviews its purchase price allocation up to one year subsequent to an acquisition and may make adjustments within the one-year period. The Company amortizes identifiable intangible assets with a finite useful life over the period that the intangible asset is expected to contribute directly or indirectly to its future cash flows; however, it does not amortize indefinite lived intangible assets. The Company reviews goodwill and identifiable intangible assets for recoverability annually in the fourth quarter or on an interim basis should events or changes in circumstances indicate that a carrying amount may not be recoverable. Based upon this review, the Company did not have any goodwill impairment for the years ended December 31, 2025 and 2024. L. Property and Equipment Property and equipment, which is included in other assets on the Consolidated Balance Sheets, is recorded at cost less accumulated depreciation. Depreciation expense is recognized on a straight-line basis for financial statement purposes over periods ranging from three to seven years. M. Reserves for Losses and Loss Adjustment Expenses The reserves for unpaid losses and loss adjustment expenses (“LAE”) represents the Company’s estimated ultimate cost of all unreported and reported but unpaid insured claims and the cost to adjust the losses that have been incurred as of the balance sheet date. We estimate the reserves using individual case-basis valuations of reported claims and statistical analyses and various actuarial procedures. Those estimates are based on our historical information, industry and peer group information and our estimates of future trends in variable factors such as loss severity, loss frequency and other factors such as inflation. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Additionally, during the loss settlement period, it often becomes necessary to refine and adjust the estimates of liability on a claim either upward or downward. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related LAE may vary significantly from the estimate included in our financial statements. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves. N. Premiums The Company earns and recognizes property and casualty and surety premiums on a pro-rata basis over the terms of the policies. The Company earns accident and health premiums as billed, based on census data. Gross premiums written are reduced by ceded premiums from proportional, facultative and excess of loss reinsurance costs for prospective reinsurance. Its premiums receivable includes deferred premiums, which represent installment payments the Company is due from insureds under the payment terms of their policies. Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the Consolidated Statements of Operations. Unearned premiums represent the portion of gross premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. Ceded unearned premiums represent the portion of ceded premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. These unearned premiums are calculated on a pro-rata basis over the terms of the policies for direct and ceded amounts. O. Commission and Fee Income SUA commission revenue SUA commission revenue is generated from the placement of insurance policies on reinsurance programs through a reinsurance broker which represents the Company’s single performance obligation. Its transaction price is fixed at contract inception and based on a percentage of premiums placed. The Company recognizes 100% of the transaction price as the associated performance obligation is satisfied at the point in time a policy is placed as it has no constraints on revenue. SUA fee income SUA fee income is generated from the placement of insurance policies with a third-party insurance company. The Company’s single performance obligation consists of the placement of the policy. Its transaction price is variable at contract inception and based on a percentage of premium based on risk factors that vary every month such as employee census data and worker roles. The Company estimates its transaction price over the life of the policy using the expected value method and recognizes revenue at the point in time the policy is placed. When there are changes in the estimate of variable consideration, it recognizes those changes in the month they occur. P. Income Taxes Income tax expense is accrued for the tax effects of transactions reported on the consolidated financial statements, and this provision for income taxes consists of taxes currently due plus deferred taxes resulting from temporary differences between amounts reported for financial statement and income tax purposes. A valuation allowance is established for any deferred tax asset not expected to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date. A liability for uncertain tax positions is recorded where it is more likely-than-not that the tax position will not be sustained upon examination by the appropriate tax authority. Changes in the liability for uncertain tax positions are reflected in income tax expense in the period when a new uncertain tax position arises, judgment changes about the likelihood of an uncertainty, the tax issue is settled, or the statute of limitation expires. Any potential net interest income or expense and penalties related to uncertain tax positions are recorded on the Consolidated Statements of Operations. The Company files a consolidated federal income tax return in the United States and certain other state tax returns. Its admitted insurance subsidiaries pay premium taxes on gross written premiums in lieu of most state income or franchise taxes. Premium tax expense is recognized within underwriting, acquisition and insurance expense on the Consolidated Statements of Operations. Q. Fair Value of Financial Instruments Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. This guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As a part of management’s process to determine fair value, the Company utilizes widely recognized, third-party pricing sources to determine the Company’s fair values of financial instruments. The Company has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. See Note 4 for further details regarding fair value disclosures. R. Stock-Based Compensation We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 18 for further discussion and related disclosures regarding stock-based compensation. Employee Stock Purchase Plan The Company’s employee stock purchase plan (“ESPP”), offers all employees the option to purchase common stock at a discount. The Company recognizes compensation cost on a straight-line basis over the offering period. S. Earnings Per Share Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share. The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive. The Company’s common and preferred shares financed by stock notes are contingently issuable instruments where the holder must return, all or part of, the shares if the stock notes are not paid off. These instruments are excluded from basic and diluted earnings per share when the specified conditions are not met presuming the end of the period is the end of the contingency period. The impact of the contingently issuable instruments on diluted earnings per share was calculated using the treasury stock method and included in the reconciliation of the denominator of the basic and diluted earnings per share computations for the year ended December 31, 2024. All outstanding stock notes were settled during 2024, so there was no impact to the Company’s basic and diluted earnings per share computations for the year ended December 31, 2024. Instruments that are convertible into common shares are included in diluted weighted-average common shares outstanding on an if-converted basis based on the legal conversion rate for the respective period, if dilutive. Share-based awards to employees with only service conditions are included as potential common shares, weighted for the portion of the period they are unvested, if dilutive. Share-based awards to employees with performance and service or market conditions are included as potential common shares presuming the end of the period is the end of the contingency period, if dilutive. When inclusion of common share adjustments increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents. T. Recent Accounting Pronouncements Recent Accounting Standards Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). ASU 2023-09 requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meets a quantitative threshold. This update also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. The guidance became effective for fiscal years beginning after December 15, 2024. This update is applied prospectively. The Company has added additional disclosures as required by ASU 2023-09. There was no impact to the consolidated financial statements. See Note 13 for the additional disclosures required by this ASU. Recent Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 require a footnote disclosure about specific expenses by requiring PBEs to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The tabular disclosure will also include certain other expenses, when applicable. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03 as the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the effect of the amendments on its consolidated financial statements.

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in less than one year	$ 45,682
Due after one year through five years	449,790
Due after five years through ten years	219,293
Due after ten years	64,360
Amortized Cost	1,848,755	$ 1,320,266
Fair Value
Due in less than one year	45,478
Due after one year through five years	449,145
Due after five years through ten years	224,696
Due after ten years	63,652
Total	1,856,303	1,292,218
Mortgage-backed securities
Amortized Cost
Without single maturity date	559,776
Fair Value
Without single maturity date	559,637
Other asset-backed securities
Amortized Cost
Without single maturity date	509,854
Amortized Cost	509,854	291,578
Fair Value
Without single maturity date	513,695
Total	$ 513,695	$ 292,191

Investments - Schedule of Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross realized gains
Fixed maturity securities, available-for-sale	$ 3,002	$ 2,662	$ 1,042
Equity securities	34,262	8,062	6,035
Other	685	213	2
Total	37,949	10,937	7,079
Gross realized losses
Fixed maturity securities, available-for-sale	(10,832)	(8,161)	(1,879)
Equity securities	(3,000)	(4,132)	(5,256)
Other	(413)	(223)	(20)
Total	(14,245)	(12,516)	(7,155)
Net unrealized gains (losses) on investments
Equity securities	(22,908)	7,500	11,516
Mortgage loans	(7)	421	(386)
Other	21,360	0	0
Net investment gains	$ 22,149	$ 6,342	$ 11,054

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income	$ 170,028	$ 118,828	$ 85,984
Less: Undistributed income allocated to participating securities	0	0	(1,677)
Net income attributable to common stockholders (numerator for basic earnings per share)	170,028	118,828	84,307
Net income (numerator for diluted earnings per share under the two-class method)	$ 170,028	$ 118,828	$ 85,984
Denominator
Basic weighted-average common shares (in shares)	40,407,310	40,056,475	36,031,907
Diluted effect of preferred shares (in shares)	0	0	716,708
Dilutive effect of stock notes (in shares)	0	0	696,110
Diluted weighted-average common share equivalents (in shares)	41,808,046	41,377,460	38,317,534
Basic earnings per share (in dollar per share)	$ 4.21	$ 2.97	$ 2.34
Diluted earnings per share (in dollar per share)	$ 4.07	$ 2.87	$ 2.24
Stock units
Denominator
Diluted effect of awards (in shares)	897,426	917,510	736,837
Options
Denominator
Diluted effect of awards (in shares)	503,310	403,475	135,972

Equity Method Investments and Other

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Other

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of December 31, 2025 and 2024:


($ in thousands)	2025				2024
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	26,936	14.0	%	$	34,936	15.3	%
Arena SOP LP units	—		11.2	%	1,474		10.9	%
Brewer Lane Ventures Fund II LP units	2,251		2.4	%	1,040		2.4	%
Dowling Capital Partners LP units	590		5.0	%	666		5.0	%
Hudson Ventures Fund 2 LP units	5,503		2.5	%	4,967		2.5	%
JVM Funds LLC units	14,911		10.1	%	17,229		10.1	%

RISCOM	3,307		20.0	%	5,013		20.0	%
	$	53,498			$	65,325

The following table sets forth the components of net investment income (loss) from equity method investments for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Arena SOP LP units	(1,474)		(989)		(6,271)
Arena Special Opportunities Fund, LP units	(3,163)		2,375		(2,880)
Brewer Lane Ventures Fund II LP	91		(110)		(78)
Dowling Capital Partners LP units	431		1,463		927
Hudson Ventures Fund II LP units	480		(153)		170
JVM Funds LLC	(541)		(1,554)		(1,198)
RISCOM	1,493		1,492		884
Universa Black Swan LP units	—		—		(988)
	$	(2,683)	$	2,524	$	(9,434)

The following table sets forth the unfunded commitment of equity method investments as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Brewer Lane Ventures Fund II LP units	$	3,237	$	4,077
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	166		397
Red Bird Capital Partners LP units	18,305		24,400
	$	22,094	$	29,260

The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life.

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Investment in RISCOM:
Underlying equity	$	2,292	$	3,756
Difference	1,015		1,258
Recorded investment balance	$	3,307	$	5,013

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Investment in JVM Funds LLC:
Underlying equity	$	14,457	$	16,624
Difference	454		605
Recorded investment balance	$	14,911	$	17,229

Investment in Indirect Loans and Loan Collateral

As of December 31, 2025 and 2024, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of December 31, 2025 and 2024 were as follows:


($ in thousands)	2025		2024

SMA1	$	15,418	$	20,296
SMA2	8,449		12,973
Investment in indirect loans and loan collateral	$	23,867	$	33,269

Summary of Significant Accounting Policies (Details) $ in Millions		12 Months Ended
	Jan. 01, 2026 USD ($)	Dec. 31, 2025 USD ($) segment subsidiary	Dec. 31, 2024 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment		1
Number of US subsidiaries \| subsidiary		4
Reinsurance collateral from reinsurers		$ 344.1	$ 337.0
Subsequent Event \| Apollo Majority SPAs
Concentration Risk [Line Items]
Business combination, consideration transferred	$ 555.0
High
Concentration Risk [Line Items]
Property, plant and equipment, useful life		7 years
Low
Concentration Risk [Line Items]
Property, plant and equipment, useful life		3 years
AM Best, A+ Rating \| Everest Reinsurance Co \| Reinsurance recoverable including reinsurance premium paid \| Reinsurer concentration risk
Concentration Risk [Line Items]
Percent of total		11.10%	18.00%
AM Best, A+ Rating \| eMaxx Captives \| Reinsurance recoverable including reinsurance premium paid \| Reinsurer concentration risk
Concentration Risk [Line Items]
Percent of total		17.70%	16.80%

Commission and Fee Income

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Commission and Fee Income

Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
SUA commission revenue	$	8,323	$	7,967	$	7,222
SUA fee revenue	2,333		2,443		2,732
Other commission and fee revenue (loss)	1,725		266		(135)
Total commission and fee revenue	12,381		10,676		9,819
Commission and fee expenses	(5,526)		$	(3,973)	$	(3,755)
Net commission and fee income	$	6,855	$	6,703	$	6,064

The following table sets forth the Company’s opening and closing balances of contract assets from commission and fee income for the years ended December 31, 2025, 2024 and 2023:


($ in thousands)	Contract Assets
Balance at December 31, 2023	$	976
Balance at December 31, 2024	1,416
Balance at December 31, 2025	953

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Reserves for Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,782,383	$ 1,314,501	$ 1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)	(455,484)	(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,397,729	1,111,537	859,017	$ 705,771
Incurred, net of reinsurance, related to:
Current period	810,375	657,783	505,894
Prior years	(7,471)	25,728	10,770
Total incurred, net of reinsurance	802,904	683,511	516,664
Paid, net of reinsurance, related to:
Current period	144,799	136,731	109,937
Prior years	371,913	294,260	253,481
Total paid	516,712	430,991	363,418
Net reserves for losses and LAE, end of period	1,397,729	1,111,537	859,017
Plus: reinsurance recoverable on unpaid claims, end of period	921,165	670,846	455,484
Reserves for losses and LAE, end of period	$ 2,318,894	$ 1,782,383	$ 1,314,501

Derivatives - Schedule of Derivatives and Fair Value of Derivative Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 136,800
Derivative assets, fair value	$ 34,857

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 1,053
2027	1,053
2028	1,053
2029	762
2030	$ 553

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,304,505	$ 1,056,722	$ 829,143
Commission and fee income	6,855	6,703	6,064
Losses and LAE	795,022	669,809	515,237
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	(587)	(167)	(632)
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	170,028	118,828	85,984
Reportable Segment
Segment Reporting Information [Line Items]
Net earned premiums	1,304,505	1,056,722	829,143
Commission and fee income	6,855	6,703	6,064
Total underwriting revenues	1,311,360	1,063,425	835,207
Losses and LAE	795,022	669,809	515,237
Amortization of policy acquisition costs	195,422	149,975	108,514
Other operating and general expenses	181,937	161,782	134,930
Total underwriting expenses	1,172,381	981,566	758,681
Net underwriting income	138,979	81,859	76,526
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	(587)	(167)	(632)
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	$ 170,028	$ 118,828	$ 85,984

Segment - Schedule of Premiums Written (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 2,166,236	$ 1,743,232	$ 1,459,829
Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	2,166,317	1,743,249	1,459,847
Corporate Nonsegment
Effects of Reinsurance [Line Items]
Total gross written premiums	(81)	(17)	(18)
Accident & Health \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	254,102	173,073	151,701
Agriculture and Credit (Re)insurance \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	346,212	118,070	30,598
Captives \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	275,694	241,902	167,624
Construction & Energy Solutions \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	274,318	296,582	299,748
Global Property \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	178,128	201,796	242,593
Professional Lines \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	149,231	159,785	154,565
Specialty Programs \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	322,705	218,407	178,726
Surety \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	168,148	143,965	106,056
Transactional E&S \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 197,779	$ 189,669	$ 128,236

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table sets forth the range of the discount rate as of December 31, 2025 and 2024:



	2025		2024
High	11.10	%	8.00	%
Low	4.25	%	5.70	%
Weighted average	6.40	%	6.60	%

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2025 and 2024:



	2025		2024
High	8.34	%	10.00	%
Low	6.55	%	7.00	%
Weighted average	7.74	%	7.93	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at December 31, 2025 and 2024:


December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,468	$	—	$	—	$	44,468
Corporate securities and miscellaneous	—		503,274		133,113		636,387
Municipal securities	—		102,116		—		102,116
Residential mortgage-backed securities	—		486,587		—		486,587
Commercial mortgage-backed securities	—		73,050		—		73,050
Other asset-backed securities	—		495,891		17,804		513,695
Total fixed maturity securities, available-for-sale	44,468		1,660,918		150,917		1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		33,603		33,603
Total fixed maturity securities, held-to-maturity	—		—		33,603		33,603
Equity securities:















Preferred stocks	—		1,174		—		1,174





Total equity securities	—		1,174		—		1,174
Mortgage loans	—		—		9,902		9,902
Short-term investments	264,299		—		—		264,299
Derivatives	34,857		—		—		34,857
Total	$	343,624	$	1,662,092	$	194,422	$	2,200,138


December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,486	$	—	$	—	$	26,486
Corporate securities and miscellaneous	—		354,815		70,813		425,628
Municipal securities	—		84,716		—		84,716
Residential mortgage-backed securities	—		393,833		—		393,833
Commercial mortgage-backed securities	—		69,364		—		69,364
Other asset-backed securities	—		285,084		7,107		292,191
Total fixed maturity securities, available-for-sale	26,486		1,187,812		77,920		1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		38,717		38,717
Total fixed maturity securities, held-to-maturity:	—		—		38,717		38,717
Equity securities:









Common stocks	64,251		—		—		64,251





Preferred stocks	—		1,164		—		1,164




Mutual funds	40,839		—		—		40,839
Total equity securities	105,090		1,164		—		106,254
Mortgage loans	—		—		26,490		26,490
Short-term investments	274,929		—		—		274,929
Total	$	406,505	$	1,188,976	$	143,127	$	1,738,608

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total gains (losses) for the period recognized in net investment gains (losses)	(5,180)		(7)
Issuances	—		151
Settlements	—		(16,732)
Transfers into Level 3	6,143		—
Purchases	70,730		—
Sales/Disposals	(1,493)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	2,797		—
Balance at December 31, 2025	150,917		9,902
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	—		(201)


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2023	$	—	$	50,070
Total gains (losses) for the period recognized in net investment gains (losses)	(195)		420
Issuances	—		649
Settlements	—		(24,649)
Purchases	77,979		—
Sales/Disposals	(374)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	510		—
Balance at December 31, 2024	77,920		26,490
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	—		411

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total gains (losses) for the period recognized in net investment gains (losses)	(5,180)		(7)
Issuances	—		151
Settlements	—		(16,732)
Transfers into Level 3	6,143		—
Purchases	70,730		—
Sales/Disposals	(1,493)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	2,797		—
Balance at December 31, 2025	150,917		9,902
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	—		(201)


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2023	$	—	$	50,070
Total gains (losses) for the period recognized in net investment gains (losses)	(195)		420
Issuances	—		649
Settlements	—		(24,649)
Purchases	77,979		—
Sales/Disposals	(374)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	510		—
Balance at December 31, 2024	77,920		26,490
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	—		411

Schedule of Subordinated Debt

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,458	$	57,000	$	56,200
Revolving Credit Facility	114,500		114,500		43,000		43,000
Term Loan Facility	300,000		300,000		—		—
Notes payable	$	471,500	$	471,958	$	100,000	$	99,200
Subordinated debt

Unsecured subordinated notes	$	19,569	$	21,020	$	19,536	$	20,541
Subordinated debt, net of debt issuance costs	$	19,569	$	21,020	$	19,536	$	20,541

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table sets forth the components of the Company’s income tax expense for the year ended December 31, 2025 after the adoption of ASU 2023-09:


($ in thousands)	2025
Income from continuing operations before income tax expense
United States	$	208,763
Foreign	7,661
Total	216,424
Income tax expense (benefit) from continuing operations
Current tax expense
United States	51,758
U.S. state and local	1,107
Deferred tax benefit related to:
United States	(5,584)
U.S. state and local	(885)
Total income tax expense	$	46,396

The following table sets forth the components of the Company's income tax expense for the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09:



($ in thousands)	2024		2023
Current income tax expense	$	42,626	$	14,736
Deferred tax (benefit) expense related to temporary differences	(8,715)		9,382
Total income tax expense	$	33,911	$	24,118

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the Company's annual effective tax rate to the U.S. Federal statutory tax rate for the year ended December 31, 2025 after the adoption of ASU 2023-09:


	2025
($ in thousands)	Amount		Percentage
U.S. federal statutory income tax rate	$	45,449	21.0	%
State income taxes, net of federal benefit(1)	(508)		(0.3)	%
Foreign tax effects

Bermuda statutory rate differential	(1,609)		(0.7)	%
Effects of other cross-border tax laws	717		0.3	%
Change of Valuation Allowance	68		—	%
Nondeductible and Nontaxable items
Nondeductible transaction costs	1,689		0.8	%
Other nondeductible and nontaxable items	590		0.3	%
Effective tax rate	$	46,396	21.4	%
(1) The following state(s) and/or local jurisdictions make up more than 50% of the state income taxes: Florida

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the statutory U.S. federal income tax rate to the Company’s effective tax rate for continuing operations for the years ended December 31, 2024 and 2023:



	2024				2023
($ in thousands)	Amount		Percentage		Amount		Percentage
Income tax expense at federal statutory rate	$	32,075	21.0	%	$	23,121	21.0	%
Tax advantaged investments	(239)		(0.2)		(295)		(0.3)
Other	2,075		1.4		1,292		1.2
Total income tax expense	$	33,911	22.2	%	$	24,118	21.9	%

Schedule of Income Tax Expense

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025:


($ in thousands)	2025
United States	$	49,830
U.S. state and local(1)	1,164
Total income taxes paid	$	50,994

(1) No single state or jurisdiction accounts for greater than 5% of total taxes paid.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024:



($ in thousands)	2025		2024
Deferred tax assets:
Net operating losses	$	9,409	$	9,389
Losses and loss adjustment expenses	21,401		16,967
Unearned premiums	22,775		18,178
Unrealized losses on fixed maturity securities, available-for-sale	—		5,893
Stock options/awards	2,446		2,453
Other	8,933		6,067
Total deferred tax assets before valuation allowance	64,964		58,947
Valuation allowance	(654)		(586)
Total deferred tax assets	64,310		58,361
Deferred tax liabilities:
Deferred policy acquisition costs	19,132		15,277
Other long-term investments	2,888		2,625
Section 481(a) adjustment	87		1,391
Unrealized gains on equity securities	7		4,818
Unrealized gains on fixed maturity securities, available-for-sale	3,101		—
Unrealized gains on other investments	5,465		—
Depreciation	2,152		1,426
Other	3,613		2,338
Total deferred tax liabilities	36,445		27,875
Net deferred tax asset	$	27,865	$	30,486

Schedule of Company's Valuation Allowance

The following table presents the change in the Company's valuation allowance for the years ended December 31, 2025 and 2024:



($ in thousands)	2025		2024
Balance at beginning of the period	$	586	$	586
Increase related to net operating loss	68		—

Balance at the end of the period	$	654	$	586

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Fair Value Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gain (loss) adjustment expenses	$ 7.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commission and Fee Income - Schedule of Company’s Opening and Closing Balances of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 953	$ 1,416	$ 976

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.

The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security.

The Company classifies its financial instruments into the following three-level hierarchy:

Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement

date.

Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through

corroboration with market data at the measurement date.

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in

pricing the asset or liability at the measurement date.

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs.

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs.

Fixed maturity securities, available for sale classified as Level 3

The Company has corporate securities and miscellaneous, other asset-backed securities that are managed by an independent asset manager and priced by an independent pricing provider. The provider estimates the value of the securities using the discount net present value of cash flows method using an unobservable discount rate. The discount rate spread represents the risk associated with future cash flows, including inflation, opportunity cost and the time value of money. This rate represents Level 3 fair value inputs.

The following table sets forth the range of the discount rate as of December 31, 2025 and 2024:



	2025		2024
High	11.10	%	8.00	%
Low	4.25	%	5.70	%
Weighted average	6.40	%	6.60	%

Mortgage loans

Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgment and uncertainty.

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2025 and 2024:



	2025		2024
High	8.34	%	10.00	%
Low	6.55	%	7.00	%
Weighted average	7.74	%	7.93	%

Derivatives

Included in other assets are derivatives which consist of certain exchange traded options contracts entered into by the Company. The fair values of these options are measured using quoted prices in active markets on the relevant exchange, specifically utilizing either the volume-weighted average price of trades in similar contracts during a specified time window, or the last trade settlement price when no trades occur within that period. This method represents Level 1 inputs.

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at December 31, 2025 and 2024:


December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,468	$	—	$	—	$	44,468
Corporate securities and miscellaneous	—		503,274		133,113		636,387
Municipal securities	—		102,116		—		102,116
Residential mortgage-backed securities	—		486,587		—		486,587
Commercial mortgage-backed securities	—		73,050		—		73,050
Other asset-backed securities	—		495,891		17,804		513,695
Total fixed maturity securities, available-for-sale	44,468		1,660,918		150,917		1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		33,603		33,603
Total fixed maturity securities, held-to-maturity	—		—		33,603		33,603
Equity securities:















Preferred stocks	—		1,174		—		1,174





Total equity securities	—		1,174		—		1,174
Mortgage loans	—		—		9,902		9,902
Short-term investments	264,299		—		—		264,299
Derivatives	34,857		—		—		34,857
Total	$	343,624	$	1,662,092	$	194,422	$	2,200,138


December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,486	$	—	$	—	$	26,486
Corporate securities and miscellaneous	—		354,815		70,813		425,628
Municipal securities	—		84,716		—		84,716
Residential mortgage-backed securities	—		393,833		—		393,833
Commercial mortgage-backed securities	—		69,364		—		69,364
Other asset-backed securities	—		285,084		7,107		292,191
Total fixed maturity securities, available-for-sale	26,486		1,187,812		77,920		1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		38,717		38,717
Total fixed maturity securities, held-to-maturity:	—		—		38,717		38,717
Equity securities:









Common stocks	64,251		—		—		64,251





Preferred stocks	—		1,164		—		1,164




Mutual funds	40,839		—		—		40,839
Total equity securities	105,090		1,164		—		106,254
Mortgage loans	—		—		26,490		26,490
Short-term investments	274,929		—		—		274,929
Total	$	406,505	$	1,188,976	$	143,127	$	1,738,608

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total gains (losses) for the period recognized in net investment gains (losses)	(5,180)		(7)
Issuances	—		151
Settlements	—		(16,732)
Transfers into Level 3	6,143		—
Purchases	70,730		—
Sales/Disposals	(1,493)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	2,797		—
Balance at December 31, 2025	150,917		9,902
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	—		(201)


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2023	$	—	$	50,070
Total gains (losses) for the period recognized in net investment gains (losses)	(195)		420
Issuances	—		649
Settlements	—		(24,649)
Purchases	77,979		—
Sales/Disposals	(374)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	510		—
Balance at December 31, 2024	77,920		26,490
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	—		411

The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired.

In addition to the preceding disclosures on assets and liabilities recorded at fair value in the Consolidated Balance Sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgments are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.

The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments:

Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of December 31, 2025, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).

Investment in RedBird Capital Partners: Included in other long-term investments is an investment in a limited partnership with RedBird Capital Partners, which invests in Bishop Street Underwriters, LLC (“Bishop Street”), a managing general agent (MGA). The investment had a fair value of $55.6 million and $28.2 million at December 31, 2025 and 2024, respectively, which was determined using the net asset value. The Company employs procedures to assess the reasonableness of the fair value of the investment including obtaining and reviewing the audited financial statements. The unfunded commitment related to the investment was $18.3 million and $24.4 million at December 31, 2025 and 2024, respectively. The Company may sell its interest in the investment with the appropriate prior written notice and approval by the general partner. In accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and has not been classified in the fair value hierarchy. Net earned premiums related to this agreement for the years ended December 31, 2025 and 2024 were $41.5 million and $2.5 million, respectively.

Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).

Subordinated debt: Subordinated debt consists of the Unsecured Subordinated Notes, due May 24, 2039 and have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,458	$	57,000	$	56,200
Revolving Credit Facility	114,500		114,500		43,000		43,000
Term Loan Facility	300,000		300,000		—		—
Notes payable	$	471,500	$	471,958	$	100,000	$	99,200
Subordinated debt

Unsecured subordinated notes	$	19,569	$	21,020	$	19,536	$	20,541
Subordinated debt, net of debt issuance costs	$	19,569	$	21,020	$	19,536	$	20,541

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (PARENT COMPANY)


	December 31,
($ in thousands)	2025		2024
Assets
Investments:
Investment in subsidiaries	$	1,076,288	$	853,670
Short-term investments, at fair value	14,513		14,000
Total investments	1,090,801		867,670
Cash and cash equivalents	3,500		2,943

Deferred income taxes	27,865		30,486
Goodwill and intangible assets, net	14,349		12,641
Other assets	10,709		2,905
Total assets	$	1,147,224	$	916,645
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	17,680	$	3,110
Notes payable	100,410		100,000

Subordinated debt, net of debt issuance costs	19,569		19,536
Total liabilities	137,659		122,646
Stockholders’ Equity:
Stockholders’ equity	1,009,565		793,999
Total liabilities and stockholders’ equity	$	1,147,224	$	916,645

SCHEDULE II — STATEMENTS OF OPERATIONS

(PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Revenues:

Net investment income	$	3,371	$	3,212	$	3,822
Net investment gains (losses)	—		963		(963)
Other loss	—		(2)		(27)
Total revenues	3,371		4,173		2,832
Expenses
Operating expenses	7,899		10,632		—
Interest expense	6,762		8,140		9,815
Amortization expense	620		920		313
Other expenses	17,962		9,646		451
Total expenses	33,243		29,338		10,579
Loss before income tax expense	(29,872)		(25,165)		(7,747)
Income tax expense	45,860		33,578		6,808
Loss before equity in earnings of subsidiaries	(75,732)		(58,743)		(14,555)
Equity in undistributed earnings of subsidiaries	245,760		177,571		100,539
Net income	$	170,028	$	118,828	$	85,984

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	170,028	$	118,828	$	85,984
Adjustments to reconcile net income to net cash used in operating activities	(175,769)		(121,563)		(95,947)
Net cash used in operating activities	(5,741)		(2,735)		(9,963)
Cash flows from investing activities:
Purchase of intangible assets and goodwill	(2,000)		—		—
Capital contributions to subsidiaries	(100)		—		(122,800)
Distributions from investment in subsidiaries	8,500		8,500		6,500
Change in short-term investments	(513)		(3,407)		(10,569)
Net cash provided by (used in) investing activities	5,887		5,093		(126,869)
Cash flows from financing activities:
Repayment of stock notes receivable	—		5,561		1,350
Proceeds from long term borrowings	43,411		107,000		50,000
Payments on long term borrowings and trust preferred	(43,000)		(115,000)		(50,000)
Proceeds from equity offerings	—		—		128,887
Proceeds from employee stock purchase plan	—		—		710
Net cash provided by (used in) financing activities	411		(2,439)		130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	557		(81)		(5,885)
Cash and cash equivalents and restricted cash at beginning of year	2,943		3,024		8,909
Cash and cash equivalents and restricted cash at end of year	$	3,500	$	2,943	$	3,024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,149	$	8,573	$	10,667

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

CONTINUED

Notes to Financial Statements

On September 30, 2024, Skyward Specialty entered into an Intercompany Loan Promissory Note (“the Promissory Note”) with Houston Specialty Insurance Company (“HSIC”). Under the terms of the Promissory Note, Skyward Specialty borrowed $57.0 million from HSIC. Under the terms of the Promissory Note, interest is payable monthly at a fixed annual interest rate of 4.00%, with the principal due at the maturity date. There are no prepayment penalties and no collateral was given as security for the payment of the Promissory Note.

During the year ended December 31, 2024, Skyward Specialty provided funds for a new subsidiary, Skyward Specialty No. 1 Limited Company, a UK company authorized as a Lloyd’s corporate member to invest in Lloyd’s syndicates.

Financial Instruments Disclosed, But Not Carried, At Fair Value

Notes Payable

Included in notes payable is the Promissory Note described above between Skyward Specialty and HSIC. Skyward Specialty determined its fair value using the income approach utilizing inputs that are observable. The Promissory Note has been placed in Level 2 of the fair value hierarchy.

The following table sets forth the Company’s carrying and fair values of the Promissory Note as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Promissory Note	$	57,000	$	57,401	$	57,000	$	56,300

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

SCHEDULE IV — REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount	$ 1,622,594	$ 1,375,917	$ 1,155,835
Ceded to other companies	(724,881)	(601,857)	(520,663)
Assumed from other companies	406,792	282,662	193,971
Net earned premiums	1,304,505	1,056,722	829,143
Accident & Health
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount	254,102	173,073	151,702
Ceded to other companies	(143,811)	(86,503)	(79,091)
Assumed from other companies	0	0	0
Net earned premiums	$ 110,291	$ 86,570	$ 72,611
Percentage of amount assumed to net	0.00%	0.00%	0.00%
Property & Casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount	$ 1,430,309	$ 1,285,564	$ 1,089,478
Ceded to other companies	(616,193)	(533,151)	(470,047)
Assumed from other companies	481,825	284,595	218,649
Net earned premiums	$ 1,295,941	$ 1,037,008	$ 838,080
Percentage of amount assumed to net	37.20%	27.40%	26.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Amount of earned premiums ceded to other entities.

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Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our information technology systems (“IT Systems”) play a central role in running nearly all aspects of our business operations. Our IT Systems are used for a variety of critical business functions including, but not limited to, internal and external communications, managing our documents and records, and providing shared work environments across various business functions. Therefore, responding efficiently and effectively to cybersecurity incidents and threats is an important component of our overall ERM strategy. In order to respond to such incidents and threats, we have implemented a carefully designed Crisis Response Plan (“CRP”). Cybersecurity Risk Management and Strategy Our management and information technology personnel have implemented processes and procedures for assessing, identifying, managing and escalating material risks from cybersecurity threats. These processes and procedures have been integrated into our overall risk management processes. For example, cybersecurity related risks are included in the risk universe that our enterprise risk management committee evaluates on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. Further, security events and data incidents are evaluated, ranked by severity and prioritized for response and remediation. Incidents are evaluated to determine materiality as well as operational and business impact and reviewed for privacy impact. Our cybersecurity risk management program leverages the National Institute of Standards and Technology framework, which organizes cybersecurity risks into six categories: identify, protect, detect, respond, recover and govern. In addition, we have a set of Company-wide policies and procedures concerning cybersecurity matters, such as policies related to encryption standards, antivirus protection, remote access, multifactor authentication, confidential information and the use of the internet, social media and email. In the event of an incident, we intend to follow our detailed crisis response playbook. Further, we have continued to expand investments in IT security, including additional end-user training, using layered defenses, identifying and protecting critical assets, strengthening monitoring and alerting, and engaging experts. We regularly test defenses by performing simulations and drills at both a technical level (including through penetration tests) and by reviewing our operational policies and procedures with third-party experts. At the management level, our IT security team regularly monitors alerts and meets to discuss threat levels, trends and remediation. The team also prepares a quarterly cyber scorecard, regularly collects data on cybersecurity threats and risk areas and conducts an annual risk assessment. Further, we conduct periodic external penetration tests, red team testing and maturity testing to assess our processes and procedures and the threat landscape. These tests and assessments are useful tools for maintaining a robust cybersecurity program to protect our investors, customers, employees, vendors, and intellectual property. In the event of an incident, we have outside cybersecurity legal counsel who would consult and coordinate with other third parties involved in the incident, including communication and notification to third-parties as required; cybersecurity vendors that would perform various investigation services as well as assisting with the recovery and restoration of any impacted IT System services; cybersecurity experts who would assist with validation of the incident and assist with ransomware demands; and cybersecurity insurance providers. In addition, we have also implemented processes to oversee and identify risks from cybersecurity threats associated with our use of key third-party service providers, including requiring third-party service providers to provide provisions of their SOC-1 or SOC-2 report and their cybersecurity/disaster recovery plans.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our management and information technology personnel have implemented processes and procedures for assessing, identifying, managing and escalating material risks from cybersecurity threats. These processes and procedures have been integrated into our overall risk management processes. For example, cybersecurity related risks are included in the risk universe that our enterprise risk management committee evaluates on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. Further, security events and data incidents are evaluated, ranked by severity and prioritized for response and remediation. Incidents are evaluated to determine materiality as well as operational and business impact and reviewed for privacy impact.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity risk management and strategy processes are overseen by leaders from our Information Security Team with assistance from our Compliance and Legal teams. Such individuals have decades of experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our crisis response plan, and report to the Risk Committee on any appropriate items. Under its committee charter, the Risk Committee of our Board of Directors oversees our cybersecurity strategy, reviews our cybersecurity and other information technology risks, controls and procedures, and receives periodic updates from management regarding the adequacy and effectiveness of our cybersecurity measures. Included in this review is a thorough discussion of the risks from cybersecurity threats including the potential impact to our operations of such threats. We have also instituted a separate process for communicating with the Risk Committee in the event we are the target of a specific cybersecurity incident. As part of our response to such an incident, members of the Crisis Management Team would provide an initial awareness communication of the incident to our Chief Executive Officer/Chair of the Board who would in turn inform the Chair of the Risk Committee. Following an initial assessment of the incident by senior management and IT Systems personnel, we would provide a follow-up communication to the CEO and Risk Committee Chair and determine whether further escalation to the full Board is warranted. Although the risks from cybersecurity threats have not materially affected our business strategy, results of operations or financial condition, it is possible that a cybersecurity incident resulting in a serious compromise of our IT Systems or a demand for payment to restore our IT Systems, could have a material adverse effect on us by negatively impacting our ability to operate our business effectively and by diverting the attention of our management and other resources, including financial resources, to address the cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk management and strategy processes are overseen by leaders from our Information Security Team with assistance from our Compliance and Legal teams.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Under its committee charter, the Risk Committee of our Board of Directors oversees our cybersecurity strategy, reviews our cybersecurity and other information technology risks, controls and procedures, and receives periodic updates from management regarding the adequacy and effectiveness of our cybersecurity measures. Included in this review is a thorough discussion of the risks from cybersecurity threats including the potential impact to our operations of such threats.
Cybersecurity Risk Role of Management [Text Block]	Such individuals have decades of experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our crisis response plan, and report to the Risk Committee on any appropriate items. Under its committee charter, the Risk Committee of our Board of Directors oversees our cybersecurity strategy, reviews our cybersecurity and other information technology risks, controls and procedures, and receives periodic updates from management regarding the adequacy and effectiveness of our cybersecurity measures. Included in this review is a thorough discussion of the risks from cybersecurity threats including the potential impact to our operations of such threats. We have also instituted a separate process for communicating with the Risk Committee in the event we are the target of a specific cybersecurity incident. As part of our response to such an incident, members of the Crisis Management Team would provide an initial awareness communication of the incident to our Chief Executive Officer/Chair of the Board who would in turn inform the Chair of the Risk Committee. Following an initial assessment of the incident by senior management and IT Systems personnel, we would provide a follow-up communication to the CEO and Risk Committee Chair and determine whether further escalation to the full Board is warranted.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management and strategy processes are overseen by leaders from our Information Security Team with assistance from our Compliance and Legal teams. Such individuals have decades of experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our crisis response plan, and report to the Risk Committee on any appropriate items. Under its committee charter, the Risk Committee of our Board of Directors oversees our cybersecurity strategy, reviews our cybersecurity and other information technology risks, controls and procedures, and receives periodic updates from management regarding the adequacy and effectiveness of our cybersecurity measures. Included in this review is a thorough discussion of the risks from cybersecurity threats including the potential impact to our operations of such threats. We have also instituted a separate process for communicating with the Risk Committee in the event we are the target of a specific cybersecurity incident. As part of our response to such an incident, members of the Crisis Management Team would provide an initial awareness communication of the incident to our Chief Executive Officer/Chair of the Board who would in turn inform the Chair of the Risk Committee. Following an initial assessment of the incident by senior management and IT Systems personnel, we would provide a follow-up communication to the CEO and Risk Committee Chair and determine whether further escalation to the full Board is warranted.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Such individuals have decades of experience in various roles involving information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have also instituted a separate process for communicating with the Risk Committee in the event we are the target of a specific cybersecurity incident. As part of our response to such an incident, members of the Crisis Management Team would provide an initial awareness communication of the incident to our Chief Executive Officer/Chair of the Board who would in turn inform the Chair of the Risk Committee. Following an initial assessment of the incident by senior management and IT Systems personnel, we would provide a follow-up communication to the CEO and Risk Committee Chair and determine whether further escalation to the full Board is warranted.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Allowance for Credit Losses - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Credit Loss [Abstract]
Current period change for estimated uncollectible reinsurance	$ 13,585

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 77,365	$ 98,594
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	15,418	20,296
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	8,449	12,973
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 23,867	$ 33,269

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Notes Payable & Subordinated Debt (Details) - USD ($)					3 Months Ended	12 Months Ended
Notes Payable & Subordinated Debt (Details) - USD ($)	Dec. 30, 2025	Nov. 13, 2025	Oct. 01, 2025	Aug. 30, 2024	Dec. 31, 2025	Dec. 31, 2025	Jan. 01, 2026	Dec. 31, 2024	Mar. 31, 2023	May 31, 2019
Term Loan Credit Facility \| Low \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin					1.50%
Term Loan Credit Facility \| Low \| Base Rate
Debt Instrument [Line Items]
Margin					0.50%
Term Loan Credit Facility \| High \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin					1.90%
Term Loan Credit Facility \| High \| Base Rate
Debt Instrument [Line Items]
Margin					0.90%
Revolving Credit Facility \| Low \| Base Rate
Debt Instrument [Line Items]
Margin						0.50%
Revolving Credit Facility \| High \| Base Rate
Debt Instrument [Line Items]
Margin						0.90%
Line of Credit \| Term Loan Credit Facility
Debt Instrument [Line Items]
Debt instrument, variable rate					0.10%
Debt instrument, covenant, limitation on additional indebtedness maximum					$ 10,000,000.0	$ 10,000,000.0
Line of Credit \| Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin					1.00%
Debt instrument, interest rate floor					0.00%
Line of Credit \| Term Loan Credit Facility \| Base Rate
Debt Instrument [Line Items]
Margin					0.00%
Line of Credit \| Term Loan Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Margin					0.50%
Line of Credit \| Term Loan Credit Facility \| Low
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage					0.20%
Line of Credit \| Term Loan Credit Facility \| High
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage					0.35%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount					$ 150,000,000.0	$ 150,000,000.0
Proceeds from long term borrowings	$ 71,500,000		$ 43,000,000.0
Line of Credit \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Face amount							$ 250,000,000.0
Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin						1.00%
Debt instrument, interest rate floor						0.00%
Line of Credit \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Margin						0.00%
Line of Credit \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Margin						0.50%
Line of Credit \| Revolving Credit Facility \| Credit Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, variable rate						0.10%
Line of Credit \| Revolving Credit Facility \| Low
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage						0.20%
Line of Credit \| Revolving Credit Facility \| High
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage						0.35%
FHLB Loan \| Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Debt instrument, term				4 years 6 months
Face amount				$ 57,000,000.0
Stated interest rate				4.00%
Tranche A DDTL \| Unsecured Debt
Debt Instrument [Line Items]
Face amount					150,000,000.0	$ 150,000,000.0
Proceeds from Loans	150,000,000.0
Tranche B DDTL \| Unsecured Debt
Debt Instrument [Line Items]
Face amount					150,000,000.0	$ 150,000,000.0
Proceeds from Loans	$ 150,000,000.0
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Low \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin						1.50%
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| High \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin						1.90%
Revolving Line Of Credit Due December 2023 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 150,000,000.0
Interest expense, long-term debt		$ 300,000
Revolving Line Of Credit Due December 2023 \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 30,000,000.0
Amortization of debt issuance costs		$ 600,000
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Principal										$ 20,000,000.0
Debt term										8 years
Debt issuance costs					$ 400,000	$ 400,000		$ 500,000
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs \| Debt Interest Rate, First 8 Years
Debt Instrument [Line Items]
Stated interest rate										7.25%
Debt term										8 years
Subordinate Debt Due 2039 \| Subordinated debt, net of debt issuance costs \| Debt Interest Rate, After Year 8
Debt Instrument [Line Items]
Stated interest rate										8.25%

Subsequent Events (Details) - Apollo Group Holdings Limited $ in Millions	Jan. 01, 2026 USD ($)	Sep. 02, 2025 agreement
Subsequent Event [Line Items]
Business combination, number purchase agreement \| agreement		2
Business combination, issued share capital percentage		87.00%
Issued share capital acquire		100.00%
Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred \| $	$ 555.0

Reserves for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	$ (7,500)	$ 25,700	$ 10,800
Prior year claims incurred, unfavorable (favorable) development	(7,471)	25,728	10,770
Short-Tail/Monoline Specialty Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	(24,600)
Multi-line Solutions
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	(5,300)	10,100
Prior year claims incurred, unfavorable (favorable) development			$ 11,700
Exited Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	$ 22,400	$ 15,200

SCHEDULE II — STATEMENTS OF OPERATIONS (PARENT COMPANY)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — STATEMENTS OF OPERATIONS (PARENT COMPANY)

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (PARENT COMPANY)


	December 31,
($ in thousands)	2025		2024
Assets
Investments:
Investment in subsidiaries	$	1,076,288	$	853,670
Short-term investments, at fair value	14,513		14,000
Total investments	1,090,801		867,670
Cash and cash equivalents	3,500		2,943

Deferred income taxes	27,865		30,486
Goodwill and intangible assets, net	14,349		12,641
Other assets	10,709		2,905
Total assets	$	1,147,224	$	916,645
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	17,680	$	3,110
Notes payable	100,410		100,000

Subordinated debt, net of debt issuance costs	19,569		19,536
Total liabilities	137,659		122,646
Stockholders’ Equity:
Stockholders’ equity	1,009,565		793,999
Total liabilities and stockholders’ equity	$	1,147,224	$	916,645

SCHEDULE II — STATEMENTS OF OPERATIONS

(PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Revenues:

Net investment income	$	3,371	$	3,212	$	3,822
Net investment gains (losses)	—		963		(963)
Other loss	—		(2)		(27)
Total revenues	3,371		4,173		2,832
Expenses
Operating expenses	7,899		10,632		—
Interest expense	6,762		8,140		9,815
Amortization expense	620		920		313
Other expenses	17,962		9,646		451
Total expenses	33,243		29,338		10,579
Loss before income tax expense	(29,872)		(25,165)		(7,747)
Income tax expense	45,860		33,578		6,808
Loss before equity in earnings of subsidiaries	(75,732)		(58,743)		(14,555)
Equity in undistributed earnings of subsidiaries	245,760		177,571		100,539
Net income	$	170,028	$	118,828	$	85,984

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	170,028	$	118,828	$	85,984
Adjustments to reconcile net income to net cash used in operating activities	(175,769)		(121,563)		(95,947)
Net cash used in operating activities	(5,741)		(2,735)		(9,963)
Cash flows from investing activities:
Purchase of intangible assets and goodwill	(2,000)		—		—
Capital contributions to subsidiaries	(100)		—		(122,800)
Distributions from investment in subsidiaries	8,500		8,500		6,500
Change in short-term investments	(513)		(3,407)		(10,569)
Net cash provided by (used in) investing activities	5,887		5,093		(126,869)
Cash flows from financing activities:
Repayment of stock notes receivable	—		5,561		1,350
Proceeds from long term borrowings	43,411		107,000		50,000
Payments on long term borrowings and trust preferred	(43,000)		(115,000)		(50,000)
Proceeds from equity offerings	—		—		128,887
Proceeds from employee stock purchase plan	—		—		710
Net cash provided by (used in) financing activities	411		(2,439)		130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	557		(81)		(5,885)
Cash and cash equivalents and restricted cash at beginning of year	2,943		3,024		8,909
Cash and cash equivalents and restricted cash at end of year	$	3,500	$	2,943	$	3,024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,149	$	8,573	$	10,667

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

CONTINUED

Notes to Financial Statements

Financial Instruments Disclosed, But Not Carried, At Fair Value

Notes Payable

The following table sets forth the Company’s carrying and fair values of the Promissory Note as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Promissory Note	$	57,000	$	57,401	$	57,000	$	56,300

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13 [Member]
Valuation Allowance For Deferred Tax Assets
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance	$ 586	$ 586	$ 586
Charged to costs and expenses	68	0	0
Amounts written off	0	0	0
Recoveries of amounts previously written off	0	0	0
Valuation allowances and reserves, amount, ending balance	654	586	586
Valuation Allowance For Deferred Tax Assets \| Period of adoption, adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance			0
Allowance for Uncollectible Reinsurance Recoverable
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance	2,295	2,295	0
Charged to costs and expenses	0	13,585	0
Amounts written off	0	(13,585)	0
Recoveries of amounts previously written off	0	0	0
Valuation allowances and reserves, amount, ending balance	2,295	2,295	2,295
Allowance for Uncollectible Reinsurance Recoverable \| Period of adoption, adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance			2,295
Allowance for Uncollectible Premiums Receivable
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance	2,432	964	629
Charged to costs and expenses	2,351	3,235	748
Amounts written off	(2,141)	(1,895)	(513)
Recoveries of amounts previously written off	498	128	100
Valuation allowances and reserves, amount, ending balance	$ 3,140	$ 2,432	964
Allowance for Uncollectible Premiums Receivable \| Period of adoption, adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, amount, beginning balance			$ 0

Stock Based Compensation - Schedule of Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Weighted-Average Exercise Price
Forfeited, weighted average exercise price (in dollar per share)	$ 15.00
Stock
Outstanding, beginning of period (in shares)	759,990
Forfeited (in shares)	(219)
Outstanding, ending of period (in shares)	759,771
Outstanding (in shares)	759,771	759,990

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Dec. 31, 2025	Dec. 31, 2024
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	11.10%	8.00%
Loans receivable	8.34%	10.00%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	4.25%	5.70%
Loans receivable	6.55%	7.00%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	6.40%	6.60%
Loans receivable	7.74%	7.93%

Underwriting, Acquisition and Insurance Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Amortization of policy acquisition costs	$	195,422	$	149,975	$	108,514
Other operating and general expenses	181,937		161,782		134,930
Total underwriting, acquisition and insurance expenses	$	377,359	$	311,757	$	243,444

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 170,028

$ 118,828

$ 85,984

Net investment (gains) losses

(22,149)

(6,342)

(11,054)

Depreciation and amortization expense

3,535

3,358

3,891

Stock-based compensation expense

11,960

9,395

8,525

Undistributed earnings (loss) from long-term investments

10,122

(6,252)

6,730

Net change in fair value of derivatives

(34,857)

Deferred income tax, net

(6,397)

(8,708)

9,383

Premiums receivable, net

(222,576)

(142,406)

(40,020)

Reinsurance recoverables, net

(262,004)

(261,542)

(17,270)

Ceded unearned premium

(35,047)

(17,780)

(28,476)

Deferred policy acquisition costs

(22,917)

(21,228)

(23,017)

Federal income taxes

1,797

4,500

(1,892)

Losses and loss adjustment expenses

536,511

467,882

172,744

Unearned premiums

136,850

84,653

110,023

Deferred ceding commission

6,019

3,377

7,208

Reinsurance and premium payables

102,818

26,914

36,460

Funds held for others

25,338

44,077

21,730

Accounts payable and accrued liabilities

37,032

19,177

2,285

Other, net

(27,987)

(12,788)

(5,047)

Net cash provided by operating activities

408,076

305,115

338,187

Cash flows from investing activities:

Purchase of fixed maturity securities, available-for-sale

(910,039)

(617,606)

(459,672)

Purchase of illiquid investments

(75)

(1,675)

Purchase of equity securities

(13,213)

(14,077)

(26,009)

Purchase of equity method investments and other long-term investments

(6,814)

(32,173)

Purchase of intangible assets and goodwill

(2,000)

(50)

Investment in direct and indirect loans

19,674

27,480

2,984

Purchase of property and equipment

(5,454)

(4,224)

(3,108)

Proceeds from the sales of fixed maturity securities, available-for-sale

198,195

217,468

26,626

Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale

183,951

122,694

48,957

Maturities, calls and paydowns of fixed maturity securities held-to-maturity

4,357

6,015

11,444

Proceeds from the sales of equity securities

126,738

37,534

40,201

Sales of and distributions from equity method and other long-term investments

11,902

14,073

3,572

Change in short-term investments

10,626

(4,799)

(149,068)

Change in receivable/payable for securities

11,928

Cash provided by deposit accounting

3,251

3,962

11,913

Net cash used in investment activities

(366,898)

(243,694)

(493,809)

Cash flows from financing activities:

Employee share purchases

1,350

Repayment of stock notes receivable

5,562

Proceeds from long term borrowings

43,411

107,000

50,000

Payments on long term borrowings and trust preferred

(43,000)

(116,794)

(50,000)

Proceeds from initial public offering

129,597

Net cash provided by (used in) financing activities

411

(4,232)

130,947

Net increase (decrease) in cash and cash equivalents and restricted cash

41,589

57,189

(24,675)

Cash and cash equivalents and restricted cash at beginning of period

^[1]

157,525

100,336

125,011

Cash and cash equivalents and restricted cash at end of period

^[1]

199,114

157,525

100,336

Supplemental disclosure of cash flow information:

Cash paid for interest

$ 6,149

$ 8,573

$ 10,667

[1]	(1) The sum of cash and cash equivalents and restricted cash from the Consolidated Balance Sheets

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT - Schedule of Carrying and Fair Values of the Promissory Note (Details) - Promissory Note - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory Note	$ 57,000	$ 57,000
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory Note	$ 57,401	$ 56,300

- Definition

Fair value portion of notes payable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On September 2, 2025, the Company entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers"). Pursuant to the Apollo Majority SPAs, in accordance with the terms and subject to the conditions therein, the Company agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, closing of the transaction ("Closing") was conditioned upon the Company acquiring 100% of the issued share capital of Apollo (the “Acquisition”) at Closing pursuant to additional short-form share purchase agreements with the remaining minority shareholders of Apollo. On January 1, 2026, the Company completed the acquisition for aggregate consideration of approximately $555.0 million, payable in a combination of cash and newly issued shares of the Company’s common stock. The acquisition closed shortly before the issuance of these consolidated financial statements, therefore, the initial accounting under ASC 805 is not yet complete. The Company is obtaining and evaluating the information necessary to determine the identifiable assets acquired, liabilities assumed, and any resulting goodwill or intangible assets. The required purchase accounting disclosures will be provided in future filings once available. The Company evaluated subsequent events from December 31, 2025, through the date these consolidated financial statements were issued and did not identify any additional subsequent events requiring disclosure.

Stock Based Compensation - Schedule of Nonvested Share Activity (Details) - Restricted Stock Awards And Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-Average Grant-Date Fair Value
Non-vested, beginning period (in dollar per share)	$ 19.06	$ 15.13	$ 12.55
Granted (in dollars per share)	47.77	31.72	16.07
Vested (in dollars per share)	15.33	13.16	13.39
Forfeited (in dollars per share)	25.74	18.27	15.29
Non-vested, ending period (in dollar per share)	$ 27.06	$ 19.06	$ 15.13
Stock and Stock Units
Non-vested, beginning period (in shares)	1,325,483	1,445,449	419,896
Granted (in shares)	254,978	268,631	1,101,856
Vested (in shares)	(391,746)	(285,957)	(40,645)
Forfeited (in shares)	(53,247)	(102,640)	(35,658)
Non-vested, ending period (in shares)	1,135,468	1,325,483	1,445,449

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — STATEMENTS OF OPERATIONS (PARENT COMPANY)

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (PARENT COMPANY)


	December 31,
($ in thousands)	2025		2024
Assets
Investments:
Investment in subsidiaries	$	1,076,288	$	853,670
Short-term investments, at fair value	14,513		14,000
Total investments	1,090,801		867,670
Cash and cash equivalents	3,500		2,943

Deferred income taxes	27,865		30,486
Goodwill and intangible assets, net	14,349		12,641
Other assets	10,709		2,905
Total assets	$	1,147,224	$	916,645
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	17,680	$	3,110
Notes payable	100,410		100,000

Subordinated debt, net of debt issuance costs	19,569		19,536
Total liabilities	137,659		122,646
Stockholders’ Equity:
Stockholders’ equity	1,009,565		793,999
Total liabilities and stockholders’ equity	$	1,147,224	$	916,645

SCHEDULE II — STATEMENTS OF OPERATIONS

(PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Revenues:

Net investment income	$	3,371	$	3,212	$	3,822
Net investment gains (losses)	—		963		(963)
Other loss	—		(2)		(27)
Total revenues	3,371		4,173		2,832
Expenses
Operating expenses	7,899		10,632		—
Interest expense	6,762		8,140		9,815
Amortization expense	620		920		313
Other expenses	17,962		9,646		451
Total expenses	33,243		29,338		10,579
Loss before income tax expense	(29,872)		(25,165)		(7,747)
Income tax expense	45,860		33,578		6,808
Loss before equity in earnings of subsidiaries	(75,732)		(58,743)		(14,555)
Equity in undistributed earnings of subsidiaries	245,760		177,571		100,539
Net income	$	170,028	$	118,828	$	85,984

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	170,028	$	118,828	$	85,984
Adjustments to reconcile net income to net cash used in operating activities	(175,769)		(121,563)		(95,947)
Net cash used in operating activities	(5,741)		(2,735)		(9,963)
Cash flows from investing activities:
Purchase of intangible assets and goodwill	(2,000)		—		—
Capital contributions to subsidiaries	(100)		—		(122,800)
Distributions from investment in subsidiaries	8,500		8,500		6,500
Change in short-term investments	(513)		(3,407)		(10,569)
Net cash provided by (used in) investing activities	5,887		5,093		(126,869)
Cash flows from financing activities:
Repayment of stock notes receivable	—		5,561		1,350
Proceeds from long term borrowings	43,411		107,000		50,000
Payments on long term borrowings and trust preferred	(43,000)		(115,000)		(50,000)
Proceeds from equity offerings	—		—		128,887
Proceeds from employee stock purchase plan	—		—		710
Net cash provided by (used in) financing activities	411		(2,439)		130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	557		(81)		(5,885)
Cash and cash equivalents and restricted cash at beginning of year	2,943		3,024		8,909
Cash and cash equivalents and restricted cash at end of year	$	3,500	$	2,943	$	3,024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,149	$	8,573	$	10,667

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

CONTINUED

Notes to Financial Statements

Financial Instruments Disclosed, But Not Carried, At Fair Value

Notes Payable

The following table sets forth the Company’s carrying and fair values of the Promissory Note as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Promissory Note	$	57,000	$	57,401	$	57,000	$	56,300

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

Allowance for Credit Losses- Schedule of Reinsurance Recoverable, Credit Quality Indicator (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost		$ 22,700
Reinsurer concentration risk \| Reinsurance recoverable including reinsurance premium paid \| A- and above
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 652,178
Percent of Total	98.20%
Reinsurer concentration risk \| Reinsurance recoverable including reinsurance premium paid \| B++ to B+
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 5,077
Percent of Total	0.80%
Reinsurer concentration risk \| Reinsurance recoverable including reinsurance premium paid \| B to B -
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 28
Percent of Total	0.00%
Reinsurer concentration risk \| Reinsurance recoverable including reinsurance premium paid \| Not rated
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 6,919
Percent of Total	1.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Amount before valuation allowance recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, premium paid, policy benefits and policy reserves.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477363/944-310-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net earned premiums	$ 1,304,505	$ 1,056,722	$ 829,143
Fair Value Measured at Net Asset Value Per Share
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure	55,600	28,200
Unrecorded unconditional purchase obligation	18,300	24,400
Net earned premiums	$ 41,500	$ 2,500

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Statutory Accounting Principles and Regulatory Matters (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Statutory net income	$ 159.1	$ 108.2	$ 73.1
Statutory capital and surplus	$ 872.0	$ 710.6

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Written
Direct premiums	$ 1,684,411	$ 1,458,637	$ 1,241,180
Assumed premiums	481,825	284,595	218,649
Ceded premiums	(760,004)	(619,654)	(549,138)
Net premiums	1,406,232	1,123,578	910,691
Earned
Direct premiums	1,622,594	1,375,917	1,155,835
Assumed premiums	406,792	282,662	193,971
Ceded premiums	(724,881)	(601,857)	(520,663)
Net premiums	1,304,505	1,056,722	829,143
Ceded losses and LAE incurred	$ 697,978	$ 534,295	$ 337,011

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Net earned premiums	$ 1,304,505	$ 1,056,722	$ 829,143
Commission and fee income	6,855	6,703	6,064
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	(587)	(167)	(632)
Total revenues	1,416,541	1,150,200	885,969
Expenses:
Losses and loss adjustment expenses	795,022	669,809	515,237
Underwriting, acquisition and insurance expenses	377,359	311,757	243,444
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Total expenses	1,200,117	997,461	775,867
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	170,028	118,828	85,984
Net income attributable to participating securities	0	0	1,677
Net income attributable to common stockholders	170,028	118,828	84,307
Comprehensive income
Net income	170,028	118,828	85,984
Unrealized gains and losses on investments:
Net change in unrealized gains on investments, net of tax	33,092	9,792	25,516
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	485	(8,959)	(4,984)
Total other comprehensive income	33,577	833	20,532
Comprehensive income	$ 203,605	$ 119,661	$ 106,516
Per share data:
Basic earnings per share (in dollar per share)	$ 4.21	$ 2.97	$ 2.34
Diluted earnings per share (in dollar per share)	$ 4.07	$ 2.87	$ 2.24
Weighted-average common shares outstanding
Basic (in shares)	40,407,310	40,056,475	36,031,907
Diluted (in shares)	41,808,046	41,377,460	38,317,534

Statutory Accounting Principles and Regulatory Matters	12 Months Ended
Statutory Accounting Principles and Regulatory Matters	Dec. 31, 2025
Insurance [Abstract]
Statutory Accounting Principles and Regulatory Matters	Statutory Accounting Principles and Regulatory Matters The Company’s statutory net income was $159.1 million, $108.2 million and $73.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company’s statutory capital and surplus was $872.0 million and $710.6 million as of December 31, 2025 and 2024, respectively. Effective December 31, 2024, the Company restacked its insurance company subsidiaries and GMIC became the lead insurance company which resulted in the following changes: •HSIC became a wholly owned subsidiary of GMIC; •IIC became a wholly owned subsidiary of HSIC; and, •OSIC became a wholly owned subsidiary of IIC. Dividend payments to the Company from GMIC are restricted by Texas state law as to the amount that may be paid without the approval of regulatory authorities. The maximum amount of dividends which can be paid by GMIC without prior approval is subject to restrictions relating to policyholder surplus, net income, and dividends declared or distributed during the preceding 12 months. As of December 31, 2025, GMIC, as a company domiciled in Texas and subject to state insurance regulations, is restricted to paid dividends of the greater of ten percent of prior year ending capital and surplus or prior year net income. GMIC did not declare or pay any dividend during the year ended December 31, 2025 and HSIC did not declare or pay any dividends during the year ended December 31, 2024. Property and casualty insurance companies are subject to certain Risk Based Capital (“RBC”) requirements as specified by the National Association of Insurance Commissioners (“NAIC”). Under those requirements, the amount of capital and surplus maintained by a property and casualty insurance company is to be determined based on the various risk factors related to it. As of December 31, 2025 and 2024 GMIC’s statutory capital and surplus substantially exceeded the regulatory requirements.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Mortgage Loans - Narrative (Details) - USD ($)	12 Months Ended
Mortgage Loans - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of property appraisal value	64.00%
Mortgage loans uncollectable write-off	$ 0	$ 0
Mortgage loans in foreclosure	0	0
Mortgage loans not producing income	$ 0	$ 0
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	2 years
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	4 years

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table presents the components of property and equipment as of December 31, 2025 and 2024, which are included within other assets on the Consolidated Balance Sheets:



(in thousands)	2025		2024
Leasehold improvements	$	3,434	$	3,056
Equipment	4,750		4,506
Software	39,263		33,972

	47,447		41,534
Accumulated depreciation	(32,307)		(29,355)
Total	$	15,140	$	12,179

Depreciation expense related to property and equipment was $3.3 million, $2.9 million, and $3.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is presented in underwriting, acquisition and insurance expenses on the Consolidated Statements of Operations.

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax expense		$ 42,626	$ 14,736
Deferred tax (benefit) expense related to temporary differences		(8,715)	9,382
Total income tax expense	$ 46,396	$ 33,911	$ 24,118

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (i)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Investments - Schedule of Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Amortized Cost	$ 1,848,755	$ 1,320,266
Gross Unrealized Gains	31,378	10,636
Gross Unrealized Losses	(16,830)	(38,684)
Allowance for Credit Losses	(7,000)	0
Fair Value	1,856,303	1,292,218
Fixed maturity securities, held-to-maturity:
Amortized Cost	33,290	39,396
Gross Unrealized Gains	829	0
Gross Unrealized Losses	(48)	(436)
Allowance for Credit Losses	(468)	(243)	$ (329)
Fair Value	33,603	38,717
U.S. government securities
Fixed maturity securities, available-for-sale:
Amortized Cost	44,190	26,577
Gross Unrealized Gains	292	35
Gross Unrealized Losses	(14)	(126)
Allowance for Credit Losses	0	0
Fair Value	44,468	26,486
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Amortized Cost	632,244	433,298
Gross Unrealized Gains	14,223	5,618
Gross Unrealized Losses	(3,080)	(13,288)
Allowance for Credit Losses	(7,000)	0
Fair Value	636,387	425,628
Municipal securities
Fixed maturity securities, available-for-sale:
Amortized Cost	102,691	89,966
Gross Unrealized Gains	1,725	116
Gross Unrealized Losses	(2,300)	(5,366)
Allowance for Credit Losses	0	0
Fair Value	102,116	84,716
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	487,145	408,585
Gross Unrealized Gains	8,928	1,875
Gross Unrealized Losses	(9,486)	(16,627)
Allowance for Credit Losses	0	0
Fair Value	486,587	393,833
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	72,631	70,262
Gross Unrealized Gains	1,016	545
Gross Unrealized Losses	(597)	(1,443)
Allowance for Credit Losses	0	0
Fair Value	73,050	69,364
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	509,854	291,578
Gross Unrealized Gains	5,194	2,447
Gross Unrealized Losses	(1,353)	(1,834)
Allowance for Credit Losses	0	0
Fair Value	513,695	292,191
Fixed maturity securities, held-to-maturity:
Amortized Cost	33,290	39,396
Gross Unrealized Gains	829	0
Gross Unrealized Losses	(48)	(436)
Allowance for Credit Losses	(468)	(243)
Fair Value	$ 33,603	$ 38,717

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Premiums receivable, net	$ 544,217	$ 321,641	$ 179,235
Professional fees and reimbursements \| Related Party
Related Party Transaction [Line Items]
Professional fees	$ 600	600	$ 3,600
RISCOM \| Agency agreement \| Affiliated entity
Related Party Transaction [Line Items]
Agreement, ownership interest	20.00%
Premiums receivable, net	$ 13,900	$ 12,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Equity Method Investments and Other (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Carrying Value of Equity Method Investments

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of December 31, 2025 and 2024:


($ in thousands)	2025				2024
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	26,936	14.0	%	$	34,936	15.3	%
Arena SOP LP units	—		11.2	%	1,474		10.9	%
Brewer Lane Ventures Fund II LP units	2,251		2.4	%	1,040		2.4	%
Dowling Capital Partners LP units	590		5.0	%	666		5.0	%
Hudson Ventures Fund 2 LP units	5,503		2.5	%	4,967		2.5	%
JVM Funds LLC units	14,911		10.1	%	17,229		10.1	%

RISCOM	3,307		20.0	%	5,013		20.0	%
	$	53,498			$	65,325

The following table sets forth the components of net investment income (loss) from equity method investments for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Arena SOP LP units	(1,474)		(989)		(6,271)
Arena Special Opportunities Fund, LP units	(3,163)		2,375		(2,880)
Brewer Lane Ventures Fund II LP	91		(110)		(78)
Dowling Capital Partners LP units	431		1,463		927
Hudson Ventures Fund II LP units	480		(153)		170
JVM Funds LLC	(541)		(1,554)		(1,198)
RISCOM	1,493		1,492		884
Universa Black Swan LP units	—		—		(988)
	$	(2,683)	$	2,524	$	(9,434)

The following table sets forth the unfunded commitment of equity method investments as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Brewer Lane Ventures Fund II LP units	$	3,237	$	4,077
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	166		397
Red Bird Capital Partners LP units	18,305		24,400
	$	22,094	$	29,260

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Investment in RISCOM:
Underlying equity	$	2,292	$	3,756
Difference	1,015		1,258
Recorded investment balance	$	3,307	$	5,013

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Investment in JVM Funds LLC:
Underlying equity	$	14,457	$	16,624
Difference	454		605
Recorded investment balance	$	14,911	$	17,229

The carrying value of the SMA1 and SMA2 as of December 31, 2025 and 2024 were as follows:


($ in thousands)	2025		2024

SMA1	$	15,418	$	20,296
SMA2	8,449		12,973
Investment in indirect loans and loan collateral	$	23,867	$	33,269

Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table sets forth the carrying value of the Company’s mortgage loans as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Commercial	$	3,334	$	8,474
Retail	—		10,032
Hospitality	6,568		7,984



	$	9,902	$	26,490

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Fixed maturity securities, available-for-sale	$	198,195	$	217,468	$	26,626
Equity securities	126,738		37,534		40,201

The following table sets forth the components of net investment income for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Income (loss):
Fixed maturity securities, available-for-sale	$	80,302	$	57,574	$	34,703
Fixed maturity securities, held-to-maturity	(804)		4,091		4,181
Equity securities	1,223		2,720		3,418
Equity method investments	(2,683)		2,524		(9,434)
Mortgage loans	1,622		5,153		5,474
Indirect loans	(8,129)		(2,400)		(4,155)
Short-term investments and cash	12,828		14,851		11,392
Other	3,307		3,000		318
Total investment income	87,666		87,513		45,897
Investment expenses	(4,047)		(6,913)		(5,557)
Net investment income	$	83,619	$	80,600	$	40,340

The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Commercial	$	432	$	2,025	$	2,340
Retail	304		1,853		1,853
Hospitality	886		1,277		1,034
Office	—		—		203
Multi-family	—		—		44


	$	1,622	$	5,155	$	5,474

Segment - Schedule of Return on Equity and Book Value Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Return on equity	18.90%	16.30%	15.90%
Book value per share (in dollars per share)	$ 24.92	$ 19.79	$ 16.72

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,848,755 and $1,320,266, respectively)	$ 1,856,303	$ 1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $468 and $243, respectively)	32,822	39,153
Equity securities, at fair value	1,174	106,254
Mortgage loans, at fair value	9,902	26,490
Equity method investments	77,365	98,594
Other long-term investments	58,650	33,182
Short-term investments, at fair value	264,299	274,929
Total investments	2,300,515	1,870,820
Cash and cash equivalents	168,544	121,603
Restricted cash	30,570	35,922
Premiums receivable, net	544,217	321,641
Reinsurance recoverables, net	1,119,880	857,876
Ceded unearned premium	238,948	203,901
Deferred policy acquisition costs	136,100	113,183
Deferred income taxes	27,865	30,486
Goodwill and intangible assets, net	88,040	87,348
Other assets	137,173	86,698
Total assets	4,791,852	3,729,478
Liabilities:
Reserves for losses and loss adjustment expenses	2,318,894	1,782,383
Unearned premiums	774,035	637,185
Deferred ceding commission	46,453	40,434
Reinsurance and premium payables	279,888	177,070
Funds held for others	128,003	102,665
Accounts payable and accrued liabilities	115,034	76,206
Carrying Value	100,411	100,000
Subordinated debt, net of debt issuance costs	19,569	19,536
Total liabilities	3,782,287	2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively	405	401
Additional paid-in capital	730,555	718,598
Accumulated other comprehensive income (loss)	11,457	(22,120)
Retained earnings	267,148	97,120
Total stockholders’ equity	1,009,565	793,999
Total liabilities and stockholders’ equity	$ 4,791,852	$ 3,729,478

Notes Payable & Subordinated Debt	12 Months Ended
Notes Payable & Subordinated Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Notes Payable & Subordinated Debt	Notes Payable & Subordinated Debt FHLB Loan On August 30, 2024, the Company entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. The Company used the proceeds to fund redemptions of the draws on the 2023 Revolving Credit Facility (see “Revolving Credit Facilities” below). Term Loan Facility During the fourth quarter of 2025, the Company entered into a Term Loan Credit Agreement (the “Term Loan Facility”) with a syndicate of participating banks. The Term Loan Facility includes (a) an unsecured senior delayed draw term loan facility (“DDTL”) in the aggregate principal amount of $150.0 million (the “Tranche A DDTL”) and (b) an additional unsecured senior DDTL in the aggregate principal amount of $150.0 million (the “Tranche B DDTL” and together with the Tranche A DDTL, the “Term Loan Facility”). The Term Loan Facility was used by the Company to fund a portion of the consideration of the Company’s acquisition of Apollo Group Holdings Limited (“Apollo”) and related transaction fees and expenses. Amounts drawn under the Term Loan Facility bear interest at either term SOFR plus a margin, which ranges from 150 basis points to 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then-current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The Tranche A DDTL matures on January 1, 2028 and the Tranche B DDTL matures on July 2, 2029. On December 30, 2025, the Company drew $150.0 million of the Tranche A DDTL and $150.0 million of the Tranche B DDTL for the acquisition of Apollo on January 1, 2026. The Term Loan Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness exceeding $10.0 million and on the Company’s ability to make distributions to its stockholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants, including financial covenants relating to our minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating and minimum liquidity, as well as customary events of default. As of December 31, 2025, the Company was in compliance with all covenants. The Term Loan Facility is unsecured. In connection with the Revolving Credit Facility (defined below), during the fourth quarter of 2025, the Company and the subsidiary guarantors party thereto, entered into a guaranty agreement, pursuant to which the Company’s obligations under the Term Loan Facility are guaranteed by the Company and its existing wholly-owned subsidiaries and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions. Revolving Credit Facilities During the fourth quarter of 2025, the Company, entered into a Credit Agreement (the “Revolving Credit Facility”) with a syndicate of participating banks. The Revolving Credit Facility is unsecured and provided the Company with up to a initial maximum principal amount of $150.0 million which was increased to $250.0 million on the closing date of the Company’s acquisition of Apollo. The Company initially drew $43.0 million, which was used to redeem the Company’s prior revolving credit facility (described below). On December 30, 2025, the company drew an additional $71.5 million which was used for the consideration paid for the acquisition of Apollo. The proceeds from the draws on the Term Loan Facility and the draw of the Revolving Credit Facility are presented net with the liabilities on the Consolidated Balance Sheets for the year ended December 31, 2025. The proceeds were used for the acquisition of Apollo on January 1, 2026. Interest on the Revolving Credit Facility is payable quarterly. Amounts drawn under the Facility bear interest at either term SOFR plus a margin, which will range from 150 and 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The availability period under the Facility will terminate on November 12, 2030. The Company is subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity, as well as customary events of default. As of December 31, 2025, the Company was in compliance with all covenants. During the first quarter of 2023, the Company entered into an agreement to obtain a unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of participating banks. The 2023 Revolving Credit Facility provided the Company with up to a $150.0 million revolving credit facility and a letter of credit sub-facility of up to $30.0 million. On November 13, 2025, the Company redeemed the 2023 Revolving Credit Facility, paid $0.3 million of accrued interest and recognized $0.6 million of expense for the remaining unamortized deferred financing costs. Debentures In May 2019, the Company entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of 8 year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. The Company reports debt related to the Notes in its December 31, 2025 and 2024 Consolidated Balance Sheets, net of debt issuance costs of approximately $0.4 million and $0.5 million, respectively. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Total underwriting, acquisition and insurance expenses	$ 377,359	$ 311,757	$ 243,444

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company sponsors the 401(k) Plan (the “Plan”). The Plan, available to substantially all its employees, is subject to provisions of the Employee Retirement Income Security Act of 1974. The Company matches employee contributions on a discretionary basis. During the years ended December 31, 2025, 2024 and 2023, the Company contributed $3.9 million, $3.2 million, and $2.9 million in matching contributions to the Plan, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Mortgage Loans

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Mortgage Loans

The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of December 31, 2025 and 2024, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.

The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate and mature in approximately 2 to 4 years from loan origination. The principal amounts of the loans are approximately 64% of the property’s appraised value at the time the loans were made.

The following table sets forth the carrying value of the Company’s mortgage loans as of December 31, 2025 and 2024:


($ in thousands)	2025		2024
Commercial	$	3,334	$	8,474
Retail	—		10,032
Hospitality	6,568		7,984



	$	9,902	$	26,490

The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Commercial	$	432	$	2,025	$	2,340
Retail	304		1,853		1,853
Hospitality	886		1,277		1,034
Office	—		—		203
Multi-family	—		—		44


	$	1,622	$	5,155	$	5,474

The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, no mortgage loans were in the process of foreclosure and there were no mortgage loans that were not producing income for the previous 12 months.

Equity Method Investments and Other - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 83,619	$ 80,600	$ 40,340
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(2,683)	2,524	(9,434)
Arena SOP LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,474)	(989)	(6,271)
Arena Special Opportunities Fund, LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(3,163)	2,375	(2,880)
Brewer Lane Ventures Fund II LP \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	91	(110)	(78)
Dowling Capital Partners LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	431	1,463	927
Hudson Ventures Fund II LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	480	(153)	170
JVM Funds LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(541)	(1,554)	(1,198)
RISCOM \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	1,493	1,492	884
Universa Black Swan LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 0	$ 0	$ (988)

Reserves for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reserves for Losses and Loss Adjustment Expenses

The Company presents its loss development on a consolidated basis; however, it evaluates net ultimate loss and LAE under three sub-categories: multi-line solutions, short-tail/monoline specialty lines and exited lines. The Company determined that these disaggregated groupings have more homogeneous risk characteristics with similar development patterns and are generally subject to similar trends.

Short-tail/Monoline Specialty Lines

Short-tail/monoline specialty lines includes the Company’s global property & agriculture, accident & health, surety, and professional lines underwriting divisions. These are market niches for which the Company serves with monoline solutions which generally have shorter durations for losses to fully develop. Losses for these lines are generally reported within a short period of time from the date of loss, and in most instances, claims are settled and paid within a relatively short timeframe. Short tail/monoline specialty can be impacted by larger losses which can be more complex due to factors such as difficulty determining actual damages, legal and regulatory impediments potentially extending the period of time it takes to settle and pay claims.

Multi-line Solutions

Multi-line solutions includes the Company’s industry solutions, programs, captives and transactional E&S underwriting divisions. These are market niches for which the Company provides multiple products most frequently as an integrated solution. The multi-line solution subcategory is made up predominantly of occurrence liability including general liability, excess liability, and commercial auto. Multi-line solutions have a longer duration for losses to fully develop compared to short-tail/monoline specialty lines. Due to the unique claim characteristics of each product and the longer-tail nature of the multi-line solutions, this introduces more uncertainty as over time the claims can be impacted by changes in regulation, inflation and other unforeseen factors.

Exited lines

Exited lines includes all underwriting units that the Company placed in run-off and are presented separately from on-going lines of business.

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the Consolidated Balance Sheets as of and for the years ended December 31, 2025 and 2024:



($ in thousands)	2025		2024		2023
Reserves for losses and LAE, beginning of period	$	1,782,383	$	1,314,501	$	1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)		(455,484)		(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,111,537		859,017		705,771
Incurred, net of reinsurance, related to:
Current period	810,375		657,783		505,894
Prior years	(7,471)		25,728		10,770
Total incurred, net of reinsurance	802,904		683,511		516,664
Paid, net of reinsurance, related to:
Current period	144,799		136,731		109,937
Prior years	371,913		294,260		253,481
Total paid	516,712		430,991		363,418
Net reserves for losses and LAE, end of period	1,397,729		1,111,537		859,017
Plus: reinsurance recoverable on unpaid claims, end of period	921,165		670,846		455,484
Reserves for losses and LAE, end of period	$	2,318,894	$	1,782,383	$	1,314,501

For the year ended December 31, 2025, the Company recognized favorable development related to prior years’ loss and loss expense reserves of $7.5 million driven by favorable development of $24.6 million and $5.3 million in short-tail/monoline specialty lines and multi-line solutions, respectively, partially offset by $22.4 million of adverse development in exited lines. The adverse development is primarily attributable to commercial auto and excess over auto in divisions that have been non-renewed or have significantly reduced exposure over the past three years. This was offset by favorable development in surety and property.

For the year ended December 31, 2024, the Company recognized adverse development related to prior years’ loss and loss expense reserves of $25.7 million, primarily related to losses previously subject to the LPT from accident years 2018 and prior, with $10.1 million and $15.2 million in multi-line solutions and exited lines, respectively.

During the year ended December 31, 2023, the Company recognized adverse development related to prior years’ loss and loss expense reserves of $10.8 million. Adverse development of $11.7 million in multi-line solutions was driven by greater than expected severity in auto, general, and excess liability lines of business primarily from accident years 2020 to 2022. The adverse development was partially offset by favorable development in short-tail/monoline specialty lines. The favorable development was in the property line of business primarily from accident years 2021 and 2022.

Short Duration Contract Disclosures

Losses and LAE reserves represent the Company’s best estimate of the ultimate net cost of all reported and unreported losses that are unpaid as of the balance sheet dates. The Company’s estimated reserves for losses and LAE include the accumulation of estimates for claims reported and unpaid prior to the balance sheet dates, estimates (based on projections of relevant historical data) of increases in claims costs for claims already reported, of claims incurred but not reported, and estimates of expenses for investigating and adjusting all incurred and unpaid claims.

In determining the cumulative number of reported claims, the Company measures claim counts by incident. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for loss and loss adjustment expenses).

Short-tail/Monoline Specialty Lines


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance											As of December 31, 2025

	Years Ended December 31,												Reported Claims
Accident Year	2021*		2022*		2023*		2024*		2025		IBNR
2021	$	92,780	$	93,429	$	92,143	$	92,134	$	99,783	$	1,774	1,656
2022			108,299		105,394		104,095		96,874		6,266		2,414
2023					190,565		191,865		161,222		28,997		5,015
2024							280,147		292,220		99,302		5,819
2025									422,528		275,190		5,495
Total									$	1,072,627
Cumulative net paid loss and ALAE from the table below									(528,255)
Net reserves for loss and ALAE before 2021									1,570
Total net reserves for loss and ALAE									$	545,942

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2021*		2022*		2023*		2024*		2025
2021	$	18,447	$	56,803	$	67,912	$	78,439	$	93,560
2022			27,773		64,594		77,150		85,696
2023					33,795		100,705		114,247
2024							53,691		154,896
2025									79,856
Total									$	528,255

*Supplementary information and unaudited

Multi-line Solutions


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2025

Accident Year	Years Ended December 31,																						Reported Claims
	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025		IBNR
2016	$	63,223	$	62,843	$	62,843	$	62,643	$	84,579	$	84,579	$	84,829	$	84,829	$	85,434	$	85,098	$	828	4,744
2017			65,332		65,332		64,260		78,166		78,166		78,766		78,766		80,493		79,819		837		5,592
2018					74,476		74,476		69,319		71,719		73,019		73,019		75,686		72,963		673		5,103
2019							107,432		109,226		112,378		115,530		116,230		116,206		110,564		1,384		6,113
2020									113,030		124,076		128,111		132,495		132,125		134,281		4,174		5,542
2021											156,067		158,891		160,331		160,546		157,006		7,932		6,727
2022													236,909		242,097		242,358		249,317		19,315		8,679
2023															306,511		306,511		320,637		96,700		8,468
2024																	353,933		336,197		155,878		7,700
2025																			356,590		257,468		6,139
Total																			$	1,902,472
Cumulative net paid loss and ALAE from the table below																			(1,162,853)
Net reserves for loss and ALAE before 2016																			(189)
Total net reserves for loss and ALAE																			$	739,430

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025
2016	$	23,239	$	42,528	$	53,352	$	58,895	$	69,691	$	72,544	$	75,855	$	77,160	$	77,760	$	77,825
2017			23,770		41,945		53,093		61,354		67,926		71,109		73,770		75,714		77,177
2018					26,201		42,568		47,226		58,655		65,635		69,893		70,128		72,429
2019							33,019		50,933		71,053		87,816		99,451		106,765		106,826
2020									29,499		60,680		82,236		105,283		121,097		126,965
2021											37,118		73,293		102,772		125,749		141,539
2022													50,148		114,794		165,854		205,410
2023															63,079		122,186		181,636
2024																	58,281		123,488
2025																			49,558
Total																			$	1,162,853

*Supplementary information and unaudited

Exited Lines — all lines in runoff


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2025

	Years Ended December 31,																						Reported Claims
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025		IBNR
2016	$	93,019	$	92,996	$	91,372	$	93,577	$	97,301	$	98,301	$	100,651	$	100,651	$	102,801	$	104,246	$	1,851	4,911
2017			75,159		79,581		81,785		65,735		68,346		68,646		68,646		70,885		72,682		1,819		4,370
2018					74,357		68,990		76,506		79,006		84,165		84,165		92,082		91,897		4,093		4,941
2019							87,115		73,635		77,770		79,414		79,572		79,823		86,131		9,773		5,660
2020									132,248		136,469		137,835		137,907		137,671		138,320		10,644		4,867
2021											83,322		91,188		91,323		92,095		97,577		10,676		2,446
2022													12,717		12,240		11,800		14,362		2,025		246
2023															—		—		2		1		1
2024																	—		5		5		—
2025																			11		11		—
Total																			$	605,233
Cumulative net paid loss and ALAE from the table below																			(538,304)
Net reserves for loss and ALAE before 2015																			14,737
Total net reserves for loss and ALAE																			$	81,666

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025
2016	$	36,592	$	57,638	$	70,253	$	78,070	$	81,181	$	87,482	$	91,556	$	95,114	$	97,462	$	98,831
2017			34,176		52,103		51,985		50,545		57,457		62,924		66,498		68,480		69,798
2018					25,553		60,149		39,870		54,339		67,001		74,604		79,860		82,244
2019							28,636		28,954		30,948		45,696		57,341		65,847		70,367
2020									102,725		98,202		102,132		114,543		120,831		124,139
2021											41,540		57,820		66,012		72,923		81,600
2022													2,155		4,077		9,211		11,325
2023															—		—		—
2024																	—		—
2025																			—
Total																			$	538,304

*Supplementary information and unaudited

The table below presents the reconciliation of the net incurred and paid loss development tables to the balance sheet reserves for losses and loss adjustment expenses at December 31, 2025 and 2024:


($ in thousands)	2025		2024
Net reserves for losses and ALAE:
Short-tail/Monoline Specialty Lines	$	545,942	$	367,226
Multi-line Solutions	739,430		631,065
Exited Lines	81,666		86,689
Reserves for losses and ALAE, net of reinsurance	1,367,038		1,084,980
Reinsurance recoverable on unpaid claims:
Short-tail/Monoline Specialty Lines	388,276		275,204
Multi-line Solutions	514,393		380,344
Exited Lines	18,496		15,298
Total reinsurance recoverable on unpaid claims	921,165		670,846
Unallocated LAE	30,691		26,557
Reserves for losses and LAE at end of year	$	2,318,894	$	1,782,383

The following table sets forth the historical average annual payout of incurred losses and allocated loss adjustment expenses (claims duration) for short-duration contracts, based on the disaggregated information in the paid loss development tables, net of reinsurance:


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
	Years
	1*		2*		3*		4*		5*		6*		7*		8*		9*		10*
Short-Tail/Monoline Specialty Lines	21.1	%	38.1	%	10.8	%	9.7	%	15.2	%	N/A		N/A		N/A		N/A		N/A
Multi-line Solutions	23.9	%	21.6	%	15.6	%	13.6	%	10.5	%	4.8	%	1.9	%	2.4	%	1.3	%	0.1	%
Exited Lines	27.5	%	12.2	%	4.9	%	9.9	%	8.9	%	6.8	%	4.9	%	2.9	%	2.0	%	1.3	%
*Supplementary information and unaudited

Commission and Fee Income (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
SUA commission revenue	$	8,323	$	7,967	$	7,222
SUA fee revenue	2,333		2,443		2,732
Other commission and fee revenue (loss)	1,725		266		(135)
Total commission and fee revenue	12,381		10,676		9,819
Commission and fee expenses	(5,526)		$	(3,973)	$	(3,755)
Net commission and fee income	$	6,855	$	6,703	$	6,064

Schedule of Company’s Opening and Closing Balances of Contract Assets

The following table sets forth the Company’s opening and closing balances of contract assets from commission and fee income for the years ended December 31, 2025, 2024 and 2023:


($ in thousands)	Contract Assets
Balance at December 31, 2023	$	976
Balance at December 31, 2024	1,416
Balance at December 31, 2025	953

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses derivatives as part of its financial risk management programs to mitigate price risk related to certain insurance contracts exposed to commodity price risk due to fluctuations in relevant market prices, including cattle and milk. To mitigate revenue volatility and support financial stability, the Company employs a hedging strategy that utilizes derivatives, specifically put options and futures, as part of its risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse price movements. The activity in these instruments generally reflects current market conditions and shifts in risk exposures throughout the year. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and may vary depending on the prevailing pricing environment in cattle, hogs, and milk markets. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk transfer objectives of the business. The Company has not elected hedge accounting for these derivatives.

The following table presents the notional amounts and fair value of derivative assets in the Consolidated Balance Sheets at December 31, 2025:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	136,800	$	34,857

The Company presents the net gain (loss) recognized on derivative instruments in economic hedging relationships in “losses and loss adjustment expenses” on the Consolidated Statements of Operations. For the years ended December 31, 2025, the Company recognized $7.9 million, respectively, of pre-tax net gains in losses and loss adjustment expenses

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available for sale, fair value
Less than 12 Months	$ 233,041	$ 480,693
12 Months or More	185,663	236,741
Total	418,704	717,434
Available for sale, gross unrealized losses
Less than 12 Months	(1,436)	(7,353)
12 Months or More	(15,394)	(31,331)
Total	(16,830)	(38,684)
Held-to-maturity, fair value
Less than 12 Months	1,912	2,144
12 Months or More	0	36,573
Total	1,912	38,717
Held-to-maturity, gross unrealized losses
Less than 12 Months	(48)	(2)
12 Months or More	0	(434)
Total	(48)	(436)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	234,953	482,837
12 Months or More	185,663	273,314
Total	420,616	756,151
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(1,484)	(7,355)
12 Months or More	(15,394)	(31,765)
Total	(16,878)	(39,120)
U.S. government securities
Available for sale, fair value
Less than 12 Months	349	15,938
12 Months or More	1,565	2,297
Total	1,914	18,235
Available for sale, gross unrealized losses
Less than 12 Months	(1)	(34)
12 Months or More	(13)	(92)
Total	(14)	(126)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	67,644	136,888
12 Months or More	63,575	81,232
Total	131,219	218,120
Available for sale, gross unrealized losses
Less than 12 Months	(346)	(2,060)
12 Months or More	(2,734)	(11,228)
Total	(3,080)	(13,288)
Municipal securities
Available for sale, fair value
Less than 12 Months	19,157	41,930
12 Months or More	22,004	27,687
Total	41,161	69,617
Available for sale, gross unrealized losses
Less than 12 Months	(400)	(1,046)
12 Months or More	(1,900)	(4,320)
Total	(2,300)	(5,366)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	56,147	201,407
12 Months or More	74,075	82,496
Total	130,222	283,903
Available for sale, gross unrealized losses
Less than 12 Months	(262)	(3,366)
12 Months or More	(9,224)	(13,261)
Total	(9,486)	(16,627)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	4,646	9,411
12 Months or More	8,363	13,178
Total	13,009	22,589
Available for sale, gross unrealized losses
Less than 12 Months	(3)	(126)
12 Months or More	(594)	(1,317)
Total	(597)	(1,443)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	85,098	75,119
12 Months or More	16,081	29,851
Total	101,179	104,970
Available for sale, gross unrealized losses
Less than 12 Months	(424)	(721)
12 Months or More	(929)	(1,113)
Total	(1,353)	(1,834)
Held-to-maturity, fair value
Less than 12 Months	1,912	2,144
12 Months or More	0	36,573
Total	1,912	38,717
Held-to-maturity, gross unrealized losses
Less than 12 Months	(48)	(2)
12 Months or More	0	(434)
Total	$ (48)	$ (436)

Segment (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents gross written premiums by underwriting division for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Accident & Health	$	254,102	$	173,073	$	151,701
Agriculture and Credit (Re)insurance	346,212		118,070		30,598
Captives	275,694		241,902		167,624
Construction & Energy Solutions	274,318		296,582		299,748
Global Property	178,128		201,796		242,593
Professional Lines	149,231		159,785		154,565
Specialty Programs	322,705		218,407		178,726
Surety	168,148		143,965		106,056
Transactional E&S	197,779		189,669		128,236
Total continuing business	2,166,317		1,743,249		$	1,459,847
Exited business	(81)		(17)		(18)
Total gross written premiums	$	2,166,236	$	1,743,232	$	1,459,829

The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Underwriting income
Revenues:
Net earned premiums	$	1,304,505	$	1,056,722	$	829,143
Commission and fee income	6,855		6,703		6,064
Total underwriting revenues	1,311,360		1,063,425		835,207
Expenses:
Losses and LAE	795,022		669,809		515,237
Amortization of policy acquisition costs	195,422		149,975		108,514







Other operating and general expenses	181,937		161,782		134,930
Total underwriting expenses	1,172,381		981,566		758,681
Net underwriting income	$	138,979	$	81,859	$	76,526

Reconciliation of net underwriting income to net income:
Net underwriting income	$	138,979	$	81,859	$	76,526
Add:
Net investment income	83,619		80,600		40,340
Net investment gains	22,149		6,342		11,054
Other loss	(587)		(167)		(632)
Less:
Transaction costs	14,019		—		—
Interest expense	7,919		9,496		10,024
Amortization expense	1,636		2,007		1,798
Other expenses	4,162		4,392		5,364
Income before income taxes	216,424		152,739		110,102
Income tax expense	46,396		33,911		24,118
Net income	$	170,028	$	118,828	$	85,984

Schedule Return on Equity and Book Value Per Share



	2025			2024			2023
Return on equity	18.9		%	16.3		%	15.9		%


Book value per share	$	24.92		$	19.79		$	16.72

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Allowance for Credit Losses

Premiums Receivable

The following tables set forth the changes in the allowance for expected credit losses on premiums receivable for the years ended December 31, 2025 and 2024


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2024	$	321,641	$	2,432
Current period change for estimated uncollectible premiums			2,351
Write-offs of uncollectible premiums receivable			(2,141)
Recoveries of amounts previously written off			498
Balance at December 31, 2025	$	544,217	$	3,140


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2023	$	179,235	$	964
Current period change for estimated uncollectible premiums			3,235
Write-offs of uncollectible premiums receivable			(1,895)
Recoveries of amounts previously written off			128
Balance at December 31, 2024	$	321,641	$	2,432

Reinsurance Recoverables

The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best, a widely recognized rating agency with an exclusive insurance industry focus. The Company assesses the financial strength rating annually and throughout the year as A.M. Best provides updates on ratings and outlooks. The Company assesses the adequacy of various forms of credit enhancements such as reinsurance payables, letters of credit and funds held. The following table sets forth the Company’s reinsurance recoverables net of credit enhancements by A.M. Best as of December 31, 2025:


	2025
A.M. Best Rating	Reinsurance Recoverables, Gross, Amortized Cost		Percent of Total
A- and above	$	652,178	98.2	%
B++ to B+	5,077		0.8
B to B -	28		—
Not rated	6,919		1.0

The Company considers reinsurance balances to be past due when they are 90 days past due. The following tables set forth the changes in the allowance for estimated uncollectible reinsurance for the years ended December 31, 2025 and 2024:


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2024	$	857,876	$	2,295


Balance at December 31, 2025	$	1,119,880	$	2,295


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2023	$	596,334	$	2,295

Current period change for estimated uncollectible reinsurance			13,585
Write-offs of uncollectible reinsurance recoverables			(13,585)
Balance at December 31, 2024	$	857,876	$	2,295

On January 31, 2025, the Company commuted the LPT with R&Q Re (Bermuda) Ltd. ("R&Q") related to accident years 2018 and prior. During the year ended December 31, 2024, the Company recognized the uncollectible reinsurance recoverable balance related to the LPT as a net increase of $13.6 million to the allowance for estimated uncollectible reinsurance, which was subsequently written-off.

Equity Method Investments and Other - Schedule of Investment in RISCOM (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 77,365	$ 98,594
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	2,292	3,756
Difference	1,015	1,258
Recorded investment balance	$ 3,307	$ 5,013

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Reserves for Losses and Loss Adjustment Expenses - Schedule of Reconciliation of Claims Development to Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	$ 1,367,038	$ 1,084,980
Ceded unpaid losses and LAE	921,165	670,846	$ 455,484	$ 435,986
Unallocated LAE	30,691	26,557
Reserves for losses and loss adjustment expenses	2,318,894	1,782,383	$ 1,314,501	$ 1,141,757
Short-tail/Monoline Specialty Lines
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	545,942	367,226
Ceded unpaid losses and LAE	388,276	275,204
Multi-line Solutions
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	739,430	631,065
Ceded unpaid losses and LAE	514,393	380,344
Exited Lines
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	81,666	86,689
Ceded unpaid losses and LAE	$ 18,496	$ 15,298

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of the holding company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The Company’s actual results could differ from those estimates

Consolidation

Variable interest entity

The Company consolidates an entity in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. The Company’s assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence

key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

After performing the above assessments, the Company has determined one entity meets the definition of a VIE for which the Company is the primary beneficiary. See Note 7 for further details and required disclosures.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and fixed maturity securities with original maturities of three months or less. The carrying value of the Company’s cash and cash equivalents approximates fair value.

Restricted Cash

Cash with a legal restriction on withdrawal or use by the consolidated group is recorded as restricted cash. The carrying value of the Company’s restricted cash approximates fair value.

SUA collects premiums from clients, and after deducting commissions and any applicable fees, remits these premiums to the Company’s insurance companies, or to third-party insurance companies. SUA holds unremitted insurance premiums in a fiduciary capacity to third-party insurance companies, as restricted cash.

The Company is required by state regulations to maintain assets on deposit with certain states and hold cash as collateral for certain reinsurance balances. Cash held in a depository account for others, or restricted by a state, is recorded as restricted cash.

Investments

Available for Sale

Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria are met, the amortized cost of the security is written down to fair value with the losses recognized in net investment gains on the Consolidated Statements of Operations. If neither of the these criteria are met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. Prior to 2025, changes in the allowance for credit losses were recognized in net investment income on the Consolidated Statements of Operations. As of 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive income (loss). Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive income (loss).

Held to maturity

Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset-backed securities. The historical loss

rate is adjusted for current conditions and reasonable and supportable forecasts. Prior to 2025, changes in the allowance for credit losses were recognized in net investment income on the Consolidated Statements of Operations. As of 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation.

Equity securities with a readily determinable fair value

Equity securities consists of common stock or preferred stock. Mutual funds, including those that invest mostly in debt securities, are classified as equity securities. Investments in equity securities with a readily determinable fair value are carried on the balance sheet at fair value using quoted market prices. Changes in the carrying value of equity securities are included in net investment gains (losses) within the Consolidated Statements of Operations.

Mortgage loans

Investments in mortgage loans are classified as held for investment and carried on the balance sheet at cost adjusted for unamortized premiums, discounts and loan fees. When an amount is determined to be uncollectible, the Company writes off the uncollectible amount in the period it was determined to be uncollectible. Interest on the loans is recognized as interest receivable which the Company includes in other assets on the Consolidated Balance Sheets.

The Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief from the adoption of ASU 2016-13. Under the fair value option, mortgage loans are measured at fair value, and changes in unrealized gains and losses on mortgage loans are reported in net investment gains (losses) on the Consolidated Statements of operations. Interest income and amortization continue to be recognized in net investment income on the Consolidated Statements of Operations.

Equity method investments

Equity method investments include investments in equity and equity securities of non-public entities and indirect investments in loans and loan collateral.

The Company has equity investments in certain limited partnerships and corporations where it has significant influence but not control. The analysis of entities that are variable interest entities indicated the Company is not the primary beneficiary, and would not have to consolidate these entities. Equity method is used to account for these investments in unconsolidated subsidiaries. Under the equity method, initial investment is recorded at cost and is subsequently adjusted based on its proportionate share of distributions and net income or loss of the equity method investee. The difference between the cost of an investment and its proportionate share of the underlying equity in net assets recorded on the investee’s books is a component of investment income. The Company amortizes the difference as an adjustment to its pro-rata share of equity method income over the useful life which is based on the underlying asset.

The Company does not have significant influence in its investments in equity securities of non-public entities. When these securities do not have a readily determinable fair value, the Company carries these investments at cost, minus impairment, if any, and changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Investments in indirect collateralized loans and loan collateral are held through and accounted for as an ownership interest in an unconsolidated subsidiary. The Company’s ownership interests in unconsolidated subsidiaries consists of investments in entities such as partnerships, joint ventures, and special purpose investment vehicles. The Company has significant influence, but not control of these unconsolidated subsidiaries and uses the equity method to account for these investments.

Other long-term investments

Other long-term investments consist of an investment in a limited partnership held at net asset value (“NAV”) and other long-term investment securities.

Short-Term Investments

Short-term investments consist primarily of money market funds and are carried at cost which approximates fair value.

Net Investment Income and Net Investment Gains and Losses

Net investment income consists of interest, dividends and equity in earnings (losses) of unconsolidated subsidiaries net of investment expenses such as investment management expenses. Interest income is recognized on the accrual basis, and dividends as earned at the ex-dividend date. Interest income on mortgage-backed and other asset-backed securities is recognized using the effective-yield method based on estimated principal repayments. Included in interest income is the amortization of premium and accretion of discounts on debt securities.

Net investment gains and losses are recognized in net income based upon the specific identification method.

Derivatives

The Company uses commodity derivatives to assume risk and manage its exposures in the insurance industry. Commodity derivatives expose the Company to potentially unfavorable price changes to the underlying commodities. The Company accounts for its derivatives in accordance with FASB ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company meets the criteria in the guidance to net the assets and liabilities, which the Company includes in “other assets” on the Consolidated Balance Sheets. While the Company considers these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. See Note 8 for further details and required disclosures.

Reinsurance

Reinsurance Accounting

In the normal course of business, the Company purchases prospective reinsurance for certain lines of business on a proportional, excess of loss and facultative basis. Proportional reinsurance requires the Company to share the losses and expenses with the reinsurer in exchange for a share of the premiums. Excess of loss reinsurance shares losses, either a proportion of or in its entirety, above a certain dollar threshold, in exchange for a negotiated cost. Facultative reinsurance covers specific risks and/or policies on either a proportional or excess of loss basis.

Ceded unearned premium and reinsurance balances recoverable—on paid and unpaid losses and settlement expenses—are reported separately as assets, instead of netting them with the related liabilities, since reinsurance does not relieve the Company of its legal liability to its policyholders. Reinsurance on unpaid losses and settlement expenses represent estimates of the portion of the liabilities recoverable from reinsurers. On the Consolidated Statements of Operations, net earned premiums, losses and loss adjustment expenses, net and underwriting, acquisition and insurance expenses are presented net of reinsurance ceded.

The Company has purchased retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers in prior years. These contracts provide indemnification of losses related to past loss events where the reinsurer shares losses, either a proportion of or in its entirety, depending on certain dollar thresholds. Income generated from retroactive reinsurance contracts is deferred and amortized into net income over the settlement period and losses are charged to net income immediately. Subsequent changes in the measurement of the retroactive reinsurance contract are accounted for under a full retrospective method.

Deposit Accounting

Certain ceded reinsurance contracts, which management determines do not transfer significant insurance risk, are accounted for using the deposit method of accounting. The evaluation of the transfer of significant insurance risk involves an assessment of both timing risk and underwriting risk. Management may determine that a reinsurance contract does not transfer significant insurance risk if either underwriting risk or timing risk or both are not deemed to have been transferred. For those contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk, a deposit asset is recorded equal to the initial cash outflow under the contract, which will then be offset by cash inflows received from the reinsurers. To the extent cash outflows are expected to differ from expected cash inflows, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting asset is increased/decreased to the

estimated amount receivable over the contract term. The accretion of the deposit is based on the expected rate of return implied from the estimated cash inflows and outflows under the contract.

Periodically, the Company reassesses the estimated ultimate receivable and the related expected rate of return on the deposit asset. The accretion of the deposit asset, including any changes in accretion resulting from changes in estimated cash flows, are reflected as part of investment income in the Company’s results of operations. Several reinsurance contracts require deposit accounting treatment due to not transferring sufficient underwriting risk. There were no reinsurance contracts that require deposit accounting treatment due to not transferring sufficient timing risk.

Reinsurance Recoverables

Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. The historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the Consolidated Statements of Operations.

Reinsurance does not relieve the Company of its legal liability to its policyholders. The Company continuously monitors the financial condition of its reinsurers. As part of its monitoring efforts, the Company reviews the reinsurers’ annual financial statements. The Company also reviews insurance industry developments that may impact the financial condition of its reinsurers.

The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best. It also assesses the adequacy of collateral obtained, where applicable. Should its reinsurers fail to fulfill their obligations, the Company has access to collateral from various reinsurers. As of December 31, 2025 and 2024, reinsurance collateral from reinsurers was $344.1 million and $337.0 million, respectively.

Concentration of Credit Risk

Other than reinsurance recoverables, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, investments and premiums receivable.

Cash equivalents and short-term investments include U.S. government securities and money market funds. Investments are diversified throughout many industries and geographic regions. The Company limits the amount of credit exposure with any one financial institution or issuer and believes no significant concentration of credit risk exists with respect to cash and investments. As of December 31, 2025 and 2024, outstanding premiums receivable are generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across many different lines of business and geographic regions. Failure by distribution sources to remit premiums could result in premium write-offs and a corresponding loss of income.

Deferred Policy Acquisition Costs

Policy acquisition costs consist of commissions and premium taxes that vary with and are directly related to the successful production of new or renewal business. The Company defers policy acquisition costs and related ceding commissions and charges or credits them to earnings in proportion with the premium earned over the life of the policy.

A premium deficiency is recognized if the sum of expected losses, loss adjustment expenses, and unamortized acquisition costs exceed its related unearned premiums. The Company first recognizes a premium deficiency by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If its premium deficiency is greater than unamortized acquisition costs, it accrues a liability for the excess deficiency. Anticipated investment income is

considered in the determination of premium deficiencies. Management performed an analysis and determined no premium deficiency existed as of December 31, 2025 and 2024.

Goodwill and Intangible Assets

Goodwill and intangible assets are recorded as a result of a business combination. Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company reviews its purchase price allocation up to one year subsequent to an acquisition and may make adjustments within the one-year period. The Company amortizes identifiable intangible assets with a finite useful life over the period that the intangible asset is expected to contribute directly or indirectly to its future cash flows; however, it does not amortize indefinite lived intangible assets.

The Company reviews goodwill and identifiable intangible assets for recoverability annually in the fourth quarter or on an interim basis should events or changes in circumstances indicate that a carrying amount may not be recoverable. Based upon this review, the Company did not have any goodwill impairment for the years ended December 31, 2025 and 2024.

Property and Equipment

Property and equipment, which is included in other assets on the Consolidated Balance Sheets, is recorded at cost less accumulated depreciation. Depreciation expense is recognized on a straight-line basis for financial statement purposes over periods ranging from three to seven years.

Reserves for Losses and Loss Adjustment Expenses

The reserves for unpaid losses and loss adjustment expenses (“LAE”) represents the Company’s estimated ultimate cost of all unreported and reported but unpaid insured claims and the cost to adjust the losses that have been incurred as of the balance sheet date. We estimate the reserves using individual case-basis valuations of reported claims and statistical analyses and various actuarial procedures. Those estimates are based on our historical information, industry and peer group information and our estimates of future trends in variable factors such as loss severity, loss frequency and other factors such as inflation. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Additionally, during the loss settlement period, it often becomes necessary to refine and adjust the estimates of liability on a claim either upward or downward. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related LAE may vary significantly from the estimate included in our financial statements. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves.

Premiums

The Company earns and recognizes property and casualty and surety premiums on a pro-rata basis over the terms of the policies. The Company earns accident and health premiums as billed, based on census data. Gross premiums written are reduced by ceded premiums from proportional, facultative and excess of loss reinsurance costs for prospective reinsurance. Its premiums receivable includes deferred premiums, which represent installment payments the Company is due from insureds under the payment terms of their policies.

Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the Consolidated Statements of Operations.

Unearned premiums represent the portion of gross premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. Ceded unearned premiums represent the portion of ceded premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. These unearned premiums are calculated on a pro-rata basis over the terms of the policies for direct and ceded amounts.

Commission and Fee Income

SUA commission revenue

SUA commission revenue is generated from the placement of insurance policies on reinsurance programs through a reinsurance broker which represents the Company’s single performance obligation. Its transaction price is fixed at contract inception and based on a percentage of premiums placed. The Company recognizes 100% of the transaction price as the associated performance obligation is satisfied at the point in time a policy is placed as it has no constraints on revenue.

SUA fee income

SUA fee income is generated from the placement of insurance policies with a third-party insurance company. The Company’s single performance obligation consists of the placement of the policy. Its transaction price is variable at contract inception and based on a percentage of premium based on risk factors that vary every month such as employee census data and worker roles. The Company estimates its transaction price over the life of the policy using the expected value method and recognizes revenue at the point in time the policy is placed. When there are changes in the estimate of variable consideration, it recognizes those changes in the month they occur.

Income Taxes

Income tax expense is accrued for the tax effects of transactions reported on the consolidated financial statements, and this provision for income taxes consists of taxes currently due plus deferred taxes resulting from temporary differences between amounts reported for financial statement and income tax purposes. A valuation allowance is established for any deferred tax asset not expected to be realized.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date.

A liability for uncertain tax positions is recorded where it is more likely-than-not that the tax position will not be sustained upon examination by the appropriate tax authority. Changes in the liability for uncertain tax positions are reflected in income tax expense in the period when a new uncertain tax position arises, judgment changes about the likelihood of an uncertainty, the tax issue is settled, or the statute of limitation expires. Any potential net interest income or expense and penalties related to uncertain tax positions are recorded on the Consolidated Statements of Operations.

The Company files a consolidated federal income tax return in the United States and certain other state tax returns. Its admitted insurance subsidiaries pay premium taxes on gross written premiums in lieu of most state income or franchise taxes. Premium tax expense is recognized within underwriting, acquisition and insurance expense on the Consolidated Statements of Operations.

Fair Value of Financial Instruments

Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. This guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

As a part of management’s process to determine fair value, the Company utilizes widely recognized, third-party pricing sources to determine the Company’s fair values of financial instruments. The Company has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs.

Stock Based Compensation

We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 18 for further discussion and related disclosures regarding stock-based compensation.

Employee Stock Purchase Plan

The Company’s employee stock purchase plan (“ESPP”), offers all employees the option to purchase common stock at a discount. The Company recognizes compensation cost on a straight-line basis over the offering period.

Earnings Per Share

Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share.

The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive.

The Company’s common and preferred shares financed by stock notes are contingently issuable instruments where the holder must return, all or part of, the shares if the stock notes are not paid off. These instruments are excluded from basic and diluted earnings per share when the specified conditions are not met presuming the end of the period is the end of the contingency period. The impact of the contingently issuable instruments on diluted earnings per share was calculated using the treasury stock method and included in the reconciliation of the denominator of the basic and diluted earnings per share computations for the year ended December 31, 2024. All outstanding stock notes were settled during 2024, so there was no impact to the Company’s basic and diluted earnings per share computations for the year ended December 31, 2024.

Instruments that are convertible into common shares are included in diluted weighted-average common shares outstanding on an if-converted basis based on the legal conversion rate for the respective period, if dilutive. Share-based awards to employees with only service conditions are included as potential common shares, weighted for the portion of the period they are unvested, if dilutive. Share-based awards to employees with performance and service or market conditions are included as potential common shares presuming the end of the period is the end of the contingency period, if dilutive.

When inclusion of common share adjustments increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.

Recent Accounting Pronouncements

Recent Accounting Standards Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). ASU 2023-09 requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meets a quantitative threshold. This update also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. The guidance became effective for fiscal years beginning after December 15, 2024. This update is applied prospectively. The Company has added additional disclosures as required by ASU 2023-09. There was no impact to the consolidated financial statements. See Note 13 for the additional disclosures required by this ASU.

Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 require a footnote disclosure about specific expenses by requiring PBEs to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The tabular disclosure will also include certain other expenses, when applicable. In January 2025, the FASB issued ASU 2025-01 to clarify the effective

date of ASU 2024-03 as the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the effect of the amendments on its consolidated financial statements.

Fair Value

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

Fixed maturity securities, available for sale classified as Level 3

The following table sets forth the range of the discount rate as of December 31, 2025 and 2024:



	2025		2024
High	11.10	%	8.00	%
Low	4.25	%	5.70	%
Weighted average	6.40	%	6.60	%

Mortgage loans

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2025 and 2024:



	2025		2024
High	8.34	%	10.00	%
Low	6.55	%	7.00	%
Weighted average	7.74	%	7.93	%

Derivatives

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Insurance [Abstract]
Market value of trust funds	$ 233.5
Reinsurance recoverable from R&Q		$ 22.7
Deposit contracts, assets	$ 22.7	$ 25.9

- Definition

+ References

+ Details

Investments - Schedule of Proceeds from Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for-sale	$ 198,195	$ 217,468	$ 26,626
Equity securities	$ 126,738	$ 37,534	$ 40,201

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT - Narrative (Details) - Parent Company - Promissory Note $ in Millions	Sep. 30, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 57.0
Stated interest rate	4.00%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income taxes paid, net	$ 50,994,000	$ 37,000,000.0	$ 15,800,000
Operating loss carryforwards	300,000
Operating loss carryforwards, limitations on use, amount	40,300,000
Deferred tax subject to expiration	2,800,000
Deferred tax effected by expiration	600,000
Operating loss carryforwards, tax effected	100,000
Provision for uncertain tax positions	0
Provision for penalties or interest	$ 0
Low
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforward, term	5 years
High
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforward, term	20 years
Federal
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	$ 40,300,000
State and local
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	$ 900,000

Reinsurance - Schedule of Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 921,165	$ 670,846	$ 455,484	$ 435,986
Ceded paid losses and LAE	201,010	166,663
Loss portfolio transfer	0	22,662
Allowance for credit losses	(2,295)	(2,295)	(2,295)	(2,295)
Reinsurance recoverables	1,119,880	857,876	$ 857,876	$ 596,334
Ceded unearned premium	$ 238,948	$ 203,901

- Definition

+ References + Details

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

+ References + Details

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	920,864
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	104,531	20,346	3,931
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	242	859	914
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	920,864

Segment

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment

The Company has one reportable segment through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The segment is made up of nine distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer.

The accounting policies of the segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” of this Form 10-K. The CODM assesses performance for the segment and decides how to allocate resources based on gross written premiums by net underwriting division, underwriting income, and income before income taxes that also is reported on the Consolidated Statements of Operations as consolidated income before income taxes. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.

Gross written premiums by underwriting division, net underwriting income, and consolidated net income are used to monitor budget versus actual results. The chief operating decision maker also uses net underwriting income, annualized return on equity and growth in book value per share in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

The following table presents gross written premiums by underwriting division for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Accident & Health	$	254,102	$	173,073	$	151,701
Agriculture and Credit (Re)insurance	346,212		118,070		30,598
Captives	275,694		241,902		167,624
Construction & Energy Solutions	274,318		296,582		299,748
Global Property	178,128		201,796		242,593
Professional Lines	149,231		159,785		154,565
Specialty Programs	322,705		218,407		178,726
Surety	168,148		143,965		106,056
Transactional E&S	197,779		189,669		128,236
Total continuing business	2,166,317		1,743,249		$	1,459,847
Exited business	(81)		(17)		(18)
Total gross written premiums	$	2,166,236	$	1,743,232	$	1,459,829



($ in thousands)	2025		2024		2023
Underwriting income
Revenues:
Net earned premiums	$	1,304,505	$	1,056,722	$	829,143
Commission and fee income	6,855		6,703		6,064
Total underwriting revenues	1,311,360		1,063,425		835,207
Expenses:
Losses and LAE	795,022		669,809		515,237
Amortization of policy acquisition costs	195,422		149,975		108,514







Other operating and general expenses	181,937		161,782		134,930
Total underwriting expenses	1,172,381		981,566		758,681
Net underwriting income	$	138,979	$	81,859	$	76,526

Reconciliation of net underwriting income to net income:
Net underwriting income	$	138,979	$	81,859	$	76,526
Add:
Net investment income	83,619		80,600		40,340
Net investment gains	22,149		6,342		11,054
Other loss	(587)		(167)		(632)
Less:
Transaction costs	14,019		—		—
Interest expense	7,919		9,496		10,024
Amortization expense	1,636		2,007		1,798
Other expenses	4,162		4,392		5,364
Income before income taxes	216,424		152,739		110,102
Income tax expense	46,396		33,911		24,118
Net income	$	170,028	$	118,828	$	85,984

The following table presents return on equity and book value per share for the years ended December 31, 2025, 2024 and 2023:



	2025			2024			2023
Return on equity	18.9		%	16.3		%	15.9		%


Book value per share	$	24.92		$	19.79		$	16.72

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reinsurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the years ended December 31, 2025, 2024 and 2023:



	2025				2024				2023
($ in thousands)	Written		Earned		Written		Earned		Written		Earned
Direct premiums	$	1,684,411	$	1,622,594	$	1,458,637	$	1,375,917	$	1,241,180	$	1,155,835
Assumed premiums	481,825		406,792		284,595		282,662		218,649		193,971
Ceded premiums	(760,004)		(724,881)		(619,654)		(601,857)		(549,138)		(520,663)
Net premiums	$	1,406,232	$	1,304,505	$	1,123,578	$	1,056,722	$	910,691	$	829,143
Ceded losses and LAE incurred			$	697,978			$	534,295			$	337,011

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of December 31, 2025 and 2024:


($ in thousands)	2025		2024

Ceded unpaid losses and LAE	$	921,165	$	670,846
Ceded paid losses and LAE	201,010		166,663
Loss portfolio transfer	—		22,662
Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	1,119,880	$	857,876
Ceded unearned premium	$	238,948	$	203,901

The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts and the Company does not carry these on the balance sheet because the Company will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At December 31, 2025, the market value of these accounts was approximately $233.5 million. The trust amount will be adjusted periodically, by mutual agreement, based on claim payments and loss reserve recoverables.

During the first quarter of 2020, the Company entered into an LPT retroactive reinsurance agreement (“LPT”) with R&Q. At December 31, 2024 the reinsurance recoverable from R&Q was $22.7 million. The LPT was commuted effective January 31, 2025 and the Company received the reinsurance recoverable balance in full.

Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset at December 31, 2025 and December 31, 2024 was $22.7 million and $25.9 million, respectively, and was included in other assets on the Consolidated Balance Sheets.

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted net earnings per share for the years ended December 31, 2025, 2024 and 2023:



($ in thousands, except for share and per share amounts)	2025		2024		2023
Numerator
Net income	$	170,028	$	118,828	$	85,984
Less: Undistributed income allocated to participating securities	—		—		(1,677)
Net income attributable to common stockholders (numerator for basic earnings per share)	170,028		118,828		84,307
Add back: Undistributed income allocated to participating securities	—		—		1,677
Net income (numerator for diluted earnings per share under the two-class method)	$	170,028	$	118,828	$	85,984
Denominator
Basic weighted-average common shares	40,407,310		40,056,475		36,031,907

Dilutive effect of preferred shares	—		—		716,708
Dilutive effect of stock notes	—		—		696,110
Dilutive effect of stock units	897,426		917,510		736,837
Dilutive effect of options	503,310		403,475		135,972
Diluted weighted-average common share equivalents	41,808,046		41,377,460		38,317,534
Basic earnings per share	$	4.21	$	2.97	$	2.34
Diluted earnings per share	$	4.07	$	2.87	$	2.24

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the years ended December 31, 2025, 2024 and 2023:



	2025	2024	2023


Stock units	104,531	20,346	3,931
Options	242	859	914

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the years ended December 31, 2025, 2024 and 2023:



	2025	2024	2023
Common shares	—	—	920,864

Total	—	—	920,864

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts and fair value of derivative assets in the Consolidated Balance Sheets at December 31, 2025:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	136,800	$	34,857

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life	12 years
Amortization of intangible assets	$ 1,308	$ 1,087	$ 1,500

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, gross balance		$ 112,441	$ 112,441
Accumulated impairment		(46,707)	(46,707)
Goodwill, net balance	$ 65,734	65,734
Accident and Health
Goodwill [Roll Forward]
Goodwill, gross balance		91,577	91,577
Accumulated impairment		(44,821)	(44,821)
Goodwill, net balance	46,756	46,756
Surety
Goodwill [Roll Forward]
Goodwill, gross balance		6,781	6,781
Accumulated impairment		0	0
Goodwill, net balance	6,781	6,781
Construction and Energy Solutions
Goodwill [Roll Forward]
Goodwill, gross balance		10,204	10,204
Accumulated impairment		0	0
Goodwill, net balance	10,204	10,204
Other
Goodwill [Roll Forward]
Goodwill, gross balance		3,879	3,879
Accumulated impairment		(1,886)	$ (1,886)
Goodwill, net balance	$ 1,993	$ 1,993

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Investments - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) lot security	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 69.5
Number of securities \| lot	450
Number of securities, allowance for credit loss \| security	2
Cash and investment securities on deposit had carrying values	$ 70.0	$ 66.8
US Treasury and Government
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	57.8
Cash and Cash Equivalents and Other Assets
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	9.5
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	2.2
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 68.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commission and Fee Income - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	$ 12,381	$ 10,676	$ 9,819
Commission and fee expenses	(5,526)	(3,973)	(3,755)
Net commission and fee income	6,855	6,703	6,064
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	8,323	7,967	7,222
SUA fee revenue
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	2,333	2,443	2,732
Other commission and fee revenue (loss)
Disaggregation of Revenue [Line Items]
Total commission and fee revenue	$ 1,725	$ 266	$ (135)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes - Schedule of Income Taxes Paid Net of Refunds Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 49,830
U.S. state and local	1,164
Income Taxes Paid, Net, Total	$ 50,994	$ 37,000	$ 15,800

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity Awards

The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the years ended December 31, 2025, 2024 and 2023:

Award Payout Range

Requisite
Service Period

Target
Stock and Stock Units

Year ended December 31, 2025

Market condition awards

0%–150%

3 years

22,495

Performance condition awards

0%–150%

3 years

59,769

Service condition awards

N/A

1–4 years

144,921

227,185

Year ended December 31, 2024

Market condition awards

0%–150%

3 years

32,058

Performance condition awards

0%–150%

3 years

76,881

Service condition awards

N/A

1–4 years

124,025

232,964

Year ended December 31, 2023

Market condition awards

0%–150%

3 years

37,622

Performance condition awards

0%–150%

3 years

95,456

Service condition awards

N/A

1–4 years

968,778

Stock options

N/A

3–4 years

759,990

1,861,846

The following tables sets forth option activity for the years ended December 31, 2025 and 2024:


	Weighted-Average Exercise Price		Stock
Outstanding at January 1, 2025			759,990


Forfeited	$	15.00	(219)
Outstanding at December 31, 2025			759,771

Weighted-Average
Exercise Price

Stock

Outstanding at January 1, 2024

759,990

Outstanding at December 31, 2024

759,990

Schedule of Nonvested Share Activity

The following table sets forth the Company’s restricted stock and restricted stock units activity for the years ended December 31, 2025, 2024 and 2023:


	Weighted-Average Grant-Date Fair Value		Stock and Stock Units
Non-vested at January 1, 2025	$	19.06	1,325,483
Granted(1)	47.77		254,978
Vested	15.33		(391,746)
Forfeited(2)	25.74		(53,247)
Non-vested at December 31, 2025	$	27.06	1,135,468

Non-vested at January 1, 2024	$	15.13	1,445,449
Granted(1)	31.72		268,631
Vested	13.16		(285,957)
Forfeited(2)	18.27		(102,640)
Non-vested at December 31, 2024	$	19.06	1,325,483

Non-vested at January 1, 2023	$	12.55	419,896
Granted(1)	16.07		1,101,856
Vested	13.39		(40,645)
Forfeited(2)	15.29		(35,658)
Non-vested at December 31, 2023	$	15.13	1,445,449

(1) Increases above the 100% target level are reflected as granted in the period after which performance-based stock unit goals are achieved.
(2) Decreases below the 100% target level are reflected as forfeited.

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY

INSURANCE OPERATIONS


	As of and Years Ended December 31,
($ in thousands)	2025		2024		2023
Deferred policy acquisition costs	$	136,100	$	113,183	$	91,955
Reserve for losses and loss adjustment expenses	2,318,894		1,782,383		1,314,501
Unearned premiums	774,035		637,185		552,532
Net earned premium(1)	1,304,505		1,056,722		829,143
Net investment income	83,619		80,686		40,322
Losses and loss adjustment expenses (current year)(1)	810,375		657,783		516,664
Losses and loss adjustment expenses (prior years)(1)(2)	(7,471)		25,728		—
Amortization of policy acquisition costs(1)	195,422		149,975		108,514
Paid claims and claim adjustment expenses(1)	516,712		430,991		363,418
Net premiums written(1)	1,406,232		1,123,578		910,691
Ceded unearned premium	238,948		203,901		186,121
Deferred ceding commission	46,453		40,434		37,057
(1) Amount is presented net of reinsurance
(2) Amount does not include gain on retroactive reinsurance which is included in losses and loss adjustment expenses presented on the Consolidated Statements of Operations

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived
Accumulated amortization		$ (19,012)	$ (17,925)
Amortization	$ (1,308)	(1,087)	(1,500)
Total
Gross, beginning balance		40,626	40,626
Accumulated amortization		(19,012)	(17,925)
Additions	2,000
Amortization	(1,308)	(1,087)	(1,500)
Gross intangible assets, ending balance	22,306	21,614
Trademarks
Indefinite-Lived
Beginning balance	999	999
Additions	0
Ending balance	999	999	999
Licenses
Indefinite-Lived
Beginning balance	14,019	14,019
Additions	0
Ending balance	14,019	14,019	14,019
Agent Relationships
Finite-Lived
Gross, beginning balance	24,491	24,491
Accumulated amortization		(17,895)	(16,808)
Additions	2,000
Amortization	(1,308)	(1,087)
Net, ending balance	7,288	6,596
Total
Accumulated amortization		(17,895)	(16,808)
Amortization	(1,308)	(1,087)
Non-competes
Finite-Lived
Gross, beginning balance	1,117	1,117
Accumulated amortization		(1,117)	(1,117)
Additions	0
Amortization	0	0
Net, ending balance	0	0
Total
Accumulated amortization		(1,117)	$ (1,117)
Amortization	$ 0	$ 0

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan	$ 3.9	$ 3.2	$ 2.9

Equity Method Investments and Other - Schedule of Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 77,365	$ 98,594
Equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	53,498	65,325
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 26,936	$ 34,936
Ownership %	14.00%	15.30%
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 1,474
Ownership %	11.20%	10.90%
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 2,251	$ 1,040
Ownership %	2.40%	2.40%
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 590	$ 666
Ownership %	5.00%	5.00%
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 5,503	$ 4,967
Ownership %	2.50%	2.50%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 14,911	$ 17,229
Ownership %	10.10%	10.10%
RISCOM
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 3,307	$ 5,013
Ownership %	20.00%	20.00%

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 136,100	$ 113,183	$ 91,955
Reserve for losses and loss adjustment expenses	2,318,894	1,782,383	1,314,501
Unearned premiums	774,035	637,185	552,532
Net earned premium	1,304,505	1,056,722	829,143
Net investment income	83,619	80,686	40,322
Losses and loss adjustment expenses (current year)	810,375	657,783	516,664
Losses and loss adjustment expenses (prior years)	(7,471)	25,728	0
Amortization of policy acquisition costs	195,422	149,975	108,514
Paid claims and claim adjustment expenses	516,712	430,991	363,418
Net premiums written	1,406,232	1,123,578	910,691
Ceded unearned premium	238,948	203,901	186,121
Deferred ceding commission	$ 46,453	$ 40,434	$ 37,057

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is named as a party in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Indemnification In conjunction with the sale of business assets and subsidiaries, the Company has provided indemnifications to certain buyers. Certain indemnifications cover typical representations and warranties related to the responsibilities to perform under the sales contracts. The amount of potential exposure covered by the indemnifications is difficult to determine because the indemnifications cover a variety of matters, operations and scenarios. Certain of these indemnifications have no time limit. At this time, the Company does not have reason to believe any such significant claims exist.

Stock Based Compensation - Schedule of Equity Awards (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)				3,200,656
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)	227,185	232,964	1,861,846
Market condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years	3 years
Target Stock and Stock Units (in shares)	22,495	32,058	37,622
Market condition awards \| Low \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0.00%	0.00%	0.00%
Market condition awards \| High \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150.00%	150.00%	150.00%
Performance condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years	3 years
Target Stock and Stock Units (in shares)	59,769	76,881	95,456
Performance condition awards \| Low \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0.00%	0.00%	0.00%
Performance condition awards \| High \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150.00%	150.00%	150.00%
Service condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)	144,921	124,025	968,778
Service condition awards \| Low \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	1 year	1 year	1 year
Service condition awards \| High \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	4 years	4 years	4 years
Options \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)			759,990
Options \| Low \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period			3 years
Options \| High \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period			4 years

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables set forth the amortized cost and the fair value by investment category at December 31, 2025 and 2024:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,190	$	292	$	(14)	$	—	$	44,468
Corporate securities and miscellaneous	632,244		14,223		(3,080)		(7,000)		636,387
Municipal securities	102,691		1,725		(2,300)		—		102,116
Residential mortgage-backed securities	487,145		8,928		(9,486)		—		486,587
Commercial mortgage-backed securities	72,631		1,016		(597)		—		73,050
Other asset-backed securities	509,854		5,194		(1,353)		—		513,695
Total fixed maturity securities, available-for-sale	$	1,848,755	$	31,378	$	(16,830)	$	(7,000)	$	1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	33,290	$	829	$	(48)	$	(468)	$	33,603
Total fixed maturity securities, held-to-maturity	$	33,290	$	829	$	(48)	$	(468)	$	33,603


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,577	$	35	$	(126)	$	—	$	26,486
Corporate securities and miscellaneous	433,298		5,618		(13,288)		—		425,628
Municipal securities	89,966		116		(5,366)		—		84,716
Residential mortgage-backed securities	408,585		1,875		(16,627)		—		393,833
Commercial mortgage-backed securities	70,262		545		(1,443)		—		69,364
Other asset-backed securities	291,578		2,447		(1,834)		—		292,191
Total fixed maturity securities, available-for-sale	$	1,320,266	$	10,636	$	(38,684)	$	—	$	1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	39,396	$	—	$	(436)	$	(243)	$	38,717
Total fixed maturity securities, held-to-maturity	$	39,396	$	—	$	(436)	$	(243)	$	38,717

The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2025 by contractual maturity are shown below.



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	45,682	$	45,478
Due after one year through five years	449,790		449,145
Due after five years through ten years	219,293		224,696
Due after ten years	64,360		63,652
Mortgage-backed securities	559,776		559,637
Other asset-backed securities	509,854		513,695
Total	$	1,848,755	$	1,856,303

Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.

The Company’s fixed maturity securities, held-to-maturity, at December 31, 2025 consisted entirely of asset backed securities that were not due at a single maturity date.

At December 31, 2025, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $68.5 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loan, the Company retains all rights regarding these pledged securities.

At December 31, 2025, the Company had assets with fair values of approximately $69.5 million pledged as collateral for performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $57.8 million are residential mortgage-backed securities, $9.5 million of cash and cash equivalents and other assets and $2.2 million of short-term investments.

The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of December 31, 2025 and 2024:


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	349	$	(1)	$	1,565	$	(13)	$	1,914	$	(14)
Corporate securities and miscellaneous	67,644		(346)		63,575		(2,734)		131,219		(3,080)
Municipal securities	19,157		(400)		22,004		(1,900)		41,161		(2,300)
Residential mortgage-backed securities	56,147		(262)		74,075		(9,224)		130,222		(9,486)
Commercial mortgage-backed securities	4,646		(3)		8,363		(594)		13,009		(597)
Other asset-backed securities	85,098		(424)		16,081		(929)		101,179		(1,353)
Total fixed maturity securities, available-for-sale	233,041		(1,436)		185,663		(15,394)		418,704		(16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	1,912		(48)		—		—		1,912		(48)
Total fixed maturity securities, held-to-maturity:	1,912		(48)		—		—		1,912		(48)
Total	$	234,953	$	(1,484)	$	185,663	$	(15,394)	$	420,616	$	(16,878)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	15,938	$	(34)	$	2,297	$	(92)	$	18,235	$	(126)
Corporate securities and miscellaneous	136,888		(2,060)		81,232		(11,228)		218,120		(13,288)
Municipal securities	41,930		(1,046)		27,687		(4,320)		69,617		(5,366)
Residential mortgage-backed securities	201,407		(3,366)		82,496		(13,261)		283,903		(16,627)
Commercial mortgage-backed securities	9,411		(126)		13,178		(1,317)		22,589		(1,443)
Other asset-backed securities	75,119		(721)		29,851		(1,113)		104,970		(1,834)
Total fixed maturity securities, available-for-sale	480,693		(7,353)		236,741		(31,331)		717,434		(38,684)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	2,144		(2)		36,573		(434)		38,717		(436)
Total fixed maturity securities, held-to-maturity:	2,144		(2)		36,573		(434)		38,717		(436)
Total	$	482,837	$	(7,355)	$	273,314	$	(31,765)	$	756,151	$	(39,120)

The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery.

As of December 31, 2025, the Company had 450 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company reviewed its investments at December 31, 2025 and determined that for two available-for-sale securities in the “corporate securities and miscellaneous” category, credit impairments existed, based on new recovery analysis that showed deteriorating conditions raising credit concerns. Other than the securities discussed previously, the Company determined that no other credit impairment existed in the gross unrealized holding losses, due to the reasons discussed below:

•U.S. government securities and municipal securities: These securities were issued by the U.S. Treasury Department, Federal government-sponsored entities or by state and local governments. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Corporate securities and miscellaneous: Corporations in various industries issued these securities. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company reviewed the issuers of these securities to identify any significant adverse change in financial condition, a change in the quality of credit enhancement (if any), a ratings decrease, or negative outlook assignment from a major credit rating agency, and any failure to make interest or principal payments. After these reviews, the Company determined that the decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities: The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243

Current period provision for credit losses	7,000		257

Recoveries of amounts previously written off	—		(32)
Balance at December 31, 2025	$	7,000	$	468


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329
Current period provision for credit losses	$	18

Recoveries of amounts previously written off	$	(104)
Balance at December 31, 2024	$	243

The following table sets forth the components of net investment gains for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Gross realized gains
Fixed maturity securities, available-for-sale	$	3,002	$	2,662	$	1,042
Equity securities	34,262		8,062		6,035
Other	685		213		2
Total	37,949		10,937		7,079
Gross realized losses
Fixed maturity securities, available-for-sale	(10,832)		(8,161)		(1,879)
Equity securities	(3,000)		(4,132)		(5,256)
Other	(413)		(223)		(20)
Total	(14,245)		(12,516)		(7,155)
Net unrealized gains (losses) on investments
Equity securities	(22,908)		7,500		11,516
Mortgage loans	(7)		421		(386)
Other	21,360		—		—
Net investment gains	$	22,149	$	6,342	$	11,054

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Fixed maturity securities, available-for-sale	$	198,195	$	217,468	$	26,626
Equity securities	126,738		37,534		40,201

The following table sets forth the components of net investment income for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Income (loss):
Fixed maturity securities, available-for-sale	$	80,302	$	57,574	$	34,703
Fixed maturity securities, held-to-maturity	(804)		4,091		4,181
Equity securities	1,223		2,720		3,418
Equity method investments	(2,683)		2,524		(9,434)
Mortgage loans	1,622		5,153		5,474
Indirect loans	(8,129)		(2,400)		(4,155)
Short-term investments and cash	12,828		14,851		11,392
Other	3,307		3,000		318
Total investment income	87,666		87,513		45,897
Investment expenses	(4,047)		(6,913)		(5,557)
Net investment income	$	83,619	$	80,600	$	40,340

The following table sets forth the change in net unrealized gains on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Fixed maturity securities	$	42,594	$	1,046	$	25,952
Deferred income taxes	(9,017)		(213)		(5,420)
Total	$	33,577	$	833	$	20,532

Various state regulations require the Company to maintain cash, investment securities or letters of credit on deposit with the states in a depository account. At December 31, 2025 and 2024, cash and investment securities on deposit had carrying values of approximately $70.0 million and $66.8 million, respectively.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 42,594	$ 1,046	$ 25,952
Deferred income taxes	(9,017)	(213)	(5,420)
Total other comprehensive income	$ 33,577	$ 833	$ 20,532

Allowance for Credit Losses - Schedule of Reinsurance Recoverable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverables, Net, beginning balance	$ 857,876
Allowance for Estimated Uncollectible Reinsurance, beginning balance	2,295
Current period change for estimated uncollectible reinsurance	13,585
Write-offs of uncollectible reinsurance recoverables	(13,585)
Reinsurance Recoverables, Net, ending balance	857,876
Allowance for Estimated Uncollectible Reinsurance, ending balance	$ 2,295

- Definition

+ References + Details

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 170,028

$ 118,828

$ 85,984

Net cash used in operating activities

408,076

305,115

338,187

Cash flows from investing activities:

Purchase of intangible assets and goodwill

2,000

Net cash used in investment activities

(366,898)

(243,694)

(493,809)

Cash flows from financing activities:

Payments on long term borrowings and trust preferred

(43,000)

(116,794)

(50,000)

Proceeds from employee stock purchase plan

1,350

Net cash provided by (used in) financing activities

411

(4,232)

130,947

Net increase (decrease) in cash and cash equivalents and restricted cash

41,589

57,189

(24,675)

Cash and cash equivalents and restricted cash at beginning of period

^[1]

157,525

100,336

125,011

Cash and cash equivalents and restricted cash at end of period

^[1]

199,114

157,525

100,336

Cash paid for interest

6,149

8,573

10,667

Parent Company

Cash flows from operating activities:

Net income

170,028

118,828

85,984

Adjustments to reconcile net income to net cash provided by operating activities

(175,769)

(121,563)

(95,947)

Net cash used in operating activities

(5,741)

(2,735)

(9,963)

Cash flows from investing activities:

Purchase of intangible assets and goodwill

2,000

Capital contributions to subsidiaries

(100)

(122,800)

Distributions from investment in subsidiaries

8,500

6,500

Change in short-term investments

(513)

(3,407)

(10,569)

Net cash used in investment activities

5,887

5,093

(126,869)

Cash flows from financing activities:

Repayment of stock notes receivable

5,561

1,350

Proceeds from long term borrowings

43,411

107,000

50,000

Payments on long term borrowings and trust preferred

(43,000)

(115,000)

(50,000)

Proceeds from equity offerings

128,887

Proceeds from employee stock purchase plan

710

Net cash provided by (used in) financing activities

411

(2,439)

130,947

Net increase (decrease) in cash and cash equivalents and restricted cash

557

(81)

(5,885)

Cash and cash equivalents and restricted cash at beginning of period

2,943

3,024

8,909

Cash and cash equivalents and restricted cash at end of period

3,500

2,943

3,024

Cash paid for interest

$ 6,149

$ 8,573

$ 10,667

[1]	(1) The sum of cash and cash equivalents and restricted cash from the Consolidated Balance Sheets

Reserves for Losses and Loss Adjustment Expenses - Schedule of Historical Claims Duration (Details)	Dec. 31, 2025
Short-tail/Monoline Specialty Lines
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	21.10%
Year 2	38.10%
Year 3	10.80%
Year 4	9.70%
Year 5	15.20%
Multi-line Solutions
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	23.90%
Year 2	21.60%
Year 3	15.60%
Year 4	13.60%
Year 5	10.50%
Year 6	4.80%
Year 7	1.90%
Year 8	2.40%
Year 9	1.30%
Year 10	0.10%
Exited Lines
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	27.50%
Year 2	12.20%
Year 3	4.90%
Year 4	9.90%
Year 5	8.90%
Year 6	6.80%
Year 7	4.90%
Year 8	2.90%
Year 9	2.00%
Year 10	1.30%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table sets forth the components of the Company’s income tax expense for the year ended December 31, 2025 after the adoption of ASU 2023-09:


($ in thousands)	2025
Income from continuing operations before income tax expense
United States	$	208,763
Foreign	7,661
Total	216,424
Income tax expense (benefit) from continuing operations
Current tax expense
United States	51,758
U.S. state and local	1,107
Deferred tax benefit related to:
United States	(5,584)
U.S. state and local	(885)
Total income tax expense	$	46,396

The following table sets forth the components of the Company's income tax expense for the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09:



($ in thousands)	2024		2023
Current income tax expense	$	42,626	$	14,736
Deferred tax (benefit) expense related to temporary differences	(8,715)		9,382
Total income tax expense	$	33,911	$	24,118

The following table reconciles the Company's annual effective tax rate to the U.S. Federal statutory tax rate for the year ended December 31, 2025 after the adoption of ASU 2023-09:


	2025
($ in thousands)	Amount		Percentage
U.S. federal statutory income tax rate	$	45,449	21.0	%
State income taxes, net of federal benefit(1)	(508)		(0.3)	%
Foreign tax effects

Bermuda statutory rate differential	(1,609)		(0.7)	%
Effects of other cross-border tax laws	717		0.3	%
Change of Valuation Allowance	68		—	%
Nondeductible and Nontaxable items
Nondeductible transaction costs	1,689		0.8	%
Other nondeductible and nontaxable items	590		0.3	%
Effective tax rate	$	46,396	21.4	%
(1) The following state(s) and/or local jurisdictions make up more than 50% of the state income taxes: Florida



	2024				2023
($ in thousands)	Amount		Percentage		Amount		Percentage
Income tax expense at federal statutory rate	$	32,075	21.0	%	$	23,121	21.0	%
Tax advantaged investments	(239)		(0.2)		(295)		(0.3)
Other	2,075		1.4		1,292		1.2
Total income tax expense	$	33,911	22.2	%	$	24,118	21.9	%

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025:


($ in thousands)	2025
United States	$	49,830
U.S. state and local(1)	1,164
Total income taxes paid	$	50,994

(1) No single state or jurisdiction accounts for greater than 5% of total taxes paid.

The Company paid $37.0 million and $15.8 million in federal income taxes during the years ended December 31, 2024 and 2023, respectively.

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024:



($ in thousands)	2025		2024
Deferred tax assets:
Net operating losses	$	9,409	$	9,389
Losses and loss adjustment expenses	21,401		16,967
Unearned premiums	22,775		18,178
Unrealized losses on fixed maturity securities, available-for-sale	—		5,893
Stock options/awards	2,446		2,453
Other	8,933		6,067
Total deferred tax assets before valuation allowance	64,964		58,947
Valuation allowance	(654)		(586)
Total deferred tax assets	64,310		58,361
Deferred tax liabilities:
Deferred policy acquisition costs	19,132		15,277
Other long-term investments	2,888		2,625
Section 481(a) adjustment	87		1,391
Unrealized gains on equity securities	7		4,818
Unrealized gains on fixed maturity securities, available-for-sale	3,101		—
Unrealized gains on other investments	5,465		—
Depreciation	2,152		1,426
Other	3,613		2,338
Total deferred tax liabilities	36,445		27,875
Net deferred tax asset	$	27,865	$	30,486

The Company has federal net operating loss carryforwards of approximately $40.3 million. These net operating losses are set to expire beginning in 2032. The Company is limited on the utilization of $40.3 million of the net operating losses under Internal Revenue Code Section 382 which imposes limitations on a corporation’s ability to utilize tax attributes if the corporation experiences an “ownership change.” The Company experienced an ownership change during 2014. The 382 limitation is expected to result in an expiration of $2.8 million ($0.6 million tax effected) of net operating losses. In 2025, a valuation allowance has been established against this balance that is expected to expire without utilization. Out of the total $40.3 million federal NOL, $0.3 million ($0.1 million tax effected) is related to dual consolidated loss that Skyward is not expected to be able to utilize. The Company also has net operating losses in various state and local jurisdictions of $0.9 million which are set to expire between 5 and 20 years or carryforward indefinitely, depending on the jurisdiction. The Company expects to fully utilize these state and local net operating losses.

The following table presents the change in the Company's valuation allowance for the years ended December 31, 2025 and 2024:



($ in thousands)	2025		2024
Balance at beginning of the period	$	586	$	586
Increase related to net operating loss	68		—

Balance at the end of the period	$	654	$	586

The Company’s federal income tax returns for tax years 2022-2024 are subject to examination by the Internal Revenue Service.

As of December 31, 2025, the Company had no provision for uncertain tax positions and no provision for penalties or interest. In addition, management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would impact the Company’s effective tax rate.

Tax Legislative Update

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB Act”), which includes a broad range of tax reform provisions, was signed into law in the United States. The OBBB Act did not have a material impact on the Company's annual effective tax rate in 2025 and no material impact is expected in 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Schedule of Company's Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at beginning of the period	$ 586	$ 586
Increase related to net operating loss	68	0
Balance at the end of the period	$ 654	$ 586

Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 47,447	$ 41,534
Accumulated depreciation	(32,307)	(29,355)
Total	15,140	12,179
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	3,434	3,056
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	4,750	4,506
Software
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 39,263	$ 33,972

Segment - Narrative (Details)	12 Months Ended
Segment - Narrative (Details)	Dec. 31, 2025 segment division
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Number of underwriting divisions \| division	9

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS


($ in thousands)	Valuation Allowance For Deferred Tax Assets		Allowance for Uncollectible Reinsurance Recoverable		Allowance for Uncollectible Premiums Receivable




Balance at January 1, 2023	586		—		629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	—		2,295		—
Charged to costs and expenses	—		—		748
Amounts written off	—		—		(513)
Recoveries of amounts previously written off	—		—		100

Balance at December 31, 2023	586		2,295		964

Charged to costs and expenses	—		13,585		3,235
Amounts written off	—		(13,585)		(1,895)
Recoveries of amounts previously written off	—		—		128

Balance at December 31, 2024	586		2,295		2,432

Charged to costs and expenses	68		—		2,351
Amounts written off	—		—		(2,141)
Recoveries of amounts previously written off	—		—		498

Balance at December 31, 2025	$	654	$	2,295	$	3,140

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following table presents the components of property and equipment as of December 31, 2025 and 2024, which are included within other assets on the Consolidated Balance Sheets:



(in thousands)	2025		2024
Leasehold improvements	$	3,434	$	3,056
Equipment	4,750		4,506
Software	39,263		33,972

	47,447		41,534
Accumulated depreciation	(32,307)		(29,355)
Total	$	15,140	$	12,179

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (PARENT COMPANY)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (PARENT COMPANY)

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (PARENT COMPANY)


	December 31,
($ in thousands)	2025		2024
Assets
Investments:
Investment in subsidiaries	$	1,076,288	$	853,670
Short-term investments, at fair value	14,513		14,000
Total investments	1,090,801		867,670
Cash and cash equivalents	3,500		2,943

Deferred income taxes	27,865		30,486
Goodwill and intangible assets, net	14,349		12,641
Other assets	10,709		2,905
Total assets	$	1,147,224	$	916,645
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	17,680	$	3,110
Notes payable	100,410		100,000

Subordinated debt, net of debt issuance costs	19,569		19,536
Total liabilities	137,659		122,646
Stockholders’ Equity:
Stockholders’ equity	1,009,565		793,999
Total liabilities and stockholders’ equity	$	1,147,224	$	916,645

SCHEDULE II — STATEMENTS OF OPERATIONS

(PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Revenues:

Net investment income	$	3,371	$	3,212	$	3,822
Net investment gains (losses)	—		963		(963)
Other loss	—		(2)		(27)
Total revenues	3,371		4,173		2,832
Expenses
Operating expenses	7,899		10,632		—
Interest expense	6,762		8,140		9,815
Amortization expense	620		920		313
Other expenses	17,962		9,646		451
Total expenses	33,243		29,338		10,579
Loss before income tax expense	(29,872)		(25,165)		(7,747)
Income tax expense	45,860		33,578		6,808
Loss before equity in earnings of subsidiaries	(75,732)		(58,743)		(14,555)
Equity in undistributed earnings of subsidiaries	245,760		177,571		100,539
Net income	$	170,028	$	118,828	$	85,984

SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	170,028	$	118,828	$	85,984
Adjustments to reconcile net income to net cash used in operating activities	(175,769)		(121,563)		(95,947)
Net cash used in operating activities	(5,741)		(2,735)		(9,963)
Cash flows from investing activities:
Purchase of intangible assets and goodwill	(2,000)		—		—
Capital contributions to subsidiaries	(100)		—		(122,800)
Distributions from investment in subsidiaries	8,500		8,500		6,500
Change in short-term investments	(513)		(3,407)		(10,569)
Net cash provided by (used in) investing activities	5,887		5,093		(126,869)
Cash flows from financing activities:
Repayment of stock notes receivable	—		5,561		1,350
Proceeds from long term borrowings	43,411		107,000		50,000
Payments on long term borrowings and trust preferred	(43,000)		(115,000)		(50,000)
Proceeds from equity offerings	—		—		128,887
Proceeds from employee stock purchase plan	—		—		710
Net cash provided by (used in) financing activities	411		(2,439)		130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	557		(81)		(5,885)
Cash and cash equivalents and restricted cash at beginning of year	2,943		3,024		8,909
Cash and cash equivalents and restricted cash at end of year	$	3,500	$	2,943	$	3,024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,149	$	8,573	$	10,667

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT

CONTINUED

Notes to Financial Statements

Financial Instruments Disclosed, But Not Carried, At Fair Value

Notes Payable

The following table sets forth the Company’s carrying and fair values of the Promissory Note as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Promissory Note	$	57,000	$	57,401	$	57,000	$	56,300

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

Income Taxes - Schedule of Annual Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax rate	$ 45,449	$ 32,075	$ 23,121
State income taxes, net of federal benefit	(508)
Effects of other cross-border tax laws	717
Change of Valuation Allowance	68
Nondeductible transaction costs	1,689
Other nondeductible and nontaxable items	590
Total income tax expense	$ 46,396	$ 33,911	$ 24,118
Percentage
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	(0.30%)
Effects of other cross-border tax laws	0.30%
Change of Valuation Allowance	0.00%
Nondeductible transaction costs	0.80%
Other	0.30%
Total income tax expense	21.40%	22.20%	21.90%
Bermuda
Amount
Bermuda statutory rate differential	$ (1,609)
Percentage
Statutory tax rate difference	(0.70%)

Variable Interest Entity

12 Months Ended

Dec. 31, 2025

Variable Interest Entity [Abstract]

Variable Interest Entity

Pursuant to GAAP consolidation guidance, Skyward consolidates Separate Account HSIC-01 (“HSIC-01”), established by Mangrove Risk Solutions Bermuda Ltd. (“Mangrove”). HSIC-01 is a VIE for which the Company is the primary beneficiary. The purpose of the VIE is to hedge price volatility risks of certain insurance products by investing in dairy and livestock commodities. The Company directly manages the business; therefore, it considers itself the primary beneficiary. The Company does not provide performance guarantees and has no other financial obligation to provide funding to HSIC-01, other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to the assets of HSIC-01 other than to satisfy associated liabilities.


($ in thousands)	2025
Assets
Cash and cash equivalents	$	15,816




Other assets	34,856
Total assets	$	50,672

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net earnings per share for the years ended December 31, 2025, 2024 and 2023:



($ in thousands, except for share and per share amounts)	2025		2024		2023
Numerator
Net income	$	170,028	$	118,828	$	85,984
Less: Undistributed income allocated to participating securities	—		—		(1,677)
Net income attributable to common stockholders (numerator for basic earnings per share)	170,028		118,828		84,307
Add back: Undistributed income allocated to participating securities	—		—		1,677
Net income (numerator for diluted earnings per share under the two-class method)	$	170,028	$	118,828	$	85,984
Denominator
Basic weighted-average common shares	40,407,310		40,056,475		36,031,907

Dilutive effect of preferred shares	—		—		716,708
Dilutive effect of stock notes	—		—		696,110
Dilutive effect of stock units	897,426		917,510		736,837
Dilutive effect of options	503,310		403,475		135,972
Diluted weighted-average common share equivalents	41,808,046		41,377,460		38,317,534
Basic earnings per share	$	4.21	$	2.97	$	2.34
Diluted earnings per share	$	4.07	$	2.87	$	2.24

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2025	2024	2023


Stock units	104,531	20,346	3,931
Options	242	859	914

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the years ended December 31, 2025, 2024 and 2023:



	2025	2024	2023
Common shares	—	—	920,864

Total	—	—	920,864

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Trading, and Equity Securities, FV-NI

The following tables set forth the amortized cost and the fair value by investment category at December 31, 2025 and 2024:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,190	$	292	$	(14)	$	—	$	44,468
Corporate securities and miscellaneous	632,244		14,223		(3,080)		(7,000)		636,387
Municipal securities	102,691		1,725		(2,300)		—		102,116
Residential mortgage-backed securities	487,145		8,928		(9,486)		—		486,587
Commercial mortgage-backed securities	72,631		1,016		(597)		—		73,050
Other asset-backed securities	509,854		5,194		(1,353)		—		513,695
Total fixed maturity securities, available-for-sale	$	1,848,755	$	31,378	$	(16,830)	$	(7,000)	$	1,856,303
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	33,290	$	829	$	(48)	$	(468)	$	33,603
Total fixed maturity securities, held-to-maturity	$	33,290	$	829	$	(48)	$	(468)	$	33,603


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,577	$	35	$	(126)	$	—	$	26,486
Corporate securities and miscellaneous	433,298		5,618		(13,288)		—		425,628
Municipal securities	89,966		116		(5,366)		—		84,716
Residential mortgage-backed securities	408,585		1,875		(16,627)		—		393,833
Commercial mortgage-backed securities	70,262		545		(1,443)		—		69,364
Other asset-backed securities	291,578		2,447		(1,834)		—		292,191
Total fixed maturity securities, available-for-sale	$	1,320,266	$	10,636	$	(38,684)	$	—	$	1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	39,396	$	—	$	(436)	$	(243)	$	38,717
Total fixed maturity securities, held-to-maturity	$	39,396	$	—	$	(436)	$	(243)	$	38,717

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2025 by contractual maturity are shown below.



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	45,682	$	45,478
Due after one year through five years	449,790		449,145
Due after five years through ten years	219,293		224,696
Due after ten years	64,360		63,652
Mortgage-backed securities	559,776		559,637
Other asset-backed securities	509,854		513,695
Total	$	1,848,755	$	1,856,303

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	349	$	(1)	$	1,565	$	(13)	$	1,914	$	(14)
Corporate securities and miscellaneous	67,644		(346)		63,575		(2,734)		131,219		(3,080)
Municipal securities	19,157		(400)		22,004		(1,900)		41,161		(2,300)
Residential mortgage-backed securities	56,147		(262)		74,075		(9,224)		130,222		(9,486)
Commercial mortgage-backed securities	4,646		(3)		8,363		(594)		13,009		(597)
Other asset-backed securities	85,098		(424)		16,081		(929)		101,179		(1,353)
Total fixed maturity securities, available-for-sale	233,041		(1,436)		185,663		(15,394)		418,704		(16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	1,912		(48)		—		—		1,912		(48)
Total fixed maturity securities, held-to-maturity:	1,912		(48)		—		—		1,912		(48)
Total	$	234,953	$	(1,484)	$	185,663	$	(15,394)	$	420,616	$	(16,878)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	15,938	$	(34)	$	2,297	$	(92)	$	18,235	$	(126)
Corporate securities and miscellaneous	136,888		(2,060)		81,232		(11,228)		218,120		(13,288)
Municipal securities	41,930		(1,046)		27,687		(4,320)		69,617		(5,366)
Residential mortgage-backed securities	201,407		(3,366)		82,496		(13,261)		283,903		(16,627)
Commercial mortgage-backed securities	9,411		(126)		13,178		(1,317)		22,589		(1,443)
Other asset-backed securities	75,119		(721)		29,851		(1,113)		104,970		(1,834)
Total fixed maturity securities, available-for-sale	480,693		(7,353)		236,741		(31,331)		717,434		(38,684)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	2,144		(2)		36,573		(434)		38,717		(436)
Total fixed maturity securities, held-to-maturity:	2,144		(2)		36,573		(434)		38,717		(436)
Total	$	482,837	$	(7,355)	$	273,314	$	(31,765)	$	756,151	$	(39,120)

Schedule of Available-for-Sale, Changes in Allowance for Credit Loss

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243

Current period provision for credit losses	7,000		257

Recoveries of amounts previously written off	—		(32)
Balance at December 31, 2025	$	7,000	$	468


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329
Current period provision for credit losses	$	18

Recoveries of amounts previously written off	$	(104)
Balance at December 31, 2024	$	243

Schedule of Held-to-Maturity, Changes in Allowance for Credit Loss

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the years ended December 31, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243

Current period provision for credit losses	7,000		257

Recoveries of amounts previously written off	—		(32)
Balance at December 31, 2025	$	7,000	$	468


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329
Current period provision for credit losses	$	18

Recoveries of amounts previously written off	$	(104)
Balance at December 31, 2024	$	243

Schedule of Gain (Loss) on Securities

The following table sets forth the components of net investment gains for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Gross realized gains
Fixed maturity securities, available-for-sale	$	3,002	$	2,662	$	1,042
Equity securities	34,262		8,062		6,035
Other	685		213		2
Total	37,949		10,937		7,079
Gross realized losses
Fixed maturity securities, available-for-sale	(10,832)		(8,161)		(1,879)
Equity securities	(3,000)		(4,132)		(5,256)
Other	(413)		(223)		(20)
Total	(14,245)		(12,516)		(7,155)
Net unrealized gains (losses) on investments
Equity securities	(22,908)		7,500		11,516
Mortgage loans	(7)		421		(386)
Other	21,360		—		—
Net investment gains	$	22,149	$	6,342	$	11,054

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Fixed maturity securities, available-for-sale	$	198,195	$	217,468	$	26,626
Equity securities	126,738		37,534		40,201

The following table sets forth the components of net investment income for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Income (loss):
Fixed maturity securities, available-for-sale	$	80,302	$	57,574	$	34,703
Fixed maturity securities, held-to-maturity	(804)		4,091		4,181
Equity securities	1,223		2,720		3,418
Equity method investments	(2,683)		2,524		(9,434)
Mortgage loans	1,622		5,153		5,474
Indirect loans	(8,129)		(2,400)		(4,155)
Short-term investments and cash	12,828		14,851		11,392
Other	3,307		3,000		318
Total investment income	87,666		87,513		45,897
Investment expenses	(4,047)		(6,913)		(5,557)
Net investment income	$	83,619	$	80,600	$	40,340

The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Commercial	$	432	$	2,025	$	2,340
Retail	304		1,853		1,853
Hospitality	886		1,277		1,034
Office	—		—		203
Multi-family	—		—		44


	$	1,622	$	5,155	$	5,474

Schedule of Accumulated Other Comprehensive Income (Loss)



($ in thousands)	2025		2024		2023
Fixed maturity securities	$	42,594	$	1,046	$	25,952
Deferred income taxes	(9,017)		(213)		(5,420)
Total	$	33,577	$	833	$	20,532

Investments - Schedule of Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fixed Maturity Securities, Available-For-Sale
Beginning balance	$ 0
Current period provision for credit losses	7,000
Recoveries of amounts previously written off	0
Ending balance	7,000	$ 0
Fixed Maturity Securities, Held-to-Maturity
Beginning balance	243	329
Current period provision for credit losses	257	18
Recoveries of amounts previously written off	(32)	(104)
Ending balance	$ 468	$ 243

SCHEDULE II — STATEMENTS OF OPERATIONS (PARENT COMPANY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Net investment income	$ 83,619	$ 80,600	$ 40,340
Net investment gains (losses)	22,149	6,342	11,054
Other loss	(587)	(167)	(632)
Total revenues	1,416,541	1,150,200	885,969
Expenses:
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Total expenses	1,200,117	997,461	775,867
Income tax expense	46,396	33,911	24,118
Net income attributable to common stockholders	170,028	118,828	84,307
Equity in undistributed earnings of subsidiaries	0	0	1,677
Net income	170,028	118,828	85,984
Parent Company
Revenues:
Net investment income	3,371	3,212	3,822
Net investment gains (losses)	0	963	(963)
Other loss	0	(2)	(27)
Total revenues	3,371	4,173	2,832
Expenses:
Operating expenses	7,899	10,632	0
Interest expense	6,762	8,140	9,815
Amortization expense	620	920	313
Other expenses	17,962	9,646	451
Total expenses	33,243	29,338	10,579
Loss before income tax expense	(29,872)	(25,165)	(7,747)
Income tax expense	45,860	33,578	6,808
Net income attributable to common stockholders	(75,732)	(58,743)	(14,555)
Equity in undistributed earnings of subsidiaries	245,760	177,571	100,539
Net income	$ 170,028	$ 118,828	$ 85,984

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 9,409	$ 9,389
Losses and loss adjustment expenses	21,401	16,967
Unearned premiums	22,775	18,178
Unrealized losses on fixed maturity securities, available-for-sale	0	5,893
Stock options/awards	2,446	2,453
Other	8,933	6,067
Total deferred tax assets before valuation allowance	64,964	58,947
Valuation allowance	(654)	(586)	$ (586)
Total deferred tax assets	64,310	58,361
Deferred tax liabilities:
Deferred policy acquisition costs	19,132	15,277
Other long-term investments	2,888	2,625
Section 481(a) adjustment	87	1,391
Unrealized gains on equity securities	7	4,818
Unrealized gains on fixed maturity securities, available-for-sale	3,101	0
Unrealized gains on other investments	5,465	0
Depreciation	2,152	1,426
Other	3,613	2,338
Total deferred tax liabilities	36,445	27,875
Net deferred tax asset	$ 27,865	$ 30,486

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Available-for-sale allowance for credit losses	$ 7,000	$ 0
Amortized cost	1,848,755	1,320,266
Allowance for credit losses	$ 468	$ 243
Common stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	40,511,222	40,127,908
Common stock, shares outstanding (in shares)	40,511,222	40,127,908

Variable Interest Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 168,544	$ 121,603
Other assets	137,173	86,698
Total assets	4,791,852	$ 3,729,478
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	15,816
Other assets	34,856
Total assets	$ 50,672

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Subordinated Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
FHLB Loan \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 57,000	$ 57,000
FHLB Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt	57,458	56,200
Revolving Credit Facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	114,500	43,000
Revolving Credit Facility \| Fair Value
Debt Instrument [Line Items]
Long-term debt	114,500	43,000
Term Loan Facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	300,000	0
Term Loan Facility \| Fair Value
Debt Instrument [Line Items]
Long-term debt	300,000	0
Notes payable \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	471,500	100,000
Notes payable \| Fair Value
Debt Instrument [Line Items]
Long-term debt	471,958	99,200
Unsecured subordinated notes \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,569	19,536
Unsecured subordinated notes \| Fair Value
Debt Instrument [Line Items]
Long-term debt	21,020	20,541
Subordinated debt, net of debt issuance costs \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,569	19,536
Subordinated debt, net of debt issuance costs \| Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 21,020	$ 20,541

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

Net earned premiums and gross commission expense related to these agreements for the years ended December 31, 2025, 2024 and 2023 were as follows:



($ in thousands)	2025		2024		2023
Net earned premium	$	120,067	$	108,130	$	99,736
Commissions	28,728		25,372		24,177

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,856,303	$ 1,292,218
Total fixed maturity securities, held-to-maturity	33,603	38,717
Total equity securities	1,174	106,254
Mortgage loans	9,902	26,490
Short-term investments	264,299	274,929
Derivatives	34,857
Total	2,200,138	1,738,608
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	44,468	26,486
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	636,387	425,628
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	102,116	84,716
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	486,587	393,833
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	73,050	69,364
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	513,695	292,191
Total fixed maturity securities, held-to-maturity	33,603	38,717
Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities		64,251
Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	1,174	1,164
Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities		40,839
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	44,468	26,486
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	0	105,090
Mortgage loans	0	0
Short-term investments	264,299	274,929
Derivatives	34,857
Total	343,624	406,505
Level 1 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	44,468	26,486
Level 1 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities		64,251
Level 1 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 1 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities		40,839
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,660,918	1,187,812
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	1,174	1,164
Mortgage loans	0	0
Short-term investments	0	0
Derivatives	0
Total	1,662,092	1,188,976
Level 2 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 2 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	503,274	354,815
Level 2 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	102,116	84,716
Level 2 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	486,587	393,833
Level 2 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	73,050	69,364
Level 2 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	495,891	285,084
Total fixed maturity securities, held-to-maturity	0	0
Level 2 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities		0
Level 2 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	1,174	1,164
Level 2 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities		0
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	150,917	77,920
Total fixed maturity securities, held-to-maturity	33,603	38,717
Total equity securities	0	0
Mortgage loans	9,902	26,490
Short-term investments	0	0
Derivatives	0
Total	194,422	143,127
Level 3 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	133,113	70,813
Level 3 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	17,804	7,107
Total fixed maturity securities, held-to-maturity	33,603	38,717
Level 3 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities		0
Level 3 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	$ 0	0
Level 3 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities		$ 0

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at December 31, 2025 and 2024:


($ in thousands)	Accident and Health		Surety		Construction and Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2024	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2024	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2025	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734


($ in thousands)	Accident and Health		Surety		Construction and Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2023	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2023	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2024	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

Schedule of Intangible Assets and Goodwill

The following tables set forth the carrying amount and changes in the balance of other intangible assets at December 31, 2025 and 2024:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2024	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2024	(17,895)		(1,117)		—		—		(19,012)
Additions	2,000		—		—		—		2,000


Amortization	(1,308)		—		—		—		(1,308)
Net balance at December 31, 2025	$	7,288	$	—	$	999	$	14,019	$	22,306


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2023	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2023	(16,808)		(1,117)		—		—		(17,925)



Amortization	(1,087)		—		—		—		(1,087)
Net balance at December 31, 2024	$	6,596	$	—	$	999	$	14,019	$	21,614

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
Years Ending December 31,	Amount
2026	$	1,053
2027	1,053
2028	1,053
2029	762
2030	553

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income from continuing operations before income tax expense
United States	$ 208,763
Foreign	7,661
Income before income taxes	216,424	$ 152,739	$ 110,102
Current tax expense
United States	51,758
U.S. state and local	1,107
Deferred tax benefit related to:
United States	(5,584)
U.S. state and local	(885)
Total income tax expense	$ 46,396	$ 33,911	$ 24,118

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2025 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 2,194,865
Fair Value (if applicable)	2,223,931
Amount on Balance Sheet	2,223,150
Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,848,755
Fair Value (if applicable)	1,856,303
Amount on Balance Sheet	1,856,303
Fixed maturity securities, held to maturity:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	33,290
Fair Value (if applicable)	33,603
Amount on Balance Sheet	32,822
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,138
Fair Value (if applicable)	1,174
Amount on Balance Sheet	1,174
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	10,093
Fair Value (if applicable)	9,902
Amount on Balance Sheet	9,902
Other long-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	37,290
Fair Value (if applicable)	58,650
Amount on Balance Sheet	58,650
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	264,299
Fair Value (if applicable)	264,299
Amount on Balance Sheet	264,299
U.S. government securities \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	44,190
Fair Value (if applicable)	44,468
Amount on Balance Sheet	44,468
Corporate securities and miscellaneous \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	632,244
Fair Value (if applicable)	636,387
Amount on Balance Sheet	636,387
Municipal securities \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	102,691
Fair Value (if applicable)	102,116
Amount on Balance Sheet	102,116
Residential mortgage-backed securities \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	487,145
Fair Value (if applicable)	486,587
Amount on Balance Sheet	486,587
Commercial mortgage-backed securities \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	72,631
Fair Value (if applicable)	73,050
Amount on Balance Sheet	73,050
Other asset-backed securities \| Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	509,854
Fair Value (if applicable)	513,695
Amount on Balance Sheet	513,695
Other asset-backed securities \| Fixed maturity securities, held to maturity:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	33,290
Fair Value (if applicable)	33,603
Amount on Balance Sheet	32,822
Preferred stocks: \| Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,138
Fair Value (if applicable)	1,174
Amount on Balance Sheet	$ 1,174

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of Premium Receivable, Allowance for Credit Loss

The following tables set forth the changes in the allowance for expected credit losses on premiums receivable for the years ended December 31, 2025 and 2024


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2024	$	321,641	$	2,432
Current period change for estimated uncollectible premiums			2,351
Write-offs of uncollectible premiums receivable			(2,141)
Recoveries of amounts previously written off			498
Balance at December 31, 2025	$	544,217	$	3,140


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2023	$	179,235	$	964
Current period change for estimated uncollectible premiums			3,235
Write-offs of uncollectible premiums receivable			(1,895)
Recoveries of amounts previously written off			128
Balance at December 31, 2024	$	321,641	$	2,432

Schedule of Reinsurance Recoverable, Credit Quality Indicator

The following table sets forth the Company’s reinsurance recoverables net of credit enhancements by A.M. Best as of December 31, 2025:


	2025
A.M. Best Rating	Reinsurance Recoverables, Gross, Amortized Cost		Percent of Total
A- and above	$	652,178	98.2	%
B++ to B+	5,077		0.8
B to B -	28		—
Not rated	6,919		1.0

Schedule of Reinsurance Recoverable, Allowance for Credit Loss

The following tables set forth the changes in the allowance for estimated uncollectible reinsurance for the years ended December 31, 2025 and 2024:


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2024	$	857,876	$	2,295


Balance at December 31, 2025	$	1,119,880	$	2,295


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2023	$	596,334	$	2,295

Current period change for estimated uncollectible reinsurance			13,585
Write-offs of uncollectible reinsurance recoverables			(13,585)
Balance at December 31, 2024	$	857,876	$	2,295

SCHEDULE IV — REINSURANCE

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV — REINSURANCE


	Years Ended December 31,
	2025						2024						2023
($ in thousands)	Accident & Health			Property & Casualty			Accident & Health			Property & Casualty			Accident & Health			Property & Casualty
Gross amount	$	254,102		$	1,430,309		$	173,073		$	1,285,564		$	151,702		$	1,089,478
Ceded to other companies	(143,811)			(616,193)			(86,503)			(533,151)			(79,091)			(470,047)
Assumed from other companies	—			481,825			—			284,595			—			218,649
Net amount	$	110,291		$	1,295,941		$	86,570		$	1,037,008		$	72,611		$	838,080
Percentage of amount assumed to net	—		%	37.2		%	—		%	27.4		%	—		%	26.1		%

Equity Method Investments and Other - Schedule of Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 22,094	$ 29,260
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	3,237	4,077
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	386	386
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	166	397
Red Bird Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 18,305	$ 24,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

RISCOM

RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM.

Net earned premiums and gross commission expense related to these agreements for the years ended December 31, 2025, 2024 and 2023 were as follows:



($ in thousands)	2025		2024		2023
Net earned premium	$	120,067	$	108,130	$	99,736
Commissions	28,728		25,372		24,177

Premiums receivable as of December 31, 2025 and December 31, 2024 were $13.9 million and $12.6 million, respectively.

Other

Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the years ended December 31, 2025 and 2024 were $0.6 million and for the year ended December 31, 2023 were $3.6 million.

See Notes 5, 6 and 11 for investments involving affiliated companies and additional related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 18, 2023	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)					3,200,656
Aggregate intrinsic value of options	$ 27.4	$ 27.0
Weighted average remaining contractual life of options	7 years
Unrecognized compensation cost	$ 17.4
Unrecognized compensation cost, recognition period	1 year 7 months 6 days
Stock based compensation expense	$ 12.0	$ 9.4	$ 8.5
Purchase period	6 months
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, price per share (in dollar per share)				$ 15.00
Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	254,978	268,631	1,101,856
Fair value of shares vested in period	$ 6.0	$ 3.8	$ 0.5
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	376,548
Stock based compensation expense	$ 0.7	$ 0.5
Purchase price of common stock, percent	85.00%
Share-based compensation arrangement by share-based payment award, shares issues in period (in shares)	141,845
Share-based payment arrangement, amount capitalized	$ 0.3
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	227,185	232,964	1,861,846
Share-base compensation arrangement by share-based payment award, terms of award	10 years
Stock options granted to employees			$ 4.4
Long Term Incentive Plan \| Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted, value	$ 12.2	$ 8.5	$ 17.7
Long Term Incentive Plan \| Director \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	12,579	19,453	23,482
Requisite service period	1 year	1 year	1 year

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Total investment income	$ 87,666	$ 87,513	$ 45,897
Investment expenses	(4,047)	(6,913)	(5,557)
Net investment income	83,619	80,600	40,340
Fixed maturity securities, available-for-sale
Net Investment Income [Line Items]
Total investment income	80,302	57,574	34,703
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	(804)	4,091	4,181
Equity securities
Net Investment Income [Line Items]
Total investment income	1,223	2,720	3,418
Equity method investments
Net Investment Income [Line Items]
Total investment income	(2,683)	2,524	(9,434)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,622	5,153	5,474
Indirect loans
Net Investment Income [Line Items]
Total investment income	(8,129)	(2,400)	(4,155)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	12,828	14,851	11,392
Other
Net Investment Income [Line Items]
Total investment income	$ 3,307	$ 3,000	$ 318

Fair Value Measurements - Schedule of Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fixed Maturity Securities, Available-For-Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 77,920	$ 0
Total gains (losses) for the period recognized in net investment gains (losses)	(5,180)	(195)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	6,143
Purchases	70,730	77,979
Sales/Disposals	(1,493)	(374)
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	2,797	510
Ending balance	150,917	77,920
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	0	0
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	26,490	50,070
Total gains (losses) for the period recognized in net investment gains (losses)	(7)	420
Issuances	151	649
Settlements	(16,732)	(24,649)
Transfers into Level 3	0
Purchases	0	0
Sales/Disposals	0	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0	0
Ending balance	9,902	26,490
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$ (201)	$ 411

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Carrying and Fair Values of the Promissory Note

The following table sets forth the Company’s carrying and fair values of the Promissory Note as of December 31, 2025 and 2024:


	2025				2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Promissory Note	$	57,000	$	57,401	$	57,000	$	56,300

Stock Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

On September 23, 2022, the Board of Directors approved the Company’s 2022 Long-Term Incentive Plan (the “2022 Plan”), which became effective on January 12, 2023 and replaced the Company’s prior Long Term Incentive Plan (the “2020 Plan”). The 2022 Plan provides for the granting of restricted stock, restricted stock units, performance stock units, stock options as well as cash-based performance awards, to select employees and non-employee directors of the Company. The 2022 Plan stated that 3,200,656 shares of common stock were available for issuance.

In November 2024, the Compensation Committee approved a program that permits the independent directors to elect to defer settlement of their annual restricted stock units (“RSU”) awards to the fifth anniversary of the grant date, the tenth anniversary of the grant date, or the date of separation of service from the Company. This program became available for the Directors who elected in 2024 to defer settlement of their 2025 RSU awards which vest in 2026.

The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the years ended December 31, 2025, 2024 and 2023:

Award Payout Range

Requisite
Service Period

Target
Stock and Stock Units

Year ended December 31, 2025

Market condition awards

0%–150%

3 years

22,495

Performance condition awards

0%–150%

3 years

59,769

Service condition awards

N/A

1–4 years

144,921

227,185

Year ended December 31, 2024

Market condition awards

0%–150%

3 years

32,058

Performance condition awards

0%–150%

3 years

76,881

Service condition awards

N/A

1–4 years

124,025

232,964

Year ended December 31, 2023

Market condition awards

0%–150%

3 years

37,622

Performance condition awards

0%–150%

3 years

95,456

Service condition awards

N/A

1–4 years

968,778

Stock options

N/A

3–4 years

759,990

1,861,846

Stock options

The grant date fair value of the options under the 2022 Plan was determined using the Black-Scholes model where the term was the contractual term of 10 years less the weighted average service period. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies. The stock options granted to employees during the year ended December 31, 2023 were valued at approximately $4.4 million based on the grant date fair value.

The following tables sets forth option activity for the years ended December 31, 2025 and 2024:


	Weighted-Average Exercise Price		Stock
Outstanding at January 1, 2025			759,990


Forfeited	$	15.00	(219)
Outstanding at December 31, 2025			759,771

Weighted-Average
Exercise Price

Stock

Outstanding at January 1, 2024

759,990

Outstanding at December 31, 2024

759,990

The intrinsic value of each option is determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. The aggregate intrinsic value of options outstanding at December 31, 2025 and 2024 was $27.4 million and $27.0 million, respectively. The weighted-average remaining contractual life of the options outstanding at December 31, 2025 was 7.0 years.

Restricted stock awards and restricted stock units

The fair value of restricted stock and restricted stock units under the 2022 Plan for awards granted at the time of the Company’s IPO were granted at the IPO price of $15.00 per share. The fair value of subsequent grants were equal to the closing stock price on the date the restricted stock units were granted. The expense for these equity-based incentives is based on their fair value at the date of grant and amortized over their vesting period.

The restricted stock and restricted stock units granted to employees and the Board of Directors during the years ended December 31, 2025, 2024 and 2023 were valued at approximately $12.2 million, $8.5 million and $17.7 million respectively, based on the grant date fair value.

The following table sets forth the Company’s restricted stock and restricted stock units activity for the years ended December 31, 2025, 2024 and 2023:


	Weighted-Average Grant-Date Fair Value		Stock and Stock Units
Non-vested at January 1, 2025	$	19.06	1,325,483
Granted(1)	47.77		254,978
Vested	15.33		(391,746)
Forfeited(2)	25.74		(53,247)
Non-vested at December 31, 2025	$	27.06	1,135,468

Non-vested at January 1, 2024	$	15.13	1,445,449
Granted(1)	31.72		268,631
Vested	13.16		(285,957)
Forfeited(2)	18.27		(102,640)
Non-vested at December 31, 2024	$	19.06	1,325,483

Non-vested at January 1, 2023	$	12.55	419,896
Granted(1)	16.07		1,101,856
Vested	13.39		(40,645)
Forfeited(2)	15.29		(35,658)
Non-vested at December 31, 2023	$	15.13	1,445,449

(1) Increases above the 100% target level are reflected as granted in the period after which performance-based stock unit goals are achieved.
(2) Decreases below the 100% target level are reflected as forfeited.

Members of the Board of Directors were granted 12,579, 19,453 and 23,482 shares of restricted stock and restricted stock units during the years ended December 31, 2025, 2024 and 2023, respectively, with a service period of one year. The total fair value of shares vested for employees and members of the Board of Directors at December 31, 2025, 2024 and 2023 was $6.0 million, $3.8 million and $0.5 million, respectively.

As of December 31, 2025 the total unrecognized compensation cost related to non-vested, stock-based compensation awards was $17.4 million and the weighted average period over which that cost is expected to be recognized is 1.6 years. For the years ended December 31, 2025, 2024 and 2023 the Company recognized $12.0 million, $9.4 million and $8.5 million, respectively, of stock-based compensation expense.

Employee Stock Purchase Plan

On September 23, 2022, the Board of Directors approved the Company’s 2022 Employee Stock Purchase Plan (the “ESPP”), which became effective on May 15, 2023, and is administered by the Compensation Committee. Under the ESPP, all employees of the Company may choose, at two different specified time intervals each year, to have a percentage of their annual base earnings withheld to purchase the Company’s common stock. The purchase price of the common stock is 85% of the lower of its beginning-of-interval or end-of-interval market price. The Company has reserved 376,548 common shares under this plan.

The grant date fair value of options under the ESPP was determined using the Black-Scholes model where the term was the length of time between the grant date and the date the options are exercisable of 6 months. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies.

As of December 31, 2025, a total of 141,845 shares had been purchased under this plan. The Company recognized $0.7 million and $0.5 million of expense during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the fair value of unrecognized expense was $0.3 million.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred stocks:	Common stock:	Treasury stock:	Additional paid-in capital:	Stock notes receivable:	Accumulated other comprehensive income (loss):	Retained earnings (accumulated deficit):	Retained earnings (accumulated deficit): Period of adoption, adjustment
Preferred shares balance at beginning of period (in shares) at Dec. 31, 2022		1,969,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares (in shares)		(1,969,660)	16,305,113
Preferred shares balance at ending of period (in shares) at Dec. 31, 2023		0
Common shares balance at beginning of period (in shares) at Dec. 31, 2022			16,599,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			6,958,977
Common shares balance at ending of period (in shares) at Dec. 31, 2023			39,863,756
Stockholders' equity beginning balance at Dec. 31, 2022		$ 20	$ 168	$ (2)	$ 577,289	$ (6,911)	$ (43,485)	$ (105,417)	$ (2,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares		(20)	161	2	(143)
Issuance of common stock/Employee equity transactions			22		9,213	1,349
Proceeds from equity offerings, net			48		124,496
Other comprehensive income, net of tax	$ 20,532						20,532
Net income	85,984							85,984
Stockholders' equity ending balance at Dec. 31, 2023	$ 661,031	$ 0	$ 399	0	710,855	(5,562)	(22,953)	(21,708)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares (in shares)		0	0
Preferred shares balance at ending of period (in shares) at Dec. 31, 2024		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			264,152
Common shares balance at ending of period (in shares) at Dec. 31, 2024	40,127,908		40,127,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock/Employee equity transactions			2		7,743	5,562
Proceeds from equity offerings, net			0		0
Other comprehensive income, net of tax	$ 833						833
Net income	118,828							118,828
Stockholders' equity ending balance at Dec. 31, 2024	$ 793,999	$ 0	$ 401	0	718,598	0	(22,120)	97,120	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares (in shares)		0	0
Preferred shares balance at ending of period (in shares) at Dec. 31, 2025		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			383,314
Common shares balance at ending of period (in shares) at Dec. 31, 2025	40,511,222		40,511,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock/Employee equity transactions			4		11,957	0
Proceeds from equity offerings, net			0		0
Other comprehensive income, net of tax	$ 33,577						33,577
Net income	170,028							170,028
Stockholders' equity ending balance at Dec. 31, 2025	$ 1,009,565	$ 0	$ 405	$ 0	$ 730,555	$ 0	$ 11,457	$ 267,148

Equity Method Investments and Other - Schedule of Investment in JVN Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 77,365	$ 98,594
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	14,457	16,624
Difference	454	605
Recorded investment balance	$ 14,911	$ 17,229

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Reserves for Losses and Loss Adjustment Expenses - Schedule of Short-Duration Insurance Contracts (Details) $ in Thousands	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Claims Development [Line Items]
Total net reserves for loss and ALAE	$ 1,367,038	$ 1,084,980
Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	1,072,627
Cumulative net paid loss and ALAE from the table below	(528,255)
Net reserves for loss and ALAE before 2021	1,570
Total net reserves for loss and ALAE	545,942	367,226
Cumulative net paid loss and LAE	528,255
Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	1,902,472
Cumulative net paid loss and ALAE from the table below	(1,162,853)
Net reserves for loss and ALAE before 2021	(189)
Total net reserves for loss and ALAE	739,430	631,065
Cumulative net paid loss and LAE	1,162,853
Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	605,233
Cumulative net paid loss and ALAE from the table below	(538,304)
Net reserves for loss and ALAE before 2021	14,737
Total net reserves for loss and ALAE	81,666	86,689
Cumulative net paid loss and LAE	538,304
Accident Year 2016 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	85,098	85,434	$ 84,829	$ 84,829	$ 84,579	$ 84,579	$ 62,643	$ 62,843	$ 62,843	$ 63,223
Cumulative net paid loss and ALAE from the table below	(77,825)	(77,760)	(77,160)	(75,855)	(72,544)	(69,691)	(58,895)	(53,352)	(42,528)	(23,239)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 828
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,744
Cumulative net paid loss and LAE	$ 77,825	77,760	77,160	75,855	72,544	69,691	58,895	53,352	42,528	23,239
Accident Year 2016 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	104,246	102,801	100,651	100,651	98,301	97,301	93,577	91,372	92,996	93,019
Cumulative net paid loss and ALAE from the table below	(98,831)	(97,462)	(95,114)	(91,556)	(87,482)	(81,181)	(78,070)	(70,253)	(57,638)	(36,592)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,851
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,911
Cumulative net paid loss and LAE	$ 98,831	97,462	95,114	91,556	87,482	81,181	78,070	70,253	57,638	$ 36,592
Accident Year 2017 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	79,819	80,493	78,766	78,766	78,166	78,166	64,260	65,332	65,332
Cumulative net paid loss and ALAE from the table below	(77,177)	(75,714)	(73,770)	(71,109)	(67,926)	(61,354)	(53,093)	(41,945)	(23,770)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 837
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,592
Cumulative net paid loss and LAE	$ 77,177	75,714	73,770	71,109	67,926	61,354	53,093	41,945	23,770
Accident Year 2017 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	72,682	70,885	68,646	68,646	68,346	65,735	81,785	79,581	75,159
Cumulative net paid loss and ALAE from the table below	(69,798)	(68,480)	(66,498)	(62,924)	(57,457)	(50,545)	(51,985)	(52,103)	(34,176)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,819
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,370
Cumulative net paid loss and LAE	$ 69,798	68,480	66,498	62,924	57,457	50,545	51,985	52,103	$ 34,176
Accident Year 2018 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	72,963	75,686	73,019	73,019	71,719	69,319	74,476	74,476
Cumulative net paid loss and ALAE from the table below	(72,429)	(70,128)	(69,893)	(65,635)	(58,655)	(47,226)	(42,568)	(26,201)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 673
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,103
Cumulative net paid loss and LAE	$ 72,429	70,128	69,893	65,635	58,655	47,226	42,568	26,201
Accident Year 2018 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	91,897	92,082	84,165	84,165	79,006	76,506	68,990	74,357
Cumulative net paid loss and ALAE from the table below	(82,244)	(79,860)	(74,604)	(67,001)	(54,339)	(39,870)	(60,149)	(25,553)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 4,093
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,941
Cumulative net paid loss and LAE	$ 82,244	79,860	74,604	67,001	54,339	39,870	60,149	$ 25,553
Accident Year 2019 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	110,564	116,206	116,230	115,530	112,378	109,226	107,432
Cumulative net paid loss and ALAE from the table below	(106,826)	(106,765)	(99,451)	(87,816)	(71,053)	(50,933)	(33,019)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,384
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	6,113
Cumulative net paid loss and LAE	$ 106,826	106,765	99,451	87,816	71,053	50,933	33,019
Accident Year 2019 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	86,131	79,823	79,572	79,414	77,770	73,635	87,115
Cumulative net paid loss and ALAE from the table below	(70,367)	(65,847)	(57,341)	(45,696)	(30,948)	(28,954)	(28,636)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 9,773
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,660
Cumulative net paid loss and LAE	$ 70,367	65,847	57,341	45,696	30,948	28,954	$ 28,636
Accident Year 2020 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	134,281	132,125	132,495	128,111	124,076	113,030
Cumulative net paid loss and ALAE from the table below	(126,965)	(121,097)	(105,283)	(82,236)	(60,680)	(29,499)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 4,174
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,542
Cumulative net paid loss and LAE	$ 126,965	121,097	105,283	82,236	60,680	29,499
Accident Year 2020 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	138,320	137,671	137,907	137,835	136,469	132,248
Cumulative net paid loss and ALAE from the table below	(124,139)	(120,831)	(114,543)	(102,132)	(98,202)	(102,725)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 10,644
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,867
Cumulative net paid loss and LAE	$ 124,139	120,831	114,543	102,132	98,202	$ 102,725
Accident Year 2021 \| Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	99,783	92,134	92,143	93,429	92,780
Cumulative net paid loss and ALAE from the table below	(93,560)	(78,439)	(67,912)	(56,803)	(18,447)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,774
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	1,656
Cumulative net paid loss and LAE	$ 93,560	78,439	67,912	56,803	18,447
Accident Year 2021 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	157,006	160,546	160,331	158,891	156,067
Cumulative net paid loss and ALAE from the table below	(141,539)	(125,749)	(102,772)	(73,293)	(37,118)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 7,932
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	6,727
Cumulative net paid loss and LAE	$ 141,539	125,749	102,772	73,293	37,118
Accident Year 2021 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	97,577	92,095	91,323	91,188	83,322
Cumulative net paid loss and ALAE from the table below	(81,600)	(72,923)	(66,012)	(57,820)	(41,540)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 10,676
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	2,446
Cumulative net paid loss and LAE	$ 81,600	72,923	66,012	57,820	$ 41,540
Accident Year 2022 \| Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	96,874	104,095	105,394	108,299
Cumulative net paid loss and ALAE from the table below	(85,696)	(77,150)	(64,594)	(27,773)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 6,266
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	2,414
Cumulative net paid loss and LAE	$ 85,696	77,150	64,594	27,773
Accident Year 2022 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	249,317	242,358	242,097	236,909
Cumulative net paid loss and ALAE from the table below	(205,410)	(165,854)	(114,794)	(50,148)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 19,315
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	8,679
Cumulative net paid loss and LAE	$ 205,410	165,854	114,794	50,148
Accident Year 2022 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	14,362	11,800	12,240	12,717
Cumulative net paid loss and ALAE from the table below	(11,325)	(9,211)	(4,077)	(2,155)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 2,025
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	246
Cumulative net paid loss and LAE	$ 11,325	9,211	4,077	$ 2,155
Accident Year 2023 \| Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	161,222	191,865	190,565
Cumulative net paid loss and ALAE from the table below	(114,247)	(100,705)	(33,795)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 28,997
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,015
Cumulative net paid loss and LAE	$ 114,247	100,705	33,795
Accident Year 2023 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	320,637	306,511	306,511
Cumulative net paid loss and ALAE from the table below	(181,636)	(122,186)	(63,079)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 96,700
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	8,468
Cumulative net paid loss and LAE	$ 181,636	122,186	63,079
Accident Year 2023 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	2	0	0
Cumulative net paid loss and ALAE from the table below	0	0	0
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	1
Cumulative net paid loss and LAE	$ 0	0	$ 0
Accident Year 2024 \| Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	292,220	280,147
Cumulative net paid loss and ALAE from the table below	(154,896)	(53,691)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 99,302
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,819
Cumulative net paid loss and LAE	$ 154,896	53,691
Accident Year 2024 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	336,197	353,933
Cumulative net paid loss and ALAE from the table below	(123,488)	(58,281)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 155,878
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	7,700
Cumulative net paid loss and LAE	$ 123,488	58,281
Accident Year 2024 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	5	0
Cumulative net paid loss and ALAE from the table below	0	0
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 5
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	0
Cumulative net paid loss and LAE	$ 0	$ 0
Accident Year 2025 \| Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	422,528
Cumulative net paid loss and ALAE from the table below	(79,856)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 275,190
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,495
Cumulative net paid loss and LAE	$ 79,856
Accident Year 2025 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	356,590
Cumulative net paid loss and ALAE from the table below	(49,558)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 257,468
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	6,139
Cumulative net paid loss and LAE	$ 49,558
Accident Year 2025 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	11
Cumulative net paid loss and ALAE from the table below	0
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 11
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	0
Cumulative net paid loss and LAE	$ 0

Related Party Transactions - Schedule of RISCOM Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Net earned premium	$ 1,304,505	$ 1,056,722	$ 829,143
Affiliated entity \| Agency agreement \| RISCOM
Related Party Transaction [Line Items]
Net earned premium	120,067	108,130	99,736
Commissions	$ 28,728	$ 25,372	$ 24,177

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-15

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(c))
-SubTopic 220
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(1))
-SubTopic 220
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense



($ in thousands)	2025		2024		2023
Reserves for losses and LAE, beginning of period	$	1,782,383	$	1,314,501	$	1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)		(455,484)		(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,111,537		859,017		705,771
Incurred, net of reinsurance, related to:
Current period	810,375		657,783		505,894
Prior years	(7,471)		25,728		10,770
Total incurred, net of reinsurance	802,904		683,511		516,664
Paid, net of reinsurance, related to:
Current period	144,799		136,731		109,937
Prior years	371,913		294,260		253,481
Total paid	516,712		430,991		363,418
Net reserves for losses and LAE, end of period	1,397,729		1,111,537		859,017
Plus: reinsurance recoverable on unpaid claims, end of period	921,165		670,846		455,484
Reserves for losses and LAE, end of period	$	2,318,894	$	1,782,383	$	1,314,501

Schedule of Short-Duration Insurance Contracts

Short-tail/Monoline Specialty Lines


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance											As of December 31, 2025

	Years Ended December 31,												Reported Claims
Accident Year	2021*		2022*		2023*		2024*		2025		IBNR
2021	$	92,780	$	93,429	$	92,143	$	92,134	$	99,783	$	1,774	1,656
2022			108,299		105,394		104,095		96,874		6,266		2,414
2023					190,565		191,865		161,222		28,997		5,015
2024							280,147		292,220		99,302		5,819
2025									422,528		275,190		5,495
Total									$	1,072,627
Cumulative net paid loss and ALAE from the table below									(528,255)
Net reserves for loss and ALAE before 2021									1,570
Total net reserves for loss and ALAE									$	545,942

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2021*		2022*		2023*		2024*		2025
2021	$	18,447	$	56,803	$	67,912	$	78,439	$	93,560
2022			27,773		64,594		77,150		85,696
2023					33,795		100,705		114,247
2024							53,691		154,896
2025									79,856
Total									$	528,255

*Supplementary information and unaudited

Multi-line Solutions


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2025

Accident Year	Years Ended December 31,																						Reported Claims
	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025		IBNR
2016	$	63,223	$	62,843	$	62,843	$	62,643	$	84,579	$	84,579	$	84,829	$	84,829	$	85,434	$	85,098	$	828	4,744
2017			65,332		65,332		64,260		78,166		78,166		78,766		78,766		80,493		79,819		837		5,592
2018					74,476		74,476		69,319		71,719		73,019		73,019		75,686		72,963		673		5,103
2019							107,432		109,226		112,378		115,530		116,230		116,206		110,564		1,384		6,113
2020									113,030		124,076		128,111		132,495		132,125		134,281		4,174		5,542
2021											156,067		158,891		160,331		160,546		157,006		7,932		6,727
2022													236,909		242,097		242,358		249,317		19,315		8,679
2023															306,511		306,511		320,637		96,700		8,468
2024																	353,933		336,197		155,878		7,700
2025																			356,590		257,468		6,139
Total																			$	1,902,472
Cumulative net paid loss and ALAE from the table below																			(1,162,853)
Net reserves for loss and ALAE before 2016																			(189)
Total net reserves for loss and ALAE																			$	739,430

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025
2016	$	23,239	$	42,528	$	53,352	$	58,895	$	69,691	$	72,544	$	75,855	$	77,160	$	77,760	$	77,825
2017			23,770		41,945		53,093		61,354		67,926		71,109		73,770		75,714		77,177
2018					26,201		42,568		47,226		58,655		65,635		69,893		70,128		72,429
2019							33,019		50,933		71,053		87,816		99,451		106,765		106,826
2020									29,499		60,680		82,236		105,283		121,097		126,965
2021											37,118		73,293		102,772		125,749		141,539
2022													50,148		114,794		165,854		205,410
2023															63,079		122,186		181,636
2024																	58,281		123,488
2025																			49,558
Total																			$	1,162,853

*Supplementary information and unaudited

Exited Lines — all lines in runoff


($ in thousands except number of claims)
Incurred Losses and ALAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2025

	Years Ended December 31,																						Reported Claims
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025		IBNR
2016	$	93,019	$	92,996	$	91,372	$	93,577	$	97,301	$	98,301	$	100,651	$	100,651	$	102,801	$	104,246	$	1,851	4,911
2017			75,159		79,581		81,785		65,735		68,346		68,646		68,646		70,885		72,682		1,819		4,370
2018					74,357		68,990		76,506		79,006		84,165		84,165		92,082		91,897		4,093		4,941
2019							87,115		73,635		77,770		79,414		79,572		79,823		86,131		9,773		5,660
2020									132,248		136,469		137,835		137,907		137,671		138,320		10,644		4,867
2021											83,322		91,188		91,323		92,095		97,577		10,676		2,446
2022													12,717		12,240		11,800		14,362		2,025		246
2023															—		—		2		1		1
2024																	—		5		5		—
2025																			11		11		—
Total																			$	605,233
Cumulative net paid loss and ALAE from the table below																			(538,304)
Net reserves for loss and ALAE before 2015																			14,737
Total net reserves for loss and ALAE																			$	81,666

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024*		2025
2016	$	36,592	$	57,638	$	70,253	$	78,070	$	81,181	$	87,482	$	91,556	$	95,114	$	97,462	$	98,831
2017			34,176		52,103		51,985		50,545		57,457		62,924		66,498		68,480		69,798
2018					25,553		60,149		39,870		54,339		67,001		74,604		79,860		82,244
2019							28,636		28,954		30,948		45,696		57,341		65,847		70,367
2020									102,725		98,202		102,132		114,543		120,831		124,139
2021											41,540		57,820		66,012		72,923		81,600
2022													2,155		4,077		9,211		11,325
2023															—		—		—
2024																	—		—
2025																			—
Total																			$	538,304

*Supplementary information and unaudited

Schedule of Reconciliation of Claims Development to Liability

The table below presents the reconciliation of the net incurred and paid loss development tables to the balance sheet reserves for losses and loss adjustment expenses at December 31, 2025 and 2024:


($ in thousands)	2025		2024
Net reserves for losses and ALAE:
Short-tail/Monoline Specialty Lines	$	545,942	$	367,226
Multi-line Solutions	739,430		631,065
Exited Lines	81,666		86,689
Reserves for losses and ALAE, net of reinsurance	1,367,038		1,084,980
Reinsurance recoverable on unpaid claims:
Short-tail/Monoline Specialty Lines	388,276		275,204
Multi-line Solutions	514,393		380,344
Exited Lines	18,496		15,298
Total reinsurance recoverable on unpaid claims	921,165		670,846
Unallocated LAE	30,691		26,557
Reserves for losses and LAE at end of year	$	2,318,894	$	1,782,383

Schedule of Historical Claims Duration


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
	Years
	1*		2*		3*		4*		5*		6*		7*		8*		9*		10*
Short-Tail/Monoline Specialty Lines	21.1	%	38.1	%	10.8	%	9.7	%	15.2	%	N/A		N/A		N/A		N/A		N/A
Multi-line Solutions	23.9	%	21.6	%	15.6	%	13.6	%	10.5	%	4.8	%	1.9	%	2.4	%	1.3	%	0.1	%
Exited Lines	27.5	%	12.2	%	4.9	%	9.9	%	8.9	%	6.8	%	4.9	%	2.9	%	2.0	%	1.3	%
*Supplementary information and unaudited

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES


($ in thousands)	Cost		Fair Value (if applicable)		Amount on Balance Sheet
December 31, 2025
Fixed maturity securities, available for sale:
U.S. government securities	$	44,190	$	44,468	$	44,468
Corporate securities and miscellaneous	632,244		636,387		636,387
Municipal securities	102,691		102,116		102,116
Residential mortgage-backed securities	487,145		486,587		486,587
Commercial mortgage-backed securities	72,631		73,050		73,050
Other asset-backed securities	509,854		513,695		513,695
Total fixed maturity securities, available for sale	1,848,755		1,856,303		1,856,303
Fixed maturity securities, held to maturity:
Other asset-backed securities	33,290		33,603		32,822
Total fixed maturity securities, held to maturity	33,290		33,603		32,822
Equity securities:

Preferred stocks	1,138		1,174		1,174

Total equity securities	1,138		1,174		1,174
Mortgage loans	10,093		9,902		9,902
Other long-term investments	37,290		58,650		58,650
Short-term investments	264,299		264,299		264,299
Total	$	2,194,865	$	2,223,931	$	2,223,150

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Effects of Reinsurance

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the years ended December 31, 2025, 2024 and 2023:



	2025				2024				2023
($ in thousands)	Written		Earned		Written		Earned		Written		Earned
Direct premiums	$	1,684,411	$	1,622,594	$	1,458,637	$	1,375,917	$	1,241,180	$	1,155,835
Assumed premiums	481,825		406,792		284,595		282,662		218,649		193,971
Ceded premiums	(760,004)		(724,881)		(619,654)		(601,857)		(549,138)		(520,663)
Net premiums	$	1,406,232	$	1,304,505	$	1,123,578	$	1,056,722	$	910,691	$	829,143
Ceded losses and LAE incurred			$	697,978			$	534,295			$	337,011

Schedule of Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of December 31, 2025 and 2024:


($ in thousands)	2025		2024

Ceded unpaid losses and LAE	$	921,165	$	670,846
Ceded paid losses and LAE	201,010		166,663
Loss portfolio transfer	—		22,662
Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	1,119,880	$	857,876
Ceded unearned premium	$	238,948	$	203,901

SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (PARENT COMPANY) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments:
Short-term investments, at fair value	$ 264,299	$ 274,929
Total investments	2,300,515	1,870,820
Cash and cash equivalents	168,544	121,603
Deferred income taxes	27,865	30,486
Goodwill and intangible assets, net	88,040	87,348
Other assets	137,173	86,698
Total assets	4,791,852	3,729,478
Liabilities:
Accounts payable and accrued liabilities	115,034	76,206
Carrying Value	100,411	100,000
Subordinated debt, net of debt issuance costs	19,569	19,536
Total liabilities	3,782,287	2,935,479
Stockholders’ equity
Stockholders’ equity	1,009,565	793,999	$ 661,031
Total liabilities and stockholders’ equity	4,791,852	3,729,478
Parent Company
Investments:
Investment in subsidiaries	1,076,288	853,670
Short-term investments, at fair value	14,513	14,000
Total investments	1,090,801	867,670
Cash and cash equivalents	3,500	2,943
Deferred income taxes	27,865	30,486
Goodwill and intangible assets, net	14,349	12,641
Other assets	10,709	2,905
Total assets	1,147,224	916,645
Liabilities:
Accounts payable and accrued liabilities	17,680	3,110
Carrying Value	100,410	100,000
Subordinated debt, net of debt issuance costs	19,569	19,536
Total liabilities	137,659	122,646
Stockholders’ equity
Stockholders’ equity	1,009,565	793,999
Total liabilities and stockholders’ equity	$ 1,147,224	$ 916,645

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 26, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41591
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1957288
Entity Address, Address Line One	800 Gessner Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-4284
City Area Code	713
Local Phone Number	935-4800
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	SKWD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,165,161,643
Entity Common Stock, Shares Outstanding		44,467,084
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2026 annual meeting of stockholders (the “2026 Proxy Statement”), which will be filed within 120 days of December 31, 2025, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001519449
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at December 31, 2025 and 2024:


($ in thousands)	Accident and Health		Surety		Construction and Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2024	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2024	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2025	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734


($ in thousands)	Accident and Health		Surety		Construction and Energy Solutions		Other		Total
Goodwill
Gross balance at December 31, 2023	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2023	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2024	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

The following tables set forth the carrying amount and changes in the balance of other intangible assets at December 31, 2025 and 2024:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2024	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2024	(17,895)		(1,117)		—		—		(19,012)
Additions	2,000		—		—		—		2,000


Amortization	(1,308)		—		—		—		(1,308)
Net balance at December 31, 2025	$	7,288	$	—	$	999	$	14,019	$	22,306


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2023	$	24,491	$	1,117	$	999	$	14,019	$	40,626
Accumulated amortization at December 31, 2023	(16,808)		(1,117)		—		—		(17,925)



Amortization	(1,087)		—		—		—		(1,087)
Net balance at December 31, 2024	$	6,596	$	—	$	999	$	14,019	$	21,614

The Company’s indefinite lived intangible assets relate to insurance licenses and trademarks. Its finite lived intangible assets, which relate to policy renewals, agency relationships, within agent relationships, and non-compete/exclusivity agreements, within non-competes, have a weighted average useful life of approximately 12 years as of December 31, 2025.

The Company recognized approximately $1.3 million, $1.1 million and $1.5 million in amortization expense for the years ended December 31, 2025, 2024 and 2023, respectively. The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
Years Ending December 31,	Amount
2026	$	1,053
2027	1,053
2028	1,053
2029	762
2030	553

Underwriting, Acquisition and Insurance Expenses

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the years ended December 31, 2025, 2024 and 2023:



($ in thousands)	2025		2024		2023
Amortization of policy acquisition costs	$	195,422	$	149,975	$	108,514
Other operating and general expenses	181,937		161,782		134,930
Total underwriting, acquisition and insurance expenses	$	377,359	$	311,757	$	243,444

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 3.3	$ 2.9	$ 3.2