Skyward Specialty Insurance (SKWD) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 1,333,367,336
Entity Common Stock, Shares Outstanding		40,127,908
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2025 annual meeting of stockholders (the “2025 Proxy Statement”), which will be filed within 120 days of December 31, 2024, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001519449
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,320,266 and $1,047,713, respectively)	$ 1,292,218	$ 1,017,651
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $243 and $329, respectively)	39,153	42,986
Equity securities, at fair value	106,254	118,249
Mortgage loans, at fair value	26,490	50,070
Equity method investments	98,594	110,653
Other long-term investments	33,182	3,852
Short-term investments, at fair value	274,929	270,226
Total investments	1,870,820	1,613,687
Cash and cash equivalents	121,603	65,891
Restricted cash	35,922	34,445
Premiums receivable, net	321,641	179,235
Reinsurance recoverables, net	857,876	596,334
Ceded unearned premium	203,901	186,121
Deferred policy acquisition costs	113,183	91,955
Deferred income taxes	30,486	21,991
Goodwill and intangible assets, net	87,348	88,435
Other assets	86,698	75,341
Total assets	3,729,478	2,953,435
Liabilities:
Reserves for losses and loss adjustment expenses	1,782,383	1,314,501
Unearned premiums	637,185	552,532
Deferred ceding commission	40,434	37,057
Reinsurance and premium payables	177,070	150,156
Funds held for others	102,665	58,588
Accounts payable and accrued liabilities	76,206	50,880
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	19,536	78,690
Total liabilities	2,935,479	2,292,404
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,127,908 and 39,863,756 shares issued and outstanding, respectively	401	399
Additional paid-in capital	718,598	710,855
Stock notes receivable	0	(5,562)
Accumulated other comprehensive loss	(22,120)	(22,953)
Retained earnings (accumulated deficit)	97,120	(21,708)
Total stockholders’ equity	793,999	661,031
Total liabilities and stockholders’ equity	$ 3,729,478	$ 2,953,435

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 1,320,266	$ 1,047,713
Allowance for credit losses	$ 243	$ 329
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)	40,127,908	39,863,756
Common stock, shares outstanding (in shares)	40,127,908	39,863,756

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net earned premiums	$ 1,056,722	$ 829,143	$ 615,994
Commission and fee income	6,703	6,064	5,199
Net investment income	80,686	40,322	36,931
Net investment gains (losses)	6,256	11,072	(15,705)
Other (loss) income	(167)	(632)	1
Total revenues	1,150,200	885,969	642,420
Expenses:
Losses and loss adjustment expenses	669,809	515,237	402,512
Underwriting, acquisition and insurance expenses	311,757	243,444	182,171
Interest expense	9,496	10,024	6,407
Amortization expense	2,007	1,798	1,547
Other expenses	4,392	5,364	0
Total expenses	997,461	775,867	592,637
Income before income taxes	152,739	110,102	49,783
Income tax expense	33,911	24,118	10,387
Net income	118,828	85,984	39,396
Net income attributable to participating securities	0	1,677	18,879
Net income attributable to common stockholders	118,828	84,307	20,517
Comprehensive income
Net income	118,828	85,984	39,396
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	9,792	25,516	(48,545)
Reclassification adjustment for (losses) gains on securities no longer held, net of tax	(8,959)	(4,984)	420
Total other comprehensive income (loss)	833	20,532	(48,125)
Comprehensive income (loss)	$ 119,661	$ 106,516	$ (8,729)
Per share data:
Basic earnings per share (in dollar per share)	$ 2.97	$ 2.34	$ 1.24
Diluted earnings per share (in dollar per share)	$ 2.87	$ 2.24	$ 1.21
Weighted-average common shares outstanding
Basic (in shares)	40,056,475	36,031,907	16,568,393
Diluted (in shares)	41,377,460	38,317,534	32,653,194

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock:	Common stock:	Treasury stock:	Additional paid-in capital:	Stock notes receivable:	Accumulated other comprehensive 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, 2021		1,969,660
Common shares balance at beginning of period (in shares) at Dec. 31, 2021			16,533,620
Stockholders' equity beginning balance at Dec. 31, 2021		$ 20	$ 168	$ (2)	$ 575,159	$ (9,092)	$ 4,640	$ (144,813)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			66,046
Preferred stock conversion to common shares (in shares)		0	0
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock			0		2,130	2,181
Proceeds from equity offerings, net			0		0
Other comprehensive (loss) income, net of tax	$ (48,125)						(48,125)
Net income	39,396							39,396
Stockholders' equity ending balance at Dec. 31, 2022	421,662	$ 20	$ 168	(2)	577,289	(6,911)	(43,485)	(105,417)	(2,275)
Preferred shares balance at ending of period (in shares) at Dec. 31, 2022		1,969,660
Common shares balance at ending 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
Preferred stock conversion to common shares (in shares)		(1,969,660)	16,305,113
Preferred stock conversion to common shares		$ (20)	$ 161	2	(143)
Issuance of common stock			22		9,213	1,349
Proceeds from equity offerings, net			48		124,496
Other comprehensive (loss) 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
Preferred shares balance at ending of period (in shares) at Dec. 31, 2023		0
Common shares balance at ending of period (in shares) at Dec. 31, 2023	39,863,756		39,863,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Issuance of shares (in shares)			264,152
Preferred stock conversion to common shares (in shares)		0	0
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock			2		7,743	5,562
Proceeds from equity offerings, net			0		0
Other comprehensive (loss) 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
Preferred shares balance at ending of period (in shares) at Dec. 31, 2024		0
Common shares balance at ending of period (in shares) at Dec. 31, 2024	40,127,908		40,127,908

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Cash flows from operating activities
Net income		$ 118,828		$ 85,984		$ 39,396
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net investment (gains) losses		(6,256)		(11,072)		15,705
Depreciation and amortization expense		3,358		3,891		4,097
Stock-based compensation expense		9,395		8,525		2,287
Undistributed loss (earnings) from long-term investments		(6,338)		6,730		(16,032)
Deferred income tax, net		(8,708)		9,383		10,267
Changes in operating assets and liabilities:
Premiums receivable, net		(142,406)		(40,020)		(27,057)
Reinsurance recoverables, net		(261,542)		(17,270)		(45,032)
Ceded unearned premium		(17,780)		(28,476)		(19,672)
Deferred policy acquisition costs		(21,228)		(23,017)		(9,482)
Federal income taxes		4,500		(1,892)		0
Losses and loss adjustment expenses		467,882		172,744		162,208
Unearned premiums		84,653		110,023		79,221
Deferred ceding commission		3,377		7,208		(651)
Reinsurance and premium payables		26,914		36,460		(6,223)
Funds held for others		44,077		21,730		7,271
Accounts payable and accrued liabilities		19,177		2,285		7,583
Other, net		(12,788)		(5,029)		5,052
Net cash provided by operating activities		305,115		338,187		208,938
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale		(617,606)		(459,672)		(268,781)
Purchase of illiquid investments		(75)		(1,675)		(4,873)
Purchase of equity securities		(14,077)		(26,009)		(53,548)
Purchase of equity method investments		(32,173)		0		0
Purchase of intangible assets		0		(50)		0
Investment in direct and indirect loans		27,480		2,984		(9,767)
Purchase of property and equipment		(4,224)		(3,108)		(2,325)
Proceeds from the sales of fixed maturity securities, available-for-sale		217,468		26,626		13,964
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale		122,694		48,957		44,500
Maturities, calls and paydowns of fixed maturity securities held-to-maturity		6,015		11,444		0
Proceeds from the sales of equity securities		37,534		40,201		37,177
Sales of and distributions from equity method and other long-term investments		14,073		3,572		3,421
Change in short-term investments		(4,799)		(149,068)		43,120
Change in receivable/payable for securities		34		76		529
Cash provided by deposit accounting		3,962		11,913		3,202
Net cash used in investment activities		(243,694)		(493,809)		(193,381)
Cash flows from financing activities:
Employee share purchases		0		1,350		2,180
Repayment of stock notes receivable		5,562		0		0
Proceeds from long term borrowings		107,000		50,000		0
Payments on long term borrowings and trust preferred		(116,794)		(50,000)		0
Proceeds from initial public offering		0		129,597		0
Net cash (used in) provided by financing activities		(4,232)		130,947		2,180
Net increase (decrease) in cash and cash equivalents and restricted cash		57,189		(24,675)		17,737
Cash and cash equivalents and restricted cash at beginning of period		100,336	[1]	125,011	[1]	107,274
Cash and cash equivalents and restricted cash at end of period	[1]	157,525		100,336		125,011
Supplemental disclosure of cash flow information:
Cash paid for interest		8,573		10,667		5,761
Cash paid for federal income taxes		$ 36,980		$ 15,800		$ 0
[1] (1) The sum of cash and cash equivalents and restricted cash from the consolidated balance sheets

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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. 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. 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. D. 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. E. 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. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. 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 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 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. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. 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 (losses) gains within the consolidated statements of operations. Mortgage loan s 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 sheet. 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 (losses) gains 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 Realized 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 realized gains and losses on investments are recognized in net income based upon the specific identification method. F. 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 purchases retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers. 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, 2024 and 2023, reinsurance collateral from reinsurers was $337.0 million and $257.5 million, respectively. Reinsurance recoverables present potential exposures to individual reinsurers. Everest Reinsurance Co. and eMaxx Captives represented 18.0% and 16.8%, respectively, of the Company’s reinsurance recoverable balances at December 31, 2024, and 20.4% and 20.4%, respectively, at December 31, 2023, and were the only reinsurers that represented 10% or more of the Company’s reinsurance recoverable balances. Everest Reinsurance Co’s financial strength rating from A.M. Best was A+ at December 31, 2024 and 2023 and eMaxx Captives was not rated by A.M. Best at December 31, 2024 and 2023. G. 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, 2024 and 2023, 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. H. 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, 2024 and 2023. I. 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, 2024 and 2023. J. 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 K. Leases Right-of-use (ROU) assets are included in other assets and lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets. For operating leases, the Company determines if a contract contains a lease at inception and recognizes the operating lease ROU assets and lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company does not have the interest rate implicit in its leases, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at the Company’s discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Sublease income is recognized on a straight-line basis over the sublease term. L. 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. M. 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. N. 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. O. 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. P. 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. Q. 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. R. 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, 2023. 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. S. Recent Accounting Pronouncements Recent Accounting Standards Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires segment disclosures for (i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), (ii) how the CODM uses the reported measure(s) of segment profitability in assessing segment performance and resource allocation and (iii) the title and position of the CODM. This update states that entities with a single reportable segment are required to provide full segment disclosures. The guidance became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This update is applied retrospectively to all prior periods presented. The Company has added additional segment disclosures as required by ASU 2023-07, see Note 12 for the additional disclosures required by this ASU. Recent Accounting Standards Not Yet 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 is effective for fiscal years beginning after December 15, 2024. The Company is continuing to evaluate the effect and currently does not expect the amendments will have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, w

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	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, 2024 and 2023: ($ in thousands) Accident Surety Industry 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 ($ in thousands) Accident Surety Industry Solutions Other Total Goodwill Gross balance at December 31, 2022 $ 91,577 $ 6,781 $ 10,204 $ 3,879 $ 112,441 Accumulated impairment at December 31, 2022 (44,821) — — (1,886) (46,707) Net balance at December 31, 2023 $ 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, 2024 and 2023: ($ in thousands) Agent 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 ($ in thousands) Agent Non-competes Trademarks Licenses Total Other Intangible Assets Gross balance at December 31, 2022 $ 24,441 $ 1,117 $ 999 $ 14,019 $ 40,576 Accumulated amortization at December 31, 2022 (15,547) (893) — — (16,440) Additions 50 — — — 50 Amortization (1,261) (224) — — (1,485) Net balance at December 31, 2023 $ 7,683 $ — $ 999 $ 14,019 $ 22,701 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 15 years as of December 31, 2024. The Company recognized approximately $1.1 million in amortization expense for the year ended December 31, 2024, and $1.5 million for the years ended December 31, 2023 and 2022. The following table sets forth the estimated future net amortization expense of intangible assets: ($ in thousands) Years Ending December 31, Amount 2025 $ 1,016 2026 553 2027 553 2028 553 2029 553

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following tables set forth the amortized cost and the fair value by investment category at December 31, 2024 and December 31, 2023: ($ in thousands) Amortized Gross Gross 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 ($ in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value December 31, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 44,685 $ 202 $ (721) $ — $ 44,166 Corporate securities and miscellaneous 392,773 6,408 (15,761) — 383,420 Municipal securities 98,266 655 (6,143) — 92,778 Residential mortgage-backed securities 292,568 3,556 (14,498) — 281,626 Commercial mortgage-backed securities 31,411 449 (1,926) — 29,934 Other asset-backed securities 188,010 1,221 (3,504) — 185,727 Total fixed maturity securities, available-for-sale $ 1,047,713 $ 12,491 $ (42,553) $ — $ 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,315 $ — $ (1,969) $ (329) $ 41,017 Total fixed maturity securities, held-to-maturity $ 43,315 $ — $ (1,969) $ (329) $ 41,017 The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2024 by contractual maturity are shown below. ($ in thousands) Amortized Fair Value Due in less than one year $ 23,332 $ 23,292 Due after one year through five years 279,144 273,755 Due after five years through ten years 197,373 192,929 Due after ten years 49,992 46,854 Mortgage-backed securities 478,847 463,197 Other asset-backed securities 291,578 292,191 Total $ 1,320,266 $ 1,292,218 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, 2024 consisted entirely of asset backed securities that were not due at a single maturity date. At December 31, 2024, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $66.2 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 Loans, the Company retains all rights regarding these pledged securities. At December 31, 2024, the Company had assets with fair values of approximately $28.0 million pledged as collateral for the performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $24.3 million are residential mortgage-backed securities, $2.2 million of short-term investments and $1.5 million of cash and cash equivalents and other assets. The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of December 31, 2024 and 2023: Less than 12 Months 12 Months or More Total ($ 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) 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, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 7,342 $ (25) $ 25,604 $ (696) $ 32,946 $ (721) Corporate securities and miscellaneous 26,742 (570) 174,947 (15,191) 201,689 (15,761) Municipal securities 16,815 (290) 47,269 (5,853) 64,084 (6,143) Residential mortgage-backed securities 37,634 (602) 103,495 (13,896) 141,129 (14,498) Commercial mortgage-backed securities 4,942 (74) 15,290 (1,852) 20,232 (1,926) Other asset-backed securities 27,887 (106) 75,253 (3,398) 103,140 (3,504) Total fixed maturity securities, available-for-sale 121,362 (1,667) 441,858 (40,886) 563,220 (42,553) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 (1,969) 41,017 (1,969) Total fixed maturity securities, held-to-maturity: — — 41,017 (1,969) 41,017 (1,969) Total $ 121,362 $ (1,667) $ 482,875 $ (42,855) $ 604,237 $ (44,522) 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, 2024, the Company had 778 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, 2024 and determined that no 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 components of net investment gains (losses) for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Gross realized gains Fixed maturity securities, available-for sale $ 2,662 $ 1,042 $ 313 Equity securities 8,062 6,035 3,865 Other 127 2 36 Total 10,851 7,079 4,214 Gross realized losses Fixed maturity securities, available-for sale (8,161) (1,879) (958) Equity securities (4,132) (5,256) (3,827) Other (223) (2) (76) Total (12,516) (7,137) (4,861) Net unrealized gains (losses) on investments Equity securities 7,500 11,516 (15,058) Mortgage loans 421 (386) — Net investment gains (losses) $ 6,256 $ 11,072 $ (15,705) 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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Fixed maturity securities, available-for sale $ 217,468 $ 26,626 $ 13,964 Equity securities 37,534 40,201 37,177 The following table sets forth the components of net investment income for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Income: Fixed maturity securities, available-for sale $ 57,574 $ 34,703 $ 18,481 Fixed maturity securities, held-to-maturity 4,177 4,163 5,375 Equity securities 2,720 3,418 3,579 Equity method investments 2,524 (9,434) 6,015 Mortgage loans 5,153 5,474 4,767 Indirect loans (2,400) (4,155) 4,846 Short-term investments and cash 14,851 11,392 1,498 Other 3,000 318 (77) Total investment income 87,599 45,879 44,484 Investment expenses (6,913) (5,557) (7,553) Net investment income $ 80,686 $ 40,322 $ 36,931 The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Fixed maturity securities $ 1,046 $ 25,952 $ (60,918) Deferred income taxes (213) (5,420) 12,793 Total $ 833 $ 20,532 $ (48,125) 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, 2024 and 2023, cash and investment securities on deposit had carrying values of approximately $66.8 million and $65.3 million, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 and equity securities 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, 2024: December 31, 2024 High 8.00 % Low 5.70 % Weighted average 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 judgement and uncertainty. The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 High 10.00 % 9.50 % Low 7.00 % 3.25 % Weighted average 7.93 % 7.05 % 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 $28.2 million at December 31, 2024, 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 $24.4 million at December 31, 2024. The Company may sell its interest in the investment with the appropriate prior written notice and approval by the general partner. In accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and has not been classified in the fair value hierarchy. The following tables set forth the Company’s investments within the fair value hierarchy at December 31, 2024 and December 31, 2023: December 31, 2024 ($ 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 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 44,166 $ — $ — $ 44,166 Corporate securities and miscellaneous — 383,420 — 383,420 Municipal securities — 92,778 — 92,778 Residential mortgage-backed securities — 281,626 — 281,626 Commercial mortgage-backed securities — 29,934 — 29,934 Other asset-backed securities — 185,727 — 185,727 Total fixed maturity securities, available-for-sale 44,166 973,485 — 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 41,017 Total fixed maturity securities, held-to-maturity: — — 41,017 41,017 Equity securities: Common stocks 67,425 — — 67,425 Preferred stocks — 7,358 — 7,358 Mutual funds 43,466 — — 43,466 Total equity securities 110,891 7,358 — 118,249 Mortgage loans — — 50,070 50,070 Short-term investments 270,226 — — 270,226 Total $ 425,283 $ 980,843 $ 91,087 $ 1,497,213 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, 2024 and 2023: ($ 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 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses for the period recognized in net investment gains (losses) (385) Issuances 27,642 Settlements (30,029) Balance at December 31, 2023 50,070 Total losses 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 (426) 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 judgements 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, 2024, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3). 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, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable FHLB Loan $ 57,000 $ 56,200 $ — $ — Revolving credit facility $ 43,000 $ 43,000 $ 50,000 $ 50,000 Notes payable $ 100,000 $ 99,200 $ 50,000 $ 50,000 Subordinated debt Junior subordinated interest debentures $ — $ — $ 59,186 $ 59,794 Unsecured subordinated notes 19,536 20,541 19,504 21,378 Subordinated debt, net of debt issuance costs $ 19,536 $ 20,541 $ 78,690 $ 81,172 Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Mortgage Loans	Mortgage Loans The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of December 31, 2024 and December 31, 2023, 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, mature in approximately 2 year to 3 years from loan origination and the principal amounts of the loans range between 64% to 80% 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, 2024 and December 31, 2023: ($ in thousands) December 31, 2024 December 31, 2023 Commercial $ 8,474 $ 14,469 Retail 10,032 16,072 Hospitality 7,984 12,744 Industrial — 6,785 $ 26,490 $ 50,070 The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Commercial $ 2,025 $ 2,340 $ 1,242 Retail 1,853 1,853 1,255 Hospitality 1,277 1,034 411 Office — 203 385 Multi-family — 44 909 Industrial — — 565 $ 5,155 $ 5,474 $ 4,767 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, 2024, 2023 and 2022 respectively. As of December 31, 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. As of December 31, 2023, approximately $7.1 million of mortgage loans were in the process of foreclosure and $6.8 million of mortgage loans were not producing income for the previous 12 months.

Equity Method Investments and O

Equity Method Investments and Other	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Other	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, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 34,936 15.3 % $ 41,046 16.2 % JVM Funds LLC units 17,229 10.1 % 20,061 10.1 % RISCOM 5,013 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 4,967 2.5 % 4,669 2.5 % Arena SOP LP units 1,474 10.9 % 2,463 12.3 % Brewer Lane Ventures Fund II LP units 1,040 2.4 % 560 2.5 % Dowling Capital Partners LP units 666 5.0 % 1,708 6.2 % $ 65,325 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Arena Special Opportunities Fund, LP units $ 2,375 $ (2,880) $ 3,719 RISCOM 1,492 884 1,471 Dowling Capital Partners LP units 1,463 927 502 Universa Black Swan LP units — (988) (3,028) Brewer Lane Ventures Fund II LP (110) (78) — Hudson Ventures Fund II LP units (153) 170 379 Arena SOP LP units (989) (6,271) 3,042 JVM Funds LLC (1,554) (1,198) (70) $ 2,524 $ (9,434) $ 6,015 The following table sets forth the unfunded commitment of equity method investments as of December 31, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,077 $ 4,610 Hudson Ventures Fund 2 LP units 397 848 Dowling Capital Partners LP units 386 386 $ 4,860 $ 5,844 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, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 3,756 $ 2,620 Difference 1,258 1,501 Recorded investment balance $ 5,013 $ 4,121 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, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 16,624 $ 19,304 Difference 605 757 Recorded investment balance $ 17,229 $ 20,061 Investment in Indirect Loans and Loan Collateral As of December 31, 2024 and 2023, 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, 2024 and 2023 were as follows: ($ in thousands) December 31, 2024 December 31, 2023 SMA1 $ 20,296 $ 30,816 SMA2 12,973 5,209 Investment in indirect loans and loan collateral $ 33,269 $ 36,025

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Premiums Receivable ($ 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 ($ in thousands) Premiums Receivable, Net Allowance for Estimated Uncollectible Premiums Balance at December 31, 2022 $ 139,215 $ 629 Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 — Current period change for estimated uncollectible premiums 748 Write-offs of uncollectible premiums receivable (513) Recoveries of amounts previously written off 100 Balance at December 31, 2023 $ 179,235 $ 964 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, 2024: December 31, 2024 A.M. Best Rating Reinsurance Recoverables, Gross, Amortized Cost Percent of Total A- and above $ 837,807 97.4 % B++ to B+ 6,021 0.7 Not rated 16,343 1.9 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, 2024 and 2023: ($ 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 Balance at ($ in thousands) Reinsurance Recoverables, Net Allowance for Estimated Uncollectible Reinsurance Balance at December 31, 2022 $ 581,359 $ — Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at December 31, 2023 $ 596,334 $ 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. 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 during the year ended December 31, 2024.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The following table presents the components of property and equipment as of December 31, 2024 and 2023, which are included within other assets on the consolidated balance sheets. (in thousands) 2024 2023 Leasehold improvements $ 3,056 $ 1,892 Equipment 4,506 5,033 Software 33,972 29,189 41,534 36,114 Accumulated depreciation (29,355) (27,044) Total $ 12,179 $ 9,070 Depreciation expense related to property and equipment was $2.9 million, $3.2 million, and $3.6 million for the years ended December 31, 2024, 2023 and 2022 respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company determines if a contract contains a lease at inception and recognizes a right-of-use asset, within other assets, and lease liability, within accounts payable and accrued liabilities, based on the present value of future lease payments. In cases where its leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the inception date to determine the lease liability. The Company’s leases are primarily for office facilities which have been classified as operating leases. Its leases have remaining lease terms ranging from less than 1 year to 6 years, some of which include options to extend the leases. Lease expense for the years ended December 31, 2024, 2023, and 2022 was $2.1 million, $2.8 million and $2.6 million, respectively. The following table provides information regarding the Company’s leases as of December 31, 2024 and 2023: (in thousands) 2024 2023 Operating lease right-of-use assets $ 3,135 $ 4,905 Operating lease liabilities 3,213 5,228 Operating lease weighted-average remaining lease term 4.39 years 4.55 years Operating lease weighted-average discount rate 5.01 % 3.95 % The following table presents the Company’s lease expenses for the years ended December 31, 2024, 2023 and 2022: (in thousands) 2024 2023 2022 Operating lease expense $ 1,714 $ 2,583 $ 2,414 Short-term lease expense 421 184 220 Total lease expense $ 2,135 $ 2,767 $ 2,634 Operating cash outflows from operating leases $ 2,082 $ 2,636 $ 2,382 The following table sets forth the future minimum lease payment obligations of the Company’s operating leases at December 31, 2024: (in thousands) 2024 2025 $ 968 2026 779 2027 686 2028 651 2029 415 Thereafter 133 Total future minimum operating lease payments $ 3,632 Less imputed interest (419) Total operating lease liability $ 3,213

Notes Payable & Subordinated De

Notes Payable & Subordinated Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Notes Payable	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 Revolving Credit Facility (see “Revolving Credit Facility” below for additional information regarding the redemption). Revolving Credit Facility The Company entered into an agreement to obtain a new unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of participating banks during the first quarter of 2023. The 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. As of December 31, 2023, the Company drew $50.0 million on the Revolving Credit Facility. During the first quarter of 2024, the Company drew an additional $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing Debentures (defined below). On September 6, 2024, the Company redeemed $57.0 million of the draws on the Revolving Credit Facility. Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. At December 31, 2024, the six-month SOFR on the Revolving Credit Facility was 4.25%, plus a margin of 1.60%. 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 of December 31, 2024, the Company was in compliance with all covenants. 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, 2024 and 2023 consolidated balance sheets, net of debt issuance costs of approximately $0.5 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt. In August 2006, the Company received $58.0 million of proceeds from a debenture offering through a statutory trust, Delos Capital Trust (the “Trust”). The sole asset of the Trust consists of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Debentures”) with a principal amount of $59.8 million issued by the Company and cash of $1.8 million from the issuance of Trust common shares purchased by the Company equal to 3% of the Trust capitalization. On March 15, 2024, the Company redeemed the Debentures and paid $1.4 million of accrued interest.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders Equity Reverse Stock Split On September 23, 2022, the Board of Directors approved a 4-for-1 reverse stock split of the Company’s common stock. The reverse stock split became effective January 3, 2023. All share and per share information included in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the reverse stock split of common stock for all periods presented. Initial Public Offering The Company completed its initial public offering (“IPO”) on January 18, 2023 with 4,750,000 shares offered by the Company at a price of $15.00 per share. The Company’s net proceeds from the IPO were approximately $62.0 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO. Upon the closing of its IPO, the Company filed an amended and restated certificate of incorporation which, among other things, increased the number of authorized shares consisting of 500,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. Preferred Shares Conversion The Preferred Shares had preference in liquidation over common stock in the amount of the face value of $50.00 per share and any declared but unpaid dividends to related common shares at the applicable conversion rate. The Preferred Shares provided the holder the option at any time to convert the Preferred Shares into common stock based on the Option Conversion Rate. The Preferred Shares were subject to mandatory conversion upon the closing of an IPO at the Mandatory Conversion Rate. At December 31, 2022, the Mandatory Conversion Rate allowed the holder of the Preferred Shares the right to convert into common stock based on a conversion price equal to $6.04 per common share. On January 18, 2023, the 1,969,660 Preferred Shares converted to 16,305,113 shares of common stock upon the Company’s closing of its IPO. Follow-On Offering On November 20, 2023, the Company completed its follow-on offering with 2,150,000 shares sold by the Company at a price of $30.50 per share. The Company’s net proceeds were approximately $62.5 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the offering.

Segment

Segment	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment	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 eight 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 balance sheet 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, 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, 2024, 2023 and 2022: Years Ended December 31, ($ in thousands) 2024 2023 2022 Industry Solutions $ 317,198 $ 305,476 $ 267,628 Global Property & Agriculture 311,402 273,191 205,081 Captives 241,902 167,624 124,286 Programs 218,407 178,726 163,653 Accident & Health 173,073 151,701 130,808 Transactional E&S 169,053 122,508 75,098 Professional Lines 159,785 154,565 93,011 Surety 152,429 106,056 79,062 Total continuing business $ 1,743,249 $ 1,459,847 $ 1,138,627 Exited business (17) (18) 5,325 Total gross written premiums $ 1,743,232 $ 1,459,829 $ 1,143,952 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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Underwriting income Revenues: Net earned premiums $ 1,056,722 $ 829,143 $ 615,994 Commission and fee income 6,703 6,064 5,199 Total underwriting revenues 1,063,425 835,207 621,193 Expenses: Losses and LAE 669,809 515,237 402,512 Amortization of policy acquisition costs 149,975 108,514 65,695 Other operating and general expenses 161,782 134,930 116,476 Total underwriting expenses 981,566 758,681 584,683 Net underwriting income $ 81,859 $ 76,526 $ 36,510 Reconciliation of net underwriting income to net income: Net underwriting income $ 81,859 $ 76,526 $ 36,510 Add: Net investment income 80,686 40,322 36,931 Net investment gains (losses) 6,256 11,072 (15,705) Other (loss) income (167) (632) 1 Less: Interest expense 9,496 10,024 6,407 Amortization expense 2,007 1,798 1,547 Other expenses 4,392 5,364 — Income before income taxes 152,739 110,102 49,783 Income tax expense 33,911 24,118 10,387 Net income $ 118,828 $ 85,984 $ 39,396 The following table presents return on equity and book value per share for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 Return on equity 16.3 % 15.9 % 9.3 % Book value per share $ 19.79 $ 16.72 $ 25.82

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table sets forth the components of the Company’s income tax expense for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Current income tax expense $ 42,626 $ 14,736 $ 120 Deferred tax (benefit) expense related to temporary differences (8,715) 9,382 10,267 Total income tax expense $ 33,911 $ 24,118 $ 10,387 The Company’s provision for income taxes generally does not deviate substantially from the statutory tax rate. The effective tax rate may vary slightly from the statutory rate due to tax adjustments for tax-exempt income, dividends-received deduction and non-deductible expenses. The following table sets forth the differences between income taxes expected at the federal statutory income tax rate of 21% and the reported income tax expense for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 ($ in thousands) Amount Percentage Amount Percentage Amount Percentage Income tax expense at federal statutory rate $ 32,075 21.0 % $ 23,121 21.0 % $ 10,454 21.0 % Tax advantaged investments (239) (0.2) (295) (0.3) (324) (0.7) Other 2,075 1.4 1,292 1.2 257 0.6 Total income tax expense $ 33,911 22.2 % $ 24,118 21.9 % $ 10,387 20.9 % 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, 2024 and 2023: ($ in thousands) 2024 2023 Deferred tax assets: Unearned premiums $ 18,178 $ 15,365 Losses and loss adjustment expenses 16,967 11,581 Net operating losses 9,389 10,655 Unrealized losses on fixed maturity securities, available-for-sale 5,893 6,113 Stock options/awards 2,453 1,714 Other 6,067 4,237 Total deferred tax assets 58,947 49,665 Less valuation allowance (586) (586) Total deferred tax assets after valuation allowance 58,361 49,079 Deferred tax liabilities: Deferred policy acquisition costs 15,277 11,528 Unrealized gains on equity securities 4,818 3,243 Other long-term investments 2,625 6,460 Depreciation 1,426 1,260 Section 481(a) adjustment 1,391 3,477 Other 2,338 1,120 Total deferred tax liabilities 27,875 27,088 Deferred income taxes $ 30,486 $ 21,991 The Company paid $37.0 million in federal income taxes during the year ended December 31, 2024. The Company’s federal income tax returns for tax years 2021 to 2023 are subject to examination by the Internal Revenue Service. The Company has no current U.S. federal or state and local income tax examinations on-going at this time. At December 31, 2024, the Company carried no balance for uncertain tax positions. The Company had no accrual for the payment of interest and penalties at December 31, 2024 or 2023. The Company has federal net operating loss carryforwards of approximately $44.7 million. These net operating losses are set to expire beginning in 2032. The Company is limited on the utilization of $44.7 million of the net operating losses under Internal Revenue Code Section 382 (“Sec 382”) which imposes limitations on a corporation’s ability to utilize tax attributes if the corporation experiences an “ownership change” which occurred during 2014. The Sec 382 limitation is expected to result in an expiration of $2.8 million ($0.6 million tax effected) of net operating losses. A valuation allowance was established against the balance that is expected to expire without utilization. The Company generated a capital loss carryforward in 2022, resulting in a deferred tax asset of $1.7 million as of December 31, 2024. No valuation allowance is recorded against this deferred tax asset as the Company expects to utilize this carryforward before it expires in 2027. The Company provides a valuation allowance against deferred tax assets when it is more likely-than-not that some portion, or all, of deferred tax assets will not be realized. Its deferred tax valuation allowance at December 31, 2024 and 2023 was $0.6 million.

Reserves for Losses and Loss Ad

Reserves for Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reserves for Losses and Loss Adjustment Expenses	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. In 2024, the Company transitioned from evaluating reserves on a policy year basis to an accident year basis which results in earlier recognition of underlying claim trends, better alignment of exposure to risks, and adherence to commonly used industry best practices. In prior years, the Company’s methodology allocated IBNR from its policy year analysis to accident year. As a result of transitioning to accident year, IBNR within short-tail/monoline specialty lines, multi-line solutions, and exited lines was reallocated for the years ended December 31, 2023, 2022, 2021 and 2020, and certain amounts have been conformed to the current year presentation. 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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Reserves for losses and LAE, beginning of period $ 1,314,501 $ 1,141,757 $ 979,549 Less: reinsurance recoverable on unpaid claims, beginning of period (455,484) (435,986) (381,338) Reserves for losses and LAE, beginning of period, net of reinsurance 859,017 705,771 598,211 Incurred, net of reinsurance, related to: Current period 657,783 505,894 374,475 Prior years 25,728 10,770 33,849 Total incurred, net of reinsurance 683,511 516,664 408,324 Paid, net of reinsurance, related to: Current period 136,731 109,937 105,928 Prior years 294,260 253,481 194,836 Total paid 430,991 363,418 300,764 Net reserves for losses and LAE, end of period 1,111,537 859,017 705,771 Plus: reinsurance recoverable on unpaid claims, end of period 670,846 455,484 435,986 Reserves for losses and LAE, end of period $ 1,782,383 $ 1,314,501 $ 1,141,757 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. For 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. During the year ended December 31, 2022, the Company’s net incurred losses for accident years 2021 and prior developed adversely by $33.8 million. Adverse development of $20.2 million in exited lines was due to (i) losses previously subject to the LPT from accident years 2018 and prior, and (ii) increased frequency and severity in general and professional liability lines from accident years 2019 through 2021. Adverse development of $13.0 million in multi-line solutions was driven by an increase in the frequency and severity of claims in commercial auto and general liability from accident years 2018 through 2021. Short Duration Contract Disclosures Losses and LAE reserves represent the Company’s best estimate of the ultimate net cost of all reported and unreported losses that are unpaid as of the balance sheet dates. The Company’s estimated reserves for losses and LAE include the accumulation of estimates for claims reported and unpaid prior to the balance sheet dates, estimates (based on projections of relevant historical data) of increases in claims costs for claims already reported, of claims incurred but not reported, and estimates of expenses for investigating and adjusting all incurred and unpaid claims. In determining the cumulative number of reported claims, the Company measures claim counts by incident. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for loss and loss adjustment expenses). Short-tail/Monoline Specialty Lines ($ in thousands except number of claims) Incurred Losses and Allocated Loss Adjustment Expense (“ALAE”), Net of Reinsurance As of December 31, 2024 Years Ended December 31, Reported Claims Accident Year 2020* 2021* 2022* 2023* 2024 IBNR 2020 $ 56,141 $ 55,324 $ 55,420 $ 55,305 $ 55,305 $ 1,147 1,311 2021 92,780 93,429 92,143 92,134 6,536 1,627 2022 108,299 105,394 104,095 15,316 2,383 2023 190,565 191,865 68,001 4,880 2024 280,147 161,230 4,502 Total $ 723,546 Cumulative net paid loss and ALAE from the table below (359,673) Net reserves for loss and ALAE before 2020 3,353 Total net reserves for loss and ALAE $ 367,226 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident Year 2020* 2021* 2022* 2023* 2024 2020 $ 14,002 $ 35,479 $ 40,000 $ 43,737 $ 49,688 2021 18,447 56,803 67,912 78,439 2022 27,773 64,594 77,150 2023 33,795 100,705 2024 53,691 Total $ 359,673 *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, 2024 Accident Years Ended December 31, Reported Claims 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 IBNR 2015 $ 103,191 $ 114,266 $ 117,024 $ 117,024 $ 119,216 $ 114,863 $ 115,863 $ 116,413 $ 116,413 $ 117,955 $ (834) 5,386 2016 63,223 62,843 62,843 62,643 84,579 84,579 84,829 84,829 85,434 1,276 4,739 2017 65,332 65,332 64,260 78,166 78,166 78,766 78,766 80,493 2,105 5,588 2018 74,476 74,476 69,319 71,719 73,019 73,019 75,686 4,856 5,104 2019 107,432 109,226 112,378 115,530 116,230 116,206 3,918 6,119 2020 113,030 124,076 128,111 132,495 132,125 4,716 5,539 2021 156,067 158,891 160,331 160,546 16,119 6,702 2022 236,909 242,097 242,358 33,477 8,562 2023 306,511 306,511 132,772 8,180 2024 353,933 246,281 6,557 Total $ 1,671,247 Cumulative net paid loss and ALAE from the table below (1,038,650) Net reserves for loss and ALAE before 2015 (1,532) Total net reserves for loss and ALAE $ 631,065 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 2015 $ 44,152 $ 72,137 $ 88,833 $ 99,401 $ 108,291 $ 107,214 $ 109,622 $ 109,706 $ 113,703 $ 115,116 2016 23,239 42,528 53,352 58,895 69,691 72,544 75,855 77,160 77,760 2017 23,770 41,945 53,093 61,354 67,926 71,109 73,770 75,714 2018 26,201 42,568 47,226 58,655 65,635 69,893 70,128 2019 33,019 50,933 71,053 87,816 99,451 106,765 2020 29,499 60,680 82,236 105,283 121,097 2021 37,118 73,293 102,772 125,749 2022 50,148 114,794 165,854 2023 63,079 122,186 2024 58,281 Total $ 1,038,650 *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, 2024 Years Ended December 31, Reported Claims Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 IBNR 2015 $ 61,810 $ 65,063 $ 68,008 $ 70,803 $ 75,187 $ 79,853 $ 79,853 $ 80,603 $ 80,603 $ 82,092 $ 1,145 4,581 2016 93,019 92,996 91,372 93,577 97,301 98,301 100,651 100,651 102,801 959 4,893 2017 75,159 79,581 81,785 65,735 68,346 68,646 68,646 70,885 1,598 4,339 2018 74,357 68,990 76,506 79,006 84,165 84,165 92,082 5,586 4,910 2019 87,115 73,635 77,770 79,414 79,572 79,823 5,786 5,632 2020 132,248 136,469 137,835 137,907 137,671 11,424 4,828 2021 83,322 91,188 91,323 92,095 10,923 2,398 2022 12,717 12,240 11,800 902 234 2023 — — — 1 2024 — — — Total $ 669,249 Cumulative net paid loss and ALAE from the table below (597,904) Net reserves for loss and ALAE before 2015 15,344 Total net reserves for loss and ALAE $ 86,689 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 2015 $ 9,026 $ 41,653 $ 55,610 $ 65,269 $ 73,100 $ 78,249 $ 80,077 $ 80,923 $ 82,188 $ 83,290 2016 36,592 57,638 70,253 78,070 81,181 87,482 91,556 95,114 97,462 2017 34,176 52,103 51,985 50,545 57,457 62,924 66,498 68,480 2018 25,553 60,149 39,870 54,339 67,001 74,604 79,860 2019 28,636 28,954 30,948 45,696 57,341 65,847 2020 102,725 98,202 102,132 114,543 120,831 2021 41,540 57,820 66,012 72,923 2022 2,155 4,077 9,211 2023 — — 2024 — Total $ 597,904 *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, 2024 and 2023: ($ in thousands) 2024 2023 Net reserves for losses and ALAE: Short-tail/Monoline Specialty Lines $ 367,226 $ 235,191 Multi-line Solutions 631,065 485,099 Exited Lines 86,689 112,607 Reserves for losses and ALAE, net of reinsurance 1,084,980 832,897 Reinsurance recoverable on unpaid claims: Short-tail/Monoline Specialty Lines 275,204 199,044 Multi-line Solutions 380,344 252,146 Exited Lines 15,298 4,294 Total reinsurance recoverable on unpaid claims 670,846 455,484 Unallocated LAE 26,557 26,120 Reserves for losses and LAE at end of year $ 1,782,383 $ 1,314,501 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 21.8 % 37.7 % 10.8 % 9.1 % 10.8 % N/A N/A N/A N/A N/A Multi-line Solutions 26.0 % 22.0 % 15.0 % 12.4 % 9.9 % 3.7 % 2.4 % 1.3 % 2.0 % 1.2 % Exited Lines 29.6 % 17.1 % 8.1 % 9.7 % 9.2 % 7.8 % 4.2 % 2.4 % 1.9 % 1.3 % *Supplementary information and unaudited

Commission and Fee Income

Commission and Fee Income	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Commission and Fee Income	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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 SUA commission revenue $ 3,595 $ 2,864 $ 3,224 SUA fee income 2,928 2,732 1,597 Other 180 468 378 Total commission and fee income $ 6,703 $ 6,064 $ 5,199 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, 2024 2023 and 2022: ($ in thousands) Contract Assets Balance at December 31, 2022 $ 1,292 Balance at December 31, 2023 976 Balance at December 31, 2024 1,416

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Underwriting, Acquisition and Insurance Expenses	Underwriting, Acquisition and Insurance Expenses The following table sets forth the components of underwriting, acquisition and insurance expenses for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Amortization of policy acquisition costs $ 149,975 $ 108,514 $ 65,695 Other operating and general expenses 161,782 134,930 116,476 Total underwriting, acquisition and insurance expenses $ 311,757 $ 243,444 $ 182,171

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reinsurance	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, 2024, 2023 and 2022: 2024 2023 2022 ($ in thousands) Written Earned Written Earned Written Earned Direct premiums $ 1,458,637 $ 1,375,917 $ 1,241,180 $ 1,155,835 $ 1,012,239 $ 951,121 Assumed premiums 284,595 282,662 218,649 193,971 131,713 113,610 Ceded premiums (619,654) (601,857) (549,138) (520,663) (468,409) (448,737) Net premiums $ 1,123,578 $ 1,056,722 $ 910,691 $ 829,143 $ 675,543 $ 615,994 Ceded losses and LAE incurred $ 534,295 $ 337,011 $ 311,257 The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of December 31, 2024 and December 31, 2023: ($ in thousands) 2024 2023 Ceded unpaid losses and LAE $ 670,846 $ 455,484 Ceded paid losses and LAE 166,663 122,287 Loss portfolio transfer 22,662 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 857,876 $ 596,334 Ceded unearned premium $ 203,901 $ 186,121 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, 2024, the market value of these accounts was approximately $196.9 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 and 2023 the reinsurance recoverable from R&Q was $22.7 million and $20.9 million, respectively. 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, 2024 and December 31, 2023 was $25.9 million and $29.9 million, respectively, and was included in other assets on the consolidated balance sheets.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation On September 23, 2022, the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) 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 to permit the Company’s Board of Directors to defer receipt of their annual restricted stock units 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 will become available for the Directors who opt into the provisions for their 2025 grant. 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, 2024, 2023 and 2022: Award Payout Range Requisite Target 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 Year ended December 31, 2022 Market condition awards 0%–150% 3 years 28,495 Performance condition awards 0%–150% 3 years 26,210 Service condition awards N/A 1–3 years 144,137 198,842 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, 2024 and 2023: Weighted-Average Stock Outstanding at January 1, 2024 759,990 Outstanding at December 31, 2024 759,990 Weighted-Average Stock Outstanding at January 1, 2023 — Granted $ 15.00 759,990 Outstanding at December 31, 2023 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, 2024 and 2023 was $27.0 million and $14.3 million, respectively. The weighted-average remaining contractual life of the options outstanding at December 31, 2024 was 8.0 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, 2024, 2023 and 2022 were valued at approximately $8.5 million, $17.7 million and $2.6 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, 2024, 2023 and 2022: Weighted-Average Stock and Stock Units 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 Non-vested at January 1, 2022 $ 13.23 375,643 Granted (1) 14.17 198,842 Vested 15.16 (144,042) Forfeited (2) 12.51 (10,547) Non-vested at December 31, 2022 $ 12.55 419,896 (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 19,453, 23,482 and 15,196 shares of restricted stock and restricted stock units during the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022 was $3.8 million, $0.5 million and $2.2 million, respectively. As of December 31, 2024 the total unrecognized compensation cost related to non-vested, stock-based compensation awards was $13.9 million and the weighted average period over which that cost is expected to be recognized is 1.4 years. For the years ended December 31, 2024, 2023 and 2022 the Company recognized $9.4 million, $8.5 million and $2.3 million, respectively, of stock-based compensation expense. Employee Stock Purchase Plan On September 23, 2022, the Compensation Committee approved the Company’s 2022 Employee Stock Purchase Plan (the “ESPP”), which became effective on May 15, 2023. 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, 2024, a total of 95,266 shares had been purchased under this plan. The Company recognized $0.5 million and $0.2 million of expense during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the fair value of unrecognized expense was $0.3 million.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the compilation of basic and diluted net earnings per share for the years ended December 31, 2024, 2023 and 2022: ($ in thousands, except for share and per share amounts) 2024 2023 2022 Numerator Net income $ 118,828 $ 85,984 $ 39,396 Less: Undistributed income allocated to participating securities — (1,677) (18,879) Net income attributable to common stockholders (numerator for basic earnings per share) 118,828 84,307 20,517 Add back: Undistributed income allocated to participating securities — 1,677 18,879 Net income (numerator for diluted earnings per share under the two-class method) $ 118,828 $ 85,984 $ 39,396 Denominator Basic weighted-average common shares 40,056,475 36,031,907 16,568,393 Dilutive effect of preferred shares — 716,708 15,245,533 Dilutive effect of stock notes — 696,110 519,080 Dilutive effect of stock units 917,510 736,837 320,188 Dilutive effect of options 403,475 135,972 — Diluted weighted-average common share equivalents 41,377,460 38,317,534 32,653,194 Basic earnings per share $ 2.97 $ 2.34 $ 1.24 Diluted earnings per share $ 2.87 $ 2.24 $ 1.21 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 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, 2024, 2023 and 2022: 2024 2023 2022 Stock Notes — — 60,576 Stock units 20,346 3,931 — Options 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, 2024, 2023 and 2022: 2024 2023 2022 Common shares — 920,864 22,919 Preferred shares, if converted — — 1,059,602 Total — 920,864 1,082,521

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plan

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	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 premium and gross commission expense related to these agreements for the years ended December 31, 2024, 2023 and 2022 were as follows: ($ in thousands) 2024 2023 2022 Net earned premium $ 108,130 $ 99,736 $ 91,051 Commissions 25,372 24,177 23,472 Premiums receivable as of December 31, 2024 and 2023 were $12.6 million and $10.6 million, respectively. Other Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the years ended December 31, 2024, 2023 and 2022 were $0.6 million, $3.6 million and $3.4 million respectively. See Notes 5, 6 and 10 for investments involving affiliated companies and additional related party transactions. See Note 11 for related party transactions related to the Company’s common and preferred shares.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is named as a defendant 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.

Statutory Accounting Principles

Statutory Accounting Principles and Regulatory Matters	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Statutory Accounting Principles and Regulatory Matters	Statutory Accounting Principles and Regulatory Matters The Company’s statutory net income was $108.2 million, $73.1 million and $50.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s statutory capital and surplus was $710.6 million and $602.9 million as of December 31, 2024 and 2023, 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, 2024, GMIC is not restricted to paying ordinary dividends. GMIC did not declare or pay any dividend during the year ended December 31, 2024 and HSIC did not declare or pay any dividends during the year ended December 31, 2023. 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, 2024 GMIC’s statutory capital and surplus substantially exceeded the regulatory requirements and as of December 31 2023, HSIC’s statutory capital and surplus substantially exceeded the regulatory requirements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 31, 2025, Skyward Re commuted its existing Loss Portfolio Transfer and Adverse Development and Retrocession Agreement, dated April 1, 2020 with R&Q pursuant to a Commutation Agreement and received $11.7 million in cash. At December 31, 2024, the Company (i) strengthened LPT loss reserves and increased the paid loss reinsurance recoverable by $25.3 million, (ii) increased the allowance for estimated uncollectible reinsurance by $13.6 million which was subsequently written-off during the year ended December 31, 2024, and (iii) recognized a deferred gain of $2.0 million.

SCHEDULE I__ SUMMARY OF INVESTM

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2024
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	SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES ($ in thousands) Cost Fair Value (if applicable) Amount on December 31, 2024 Fixed maturity securities, available for sale: U.S. government securities $ 26,577 $ 26,486 $ 26,486 Corporate securities and miscellaneous 433,298 425,628 425,628 Municipal securities 89,966 84,716 84,716 Residential mortgage-backed securities 408,585 393,833 393,833 Commercial mortgage-backed securities 70,262 69,364 69,364 Other asset-backed securities 291,578 292,191 292,191 Total fixed maturity securities, available for sale 1,320,266 1,292,218 1,292,218 Fixed maturity securities, held to maturity: Other asset-backed securities 39,396 38,717 39,153 Total fixed maturity securities, held to maturity 39,396 38,717 39,153 Equity securities: Common stocks 48,530 64,251 64,251 Preferred stocks 1,138 1,164 1,164 Mutual funds 33,643 40,839 40,839 Total equity securities 83,311 106,254 106,254 Mortgage loans 26,485 26,490 26,490 Other long-term investments 33,231 33,182 33,182 Short-term investments 274,926 274,929 274,929 Total $ 1,777,615 $ 1,771,790 $ 1,772,226

SCHEDULE II__ CONDENSED FINANCI

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT	SCHEDULE II — FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (PARENT COMPANY) December 31, ($ in thousands) 2024 2023 Assets Investments: Investment in subsidiaries $ 853,670 $ 743,025 Short-term investments, at fair value 14,000 10,593 Total investments 867,670 753,618 Cash and cash equivalents 2,943 3,024 Deferred income taxes 30,486 5,899 Goodwill and intangible assets, net 12,641 12,641 Other assets 2,905 15,908 Total assets $ 916,645 $ 791,090 Liabilities and Stockholders’ Equity Liabilities: Accounts payable and accrued liabilities $ 3,110 $ 1,369 Notes payable 100,000 50,000 Subordinated debt, net of debt issuance costs 19,536 78,690 Total liabilities 122,646 130,059 Stockholders’ Equity: Stockholders’ equity 793,999 661,031 Total liabilities and stockholders’ equity $ 916,645 $ 791,090 See accompanying notes to financial statements. SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES SCHEDULE II — STATEMENTS OF OPERATIONS (PARENT COMPANY) Years Ended December 31, ($ in thousands) 2024 2023 2022 Revenues: Net investment income $ 3,212 $ 3,822 $ 2,567 Net investment (losses) gains 963 (963) (6) Other loss (2) (27) — Total revenues 4,173 2,832 2,561 Expenses Operating expenses 10,632 — — Interest expense 8,140 9,815 6,407 Amortization expense 920 313 81 Other expenses 9,646 451 — Total expenses 29,338 10,579 6,488 Loss before income tax expense (25,165) (7,747) (3,927) Income tax expense 33,578 6,808 (1,209) Loss before equity in earnings of subsidiaries (58,743) (14,555) (2,718) Equity in undistributed earnings of subsidiaries 177,571 100,539 42,114 Net income $ 118,828 $ 85,984 $ 39,396 See accompanying notes to financial statements. SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES SCHEDULE II — STATEMENTS OF CASH FLOWS (PARENT COMPANY) Years Ended December 31, ($ in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 118,828 $ 85,984 $ 39,396 Adjustments to reconcile net income to net cash used in operating activities (121,563) (95,947) (42,672) Net cash provided by operating activities (2,735) (9,963) (3,276) Cash flows from investing activities: Capital contributions to subsidiaries — (122,800) — Distributions from investment in subsidiaries 8,500 6,500 4,000 Change in short-term investments (3,407) (10,569) — Net cash (used in) provided by investing activities 5,093 (126,869) 4,000 Cash flows from financing activities: Repayment of stock notes receivable 5,561 1,350 2,180 Proceeds from long term borrowings 107,000 50,000 — Payments on long term borrowings and trust preferred (115,000) (50,000) — Proceeds from equity offerings — 128,887 — Proceeds from employee stock purchase plan — 710 — Net cash provided by financing activities (2,439) 130,947 2,180 Net increase (decrease) in cash and cash equivalents and restricted cash (81) (5,885) 2,904 Cash and cash equivalents and restricted cash at beginning of year 3,024 8,909 6,005 Cash and cash equivalents and restricted cash at end of year $ 2,943 $ 3,024 $ 8,909 Supplemental disclosure of cash flow information: Cash paid for interest $ 8,573 $ 10,667 $ 5,761 Cash paid for federal income taxes 36,980 15,800 — See accompanying notes to financial statements. SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES 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. As of December 31, 2024, the carrying value and fair value of the Promissory Note were $57.0 million and $56.3 million, respectively.

SCHEDULE IV__ REINSURANCE

SCHEDULE IV — REINSURANCE	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
SCHEDULE IV — REINSURANCE	SCHEDULE IV — REINSURANCE Years Ended December 31, 2024 2023 2022 ($ in thousands) Accident & Property & Accident & Property & Accident & Property & Gross amount $ 173,073 $ 1,285,564 $ 151,702 $ 1,089,478 $ 130,377 $ 881,862 Ceded to other companies (86,503) (533,151) (79,091) (470,047) (70,291) (398,118) Assumed from other companies — 284,595 — 218,649 431 131,282 Net amount $ 86,570 $ 1,037,008 $ 72,611 $ 838,080 $ 60,517 $ 615,026 Percentage of amount assumed to net — % 27.4 % — % 26.1 % 0.7 % 21.3 %

SCHEDULE V__ VALUATION AND QUAL

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS ($ in thousands) Valuation Allowance for Allowance for Balance at January 1, 2022 $ 586 $ — $ 261 Charged to costs and expenses — — 584 Amounts written off — — (216) Balance at December 31, 2022 $ 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

SCHEDULE VI__ SUPPLEMENTAL INFO

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS	12 Months Ended
	Dec. 31, 2024
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) 2024 2023 2022 Deferred policy acquisition costs $ 113,183 $ 91,955 $ 68,938 Reserve for losses and loss adjustment expenses 1,782,383 1,314,501 1,141,757 Unearned premiums 637,185 552,532 442,509 Net earned premium (1) 1,056,722 829,143 615,994 Net investment income 80,686 40,322 36,931 Losses and loss adjustment expenses (current year) (1) 657,783 516,664 393,939 Losses and loss adjustment expenses (prior years) (1)(2) 25,728 — 14,385 Amortization of policy acquisition costs (1) 149,975 108,514 65,695 Paid claims and claim adjustment expenses (1) 430,991 363,418 300,764 Net premiums written (1) 1,123,578 910,691 675,543 Ceded unearned premium 203,901 186,121 157,645 Deferred ceding commission 40,434 37,057 29,849 (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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 118,828	$ 85,984	$ 39,396

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [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. 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.
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. 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.
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]	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 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 Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	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.
Cybersecurity Risk Role of Management [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 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.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	cybersecurity experts who would assist with validation of the incident and assist with ransomware demands; and cybersecurity insurance providers.
Cybersecurity Risk Process for Informing Management 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 Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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.
Cash and Cash Equivalents	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	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	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. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. 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 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 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. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. 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 (losses) gains within the consolidated statements of operations. Mortgage loan s 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 sheet. 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 (losses) gains 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 Realized 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 realized gains and losses on investments are recognized in net income based upon the specific identification method.
Reinsurance	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 purchases retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers. 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, 2024 and 2023, reinsurance collateral from reinsurers was $337.0 million and $257.5 million, respectively. Reinsurance recoverables present potential exposures to individual reinsurers. Everest Reinsurance Co. and eMaxx Captives represented 18.0% and 16.8%, respectively, of the Company’s reinsurance recoverable balances at December 31, 2024, and 20.4% and 20.4%, respectively, at December 31, 2023, and were the only reinsurers that represented 10% or more of the Company’s reinsurance recoverable balances. Everest Reinsurance Co’s financial strength rating from A.M. Best was A+ at December 31, 2024 and 2023 and eMaxx Captives was not rated by A.M. Best at December 31, 2024 and 2023.
Concentration of Credit Risk	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, 2024 and 2023, 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	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, 2024 and 2023.
Goodwill and Intangible Assets	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, 2024 and 2023.
Property and Equipment	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
Leases	Leases Right-of-use (ROU) assets are included in other assets and lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets. For operating leases, the Company determines if a contract contains a lease at inception and recognizes the operating lease ROU assets and lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company does not have the interest rate implicit in its leases, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at the Company’s discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Sublease income is recognized on a straight-line basis over the sublease term.
Reserves for Losses and Loss Adjustment Expenses	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,
Premiums	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	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 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 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.
Stock Based Compensation	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
Earnings Per Share	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, 2023. 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 Pronouncements Recent Accounting Standards Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires segment disclosures for (i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), (ii) how the CODM uses the reported measure(s) of segment profitability in assessing segment performance and resource allocation and (iii) the title and position of the CODM. This update states that entities with a single reportable segment are required to provide full segment disclosures. The guidance became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This update is applied retrospectively to all prior periods presented. The Company has added additional segment disclosures as required by ASU 2023-07, see Note 12 for the additional disclosures required by this ASU. Recent Accounting Standards Not Yet 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 is effective for fiscal years beginning after December 15, 2024. The Company is continuing to evaluate the effect and currently does not expect the amendments will have a material impact on its consolidated financial statements. 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 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 and equity securities 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, 2024: December 31, 2024 High 8.00 % Low 5.70 % Weighted average 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 judgement and uncertainty. The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 High 10.00 % 9.50 % Low 7.00 % 3.25 % Weighted average 7.93 % 7.05 % 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 $28.2 million at December 31, 2024, 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 $24.4 million at December 31, 2024. 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023: ($ in thousands) Accident Surety Industry 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 ($ in thousands) Accident Surety Industry Solutions Other Total Goodwill Gross balance at December 31, 2022 $ 91,577 $ 6,781 $ 10,204 $ 3,879 $ 112,441 Accumulated impairment at December 31, 2022 (44,821) — — (1,886) (46,707) Net balance at December 31, 2023 $ 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, 2024 and 2023: ($ in thousands) Agent 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 ($ in thousands) Agent Non-competes Trademarks Licenses Total Other Intangible Assets Gross balance at December 31, 2022 $ 24,441 $ 1,117 $ 999 $ 14,019 $ 40,576 Accumulated amortization at December 31, 2022 (15,547) (893) — — (16,440) Additions 50 — — — 50 Amortization (1,261) (224) — — (1,485) Net balance at December 31, 2023 $ 7,683 $ — $ 999 $ 14,019 $ 22,701
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 2025 $ 1,016 2026 553 2027 553 2028 553 2029 553

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
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, 2024 and December 31, 2023: ($ in thousands) Amortized Gross Gross 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 ($ in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value December 31, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 44,685 $ 202 $ (721) $ — $ 44,166 Corporate securities and miscellaneous 392,773 6,408 (15,761) — 383,420 Municipal securities 98,266 655 (6,143) — 92,778 Residential mortgage-backed securities 292,568 3,556 (14,498) — 281,626 Commercial mortgage-backed securities 31,411 449 (1,926) — 29,934 Other asset-backed securities 188,010 1,221 (3,504) — 185,727 Total fixed maturity securities, available-for-sale $ 1,047,713 $ 12,491 $ (42,553) $ — $ 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,315 $ — $ (1,969) $ (329) $ 41,017 Total fixed maturity securities, held-to-maturity $ 43,315 $ — $ (1,969) $ (329) $ 41,017
Investments Classified by Contractual Maturity Date	The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2024 by contractual maturity are shown below. ($ in thousands) Amortized Fair Value Due in less than one year $ 23,332 $ 23,292 Due after one year through five years 279,144 273,755 Due after five years through ten years 197,373 192,929 Due after ten years 49,992 46,854 Mortgage-backed securities 478,847 463,197 Other asset-backed securities 291,578 292,191 Total $ 1,320,266 $ 1,292,218
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	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, 2024 and 2023: 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) 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, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 7,342 $ (25) $ 25,604 $ (696) $ 32,946 $ (721) Corporate securities and miscellaneous 26,742 (570) 174,947 (15,191) 201,689 (15,761) Municipal securities 16,815 (290) 47,269 (5,853) 64,084 (6,143) Residential mortgage-backed securities 37,634 (602) 103,495 (13,896) 141,129 (14,498) Commercial mortgage-backed securities 4,942 (74) 15,290 (1,852) 20,232 (1,926) Other asset-backed securities 27,887 (106) 75,253 (3,398) 103,140 (3,504) Total fixed maturity securities, available-for-sale 121,362 (1,667) 441,858 (40,886) 563,220 (42,553) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 (1,969) 41,017 (1,969) Total fixed maturity securities, held-to-maturity: — — 41,017 (1,969) 41,017 (1,969) Total $ 121,362 $ (1,667) $ 482,875 $ (42,855) $ 604,237 $ (44,522)
Gain (Loss) on Securities	The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Gross realized gains Fixed maturity securities, available-for sale $ 2,662 $ 1,042 $ 313 Equity securities 8,062 6,035 3,865 Other 127 2 36 Total 10,851 7,079 4,214 Gross realized losses Fixed maturity securities, available-for sale (8,161) (1,879) (958) Equity securities (4,132) (5,256) (3,827) Other (223) (2) (76) Total (12,516) (7,137) (4,861) Net unrealized gains (losses) on investments Equity securities 7,500 11,516 (15,058) Mortgage loans 421 (386) — Net investment gains (losses) $ 6,256 $ 11,072 $ (15,705)
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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Fixed maturity securities, available-for sale $ 217,468 $ 26,626 $ 13,964 Equity securities 37,534 40,201 37,177 The following table sets forth the components of net investment income for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Income: Fixed maturity securities, available-for sale $ 57,574 $ 34,703 $ 18,481 Fixed maturity securities, held-to-maturity 4,177 4,163 5,375 Equity securities 2,720 3,418 3,579 Equity method investments 2,524 (9,434) 6,015 Mortgage loans 5,153 5,474 4,767 Indirect loans (2,400) (4,155) 4,846 Short-term investments and cash 14,851 11,392 1,498 Other 3,000 318 (77) Total investment income 87,599 45,879 44,484 Investment expenses (6,913) (5,557) (7,553) Net investment income $ 80,686 $ 40,322 $ 36,931 The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Commercial $ 2,025 $ 2,340 $ 1,242 Retail 1,853 1,853 1,255 Hospitality 1,277 1,034 411 Office — 203 385 Multi-family — 44 909 Industrial — — 565 $ 5,155 $ 5,474 $ 4,767
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Fixed maturity securities $ 1,046 $ 25,952 $ (60,918) Deferred income taxes (213) (5,420) 12,793 Total $ 833 $ 20,532 $ (48,125)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	The following table sets forth the range of the discount rate as of December 31, 2024: December 31, 2024 High 8.00 % Low 5.70 % Weighted average 6.60 % The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 High 10.00 % 9.50 % Low 7.00 % 3.25 % Weighted average 7.93 % 7.05 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth the Company’s investments within the fair value hierarchy at December 31, 2024 and December 31, 2023: 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 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 44,166 $ — $ — $ 44,166 Corporate securities and miscellaneous — 383,420 — 383,420 Municipal securities — 92,778 — 92,778 Residential mortgage-backed securities — 281,626 — 281,626 Commercial mortgage-backed securities — 29,934 — 29,934 Other asset-backed securities — 185,727 — 185,727 Total fixed maturity securities, available-for-sale 44,166 973,485 — 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 41,017 Total fixed maturity securities, held-to-maturity: — — 41,017 41,017 Equity securities: Common stocks 67,425 — — 67,425 Preferred stocks — 7,358 — 7,358 Mutual funds 43,466 — — 43,466 Total equity securities 110,891 7,358 — 118,249 Mortgage loans — — 50,070 50,070 Short-term investments 270,226 — — 270,226 Total $ 425,283 $ 980,843 $ 91,087 $ 1,497,213
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, 2024 and 2023: ($ 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 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses for the period recognized in net investment gains (losses) (385) Issuances 27,642 Settlements (30,029) Balance at December 31, 2023 50,070 Total losses 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 (426)
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, 2024 and 2023: ($ 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 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses for the period recognized in net investment gains (losses) (385) Issuances 27,642 Settlements (30,029) Balance at December 31, 2023 50,070 Total losses 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 (426)
Summary 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, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable FHLB Loan $ 57,000 $ 56,200 $ — $ — Revolving credit facility $ 43,000 $ 43,000 $ 50,000 $ 50,000 Notes payable $ 100,000 $ 99,200 $ 50,000 $ 50,000 Subordinated debt Junior subordinated interest debentures $ — $ — $ 59,186 $ 59,794 Unsecured subordinated notes 19,536 20,541 19,504 21,378 Subordinated debt, net of debt issuance costs $ 19,536 $ 20,541 $ 78,690 $ 81,172

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and December 31, 2023: ($ in thousands) December 31, 2024 December 31, 2023 Commercial $ 8,474 $ 14,469 Retail 10,032 16,072 Hospitality 7,984 12,744 Industrial — 6,785 $ 26,490 $ 50,070
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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Fixed maturity securities, available-for sale $ 217,468 $ 26,626 $ 13,964 Equity securities 37,534 40,201 37,177 The following table sets forth the components of net investment income for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Income: Fixed maturity securities, available-for sale $ 57,574 $ 34,703 $ 18,481 Fixed maturity securities, held-to-maturity 4,177 4,163 5,375 Equity securities 2,720 3,418 3,579 Equity method investments 2,524 (9,434) 6,015 Mortgage loans 5,153 5,474 4,767 Indirect loans (2,400) (4,155) 4,846 Short-term investments and cash 14,851 11,392 1,498 Other 3,000 318 (77) Total investment income 87,599 45,879 44,484 Investment expenses (6,913) (5,557) (7,553) Net investment income $ 80,686 $ 40,322 $ 36,931 The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Commercial $ 2,025 $ 2,340 $ 1,242 Retail 1,853 1,853 1,255 Hospitality 1,277 1,034 411 Office — 203 385 Multi-family — 44 909 Industrial — — 565 $ 5,155 $ 5,474 $ 4,767

Equity Method Investments and_2

Equity Method Investments and Other (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
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, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 34,936 15.3 % $ 41,046 16.2 % JVM Funds LLC units 17,229 10.1 % 20,061 10.1 % RISCOM 5,013 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 4,967 2.5 % 4,669 2.5 % Arena SOP LP units 1,474 10.9 % 2,463 12.3 % Brewer Lane Ventures Fund II LP units 1,040 2.4 % 560 2.5 % Dowling Capital Partners LP units 666 5.0 % 1,708 6.2 % $ 65,325 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Arena Special Opportunities Fund, LP units $ 2,375 $ (2,880) $ 3,719 RISCOM 1,492 884 1,471 Dowling Capital Partners LP units 1,463 927 502 Universa Black Swan LP units — (988) (3,028) Brewer Lane Ventures Fund II LP (110) (78) — Hudson Ventures Fund II LP units (153) 170 379 Arena SOP LP units (989) (6,271) 3,042 JVM Funds LLC (1,554) (1,198) (70) $ 2,524 $ (9,434) $ 6,015 The following table sets forth the unfunded commitment of equity method investments as of December 31, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,077 $ 4,610 Hudson Ventures Fund 2 LP units 397 848 Dowling Capital Partners LP units 386 386 $ 4,860 $ 5,844 The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 3,756 $ 2,620 Difference 1,258 1,501 Recorded investment balance $ 5,013 $ 4,121 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, 2024 and 2023: ($ in thousands) December 31, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 16,624 $ 19,304 Difference 605 757 Recorded investment balance $ 17,229 $ 20,061 The carrying value of the SMA1 and SMA2 as of December 31, 2024 and 2023 were as follows: ($ in thousands) December 31, 2024 December 31, 2023 SMA1 $ 20,296 $ 30,816 SMA2 12,973 5,209 Investment in indirect loans and loan collateral $ 33,269 $ 36,025

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
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, 2024 and 2023 ($ 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 ($ in thousands) Premiums Receivable, Net Allowance for Estimated Uncollectible Premiums Balance at December 31, 2022 $ 139,215 $ 629 Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 — Current period change for estimated uncollectible premiums 748 Write-offs of uncollectible premiums receivable (513) Recoveries of amounts previously written off 100 Balance at December 31, 2023 $ 179,235 $ 964
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, 2024: December 31, 2024 A.M. Best Rating Reinsurance Recoverables, Gross, Amortized Cost Percent of Total A- and above $ 837,807 97.4 % B++ to B+ 6,021 0.7 Not rated 16,343 1.9
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, 2024 and 2023: ($ 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 Balance at ($ in thousands) Reinsurance Recoverables, Net Allowance for Estimated Uncollectible Reinsurance Balance at December 31, 2022 $ 581,359 $ — Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at December 31, 2023 $ 596,334 $ 2,295

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The following table presents the components of property and equipment as of December 31, 2024 and 2023, which are included within other assets on the consolidated balance sheets. (in thousands) 2024 2023 Leasehold improvements $ 3,056 $ 1,892 Equipment 4,506 5,033 Software 33,972 29,189 41,534 36,114 Accumulated depreciation (29,355) (27,044) Total $ 12,179 $ 9,070

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease, Cost	The following table provides information regarding the Company’s leases as of December 31, 2024 and 2023: (in thousands) 2024 2023 Operating lease right-of-use assets $ 3,135 $ 4,905 Operating lease liabilities 3,213 5,228 Operating lease weighted-average remaining lease term 4.39 years 4.55 years Operating lease weighted-average discount rate 5.01 % 3.95 % The following table presents the Company’s lease expenses for the years ended December 31, 2024, 2023 and 2022: (in thousands) 2024 2023 2022 Operating lease expense $ 1,714 $ 2,583 $ 2,414 Short-term lease expense 421 184 220 Total lease expense $ 2,135 $ 2,767 $ 2,634 Operating cash outflows from operating leases $ 2,082 $ 2,636 $ 2,382
Lessee, Operating Lease, Liability, Maturity	The following table sets forth the future minimum lease payment obligations of the Company’s operating leases at December 31, 2024: (in thousands) 2024 2025 $ 968 2026 779 2027 686 2028 651 2029 415 Thereafter 133 Total future minimum operating lease payments $ 3,632 Less imputed interest (419) Total operating lease liability $ 3,213

Segment (Tables)

Segment (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022: Years Ended December 31, ($ in thousands) 2024 2023 2022 Industry Solutions $ 317,198 $ 305,476 $ 267,628 Global Property & Agriculture 311,402 273,191 205,081 Captives 241,902 167,624 124,286 Programs 218,407 178,726 163,653 Accident & Health 173,073 151,701 130,808 Transactional E&S 169,053 122,508 75,098 Professional Lines 159,785 154,565 93,011 Surety 152,429 106,056 79,062 Total continuing business $ 1,743,249 $ 1,459,847 $ 1,138,627 Exited business (17) (18) 5,325 Total gross written premiums $ 1,743,232 $ 1,459,829 $ 1,143,952 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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Underwriting income Revenues: Net earned premiums $ 1,056,722 $ 829,143 $ 615,994 Commission and fee income 6,703 6,064 5,199 Total underwriting revenues 1,063,425 835,207 621,193 Expenses: Losses and LAE 669,809 515,237 402,512 Amortization of policy acquisition costs 149,975 108,514 65,695 Other operating and general expenses 161,782 134,930 116,476 Total underwriting expenses 981,566 758,681 584,683 Net underwriting income $ 81,859 $ 76,526 $ 36,510 Reconciliation of net underwriting income to net income: Net underwriting income $ 81,859 $ 76,526 $ 36,510 Add: Net investment income 80,686 40,322 36,931 Net investment gains (losses) 6,256 11,072 (15,705) Other (loss) income (167) (632) 1 Less: Interest expense 9,496 10,024 6,407 Amortization expense 2,007 1,798 1,547 Other expenses 4,392 5,364 — Income before income taxes 152,739 110,102 49,783 Income tax expense 33,911 24,118 10,387 Net income $ 118,828 $ 85,984 $ 39,396
Schedule Return on Equity and Book Value Per Share	The following table presents return on equity and book value per share for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 Return on equity 16.3 % 15.9 % 9.3 % Book value per share $ 19.79 $ 16.72 $ 25.82

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table sets forth the components of the Company’s income tax expense for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Current income tax expense $ 42,626 $ 14,736 $ 120 Deferred tax (benefit) expense related to temporary differences (8,715) 9,382 10,267 Total income tax expense $ 33,911 $ 24,118 $ 10,387
Schedule of Effective Income Tax Rate Reconciliation	The following table sets forth the differences between income taxes expected at the federal statutory income tax rate of 21% and the reported income tax expense for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 ($ in thousands) Amount Percentage Amount Percentage Amount Percentage Income tax expense at federal statutory rate $ 32,075 21.0 % $ 23,121 21.0 % $ 10,454 21.0 % Tax advantaged investments (239) (0.2) (295) (0.3) (324) (0.7) Other 2,075 1.4 1,292 1.2 257 0.6 Total income tax expense $ 33,911 22.2 % $ 24,118 21.9 % $ 10,387 20.9 %
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, 2024 and 2023: ($ in thousands) 2024 2023 Deferred tax assets: Unearned premiums $ 18,178 $ 15,365 Losses and loss adjustment expenses 16,967 11,581 Net operating losses 9,389 10,655 Unrealized losses on fixed maturity securities, available-for-sale 5,893 6,113 Stock options/awards 2,453 1,714 Other 6,067 4,237 Total deferred tax assets 58,947 49,665 Less valuation allowance (586) (586) Total deferred tax assets after valuation allowance 58,361 49,079 Deferred tax liabilities: Deferred policy acquisition costs 15,277 11,528 Unrealized gains on equity securities 4,818 3,243 Other long-term investments 2,625 6,460 Depreciation 1,426 1,260 Section 481(a) adjustment 1,391 3,477 Other 2,338 1,120 Total deferred tax liabilities 27,875 27,088 Deferred income taxes $ 30,486 $ 21,991

Reserves for Losses and Loss _2

Reserves for Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Reserves for losses and LAE, beginning of period $ 1,314,501 $ 1,141,757 $ 979,549 Less: reinsurance recoverable on unpaid claims, beginning of period (455,484) (435,986) (381,338) Reserves for losses and LAE, beginning of period, net of reinsurance 859,017 705,771 598,211 Incurred, net of reinsurance, related to: Current period 657,783 505,894 374,475 Prior years 25,728 10,770 33,849 Total incurred, net of reinsurance 683,511 516,664 408,324 Paid, net of reinsurance, related to: Current period 136,731 109,937 105,928 Prior years 294,260 253,481 194,836 Total paid 430,991 363,418 300,764 Net reserves for losses and LAE, end of period 1,111,537 859,017 705,771 Plus: reinsurance recoverable on unpaid claims, end of period 670,846 455,484 435,986 Reserves for losses and LAE, end of period $ 1,782,383 $ 1,314,501 $ 1,141,757
Schedule of Short-Duration Insurance Contracts	Short-tail/Monoline Specialty Lines ($ in thousands except number of claims) Incurred Losses and Allocated Loss Adjustment Expense (“ALAE”), Net of Reinsurance As of December 31, 2024 Years Ended December 31, Reported Claims Accident Year 2020* 2021* 2022* 2023* 2024 IBNR 2020 $ 56,141 $ 55,324 $ 55,420 $ 55,305 $ 55,305 $ 1,147 1,311 2021 92,780 93,429 92,143 92,134 6,536 1,627 2022 108,299 105,394 104,095 15,316 2,383 2023 190,565 191,865 68,001 4,880 2024 280,147 161,230 4,502 Total $ 723,546 Cumulative net paid loss and ALAE from the table below (359,673) Net reserves for loss and ALAE before 2020 3,353 Total net reserves for loss and ALAE $ 367,226 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident Year 2020* 2021* 2022* 2023* 2024 2020 $ 14,002 $ 35,479 $ 40,000 $ 43,737 $ 49,688 2021 18,447 56,803 67,912 78,439 2022 27,773 64,594 77,150 2023 33,795 100,705 2024 53,691 Total $ 359,673 *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, 2024 Accident Years Ended December 31, Reported Claims 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 IBNR 2015 $ 103,191 $ 114,266 $ 117,024 $ 117,024 $ 119,216 $ 114,863 $ 115,863 $ 116,413 $ 116,413 $ 117,955 $ (834) 5,386 2016 63,223 62,843 62,843 62,643 84,579 84,579 84,829 84,829 85,434 1,276 4,739 2017 65,332 65,332 64,260 78,166 78,166 78,766 78,766 80,493 2,105 5,588 2018 74,476 74,476 69,319 71,719 73,019 73,019 75,686 4,856 5,104 2019 107,432 109,226 112,378 115,530 116,230 116,206 3,918 6,119 2020 113,030 124,076 128,111 132,495 132,125 4,716 5,539 2021 156,067 158,891 160,331 160,546 16,119 6,702 2022 236,909 242,097 242,358 33,477 8,562 2023 306,511 306,511 132,772 8,180 2024 353,933 246,281 6,557 Total $ 1,671,247 Cumulative net paid loss and ALAE from the table below (1,038,650) Net reserves for loss and ALAE before 2015 (1,532) Total net reserves for loss and ALAE $ 631,065 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 2015 $ 44,152 $ 72,137 $ 88,833 $ 99,401 $ 108,291 $ 107,214 $ 109,622 $ 109,706 $ 113,703 $ 115,116 2016 23,239 42,528 53,352 58,895 69,691 72,544 75,855 77,160 77,760 2017 23,770 41,945 53,093 61,354 67,926 71,109 73,770 75,714 2018 26,201 42,568 47,226 58,655 65,635 69,893 70,128 2019 33,019 50,933 71,053 87,816 99,451 106,765 2020 29,499 60,680 82,236 105,283 121,097 2021 37,118 73,293 102,772 125,749 2022 50,148 114,794 165,854 2023 63,079 122,186 2024 58,281 Total $ 1,038,650 *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, 2024 Years Ended December 31, Reported Claims Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 IBNR 2015 $ 61,810 $ 65,063 $ 68,008 $ 70,803 $ 75,187 $ 79,853 $ 79,853 $ 80,603 $ 80,603 $ 82,092 $ 1,145 4,581 2016 93,019 92,996 91,372 93,577 97,301 98,301 100,651 100,651 102,801 959 4,893 2017 75,159 79,581 81,785 65,735 68,346 68,646 68,646 70,885 1,598 4,339 2018 74,357 68,990 76,506 79,006 84,165 84,165 92,082 5,586 4,910 2019 87,115 73,635 77,770 79,414 79,572 79,823 5,786 5,632 2020 132,248 136,469 137,835 137,907 137,671 11,424 4,828 2021 83,322 91,188 91,323 92,095 10,923 2,398 2022 12,717 12,240 11,800 902 234 2023 — — — 1 2024 — — — Total $ 669,249 Cumulative net paid loss and ALAE from the table below (597,904) Net reserves for loss and ALAE before 2015 15,344 Total net reserves for loss and ALAE $ 86,689 *Supplementary information and unaudited ($ in thousands) Cumulative Paid Losses and ALAE, Net of Reinsurance ($ in thousands) Years Ended December 31, Accident 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024 2015 $ 9,026 $ 41,653 $ 55,610 $ 65,269 $ 73,100 $ 78,249 $ 80,077 $ 80,923 $ 82,188 $ 83,290 2016 36,592 57,638 70,253 78,070 81,181 87,482 91,556 95,114 97,462 2017 34,176 52,103 51,985 50,545 57,457 62,924 66,498 68,480 2018 25,553 60,149 39,870 54,339 67,001 74,604 79,860 2019 28,636 28,954 30,948 45,696 57,341 65,847 2020 102,725 98,202 102,132 114,543 120,831 2021 41,540 57,820 66,012 72,923 2022 2,155 4,077 9,211 2023 — — 2024 — Total $ 597,904 *Supplementary information and unaudited
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, 2024 and 2023: ($ in thousands) 2024 2023 Net reserves for losses and ALAE: Short-tail/Monoline Specialty Lines $ 367,226 $ 235,191 Multi-line Solutions 631,065 485,099 Exited Lines 86,689 112,607 Reserves for losses and ALAE, net of reinsurance 1,084,980 832,897 Reinsurance recoverable on unpaid claims: Short-tail/Monoline Specialty Lines 275,204 199,044 Multi-line Solutions 380,344 252,146 Exited Lines 15,298 4,294 Total reinsurance recoverable on unpaid claims 670,846 455,484 Unallocated LAE 26,557 26,120 Reserves for losses and LAE at end of year $ 1,782,383 $ 1,314,501
Schedule of Historical Claims Duration	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 21.8 % 37.7 % 10.8 % 9.1 % 10.8 % N/A N/A N/A N/A N/A Multi-line Solutions 26.0 % 22.0 % 15.0 % 12.4 % 9.9 % 3.7 % 2.4 % 1.3 % 2.0 % 1.2 % Exited Lines 29.6 % 17.1 % 8.1 % 9.7 % 9.2 % 7.8 % 4.2 % 2.4 % 1.9 % 1.3 % *Supplementary information and unaudited

Commission and Fee Income (Tabl

Commission and Fee Income (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table sets forth the Company’s disaggregated revenues from contracts with customers for the years ended December 31, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 SUA commission revenue $ 3,595 $ 2,864 $ 3,224 SUA fee income 2,928 2,732 1,597 Other 180 468 378 Total commission and fee income $ 6,703 $ 6,064 $ 5,199
Contract with Customer, Contract Asset, Contract Liability, and Receivable	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, 2024 2023 and 2022: ($ in thousands) Contract Assets Balance at December 31, 2022 $ 1,292 Balance at December 31, 2023 976 Balance at December 31, 2024 1,416

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022: ($ in thousands) 2024 2023 2022 Amortization of policy acquisition costs $ 149,975 $ 108,514 $ 65,695 Other operating and general expenses 161,782 134,930 116,476 Total underwriting, acquisition and insurance expenses $ 311,757 $ 243,444 $ 182,171

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
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, 2024, 2023 and 2022: 2024 2023 2022 ($ in thousands) Written Earned Written Earned Written Earned Direct premiums $ 1,458,637 $ 1,375,917 $ 1,241,180 $ 1,155,835 $ 1,012,239 $ 951,121 Assumed premiums 284,595 282,662 218,649 193,971 131,713 113,610 Ceded premiums (619,654) (601,857) (549,138) (520,663) (468,409) (448,737) Net premiums $ 1,123,578 $ 1,056,722 $ 910,691 $ 829,143 $ 675,543 $ 615,994 Ceded losses and LAE incurred $ 534,295 $ 337,011 $ 311,257
Ceded Credit Risk	The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of December 31, 2024 and December 31, 2023: ($ in thousands) 2024 2023 Ceded unpaid losses and LAE $ 670,846 $ 455,484 Ceded paid losses and LAE 166,663 122,287 Loss portfolio transfer 22,662 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 857,876 $ 596,334 Ceded unearned premium $ 203,901 $ 186,121

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary 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, 2024, 2023 and 2022: Award Payout Range Requisite Target 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 Year ended December 31, 2022 Market condition awards 0%–150% 3 years 28,495 Performance condition awards 0%–150% 3 years 26,210 Service condition awards N/A 1–3 years 144,137 198,842 The following tables sets forth option activity for the years ended December 31, 2024 and 2023: Weighted-Average Stock Outstanding at January 1, 2024 759,990 Outstanding at December 31, 2024 759,990 Weighted-Average Stock Outstanding at January 1, 2023 — Granted $ 15.00 759,990 Outstanding at December 31, 2023 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, 2024, 2023 and 2022: Weighted-Average Stock and Stock Units 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 Non-vested at January 1, 2022 $ 13.23 375,643 Granted (1) 14.17 198,842 Vested 15.16 (144,042) Forfeited (2) 12.51 (10,547) Non-vested at December 31, 2022 $ 12.55 419,896 (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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the compilation of basic and diluted net earnings per share for the years ended December 31, 2024, 2023 and 2022: ($ in thousands, except for share and per share amounts) 2024 2023 2022 Numerator Net income $ 118,828 $ 85,984 $ 39,396 Less: Undistributed income allocated to participating securities — (1,677) (18,879) Net income attributable to common stockholders (numerator for basic earnings per share) 118,828 84,307 20,517 Add back: Undistributed income allocated to participating securities — 1,677 18,879 Net income (numerator for diluted earnings per share under the two-class method) $ 118,828 $ 85,984 $ 39,396 Denominator Basic weighted-average common shares 40,056,475 36,031,907 16,568,393 Dilutive effect of preferred shares — 716,708 15,245,533 Dilutive effect of stock notes — 696,110 519,080 Dilutive effect of stock units 917,510 736,837 320,188 Dilutive effect of options 403,475 135,972 — Diluted weighted-average common share equivalents 41,377,460 38,317,534 32,653,194 Basic earnings per share $ 2.97 $ 2.34 $ 1.24 Diluted earnings per share $ 2.87 $ 2.24 $ 1.21
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	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, 2024, 2023 and 2022: 2024 2023 2022 Stock Notes — — 60,576 Stock units 20,346 3,931 — Options 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, 2024, 2023 and 2022: 2024 2023 2022 Common shares — 920,864 22,919 Preferred shares, if converted — — 1,059,602 Total — 920,864 1,082,521

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Net earned premium and gross commission expense related to these agreements for the years ended December 31, 2024, 2023 and 2022 were as follows: ($ in thousands) 2024 2023 2022 Net earned premium $ 108,130 $ 99,736 $ 91,051 Commissions 25,372 24,177 23,472

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of operating segments | segment	1
Reinsurance collateral from reinsurers | $	$ 337	$ 257.5
Low
Concentration Risk [Line Items]
Property, plant and equipment, useful life	3 years
High
Concentration Risk [Line Items]
Property, plant and equipment, useful life	7 years
AM Best, A+ Rating | Everest Reinsurance Co | Reinsurance recoverable including reinsurance premium paid | Reinsurer concentration risk
Concentration Risk [Line Items]
Percent of Total	18%	20.40%
AM Best, A+ Rating | eMaxx Captives | Reinsurance recoverable including reinsurance premium paid | Reinsurer concentration risk
Concentration Risk [Line Items]
Percent of Total	16.80%	20.40%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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
Industry 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

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived
Accumulated amortization		$ (17,925)	$ (16,440)
Amortization	$ (1,087)	(1,485)	(1,500)
Total
Gross, beginning balance		40,626	40,576
Accumulated amortization		(17,925)	(16,440)
Additions		50
Amortization	(1,087)	(1,485)	(1,500)
Gross intangible assets, ending balance	21,614	22,701
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	24,441
Accumulated amortization		(16,808)	(15,547)
Additions		50
Amortization	(1,087)	(1,261)
Net, ending balance	6,596	7,683
Total
Accumulated amortization		(16,808)	(15,547)
Amortization	(1,087)	(1,261)
Non-competes
Finite-Lived
Gross, beginning balance	1,117	1,117
Accumulated amortization		(1,117)	(893)
Additions		0
Amortization	0	(224)
Net, ending balance	0	0
Total
Accumulated amortization		(1,117)	$ (893)
Amortization	$ 0	$ (224)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life	15 years
Amortization of intangible assets	$ 1,087	$ 1,485	$ 1,500

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 1,016
2026	553
2027	553
2028	553
2029	$ 553

Investments - Debt Securities,

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Amortized Cost	$ 1,320,266	$ 1,047,713
Gross Unrealized Gains	10,636	12,491
Gross Unrealized Losses	(38,684)	(42,553)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	1,292,218	1,017,651
Fixed maturity securities, held-to-maturity:
Amortized Cost	39,396	43,315
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(436)	(1,969)
Allowance for Credit Losses	(243)	(329)
Total fixed maturity securities, held-to-maturity	38,717	41,017
U.S. government securities
Fixed maturity securities, available-for-sale:
Amortized Cost	26,577	44,685
Gross Unrealized Gains	35	202
Gross Unrealized Losses	(126)	(721)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	26,486	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Amortized Cost	433,298	392,773
Gross Unrealized Gains	5,618	6,408
Gross Unrealized Losses	(13,288)	(15,761)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	425,628	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Amortized Cost	89,966	98,266
Gross Unrealized Gains	116	655
Gross Unrealized Losses	(5,366)	(6,143)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	84,716	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	408,585	292,568
Gross Unrealized Gains	1,875	3,556
Gross Unrealized Losses	(16,627)	(14,498)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	393,833	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	70,262	31,411
Gross Unrealized Gains	545	449
Gross Unrealized Losses	(1,443)	(1,926)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	69,364	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	291,578	188,010
Gross Unrealized Gains	2,447	1,221
Gross Unrealized Losses	(1,834)	(3,504)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	292,191	185,727
Fixed maturity securities, held-to-maturity:
Amortized Cost	39,396	43,315
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(436)	(1,969)
Allowance for Credit Losses	(243)	(329)
Total fixed maturity securities, held-to-maturity	$ 38,717	$ 41,017

Investments - Investments Class

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in less than one year	$ 23,332
Due after one year through five years	279,144
Due after five years through ten years	197,373
Due after ten years	49,992
Amortized Cost	1,320,266	$ 1,047,713
Fair Value
Due in less than one year	23,292
Due after one year through five years	273,755
Due after five years through ten years	192,929
Due after ten years	46,854
Total	1,292,218	1,017,651
Mortgage-backed securities
Amortized Cost
Without single maturity date	478,847
Fair Value
Without single maturity date	463,197
Other asset-backed securities
Amortized Cost
Without single maturity date	291,578
Fair Value
Without single maturity date	292,191
Total	$ 292,191	$ 185,727

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) lot	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 28
Unrealized loss position aged over 12 months, number of positions | lot	778
Cash and Securities Segregated under Federal and Other Regulations	$ 66.8	$ 65.3
US Treasury and Government
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	24.3
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	2.2
Cash and Cash Equivalents and Other Assets
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	1.5
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 66.2

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Available for sale, fair value
Less than 12 Months	$ 480,693	$ 121,362
12 Months or More	236,741	441,858
Total	717,434	563,220
Available for sale, gross unrealized losses
Less than 12 Months	(7,353)	(1,667)
12 Months or More	(31,331)	(40,886)
Total	(38,684)	(42,553)
Held-to-maturity, fair value
Less than 12 Months	2,144	0
12 Months or More	36,573	41,017
Total	38,717	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	(2)	0
12 Months or More	(434)	(1,969)
Total	(436)	(1,969)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	482,837	121,362
12 Months or More	273,314	482,875
Total	756,151	604,237
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(7,355)	(1,667)
12 Months or More	(31,765)	(42,855)
Total	(39,120)	(44,522)
U.S. government securities
Available for sale, fair value
Less than 12 Months	15,938	7,342
12 Months or More	2,297	25,604
Total	18,235	32,946
Available for sale, gross unrealized losses
Less than 12 Months	(34)	(25)
12 Months or More	(92)	(696)
Total	(126)	(721)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	136,888	26,742
12 Months or More	81,232	174,947
Total	218,120	201,689
Available for sale, gross unrealized losses
Less than 12 Months	(2,060)	(570)
12 Months or More	(11,228)	(15,191)
Total	(13,288)	(15,761)
Municipal securities
Available for sale, fair value
Less than 12 Months	41,930	16,815
12 Months or More	27,687	47,269
Total	69,617	64,084
Available for sale, gross unrealized losses
Less than 12 Months	(1,046)	(290)
12 Months or More	(4,320)	(5,853)
Total	(5,366)	(6,143)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	201,407	37,634
12 Months or More	82,496	103,495
Total	283,903	141,129
Available for sale, gross unrealized losses
Less than 12 Months	(3,366)	(602)
12 Months or More	(13,261)	(13,896)
Total	(16,627)	(14,498)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	9,411	4,942
12 Months or More	13,178	15,290
Total	22,589	20,232
Available for sale, gross unrealized losses
Less than 12 Months	(126)	(74)
12 Months or More	(1,317)	(1,852)
Total	(1,443)	(1,926)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	75,119	27,887
12 Months or More	29,851	75,253
Total	104,970	103,140
Available for sale, gross unrealized losses
Less than 12 Months	(721)	(106)
12 Months or More	(1,113)	(3,398)
Total	(1,834)	(3,504)
Held-to-maturity, fair value
Less than 12 Months	2,144	0
12 Months or More	36,573	41,017
Total	38,717	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	(2)	0
12 Months or More	(434)	(1,969)
Total	$ (436)	$ (1,969)

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gross realized gains
Fixed maturity securities, available-for sale	$ 2,662	$ 1,042	$ 313
Equity securities	8,062	6,035	3,865
Other	127	2	36
Total	10,851	7,079	4,214
Gross realized losses
Fixed maturity securities, available-for sale	(8,161)	(1,879)	(958)
Equity securities	(4,132)	(5,256)	(3,827)
Other	(223)	(2)	(76)
Total	(12,516)	(7,137)	(4,861)
Net unrealized gains (losses) on investments
Equity securities	7,500	11,516	(15,058)
Mortgage loans	421	(386)	0
Net investment gains (losses)	$ 6,256	$ 11,072	$ (15,705)

Investments - Proceeds from Sal

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for sale	$ 217,468	$ 26,626	$ 13,964
Equity securities	$ 37,534	$ 40,201	$ 37,177

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Total investment income	$ 87,599	$ 45,879	$ 44,484
Investment expenses	(6,913)	(5,557)	(7,553)
Net investment income	80,686	40,322	36,931
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	57,574	34,703	18,481
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	4,177	4,163	5,375
Equity securities
Net Investment Income [Line Items]
Total investment income	2,720	3,418	3,579
Equity method investments
Net Investment Income [Line Items]
Total investment income	2,524	(9,434)	6,015
Mortgage loans
Net Investment Income [Line Items]
Total investment income	5,153	5,474	4,767
Indirect loans
Net Investment Income [Line Items]
Total investment income	(2,400)	(4,155)	4,846
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	14,851	11,392	1,498
Other
Net Investment Income [Line Items]
Total investment income	$ 3,000	$ 318	$ (77)

Investments - Schedule of Accum

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 1,046	$ 25,952	$ (60,918)
Deferred income taxes	(213)	(5,420)	12,793
Total other comprehensive income (loss)	$ 833	$ 20,532	$ (48,125)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Dec. 31, 2024	Dec. 31, 2023
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	8%
Loans receivable	10%	9.50%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	5.70%
Loans receivable	7%	3.25%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	6.60%
Loans receivable	7.93%	7.05%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value Measured at Net Asset Value Per Share $ in Millions	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure	$ 28.2
Unrecorded unconditional purchase obligation	$ 24.4

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,292,218	$ 1,017,651
Total fixed maturity securities, held-to-maturity	38,717	41,017
Equity securities, at fair value	106,254	118,249
Mortgage loans	26,490	50,070
Short-term investments	274,929	270,226
Total	1,738,608	1,497,213
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	26,486	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	425,628	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	84,716	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	393,833	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	69,364	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	292,191	185,727
Total fixed maturity securities, held-to-maturity	38,717	41,017
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	64,251	67,425
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,164	7,358
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	40,839	43,466
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	26,486	44,166
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	105,090	110,891
Mortgage loans	0	0
Short-term investments	274,929	270,226
Total	406,505	425,283
Level 1 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	26,486	44,166
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:
Equity securities, at fair value	64,251	67,425
Level 1 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	40,839	43,466
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,187,812	973,485
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	1,164	7,358
Mortgage loans	0	0
Short-term investments	0	0
Total	1,188,976	980,843
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	354,815	383,420
Level 2 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	84,716	92,778
Level 2 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	393,833	281,626
Level 2 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	69,364	29,934
Level 2 | Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	285,084	185,727
Total fixed maturity securities, held-to-maturity	0	0
Level 2 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,164	7,358
Level 2 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	77,920	0
Total fixed maturity securities, held-to-maturity	38,717	41,017
Equity securities, at fair value	0	0
Mortgage loans	26,490	50,070
Short-term investments	0	0
Total	143,127	91,087
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	70,813	0
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	7,107	0
Total fixed maturity securities, held-to-maturity	38,717	41,017
Level 3 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fixed Maturity Securities, Available-For-Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Total gains for the period recognized in net investment (losses) gains	(195)
Issuances	0
Settlements	0
Purchases	77,979
Sales/Disposals	(374)
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	510
Ending balance	77,920	$ 0
Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end	0
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	50,070	52,842
Total gains for the period recognized in net investment (losses) gains	420	(385)
Issuances	649	27,642
Settlements	(24,649)	(30,029)
Purchases	0
Sales/Disposals	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0
Ending balance	26,490	50,070
Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$ 411	$ (426)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
FHLB Loan | Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 57,000	$ 0
FHLB Loan | Fair Value
Debt Instrument [Line Items]
Long-term debt	56,200	0
Revolving credit facility | Carrying Value
Debt Instrument [Line Items]
Long-term debt	43,000	50,000
Revolving credit facility | Fair Value
Debt Instrument [Line Items]
Long-term debt	43,000	50,000
Notes payable | Carrying Value
Debt Instrument [Line Items]
Long-term debt	100,000	50,000
Notes payable | Fair Value
Debt Instrument [Line Items]
Long-term debt	99,200	50,000
Junior subordinated interest debentures | Carrying Value
Debt Instrument [Line Items]
Long-term debt	0	59,186
Junior subordinated interest debentures | Fair Value
Debt Instrument [Line Items]
Long-term debt	0	59,794
Unsecured subordinated notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,536	19,504
Unsecured subordinated notes | Fair Value
Debt Instrument [Line Items]
Long-term debt	20,541	21,378
Subordinated debt, net of debt issuance costs | Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,536	78,690
Subordinated debt, net of debt issuance costs | Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 20,541	$ 81,172

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 0	$ 7,100,000
Mortgage loans not producing income	$ 0	$ 6,800,000
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	2 years
Percentage of property appraisal value	64%
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	3 years
Percentage of property appraisal value	80%

Mortgage Loans - Portfolios (De

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 26,490	$ 50,070
Total investment income	5,155	5,474	$ 4,767
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	8,474	14,469
Total investment income	2,025	2,340	1,242
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	10,032	16,072
Total investment income	1,853	1,853	1,255
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	7,984	12,744
Total investment income	1,277	1,034	411
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0	6,785
Total investment income	0	0	565
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	203	385
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 44	$ 909

Equity Method Investments and_3

Equity Method Investments and Other - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 98,594	$ 110,653
Equity method investments
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	65,325	74,628
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 34,936	$ 41,046
Equity method investments ownership percentage	15.30%	16.20%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 17,229	$ 20,061
Equity method investments ownership percentage	10.10%	10.10%
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 1,474	$ 2,463
Equity method investments ownership percentage	10.90%	12.30%
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 5,013	$ 4,121
Equity method investments ownership percentage	20%	20%
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 4,967	$ 4,669
Equity method investments ownership percentage	2.50%	2.50%
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 666	$ 1,708
Equity method investments ownership percentage	5%	6.20%
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 1,040	$ 560
Equity method investments ownership percentage	2.40%	2.50%

Equity Method Investments and_4

Equity Method Investments and Other - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 80,686	$ 40,322	$ 36,931
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	2,524	(9,434)	6,015
Dowling Capital Partners LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	1,463	927	502
RISCOM | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	1,492	884	1,471
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	(110)	(78)	0
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	(153)	170	379
JVM Funds LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,554)	(1,198)	(70)
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	(988)	(3,028)
Arena SOP LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(989)	(6,271)	3,042
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	$ 2,375	$ (2,880)	$ 3,719

Equity Method Investments and_5

Equity Method Investments and Other - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 4,860	$ 5,844
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	4,077	4,610
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	397	848
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 386	$ 386

Equity Method Investments and_6

Equity Method Investments and Other - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

Equity Method Investments and_7

Equity Method Investments and Other - Investment in RISCOM (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 98,594	$ 110,653
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,756	2,620
Difference	1,258	1,501
Recorded investment balance	$ 5,013	$ 4,121

Equity Method Investments and_8

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 98,594	$ 110,653
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	16,624	19,304
Difference	605	757
Recorded investment balance	$ 17,229	$ 20,061

Equity Method Investments and_9

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 98,594	$ 110,653
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	20,296	30,816
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	12,973	5,209
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 33,269	$ 36,025

Allowance for Credit Losses - P

Allowance for Credit Losses - Premium Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Premiums Receivable, Net, beginning balance	$ 179,235	$ 139,215
Allowance for Estimated Uncollectible Premiums, beginning balance	964	629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	2,432	964
Current period change for estimated uncollectible premiums	3,235	748
Write-offs of uncollectible premiums receivable	(1,895)	(513)
Recoveries of amounts previously written off	128	100
Premiums Receivable, Net, ending balance	321,641	179,235
Allowance for Estimated Uncollectible Premiums, ending balance	$ 2,432	964
Period of adoption, adjustment
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Estimated Uncollectible Premiums, beginning balance		$ 0
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023

Allowance for Credit Losses- Re

Allowance for Credit Losses- Reinsurance Recoverable, Credit Quality Indicator (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 22,700	$ 20,900
Reinsurer concentration risk | Reinsurance recoverable including reinsurance premium paid | A- and above
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 837,807
Percent of Total	97.40%
Reinsurer concentration risk | Reinsurance recoverable including reinsurance premium paid | B++ to B+
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 6,021
Percent of Total	0.70%
Reinsurer concentration risk | Reinsurance recoverable including reinsurance premium paid | Not rated
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Gross, Amortized Cost	$ 16,343
Percent of Total	1.90%

Allowance for Credit Losses - R

Allowance for Credit Losses - Reinsurance Recoverable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for Estimated Uncollectible Reinsurance, beginning balance	$ 596,334	$ 581,359
Reinsurance Recoverables, Net, beginning balance	2,295	0
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	2,295	2,295
Current period change for estimated uncollectible reinsurance	13,585	0
Write-offs of uncollectible reinsurance recoverables	(13,585)	0
Allowance for Estimated Uncollectible Reinsurance, ending balance	857,876	596,334
Reinsurance Recoverables, Net, ending balance	$ 2,295	2,295
Period of adoption, adjustment
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverables, Net, beginning balance		$ 2,295
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023

Property and Equipment - Proper

Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 41,534	$ 36,114
Accumulated depreciation	(29,355)	(27,044)
Total	12,179	9,070
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	3,056	1,892
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	4,506	5,033
Software
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 33,972	$ 29,189

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 2.9	$ 3.2	$ 3.6

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 2.1	$ 2.8	$ 2.6
Low
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
High
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years

Leases - Lease, Cost (Details)

Leases - Lease, Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 3,135	$ 4,905
Operating lease liabilities	$ 3,213	$ 5,228
Operating lease weighted-average remaining lease term	4 years 4 months 20 days	4 years 6 months 18 days
Operating lease weighted-average discount rate	5.01%	3.95%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 1,714	$ 2,583	$ 2,414
Short-term lease expense	421	184	220
Total lease expense	2,135	2,767	2,634
Operating cash outflows from operating leases	$ 2,082	$ 2,636	$ 2,382

Leases - Lessee, Operating Leas

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2025	$ 968
2026	779
2027	686
2028	651
2029	415
Thereafter	133
Total future minimum operating lease payments	3,632
Less imputed interest	(419)
Operating lease liabilities	$ 3,213	$ 5,228

Notes Payable & Subordinated _2

Notes Payable & Subordinated Debt - Narrative (Details) - USD ($)				3 Months Ended	12 Months Ended
	Sep. 06, 2024	Aug. 30, 2024	Mar. 15, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	May 31, 2019	Aug. 31, 2006
Debt Instrument [Line Items]
Proceeds from long term borrowings					$ 107,000,000	$ 50,000,000	$ 0
Subordinated debt, net of debt issuance costs | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, increase, accrued interest			$ 1,400,000
FHLB Loan | Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Debt instrument, term		4 years 6 months
Face amount		$ 57,000,000
Stated interest rate		4%
Revolving credit facility | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 150,000,000
Proceeds from long term borrowings				$ 50,000,000
Proceeds from (repayments of) lines of credit	$ 57,000,000
Revolving credit facility | Line of Credit | Revolving credit facility | Low
Debt Instrument [Line Items]
Margin					1.50%
Revolving credit facility | Line of Credit | Revolving credit facility | High
Debt Instrument [Line Items]
Margin					1.90%
Revolving credit facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 30,000,000
Revolving credit facility | Line of Credit | Credit Spread Adjustment | Revolving credit facility | Low
Debt Instrument [Line Items]
Margin					0.10%
Revolving Line Of Credit Due December 2023 | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Margin						1.60%
Six-month SOFR					4.25%
Subordinate Debt Due 2039 | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Principal									$ 20,000,000
Debt term									8 years
Debt issuance costs					$ 500,000	$ 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%
Junior Subordinated Notes Due 2036, Capital Securities | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount										$ 58,000,000
Junior Subordinated Notes Due 2036 | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount										59,800,000
Junior Subordinated Notes Due 2036, Common Stock | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount										$ 1,800,000
Capitalization of trust, percent										3%

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 20, 2023 USD ($) $ / shares shares	Jan. 18, 2023 USD ($) $ / shares shares	Jan. 12, 2023 $ / shares shares	Sep. 23, 2022	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Equity conversion ratio				0.25
Proceeds from initial public offering | $					$ 0	$ 129,597	$ 0
Common stock, shares authorized (in shares) | shares		500,000,000			500,000,000	500,000,000
Common stock, par value (in dollar per share) | $ / shares		$ 0.01			$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) | shares		10,000,000
Preferred stock, par value (in dollar per share) | $ / shares		$ 0.01
Preferred stock, liquidation preference (in dollar per share) | $ / shares					$ 50
Preferred stock, convertible, conversion price (in dollar per share) | $ / shares						$ 6.04
Preferred stock, shares outstanding (in shares) | shares		1,969,660
Convertible preferred stock (in shares) | shares		16,305,113
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollar per share) | $ / shares			$ 15
Proceeds from initial public offering | $		$ 62,000
IPO - Shares From Company
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares) | shares			4,750,000
Follow-On Offering - Shares From Company
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares) | shares	2,150,000
Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollar per share) | $ / shares	$ 30.50
Sale of stock, consideration received on transaction | $	$ 62,500

Segment - Narrative (Details)

Segment - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment division
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Number of underwriting divisions | division	8

Segment - Schedule of Premiums

Segment - Schedule of Premiums Written (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 1,743,232	$ 1,459,829	$ 1,143,952
Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	1,743,249	1,459,847	1,138,627
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Effects of Reinsurance [Line Items]
Total gross written premiums	(17)	(18)	5,325
Industry Solutions | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	317,198	305,476	267,628
Global Property & Agriculture | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	311,402	273,191	205,081
Captives | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	241,902	167,624	124,286
Programs | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	218,407	178,726	163,653
Accident & Health | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	173,073	151,701	130,808
Transactional E&S | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	169,053	122,508	75,098
Professional Lines | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	159,785	154,565	93,011
Surety | Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 152,429	$ 106,056	$ 79,062

Segment - Segment Reporting (De

Segment - Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,056,722	$ 829,143	$ 615,994
Commission and fee income	6,703	6,064	5,199
Losses and loss adjustment expenses	669,809	515,237	402,512
Net investment income	80,686	40,322	36,931
Net investment gains (losses)	6,256	11,072	(15,705)
Other (loss) income	(167)	(632)	1
Interest expense	9,496	10,024	6,407
Amortization expense	2,007	1,798	1,547
Other expenses	4,392	5,364	0
Income before income taxes	152,739	110,102	49,783
Income tax expense	33,911	24,118	10,387
Net income	118,828	85,984	39,396
Reportable Segment
Segment Reporting Information [Line Items]
Net earned premiums	1,056,722	829,143	615,994
Commission and fee income	6,703	6,064	5,199
Total underwriting revenues	1,063,425	835,207	621,193
Losses and loss adjustment expenses	669,809	515,237	402,512
Amortization of policy acquisition costs	149,975	108,514	65,695
Other operating and general expenses	161,782	134,930	116,476
Total underwriting expenses	981,566	758,681	584,683
Net underwriting income	81,859	76,526	36,510
Net investment income	80,686	40,322	36,931
Net investment gains (losses)	6,256	11,072	(15,705)
Other (loss) income	(167)	(632)	1
Interest expense	9,496	10,024	6,407
Amortization expense	2,007	1,798	1,547
Other expenses	4,392	5,364	0
Income before income taxes	152,739	110,102	49,783
Income tax expense	33,911	24,118	10,387
Net income	$ 118,828	$ 85,984	$ 39,396

Segment - Return on Equity and

Segment - Return on Equity and Book Value Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Return on equity	16.30%	15.90%	9.30%
Book value per share (in dollars per share)	$ 19.79	$ 16.72	$ 25.82

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 42,626	$ 14,736	$ 120
Deferred tax (benefit) expense related to temporary differences	(8,715)	9,382	10,267
Total income tax expense	$ 33,911	$ 24,118	$ 10,387

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
Income tax expense at federal statutory rate	$ 32,075	$ 23,121	$ 10,454
Tax advantaged investments	(239)	(295)	(324)
Other	2,075	1,292	257
Total income tax expense	$ 33,911	$ 24,118	$ 10,387
Percentage
Income tax expense at federal statutory rate	21%	21%	21%
Tax advantaged investments	(0.20%)	(0.30%)	(0.70%)
Other	1.40%	1.20%	0.60%
Total income tax expense	22.20%	21.90%	20.90%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Unearned premiums	$ 18,178	$ 15,365
Losses and loss adjustment expenses	16,967	11,581
Net operating losses	9,389	10,655
Unrealized losses on fixed maturity securities, available-for-sale	5,893	6,113
Stock options/awards	2,453	1,714
Other	6,067	4,237
Total deferred tax assets	58,947	49,665
Less valuation allowance	(586)	(586)
Total deferred tax assets after valuation allowance	58,361	49,079
Deferred tax liabilities:
Deferred policy acquisition costs	15,277	11,528
Unrealized gains on equity securities	4,818	3,243
Other long-term investments	2,625	6,460
Depreciation	1,426	1,260
Section 481(a) adjustment	1,391	3,477
Other	2,338	1,120
Total deferred tax liabilities	27,875	27,088
Deferred income taxes	$ 30,486	$ 21,991

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Cash paid for federal income taxes	$ 36,980	$ 15,800	$ 0
Operating loss carryforwards	44,700
Operating loss carryforwards, limitations on use, amount	44,700
Deferred tax subject to expiration	2,800
Deferred tax effected by expiration	600
Capital loss carryover	1,700
Deferred tax valuation allowance	$ 586	$ 586

Reserves for Losses and Loss _3

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, 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	$ 1,314,501	$ 1,141,757	$ 979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(455,484)	(435,986)	(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	859,017	705,771	598,211
Incurred, net of reinsurance, related to:
Current period	657,783	505,894	374,475
Prior years	25,728	10,770	33,849
Total incurred, net of reinsurance	683,511	516,664	408,324
Paid, net of reinsurance, related to:
Current period	136,731	109,937	105,928
Prior years	294,260	253,481	194,836
Total paid	430,991	363,418	300,764
Net reserves for losses and LAE, end of period	1,111,537	859,017	705,771
Plus: reinsurance recoverable on unpaid claims, end of period	670,846	455,484	435,986
Reserves for losses and LAE, end of period	$ 1,782,383	$ 1,314,501	$ 1,141,757

Reserves for Losses and Loss _4

Reserves for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims incurred, unfavorable (favorable) development	$ 25,728	$ 10,770	$ 33,849
Liability for unpaid claims and claims adjustment expense, period increase (decrease)	25,700	10,800
Multi-line Solutions
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims incurred, unfavorable (favorable) development			13,000
Liability for unpaid claims and claims adjustment expense, period increase (decrease)	10,100	$ 11,700
Exited Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims incurred, unfavorable (favorable) development			$ 20,200
Liability for unpaid claims and claims adjustment expense, period increase (decrease)	$ 15,200

Reserves for Losses and Loss _5

Reserves for Losses and Loss Adjustment Expenses - Schedule of Short-Duration Insurance Contracts (Details) $ in Thousands	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	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 ($)	Dec. 31, 2015 USD ($)
Claims Development [Line Items]
Total net reserves for loss and ALAE	$ 1,084,980	$ 832,897
Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	723,546
Cumulative net paid loss and ALAE from the table below	(359,673)
Net reserves for loss and ALAE before 2020	3,353
Total net reserves for loss and ALAE	367,226	235,191
Cumulative net paid loss and LAE	359,673
Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	1,671,247
Cumulative net paid loss and ALAE from the table below	(1,038,650)
Net reserves for loss and ALAE before 2020	(1,532)
Total net reserves for loss and ALAE	631,065	485,099
Cumulative net paid loss and LAE	1,038,650
Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	669,249
Cumulative net paid loss and ALAE from the table below	(597,904)
Net reserves for loss and ALAE before 2020	15,344
Total net reserves for loss and ALAE	86,689	112,607
Cumulative net paid loss and LAE	597,904
Accident Year 2015 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	117,955	116,413	$ 116,413	$ 115,863	$ 114,863	$ 119,216	$ 117,024	$ 117,024	$ 114,266	$ 103,191
Cumulative net paid loss and ALAE from the table below	(115,116)	(113,703)	(109,706)	(109,622)	(107,214)	(108,291)	(99,401)	(88,833)	(72,137)	(44,152)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ (834)
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	5,386
Cumulative net paid loss and LAE	$ 115,116	113,703	109,706	109,622	107,214	108,291	99,401	88,833	72,137	44,152
Accident Year 2015 | Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	82,092	80,603	80,603	79,853	79,853	75,187	70,803	68,008	65,063	61,810
Cumulative net paid loss and ALAE from the table below	(83,290)	(82,188)	(80,923)	(80,077)	(78,249)	(73,100)	(65,269)	(55,610)	(41,653)	(9,026)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,145
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,581
Cumulative net paid loss and LAE	$ 83,290	82,188	80,923	80,077	78,249	73,100	65,269	55,610	41,653	$ 9,026
Accident Year 2016 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	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	(77,760)	(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	$ 1,276
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,739
Cumulative net paid loss and LAE	$ 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	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	(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	$ 959
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,893
Cumulative net paid loss and LAE	$ 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	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	(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	$ 2,105
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	5,588
Cumulative net paid loss and LAE	$ 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	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	(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	$ 1,598
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,339
Cumulative net paid loss and LAE	$ 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	75,686	73,019	73,019	71,719	69,319	74,476	74,476
Cumulative net paid loss and ALAE from the table below	(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	$ 4,856
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	5,104
Cumulative net paid loss and LAE	$ 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	92,082	84,165	84,165	79,006	76,506	68,990	74,357
Cumulative net paid loss and ALAE from the table below	(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	$ 5,586
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,910
Cumulative net paid loss and LAE	$ 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	116,206	116,230	115,530	112,378	109,226	107,432
Cumulative net paid loss and ALAE from the table below	(106,765)	(99,451)	(87,816)	(71,053)	(50,933)	(33,019)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 3,918
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	6,119
Cumulative net paid loss and LAE	$ 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	79,823	79,572	79,414	77,770	73,635	87,115
Cumulative net paid loss and ALAE from the table below	(65,847)	(57,341)	(45,696)	(30,948)	(28,954)	(28,636)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 5,786
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	5,632
Cumulative net paid loss and LAE	$ 65,847	57,341	45,696	30,948	28,954	$ 28,636
Accident Year 2020 | Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	55,305	55,305	55,420	55,324	56,141
Cumulative net paid loss and ALAE from the table below	(49,688)	(43,737)	(40,000)	(35,479)	(14,002)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,147
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	1,311
Cumulative net paid loss and LAE	$ 49,688	43,737	40,000	35,479	14,002
Accident Year 2020 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	132,125	132,495	128,111	124,076	113,030
Cumulative net paid loss and ALAE from the table below	(121,097)	(105,283)	(82,236)	(60,680)	(29,499)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 4,716
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	5,539
Cumulative net paid loss and LAE	$ 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	137,671	137,907	137,835	136,469	132,248
Cumulative net paid loss and ALAE from the table below	(120,831)	(114,543)	(102,132)	(98,202)	(102,725)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 11,424
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,828
Cumulative net paid loss and LAE	$ 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	92,134	92,143	93,429	92,780
Cumulative net paid loss and ALAE from the table below	(78,439)	(67,912)	(56,803)	(18,447)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 6,536
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	1,627
Cumulative net paid loss and LAE	$ 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	160,546	160,331	158,891	156,067
Cumulative net paid loss and ALAE from the table below	(125,749)	(102,772)	(73,293)	(37,118)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 16,119
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	6,702
Cumulative net paid loss and LAE	$ 125,749	102,772	73,293	37,118
Accident Year 2021 | Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	92,095	91,323	91,188	83,322
Cumulative net paid loss and ALAE from the table below	(72,923)	(66,012)	(57,820)	(41,540)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 10,923
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	2,398
Cumulative net paid loss and LAE	$ 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	104,095	105,394	108,299
Cumulative net paid loss and ALAE from the table below	(77,150)	(64,594)	(27,773)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 15,316
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	2,383
Cumulative net paid loss and LAE	$ 77,150	64,594	27,773
Accident Year 2022 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	242,358	242,097	236,909
Cumulative net paid loss and ALAE from the table below	(165,854)	(114,794)	(50,148)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 33,477
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	8,562
Cumulative net paid loss and LAE	$ 165,854	114,794	50,148
Accident Year 2022 | Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	11,800	12,240	12,717
Cumulative net paid loss and ALAE from the table below	(9,211)	(4,077)	(2,155)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 902
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	234
Cumulative net paid loss and LAE	$ 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	191,865	190,565
Cumulative net paid loss and ALAE from the table below	(100,705)	(33,795)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 68,001
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,880
Cumulative net paid loss and LAE	$ 100,705	33,795
Accident Year 2023 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	306,511	306,511
Cumulative net paid loss and ALAE from the table below	(122,186)	(63,079)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 132,772
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	8,180
Cumulative net paid loss and LAE	$ 122,186	63,079
Accident Year 2023 | Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	0	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	$ 0
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	1
Cumulative net paid loss and LAE	$ 0	$ 0
Accident Year 2024 | Short-tail/Monoline Specialty Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	280,147
Cumulative net paid loss and ALAE from the table below	(53,691)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 161,230
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	4,502
Cumulative net paid loss and LAE	$ 53,691
Accident Year 2024 | Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	353,933
Cumulative net paid loss and ALAE from the table below	(58,281)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 246,281
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	6,557
Cumulative net paid loss and LAE	$ 58,281
Accident Year 2024 | Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	0
Cumulative net paid loss and ALAE from the table below	0
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 0
Short-Duration Insurance Contract, Cumulative Number of Reported Claims | claim	0
Cumulative net paid loss and LAE	$ 0

Reserves for Losses and Loss _6

Reserves for Losses and Loss Adjustment Expenses - Reconciliation of Claims Development to Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	$ 1,084,980	$ 832,897
Ceded unpaid losses and LAE	670,846	455,484	$ 435,986	$ 381,338
Unallocated LAE	26,557	26,120
Reserves for losses and loss adjustment expenses	1,782,383	1,314,501	$ 1,141,757	$ 979,549
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	367,226	235,191
Ceded unpaid losses and LAE	275,204	199,044
Multi-line Solutions
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	631,065	485,099
Ceded unpaid losses and LAE	380,344	252,146
Exited Lines
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	86,689	112,607
Ceded unpaid losses and LAE	$ 15,298	$ 4,294

Reserves for Losses and Loss _7

Reserves for Losses and Loss Adjustment Expenses - Schedule of Historical Claims Duration (Details)	Dec. 31, 2024 Rate
Short-tail/Monoline Specialty Lines
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	21.80%
Year 2	37.70%
Year 3	10.80%
Year 4	9.10%
Year 5	10.80%
Multi-line Solutions
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	26%
Year 2	22%
Year 3	15%
Year 4	12.40%
Year 5	9.90%
Year 6	3.70%
Year 7	2.40%
Year 8	1.30%
Year 9	2%
Year 10	1.20%
Exited Lines
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	29.60%
Year 2	17.10%
Year 3	8.10%
Year 4	9.70%
Year 5	9.20%
Year 6	7.80%
Year 7	4.20%
Year 8	2.40%
Year 9	1.90%
Year 10	1.30%

Commission and Fee Income - Dis

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 6,703	$ 6,064	$ 5,199
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	3,595	2,864	3,224
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	2,928	2,732	1,597
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 180	$ 468	$ 378

Commission and Fee Income - Con

Commission and Fee Income - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 1,416	$ 976	$ 1,292

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Total underwriting, acquisition and insurance expenses	$ 311,757	$ 243,444	$ 182,171

Reinsurance - Schedule of Premi

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Written
Direct premiums	$ 1,458,637	$ 1,241,180	$ 1,012,239
Assumed premiums	284,595	218,649	131,713
Ceded premiums	(619,654)	(549,138)	(468,409)
Net premiums	1,123,578	910,691	675,543
Earned
Direct premiums	1,375,917	1,155,835	951,121
Assumed premiums	282,662	193,971	113,610
Ceded premiums	(601,857)	(520,663)	(448,737)
Net premiums	1,056,722	829,143	615,994
Ceded losses and LAE incurred	$ 534,295	$ 337,011	$ 311,257

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 670,846	$ 455,484	$ 435,986	$ 381,338
Ceded paid losses and LAE	166,663	122,287
Loss portfolio transfer	22,662	20,858
Allowance for credit losses	(2,295)	(2,295)	0
Reinsurance recoverables	857,876	596,334	$ 581,359
Ceded unearned premium	$ 203,901	$ 186,121

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Market value of trust funds	$ 196.9
Reinsurance recoverable	22.7	$ 20.9
Deposit contracts, assets	$ 25.9	$ 29.9

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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	$ 14.3
Weighted average remaining contractual life of options	8 years
Unrecognized compensation cost	$ 13.9
Unrecognized compensation cost, recognition period	1 year 4 months 24 days
Stock based compensation expense	$ 9.4	8.5	$ 2.3
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
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	$ 0.5	$ 0.2
Purchase price of common stock, percent	85%
Share-based compensation arrangement by share-based payment award, shares issues in period (in shares)	95,266
Share-based payment arrangement, amount capitalized	$ 0.3
Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	268,631	1,101,856	198,842
Fair value of shares vested in period	$ 3.8	$ 0.5	$ 2.2
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	232,964	1,861,846	198,842
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	$ 8.5	$ 17.7	$ 2.6
Long Term Incentive Plan | Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)		759,990
Long Term Incentive Plan | Director | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	19,453	23,482	15,196
Requisite service period	1 year	1 year

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Equity Awards (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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)	232,964	1,861,846	198,842
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)	32,058	37,622	28,495
Market condition awards | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0%	0%	0%
Market condition awards | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150%	150%	150%
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)	76,881	95,456	26,210
Performance condition awards | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0%	0%	0%
Performance condition awards | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150%	150%	150%
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)	124,025	968,778	144,137
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
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
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	1 year
Options | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period		4 years	3 years

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Granted, weighted average exercise price (in dollar per share)	$ 15
Outstanding (in shares)	759,990	759,990
Stock
Outstanding, beginning of period (in shares)	0
Granted (in shares)	759,990
Outstanding, ending of period (in shares)	759,990

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Nonvested Share Activity (Details) - Restricted Stock Awards And Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-Average Grant-Date Fair Value
Non-vested, beginning period (in dollar per share)	$ 15.13	$ 12.55	$ 13.23
Granted (in dollars per share)	31.72	16.07	14.17
Vested (in dollars per share)	13.16	13.39	15.16
Forfeited (in dollars per share)	18.27	15.29	12.51
Non-vested, ending period (in dollar per share)	$ 19.06	$ 15.13	$ 12.55
Stock and Stock Units
Non-vested, beginning period (in shares)	1,445,449	419,896	375,643
Granted (in shares)	268,631	1,101,856	198,842
Vested (in shares)	(285,957)	(40,645)	(144,042)
Forfeited (in shares)	(102,640)	(35,658)	(10,547)
Non-vested, ending period (in shares)	1,325,483	1,445,449	419,896

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income	$ 118,828	$ 85,984	$ 39,396
Less: Undistributed income allocated to participating securities	0	(1,677)	(18,879)
Net income attributable to common stockholders	118,828	84,307	20,517
Add back: Undistributed income allocated to participating securities	0	1,677	18,879
Net income (numerator for diluted earnings per share under the two-class method)	$ 118,828	$ 85,984	$ 39,396
Denominator
Basic weighted-average common shares (in shares)	40,056,475	36,031,907	16,568,393
Diluted effect of preferred shares (in shares)	0	716,708	15,245,533
Diluted effect of stock notes (in shares)	0	696,110	519,080
Diluted weighted-average common share equivalents (in shares)	41,377,460	38,317,534	32,653,194
Basic earnings per share (in dollar per share)	$ 2.97	$ 2.34	$ 1.24
Diluted earnings per share (in dollar per share)	$ 2.87	$ 2.24	$ 1.21
Stock units
Denominator
Diluted effect of awards (in shares)	917,510	736,837	320,188
Options
Denominator
Diluted effect of awards (in shares)	403,475	135,972	0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	920,864	1,082,521
Stock Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	60,576
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	20,346	3,931	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	859	914	0

Earnings Per Share - Schedule_3

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	920,864	1,082,521
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	920,864	22,919
Preferred shares, if converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0	1,059,602

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan	$ 3.2	$ 2.9	$ 2.4

Related Party Transactions - RI

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Net earned premium	$ 1,056,722	$ 829,143	$ 615,994
Premiums receivable, net	$ 321,641	179,235	139,215
Affiliated entity | Agency agreement | RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest	20%
Net earned premium	$ 108,130	99,736	91,051
Commissions	25,372	24,177	$ 23,472
Premiums receivable, net	$ 12,600	$ 10,600

Related Party Transactions - Ot

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Professional fees and reimbursements | Related Party
Related Party Transaction [Line Items]
Professional fees	$ 0.6	$ 3.6	$ 3.4

Statutory Accounting Principl_2

Statutory Accounting Principles and Regulatory Matters (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Statutory Net Income Amount	$ 108.2	$ 73.1	$ 50.5
Statutory capital surplus	$ 710.6	$ 602.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 03, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2025
Subsequent Event [Line Items]
Reinsurance recoverables, net		$ 261,542	$ 17,270	$ 45,032
Current period change for estimated uncollectible reinsurance		13,585	$ 0
Gain on loss portfolio transfer		$ 2,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from portfolio transfer					$ 11,700
Reinsurance recoverables, net	$ 25,300

SEC Schedule, Article 12-15, Su

SEC Schedule, Article 12-15, Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2024 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 1,777,615
Fair Value (if applicable)	1,771,790
Amount on Balance Sheet	1,772,226
Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,320,266
Fair Value (if applicable)	1,292,218
Amount on Balance Sheet	1,292,218
Fixed maturity securities, available for sale: | U.S. government securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	26,577
Fair Value (if applicable)	26,486
Amount on Balance Sheet	26,486
Fixed maturity securities, available for sale: | Corporate securities and miscellaneous
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	433,298
Fair Value (if applicable)	425,628
Amount on Balance Sheet	425,628
Fixed maturity securities, available for sale: | Municipal securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	89,966
Fair Value (if applicable)	84,716
Amount on Balance Sheet	84,716
Fixed maturity securities, available for sale: | Residential mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	408,585
Fair Value (if applicable)	393,833
Amount on Balance Sheet	393,833
Fixed maturity securities, available for sale: | Commercial mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	70,262
Fair Value (if applicable)	69,364
Amount on Balance Sheet	69,364
Fixed maturity securities, available for sale: | Other asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	291,578
Fair Value (if applicable)	292,191
Amount on Balance Sheet	292,191
Fixed maturity securities, held to maturity:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	39,396
Fair Value (if applicable)	38,717
Amount on Balance Sheet	39,153
Fixed maturity securities, held to maturity: | Other asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	39,396
Fair Value (if applicable)	38,717
Amount on Balance Sheet	39,153
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	83,311
Fair Value (if applicable)	106,254
Amount on Balance Sheet	106,254
Equity securities | Common stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	48,530
Fair Value (if applicable)	64,251
Amount on Balance Sheet	64,251
Equity securities | Preferred stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,138
Fair Value (if applicable)	1,164
Amount on Balance Sheet	1,164
Equity securities | Mutual funds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	33,643
Fair Value (if applicable)	40,839
Amount on Balance Sheet	40,839
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	26,485
Fair Value (if applicable)	26,490
Amount on Balance Sheet	26,490
Other long-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	33,231
Fair Value (if applicable)	33,182
Amount on Balance Sheet	33,182
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	274,926
Fair Value (if applicable)	274,929
Amount on Balance Sheet	$ 274,929

SCHEDULE II__ CONDENSED FINAN_2

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments:
Short-term investments, at fair value	$ 274,929	$ 270,226
Total investments	1,870,820	1,613,687
Cash and cash equivalents	121,603	65,891
Deferred income taxes	30,486	21,991
Goodwill and intangible assets, net	87,348	88,435
Other assets	86,698	75,341
Total assets	3,729,478	2,953,435
Liabilities:
Accounts payable and accrued liabilities	76,206	50,880
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	19,536	78,690
Total liabilities	2,935,479	2,292,404
Stockholders’ Equity:
Stockholders’ equity	793,999	661,031	$ 421,662
Total liabilities and stockholders’ equity	3,729,478	2,953,435
Parent Company
Investments:
Investment in subsidiaries	853,670	743,025
Short-term investments, at fair value	14,000	10,593
Total investments	867,670	753,618
Cash and cash equivalents	2,943	3,024
Deferred income taxes	30,486	5,899
Goodwill and intangible assets, net	12,641	12,641
Other assets	2,905	15,908
Total assets	916,645	791,090
Liabilities:
Accounts payable and accrued liabilities	3,110	1,369
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	19,536	78,690
Total liabilities	122,646	130,059
Stockholders’ Equity:
Stockholders’ equity	793,999	661,031
Total liabilities and stockholders’ equity	$ 916,645	$ 791,090

SCHEDULE II__ CONDENSED FINAN_3

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net investment income	$ 80,686	$ 40,322	$ 36,931
Net investment gains (losses)	6,256	11,072	(15,705)
Other (loss) income	(167)	(632)	1
Total revenues	1,150,200	885,969	642,420
Expenses:
Interest expense	9,496	10,024	6,407
Amortization expense	2,007	1,798	1,547
Other expenses	4,392	5,364	0
Total expenses	997,461	775,867	592,637
Income tax expense (benefit)	33,911	24,118	10,387
Net loss before equity in earnings of subsidiaries	118,828	84,307	20,517
Net income attributable to participating securities	0	1,677	18,879
Net income	118,828	85,984	39,396
Parent Company
Revenues:
Net investment income	3,212	3,822	2,567
Net investment gains (losses)	963	(963)	(6)
Other (loss) income	(2)	(27)	0
Total revenues	4,173	2,832	2,561
Expenses:
Operating expenses	10,632	0	0
Interest expense	8,140	9,815	6,407
Amortization expense	920	313	81
Other expenses	9,646	451	0
Total expenses	29,338	10,579	6,488
Loss before income tax expense	(25,165)	(7,747)	(3,927)
Income tax expense (benefit)	33,578	6,808	(1,209)
Net loss before equity in earnings of subsidiaries	(58,743)	(14,555)	(2,718)
Net income attributable to participating securities	177,571	100,539	42,114
Net income	$ 118,828	$ 85,984	$ 39,396

SCHEDULE II__ CONDENSED FINAN_4

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Cash flows from operating activities
Net income		$ 118,828		$ 85,984		$ 39,396
Net cash provided by operating activities		305,115		338,187		208,938
Cash flows from investing activities:
Net cash used in investment activities		(243,694)		(493,809)		(193,381)
Cash flows from financing activities:
Payments on long term borrowings and trust preferred		(116,794)		(50,000)		0
Employee share purchases		0		1,350		2,180
Net cash (used in) provided by financing activities		(4,232)		130,947		2,180
Net increase (decrease) in cash and cash equivalents and restricted cash		57,189		(24,675)		17,737
Cash and cash equivalents and restricted cash at beginning of period		100,336	[1]	125,011	[1]	107,274
Cash and cash equivalents and restricted cash at end of period	[1]	157,525		100,336		125,011
Supplemental disclosure of cash flow information:
Cash paid for interest		8,573		10,667		5,761
Cash paid for federal income taxes		36,980		15,800		0
Parent Company
Cash flows from operating activities
Net income		118,828		85,984		39,396
Adjustments to reconcile net income to net cash provided by operating activities		(121,563)		(95,947)		(42,672)
Net cash provided by operating activities		(2,735)		(9,963)		(3,276)
Cash flows from investing activities:
Capital contributions to subsidiaries		0		(122,800)		0
Distributions from investment in subsidiaries		8,500		6,500		4,000
Change in short-term investments		(3,407)		(10,569)		0
Net cash used in investment activities		5,093		(126,869)		4,000
Cash flows from financing activities:
Repayment of stock notes receivable		5,561		1,350		2,180
Proceeds from long term borrowings		107,000		50,000		0
Payments on long term borrowings and trust preferred		(115,000)		(50,000)		0
Proceeds from equity offerings		0		128,887		0
Employee share purchases		0		710		0
Net cash (used in) provided by financing activities		(2,439)		130,947		2,180
Net increase (decrease) in cash and cash equivalents and restricted cash		(81)		(5,885)		2,904
Cash and cash equivalents and restricted cash at beginning of period		3,024		8,909		6,005
Cash and cash equivalents and restricted cash at end of period		2,943		3,024		8,909
Supplemental disclosure of cash flow information:
Cash paid for interest		8,573		10,667		5,761
Cash paid for federal income taxes		$ 36,980		$ 15,800		$ 0
[1] (1) The sum of cash and cash equivalents and restricted cash from the consolidated balance sheets

SCHEDULE II__ CONDENSED FINAN_5

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 100,000		$ 50,000
Parent Company
Debt Instrument [Line Items]
Notes payable	100,000		$ 50,000
Promissory Note | Parent Company
Debt Instrument [Line Items]
Face amount		$ 57,000
Stated interest rate		4%
Notes payable	57,000
Notes payable, fair value disclosure	$ 56,300

SCHEDULE IV__ REINSURANCE (Deta

SCHEDULE IV — REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 1,375,917	$ 1,155,835	$ 951,121
Ceded to other companies	(601,857)	(520,663)	(448,737)
Assumed premiums	282,662	193,971	113,610
Net earned premium	1,056,722	829,143	615,994
Accident & Health
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	173,073	151,702	130,377
Ceded to other companies	(86,503)	(79,091)	(70,291)
Assumed premiums	0	0	431
Net earned premium	$ 86,570	$ 72,611	$ 60,517
Percentage of amount assumed to net	0%	0%	0.70%
Property & Casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 1,285,564	$ 1,089,478	$ 881,862
Ceded to other companies	(533,151)	(470,047)	(398,118)
Assumed premiums	284,595	218,649	131,282
Net earned premium	$ 1,037,008	$ 838,080	$ 615,026
Percentage of amount assumed to net	27.40%	26.10%	21.30%

SCHEDULE V__ VALUATION AND QU_2

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2016-13 [Member]
Valuation Allowance For Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 586	$ 586	$ 586
Charged to costs and expenses	0	0	0
Amounts written off	0	0	0
Recoveries of amounts previously written off	0	0
Ending balance	586	586	586
Valuation Allowance For Deferred Tax Assets | Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	0
Ending balance		0
Allowance for Uncollectible Reinsurance Recoverable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,295	0	0
Charged to costs and expenses	13,585	0	0
Amounts written off	(13,585)	0	0
Recoveries of amounts previously written off	0	0
Ending balance	2,295	2,295	0
Allowance for Uncollectible Reinsurance Recoverable | Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,295
Ending balance		2,295
Allowance for Uncollectible Premiums Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	964	629	261
Charged to costs and expenses	3,235	748	584
Amounts written off	(1,895)	(513)	(216)
Recoveries of amounts previously written off	128	100
Ending balance	2,432	964	$ 629
Allowance for Uncollectible Premiums Receivable | Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 0
Ending balance		$ 0

SCHEDULE VI__ SUPPLEMENTAL IN_2

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 113,183	$ 91,955	$ 68,938
Reserve for losses and loss adjustment expenses	1,782,383	1,314,501	1,141,757
Unearned premiums	637,185	552,532	442,509
Net earned premium	1,056,722	829,143	615,994
Net investment income	80,686	40,322	36,931
Losses and loss adjustment expenses (current year)	657,783	516,664	393,939
Losses and loss adjustment expenses (prior years)	25,728	0	14,385
Amortization of policy acquisition costs	149,975	108,514	65,695
Paid claims and claim adjustment expenses	430,991	363,418	300,764
Net premiums written	1,123,578	910,691	675,543
Ceded unearned premium	203,901	186,121	157,645
Deferred ceding commission	$ 40,434	$ 37,057	$ 29,849