James River (JRVR) 10-K 4 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 28, 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	001-36777
Entity Registrant Name	JAMES RIVER GROUP HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0585280
Entity Address, Address Line Three	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, Address Line One	Hamilton
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	295-1422
Title of 12(b) Security	Common Shares, par value $0.0002 per share
Trading Symbol	JRVR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 288,761,772
Entity Common Stock, Shares Outstanding		45,644,318
Documents Incorporated by Reference	Portions of the James River Group Holdings, Ltd. Proxy Statement for the 2025 Annual General Meeting of Shareholders may be incorporated by reference into Part III hereof. Alternatively, such Part III information may be filed by James River Group Holdings, Ltd. by an amendment to this Form 10-K.
Entity Central Index Key	0001620459
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024

Audit Information

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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2024 – $1,278,337; 2023 – $1,405,136)	$ 1,189,733	$ 1,324,476
Equity securities, at fair value (cost: 2024 – $82,678; 2023 – $114,107)	86,479	119,945
Bank loan participations, at fair value	142,410	156,169
Short-term investments	97,074	72,137
Other invested assets	36,700	33,134
Total invested assets	1,552,396	1,705,861
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Accrued investment income	10,534	12,106
Premiums receivable and agents’ balances, net	243,882	249,490
Reinsurance recoverable on unpaid losses, net	1,996,913	1,358,474
Reinsurance recoverable on paid losses	101,210	157,991
Prepaid reinsurance premiums	296,635	293,108
Deferred policy acquisition costs	30,175	31,497
Intangible assets, net	32,450	32,813
Goodwill	181,831	181,831
Deferred tax assets, net	61,170	48,297
Income taxes receivable	22,317	224
Other assets	86,513	115,418
Assets held-for-sale (Note 2 - discontinued operations)	0	783,393
Total assets	5,007,076	5,317,250
Liabilities:
Reserve for losses and loss adjustment expenses	3,084,406	2,606,107
Unearned premiums	572,034	587,899
Payables to reinsurers	132,922	158,670
Funds held	25,157	65,235
Deferred reinsurance gain	57,970	20,733
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	53,178	56,722
Other liabilities	182,524	174,513
Liabilities held-for-sale (Note 2 - discontinued operations)	0	641,497
Total liabilities	4,413,046	4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares – 2024 and 2023: 165,000 shares authorized; 112,500 and 150,000 shares issued and outstanding, respectively	133,115	144,898
Shareholders’ equity:
Common Shares – 2024 and 2023: $0.0002 par value; 200,000,000 shares authorized; 45,644,318 and 37,641,563 shares issued and outstanding, respectively	9	7
Preferred Shares – 2024 and 2023: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive loss	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,007,076	$ 5,317,250

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,278,337
Equity securities, at cost	$ 82,678	$ 114,107
Series A redeemable preferred shares, authorized (in shares)	165,000	165,000
Series A redeemable preferred shares, issued (in shares)	112,500	150,000
Series A redeemable preferred shares, outstanding (in shares)	112,500	150,000
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	45,644,318	37,641,563
Common stock, shares outstanding (in shares)	45,644,318	37,641,563
Preferred stock, par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized (in shares)	19,835,000	19,835,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,278,337	$ 1,405,136

Consolidated Statements of (Los

Consolidated Statements of (Loss) Income and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Ceded written premiums	(850,918)	(814,759)	(745,926)
Net written premiums	580,854	693,901	665,446
Change in net unearned premiums	19,342	14,104	(35,712)
Net earned premiums	600,196	708,005	629,734
Net investment income	93,089	84,046	43,188
Net realized and unrealized gains (losses) on investments	3,625	10,441	(15,720)
Other income	10,716	9,517	4,312
Total revenues	707,626	812,009	661,514
Expenses:
Losses and loss adjustment expenses	554,374	500,157	440,642
Other operating expenses	193,198	193,656	152,570
Other expenses	6,145	3,792	795
Interest expense	24,666	24,627	13,872
Amortization of intangible assets	363	363	363
Impairment of intangible assets	0	2,500	0
Total expenses	778,746	725,095	608,242
(Loss) income from continuing operations before income taxes	(71,120)	86,914	53,272
Income tax (benefit) expense on continuing operations:
Current	3,562	31,677	13,787
Deferred	(11,196)	(5,972)	4,627
Total income tax expense (benefit)	(7,634)	25,705	18,414
Net (loss) income from continuing operations	(63,486)	61,209	34,858
Discontinued operations (Note 2):
Loss from discontinued operations	(13,583)	(88,493)	(3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	(17,634)	(168,893)	(3,885)
Net (loss) income	(81,120)	(107,684)	30,973
Dividends on Series A preferred shares	(37,149)	(10,500)	(8,750)
Net (loss) income available to common shareholders	(118,269)	(118,184)	22,223
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(1,668) in 2024, $6,384 in 2023, and $(27,041) in 2022	(6,276)	99,323	(193,022)
Total comprehensive loss	$ (87,396)	$ (8,361)	$ (162,049)
Basic
Continuing operations (in dollars per share)	$ (2.60)	$ 1.35	$ 0.70
Discontinued operations (in dollars per share)	(0.46)	(4.49)	(0.11)
Basic (in dollars per share)	(3.06)	(3.14)	0.59
Diluted
Continuing operations (in dollars per share)	(2.60)	1.34	0.69
Discontinued operations (in dollars per share)	(0.46)	(4.47)	(0.10)
Diluted (in dollars per share)	(3.06)	(3.13)	0.59
Dividend declared per common share (in dollars per share)	$ 0.16	$ 0.20	$ 0.20
Weighted-average common shares outstanding:
Basic (in shares)	38,685,003	37,618,660	37,442,856
Diluted (in shares)	38,685,003	37,810,440	37,650,969

Consolidated Statements of (L_2

Consolidated Statements of (Loss) Income and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net unrealized (losses) gains, net of taxes	$ (1,668)	$ 6,384	$ (27,041)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2021		37,373,066
Balance at Dec. 31, 2021	$ 725,362	$ 7	$ 0	$ 862,040	$ (166,663)	$ 29,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,973				30,973
Other comprehensive (loss) income	(193,022)					(193,022)
Vesting of RSUs (in shares)		97,171
Vesting of RSUs	(1,304)			(1,304)
Compensation expense under share incentive plans	8,122			8,122
Dividends on Series A preferred shares	(8,750)				(8,750)
Dividends on common shares	(7,615)				(7,615)
Balance (in shares) at Dec. 31, 2022		37,470,237
Balance at Dec. 31, 2022	553,766	$ 7	0	868,858	(152,055)	(163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(107,684)				(107,684)
Other comprehensive (loss) income	99,323					99,323
Conversion of Series A Preferred Shares to common shares (in shares)		0
Enstar common share investment (in shares)		0
Vesting of RSUs (in shares)		171,326
Vesting of RSUs	(1,734)			(1,734)
Compensation expense under share incentive plans	9,116			9,116
Dividends on Series A preferred shares	(10,500)				(10,500)
Dividends on common shares	$ (7,666)				(7,666)
Balance (in shares) at Dec. 31, 2023	37,641,563	37,641,563
Balance at Dec. 31, 2023	$ 534,621	$ 7	0	876,240	(277,905)	(63,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(81,120)				(81,120)
Other comprehensive (loss) income	(6,276)					(6,276)
Conversion of Series A Preferred Shares to common shares (in shares)		5,859,375
Conversion of Series A Preferred Shares to common shares (Notes 12 and 13)	37,500	$ 1		38,788	(1,289)
Extinguishment of Series A Preferred Shares - deemed dividend (Note 12)	(25,717)				(25,717)
Enstar common share investment (in shares)		1,953,125
Enstar common share investment (Note 13)	12,500	$ 1		12,499
Vesting of RSUs (in shares)		190,255
Vesting of RSUs	(847)			(847)
Compensation expense under share incentive plans	6,631			6,631
Dividends on Series A preferred shares	(10,143)				(10,143)
Dividends on common shares	$ (6,234)				(6,234)
Balance (in shares) at Dec. 31, 2024	45,644,318	45,644,318
Balance at Dec. 31, 2024	$ 460,915	$ 9	$ 0	$ 933,311	$ (402,408)	$ (69,997)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net (loss) income		$ (81,120)	$ (107,684)	$ 30,973
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Deferred policy acquisition costs		(65,580)	(73,333)	(79,648)
Amortization of policy acquisition costs		69,261	96,453	88,571
Net realized and unrealized losses on investments		6,985	43,251	28,318
Impairment of intangible assets		0	2,500	0
Distributions from equity method investments		405	43	4,364
Income from equity method investments		(4,133)	(4,881)	(2,458)
Loss on disposal		(2,193)	80,400	0
Deferred U.S. federal income tax benefit		(11,205)	(5,972)	4,627
Provision for depreciation and amortization		(709)	(475)	1,048
Share based compensation expense		6,631	9,116	8,122
Excess tax benefits from equity incentive plan transactions		740	449	530
Change in operating assets and liabilities:
Reserve for losses and loss adjustment expenses		453,149	278,778	20,522
Unearned premiums		(24,237)	(70,894)	(51,536)
Premiums receivable and agents’ balances		15,374	22,594	53,442
Reinsurance balances		(552,549)	(66,274)	96,310
Funds held		(66,942)	(107,922)	(60,900)
Payable to insurance companies		(3,385)	2,129	(2,770)
Other		12,423	(10,325)	83,219
Net cash (used in) provided by operating activities	[1]	(247,085)	87,953	222,734
Investing activities
Sale of JRG Re		96,412	0	0
Fixed maturity securities:
Purchases		(178,818)	(197,360)	(709,576)
Sales		200,178	34,537	206,872
Maturities and calls		162,472	139,867	174,725
Equity Securities:
Purchases		(11,319)	(11,869)	(38,801)
Sales		56,852	12,625	17,214
Bank loan participations:
Purchases		(109,103)	(72,580)	(89,450)
Sales		83,564	52,016	52,042
Maturities		36,628	27,605	22,417
Other invested assets:
Purchases		(5,075)	(13,775)	(150)
Return of capital		1,160	2,793	20,170
Proceeds from sales and repayments		4,077	10,133	2,535
Securities receivable or payable, net		(169)	3,499	(6,684)
Short-term investments, net		(24,937)	35,675	28,751
Purchases of property and equipment		(4,890)	(6,434)	(8,219)
Net cash provided by (used in) investing activities		307,032	16,732	(328,154)
Financing activities
Senior debt repayments		(21,500)	0	(40,000)
Issuance of Series A preferred shares (Note 12)		0	0	144,898
Enstar common share investment (Note 13)		12,500	0	0
Payroll taxes withheld and remitted on net settlement of RSUs		(847)	(1,734)	(1,304)
Dividends on Series A preferred shares		(12,768)	(10,500)	(6,125)
Dividends on common shares		(6,231)	(7,746)	(7,798)
Payment of debt issuance costs		0	(1,135)	0
Net cash (used in) provided by financing activities		(28,846)	(21,115)	89,671
Change in cash, cash equivalents, and restricted cash equivalents		31,101	83,570	(15,749)
Cash, cash equivalents, and restricted cash equivalents at beginning of year		359,949	276,379	292,128
Cash, cash equivalents, and restricted cash equivalents at end of year		391,050	359,949	276,379
Supplemental information
U.S. federal income taxes paid (refunded), net		25,104	45,330	(3,470)
Interest paid		28,740	30,697	17,425
Restricted cash equivalents at beginning of year		72,449	103,215	102,005
Restricted cash equivalents at end of year		28,705	72,449	103,215
Change in restricted cash equivalents		$ (43,744)	$ (30,766)	$ 1,210
[1]Cash (used in) provided by operating activities for the years ended December 31, 2024, 2023, and 2022 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book ”. Excluding the restricted cash activity above, cash (used in) provided by operating activities was $(203.3) million, $118.7 million, and $221.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The $203.3 million of cash used in operating activities for the year ended December 31, 2024 primarily reflects the $313.2 million and $52.8 million of reinsurance premium paid in 2024 related to the E&S ADC and E&S Top Up ADC (See Note 8).

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ (203.3)	$ 118.7	$ 221.5
Cavello Bay ADC | Excess and Surplus Lines
Payments for reinsurance	52.8
E&S ADC | Excess and Surplus Lines
Payments for reinsurance	$ 313.2

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Organization James River Group Holdings, Ltd. (referred to as “JRG Holdings” or, with its subsidiaries, the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance entities. The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches as described below: • James River Group Holdings UK Limited (“James River UK”) is an insurance holding company formed in 2015 in the United Kingdom (“U.K.”). The Company contributed James River Group, Inc. (“James River Group”), a U.S. insurance holding company, to James River UK in 2015. • James River Group is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S. • James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia. • Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), an Ohio domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National primarily writes specialty admitted fronting and program business and individual risk workers' compensation insurance. The Company previously owned JRG Reinsurance Company Ltd. (“JRG Re”), a Bermuda domiciled reinsurer, which comprised the former Casualty Reinsurance segment, and which, prior to the suspension of its underwriting activities in 2023, primarily provided non-catastrophe casualty reinsurance to U.S. third parties. On November 8, 2023, the Company entered into an agreement to sell JRG Re. The sale closed on April 16, 2024 and resulted in the Company’s disposition of its casualty reinsurance business and related assets. See Held-for-Sale and Discontinued Operations below and Note 2 for additional disclosure. Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated. Held-for-Sale and Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company has determined that the definitive agreement to sell JRG Re met the criteria for JRG Re to be classified as held for sale and that the sale represented a strategic shift that will have a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re have been classified as held-for-sale and segregated for all periods presented in this Annual Report on Form 10-K. See Note 2 for additional disclosure. Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in n et realized and unrealized gains (losses) on investments . Unrealized losses that are not credit-related are recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of (Loss) Income and Comprehensive Loss as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations 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. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Other Invested Assets Other invested assets at December 31, 2024 and 2023 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment. Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase. Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income. Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty. Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $16.4 million and $11.5 million at December 31, 2024 and 2023, respectively. The allowance for credit losses was $22.3 million and $17.9 million at December 31, 2024 and 2023, respectively. Credit loss expense was $6.9 million for the year ended December 31, 2024, $2.8 million for the year ended December 31, 2023, and $1.1 million for the year ended December 31, 2022. Receivables written off against the allowance for credit losses totaled $2.5 million for the year ended December 31, 2024, $1.2 million for the year ended December 31, 2023, and $1.5 million for the year ended December 31, 2022. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists. Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2024 and 2023 was $1.2 million and $660,000, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts. Other Income Other income is principally comprised of fee income in the Specialty Admitted Insurance segment earned on policies for which the segment has no exposure to underwriting risk and broker incentive income in the Excess and Surplus Lines segment. Fee income of $4.6 million, $5.3 million, and $3.8 million is included in other income for the years ended December 31, 2024, 2023, and 2022, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty. Broker incentive income in the Excess and Surplus Lines segment was $5.4 million, $1.3 million, and $471,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Income Taxes Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2024 or 2023. Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted. Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. In the fourth quarter of 2024, the Company determined that the decrease in the share price of the Company’s common stock during the quarter was an indication of impairment, and accordingly, the Company performed impairment testing on its goodwill and other intangible assets using a December 31, 2024 valuation date. As a result of this testing, the Company concluded that no impairment of the intangible assets had occurred. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years. Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business. Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations. Retroactive Reinsurance Accounting Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method. Share Based Compensation The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted share units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive loss. Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $7.7 million and $8.4 million as of December 31, 2024 and 2023, respectively, representing the Company’s maximum exposure to loss. Earnings (Loss) Per Share Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares 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 potential common shares. The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per common share computations contained in the consolidated financial statements. Year Ended December 31, 2024 2023 2022 (in thousands, except share and per share amounts) Net (loss) income from continuing operations $ (63,486) $ 61,209 $ 34,858 Less: Dividends on Series A preferred shares (37,149) (10,500) (8,750) (Loss) income from continuing operations available to common shareholders $ (100,635) $ 50,709 $ 26,108 Loss from discontinued operations (17,634) (168,893) (3,885) Net (loss) income available to common shareholders $ (118,269) $ (118,184) $ 22,223 Weighted average common shares outstanding: Basic 38,685,003 37,618,660 37,442,856 Dilutive potential common shares — 191,780 208,113 Diluted 38,685,003 37,810,440 37,650,969 Net (loss) income per common share: Basic Continuing operations $ (2.60) $ 1.35 $ 0.70 Discontinued operations $ (0.46) $ (4.49) $ (0.11) $ (3.06) $ (3.14) $ 0.59 Diluted Continuing operations $ (2.60) $ 1.34 $ 0.69 Discontinued operations $ (0.46) $ (4.47) $ (0.10) $ (3.06) $ (3.13) $ 0.59 For the years ended December 31, 2024, 2023, and 2022, potential common shares of 7,886,906, 5,722,915, and 4,728,461, respectively, were excluded from the calculation of diluted (loss) earnings per common share as their effects were anti-dilutive. Adopted Accounting Standards The guidance in ASU 2023-07 —Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional segment disclosures in Note 20. The new standard did not have a material impact on the Company's financial statements. No accounting standards were adopted during the year ended December 31, 2024 that had a material impact on our financial statements. Prospective Accounting Standards The guidance in ASU 2023-09 —Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on the Company's financial statements. The guidance in ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements. There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On November 8, 2023, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Fleming Intermediate Holdings LLC, a Cayman Islands limited liability company (the “Buyer”). Pursuant to the Stock Purchase Agreement, and on the terms and subject to the conditions therein, the Buyer agreed to purchase from the Company all of the common shares of JRG Re. JRG Re comprised the remaining operations of the former Casualty Reinsurance segment, and the sale of JRG Re, which closed on April 16, 2024, resulted in the Company’s disposition of its casualty reinsurance business and related assets. Pursuant to the terms of the Stock Purchase Agreement, the aggregate purchase price received by the Company, after giving effect to estimated adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing, totaled approximately $291.4 million (the “Closing Date Purchase Price”). The aggregate Closing Date Purchase Price was comprised of (i) $152.4 million paid in cash by the Buyer and (ii) an aggregate $139.0 million dividend and distribution from contributed surplus by JRG Re to the Company. In accordance with the Stock Purchase Agreement, the cash portion of the purchase price was calculated based on an estimated balance sheet of JRG Re as of the date of closing. The estimated balance sheet is subject to final post-closing adjustments, which resulted in the downward adjustment to the purchase price discussed below. The Buyer delivered a closing statement to the Company, and pursuant to the procedures in the Stock Purchase Agreement, the Company has given its notice of disagreement with the Buyer’s closing statement. In its notice of disagreement, the Company (i) agreed with an $11.4 million downward adjustment to the Closing Date Purchase Price due to losses from JRG Re’s operations between the date of the balance sheet used to produce the estimated closing statement and the Closing Date, which downward adjustment was paid to the Buyer on October 18, 2024, and (ii) disputed $54.1 million in aggregate downward adjustments to the Closing Date Purchase Price claimed by the Buyer, which the Company believes are unsupported by the facts known to the Company and the terms of the Stock Purchase Agreement. The Stock Purchase Agreement provides procedures for resolving disputes between the parties regarding the closing statement and it is possible that the resolution of these disputes could result in a significant reduction to the amount of the purchase price. The Company determined that the sale of JRG Re met the criteria to be classified as held for sale at December 31, 2023 and that the sale represented a strategic shift that will have a major effect on its operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re at December 31, 2023 have been classified as held for sale and segregated for all periods presented in this Annual Report on Form 10-K. The $139.0 million pre-closing dividend includes the forgiveness of $133.2 million owed from JRGH to JRG Re and $5.8 million which was paid in cash to JRGH. In the fourth quarter of 2023, after giving effect to the pre-closing dividend, the Company recorded an estimated loss on sale of $80.4 million to write down the carrying value of JRG Re to its estimated fair value based upon the estimated sales price of the transaction less costs to sell and other adjustments in accordance with the Stock Purchase Agreement. At December 31, 2024, the estimated loss on the sale was revised to $78.3 million. The loss on disposal for the year ended December 31, 2024 of $4.1 million includes the $2.1 million gain for the change in the estimated loss on sale and selling costs incurred of $6.2 million. The $5.8 million cash portion of the pre-closing dividend is included in other liabilities at December 31, 2023. The Company also recognized losses of $53.2 million for the year ended December 31, 2023 associated with JRG Re's fixed maturity securities as the Company no longer had the intent or ability to hold securities in an unrealized loss position until a recovery of their fair value could occur. The losses are included in net realized and unrealized (losses) gains on investments in the operating results presented below. JRG Re's assets and liabilities held for sale at December 31, 2023 were comprised of the following: December 31, 2023 (in thousands) Assets Invested assets: Fixed maturity securities, at fair value $ 532,242 Equity securities, at fair value 2,779 Total invested assets 535,021 Cash and cash equivalents 13,202 Accrued investment income 3,589 Premiums receivable and agents’ balances, net 68,441 Reinsurance recoverable on unpaid and paid losses, net 234,615 Deferred policy acquisition costs 4,986 Write down of JRG Re to fair value less cost to sell (80,400) Other assets 3,939 Assets held for sale $ 783,393 Liabilities Reserve for losses and loss adjustment expenses $ 441,666 Unearned premiums 17,223 Funds held 137,796 Deferred reinsurance gain 33,167 Accrued expenses 1,955 Other liabilities 9,690 Liabilities held for sale $ 641,497 The operating results of JRG Re reported in discontinued operations were as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Revenues: Gross written premiums $ 1,137 $ 17,357 $ 85,208 Ceded written premiums 877 2,178 (2,175) Net written premiums 2,014 19,535 83,033 Change in net unearned premiums 8,371 75,874 53,394 Net earned premiums 10,385 95,409 136,427 Net investment income 4,432 23,038 27,923 Net realized and unrealized (losses) gains on investments (9,472) (53,693) (12,598) Other income — — 430 Total revenues 5,345 64,754 152,182 Expenses: Losses and loss adjustment expenses 13,157 120,294 104,172 Other operating expenses 5,039 27,983 42,987 Other expenses — 1,402 5,202 Interest expense 732 3,568 3,706 Total expenses 18,928 153,247 156,067 Loss from discontinued operations (13,583) (88,493) (3,885) Loss on disposal of discontinued operations (4,051) (80,400) — Total loss from discontinued operations (17,634) (168,893) (3,885) Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Net cash used in operating activities of discontinued operations $ (25,115) $ (115,907) $ (25,122) Net cash provided by investing activities of discontinued operations 63,104 115,145 8,497 Net cash provided by (used in) discontinued operations $ 37,989 $ (762) $ (16,625) Interest paid by discontinued operations $ 1,388 $ 3,951 $ 2,578

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investments	Investments The Company’s available-for-sale fixed maturity securities are summarized as follows: Cost or Gross Gross Fair (in thousands) December 31, 2024 Fixed maturity securities: State and municipal $ 223,009 $ 598 $ (27,043) $ 196,564 Residential mortgage-backed 352,064 32 (25,869) 326,227 Corporate 503,610 1,358 (29,483) 475,485 Commercial mortgage and asset-backed 178,238 112 (7,892) 170,458 U.S. Treasury securities and obligations guaranteed by the U.S. government 21,416 2 (419) 20,999 Total fixed maturity securities, available-for-sale $ 1,278,337 $ 2,102 $ (90,706) $ 1,189,733 December 31, 2023 Fixed maturity securities: State and municipal $ 273,462 $ 1,834 $ (26,459) $ 248,837 Residential mortgage-backed 336,064 1,243 (19,379) 317,928 Corporate 530,408 4,167 (28,847) 505,728 Commercial mortgage and asset-backed 235,302 78 (12,527) 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,900 8 (778) 29,130 Total fixed maturity securities, available-for-sale $ 1,405,136 $ 7,330 $ (87,990) $ 1,324,476 The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2024 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 23,591 $ 23,350 After one year through five years 325,901 318,588 After five years through ten years 252,201 227,714 After ten years 146,342 123,396 Residential mortgage-backed 352,064 326,227 Commercial mortgage and asset-backed 178,238 170,458 Total $ 1,278,337 $ 1,189,733 Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties. The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross (in thousands) December 31, 2024 Fixed maturity securities: State and municipal $ 35,979 $ (1,087) $ 146,547 $ (25,956) $ 182,526 $ (27,043) Residential mortgage-backed 179,807 (5,285) 140,559 (20,584) 320,366 (25,869) Corporate 149,149 (4,281) 220,743 (25,202) 369,892 (29,483) Commercial mortgage and asset-backed 17,991 (65) 101,525 (7,827) 119,516 (7,892) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,653 (115) 12,412 (304) 20,065 (419) Total fixed maturity securities, available-for-sale $ 390,579 $ (10,833) $ 621,786 $ (79,873) $ 1,012,365 $ (90,706) December 31, 2023 Fixed maturity securities: State and municipal $ 30,196 $ (287) $ 168,517 $ (26,172) $ 198,713 $ (26,459) Residential mortgage-backed 68,497 (1,256) 145,954 (18,123) 214,451 (19,379) Corporate 55,970 (532) 290,308 (28,315) 346,278 (28,847) Commercial mortgage and asset-backed 24,048 (151) 182,295 (12,376) 206,343 (12,527) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,961 (71) 19,889 (707) 27,850 (778) Total fixed maturity securities, available-for-sale $ 186,672 $ (2,297) $ 806,963 $ (85,693) $ 993,635 $ (87,990) At December 31, 2024, the Company held fixed maturity securities of 423 issuers that were in an unrealized loss position with a total fair value of $1,012.4 million and gross unrealized losses of $90.7 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At December 31, 2024, 100.0% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency. At December 31, 2024 there were no fixed maturity securities with ratings below investment grade by Standard & Poor's or another nationally recognized rating agency. The Company periodically reviews its available-for-sale fixed maturities to determine whether any unrealized losses exist that are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of expected cash flows equals or exceeds a security's amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturities at December 31, 2024 or December 31, 2023. During the year ended December 31, 2024, management recognized an impairment loss of $207,000 for one fixed maturity security due to the Company's inability to hold the security until a recovery in its value to the amortized cost basis. For the remainder of securities in an unrealized loss position, management does not intend to sell the securities and it is not "more likely than not" that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs. The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required. At December 31, 2024, the Company's bank loan portfolio had an aggregate unpaid principal balance of $149.4 million and an aggregate fair value of $142.4 million. Investment income on bank loan participations included in net investment income was $17.0 million, $12.0 million, $4.3 million during the years ended December 31, 2024, 2023, and 2022, respectively. Net realized and unrealized gains (losses) on investments includes losses of $620,000, gains of $9.0 million, and losses of $5.4 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2024, 2023, and 2022, respectively. Management concluded that $3.3 million, $397,000, and $574,000 of the net realized and unrealized gains (losses) were due to credit-related impairments for the years ended December 31, 2024, 2023, and 2022, respectively. Losses due to credit-related impairments were 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. Bank loan participations generally have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable. Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023. Major categories of the Company’s net investment income are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Fixed maturity securities $ 48,262 $ 49,793 $ 28,131 Bank loan participations 16,992 11,984 4,256 Equity securities 7,424 6,548 5,479 Other invested assets 4,855 5,049 3,408 Cash, cash equivalents, restricted cash equivalents, and short-term investments 19,249 13,703 4,170 Gross investment income 96,782 87,077 45,444 Investment expense (3,693) (3,031) (2,256) Net investment income $ 93,089 $ 84,046 $ 43,188 The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 1,613 $ — $ 1,534 Gross realized losses (2,891) (339) (291) (1,278) (339) 1,243 Equity securities: Gross realized gains 11,061 1,845 1,248 Gross realized losses (1,439) (320) (685) Changes in fair values of equity securities (873) 3,722 (11,685) 8,749 5,247 (11,122) Bank loan participations: Gross realized gains 845 306 63 Gross realized losses (4,069) (3,806) (428) Changes in fair values of bank loan participations (620) 9,049 (5,381) (3,844) 5,549 (5,746) Short-term investments and other: Gross realized gains 1 2 1 Gross realized losses (2) (18) (96) Changes in fair values of short-term investments and other (1) — — (2) (16) (95) Total $ 3,625 $ 10,441 $ (15,720) The change in the Company’s available-for-sale fixed maturity gross unrealized net losses was $(7.9) million, $30.4 million and $(131.4) million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies. Carrying Value Investment Income December 31, Year Ended December 31, 2024 2023 2024 2023 2022 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 7,690 $ 8,382 $ 1,447 $ 2,375 $ 3,366 Corporate & Other — — 293 524 435 7,690 8,382 1,740 2,899 3,801 Renewable energy notes receivable ( b) Excess and Surplus Lines — 608 61 108 270 Corporate & Other — 761 77 136 337 — 1,369 138 244 607 Limited partnerships (c) Excess and Surplus Lines 14,644 11,914 2,393 1,566 (805) Corporate & Other 464 664 — — (538) 15,108 12,578 2,393 1,566 (1,343) Private Debt (d) Excess and Surplus Lines 13,902 10,805 584 340 343 Corporate & Other — — — — — 13,902 10,805 584 340 343 Total other invested assets Excess and Surplus Lines 36,236 31,709 4,485 4,389 3,174 Corporate & Other 464 1,425 370 660 234 $ 36,700 $ 33,134 $ 4,855 $ 5,049 $ 3,408 (a) The Company’s Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Company’s former Non-Executive Chairman invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. The Company received proceeds of $20.2 million, comprised of $17.2 million in the Excess and Surplus Lines segment and $3.0 million in the Corporate and Other segment. During the year ended December 31, 2023, the Company received additional proceeds from the sales of $3.1 million in the Excess and Surplus Lines segment and $524,000 in the Corporate and Other segment. During the year ended December 31, 2024, the Company received additional proceeds from the sales of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment. The Company received cash distributions from all renewable energy investments totaling $439,000 and $3.7 million for the years ended December 31, 2024 and 2023, respectively. (b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in two notes receivable for renewable energy projects. Interest on the notes, which mature in 2025, is fixed at 12%. During the year ended December 31, 2024 , the Company received principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. During the year ended December 31, 2023 , the Company received principal repayments of $593,000 and $742,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. (c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. During the year ended December 31, 2022, the Company recognized an impairment loss of $538,000 on one limited partnership in the Corporate & Other segment. At December 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $4.7 million in these limited partnerships and a $20.0 million commitment to invest in a new limited partnership. (d) The Company's Excess and Surplus Lines segment holds two notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. At December 31, 2024, the Company's Excess and Surplus Lines segment has outstanding commitments to invest another $2.3 million in these notes. Previously, the Company's Excess and Surplus Lines segment held $4.5 million of subordinated notes issued by a bank holding company for which the former Non-Executive Chairman of the Company was previously the Lead Independent Director. The notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum. At December 31, 2024 and 2023, cash and investments with a fair value of $76.6 million and $72.4 million, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs An analysis of deferred policy acquisition costs is as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Balance at beginning of period $ 31,497 $ 32,837 $ 21,399 Policy acquisition costs deferred: Commissions 43,720 47,665 38,190 Underwriting and other issue expenses 20,918 23,628 23,057 64,638 71,293 61,247 Amortization of policy acquisition costs (65,960) (72,633) (49,809) Net change (1,322) (1,340) 11,438 Balance at end of period $ 30,175 $ 31,497 $ 32,837

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 On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction. All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2024, 2023 and 2022 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2024 and 2023 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2024 and 2023. The most recent goodwill impairment losses occurred in 2010. Specifically identifiable intangible assets were acquired in the Merger. In September, 2023, the Company sold the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. Upon closing of the transaction, the Company recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. During the fourth quarters of 2024, 2023 and 2022, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no additional impairments recognized in 2024, 2023, or 2022. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: December 31, 2024 2023 Life Gross Accumulated Gross Accumulated (in thousands) Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,825 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,825 11,611 7,462 $ 40,275 $ 7,825 $ 40,275 $ 7,462 Future estimated amortization of specifically identifiable intangible assets as of December 31, 2024 is as follows ( in thousands) : 2025 $ 363 2026 363 2027 363 2028 363 2029 363 Thereafter 1,971 Total $ 3,786 The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024: December 31, 2023 December 31, 2024 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,148 (363) — 3,785 28,748 (363) — 28,385 Specialty Admitted Insurance Trademarks — — — — Insurance licenses and authorities 4,065 — — 4,065 4,065 — — 4,065 Total identifiable intangible assets $ 32,813 $ (363) $ — $ 32,450 The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023: December 31, 2022 December 31, 2023 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,511 (363) — 4,148 29,111 (363) — 28,748 Specialty Admitted Insurance Trademarks 2,500 — (2,500) — Insurance licenses and authorities 4,065 — — 4,065 6,565 — (2,500) 4,065 Total identifiable intangible assets $ 35,676 $ (363) $ (2,500) $ 32,813 Amortization of intangible assets was $363,000 for the Excess and Surplus Lines segment and $0 for the Specialty Admitted Insurance segment for the year ended December 31, 2022.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following: December 31, 2024 2023 (in thousands) Electronic data processing hardware and software $ 24,902 $ 19,693 Furniture and equipment 1,763 2,136 Property and equipment, cost basis 26,665 21,829 Accumulated depreciation (6,892) (4,834) Property and equipment, net $ 19,773 $ 16,995

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company has entered into operating leases for office space in North Carolina, Virginia, Arizona, and Georgia. The present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheets as lease liabilities and right-of-use lease assets. For leases with terms of 12 months or less, lease payments are recognized in other operating expenses on a straight-line basis over the lease term. Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company elected the practical expedient to account for lease components and any associated non-lease components as a single lease component, and therefore allocates all of the expected lease payments to the lease component. The lease liability, which represents the Company’s obligation to make lease payments arising from the lease, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and right-of-use assets are included in other liabilities other assets At December 31, 2024, lease liabilities and right-of-use assets associated with the Company's operating leases were $5.6 million and $5.3 million, respectively ($8.0 million and $7.8 million at December 31, 2023, respectively). The weighted-average discount rate and weighted average remaining lease term for operating leases was 4.8% and 2.6 years, respectively, as of December 31, 2024. The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2024, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets: Years ending December 31, (in thousands) 2025 $ 3,150 2026 1,196 2027 914 2028 538 2029 158 Thereafter — Total lease payments 5,956 Less imputed interest (357) Total operating lease liabilities $ 5,599 Operating lease liabilities include $2.3 million associated with office space in a building that is owned by a partnership in which the Company has a minority interest. Operating lease costs were $4.1 million, $4.6 million, and $4.6 million for the years ended December 31, 2024 , 2023, and 2022, respectively. Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive loss.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses In establishing the reserve for losses and loss adjustment expenses, the Company’s internal actuaries estimate an initial expected ultimate loss ratio for each of our lines of business by accident year. Input from the Company’s underwriting and claims departments, including premium pricing assumptions and historical experience, are considered by the Company’s internal actuaries in estimating the initial expected loss ratios. The Company’s internal actuaries generally utilize five primary actuarial methods in their estimation process for the reserve for losses and loss adjustment expenses. These primary methods are supplemented by additional actuarial methods as the Chief Actuary considers appropriate. For example, these supplemental methods can include frequency and severity methods that utilize claim count data to estimate ultimate losses and loss adjustment expenses. These methods utilize, to varying degrees, the initial expected loss ratio, detailed statistical analysis of past claims reporting and payment patterns, claims frequency and severity, paid loss experience, industry loss experience, and changes in market conditions and claims handling practices, policy forms, exclusions, and exposures. In applying these methods to develop an estimate of the reserve for losses and loss adjustment expenses, our internal actuaries use judgment to determine three key parameters for each accident year and line of business: the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods to be used for each accident year and line of business. For the Excess and Surplus Lines segment, the internal actuaries perform a study on each of these parameters at least annually and make recommendations for the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods by accident year and line of business. Members of management’s Reserve Committee review and approve the parameter review actuarial recommendations, and absent any developments requiring an earlier review, these approved parameters are used in the reserve estimation process for the next four quarters at which time a new parameter study is performed. For the Specialty Admitted Insurance segment, expected loss ratios, loss development factors, and loss cost trends are reviewed and updated at least annually. Different reserving methods are appropriate in different situations, and the Company’s internal actuaries use their judgment and experience to determine the weighting of the methods to use for each accident year and each line of business. For example, the current accident year has very little incurred and paid loss development data on which to base reserve projections. As a result, the Company relies heavily on the initial expected loss ratio in estimating reserves for the current accident year. The Company generally sets the initial expected loss ratio for the current accident year consistent with the internal actuaries’ pricing assumptions adjusted upward where warranted based on management's judgment in order to produce the best estimate. We believe that this is a reasonable and appropriate reserving assumption for the current accident year since our pricing assumptions are actuarially driven and since the Company expects to make an acceptable return on the new business written. If actual loss emergence is better than our initial expected loss ratio assumptions, we will experience favorable development and if it is worse than our initial expected loss ratio assumptions, we will experience adverse development. Conversely, sufficient incurred and paid loss development data is available for the oldest accident years, so more weight is given to this development data and less weight is given to the initial expected loss ratio. The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $1.2 million, $660,000, and $580,000 at December 31, 2024, 2023, and 2022, respectively. Year Ended December 31, 2024 2023 2022 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,246,973 $ 1,080,766 $ 974,221 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 441,058 463,530 429,260 Prior years - retroactive reinsurance 37,237 4,991 15,742 Prior years - excluding retroactive reinsurance 76,079 31,636 (4,360) Total incurred losses and loss and adjustment expenses 554,374 500,157 440,642 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 31,313 32,410 33,720 Prior years 333,277 296,549 284,635 Total loss and loss adjustment expense payments 364,590 328,959 318,355 Deduct: Change in deferred reinsurance gain - retroactive reinsurance 37,237 4,991 15,742 Deduct: Loss reserves ceded in E&S ADC 313,242 — — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,086,278 1,246,973 1,080,766 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,998,128 1,359,134 1,260,197 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 3,084,406 $ 2,606,107 $ 2,340,963 The foregoing reconciliation shows that $76.1 million of net adverse development was experienced in 2024 on the reserve for losses and loss adjustment expenses held at December 31, 2023 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $76.7 million of net adverse development in the Excess and Surplus Lines segment, including a $52.2 million reserve charge upon execution of the E&S ADC (consideration paid in excess of initial reserves), and $607,000 of net favorable development in the Specialty Admitted Insurance segment. The foregoing reconciliation shows that $31.6 million of net adverse development was experienced in 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $32.6 million of net adverse development in the Excess and Surplus Lines segment, with adverse development in accident years 2020 and prior exceeding favorable development on accident years 2022 and 2021, and $972,000 of net favorable development in the Specialty Admitted Insurance segment. The foregoing reconciliation shows that $4.4 million of net favorable development was experienced in 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net favorable reserve development included $210,000 of net favorable development in the Excess and Surplus Lines segment and $4.2 million of net favorable development in the Specialty Admitted Insurance segment. The Company also experienced $5.0 million of net catastrophe losses in 2022 related to Hurricane Ian. Loss Portfolio Transfers and Adverse Development Covers Loss portfolio transfers and adverse development covers are forms of retroactive reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. This reinsurance can bring economic finality (up to the limit of such agreements, if applicable) on the subject risks when they no longer meet the Company's risk appetite or are no longer aligned with the Company's risk management guidelines. Commercial Auto Loss Portfolio Transfer On September 27, 2021, James River Insurance and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James River is not otherwise indemnified by Rasier. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions. The cumulative amounts ceded under the loss portfolio transfer were $459.3 million, $456.2 million and $391.8 million as of December 31, 2024, 2023, and 2022, respectively. Combined Loss Portfolio Transfer and Adverse Development Cover On July 2, 2024, James River entered into a Combined Loss Portfolio Transfer and Adverse Development Cover Reinsurance Contract (the “E&S ADC”) with State National Insurance Company, Inc. (“State National”). The transaction closed upon signing. The E&S ADC was effective January 1, 2024 (the “Effective Date”) and applies to James River’s Excess & Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive), excluding, among others, losses related to commercial auto policies issued to a former large insured or its affiliates (the “Subject Business”). Pursuant to the E&S ADC, (a) State National reinsures 85% of losses paid on and after the Effective Date in respect of the Subject Business in excess of $716.6 million up to an aggregate limit of $467.1 million (with State National’s share of the aggregate limit being $397.0 million) in exchange for a reinsurance premium paid by James River equal to $313.2 million, (b) James River continues to manage claims and to manage and collect the benefit of other existing third-party reinsurance on the Subject Business, which third-party reinsurance inures to the benefit of the E&S ADC, and (c) James River is entitled to a profit commission of 50% of any favorable development on the business ceded to State National below 104.5% of carried reserves, which profit commission shall not exceed $87.0 million in total. The Company has $41.2 million of aggregate limit remaining on the E&S ADC at December 31, 2024. Adverse Development Cover On November 11, 2024, Enstar Group Limited ("Enstar"), through its subsidiary Cavello Bay Reinsurance Limited, entered into an adverse development cover agreement with James River ("E&S Top Up ADC"), pursuant to which, in exchange for a premium of $52.8 million (less an amount equal to the federal excise tax payable on the premium), Cavello Bay reinsures, effective January 1, 2024, 100% of the losses associated with James River’s Excess & Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive). The E&S Top Up ADC excludes losses related to commercial auto policies issued to a former large insured or its affiliates and is subject to a retention by James River of $1,183.7 million (the limit of the E&S ADC executed on July 2, 2024) and up to an aggregate limit of $75.0 million. The E&S Top Up ADC closed on December 23, 2024. The Company recognized a $52.8 million reduction in pre-tax income in connection with the adverse development cover upon closing. The Company has $75.0 million of aggregate limit remaining on the E&S Top Up ADC at December 31, 2024. Retroactive Reinsurance Accounting The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT, the E&S ADC, and the E&S Top Up ADC, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method. While the deferral of gains can introduce volatility in our results in the short-term, over the life of the contract, we would expect no economic impact to the Company as long as the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of our current and ongoing operations. The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2024, 2023, and 2022. Year Ended December 31, 2024 2023 2022 (in thousands) Commercial Auto LPT Deferred retroactive reinsurance gain at beginning of period $ 20,733 $ 15,742 $ — Adverse prior year development on subject business 3,051 64,403 46,697 Retroactive reinsurance benefits under the recovery method (14,562) (59,412) (30,955) Deferred retroactive reinsurance gain at end of period $ 9,222 $ 20,733 $ 15,742 E&S ADC Deferred retroactive reinsurance gain at beginning of period $ — $ — $ — Adverse prior year development ceded on subject business 48,748 — — Retroactive reinsurance benefits under the recovery method — — — Deferred retroactive reinsurance gain at end of period $ 48,748 $ — $ — Total Deferred retroactive reinsurance gain at beginning of period $ 20,733 $ 15,742 $ — Adverse prior year development on subject business 51,799 64,403 46,697 Retroactive reinsurance benefits under the recovery method (14,562) (59,412) (30,955) Deferred retroactive reinsurance gain at end of period $ 57,970 $ 20,733 $ 15,742 The following tables present incurred and paid losses and loss adjustment expenses, net of reinsurance as of December 31, 2024 for: (1) the Excess and Surplus Lines segment split between all excess and surplus lines business excluding commercial auto, and separately, commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2023 and prior is presented as “unaudited” supplementary information. Excess and Surplus Lines — Excluding Commercial Auto Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 126,443 $ 113,417 $ 104,847 $ 102,434 $ 103,688 $ 110,466 $ 114,398 $ 116,085 $ 118,599 $ 122,048 2016 138,507 125,093 126,050 126,971 125,097 132,235 135,491 141,242 148,400 2017 144,349 131,897 132,136 124,265 128,674 134,272 147,196 155,593 2018 167,004 158,458 146,633 150,687 151,563 167,237 173,186 2019 214,653 194,759 189,671 188,061 204,844 228,076 2020 239,897 211,732 207,210 231,658 273,883 2021 304,435 286,343 274,120 307,338 2022 340,436 293,402 320,146 2023 369,255 330,330 2024 360,426 Total $ 2,419,426 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 4,048 $ 17,164 $ 34,801 $ 55,911 $ 73,455 $ 87,344 $ 94,494 $ 103,138 $ 110,860 $ 112,793 2016 5,180 22,852 46,045 70,105 90,166 102,072 116,059 126,916 133,928 2017 5,290 22,956 42,764 64,924 81,303 102,866 120,229 132,182 2018 6,000 26,160 50,679 76,494 105,538 124,903 138,319 2019 8,235 31,346 62,227 103,836 136,289 166,472 2020 8,642 34,561 73,106 117,892 168,550 2021 11,693 55,070 100,649 154,168 2022 12,713 51,537 108,960 2023 10,927 49,094 2024 11,096 Total $ 1,175,562 Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC $ 1,243,864 Reinsurance recoverable for E&S ADC $ 349,337 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (81 claims outstanding) $ 14,834 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 909,361 Excess and Surplus Lines — Commercial Auto Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 30,109 $ 33,113 $ 35,149 $ 36,139 $ 36,636 $ 37,839 $ 38,046 $ 37,915 $ 37,950 $ 37,778 2016 74,340 109,286 126,791 147,122 157,712 164,399 164,046 165,744 165,121 2017 207,355 208,743 272,421 319,472 355,713 366,636 376,251 376,306 2018 255,881 230,220 283,408 349,067 371,637 389,244 389,261 2019 262,306 240,773 339,771 365,279 408,340 416,654 2020 19,133 10,899 12,324 19,009 22,062 2021 21,154 16,565 17,319 19,998 2022 26,126 19,921 19,730 2023 18,181 16,089 2024 11,602 Total $ 1,474,601 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 8,356 $ 15,234 $ 24,282 $ 31,592 $ 34,819 $ 35,983 $ 36,710 $ 37,462 $ 37,725 $ 37,753 2016 18,295 54,054 89,381 125,108 141,545 152,030 158,819 162,219 164,491 2017 41,467 107,377 192,961 252,169 309,860 344,235 364,501 369,931 2018 45,136 119,099 184,686 257,346 329,009 368,865 379,246 2019 44,225 107,182 192,982 285,725 358,920 393,141 2020 628 2,854 7,304 14,151 17,705 2021 2,810 4,313 10,325 12,936 2022 1,897 5,365 8,691 2023 2,066 5,341 2024 319 Total $ 1,389,554 Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT $ 85,047 Reinsurance recoverable for Commercial Auto LPT $ 35,315 Reinsurance recoverable for E&S ADC $ 12,653 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (0 claims outstanding) $ 25 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 37,104 Specialty Admitted — Individual Risk Workers’ Compensation Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 20,938 $ 21,274 $ 19,741 $ 18,376 $ 17,626 $ 16,492 $ 16,468 $ 16,409 $ 16,096 $ 16,093 2016 21,678 20,299 18,050 15,800 14,050 13,069 12,790 12,510 12,502 2017 24,869 22,071 19,779 18,810 16,606 15,487 15,360 15,318 2018 16,432 16,288 16,038 14,200 12,139 11,829 11,793 2019 20,253 21,056 20,631 18,129 17,624 17,408 2020 20,137 22,240 19,389 18,934 18,617 2021 14,519 14,713 12,668 12,702 2022 14,507 11,828 11,096 2023 21,095 19,218 2024 12,715 Total $ 147,462 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 6,604 $ 13,285 $ 15,118 $ 15,889 $ 15,901 $ 16,068 $ 16,069 $ 16,071 $ 16,071 $ 16,071 2016 4,664 10,227 12,135 12,432 12,481 12,483 12,483 12,483 12,483 2017 6,546 12,782 14,285 15,195 15,210 15,236 15,279 15,286 2018 4,497 9,034 11,412 11,746 11,765 11,752 11,747 2019 5,473 13,776 16,254 16,909 17,154 17,179 2020 7,394 14,668 16,665 17,206 17,606 2021 5,874 10,780 11,679 11,865 2022 5,943 9,732 10,348 2023 6,126 12,764 2024 4,998 Total $ 130,347 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (2 claims outstanding) $ 151 Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools $ 3,106 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 20,372 Specialty Admitted — Fronting and Programs Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 7,136 $ 9,632 $ 9,358 $ 8,974 $ 8,384 $ 8,444 $ 8,436 $ 8,279 $ 8,195 $ 8,176 2016 11,542 15,670 14,682 15,522 14,468 15,090 14,304 13,289 13,133 2017 21,229 24,271 25,201 24,728 25,097 24,893 23,128 23,576 2018 21,758 20,677 19,822 20,158 19,268 19,193 19,129 2019 18,832 19,020 19,991 18,956 18,777 18,210 2020 25,433 28,131 31,555 34,705 34,650 2021 39,999 44,857 47,505 46,526 2022 47,262 51,101 50,544 2023 53,635 58,449 2024 55,536 Total $ 327,929 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 2,058 $ 4,666 $ 6,165 $ 6,919 $ 7,329 $ 7,654 $ 7,728 $ 7,824 $ 8,007 $ 8,034 2016 1,894 5,123 6,888 10,732 10,896 11,711 12,142 12,321 12,567 2017 1,223 6,682 13,065 15,854 18,219 20,655 20,770 21,752 2018 885 4,972 10,495 12,631 14,059 15,424 16,457 2019 4,358 5,125 9,958 13,007 14,914 15,740 2020 5,375 15,678 20,903 26,523 29,084 2021 8,347 18,106 27,156 34,120 2022 13,018 23,284 30,131 2023 13,145 26,983 2024 14,745 Total $ 209,613 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (1 claim outstanding) $ — Outstanding losses and loss adjustment expenses, assumed from involuntary pools $ 1,125 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 119,441 The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2024 is as follows (in thousands): E&S – excluding commercial auto $ 909,361 E&S – commercial auto 37,104 Specialty Admitted – individual risk workers’ compensation 20,372 Specialty Admitted – fronting and programs 119,441 Net reserve for losses and loss adjustment expenses 1,086,278 Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables) 1,998,128 Gross reserve for losses and loss adjustment expenses $ 3,084,406 The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 E&S – excluding commercial auto 3.4 % 11.5 % 14.7 % 16.4 % 14.7 % 11.5 % 8.5 % 7.4 % 5.5 % 1.6 % E&S – commercial auto 10.9 % 16.3 % 21.6 % 20.2 % 14.3 % 7.4 % 3.5 % 1.8 % 1.0 % 0.1 % Specialty Admitted – individual risk workers’ compensation 29.1 % 32.3 % 15.5 % 7.7 % 6.1 % 3.3 % 1.9 % 1.0 % 1.0 % 0.7 % Specialty Admitted – fronting and programs 19.8 % 21.4 % 20.1 % 13.3 % 8.0 % 5.0 % 3.7 % 3.8 % 2.4 % 2.1 % In determining the cumulative number of reported claims, the Company measures claim counts by individual claimant for individual risk workers’ compensation policies in the Specialty Admitted Insurance segment. In the Excess and Surplus Lines segment and for fronting and programs in the Specialty Admitted Insurance segment, the Company measures claim counts by claim event. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for losses and loss adjustment expenses). The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs: Excess and Surplus Lines — Excluding Commercial Auto Accident Year Incurred Losses IBNR before E&S ADC IBNR net of E&S ADC Cumulative # of ($ in thousands) 2015 $ 122,048 $ 4,065 $ 1,765 2,739 2016 148,400 6,758 2,841 3,807 2017 155,593 9,949 4,336 4,963 2018 173,186 12,942 5,904 6,156 2019 228,076 29,201 12,652 7,284 2020 273,883 59,368 28,306 6,980 2021 307,338 104,355 45,322 6,074 2022 320,146 145,381 61,332 5,628 2023 330,330 232,184 97,166 4,456 2024 360,426 330,304 330,304 2,885 Excess and Surplus Lines — Commercial Auto Accident Year Incurred Losses IBNR before Commercial Auto LPT& E&S ADC IBNR net of Commercial Auto LPT & E&S ADC Cumulative # of ($ in thousands) 2015 $ 37,778 $ 25 $ 1 41,771 2016 165,121 169 6 89,117 2017 376,306 2,477 84 134,150 2018 389,261 4,126 6 97,342 2019 416,654 10,790 33 71,494 2020 22,062 1,873 827 637 2021 19,998 3,974 1,666 791 2022 19,730 6,699 2,587 528 2023 16,089 7,714 3,154 299 2024 11,602 10,735 10,735 203 Specialty Admitted - Individual Risk Workers’ Compensation Accident Year Incurred Losses IBNR Cumulative # of ($ in thousands) 2015 $ 16,071 $ 22 975 2016 12,483 19 836 2017 15,306 11 1,093 2018 11,773 20 1,238 2019 17,227 180 1,555 2020 18,277 340 1,381 2021 12,409 293 1,301 2022 10,814 281 1,050 2023 18,772 446 907 2024 9,877 2,838 283  Specialty Admitted — Fronting and Programs Accident Year Incurred Losses IBNR Cumulative # of ($ in thousands) 2015 $ 8,146 $ 30 1,363 2016 13,009 124 2,825 2017 22,734 842 6,809 2018 18,230 899 7,416 2019 17,235 976 8,170 2020 32,526 2,125 9,173 2021 39,679 6,846 10,848 2022 39,210 11,335 10,153 2023 42,655 15,794 10,075 2024 23,396 32,140 7,364 The Company has not provided insurance coverage that could reasonably be expected to produce material levels of asbestos claims activity. In addition, management does not believe that the Company is exposed to environmental liability claims other than those which it has specifically underwritten and priced as an environmental exposure.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company remains liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company’s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company’s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit. In fronting arrangements, which the Company conducts through its Specialty Admitted Insurance segment, the Company is subject to credit risk with regard to insurance companies who act as reinsurers for the Company in such arrangements. The Company customarily requires a collateral trust arrangement to secure the obligations of the insurance entity for whom it is fronting. At December 31, 2024, the Company had reinsurance recoverables on unpaid losses of $1,996.9 million and reinsurance recoverables on paid losses of $101.2 million. All material reinsurance recoverables are from companies with A.M. Best Company ratings of “A-” (Excellent) or better, or are collateralized by the reinsurer for our benefit through letters of credit or trust agreements, or represent recoverables from a state residual market for automobile insurance. At December 31, 2024, reinsurance recoverables on unpaid losses from the Company’s three largest reinsurers were $398.5 million, $365.5 million, and $216.6 million, representing 49.1% of the total balance. At December 31, 2024, prepaid reinsurance premiums ceded to the three reinsurers with the largest amount of prepaid reinsurance premiums totaled $37.1 million, $36.8 million, and $34.7 million, representing 36.6% of the total balance. Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Written premiums: Direct $ 1,429,791 $ 1,506,668 $ 1,408,524 Assumed 1,981 1,992 2,848 Ceded (850,918) (814,759) (745,926) Net $ 580,854 $ 693,901 $ 665,446 Earned premiums: Direct $ 1,445,652 $ 1,496,708 $ 1,378,619 Assumed 1,984 2,250 3,032 Ceded (847,440) (790,953) (751,917) Net $ 600,196 $ 708,005 $ 629,734 Losses and loss adjustment expenses: Direct $ 1,343,698 $ 1,204,532 $ 937,393 Assumed 730 2,032 1,344 Ceded (790,054) (706,407) (498,095) Net $ 554,374 $ 500,157 $ 440,642

Senior Debt

Senior Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Senior Debt	Senior Debt The Company has a $257.5 million senior revolving credit facility (as amended or amended and restated, the "2013 Facility”). The 2013 Facility is comprised of the following at December 31, 2024: • A $212.5 million unsecured revolving facility to meet the working capital needs of the Company. All unpaid principal on the revolver is due at maturity. Interest accrues quarterly and is payable in arrears, currently at 1-month SOFR (the Company, per the terms of the credit agreement, can elect between one, three, or six month interest periods) plus a 0.1% SOFR index adjustment and a SOFR margin (1.75% at December 31, 2024), which is subject to change according to terms in the credit agreement. At December 31, 2024 and 2023, the Company had a drawn balance of $185.8 million outstanding on the unsecured revolver. • A $45.0 million secured revolving facility to issue letters of credit for the benefit of third-party reinsureds. At December 31, 2024, the Company had $7.5 million of letters of credit issued under the secured facility, all of which are collateralized by a back-to-back letter of credit issued by Comerica Bank on behalf of JRG Re. On July 7, 2023, the Company entered into a Third Amended and Restated Credit Agreement for the 2013 Facility which, among other things, extended the maturity date of such facility until July 7, 2026 and increased the applicable interest rate and letter of credit fees. The 2013 Facility has been amended from time to time, including on April 16, 2024 when the 2013 Facility was amended in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, and (ii) decrease the secured revolving facility commitment from $102.5 million to $45.0 million. Additionally, the Third Amended and Restated Credit Agreement provides for an accordion feature that permits the Company to request that one or more lenders (without the consent of the other lenders) or one or more financial institutions which were not previously party to the Third Amended and Restated Credit Agreement (with the consent of the administrative agent) provide it with increases in the secured or unsecured revolving credit facilities of up to an aggregate of $100.0 million, which is unchanged from the accordion feature set forth in the Second Amended and Restated Credit Agreement. The Company’s ability to request such increases in the revolving credit facility is subject to its compliance with customary conditions set forth in the Third Amended and Restated Credit Agreement. A subsidiary of the bank holding company for which the former Non-Executive Chairman of the Company was previously Lead Independent Director is one of the lenders for the 2013 Facility, with a $40.9 million commitment allocation on the total $257.5 million 2013 Facility. The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance at December 31, 2024. On August 2, 2017, the Company and its wholly-owned subsidiary, JRG Re, together as borrowers, entered into a credit agreement (the "2017 Facility") that provided the Company with a revolving line of credit of up to $100.0 million, which was used for loans and letters of credit made or issued, at the borrowers' option, on a secured or unsecured basis. The loans and letters of credit made or issued under the revolving line of credit were used to finance the Borrowers’ general corporate purposes. Obligations under the 2017 Facility carried a variable rate of interest subject to terms in the credit agreement. The 2017 Facility was amended from time to time since its inception in 2017, including on April 16, 2024 in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, (ii) increase the applicable interest rates, (iii) eliminate the letter of credit portion of the facility, and (iv) to build in an automatic decrease of the facility amount by the amount of each letter of credit outstanding under the 2017 Facility as of the date of the amendment with effect from the date each such letter of credit is cancelled. The 2017 Facility was terminated in November 2024. An affiliate of the lender under the 2017 Facility was an underwriter in the December 2014 initial public offering of the Company’s common shares and a joint lead book-running manager in the Company’s May 2021 public offering of the Company’s common shares. On May 26, 2004, James River Group issued $15.0 million of unsecured, floating rate senior debentures (the “Senior Debt”), due April 29, 2034 unless accelerated earlier, through an indenture. The Senior Debt is not redeemable by the holder and is not subject to sinking fund requirements. Interest accrues quarterly and is payable in arrears at a per annum rate of the three-month SOFR on the Determination Date (as defined in the indenture) plus a spread adjustment of 0.26% and a margin of 3.85%. The Senior Debt is redeemable prior to its stated maturity in whole or in part, at the option of James River Group. The terms of the indenture generally provide that so long as the Senior Debt is outstanding, neither James River Group nor any of its subsidiaries may: • assume or permit to exist any indebtedness that is secured by any encumbrance on the capital stock of James River Group or any of its subsidiaries which is senior to the Senior Debt; or • issue, sell, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, capital stock of any subsidiary. The terms of the Senior Debt contain certain covenants, with which the Company was in compliance at December 31, 2024, and which, among other things, restrict our ability to assume senior indebtedness secured by our U.S. holding company's common stock or its subsidiaries' capital stock or to issue shares of its subsidiaries' capital stock. Interest payable is included in “accrued expenses” in the accompanying consolidated balance sheets.

Junior Subordinated Debt

Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2024
Subordinated Borrowings [Abstract]
Junior Subordinated Debt	Junior Subordinated Debt The Company issued trust preferred securities (“Trust Preferred Securities”) through James River Capital Trust I, James River Capital Trust II, James River Capital Trust III, James River Capital Trust IV, and Franklin Holdings II (Bermuda) Capital Trust I, (each, a “Trust”; collectively, the “Trusts”). These Delaware statutory trusts are sponsored and wholly-owned by the Company. Each Trust was created solely for the purpose of issuing the Trust Preferred Securities. Each Trust used proceeds from the sale of its Trust Preferred Securities to purchase the Company’s floating rate junior subordinated debentures (the “Junior Subordinated Debt”) issued to the Trust under an indenture (each, an “Indenture”; collectively, the “Indentures”). The Junior Subordinated Debt is the sole asset of each Trust, and the Trust Preferred Securities are the sole liabilities of each Trust. The Company purchased all of the outstanding common stock of the Trusts, and the investment in the Trusts is included in “other assets” in the accompanying consolidated balance sheets.   The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2024 (including the Company’s repurchases of a portion of these trust preferred securities): James River James River James River James River Franklin ($ in thousands) Issue date May 26, December 15, June 15, December 11, January 10, Principal amount of Trust Preferred Securities $7,000 $15,000 $20,000 $54,000 $30,000 Principal amount of Junior Subordinated Debt $7,217 $15,464 $20,619 $55,670 $30,928 Carrying amount of Junior Subordinated Debt net of repurchases $7,217 $15,464 $20,619 $44,827 $15,928 Maturity date of Junior Subordinated Debt, unless accelerated earlier May 24, December 15, June 15, December 15, March 15, Trust common stock $217 $464 $619 $1,670 $928 Interest rate, per annum Three-Month SOFR plus 4.3% Three-Month SOFR plus 3.7% Three-Month SOFR plus 3.3% Three-Month SOFR plus 3.4% Three-Month SOFR plus 4.3% All of the Junior Subordinated Debt is currently redeemable at 100.0% of the unpaid principal amount at the Company’s option. Interest on the Trust Preferred Securities and interest paid to the Trusts on the Junior Subordinated Debt is payable quarterly in arrears at a per annum rate as described in the table above. The Company has the right to defer interest payments on the Junior Subordinated Debt for up to five years without triggering an event of default. The Trust Preferred Securities are subject to mandatory redemption in a like amount (a) upon repayment of all of the Junior Subordinated Debt on the stated maturity date, (b) contemporaneously with the optional prepayment of all of the Junior Subordinated Debt in conjunction with a special event (as defined), and (c) five years or more after the issue date, contemporaneously with the optional prepayment, in whole or in part, of the Junior Subordinated Debt. The Indentures contain certain covenants which the Company is in compliance with as of December 31, 2024. Interest payable is included in “accrued expenses” on the accompanying consolidated balance sheets.

Series A Preferred Shares

Series A Preferred Shares	12 Months Ended
	Dec. 31, 2024
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares Initial Issuance and Terms On February 24, 2022, the Company entered into an Investment Agreement with GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”), for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The transaction closed on March 1, 2022 (the “Series A Closing Date”). The Series A Preferred Shares rank senior to the Company's common shares with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common shares immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at the Company's election. Prior to the amendment on November 11, 2024 (as discussed below), on the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate would reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue and are payable quarterly. Prior to the amendment on November 11, 2024 (disclosed below), cash dividends of $10.5 million were paid in the nine months ended September 30, 2024, including cash dividends paid in January, April, July, and September for the three month periods ended December 31, 2023, March 31, 2024, June 30, 2024, and September 30, 2024. For the years ended December 31, 2023 and 2022, cash dividends of $10.5 million and $8.8 million were declared, respectively, of which $2.6 million was payable at December 31 of both years. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common shares at an initial conversion price of $26.5950, making the Series A Preferred Shares initially convertible into 5,640,158 common shares. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common shares above specified levels, as well as certain adjustments in case of net adverse reserve developments in excess of a threshold over a period of time. The measurement period for the adverse reserve development anti-dilution adjustment commenced with the quarter beginning January 1, 2022 and ends with the quarter ending December 31, 2025. Prior to the amendment on November 11, 2024 (disclosed below), net adverse reserve development exceeded the threshold. If net adverse reserve development exceeded the threshold at the conclusion of the measurement period (or upon a mandatory or optional conversion, if earlier), the conversion price would be adjusted pursuant to the Certificate of Designations, subject to a floor conversion price of $21.902, and the adjusted conversion price would become effective after the filing of the Company's financial statements for the period ending December 31, 2025 (or immediately after the close of business on the date of the public filing of the Company's financial statements for the most recent quarterly period preceding a mandatory or optional conversion, if earlier). None of the other triggers that would result in additional adjustments to the conversion price had been met prior to the amendment on November 11, 2024. The Certificate of Designations setting forth the terms of the Series A Preferred Shares (the “Certificate of Designations”) limits the Company's ability to pay dividends to its common shareholders. If the Company pays cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, the Company will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries satisfy certain capital requirements. Share dividends payable on the common shares to our shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. At any time on or after the two year anniversary of the Series A Closing Date, if the volume-weighted average price (“VWAP”) per Common Share is greater than 130% of the then-applicable conversion price for at least twenty (20) consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into common shares. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of common shares equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before the five-year anniversary of the Series A Closing Date, all dividends that would have accrued from the date of the Mandatory Conversion to the later of the five-year anniversary of the Series A Closing Date or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in common shares, valued at the average of the daily VWAP of the Company’s common shares during the five (5) trading days immediately preceding the Mandatory Conversion. The holders of the Series A Preferred Shares may require the Company to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations designating the Series A Preferred Shares), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into common shares, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends plus, if the Fundamental Change repurchase occurs prior to the five-year anniversary of the Series A Closing Date, all dividends that would have accrued up to such five-year anniversary, but that have not been paid. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares were classified as mezzanine equity in the Company's consolidated balance sheets and recognized at their fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $5.1 million, resulting in a carrying value of $144.9 million. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners initially designated Matthew Botein as the Series A Designee, and Mr. Botein was approved by the Board as a Class I director with a term that expired at the 2024 annual general meeting of the Company’s shareholders. Mr. Botein was re-elected as a director at the 2024 annual general meeting for a term ending at the 2025 annual general meeting. 2024 Amendment and Revised Terms On November 11, 2024, the Company amended the Certificate of Designations held by GPC Partners to, among other things, (i) convert $37.5 million of the outstanding Series A Preferred Shares to common stock at a per share price of $6.40 (the “Minimum Price”), (ii) increase the voluntary conversion price from 127.5% to 130% of the Minimum Price, (iv) increase the mandatory conversion price from 130% to 200% of the voluntary conversion price, (v) delay the first date on which the dividend rate re-sets from March 1, 2027 to October 1, 2029, (vi) cap the dividend rate at 8%, (vii) eliminate the adverse development anti-dilution adjustment provision, and (viii) limit transfers of the Series A Preferred Shares without the Company’s consent if, after the transfer, the transferee would hold 9.9% or more of the voting equity of the Company or, in the event of an A.M. Best downgrade of James River Insurance Company below A- (Excellent), 19.9% of the voting equity. The Company accounted for the amendment as an extinguishment of the pre-amendment Series A Preferred Shares due to the significance of quantitative and qualitative changes to the shares. The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance and classified the new Series A Preferred Shares as mezzanine equity. The redemption feature, which could require the Company to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, was not impacted by the amendment. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares issued through conversion of Series A Preferred Shares in the amendment. Cash dividends of $2.3 million were paid on the Series A Preferred Shares in the three months ended December 31, 2024 including a $299,000 stub period dividend on the 37,500 Series A Preferred Shares converted to common shares with the amendment and a $2.0 million dividend on the 112,500 Series A Preferred Shares that remain outstanding post-amendment. The new Series A Preferred Shares were valued at the time of the amendment using a lattice method commonly applied to value preferred shares. The new Series A Preferred Shares are classified as level 3 in the valuation hierarchy due to the presence of significant unobservable inputs.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity The Company has 200,000,000 common shares authorized with $0.0002 par value per share. The following table presents a rollforward of changes in common shares issued and outstanding. Year Ended December 31, 2024 2023 Issued and outstanding common shares, beginning of year 37,641,563 37,470,237 Conversion of Series A Preferred Shares to common shares 5,859,375 — Enstar common share investment 1,953,125 — Vesting of RSU awards 190,255 171,326 Issued and outstanding common shares, end of year 45,644,318 37,641,563 On November 11, 2024, the Company amended the Certificate of Designations to, among other things, convert 37,500 outstanding Series A Preferred Shares with a liquidation value of $37.5 million to common shares at a per share price of $6.40, resulting in the issuance of 5,859,375 common shares. The difference between the $6.40 share price per the amended Certificate of Designations and the $6.62 closing price of the Company's shares on November 11, 2024 is considered a deemed dividend for accounting purposes, resulting in a $1.3 million charge to retained deficit. On November 11, 2024, Enstar Group Limited ("Enstar"), through its subsidiary Cavello Bay Reinsurance Limited, entered into a subscription agreement to purchase $12.5 million of the Company’s common shares at a share price of $6.40. The Enstar investment closed on December 23, 2024, resulting in the issuance of 1,953,125 common shares. The difference between the $6.40 share price per the subscription agreement and the $4.66 closing price of the Company's shares on December 23, 2024 is considered a deemed contribution for accounting purposes, resulting in a $3.4 million increase in additional paid-in-capital. The Company has 5,757,650 common shares reserved for future issuance upon exercise or vesting of equity awards, as applicable, and 13,521,635 common shares reserved for issuance upon conversion of the Series A Preferred Shares. The Board of Directors declared the following cash dividends on common shares in 2024, 2023, and 2022: Date of Dividend per Payable to Shareholders Payment Date Total Amount (thousands) 2024 February 15, 2024 $0.05 March 11, 2024 March 29, 2024 $ 1,940 April 25, 2024 $0.05 June 10, 2024 June 28, 2024 $ 1,939 July 25, 2024 $0.05 September 16, 2024 September 30, 2024 $ 1,938 November 9, 2024 $0.01 December 16, 2024 December 31, 2024 $ 446 Total $0.16 $ 6,263 2023 February 16, 2023 $0.05 March 13, 2023 March 31, 2023 $ 1,922 April 27, 2023 $0.05 June 12, 2023 June 30, 2023 $ 1,921 July 27, 2023 $0.05 September 11, 2023 September 29, 2023 $ 1,922 October 26, 2023 $0.05 December 11, 2023 December 29, 2023 $ 1,919 Total $0.20 $ 7,684 2022 February 16, 2022 $0.05 March 14, 2022 March 31, 2022 $ 1,908 April 28, 2022 $0.05 June 13, 2022 June 30, 2022 $ 1,908 July 26, 2022 $0.05 September 12, 2022 September 30, 2022 $ 1,908 October 25, 2022 $0.05 December 12, 2022 December 30, 2022 $ 1,908 Total $0.20 $ 7,632 Included in the dividends are $152,000, $159,000 and $141,000 of dividend equivalents on RSUs, of which $252,000, $255,000 and $335,000 were payable as of December 31, 2024, 2023, and 2022, respectively.

Equity Awards

Equity Awards	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Awards	Equity Awards Equity Incentive Plans The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors. Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The 2014 LTIP was amended on October 24, 2024, increasing the number of shares available for issuance under the 2014 LTIP by 525,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 LTIP is 5,507,650, and at December 31, 2024, 1,716,316 shares are available for grant. On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs). Each PRSU represents a contingent right to receive one Company common share based upon the level of achievement of certain performance metrics during the performance period, with payout for achievement of threshold, target and maximum performance levels set at 50%, 100% and 200% of the target number of PRSUs, respectively. The PRSUs awarded in the first quarter of 2023 have a performance period of January 1, 2023 through December 31, 2025. The PRSUs awarded in the first quarter of 2024 have a performance period of January 1, 2024 through December 31, 2026. Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The 2014 Director Plan was amended on October 24, 2024, increasing the number of shares available for issuance under the 2014 LTIP by 100,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 Director Plan is 250,000, and at December 31, 2024, 131,927 shares are available for grant. Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined), and in the case of the 2014 LTIP for Good Reason (as defined), at any time following a Change in Control (as defined in the applicable plans). Options The following table summarizes the option activity: Year Ended December 31, 2024 2023 2022 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding: Beginning of year 74,390 $ 42.17 287,974 $ 35.26 287,974 $ 35.26 Granted — $ — — $ — — $ — Exercised — $ — — $ — — $ — Lapsed (74,390) $ 42.17 (164,548) $ 32.07 — $ — Forfeited — $ — (49,036) $ 35.50 — $ — End of year — $ — 74,390 $ 42.17 287,974 $ 35.26 Exercisable, end of year — $ — 74,390 $ 42.17 287,974 $ 35.26 There were no options granted in 2024, 2023, or 2022. The value of the options granted prior to 2022 was estimated at the date of grant using the Black-Scholes-Merton option pricing model. The options outstanding at December 31, 2023 lapsed in the year ended December 31, 2024. At December 31, 2024, no options remain outstanding. The options outstanding at December 31, 2023 and 2022 were fully vested (vesting period of three years from date of grant) and had a contractual life of seven years from the original date of grant. All options had an exercise price equal to the fair value of the underlying shares at the date of grant. The intrinsic value of each option was determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. No options were exercised during 2024, 2023 or 2022. The aggregate intrinsic value of options outstanding and options exercisable was $0 at December 31, 2023 and 2022. The fair value used for calculating intrinsic values was $9.24 and $20.91 at December 31, 2023 and 2022, respectively. RSUs The following table summarizes RSU activity: Year Ended December 31, 2024 2023 2022 Shares Weighted- Shares Weighted- Shares Weighted- Unvested, beginning of year 751,254 $ 23.48 665,458 $ 25.98 292,135 $ 45.89 Granted 541,520 $ 9.75 388,517 $ 24.13 560,680 $ 20.61 Vested (276,428) $ 24.80 (250,793) $ 30.99 (147,530) $ 45.16 Forfeited (101,494) $ 17.55 (51,928) $ 24.08 (39,827) $ 25.41 PRSU performance adjustment (29,679) $ 24.83 — $ — — $ — Unvested, end of year 885,173 $ 15.30 751,254 $ 23.48 665,458 $ 25.98 Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors generally have a one year vesting period. The total fair value of shares vested in 2024, 2023 and 2022 was $2.7 million, $5.6 million and $3.8 million, respectively. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant. The RSUs granted in 2024 and 2023 include 231,492 and 91,818 PRSU awards, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest. In 2024, a downward performance adjustment was made to the outstanding PRSUs granted in 2023. Compensation Expense Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below: Year Ended December 31, 2024 2023 2022 (in thousands) Share based compensation expense $ 6,631 $ 9,116 $ 8,122 U.S. tax benefit on share based compensation expense $ 1,214 $ 1,690 $ 1,526 Compensation cost for PRSUs is based upon the probable outcome of performance conditions. In 2024, the Company adjusted the probable outcome of performance conditions for the 2023 PRSUs which resulted in a cumulative adjustment to reduce the compensation expense recognized for the awards of $451,000. At December 31, 2024, the Company had $6.3 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.6 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Currently, James River Group Holdings, Ltd. is not (and its former Bermuda-based subsidiary, JRG Re, prior to its disposition was not) subject to income or capital tax. The Companies have obtained from the Bermuda Minister of Finance an assurance that, in the event Bermuda enacts legislation imposing tax, the imposition of any such tax shall not be applicable to the Company until March 31, 2035 (the “EUTP Act”). Effective for tax years beginning on or after January 1, 2025, Bermuda has introduced the Corporate Income Tax Act 2023 ("CIT Act") where a Bermuda Constituent Entity group (BCE) that is part of an “in scope Multi-National Enterprise group” (MNE) will be subject to a 15% corporate income tax. The CIT Act supersedes the assurance received from the Bermuda Minister of Finance under the EUTP Act. A MNE group with a limited international footprint is not an in scope MNE, thus not subject to CIT. The limited international footprint exception is a year-by-year test and expires after tax year 2029. James River Group Holdings, Ltd. is expected to meet the criteria of the limited international footprint exception, and as such is not expected to be subject to tax under the CIT act. Distributions from the Company’s U.S. subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. No distributions occurred in 2024, 2023 or 2022. The Company’s U.S. subsidiaries are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. The Company’s U.S.-domiciled subsidiaries file a consolidated U.S. federal income tax return. The Company’s U.S.-based subsidiaries are generally no longer subject to income tax examination by U.S. income tax authorities for the tax years ending before January 1, 2021. During 2018, the IRS published factors that allowed the Company to adjust its current and deferred tax liabilities based on the provisions of the Tax Act. The Tax Act has specific transition provisions associated with reserve discounting. The initial impact of the proposed regulations in 2018 was an increase to our deferred tax asset for the additional discount as of December 31, 2017 of $8.8 million offset by an increase to our deferred tax liability of $8.8 million representing the 8 year transition provision required by the Tax Act. During 2018, $1.1 million of this transition provision was recognized in our current provision and adjusted out of our deferred tax liability. The regulations were finalized in 2019, and the remaining reserve adjustment at December 31, 2019 based on these final regulations was $5.7 million to be recognized over the six years 2020 - 2025 at $950,000 per year. The expected income tax provision computed from pre-tax income at the weighted-average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable Federal statutory tax rate. Federal statutory tax rates of 0% and 21% have been used in 2024, 2023 and 2022 for Bermuda and the U.S., respectively. The U.S. income (loss) before Federal income taxes was $(40.0) million, $119.9 million, and $85.9 million for the years ending December 31, 2024, 2023, and 2022, respectively. The Tax Act base-erosion and anti-abuse tax (“BEAT”) provisions impose a minimum tax on applicable taxpayers that make certain payments to related foreign persons. BEAT subjects the modified taxable income of an applicable taxpayer to a specified tax rate (10% in 2024). Modified taxable income is generally calculated by adding back certain payments to related foreign persons to regular taxable income. A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Federal income tax expense (benefit) at applicable statutory rates $ (8,435) $ 25,175 $ 18,041 Tax-exempt investment income (216) (230) (225) Dividends received deduction (461) (386) (315) Excess tax expense (benefits) on share based compensation 740 449 530 Provision to return and amended tax returns 126 (211) 124 Excess §162(m) compensation 399 522 210 Other 68 (14) 49 Federal income tax expense (benefit) $ (7,779) $ 25,305 $ 18,414 U.S. state income tax expense 145 400 — Total income tax expense (benefit) $ (7,634) $ 25,705 $ 18,414 The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2024 and 2023 are summarized as follows: December 31, 2024 2023 (in thousands) Deferred tax assets: Accrued compensation expenses $ 3,696 $ 3,302 Reserve for losses and loss adjustment expenses 32,823 27,260 Unearned premiums 11,580 12,484 Share based compensation 1,543 1,692 Allowance for credit losses 4,496 3,240 Other invested assets 3,552 998 Net unrealized losses 18,595 16,613 Other 4,466 3,838 Total deferred tax assets 80,751 69,427 Deferred tax liabilities: Intangible assets 6,709 6,733 Deferred policy acquisition costs 6,337 6,614 Equity method investments 2,792 3,470 Other 3,743 4,313 Total deferred tax liabilities 19,581 21,130 Net deferred tax assets $ 61,170 $ 48,297 Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the jurisdiction of the paying entity. The Company asserts that U.S. unremitted earnings as of December 31, 2024 will be permanently reinvested in the U.S. and, accordingly, no provision for withholding taxes arising in respect to U.S. unremitted earnings has been made. The Company is considered a mixed company for net operating loss carryforward rules. A 20-year carryforward without an annual income limitation is applicable for insurance companies. The carryforward period for non-insurance companies is unlimited but limited to 80% of the current year taxable income. At December 31, 2024, the Company has $984,000 of net operating loss carryforwards that were generated in 2024 and do not expire. The Company had no reserve for future tax contingencies or liabilities (“unrecognized tax benefits”) at December 31, 2024 or 2023. The U.S. imposes a 1% excise tax on reinsurance premiums paid to non-U.S. reinsurers with respect to risks located in the U.S. The rates of tax are established based on the nature of the risk, unless reduced by an applicable U.S. tax treaty. The Company paid excise taxes of $204,000, $194,000, and $842,000 for the years ended December 31, 2024, 2023, and 2022, respectively, on written premiums assumed from third-party insurers with respect to risks located in the U.S. These excise taxes are reflected as “other operating expenses” in the Company’s Consolidated Statements of (Loss) Income and Comprehensive Loss.

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Other Operating Expenses and Other Expenses	Other Operating Expenses and Other Expenses Other operating expenses consist of the following: Year Ended December 31, 2024 2023 2022 (in thousands) Amortization of policy acquisition costs $ 65,960 $ 72,633 $ 49,809 Other underwriting expenses of the insurance segments 92,266 87,083 71,501 Other operating expenses of the Corporate and Other segment 34,972 33,940 31,260 Total $ 193,198 $ 193,656 $ 152,570 Other expenses of $6.1 million, $3.8 million, and $795,000 for the years ended December 31, 2024, 2023, and 2022, respectively, primarily consist of certain nonoperating expenses including legal fees related to a class action lawsuit, and legal and other professional fees and other expenses related to various strategic initiatives.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The Company and its subsidiaries offer savings plans (the “Savings Plans”) which qualify under Section 401(k) of the U.S. Internal Revenue Code. Participants may contribute certain percentages of their pre-tax salary to the Savings Plans subject to statutory limitations. The Company and its subsidiaries match employee contributions at various rates up to a maximum contribution of 6.0% of the participant’s earnings subject to certain statutory limits. For the years ended December 31, 2024, 2023, and 2022, the expense associated with the Savings Plans totaled $4.2 million, $4.1 million, and $3.5 million, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise in the ordinary course of business. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. On November 13, 2023, a purported class action lawsuit was filed in the U.S. District Court, Southern District of New York, on behalf of Paul Glantz against James River Group Holdings, Ltd. and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On January 12, 2024, both Mr. Glantz and Madhav Ghimire, another individual shareholder, filed an application with the court for appointment as lead plaintiff, and on January 26, 2024 Mr. Glantz filed a notice of non-opposition to Mr. Ghimire's competing motion for appointment as lead plaintiff. On March 25, 2024 the court entered an order appointing Mr. Ghimire as lead plaintiff. On May 24, 2024, plaintiff filed its consolidated amended complaint alleging that he acquired the Company’s common stock at artificially inflated pricing between May 2, 2023 and November 7, 2023, inclusive, that the Company knew and/or recklessly disregarded that it had improperly accounted for reinsurance premiums and did not have effective internal control over financial reporting, and that as a result, he suffered unspecified damages, and seeking unspecified damages, costs, attorneys' fees and such other relief as the court may deem proper. On July 23, 2024 the Company filed a motion to dismiss the consolidated amended complaint. On September 6, 2024, the plaintiff filed its Opposition to Motion to Dismiss and on October 8, 2024, the Company filed its Reply to the plaintiff's Opposition to Motion to Dismiss. On January 23, 2025 the court granted the Company's Motion to Dismiss with prejudice. On March 11, 2024, the Company filed a complaint (the “Complaint”) in the Supreme Court of the State of New York, New York County, Commercial Division against Fleming Intermediate Holdings LLC (“Fleming”), a Cayman Islands limited liability company, relating to the previously announced Stock Purchase Agreement, dated as of November 8, 2023 (the “Stock Purchase Agreement”), pursuant to which Fleming agreed to purchase all of the outstanding common shares of JRG Re (the “Transaction”). The complaint alleges that Fleming breached the Stock Purchase Agreement by its refusal to close the Transaction on March 1, 2024 as required under the terms of the Stock Purchase Agreement, and seeks specific performance of Fleming’s obligation to complete the Transaction and an award of damages. The Company subsequently filed a motion for preliminary injunction to require Fleming to fulfill its contractual obligation to close the Transaction, and on April 6, 2024 the Court granted the Company’s motion and ordered Fleming to complete the Transaction on or prior to April 16, 2024. On April 8, 2024, Fleming filed a notice of appeal of the preliminary injunction, which Fleming withdrew on October 9, 2024. The Transaction closed on April 16, 2024. On April 19, 2024, Fleming filed a motion to dismiss the Complaint. On May 9, 2024, the Company filed an amended complaint seeking, among other things, specific performance and damages suffered as a result of Fleming's breach of the Stock Purchase Agreement. On June 6, 2024, Fleming filed a motion to dismiss the amended complaint, on July 3, 2024 the Company filed an opposition to the motion to dismiss, on July 24, 2024 Fleming filed its reply to the opposition, and on October 29, 2024 the court heard oral argument on the motion to dismiss. On July 15, 2024, Fleming filed a lawsuit in the U.S. District Court, Southern District of New York against James River Group Holdings, Ltd. and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, common law fraud, and breaches of contract, and seeking unspecified monetary damages, including compensatory, consequential and punitive damages, all associated with Fleming's purchase of JRG Re pursuant to the Stock Purchase Agreement. On July 31, 2024, Fleming filed an amended complaint, on September 13, 2024 the Company filed a motion to dismiss the amended complaint, and on October 18, 2024 Fleming filed a second amended complaint. On November 15, 2024, the Company filed a motion to dismiss the second amended complaint, on December 23, 2024 Fleming filed an opposition to the motion to dismiss, and on January 17, 2025 the Company filed its reply to Fleming's opposition. The Company believes that it has substantial defenses and intends to vigorously defend this lawsuit. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts (the “Rasier Commercial Auto Policies”) to Rasier under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the Commercial Auto LPT, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. Since inception, due to adverse paid and reported loss trends on the legacy Rasier business, the Company has recognized adverse prior year development of $114.2 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $459.3 million at December 31, 2024. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT: • Pursuant to the Indemnity Agreements, Rasier is required to post collateral equal to 102% of James River's estimate of the amounts that are recoverable or may be recoverable under the Indemnity Agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In connection with the execution of the Commercial Auto LPT, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement. At December 31, 2024, the balance in the Indemnity Trust was $64.7 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $82.1 million. • Pursuant to the Commercial Auto LPT, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the Commercial Auto LPT, calculated in accordance with standard actuarial principles and based on reserves recorded in the Company's statutory financial statements. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At December 31, 2024, the balance in the LPT Trust was $30.1 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Commercial Auto LPT as described below, the total balance of collateral securing Aleka’s obligations under the Commercial Auto LPT was $37.8 million. At December 31, 2024, the total reinsurance recoverables under the Commercial Auto LPT was $36.6 million. In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At December 31, 2024, the balance in the Loss Fund Trust was $28.7 million, including $17.4 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $7.7 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheet. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in our collateral balances. In addition, the Company has credit exposure if its estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors exposure compared to collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that the Company has uncollateralized exposure.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	12 Months Ended
	Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income The following table summarizes the components of other comprehensive income (loss): Year Ended December 31, 2024 2023 2022 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (9,222) $ 105,368 $ (219,788) U.S. income taxes 1,937 (6,313) 26,780 Unrealized (losses) gains arising during the period, net of U.S. income taxes (7,285) 99,055 (193,008) Less reclassification adjustment: Net realized investment (losses) gains (1,278) (339) 275 U.S. income taxes 269 71 (261) Reclassification adjustment for investment (losses) gains realized in net income (1,009) (268) 14 Other comprehensive (loss) income $ (6,276) $ 99,323 $ (193,022) In addition to the net realized investment (losses) gains of $(1.3) million, $(339,000), and $275,000 on available-for-sale fixed maturity securities for the years ended December 31, 2024, 2023, and 2022, the Company recognized net realized and unrealized investment (losses) gains in the respective years of $(3.8) million, $5.5 million, and $(5.7) million on its investments in bank loan participations and $8.7 million, $5.2 million, and $(11.1) million on its investments in equity securities.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's continuing operations are comprised of three reportable segments, two of which are separately managed business units and the third (“Corporate and Other”) includes the Company’s remaining operations. The Excess and Surplus Lines segment primarily offers commercial excess and surplus lines liability and excess property insurance products. The Specialty Admitted Insurance segment offers specialty admitted fronting and program business and, prior to the sale of the Company's renewal rights in 2023, workers’ compensation insurance coverage. The Corporate and Other segment consists of certain management and treasury activities of James River Group, James River UK, and JRG Holdings as well as interest expense associated with senior debt and Junior Subordinated Debt, and investment income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Prior to entering into a definitive agreement to sell JRG Re on November 8, 2023, JRG Re was considered a reportable segment (the “Casualty Reinsurance” segment). After entering into the agreement to sell JRG Re, the Company no longer considers Casualty Reinsurance to be a reportable segment, but instead it is reported as discontinued operations. The segment information below excludes discontinued operations for all periods presented. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the Consolidated Statements of (Loss) Income and Comprehensive Loss less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting (see Retroactive Reinsurance Accounting in Note 8 - Reserve for Losses and Loss Adjustment Expenses ) and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Other operating expenses for the Corporate and Other segment include personnel costs associated with the Bermuda and U.S. holding companies, professional fees, share-based compensation for the full Company, and various other corporate expenses that were not reimbursed by our subsidiaries, including costs associated with rating agencies and strategic initiatives. Net commissions in the table below are net of amounts deferred as deferred policy acquisition costs. Employee compensation includes both cash and share-based compensation, as well as employer expenses related to payroll taxes and benefits, and is net of amounts allocated to losses and loss adjustment expenses and amounts deferred. All other operating expenses include, amongst other expenses, costs for insurance, outside professional fees including legal, audit, and consulting, office rent, bad debt expense, and taxes, licenses and fees on business written. Segment results are reported prior to the effects of intercompany pooling agreements and intercompany reinsurance agreements. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds. Segment revenues for each reportable segment consist of net earned premiums, net investment income, and realized and unrealized (losses) gains on investments. The Company's Chief Executive Officer ("CEO") has final authority over segment resource allocation decisions and performance assessment, and consequently, is identified as the Chief Operating Decision Maker ("CODM"). The CEO considers segment underwriting profit (loss) in the annual budget and forecasting process, and in monthly financial reviews of actual segment results compared to budget and prior year periods in order to assess segment performance and make strategic operating decisions regarding the business written by the segments, the allocation of capital and personnel to the segments, and compensation for segment employees. The segment information presented below aligns with the information that is presented regularly to the CEO. Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2024 Gross written premiums $ 1,017,029 $ 414,743 $ — $ 1,431,772 Net earned premiums 512,237 87,959 — 600,196 Fee income — 4,585 — 4,585 Losses and loss adjustment expenses 485,951 68,423 — 554,374 Less: losses and loss adjustment expense - retroactive reinsurance 37,237 — — 37,237 Losses and loss adjustment expenses excluding retroactive reinsurance 448,714 68,423 — 517,137 Other operating expenses: Net commissions 56,186 (11,243) — 44,943 Employee compensation 62,176 14,115 23,804 100,095 All other operating expenses 22,616 14,376 11,168 48,160 140,978 17,248 34,972 193,198 Underwriting (loss) profit (77,455) 6,873 (34,972) (105,554) Segment revenues 594,433 109,472 3,721 707,626 Net investment income 73,341 16,937 2,811 93,089 Interest expense — — 24,666 24,666 Segment goodwill 181,831 — — 181,831 Segment assets 3,516,399 1,390,894 99,783 5,007,076 Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2023 Gross written premiums $ 1,007,351 $ 501,309 $ — $ 1,508,660 Net earned premiums 609,566 98,439 — 708,005 Fee income — 5,301 — 5,301 Losses and loss adjustment expenses 425,035 75,122 — 500,157 Less: losses and loss adjustment expense - retroactive reinsurance 4,991 — — 4,991 Losses and loss adjustment expenses excluding retroactive reinsurance 420,044 75,122 — 495,166 Other operating expenses: Net commissions 61,542 (12,809) — 48,733 Employee compensation 57,436 18,492 22,502 98,430 All other operating expenses 16,197 18,858 11,438 46,493 135,175 24,541 33,940 193,656 Underwriting profit 54,347 4,077 (33,940) 24,484 Segment revenues 690,388 119,777 1,844 812,009 Net investment income 69,325 13,568 1,153 84,046 Interest expense — — 24,627 24,627 Segment goodwill 181,831 — — 181,831 Segment assets 3,083,798 1,387,020 63,039 4,533,857 Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2022 Gross written premiums $ 921,164 $ 490,208 $ — $ 1,411,372 Net earned premiums 555,597 74,137 — 629,734 Fee income — 3,761 — 3,761 Losses and loss adjustment expenses 382,094 58,548 — 440,642 Less: losses and loss adjustment expense - retroactive reinsurance 15,742 — — 15,742 Losses and loss adjustment expenses excluding retroactive reinsurance 366,352 58,548 — 424,900 Other operating expenses: Net commissions 47,006 (18,411) — 28,595 Employee compensation 47,898 17,823 20,857 86,578 All other operating expenses 11,290 15,704 10,403 37,397 106,194 15,116 31,260 152,570 Underwriting profit 83,051 4,234 (31,260) 56,025 Segment revenues 570,087 81,593 9,834 661,514 Net investment income 28,664 5,068 9,456 43,188 Interest expense — — 13,872 13,872 Segment goodwill 181,831 — — 181,831 Segment assets 2,627,956 1,277,988 85,332 3,991,276 The following table reconciles the underwriting (loss) profit of operating segments by individual segment to consolidated (loss) income from continuing operations before income taxes: Year Ended December 31, 2024 2023 2022 (in thousands) Underwriting (loss) profit of the operating segments: Excess and Surplus Lines $ (77,455) $ 54,347 $ 83,051 Specialty Admitted Insurance 6,873 4,077 4,234 Total underwriting (loss) profit of operating segments (70,582) 58,424 87,285 Other operating expenses of the Corporate and Other segment (34,972) (33,940) (31,260) Underwriting (loss) profit (105,554) 24,484 56,025 Losses and loss adjustment expenses - retroactive reinsurance (37,237) (4,991) (15,742) Net investment income 93,089 84,046 43,188 Net realized and unrealized gains (losses) on investments 3,625 10,441 (15,720) Other income 6,131 4,216 551 Other expenses (6,145) (3,792) (795) Interest expense (24,666) (24,627) (13,872) Amortization of intangible assets (363) (363) (363) Impairment of intangible assets — (2,500) — (Loss) income from continuing operations before income taxes $ (71,120) $ 86,914 $ 53,272 The Company currently has 15 underwriting divisions, including 14 in the Excess and Surplus Lines segment, and one in the Specialty Admitted Insurance segment. Each underwriting division focuses on a specific industry group or coverage. Gross written premiums by segment and underwriting division are presented below: Year Ended December 31, 2024 2023 2022 (in thousands) Excess Casualty $ 325,017 $ 339,870 $ 310,383 General Casualty 237,632 202,861 173,574 Manufacturers and Contractors 176,494 180,074 156,645 Excess Property 53,254 64,574 52,104 Energy 46,405 51,593 42,290 Small Business 39,946 38,561 36,930 Allied Health 31,791 30,904 34,156 Commercial Auto 27,819 29,379 37,974 Life Sciences 25,642 27,595 32,277 Sports and Entertainment 22,192 17,826 13,934 Environmental 20,096 13,832 20,676 Professional Liability 9,367 9,264 8,936 Medical Professionals 870 955 1,285 Management Liability 504 63 — Total Excess and Surplus Lines segment 1,017,029 1,007,351 921,164 Specialty Admitted Insurance segment 414,743 501,309 490,208 Total $ 1,431,772 $ 1,508,660 $ 1,411,372 The Company does business with three brokers that generated $345.1 million, $245.5 million and $134.1 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2024, representing 24.1%, 17.1% and 9.4% of consolidated gross written premiums and 33.9%, 24.1% and 13.2% of the Excess and Surplus Lines segment’s gross written premiums, respectively. The Company has agency contracts with various branches within the aforementioned brokers. No other broker generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2024. No individual insured generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2024. The Specialty Admitted Insurance segment accepts applications for insurance from a variety of sources, including program administrators and managing general agents (“MGAs”). The Company does business with two agencies that generated $175.7 million and $63.7 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2024, representing 12.3% and 4.5% of consolidated gross written premiums and 42.4% and 15.4% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. No other agency generated 10.0% or more of the gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2024.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company's investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets ( e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2022. The Company reviews fair value prices provided by its outside investment accounting service provider or investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for the investment manager that obtains fair values from independent pricing services. Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 196,564 $ — $ 196,564 Residential mortgage-backed — 326,227 — 326,227 Corporate — 475,485 — 475,485 Commercial mortgage and asset-backed — 170,458 — 170,458 U.S. Treasury securities and obligations guaranteed by the U.S. government 20,999 — — 20,999 Total fixed maturity securities, available-for-sale $ 20,999 $ 1,168,734 $ — $ 1,189,733 Equity securities: Preferred stock $ — $ 71,245 $ — $ 71,245 Common stock 12,693 2,536 5 15,234 Total equity securities $ 12,693 $ 73,781 $ 5 $ 86,479 Bank loan participations $ — $ 142,410 $ — $ 142,410 Short-term investments $ — $ 97,074 $ — $ 97,074 Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 248,837 $ — $ 248,837 Residential mortgage-backed — 317,928 — 317,928 Corporate — 505,728 — 505,728 Commercial mortgage and asset-backed — 222,853 — 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,130 — — 29,130 Total fixed maturity securities, available-for-sale $ 29,130 $ 1,295,346 $ — $ 1,324,476 Equity securities: Preferred stock $ — $ 69,310 $ — $ 69,310 Common stock 48,370 2,254 11 50,635 Total equity securities $ 48,370 $ 71,564 $ 11 $ 119,945 Bank loan participations $ — $ 156,169 $ — $ 156,169 Short-term investments $ — $ 72,137 $ — $ 72,137 A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below: Year Ended December 31, 2024 2023 2022 (in thousands) Beginning balance $ 11 $ 7 $ 39 Transfers in to Level 3 — — — Transfers out of Level 3 — — — Purchases — — — Sales — — (35) Maturities, calls and paydowns — — — Amortization of discount — — — Total gains or losses (realized/unrealized): Included in earnings (6) 4 3 Included in other comprehensive income — — — Ending balance $ 5 $ 11 $ 7 The Company held one equity security at December 31, 2024 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $5,000 for the equity security was obtained from our asset manager and was derived from an internal model. The Company held one equity security at December 31, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $11,000 for the equity security was obtained from our asset manager and was derived from an internal model. The Company held one equity security at December 31, 2022 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $7,000 for the equity security was obtained from our asset manager and was derived from an internal model. Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for which the Company was previously unable to obtain reliable prices. Transfers in to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes. There were no transfers between Level 1 and Level 2 during 2024, 2023 or 2022. The Company recognizes transfers between levels at the beginning of the reporting period. In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price. Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. There were no investments for which external sources were unavailable to determine fair value as of December 31, 2024 and 2023. The carrying values and fair values of financial instruments are summarized below: December 31, 2024 2023 Carrying Fair Carrying Fair (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,189,733 $ 1,189,733 $ 1,324,476 $ 1,324,476 Equity securities 86,479 86,479 119,945 119,945 Bank loan participations 142,410 142,410 156,169 156,169 Cash and cash equivalents 362,345 362,345 274,298 274,298 Restricted cash equivalents 28,705 28,705 72,449 72,449 Short-term investments 97,074 97,074 72,137 72,137 Other invested assets – notes receivable 13,902 12,877 12,174 11,702 Liabilities Senior debt 200,800 201,787 222,300 223,408 Junior subordinated debt 104,055 121,766 104,055 138,264 The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity. The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at December 31, 2024 and 2023 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at December 31, 2024 and 2023, respectively. The Company also utilized an internally developed valuation model based on the spread of a comparable market index to determine the fair value of certain other invested assets-notes receivable at December 31, 2024 and 2023. The fair values of senior debt and junior subordinated debt at December 31, 2024 and 2023 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Statutory Matters

Statutory Matters	12 Months Ended
	Dec. 31, 2024
Statutory Matters [Abstract]
Statutory Matters	Statutory Matters U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) the classification and carrying amounts of investments in certain securities are different under SAP and GAAP, and (d) the criteria for providing asset valuation allowances and the methodologies used to determine the amount thereof are different under SAP and GAAP. Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2024, 2023, and 2022 and for the years then ended are summarized as follows: 2024 2023 2022 (in thousands) Statutory net income (loss) $ 40,731 $ 90,469 $ 42,565 Statutory capital and surplus 642,978 615,427 493,303 Minimum required statutory capital and surplus 286,392 220,449 165,809 Risk-Based Capital (“RBC”) requirements promulgated by the National Association of Insurance Commissioners require property-casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2024, the insurance subsidiaries’ adjusted capital and surplus exceeds their authorized control level RBC.

Dividend Restrictions

Dividend Restrictions	12 Months Ended
	Dec. 31, 2024
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividend Restrictions	Dividend Restrictions The insurance statutes of the U.S.-based insurance subsidiaries’ states of domicile limit the amount of dividends that they may pay annually without first obtaining regulatory approval. Generally, the limitations are based on the greater of statutory net income for the preceding year or 10.0% of statutory surplus at the end of the preceding year. The maximum amount of dividends available to James River Group from its U.S. insurance subsidiaries during 2025 without regulatory approval is $64.3 million. However, U.S. insurance regulators have broad powers to prevent the reduction of statutory surplus to inadequate levels and could refuse to permit the payment of dividends. Distributions from the Company’s U.S.-based subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. The payment of any dividends by the Company’s U.S.-based subsidiaries directly to a Bermuda-based entity is subject to U.S. taxes at a 30.0% tax rate. JRG Holdings has determined that earnings of its U.S. subsidiaries have been and will be indefinitely reinvested in U.S. operations.

Other Related Party Transaction

Other Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company leases a commercial office building which houses the Company’s Richmond, Virginia operations under the terms of a non-cancelable lease from an entity with which it is affiliated. The term of the lease, which has been amended from time to time, runs through 2026. Operating costs under the lease were $2.1 million for each of the years ended December 31, 2024, 2023, and 2022, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 27, 2025, the Company borrowed $25.0 million on the unsecured revolver of the 2013 Facility, increasing the outstanding drawn balance to $210.8 million. The Company remains in compliance with financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) under the 2013 Facility after giving effect to this borrowing. On February 20, 2025, the Board of Directors declared a cash dividend of $0.01 per common share. The dividend is payable on March 31, 2025 to shareholders of record on March 10, 2025. On February 20, 2025, the Board of Directors declared a quarterly dividend on the Series A Preferred Shares. The dividend of $2.0 million will be payable in cash on March 31, 2025 to shareholders of record on March 15, 2025. On February 20, 2025, the Board of Directors approved awards under the 2014 LTIP and the 2014 Director Plan to the Company’s employees and directors with an aggregate fair value of $9.1 million and a grant date of March 5, 2025.

SCHEDULE I - Summary of Investm

SCHEDULE I - Summary of Investments - Other than Investments 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]
Summary of Investments - Other than Investments in Related Parties	Summary of Investments—Other than Investments in Related Parties Type of Investment Cost or Fair Amount at which shown on Balance Sheet (1) (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ 223,009 $ 196,564 $ 196,564 Residential mortgage-backed 352,064 326,227 326,227 Corporate 503,610 475,485 475,485 Commercial mortgage and asset-backed 178,238 170,458 170,458 U.S. Treasury securities and obligations guaranteed by the U.S. government 21,416 20,999 20,999 Total fixed maturity securities, available-for-sale 1,278,337 1,189,733 1,189,733 Equity securities: Preferred Stock 67,044 71,245 71,245 Common Stock 15,634 15,234 15,234 Total equity securities 82,678 86,479 86,479 Bank loan participations 147,321 142,410 142,410 Short-term investments 97,074 97,074 97,074 Other invested assets 29,010 Total invested assets $ 1,544,706 (1) Differences between the amounts in this column and the amounts in the consolidated balance sheet are due to this schedule excluding investments in related parties.

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	Condensed Financial Information of Registrant Balance Sheets (Parent Company) December 31, 2024 2023 (in thousands) Assets Cash and cash equivalents $ 64,525 $ 1,961 Investment in subsidiaries (1) 732,285 894,848 Due from subsidiaries — 166 Other assets 31,775 52,013 Total assets $ 828,585 $ 948,988 Liabilities and shareholders’ equity Liabilities: Accrued expenses $ 1,716 $ 3,971 Senior debt 185,800 207,300 Junior subordinated debt 15,928 15,928 Due to subsidiaries 863 — Other liabilities 30,248 42,270 Total liabilities 234,555 269,469 Commitments and contingent liabilities Series A redeemable preferred shares 133,115 144,898 Shareholders’ equity: Class A common shares 9 7 Additional paid-in capital 933,311 876,240 Retained deficit (402,408) (277,905) Accumulated other comprehensive (loss) income (69,997) (63,721) Total shareholders’ equity 460,915 534,621 Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 828,585 $ 948,988 See accompanying notes. SCHEDULE II JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES Condensed Financial Information of Registrant Statements of (Loss) Income and Comprehensive Loss (Parent Company) Year Ended December 31, 2024 2023 2022 (in thousands) Revenues: Net investment income $ 1,860 $ — $ — Other income 90 88 55 Total revenues 1,950 88 55 Expenses: Other operating expenses 14,142 14,689 12,890 Other expenses 9,619 4,049 747 Interest expense 15,484 15,685 8,579 Total expenses 39,245 34,423 22,216 Loss before equity in net (loss) income of subsidiaries (37,295) (34,335) (22,161) Equity in net (loss) income of subsidiaries (1) (43,825) (73,349) 53,134 Net (loss) income $ (81,120) $ (107,684) $ 30,973 Other comprehensive (loss) income: Equity in other comprehensive (losses) earnings of subsidiaries (6,276) 99,323 (193,022) Total comprehensive loss $ (87,396) $ (8,361) $ (162,049) (1) Includes amounts for JRG Re which was classified as held for sale on our Consolidated Balance Sheets as of December 31, 2023. The sale of JRG Re closed on April 16, 2024. Operating results of JRG Re are included in discontinued operations in our Consolidated Statements of (Loss) Income and Comprehensive Loss. See Note 2 - Discontinued Operations. See accompanying notes. SCHEDULE II JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES Condensed Financial Information of Registrant Statements of Cash Flows (Parent Company) Year Ended December 31, 2024 2023 2022 (in thousands) Operating activities Net (loss) income $ (81,120) $ (107,684) $ 30,973 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Provision for depreciation and amortization 474 345 216 Share based compensation expense 6,631 9,116 8,122 Equity in undistributed earnings of subsidiaries 43,825 73,349 (53,134) Changes in operating assets and liabilities 2,996 47,673 68,272 Net cash provided by operating activities (27,194) 22,799 54,449 Investing activities Sale of JRG Re 136,213 — — Dividends from subsidiaries 5,755 — — Net cash provided by investing activities 141,968 — — Financing activities Senior debt repayments (21,500) — (40,000) Contribution to subsidiary (23,364) — (144,000) Payment of debt issuance costs — (1,135) — Issuance of Series A preferred shares — — 144,898 Enstar common share investment 12,500 — — Payroll taxes withheld and remitted on net settlement of RSUs (847) (1,734) (1,304) Dividends on Series A preferred shares (12,768) (10,500) (6,125) Dividends on common shares (6,231) (7,746) (7,798) Net cash used in financing activities (52,210) (21,115) (54,329) Change in cash and cash equivalents 62,564 1,684 120 Cash and cash equivalents at beginning of period 1,961 277 157 Cash and cash equivalents at end of period $ 64,525 $ 1,961 $ 277 Supplemental information Interest paid $ 17,137 $ 16,949 $ 9,342 See accompanying notes. SCHEDULE II JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES Condensed Financial Information of Registrant Notes to Condensed Financial Statements 1. Accounting Policies Organization James River Group Holdings, Ltd. (the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities. Basis of Presentation The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements. Estimates and Assumptions Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. Adopted Accounting Standards No accounting standards were adopted during the year ended December 31, 2024 that had a material impact on our financial statements.

SCHEDULE III - Supplementary In

SCHEDULE III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	Supplementary Insurance Information (in thousands) Deferred Reserve Unearned Net Net Losses Amortization Other Net December 31, 2024 Excess and Surplus Lines $ 31,085 $ 2,226,038 $ 447,711 $ 512,237 $ 73,341 $ 485,951 $ 69,704 $ 140,978 $ 508,445 Specialty Admitted (910) 858,368 124,323 87,959 16,937 68,423 (3,744) 17,248 72,409 Corporate and Other — — — — 2,811 — — 34,972 — Total $ 30,175 $ 3,084,406 $ 572,034 $ 600,196 $ 93,089 $ 554,374 $ 65,960 $ 193,198 $ 580,854 December 31, 2023 Excess and Surplus Lines $ 30,625 $ 1,769,788 $ 428,570 $ 609,566 $ 69,325 $ 425,035 $ 75,890 $ 135,175 $ 589,551 Specialty Admitted 872 836,319 159,329 98,439 13,568 75,122 (3,257) 24,541 104,350 Corporate and Other — — — — 1,153 — — 33,940 — Total $ 31,497 $ 2,606,107 $ 587,899 $ 708,005 $ 84,046 $ 500,157 $ 72,633 $ 193,656 $ 693,901 December 31, 2022 Excess and Surplus Lines $ 36,917 $ 1,585,861 $ 405,139 $ 555,597 $ 28,664 $ 382,094 $ 59,457 $ 106,194 $ 589,056 Specialty Admitted (4,080) 755,102 173,057 74,137 5,068 58,548 (9,648) 15,116 76,390 Corporate and Other — — — — 9,456 — — 31,260 — Total $ 32,837 $ 2,340,963 $ 578,196 $ 629,734 $ 43,188 $ 440,642 $ 49,809 $ 152,570 $ 665,446

SCHEDULE IV - Reinsurance

SCHEDULE IV - Reinsurance	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	Reinsurance Direct Ceded Assumed Net Percentage (in thousands) Year Ended December 31, 2024 Excess and Surplus Lines Written Premiums $ 1,017,029 $ 508,584 $ — $ 508,445 — Specialty Admitted Written Premiums 412,762 342,334 1,981 72,409 2.7 % Total Written Premiums $ 1,429,791 $ 850,918 $ 1,981 $ 580,854 0.3 % Year Ended December 31, 2023 Excess and Surplus Lines Written Premiums $ 1,007,351 $ 417,800 $ — $ 589,551 — Specialty Admitted Written Premiums 499,317 396,959 1,992 104,350 1.9 % Total Written Premiums $ 1,506,668 $ 814,759 $ 1,992 $ 693,901 0.3 % Year Ended December 31, 2022 Excess and Surplus Lines Written Premiums $ 921,164 $ 332,108 $ — $ 589,056 — Specialty Admitted Written Premiums 487,360 413,818 2,848 76,390 3.7 % Total Written Premiums $ 1,408,524 $ 745,926 $ 2,848 $ 665,446 0.4 %

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]
Valuation and Qualifying Accounts	Valuation and Qualifying Accounts Balance Additions Amounts Charged to Expense Deductions Amounts Written Off or Disposals Balance (in thousands) Year Ended December 31, 2024 Allowance for Credit Losses on Premiums Receivable and Agents' Balances $ 17,916 $ 6,905 $ (2,494) $ 22,327 Allowance for Credit Losses on Reinsurance Balances 660 555 — 1,215 Total $ 18,576 $ 7,460 $ (2,494) $ 23,542 Year Ended December 31, 2023 Allowance for Credit Losses on Premiums Receivable and Agents' Balances $ 16,248 $ 2,826 $ (1,158) $ 17,916 Allowance for Credit Losses on Reinsurance Balances 580 80 — 660 Total $ 16,828 $ 2,906 $ (1,158) $ 18,576 Year Ended December 31, 2022 Allowance for Credit Losses on Premiums Receivable and Agents' Balances $ 16,680 $ 1,051 $ (1,483) $ 16,248 Allowance for Credit Losses on Reinsurance Balances 607 (27) — 580 Total $ 17,287 $ 1,024 $ (1,483) $ 16,828

SCHEDULE VI - Supplementary Inf

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Supplementary Information Concerning Property Casualty Insurance Operations	Supplementary Information Concerning Property Casualty Insurance Operations Year Ended December 31, 2024 2023 2022 (in thousands) Deferred policy acquisition costs $ 30,175 $ 31,497 $ 32,837 Reserve for losses and loss adjustment expenses 3,084,406 2,606,107 2,340,963 Unearned premiums 572,034 587,899 578,196 Net earned premiums 600,196 708,005 629,734 Net investment income 93,089 84,046 43,188 Losses and loss adjustment expenses incurred: Current year 441,058 463,530 429,260 Prior years - retroactive reinsurance 37,237 4,991 15,742 Prior years - excluding retroactive reinsurance 76,079 31,636 (4,360) Total losses and loss adjustment expenses incurred 554,374 500,157 440,642 Amortization of policy acquisition costs 65,960 72,633 49,809 Paid losses and loss adjustment expenses, net of reinsurance 364,590 328,959 318,355 Net written premiums 580,854 693,901 665,446

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 (loss) income	$ (81,120)	$ (107,684)	$ 30,973

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]	Risk Identification & Mitigation Cyber risk is incorporated into the Company’s larger enterprise risk management practices, which include efforts to identify, assess, rank, treat, monitor and review risks. Cyber risks are assessed no less than annually by the CIO and CISO. Significant findings from these internal assessments are presented to management for incorporation into the enterprise risk management framework, and appropriate measures to mitigate and monitor the identified risks are developed and implemented. Strategic and emergent cyber-related efforts are shared with the wider information technology team and other stakeholders within the business for both informational and execution purposes. The Company assesses and monitors third-party risks and closely tracks cyber threats such as ransomware and emergent web-based vulnerabilities. A variety of controls exist to minimize the impact of these risks and ensure each is managed within organizational tolerances, which controls are monitored by management for effectiveness. In addition, James River's Information Security Office conducts cybersecurity risk reviews on new and existing third-party vendors and business partners, which are presented to management so that either appropriate risk mitigation controls can be established with respect to such third-party or the Company can avoid engaging with such third-party if they are deemed to present an unacceptable level of risk. Independent cybersecurity testing is performed by outside parties on at least an annual basis to identify opportunities for cyber control strengthening in the face of applicable threats. The results of these evaluations are reviewed and prioritized by the CIO and CISO based on their applicability and urgency to address gaps and drive continuous improvement. These findings, along with resultant enhancement and remediation efforts, are communicated with the Company’s Board of Directors. Training The Information Security Office conducts company-wide cybersecurity training, including through an annually required course of online training modules and a continuous email phishing test campaign. In addition, the CISO leads periodic cybersecurity tabletop exercises with company leadership to continually improve the organization’s preparedness for cyber incidents. These exercises consider real-world events that could impact the business and seek to fine-tune response activities in an effort to minimize future cybersecurity incident impacts. See Item 1A. Risk Factors — General Risk Factors " We rely on our systems and employees, and those of certain third-party vendors and service providers in conducting our operations, and certain failures, including internal or external fraud, operational errors, systems malfunctions, or cyber-security incidents, could materially adversely affect our operations" for additional discussion.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company utilizes widely-recognized frameworks based on practices believed to be effective for managing cybersecurity risk, including the development of an organizational understanding of systems, assets, data and capabilities, and the development and implementation of safeguards and processes designed to ensure delivery of services and to detect, respond to and recover from cybersecurity events. Significant time and resources are devoted to the protection of the Company’s systems and data, including the staffing of an experienced internal cybersecurity team, the use of a variety of preventative, detective and recovery tools, and engagement with external service providers to bolster the Company’s cyber defense and response capabilities.
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]	Board Oversight The Company’s Board of Directors provides oversight of the Company’s cybersecurity risks through its Audit Committee. Three of the eight members of the Board of Directors, all Audit Committee members, possess skills related to information technology and cybersecurity. The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Board of Directors provides oversight of the Company’s cybersecurity risks through its Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Role of Management [Text Block]	Cyber risks are assessed no less than annually by the CIO and CISO. Significant findings from these internal assessments are presented to management for incorporation into the enterprise risk management framework, and appropriate measures to mitigate and monitor the identified risks are developed and implemented. Strategic and emergent cyber-related efforts are shared with the wider information technology team and other stakeholders within the business for both informational and execution purposes. The Company assesses and monitors third-party risks and closely tracks cyber threats such as ransomware and emergent web-based vulnerabilities. A variety of controls exist to minimize the impact of these risks and ensure each is managed within organizational tolerances, which controls are monitored by management for effectiveness. In addition, James River's Information Security Office conducts cybersecurity risk reviews on new and existing third-party vendors and business partners, which are presented to management so that either appropriate risk mitigation controls can be established with respect to such third-party or the Company can avoid engaging with such third-party if they are deemed to present an unacceptable level of risk. Independent cybersecurity testing is performed by outside parties on at least an annual basis to identify opportunities for cyber control strengthening in the face of applicable threats. The results of these evaluations are reviewed and prioritized by the CIO and CISO based on their applicability and urgency to address gaps and drive continuous improvement. These findings, along with resultant enhancement and remediation efforts, are communicated with the Company’s Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Information Security Office conducts company-wide cybersecurity training, including through an annually required course of online training modules and a continuous email phishing test campaign. In addition, the CISO leads periodic cybersecurity tabletop exercises with company leadership to continually improve the organization’s preparedness for cyber incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer (CIO) has more than 30 years of information technology and cybersecurity experience and our Chief Information Security Officer (CISO) has more than 15 years of direct cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.
Held-for-Sale and Discontinued Operations	Held-for-Sale and Discontinued Operations
Estimates and Assumptions	Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Fixed Maturity and Equity Securities	Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in n et realized and unrealized gains (losses) on investments . Unrealized losses that are not credit-related are recognized in other comprehensive income.
Bank Loan Participations	Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of (Loss) Income and Comprehensive Loss as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations 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. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Other Invested Assets	Other Invested Assets Other invested assets at December 31, 2024 and 2023 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.
Short-Term Investments	Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.
Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash Equivalents	Restricted Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.
Direct Written Premiums	Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Premiums Receivable and Agents' Balances, Net	Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $16.4 million and $11.5 million at December 31, 2024 and 2023, respectively. The allowance for credit losses was $22.3 million and $17.9 million at December 31, 2024 and 2023, respectively. Credit loss expense was $6.9 million for the year ended December 31, 2024, $2.8 million for the year ended December 31, 2023, and $1.1 million for the year ended December 31, 2022. Receivables written off against the allowance for credit losses totaled $2.5 million for the year ended December 31, 2024, $1.2 million for the year ended December 31, 2023, and $1.5 million for the year ended December 31, 2022. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.
Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts and Retroactive Reinsurance Accounting	Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2024 and 2023 was $1.2 million and $660,000, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts. Retroactive Reinsurance Accounting Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method.
Other Income	Other Income
Income Taxes	Income Taxes
Goodwill	Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. In the fourth quarter of 2024, the Company determined that the decrease in the share price of the Company’s common stock during the quarter was an indication of impairment, and accordingly, the Company performed impairment testing on its goodwill and other intangible assets using a December 31, 2024 valuation date. As a result of this testing, the Company concluded that no impairment of the intangible assets had occurred. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business. Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Share Based Compensation	Share Based Compensation The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted share units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive loss.
Variable Interest Entities	Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares 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 potential common shares.
Adopted and Prospective Accounting Standards	Adopted Accounting Standards The guidance in ASU 2023-07 —Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional segment disclosures in Note 20. The new standard did not have a material impact on the Company's financial statements. No accounting standards were adopted during the year ended December 31, 2024 that had a material impact on our financial statements. Prospective Accounting Standards The guidance in ASU 2023-09 —Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on the Company's financial statements. The guidance in ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements. There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2024 .
Leases	Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive loss.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted (Loss) Earnings Per Share	The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per common share computations contained in the consolidated financial statements. Year Ended December 31, 2024 2023 2022 (in thousands, except share and per share amounts) Net (loss) income from continuing operations $ (63,486) $ 61,209 $ 34,858 Less: Dividends on Series A preferred shares (37,149) (10,500) (8,750) (Loss) income from continuing operations available to common shareholders $ (100,635) $ 50,709 $ 26,108 Loss from discontinued operations (17,634) (168,893) (3,885) Net (loss) income available to common shareholders $ (118,269) $ (118,184) $ 22,223 Weighted average common shares outstanding: Basic 38,685,003 37,618,660 37,442,856 Dilutive potential common shares — 191,780 208,113 Diluted 38,685,003 37,810,440 37,650,969 Net (loss) income per common share: Basic Continuing operations $ (2.60) $ 1.35 $ 0.70 Discontinued operations $ (0.46) $ (4.49) $ (0.11) $ (3.06) $ (3.14) $ 0.59 Diluted Continuing operations $ (2.60) $ 1.34 $ 0.69 Discontinued operations $ (0.46) $ (4.47) $ (0.10) $ (3.06) $ (3.13) $ 0.59

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, JRG Re's Assets and Liabilities and Operating Results	JRG Re's assets and liabilities held for sale at December 31, 2023 were comprised of the following: December 31, 2023 (in thousands) Assets Invested assets: Fixed maturity securities, at fair value $ 532,242 Equity securities, at fair value 2,779 Total invested assets 535,021 Cash and cash equivalents 13,202 Accrued investment income 3,589 Premiums receivable and agents’ balances, net 68,441 Reinsurance recoverable on unpaid and paid losses, net 234,615 Deferred policy acquisition costs 4,986 Write down of JRG Re to fair value less cost to sell (80,400) Other assets 3,939 Assets held for sale $ 783,393 Liabilities Reserve for losses and loss adjustment expenses $ 441,666 Unearned premiums 17,223 Funds held 137,796 Deferred reinsurance gain 33,167 Accrued expenses 1,955 Other liabilities 9,690 Liabilities held for sale $ 641,497 The operating results of JRG Re reported in discontinued operations were as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Revenues: Gross written premiums $ 1,137 $ 17,357 $ 85,208 Ceded written premiums 877 2,178 (2,175) Net written premiums 2,014 19,535 83,033 Change in net unearned premiums 8,371 75,874 53,394 Net earned premiums 10,385 95,409 136,427 Net investment income 4,432 23,038 27,923 Net realized and unrealized (losses) gains on investments (9,472) (53,693) (12,598) Other income — — 430 Total revenues 5,345 64,754 152,182 Expenses: Losses and loss adjustment expenses 13,157 120,294 104,172 Other operating expenses 5,039 27,983 42,987 Other expenses — 1,402 5,202 Interest expense 732 3,568 3,706 Total expenses 18,928 153,247 156,067 Loss from discontinued operations (13,583) (88,493) (3,885) Loss on disposal of discontinued operations (4,051) (80,400) — Total loss from discontinued operations (17,634) (168,893) (3,885) Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Net cash used in operating activities of discontinued operations $ (25,115) $ (115,907) $ (25,122) Net cash provided by investing activities of discontinued operations 63,104 115,145 8,497 Net cash provided by (used in) discontinued operations $ 37,989 $ (762) $ (16,625) Interest paid by discontinued operations $ 1,388 $ 3,951 $ 2,578

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Schedule of Summary of Available-for-Sale Investments	The Company’s available-for-sale fixed maturity securities are summarized as follows: Cost or Gross Gross Fair (in thousands) December 31, 2024 Fixed maturity securities: State and municipal $ 223,009 $ 598 $ (27,043) $ 196,564 Residential mortgage-backed 352,064 32 (25,869) 326,227 Corporate 503,610 1,358 (29,483) 475,485 Commercial mortgage and asset-backed 178,238 112 (7,892) 170,458 U.S. Treasury securities and obligations guaranteed by the U.S. government 21,416 2 (419) 20,999 Total fixed maturity securities, available-for-sale $ 1,278,337 $ 2,102 $ (90,706) $ 1,189,733 December 31, 2023 Fixed maturity securities: State and municipal $ 273,462 $ 1,834 $ (26,459) $ 248,837 Residential mortgage-backed 336,064 1,243 (19,379) 317,928 Corporate 530,408 4,167 (28,847) 505,728 Commercial mortgage and asset-backed 235,302 78 (12,527) 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,900 8 (778) 29,130 Total fixed maturity securities, available-for-sale $ 1,405,136 $ 7,330 $ (87,990) $ 1,324,476
Schedule of Summary of Available-for-Sale Investments by Contractual Maturity	The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2024 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 23,591 $ 23,350 After one year through five years 325,901 318,588 After five years through ten years 252,201 227,714 After ten years 146,342 123,396 Residential mortgage-backed 352,064 326,227 Commercial mortgage and asset-backed 178,238 170,458 Total $ 1,278,337 $ 1,189,733
Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities	The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross (in thousands) December 31, 2024 Fixed maturity securities: State and municipal $ 35,979 $ (1,087) $ 146,547 $ (25,956) $ 182,526 $ (27,043) Residential mortgage-backed 179,807 (5,285) 140,559 (20,584) 320,366 (25,869) Corporate 149,149 (4,281) 220,743 (25,202) 369,892 (29,483) Commercial mortgage and asset-backed 17,991 (65) 101,525 (7,827) 119,516 (7,892) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,653 (115) 12,412 (304) 20,065 (419) Total fixed maturity securities, available-for-sale $ 390,579 $ (10,833) $ 621,786 $ (79,873) $ 1,012,365 $ (90,706) December 31, 2023 Fixed maturity securities: State and municipal $ 30,196 $ (287) $ 168,517 $ (26,172) $ 198,713 $ (26,459) Residential mortgage-backed 68,497 (1,256) 145,954 (18,123) 214,451 (19,379) Corporate 55,970 (532) 290,308 (28,315) 346,278 (28,847) Commercial mortgage and asset-backed 24,048 (151) 182,295 (12,376) 206,343 (12,527) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,961 (71) 19,889 (707) 27,850 (778) Total fixed maturity securities, available-for-sale $ 186,672 $ (2,297) $ 806,963 $ (85,693) $ 993,635 $ (87,990)
Schedule of Major Categories of the Company' s Net Investment Income	Major categories of the Company’s net investment income are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Fixed maturity securities $ 48,262 $ 49,793 $ 28,131 Bank loan participations 16,992 11,984 4,256 Equity securities 7,424 6,548 5,479 Other invested assets 4,855 5,049 3,408 Cash, cash equivalents, restricted cash equivalents, and short-term investments 19,249 13,703 4,170 Gross investment income 96,782 87,077 45,444 Investment expense (3,693) (3,031) (2,256) Net investment income $ 93,089 $ 84,046 $ 43,188
Schedule of Summary of Realized Gains and Losses	The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 1,613 $ — $ 1,534 Gross realized losses (2,891) (339) (291) (1,278) (339) 1,243 Equity securities: Gross realized gains 11,061 1,845 1,248 Gross realized losses (1,439) (320) (685) Changes in fair values of equity securities (873) 3,722 (11,685) 8,749 5,247 (11,122) Bank loan participations: Gross realized gains 845 306 63 Gross realized losses (4,069) (3,806) (428) Changes in fair values of bank loan participations (620) 9,049 (5,381) (3,844) 5,549 (5,746) Short-term investments and other: Gross realized gains 1 2 1 Gross realized losses (2) (18) (96) Changes in fair values of short-term investments and other (1) — — (2) (16) (95) Total $ 3,625 $ 10,441 $ (15,720)
Schedule of Available-for-Sale Gross Unrealized Gains or Losses	The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 1,613 $ — $ 1,534 Gross realized losses (2,891) (339) (291) (1,278) (339) 1,243 Equity securities: Gross realized gains 11,061 1,845 1,248 Gross realized losses (1,439) (320) (685) Changes in fair values of equity securities (873) 3,722 (11,685) 8,749 5,247 (11,122) Bank loan participations: Gross realized gains 845 306 63 Gross realized losses (4,069) (3,806) (428) Changes in fair values of bank loan participations (620) 9,049 (5,381) (3,844) 5,549 (5,746) Short-term investments and other: Gross realized gains 1 2 1 Gross realized losses (2) (18) (96) Changes in fair values of short-term investments and other (1) — — (2) (16) (95) Total $ 3,625 $ 10,441 $ (15,720)
Schedule of Other Invested Assets	The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies. Carrying Value Investment Income December 31, Year Ended December 31, 2024 2023 2024 2023 2022 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 7,690 $ 8,382 $ 1,447 $ 2,375 $ 3,366 Corporate & Other — — 293 524 435 7,690 8,382 1,740 2,899 3,801 Renewable energy notes receivable ( b) Excess and Surplus Lines — 608 61 108 270 Corporate & Other — 761 77 136 337 — 1,369 138 244 607 Limited partnerships (c) Excess and Surplus Lines 14,644 11,914 2,393 1,566 (805) Corporate & Other 464 664 — — (538) 15,108 12,578 2,393 1,566 (1,343) Private Debt (d) Excess and Surplus Lines 13,902 10,805 584 340 343 Corporate & Other — — — — — 13,902 10,805 584 340 343 Total other invested assets Excess and Surplus Lines 36,236 31,709 4,485 4,389 3,174 Corporate & Other 464 1,425 370 660 234 $ 36,700 $ 33,134 $ 4,855 $ 5,049 $ 3,408 (a) The Company’s Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Company’s former Non-Executive Chairman invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. The Company received proceeds of $20.2 million, comprised of $17.2 million in the Excess and Surplus Lines segment and $3.0 million in the Corporate and Other segment. During the year ended December 31, 2023, the Company received additional proceeds from the sales of $3.1 million in the Excess and Surplus Lines segment and $524,000 in the Corporate and Other segment. During the year ended December 31, 2024, the Company received additional proceeds from the sales of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment. The Company received cash distributions from all renewable energy investments totaling $439,000 and $3.7 million for the years ended December 31, 2024 and 2023, respectively. (b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in two notes receivable for renewable energy projects. Interest on the notes, which mature in 2025, is fixed at 12%. During the year ended December 31, 2024 , the Company received principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. During the year ended December 31, 2023 , the Company received principal repayments of $593,000 and $742,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. (c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. During the year ended December 31, 2022, the Company recognized an impairment loss of $538,000 on one limited partnership in the Corporate & Other segment. At December 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $4.7 million in these limited partnerships and a $20.0 million commitment to invest in a new limited partnership. (d) The Company's Excess and Surplus Lines segment holds two notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. At December 31, 2024, the Company's Excess and Surplus Lines segment has outstanding commitments to invest another $2.3 million in these notes. Previously, the Company's Excess and Surplus Lines segment held $4.5 million of subordinated notes issued by a bank holding company for which the former Non-Executive Chairman of the Company was previously the Lead Independent Director. The notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum.

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Schedule of Deferred Policy Acquisition Costs	An analysis of deferred policy acquisition costs is as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Balance at beginning of period $ 31,497 $ 32,837 $ 21,399 Policy acquisition costs deferred: Commissions 43,720 47,665 38,190 Underwriting and other issue expenses 20,918 23,628 23,057 64,638 71,293 61,247 Amortization of policy acquisition costs (65,960) (72,633) (49,809) Net change (1,322) (1,340) 11,438 Balance at end of period $ 30,175 $ 31,497 $ 32,837

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amounts and Accumulated Amortization for Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: December 31, 2024 2023 Life Gross Accumulated Gross Accumulated (in thousands) Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,825 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,825 11,611 7,462 $ 40,275 $ 7,825 $ 40,275 $ 7,462
Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: December 31, 2024 2023 Life Gross Accumulated Gross Accumulated (in thousands) Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,825 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,825 11,611 7,462 $ 40,275 $ 7,825 $ 40,275 $ 7,462
Schedule of Future Estimated Amortization	Future estimated amortization of specifically identifiable intangible assets as of December 31, 2024 is as follows ( in thousands) : 2025 $ 363 2026 363 2027 363 2028 363 2029 363 Thereafter 1,971 Total $ 3,786
Schedule of Acquired Indefinite-Lived Intangible Assets	The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024: December 31, 2023 December 31, 2024 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,148 (363) — 3,785 28,748 (363) — 28,385 Specialty Admitted Insurance Trademarks — — — — Insurance licenses and authorities 4,065 — — 4,065 4,065 — — 4,065 Total identifiable intangible assets $ 32,813 $ (363) $ — $ 32,450 The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023: December 31, 2022 December 31, 2023 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,511 (363) — 4,148 29,111 (363) — 28,748 Specialty Admitted Insurance Trademarks 2,500 — (2,500) — Insurance licenses and authorities 4,065 — — 4,065 6,565 — (2,500) 4,065 Total identifiable intangible assets $ 35,676 $ (363) $ (2,500) $ 32,813
Schedule of Acquired Finite-Lived Intangible Assets	The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024: December 31, 2023 December 31, 2024 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,148 (363) — 3,785 28,748 (363) — 28,385 Specialty Admitted Insurance Trademarks — — — — Insurance licenses and authorities 4,065 — — 4,065 4,065 — — 4,065 Total identifiable intangible assets $ 32,813 $ (363) $ — $ 32,450 The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023: December 31, 2022 December 31, 2023 Net Carrying Amortization Impairment Net Carrying (in thousands) Excess and Surplus Lines Trademarks $ 19,700 $ — $ — $ 19,700 Insurance licenses and authorities 4,900 — — 4,900 Broker relationships 4,511 (363) — 4,148 29,111 (363) — 28,748 Specialty Admitted Insurance Trademarks 2,500 — (2,500) — Insurance licenses and authorities 4,065 — — 4,065 6,565 — (2,500) 4,065 Total identifiable intangible assets $ 35,676 $ (363) $ (2,500) $ 32,813

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following: December 31, 2024 2023 (in thousands) Electronic data processing hardware and software $ 24,902 $ 19,693 Furniture and equipment 1,763 2,136 Property and equipment, cost basis 26,665 21,829 Accumulated depreciation (6,892) (4,834) Property and equipment, net $ 19,773 $ 16,995

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Lease Maturities	The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2024, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets: Years ending December 31, (in thousands) 2025 $ 3,150 2026 1,196 2027 914 2028 538 2029 158 Thereafter — Total lease payments 5,956 Less imputed interest (357) Total operating lease liabilities $ 5,599

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses	The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $1.2 million, $660,000, and $580,000 at December 31, 2024, 2023, and 2022, respectively. Year Ended December 31, 2024 2023 2022 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,246,973 $ 1,080,766 $ 974,221 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 441,058 463,530 429,260 Prior years - retroactive reinsurance 37,237 4,991 15,742 Prior years - excluding retroactive reinsurance 76,079 31,636 (4,360) Total incurred losses and loss and adjustment expenses 554,374 500,157 440,642 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 31,313 32,410 33,720 Prior years 333,277 296,549 284,635 Total loss and loss adjustment expense payments 364,590 328,959 318,355 Deduct: Change in deferred reinsurance gain - retroactive reinsurance 37,237 4,991 15,742 Deduct: Loss reserves ceded in E&S ADC 313,242 — — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,086,278 1,246,973 1,080,766 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,998,128 1,359,134 1,260,197 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 3,084,406 $ 2,606,107 $ 2,340,963
Schedule of Retroactive Reinsurance	The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2024, 2023, and 2022. Year Ended December 31, 2024 2023 2022 (in thousands) Commercial Auto LPT Deferred retroactive reinsurance gain at beginning of period $ 20,733 $ 15,742 $ — Adverse prior year development on subject business 3,051 64,403 46,697 Retroactive reinsurance benefits under the recovery method (14,562) (59,412) (30,955) Deferred retroactive reinsurance gain at end of period $ 9,222 $ 20,733 $ 15,742 E&S ADC Deferred retroactive reinsurance gain at beginning of period $ — $ — $ — Adverse prior year development ceded on subject business 48,748 — — Retroactive reinsurance benefits under the recovery method — — — Deferred retroactive reinsurance gain at end of period $ 48,748 $ — $ — Total Deferred retroactive reinsurance gain at beginning of period $ 20,733 $ 15,742 $ — Adverse prior year development on subject business 51,799 64,403 46,697 Retroactive reinsurance benefits under the recovery method (14,562) (59,412) (30,955) Deferred retroactive reinsurance gain at end of period $ 57,970 $ 20,733 $ 15,742
Schedule of Incurred and Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance	Excess and Surplus Lines — Excluding Commercial Auto Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 126,443 $ 113,417 $ 104,847 $ 102,434 $ 103,688 $ 110,466 $ 114,398 $ 116,085 $ 118,599 $ 122,048 2016 138,507 125,093 126,050 126,971 125,097 132,235 135,491 141,242 148,400 2017 144,349 131,897 132,136 124,265 128,674 134,272 147,196 155,593 2018 167,004 158,458 146,633 150,687 151,563 167,237 173,186 2019 214,653 194,759 189,671 188,061 204,844 228,076 2020 239,897 211,732 207,210 231,658 273,883 2021 304,435 286,343 274,120 307,338 2022 340,436 293,402 320,146 2023 369,255 330,330 2024 360,426 Total $ 2,419,426 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 4,048 $ 17,164 $ 34,801 $ 55,911 $ 73,455 $ 87,344 $ 94,494 $ 103,138 $ 110,860 $ 112,793 2016 5,180 22,852 46,045 70,105 90,166 102,072 116,059 126,916 133,928 2017 5,290 22,956 42,764 64,924 81,303 102,866 120,229 132,182 2018 6,000 26,160 50,679 76,494 105,538 124,903 138,319 2019 8,235 31,346 62,227 103,836 136,289 166,472 2020 8,642 34,561 73,106 117,892 168,550 2021 11,693 55,070 100,649 154,168 2022 12,713 51,537 108,960 2023 10,927 49,094 2024 11,096 Total $ 1,175,562 Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC $ 1,243,864 Reinsurance recoverable for E&S ADC $ 349,337 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (81 claims outstanding) $ 14,834 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 909,361 Excess and Surplus Lines — Commercial Auto Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 30,109 $ 33,113 $ 35,149 $ 36,139 $ 36,636 $ 37,839 $ 38,046 $ 37,915 $ 37,950 $ 37,778 2016 74,340 109,286 126,791 147,122 157,712 164,399 164,046 165,744 165,121 2017 207,355 208,743 272,421 319,472 355,713 366,636 376,251 376,306 2018 255,881 230,220 283,408 349,067 371,637 389,244 389,261 2019 262,306 240,773 339,771 365,279 408,340 416,654 2020 19,133 10,899 12,324 19,009 22,062 2021 21,154 16,565 17,319 19,998 2022 26,126 19,921 19,730 2023 18,181 16,089 2024 11,602 Total $ 1,474,601 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 8,356 $ 15,234 $ 24,282 $ 31,592 $ 34,819 $ 35,983 $ 36,710 $ 37,462 $ 37,725 $ 37,753 2016 18,295 54,054 89,381 125,108 141,545 152,030 158,819 162,219 164,491 2017 41,467 107,377 192,961 252,169 309,860 344,235 364,501 369,931 2018 45,136 119,099 184,686 257,346 329,009 368,865 379,246 2019 44,225 107,182 192,982 285,725 358,920 393,141 2020 628 2,854 7,304 14,151 17,705 2021 2,810 4,313 10,325 12,936 2022 1,897 5,365 8,691 2023 2,066 5,341 2024 319 Total $ 1,389,554 Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT $ 85,047 Reinsurance recoverable for Commercial Auto LPT $ 35,315 Reinsurance recoverable for E&S ADC $ 12,653 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (0 claims outstanding) $ 25 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 37,104 Specialty Admitted — Individual Risk Workers’ Compensation Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 20,938 $ 21,274 $ 19,741 $ 18,376 $ 17,626 $ 16,492 $ 16,468 $ 16,409 $ 16,096 $ 16,093 2016 21,678 20,299 18,050 15,800 14,050 13,069 12,790 12,510 12,502 2017 24,869 22,071 19,779 18,810 16,606 15,487 15,360 15,318 2018 16,432 16,288 16,038 14,200 12,139 11,829 11,793 2019 20,253 21,056 20,631 18,129 17,624 17,408 2020 20,137 22,240 19,389 18,934 18,617 2021 14,519 14,713 12,668 12,702 2022 14,507 11,828 11,096 2023 21,095 19,218 2024 12,715 Total $ 147,462 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 6,604 $ 13,285 $ 15,118 $ 15,889 $ 15,901 $ 16,068 $ 16,069 $ 16,071 $ 16,071 $ 16,071 2016 4,664 10,227 12,135 12,432 12,481 12,483 12,483 12,483 12,483 2017 6,546 12,782 14,285 15,195 15,210 15,236 15,279 15,286 2018 4,497 9,034 11,412 11,746 11,765 11,752 11,747 2019 5,473 13,776 16,254 16,909 17,154 17,179 2020 7,394 14,668 16,665 17,206 17,606 2021 5,874 10,780 11,679 11,865 2022 5,943 9,732 10,348 2023 6,126 12,764 2024 4,998 Total $ 130,347 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (2 claims outstanding) $ 151 Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools $ 3,106 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 20,372 Specialty Admitted — Fronting and Programs Incurred losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 7,136 $ 9,632 $ 9,358 $ 8,974 $ 8,384 $ 8,444 $ 8,436 $ 8,279 $ 8,195 $ 8,176 2016 11,542 15,670 14,682 15,522 14,468 15,090 14,304 13,289 13,133 2017 21,229 24,271 25,201 24,728 25,097 24,893 23,128 23,576 2018 21,758 20,677 19,822 20,158 19,268 19,193 19,129 2019 18,832 19,020 19,991 18,956 18,777 18,210 2020 25,433 28,131 31,555 34,705 34,650 2021 39,999 44,857 47,505 46,526 2022 47,262 51,101 50,544 2023 53,635 58,449 2024 55,536 Total $ 327,929 Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands) Accident Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 $ 2,058 $ 4,666 $ 6,165 $ 6,919 $ 7,329 $ 7,654 $ 7,728 $ 7,824 $ 8,007 $ 8,034 2016 1,894 5,123 6,888 10,732 10,896 11,711 12,142 12,321 12,567 2017 1,223 6,682 13,065 15,854 18,219 20,655 20,770 21,752 2018 885 4,972 10,495 12,631 14,059 15,424 16,457 2019 4,358 5,125 9,958 13,007 14,914 15,740 2020 5,375 15,678 20,903 26,523 29,084 2021 8,347 18,106 27,156 34,120 2022 13,018 23,284 30,131 2023 13,145 26,983 2024 14,745 Total $ 209,613 All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (1 claim outstanding) $ — Outstanding losses and loss adjustment expenses, assumed from involuntary pools $ 1,125 Total outstanding losses and loss adjustment expenses, net of reinsurance $ 119,441
Schedule of Reserve for Losses and Loss Adjustment Expenses	The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2024 is as follows (in thousands): E&S – excluding commercial auto $ 909,361 E&S – commercial auto 37,104 Specialty Admitted – individual risk workers’ compensation 20,372 Specialty Admitted – fronting and programs 119,441 Net reserve for losses and loss adjustment expenses 1,086,278 Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables) 1,998,128 Gross reserve for losses and loss adjustment expenses $ 3,084,406
Schedule of Average Annual Percentage Payouts of Incurred Claims by Age, Net of Reinsurance	The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 E&S – excluding commercial auto 3.4 % 11.5 % 14.7 % 16.4 % 14.7 % 11.5 % 8.5 % 7.4 % 5.5 % 1.6 % E&S – commercial auto 10.9 % 16.3 % 21.6 % 20.2 % 14.3 % 7.4 % 3.5 % 1.8 % 1.0 % 0.1 % Specialty Admitted – individual risk workers’ compensation 29.1 % 32.3 % 15.5 % 7.7 % 6.1 % 3.3 % 1.9 % 1.0 % 1.0 % 0.7 % Specialty Admitted – fronting and programs 19.8 % 21.4 % 20.1 % 13.3 % 8.0 % 5.0 % 3.7 % 3.8 % 2.4 % 2.1 %
Schedule of Incurred But Not Reported Liabilities and Claims Frequency	The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs: Excess and Surplus Lines — Excluding Commercial Auto Accident Year Incurred Losses IBNR before E&S ADC IBNR net of E&S ADC Cumulative # of ($ in thousands) 2015 $ 122,048 $ 4,065 $ 1,765 2,739 2016 148,400 6,758 2,841 3,807 2017 155,593 9,949 4,336 4,963 2018 173,186 12,942 5,904 6,156 2019 228,076 29,201 12,652 7,284 2020 273,883 59,368 28,306 6,980 2021 307,338 104,355 45,322 6,074 2022 320,146 145,381 61,332 5,628 2023 330,330 232,184 97,166 4,456 2024 360,426 330,304 330,304 2,885 Excess and Surplus Lines — Commercial Auto Accident Year Incurred Losses IBNR before Commercial Auto LPT& E&S ADC IBNR net of Commercial Auto LPT & E&S ADC Cumulative # of ($ in thousands) 2015 $ 37,778 $ 25 $ 1 41,771 2016 165,121 169 6 89,117 2017 376,306 2,477 84 134,150 2018 389,261 4,126 6 97,342 2019 416,654 10,790 33 71,494 2020 22,062 1,873 827 637 2021 19,998 3,974 1,666 791 2022 19,730 6,699 2,587 528 2023 16,089 7,714 3,154 299 2024 11,602 10,735 10,735 203 Specialty Admitted - Individual Risk Workers’ Compensation Accident Year Incurred Losses IBNR Cumulative # of ($ in thousands) 2015 $ 16,071 $ 22 975 2016 12,483 19 836 2017 15,306 11 1,093 2018 11,773 20 1,238 2019 17,227 180 1,555 2020 18,277 340 1,381 2021 12,409 293 1,301 2022 10,814 281 1,050 2023 18,772 446 907 2024 9,877 2,838 283  Specialty Admitted — Fronting and Programs Accident Year Incurred Losses IBNR Cumulative # of ($ in thousands) 2015 $ 8,146 $ 30 1,363 2016 13,009 124 2,825 2017 22,734 842 6,809 2018 18,230 899 7,416 2019 17,235 976 8,170 2020 32,526 2,125 9,173 2021 39,679 6,846 10,848 2022 39,210 11,335 10,153 2023 42,655 15,794 10,075 2024 23,396 32,140 7,364

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
Schedule of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses	Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Written premiums: Direct $ 1,429,791 $ 1,506,668 $ 1,408,524 Assumed 1,981 1,992 2,848 Ceded (850,918) (814,759) (745,926) Net $ 580,854 $ 693,901 $ 665,446 Earned premiums: Direct $ 1,445,652 $ 1,496,708 $ 1,378,619 Assumed 1,984 2,250 3,032 Ceded (847,440) (790,953) (751,917) Net $ 600,196 $ 708,005 $ 629,734 Losses and loss adjustment expenses: Direct $ 1,343,698 $ 1,204,532 $ 937,393 Assumed 730 2,032 1,344 Ceded (790,054) (706,407) (498,095) Net $ 554,374 $ 500,157 $ 440,642

Junior Subordinated Debt (Table

Junior Subordinated Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Subordinated Borrowings [Abstract]
Schedule of Junior Subordinated Debt	The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2024 (including the Company’s repurchases of a portion of these trust preferred securities): James River James River James River James River Franklin ($ in thousands) Issue date May 26, December 15, June 15, December 11, January 10, Principal amount of Trust Preferred Securities $7,000 $15,000 $20,000 $54,000 $30,000 Principal amount of Junior Subordinated Debt $7,217 $15,464 $20,619 $55,670 $30,928 Carrying amount of Junior Subordinated Debt net of repurchases $7,217 $15,464 $20,619 $44,827 $15,928 Maturity date of Junior Subordinated Debt, unless accelerated earlier May 24, December 15, June 15, December 15, March 15, Trust common stock $217 $464 $619 $1,670 $928 Interest rate, per annum Three-Month SOFR plus 4.3% Three-Month SOFR plus 3.7% Three-Month SOFR plus 3.3% Three-Month SOFR plus 3.4% Three-Month SOFR plus 4.3%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Rollforward of Changes in Common Shares Issued and Outstanding	The following table presents a rollforward of changes in common shares issued and outstanding. Year Ended December 31, 2024 2023 Issued and outstanding common shares, beginning of year 37,641,563 37,470,237 Conversion of Series A Preferred Shares to common shares 5,859,375 — Enstar common share investment 1,953,125 — Vesting of RSU awards 190,255 171,326 Issued and outstanding common shares, end of year 45,644,318 37,641,563
Schedule of Cash Dividends Declared	The Board of Directors declared the following cash dividends on common shares in 2024, 2023, and 2022: Date of Dividend per Payable to Shareholders Payment Date Total Amount (thousands) 2024 February 15, 2024 $0.05 March 11, 2024 March 29, 2024 $ 1,940 April 25, 2024 $0.05 June 10, 2024 June 28, 2024 $ 1,939 July 25, 2024 $0.05 September 16, 2024 September 30, 2024 $ 1,938 November 9, 2024 $0.01 December 16, 2024 December 31, 2024 $ 446 Total $0.16 $ 6,263 2023 February 16, 2023 $0.05 March 13, 2023 March 31, 2023 $ 1,922 April 27, 2023 $0.05 June 12, 2023 June 30, 2023 $ 1,921 July 27, 2023 $0.05 September 11, 2023 September 29, 2023 $ 1,922 October 26, 2023 $0.05 December 11, 2023 December 29, 2023 $ 1,919 Total $0.20 $ 7,684 2022 February 16, 2022 $0.05 March 14, 2022 March 31, 2022 $ 1,908 April 28, 2022 $0.05 June 13, 2022 June 30, 2022 $ 1,908 July 26, 2022 $0.05 September 12, 2022 September 30, 2022 $ 1,908 October 25, 2022 $0.05 December 12, 2022 December 30, 2022 $ 1,908 Total $0.20 $ 7,632

Equity Awards (Tables)

Equity Awards (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Summary of Option Activity	The following table summarizes the option activity: Year Ended December 31, 2024 2023 2022 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding: Beginning of year 74,390 $ 42.17 287,974 $ 35.26 287,974 $ 35.26 Granted — $ — — $ — — $ — Exercised — $ — — $ — — $ — Lapsed (74,390) $ 42.17 (164,548) $ 32.07 — $ — Forfeited — $ — (49,036) $ 35.50 — $ — End of year — $ — 74,390 $ 42.17 287,974 $ 35.26 Exercisable, end of year — $ — 74,390 $ 42.17 287,974 $ 35.26
Schedule of Summary of RSU Activity	The following table summarizes RSU activity: Year Ended December 31, 2024 2023 2022 Shares Weighted- Shares Weighted- Shares Weighted- Unvested, beginning of year 751,254 $ 23.48 665,458 $ 25.98 292,135 $ 45.89 Granted 541,520 $ 9.75 388,517 $ 24.13 560,680 $ 20.61 Vested (276,428) $ 24.80 (250,793) $ 30.99 (147,530) $ 45.16 Forfeited (101,494) $ 17.55 (51,928) $ 24.08 (39,827) $ 25.41 PRSU performance adjustment (29,679) $ 24.83 — $ — — $ — Unvested, end of year 885,173 $ 15.30 751,254 $ 23.48 665,458 $ 25.98
Schedule of Summary of Share Based Compensation Amount of Expense and Related Tax Benefit	Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below: Year Ended December 31, 2024 2023 2022 (in thousands) Share based compensation expense $ 6,631 $ 9,116 $ 8,122 U.S. tax benefit on share based compensation expense $ 1,214 $ 1,690 $ 1,526

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of the Difference Between Federal Income Tax Provision (Benefit) and Expected Tax Provision (Benefit)	A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows: Year Ended December 31, 2024 2023 2022 (in thousands) Federal income tax expense (benefit) at applicable statutory rates $ (8,435) $ 25,175 $ 18,041 Tax-exempt investment income (216) (230) (225) Dividends received deduction (461) (386) (315) Excess tax expense (benefits) on share based compensation 740 449 530 Provision to return and amended tax returns 126 (211) 124 Excess §162(m) compensation 399 522 210 Other 68 (14) 49 Federal income tax expense (benefit) $ (7,779) $ 25,305 $ 18,414 U.S. state income tax expense 145 400 — Total income tax expense (benefit) $ (7,634) $ 25,705 $ 18,414
Schedule of Deferred Tax Assets (Liabilities) at the Current Prevailing Corporate Income Tax Rate	The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2024 and 2023 are summarized as follows: December 31, 2024 2023 (in thousands) Deferred tax assets: Accrued compensation expenses $ 3,696 $ 3,302 Reserve for losses and loss adjustment expenses 32,823 27,260 Unearned premiums 11,580 12,484 Share based compensation 1,543 1,692 Allowance for credit losses 4,496 3,240 Other invested assets 3,552 998 Net unrealized losses 18,595 16,613 Other 4,466 3,838 Total deferred tax assets 80,751 69,427 Deferred tax liabilities: Intangible assets 6,709 6,733 Deferred policy acquisition costs 6,337 6,614 Equity method investments 2,792 3,470 Other 3,743 4,313 Total deferred tax liabilities 19,581 21,130 Net deferred tax assets $ 61,170 $ 48,297

Other Operating Expenses and _2

Other Operating Expenses and Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Expenses	Other operating expenses consist of the following: Year Ended December 31, 2024 2023 2022 (in thousands) Amortization of policy acquisition costs $ 65,960 $ 72,633 $ 49,809 Other underwriting expenses of the insurance segments 92,266 87,083 71,501 Other operating expenses of the Corporate and Other segment 34,972 33,940 31,260 Total $ 193,198 $ 193,656 $ 152,570

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	12 Months Ended
	Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Comprehensive Income (Loss)	The following table summarizes the components of other comprehensive income (loss): Year Ended December 31, 2024 2023 2022 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (9,222) $ 105,368 $ (219,788) U.S. income taxes 1,937 (6,313) 26,780 Unrealized (losses) gains arising during the period, net of U.S. income taxes (7,285) 99,055 (193,008) Less reclassification adjustment: Net realized investment (losses) gains (1,278) (339) 275 U.S. income taxes 269 71 (261) Reclassification adjustment for investment (losses) gains realized in net income (1,009) (268) 14 Other comprehensive (loss) income $ (6,276) $ 99,323 $ (193,022)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Summary of Company's Segment Results	The segment information presented below aligns with the information that is presented regularly to the CEO. Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2024 Gross written premiums $ 1,017,029 $ 414,743 $ — $ 1,431,772 Net earned premiums 512,237 87,959 — 600,196 Fee income — 4,585 — 4,585 Losses and loss adjustment expenses 485,951 68,423 — 554,374 Less: losses and loss adjustment expense - retroactive reinsurance 37,237 — — 37,237 Losses and loss adjustment expenses excluding retroactive reinsurance 448,714 68,423 — 517,137 Other operating expenses: Net commissions 56,186 (11,243) — 44,943 Employee compensation 62,176 14,115 23,804 100,095 All other operating expenses 22,616 14,376 11,168 48,160 140,978 17,248 34,972 193,198 Underwriting (loss) profit (77,455) 6,873 (34,972) (105,554) Segment revenues 594,433 109,472 3,721 707,626 Net investment income 73,341 16,937 2,811 93,089 Interest expense — — 24,666 24,666 Segment goodwill 181,831 — — 181,831 Segment assets 3,516,399 1,390,894 99,783 5,007,076 Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2023 Gross written premiums $ 1,007,351 $ 501,309 $ — $ 1,508,660 Net earned premiums 609,566 98,439 — 708,005 Fee income — 5,301 — 5,301 Losses and loss adjustment expenses 425,035 75,122 — 500,157 Less: losses and loss adjustment expense - retroactive reinsurance 4,991 — — 4,991 Losses and loss adjustment expenses excluding retroactive reinsurance 420,044 75,122 — 495,166 Other operating expenses: Net commissions 61,542 (12,809) — 48,733 Employee compensation 57,436 18,492 22,502 98,430 All other operating expenses 16,197 18,858 11,438 46,493 135,175 24,541 33,940 193,656 Underwriting profit 54,347 4,077 (33,940) 24,484 Segment revenues 690,388 119,777 1,844 812,009 Net investment income 69,325 13,568 1,153 84,046 Interest expense — — 24,627 24,627 Segment goodwill 181,831 — — 181,831 Segment assets 3,083,798 1,387,020 63,039 4,533,857 Excess and Specialty Corporate Total (in thousands) As of and for the Year Ended December 31, 2022 Gross written premiums $ 921,164 $ 490,208 $ — $ 1,411,372 Net earned premiums 555,597 74,137 — 629,734 Fee income — 3,761 — 3,761 Losses and loss adjustment expenses 382,094 58,548 — 440,642 Less: losses and loss adjustment expense - retroactive reinsurance 15,742 — — 15,742 Losses and loss adjustment expenses excluding retroactive reinsurance 366,352 58,548 — 424,900 Other operating expenses: Net commissions 47,006 (18,411) — 28,595 Employee compensation 47,898 17,823 20,857 86,578 All other operating expenses 11,290 15,704 10,403 37,397 106,194 15,116 31,260 152,570 Underwriting profit 83,051 4,234 (31,260) 56,025 Segment revenues 570,087 81,593 9,834 661,514 Net investment income 28,664 5,068 9,456 43,188 Interest expense — — 13,872 13,872 Segment goodwill 181,831 — — 181,831 Segment assets 2,627,956 1,277,988 85,332 3,991,276
Schedule of Underwriting Profit (Loss) of Operating Segments by Individual Segment and Reconciliation to Consolidated Income (Loss) from Continuing Operations Before Taxes	The following table reconciles the underwriting (loss) profit of operating segments by individual segment to consolidated (loss) income from continuing operations before income taxes: Year Ended December 31, 2024 2023 2022 (in thousands) Underwriting (loss) profit of the operating segments: Excess and Surplus Lines $ (77,455) $ 54,347 $ 83,051 Specialty Admitted Insurance 6,873 4,077 4,234 Total underwriting (loss) profit of operating segments (70,582) 58,424 87,285 Other operating expenses of the Corporate and Other segment (34,972) (33,940) (31,260) Underwriting (loss) profit (105,554) 24,484 56,025 Losses and loss adjustment expenses - retroactive reinsurance (37,237) (4,991) (15,742) Net investment income 93,089 84,046 43,188 Net realized and unrealized gains (losses) on investments 3,625 10,441 (15,720) Other income 6,131 4,216 551 Other expenses (6,145) (3,792) (795) Interest expense (24,666) (24,627) (13,872) Amortization of intangible assets (363) (363) (363) Impairment of intangible assets — (2,500) — (Loss) income from continuing operations before income taxes $ (71,120) $ 86,914 $ 53,272
Schedule of Gross Written Premiums by Segment and Underwriting Division	Gross written premiums by segment and underwriting division are presented below: Year Ended December 31, 2024 2023 2022 (in thousands) Excess Casualty $ 325,017 $ 339,870 $ 310,383 General Casualty 237,632 202,861 173,574 Manufacturers and Contractors 176,494 180,074 156,645 Excess Property 53,254 64,574 52,104 Energy 46,405 51,593 42,290 Small Business 39,946 38,561 36,930 Allied Health 31,791 30,904 34,156 Commercial Auto 27,819 29,379 37,974 Life Sciences 25,642 27,595 32,277 Sports and Entertainment 22,192 17,826 13,934 Environmental 20,096 13,832 20,676 Professional Liability 9,367 9,264 8,936 Medical Professionals 870 955 1,285 Management Liability 504 63 — Total Excess and Surplus Lines segment 1,017,029 1,007,351 921,164 Specialty Admitted Insurance segment 414,743 501,309 490,208 Total $ 1,431,772 $ 1,508,660 $ 1,411,372

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 196,564 $ — $ 196,564 Residential mortgage-backed — 326,227 — 326,227 Corporate — 475,485 — 475,485 Commercial mortgage and asset-backed — 170,458 — 170,458 U.S. Treasury securities and obligations guaranteed by the U.S. government 20,999 — — 20,999 Total fixed maturity securities, available-for-sale $ 20,999 $ 1,168,734 $ — $ 1,189,733 Equity securities: Preferred stock $ — $ 71,245 $ — $ 71,245 Common stock 12,693 2,536 5 15,234 Total equity securities $ 12,693 $ 73,781 $ 5 $ 86,479 Bank loan participations $ — $ 142,410 $ — $ 142,410 Short-term investments $ — $ 97,074 $ — $ 97,074 Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 248,837 $ — $ 248,837 Residential mortgage-backed — 317,928 — 317,928 Corporate — 505,728 — 505,728 Commercial mortgage and asset-backed — 222,853 — 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,130 — — 29,130 Total fixed maturity securities, available-for-sale $ 29,130 $ 1,295,346 $ — $ 1,324,476 Equity securities: Preferred stock $ — $ 69,310 $ — $ 69,310 Common stock 48,370 2,254 11 50,635 Total equity securities $ 48,370 $ 71,564 $ 11 $ 119,945 Bank loan participations $ — $ 156,169 $ — $ 156,169 Short-term investments $ — $ 72,137 $ — $ 72,137
Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below: Year Ended December 31, 2024 2023 2022 (in thousands) Beginning balance $ 11 $ 7 $ 39 Transfers in to Level 3 — — — Transfers out of Level 3 — — — Purchases — — — Sales — — (35) Maturities, calls and paydowns — — — Amortization of discount — — — Total gains or losses (realized/unrealized): Included in earnings (6) 4 3 Included in other comprehensive income — — — Ending balance $ 5 $ 11 $ 7
Schedule of Carrying Value and Fair Value	The carrying values and fair values of financial instruments are summarized below: December 31, 2024 2023 Carrying Fair Carrying Fair (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,189,733 $ 1,189,733 $ 1,324,476 $ 1,324,476 Equity securities 86,479 86,479 119,945 119,945 Bank loan participations 142,410 142,410 156,169 156,169 Cash and cash equivalents 362,345 362,345 274,298 274,298 Restricted cash equivalents 28,705 28,705 72,449 72,449 Short-term investments 97,074 97,074 72,137 72,137 Other invested assets – notes receivable 13,902 12,877 12,174 11,702 Liabilities Senior debt 200,800 201,787 222,300 223,408 Junior subordinated debt 104,055 121,766 104,055 138,264

Statutory Matters (Tables)

Statutory Matters (Tables)	12 Months Ended
	Dec. 31, 2024
Statutory Matters [Abstract]
Schedule of Statutory Accounting	Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2024, 2023, and 2022 and for the years then ended are summarized as follows: 2024 2023 2022 (in thousands) Statutory net income (loss) $ 40,731 $ 90,469 $ 42,565 Statutory capital and surplus 642,978 615,427 493,303 Minimum required statutory capital and surplus 286,392 220,449 165,809

Accounting Policies - Narrative

Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) insurance_company shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 243,882,000	$ 249,490,000
Allowance for credit losses	22,300,000	17,900,000
Credit loss expense	6,900,000	2,800,000	$ 1,100,000
Allowance for credit losses written off	2,500,000	1,200,000	1,500,000
Allowance for credit losses on reinsurance recoverables	1,200,000	660,000	580,000
Fee income	4,585,000	5,301,000	3,761,000
Deferred tax assets, valuation allowance	0	0
Impairment of intangible assets	0
Investment in variable interest entities	7,700,000	8,400,000
Excess and Surplus Lines
Accounting Policies [Line Items]
Broker incentive income	$ 5,400,000	$ 1,300,000	$ 471,000
Stock Options, Restricted Stock Units and Convertible Preferred Stock
Accounting Policies [Line Items]
Number of securities excluded from the calculations of diluted (loss) earnings per share (in shares) | shares	7,886,906	5,722,915	4,728,461
Minimum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	7 years
Property and equipment, estimated useful lives (in years)	3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	27 years 6 months
Property and equipment, estimated useful lives (in years)	10 years
Receivables greater than 90 days past due
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 16,400,000	$ 11,500,000
United States
Accounting Policies [Line Items]
Number of insurance companies | insurance_company	5

Accounting Policies - Schedule

Accounting Policies - Schedule of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net (loss) income from continuing operations	$ (63,486)	$ 61,209	$ 34,858
Less: Dividends on Series A preferred shares	(37,149)	(10,500)	(8,750)
Net (loss) income available to common shareholders	(100,635)	50,709	26,108
Loss from discontinued operations	(17,634)	(168,893)	(3,885)
Net (loss) income available to common shareholders	$ (118,269)	$ (118,184)	$ 22,223
Weighted average common shares outstanding:
Basic (in shares)	38,685,003	37,618,660	37,442,856
Dilutive potential common shares (in shares)	0	191,780	208,113
Diluted (in shares)	38,685,003	37,810,440	37,650,969
Basic
Continuing operations (in dollars per share)	$ (2.60)	$ 1.35	$ 0.70
Discontinued operations (in dollars per share)	(0.46)	(4.49)	(0.11)
Basic (in dollars per share)	(3.06)	(3.14)	0.59
Diluted
Continuing operations (in dollars per share)	(2.60)	1.34	0.69
Discontinued operations (in dollars per share)	(0.46)	(4.47)	(0.10)
Diluted (in dollars per share)	$ (3.06)	$ (3.13)	$ 0.59

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 16, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment			$ 96,412	$ 0	$ 0
Loss on disposal			4,051	80,400	0
Discontinued Operations, Disposed of by Sale | Jrg Re
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated transaction value	$ 291,400
Cash payment	152,400
Pre close dividend	139,000
Downward adjustment	11,400
Downward adjustment disputed	54,100
Pre close dividend, forgiveness	133,200
Cash paid to JRGH	$ 5,800			5,800
Estimated loss on sale		$ 80,400	78,300
Loss on disposal			4,051	80,400	$ 0
Gain for change in estimated loss on sale			2,100
Selling costs incurred			$ 6,200
Loss on fixed maturity securities				$ 53,200

Discontinued Operations - JRG R

Discontinued Operations - JRG Re's Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Assets held for sale	$ 0	$ 783,393
Liabilities
Liabilities held for sale	$ 0	641,497
Discontinued Operations, Disposed of by Sale | Jrg Re
Assets
Fixed maturity securities, at fair value		532,242
Equity securities, at fair value		2,779
Total invested assets		535,021
Cash and cash equivalents		13,202
Accrued investment income		3,589
Premiums receivable and agents’ balances, net		68,441
Reinsurance recoverable on unpaid and paid losses, net		234,615
Deferred policy acquisition costs		4,986
Write down of JRG Re to fair value less cost to sell		(80,400)
Other assets		3,939
Assets held for sale		783,393
Liabilities
Reserve for losses and loss adjustment expenses		441,666
Unearned premiums		17,223
Funds held		137,796
Deferred reinsurance gain		33,167
Accrued expenses		1,955
Other liabilities		9,690
Liabilities held for sale		$ 641,497

Discontinued Operations - Opera

Discontinued Operations - Operating Results of JRG Re Reported in Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses:
Loss from discontinued operations	$ (13,583)	$ (88,493)	$ (3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	(17,634)	(168,893)	(3,885)
Discontinued Operations, Disposed of by Sale | Jrg Re
Revenues:
Gross written premiums	1,137	17,357	85,208
Ceded written premiums	877	2,178	(2,175)
Net written premiums	2,014	19,535	83,033
Change in net unearned premiums	8,371	75,874	53,394
Net earned premiums	10,385	95,409	136,427
Net investment income	4,432	23,038	27,923
Net realized and unrealized (losses) gains on investments	(9,472)	(53,693)	(12,598)
Other income	0	0	430
Total revenues	5,345	64,754	152,182
Expenses:
Losses and loss adjustment expenses	13,157	120,294	104,172
Other operating expenses	5,039	27,983	42,987
Other expenses	0	1,402	5,202
Interest expense	732	3,568	3,706
Total expenses	18,928	153,247	156,067
Loss from discontinued operations	(13,583)	(88,493)	(3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	$ (17,634)	$ (168,893)	$ (3,885)

Discontinued Operations - Cash

Discontinued Operations - Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - Jrg Re - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Discontinued Operations
Net cash used in operating activities of discontinued operations	$ (25,115)	$ (115,907)	$ (25,122)
Net cash provided by investing activities of discontinued operations	63,104	115,145	8,497
Net cash provided by (used in) discontinued operations	37,989	(762)	(16,625)
Interest paid by discontinued operations	$ 1,388	$ 3,951	$ 2,578

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities:
Cost or Amortized Cost	$ 1,278,337
Fair Value	1,189,733	$ 1,324,476
Fixed maturity securities
Fixed maturity securities:
Cost or Amortized Cost	1,278,337	1,405,136
Gross Unrealized Gains	2,102	7,330
Gross Unrealized Losses	(90,706)	(87,990)
Fair Value	1,189,733	1,324,476
State and municipal
Fixed maturity securities:
Cost or Amortized Cost	223,009	273,462
Gross Unrealized Gains	598	1,834
Gross Unrealized Losses	(27,043)	(26,459)
Fair Value	196,564	248,837
Residential mortgage-backed
Fixed maturity securities:
Cost or Amortized Cost	352,064	336,064
Gross Unrealized Gains	32	1,243
Gross Unrealized Losses	(25,869)	(19,379)
Fair Value	326,227	317,928
Corporate
Fixed maturity securities:
Cost or Amortized Cost	503,610	530,408
Gross Unrealized Gains	1,358	4,167
Gross Unrealized Losses	(29,483)	(28,847)
Fair Value	475,485	505,728
Commercial mortgage and asset-backed
Fixed maturity securities:
Cost or Amortized Cost	178,238	235,302
Gross Unrealized Gains	112	78
Gross Unrealized Losses	(7,892)	(12,527)
Fair Value	170,458	222,853
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities:
Cost or Amortized Cost	21,416	29,900
Gross Unrealized Gains	2	8
Gross Unrealized Losses	(419)	(778)
Fair Value	$ 20,999	$ 29,130

Investments - Schedule of Contr

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cost or Amortized Cost
One year or less	$ 23,591
After one year through five years	325,901
After five years through ten years	252,201
After ten years	146,342
Residential mortgage-backed	352,064
Commercial mortgage and asset-backed	178,238
Cost or Amortized Cost	1,278,337
Fair Value
One year or less	23,350
After one year through five years	318,588
After five years through ten years	227,714
After ten years	123,396
Residential mortgage-backed	326,227
Commercial mortgage and asset-backed	170,458
Total, Fair Value	$ 1,189,733	$ 1,324,476

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 390,579	$ 186,672
Fixed maturity securities, less than 12 months, gross unrealized losses	(10,833)	(2,297)
Fixed maturity securities, 12 months or more, fair value	621,786	806,963
Fixed maturity securities, 12 months or more, gross unrealized losses	(79,873)	(85,693)
Fixed maturity securities, fair value	1,012,365	993,635
Fixed maturity securities, gross unrealized losses	(90,706)	(87,990)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	35,979	30,196
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,087)	(287)
Fixed maturity securities, 12 months or more, fair value	146,547	168,517
Fixed maturity securities, 12 months or more, gross unrealized losses	(25,956)	(26,172)
Fixed maturity securities, fair value	182,526	198,713
Fixed maturity securities, gross unrealized losses	(27,043)	(26,459)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	179,807	68,497
Fixed maturity securities, less than 12 months, gross unrealized losses	(5,285)	(1,256)
Fixed maturity securities, 12 months or more, fair value	140,559	145,954
Fixed maturity securities, 12 months or more, gross unrealized losses	(20,584)	(18,123)
Fixed maturity securities, fair value	320,366	214,451
Fixed maturity securities, gross unrealized losses	(25,869)	(19,379)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	149,149	55,970
Fixed maturity securities, less than 12 months, gross unrealized losses	(4,281)	(532)
Fixed maturity securities, 12 months or more, fair value	220,743	290,308
Fixed maturity securities, 12 months or more, gross unrealized losses	(25,202)	(28,315)
Fixed maturity securities, fair value	369,892	346,278
Fixed maturity securities, gross unrealized losses	(29,483)	(28,847)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	17,991	24,048
Fixed maturity securities, less than 12 months, gross unrealized losses	(65)	(151)
Fixed maturity securities, 12 months or more, fair value	101,525	182,295
Fixed maturity securities, 12 months or more, gross unrealized losses	(7,827)	(12,376)
Fixed maturity securities, fair value	119,516	206,343
Fixed maturity securities, gross unrealized losses	(7,892)	(12,527)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	7,653	7,961
Fixed maturity securities, less than 12 months, gross unrealized losses	(115)	(71)
Fixed maturity securities, 12 months or more, fair value	12,412	19,889
Fixed maturity securities, 12 months or more, gross unrealized losses	(304)	(707)
Fixed maturity securities, fair value	20,065	27,850
Fixed maturity securities, gross unrealized losses	$ (419)	$ (778)

Investments - Narrative (Detail

Investments - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) issuer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of issuers | issuer	423
Fixed maturity securities, available-for-sale	$ 1,189,733,000	$ 1,324,476,000
Unpaid principal balance	149,400,000
Bank loan participations	142,410,000	156,169,000
Gross investment income	96,782,000	87,077,000	$ 45,444,000
Unrealized gains (losses) on bank loan participations	(620,000)	9,000,000	(5,400,000)
Unrealized gains (losses) related impairments	3,300,000	397,000	574,000
Investments on deposit with state insurance departments	76,600,000	72,400,000
Bank loan participations
Debt Securities, Available-for-sale [Line Items]
Gross investment income	16,992,000	11,984,000	4,256,000
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fair value	1,012,365,000	993,635,000
Gross unrealized losses	90,706,000	87,990,000
Fixed maturity securities, available-for-sale	1,189,733,000	1,324,476,000
Impairment loss	207,000
Available-for-sale securities, change in gross unrealized losses	$ (7,900,000)	$ (30,400,000)	$ (131,400,000)
Fixed maturity securities | BBB- or better
Debt Securities, Available-for-sale [Line Items]
Percentage of available for sale securities	100%
Fixed maturity securities | Standard & Poor's, Below BBB- Rating
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available-for-sale	$ 0

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Gross investment income	$ 96,782	$ 87,077	$ 45,444
Investment expense	(3,693)	(3,031)	(2,256)
Net investment income	93,089	84,046	43,188
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	48,262	49,793	28,131
Bank loan participations
Net Investment Income [Line Items]
Gross investment income	16,992	11,984	4,256
Equity securities
Net Investment Income [Line Items]
Gross investment income	7,424	6,548	5,479
Other invested assets
Net Investment Income [Line Items]
Gross investment income	4,855	5,049	3,408
Cash, cash equivalents, restricted cash equivalents, and short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 19,249	$ 13,703	$ 4,170

Investments - Summary of Realiz

Investments - Summary of Realized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 1,613	$ 0	$ 1,534
Fixed maturity securities, gross realized losses	(2,891)	(339)	(291)
Fixed maturity securities	(1,278)	(339)	1,243
Equity securities, gross realized gains	11,061	1,845	1,248
Equity securities, gross realized losses	(1,439)	(320)	(685)
Changes in fair values of equity securities	(873)	3,722	(11,685)
Equity securities	8,749	5,247	(11,122)
Bank loan participations, gross realized gain	845	306	63
Bank loan participations, gross realized losses	(4,069)	(3,806)	(428)
Changes in fair values of bank loan participations	(620)	9,049	(5,381)
Bank loan participations	(3,844)	5,549	(5,746)
Short-term investments and other, gross realized gains	1	2	1
Short-term investments and other, gross realized losses	(2)	(18)	(96)
Changes in fair values of short-term investments and other	(1)	0	0
Short-term investments and other	(2)	(16)	(95)
Total	$ 3,625	$ 10,441	$ (15,720)

Investments - Summary of Privat

Investments - Summary of Private Debt and Equity Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) project	Dec. 31, 2024 USD ($) note	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 12, 2023 USD ($)
Net Investment Income [Line Items]
Carrying Value		$ 36,700	$ 33,134
Investment Income		4,133	4,881	$ 2,458
Investment Income		4,855	5,049	3,408
Cash distributions from LLCs		405	43	4,364
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,690	8,382
Investment Income		1,740	2,899	3,801
Number of underlying projects sold | project	2
Proceeds from sale of equity method investments	$ 20,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	1,369
Investment Income		138	244	607
Limited partnerships
Net Investment Income [Line Items]
Carrying Value		15,108	12,578
Investment Income		2,393	1,566	(1,343)
Private Debt
Net Investment Income [Line Items]
Carrying Value		13,902	10,805
Investment Income		584	340	343
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value		36,236	31,709
Investment Income		4,485	4,389	3,174
Excess and Surplus Lines | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,690	8,382
Investment Income		1,447	2,375	3,366
Proceeds from sale of equity method investments	17,200	1,700	3,100
Excess and Surplus Lines | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs		$ 439	3,700
Excess and Surplus Lines | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage		3.60%
Excess and Surplus Lines | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage		5%
Excess and Surplus Lines | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		$ 0	608
Investment Income		$ 61	108	270
Number of notes issued | note		2
Rate of interest		12%
Total principal balance received		$ 608	593
Excess and Surplus Lines | Limited partnerships
Net Investment Income [Line Items]
Carrying Value		14,644	11,914
Investment Income		2,393	1,566	(805)
Outstanding commitments to invest		4,700
Outstanding commitments to invest in new limited partnership		20,000
Excess and Surplus Lines | Private Debt
Net Investment Income [Line Items]
Carrying Value		13,902	10,805
Investment Income		$ 584	340	343
Excess and Surplus Lines | Private Speciality Credit
Net Investment Income [Line Items]
Number of notes issued | note		2
Excess and Surplus Lines | Private Speciality Credit | Notes Receivable One
Net Investment Income [Line Items]
Rate of interest		4.25%
Excess and Surplus Lines | Private Speciality Credit | Notes Receivable Two
Net Investment Income [Line Items]
Rate of interest		5.25%
Excess and Surplus Lines | Bank Holding Companies
Net Investment Income [Line Items]
Rate of interest					7.60%
Investment in private subordinated notes					$ 4,500
Excess and Surplus Lines | Private Specialty Credit
Net Investment Income [Line Items]
Commitment to invest in notes receivable		$ 2,300
Corporate and Other
Net Investment Income [Line Items]
Carrying Value		464	1,425
Investment Income		370	660	234
Corporate and Other | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		293	524	435
Proceeds from sale of equity method investments	$ 3,000	293	524
Corporate and Other | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	761
Investment Income		$ 77	136	337
Number of notes issued | note		2
Rate of interest		12%
Total principal balance received		$ 761	742
Corporate and Other | Limited partnerships
Net Investment Income [Line Items]
Carrying Value		464	664
Investment Income		0	0	(538)
Impairment loss				538
Corporate and Other | Private Debt
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		$ 0	$ 0	$ 0

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 31,497	$ 32,837	$ 21,399
Policy acquisition costs deferred:
Commissions	43,720	47,665	38,190
Underwriting and other issue expenses	20,918	23,628	23,057
Policy acquisition costs deferred	64,638	71,293	61,247
Amortization of policy acquisition costs	(65,960)	(72,633)	(49,809)
Net change	(1,322)	(1,340)	11,438
Balance at end of period	$ 30,175	$ 31,497	$ 32,837

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill impairment		$ 0	$ 0	$ 0
Goodwill		181,831,000	181,831,000	181,831,000
Accumulated goodwill impairment losses		99,600,000	99,600,000
Impairment of intangible assets		0	2,500,000	0
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines
Business Acquisition [Line Items]
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines | Trademarks
Business Acquisition [Line Items]
Amortization of intangible assets		0	0
Specialty Admitted Insurance
Business Acquisition [Line Items]
Amortization of intangible assets		0	0	$ 0
Specialty Admitted Insurance | Trademarks
Business Acquisition [Line Items]
Amortization of intangible assets		$ 0	$ 0
Specialty Admitted Insurance | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Individual Risk Workers' Compensation | Trademarks
Business Acquisition [Line Items]
Impairment of intangible assets	$ 2,500,000
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired					100%

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 28,664	$ 28,664
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,825	7,462
Total intangible assets, gross	$ 40,275	40,275
Broker relationships
Acquired Intangible Assets [Line Items]
Life (Years)	24 years 7 months 6 days
Identifiable intangible assets subject to amortization
Gross Carrying Amount	$ 11,611	11,611
Accumulated Amortization	7,825	7,462
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	19,700	19,700
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 363
2026	363
2027	363
2028	363
2029	363
Thereafter	1,971
Total	$ 3,786

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Changes in Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Roll Forward]
Net Carrying Value	$ 32,813	$ 35,676
Amortization	(363)	(363)	$ (363)
Impairment Losses	0	(2,500)
Net Carrying Value	$ 32,450	32,813	35,676
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of intangible assets
Excess and Surplus Lines
Intangible Assets [Roll Forward]
Net Carrying Value	$ 28,748	29,111
Amortization	(363)	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	28,385	28,748	29,111
Excess and Surplus Lines | Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	4,148	4,511
Amortization	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	3,785	4,148	4,511
Excess and Surplus Lines | Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	19,700	19,700
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	19,700	19,700	19,700
Excess and Surplus Lines | Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,900	4,900
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,900	4,900	4,900
Specialty Admitted Insurance
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	6,565
Amortization	0	0	0
Impairment Losses	0	(2,500)
Net Carrying Value	4,065	4,065	6,565
Specialty Admitted Insurance | Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	0	2,500
Amortization	0	0
Impairment Losses	0	(2,500)
Net Carrying Value	0	0	2,500
Specialty Admitted Insurance | Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	4,065
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	$ 4,065	$ 4,065	$ 4,065

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 26,665	$ 21,829
Accumulated depreciation	(6,892)	(4,834)
Property and equipment, net	19,773	16,995
Electronic data processing hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	24,902	19,693
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 1,763	$ 2,136

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 5,599	$ 8,000
Right-of-use assets	$ 5,300	7,800
Weighted average discount rate	4.80%
Weighted average remaining lease term	2 years 7 months 6 days
Operating lease costs	$ 4,100	$ 4,600	$ 4,600
Minority interest in partnership
Related Party Transaction [Line Items]
Lease liabilities	$ 2,300

Leases - Summary of Operating L

Leases - Summary of Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 3,150
2026	1,196
2027	914
2028	538
2029	158
Thereafter	0
Total lease payments	5,956
Less imputed interest	(357)
Total operating lease liabilities	$ 5,599	$ 8,000

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended			42 Months Ended
	Nov. 11, 2024	Jul. 02, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Insurance [Abstract]
Allowance for credit losses on reinsurance recoverables			$ 1,200	$ 660	$ 580	$ 1,200
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			76,079	31,636	(4,360)
Reduction in pre-tax income			71,120	(86,914)	(53,272)
Excess and Surplus Lines
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			76,700	32,600	(210)
Excess and Surplus Lines | E&S ADC
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			48,748	0	0
Initial loss on contract			52,200
Reinsure excess amount		$ 716,600
Reinsurance, aggregate coverage limit	$ 1,183,700	467,100
Payments for reinsurance		$ 313,200	313,200
Profit commission percentage		50%
Carried reserve percentage		104.50%
Profit commission amount		$ 87,000
Reinsurance, amount remaining			41,200			41,200
Excess and Surplus Lines | E&S ADC | State National
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Reinsure percentage		85%
Reinsurance, aggregate coverage limit		$ 397,000
Excess and Surplus Lines | Commercial Auto LPT | Commercial Auto LPT
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			3,051	64,403	46,697	114,200
Cumulative amounts ceded under loss portfolio transfer			459,300	456,200	391,800	459,300
Excess and Surplus Lines | E&S Top Up ADC
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Reinsure percentage	100%
Reinsurance, aggregate coverage limit	$ 75,000		75,000			$ 75,000
Payments for reinsurance	52,800
Reduction in pre-tax income	$ 52,800
Excess and Surplus Lines | Hurricane
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Liability for catastrophe claims, losses					5,000
Specialty Admitted Insurance
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			$ (607)	$ (972)	$ (4,200)

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 1,246,973	$ 1,080,766	$ 974,221
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	441,058	463,530	429,260
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	76,079	31,636	(4,360)
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	31,313	32,410	33,720
Prior years	333,277	296,549	284,635
Total loss and loss adjustment expense payments	364,590	328,959	318,355
Deduct: Loss reserves ceded in E&S ADC	1,996,913	1,358,474
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,086,278	1,246,973	1,080,766
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,998,128	1,359,134	1,260,197
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	3,084,406	2,606,107	2,340,963
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	76,700	32,600	(210)
Commercial Auto LPT And E&S ADC | Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	51,799	64,403	46,697
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	37,237	4,991	15,742
E&S ADC | Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	48,748	0	0
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in E&S ADC	$ 313,242	$ 0	$ 0

Reserve for Losses and Loss A_5

Reserve for Losses and Loss Adjustment Expenses - Retroactive Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended			42 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	$ 20,733
Adverse prior year development ceded on subject business	76,079	$ 31,636	$ (4,360)
Deferred retroactive reinsurance gain at end of period	57,970	20,733		$ 57,970
Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Adverse prior year development ceded on subject business	76,700	32,600	(210)
Commercial Auto LPT And E&S ADC | Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	20,733	15,742	0
Adverse prior year development ceded on subject business	51,799	64,403	46,697
Retroactive reinsurance benefits under the recovery method	(14,562)	(59,412)	(30,955)
Deferred retroactive reinsurance gain at end of period	57,970	20,733	15,742	57,970
Commercial Auto LPT | Excess and Surplus Lines | Commercial Auto LPT
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	20,733	15,742	0
Adverse prior year development ceded on subject business	3,051	64,403	46,697	114,200
Retroactive reinsurance benefits under the recovery method	(14,562)	(59,412)	(30,955)
Deferred retroactive reinsurance gain at end of period	9,222	20,733	15,742	9,222
E&S ADC | Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	0	0	0
Adverse prior year development ceded on subject business	48,748	0	0
Retroactive reinsurance benefits under the recovery method	0	0	0
Deferred retroactive reinsurance gain at end of period	$ 48,748	$ 0	$ 0	$ 48,748

Reserve for Losses and Loss A_6

Reserve for Losses and Loss Adjustment Expenses - Incurred Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Excluding Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 2,419,426
All outstanding losses and loss adjustment expenses, net of reinsurance	14,834
Excluding Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	122,048	$ 118,599	$ 116,085	$ 114,398	$ 110,466	$ 103,688	$ 102,434	$ 104,847	$ 113,417	$ 126,443
Excluding Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	148,400	141,242	135,491	132,235	125,097	126,971	126,050	125,093	138,507
Excluding Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	155,593	147,196	134,272	128,674	124,265	132,136	131,897	144,349
Excluding Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	173,186	167,237	151,563	150,687	146,633	158,458	167,004
Excluding Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	228,076	204,844	188,061	189,671	194,759	214,653
Excluding Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	273,883	231,658	207,210	211,732	239,897
Excluding Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	307,338	274,120	286,343	304,435
Excluding Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	320,146	293,402	340,436
Excluding Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	330,330	369,255
Excluding Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	360,426
Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	1,474,601
All outstanding losses and loss adjustment expenses, net of reinsurance	25
Commercial Auto | Excess and Surplus Lines | Commercial Auto LPT
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	85,047
Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	37,778	37,950	37,915	38,046	37,839	36,636	36,139	35,149	33,113	30,109
Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	165,121	165,744	164,046	164,399	157,712	147,122	126,791	109,286	74,340
Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	376,306	376,251	366,636	355,713	319,472	272,421	208,743	207,355
Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	389,261	389,244	371,637	349,067	283,408	230,220	255,881
Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	416,654	408,340	365,279	339,771	240,773	262,306
Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	22,062	19,009	12,324	10,899	19,133
Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,998	17,319	16,565	21,154
Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,730	19,921	26,126
Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	16,089	18,181
Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,602
Individual Risk Workers' Compensation | Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	147,462
All outstanding losses and loss adjustment expenses, net of reinsurance	151
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	16,093	16,096	16,409	16,468	16,492	17,626	18,376	19,741	21,274	20,938
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,502	12,510	12,790	13,069	14,050	15,800	18,050	20,299	21,678
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	15,318	15,360	15,487	16,606	18,810	19,779	22,071	24,869
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,793	11,829	12,139	14,200	16,038	16,288	16,432
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	17,408	17,624	18,129	20,631	21,056	20,253
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,617	18,934	19,389	22,240	20,137
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,702	12,668	14,713	14,519
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,096	11,828	14,507
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,218	21,095
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,715
Fronting and Programs | Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	327,929
All outstanding losses and loss adjustment expenses, net of reinsurance	0
Fronting and Programs | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	8,176	8,195	8,279	8,436	8,444	8,384	8,974	9,358	9,632	$ 7,136
Fronting and Programs | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	13,133	13,289	14,304	15,090	14,468	15,522	14,682	15,670	$ 11,542
Fronting and Programs | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	23,576	23,128	24,893	25,097	24,728	25,201	24,271	$ 21,229
Fronting and Programs | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,129	19,193	19,268	20,158	19,822	20,677	$ 21,758
Fronting and Programs | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,210	18,777	18,956	19,991	19,020	$ 18,832
Fronting and Programs | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	34,650	34,705	31,555	28,131	$ 25,433
Fronting and Programs | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	46,526	47,505	44,857	$ 39,999
Fronting and Programs | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	50,544	51,101	$ 47,262
Fronting and Programs | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	58,449	$ 53,635
Fronting and Programs | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 55,536

Reserve for Losses and Loss A_7

Reserve for Losses and Loss Adjustment Expenses - Cumulative Paid Losses and Loss Adjustment Expenses (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]
Reinsurance recoverable on unpaid losses, net	$ 1,996,913	$ 1,358,474
Excess and Surplus Lines | E&S ADC
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	313,242	0	$ 0
Excluding Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	1,175,562
All outstanding losses and loss adjustment expenses, net of reinsurance	$ 14,834
Claims outstanding | claim	81
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 909,361
Excluding Commercial Auto | Excess and Surplus Lines | E&S ADC
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	1,243,864
Reinsurance recoverable on unpaid losses, net	349,337
Excluding Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	112,793	110,860	103,138	$ 94,494	$ 87,344	$ 73,455	$ 55,911	$ 34,801	$ 17,164	$ 4,048
Excluding Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	133,928	126,916	116,059	102,072	90,166	70,105	46,045	22,852	5,180
Excluding Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	132,182	120,229	102,866	81,303	64,924	42,764	22,956	5,290
Excluding Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	138,319	124,903	105,538	76,494	50,679	26,160	6,000
Excluding Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	166,472	136,289	103,836	62,227	31,346	8,235
Excluding Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	168,550	117,892	73,106	34,561	8,642
Excluding Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	154,168	100,649	55,070	11,693
Excluding Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	108,960	51,537	12,713
Excluding Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	49,094	10,927
Excluding Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,096
Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	1,389,554
All outstanding losses and loss adjustment expenses, net of reinsurance	$ 25
Claims outstanding | claim	0
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 37,104
Commercial Auto | Excess and Surplus Lines | Commercial Auto LPT
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	85,047
Reinsurance recoverable on unpaid losses, net	35,315
Commercial Auto | Excess and Surplus Lines | E&S ADC
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	12,653
Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	37,753	37,725	37,462	36,710	35,983	34,819	31,592	24,282	15,234	8,356
Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	164,491	162,219	158,819	152,030	141,545	125,108	89,381	54,054	18,295
Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	369,931	364,501	344,235	309,860	252,169	192,961	107,377	41,467
Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	379,246	368,865	329,009	257,346	184,686	119,099	45,136
Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	393,141	358,920	285,725	192,982	107,182	44,225
Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,705	14,151	7,304	2,854	628
Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,936	10,325	4,313	2,810
Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	8,691	5,365	1,897
Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	5,341	2,066
Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	319
Individual Risk Workers' Compensation | Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	130,347
All outstanding losses and loss adjustment expenses, net of reinsurance	151
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools	$ 3,106
Claims outstanding | claim	2
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 20,372
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	16,071	16,071	16,071	16,069	16,068	15,901	15,889	15,118	13,285	6,604
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,483	12,483	12,483	12,483	12,481	12,432	12,135	10,227	4,664
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	15,286	15,279	15,236	15,210	15,195	14,285	12,782	6,546
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,747	11,752	11,765	11,746	11,412	9,034	4,497
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,179	17,154	16,909	16,254	13,776	5,473
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,606	17,206	16,665	14,668	7,394
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,865	11,679	10,780	5,874
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	10,348	9,732	5,943
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,764	6,126
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	4,998
Fronting and Programs | Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	209,613
All outstanding losses and loss adjustment expenses, net of reinsurance	0
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools	$ 1,125
Claims outstanding | claim	1
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 119,441
Fronting and Programs | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	8,034	8,007	7,824	7,728	7,654	7,329	6,919	6,165	4,666	$ 2,058
Fronting and Programs | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,567	12,321	12,142	11,711	10,896	10,732	6,888	5,123	$ 1,894
Fronting and Programs | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	21,752	20,770	20,655	18,219	15,854	13,065	6,682	$ 1,223
Fronting and Programs | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	16,457	15,424	14,059	12,631	10,495	4,972	$ 885
Fronting and Programs | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	15,740	14,914	13,007	9,958	5,125	$ 4,358
Fronting and Programs | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	29,084	26,523	20,903	15,678	$ 5,375
Fronting and Programs | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	34,120	27,156	18,106	$ 8,347
Fronting and Programs | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	30,131	23,284	$ 13,018
Fronting and Programs | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	26,983	$ 13,145
Fronting and Programs | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 14,745

Reserve for Losses and Loss A_8

Reserve for Losses and Loss Adjustment Expenses - Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 1,086,278	$ 1,246,973	$ 1,080,766	$ 974,221
Allowance for credit losses on reinsurance recoverables	1,200	660	580
Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables)	1,998,128	1,359,134	1,260,197
Gross reserve for losses and loss adjustment expenses	3,084,406	$ 2,606,107	$ 2,340,963
Excluding Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	909,361
Commercial Auto | Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	37,104
Individual Risk Workers' Compensation | Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	20,372
Fronting and Programs | Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 119,441

Reserve for Losses and Loss A_9

Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payouts of Incurred Claims (Details)	Dec. 31, 2024
Excluding Commercial Auto | Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.40%
Year 2	11.50%
Year 3	14.70%
Year 4	16.40%
Year 5	14.70%
Year 6	11.50%
Year 7	8.50%
Year 8	7.40%
Year 9	5.50%
Year 10	1.60%
Commercial Auto | Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.90%
Year 2	16.30%
Year 3	21.60%
Year 4	20.20%
Year 5	14.30%
Year 6	7.40%
Year 7	3.50%
Year 8	1.80%
Year 9	1%
Year 10	0.10%
Individual Risk Workers' Compensation | Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	29.10%
Year 2	32.30%
Year 3	15.50%
Year 4	7.70%
Year 5	6.10%
Year 6	3.30%
Year 7	1.90%
Year 8	1%
Year 9	1%
Year 10	0.70%
Fronting and Programs | Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.80%
Year 2	21.40%
Year 3	20.10%
Year 4	13.30%
Year 5	8%
Year 6	5%
Year 7	3.70%
Year 8	3.80%
Year 9	2.40%
Year 10	2.10%

Reserve for Losses and Loss _10

Reserve for Losses and Loss Adjustment Expenses - IBNR Liabilities and Claims Frequency (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 554,374	$ 500,157	$ 440,642
Excluding Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	122,048
IBNR before E&S ADC	4,065
IBNR net of E&S ADC	$ 1,765
Claims outstanding | claim	2,739
Excluding Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 148,400
IBNR before E&S ADC	6,758
IBNR net of E&S ADC	$ 2,841
Claims outstanding | claim	3,807
Excluding Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 155,593
IBNR before E&S ADC	9,949
IBNR net of E&S ADC	$ 4,336
Claims outstanding | claim	4,963
Excluding Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 173,186
IBNR before E&S ADC	12,942
IBNR net of E&S ADC	$ 5,904
Claims outstanding | claim	6,156
Excluding Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 228,076
IBNR before E&S ADC	29,201
IBNR net of E&S ADC	$ 12,652
Claims outstanding | claim	7,284
Excluding Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 273,883
IBNR before E&S ADC	59,368
IBNR net of E&S ADC	$ 28,306
Claims outstanding | claim	6,980
Excluding Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 307,338
IBNR before E&S ADC	104,355
IBNR net of E&S ADC	$ 45,322
Claims outstanding | claim	6,074
Excluding Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 320,146
IBNR before E&S ADC	145,381
IBNR net of E&S ADC	$ 61,332
Claims outstanding | claim	5,628
Excluding Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 330,330
IBNR before E&S ADC	232,184
IBNR net of E&S ADC	$ 97,166
Claims outstanding | claim	4,456
Excluding Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 360,426
IBNR before E&S ADC	330,304
IBNR net of E&S ADC	$ 330,304
Claims outstanding | claim	2,885
Commercial Auto | Excess and Surplus Lines | 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 37,778
IBNR before E&S ADC	25
IBNR net of E&S ADC	$ 1
Claims outstanding | claim	41,771
Commercial Auto | Excess and Surplus Lines | 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 165,121
IBNR before E&S ADC	169
IBNR net of E&S ADC	$ 6
Claims outstanding | claim	89,117
Commercial Auto | Excess and Surplus Lines | 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 376,306
IBNR before E&S ADC	2,477
IBNR net of E&S ADC	$ 84
Claims outstanding | claim	134,150
Commercial Auto | Excess and Surplus Lines | 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 389,261
IBNR before E&S ADC	4,126
IBNR net of E&S ADC	$ 6
Claims outstanding | claim	97,342
Commercial Auto | Excess and Surplus Lines | 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 416,654
IBNR before E&S ADC	10,790
IBNR net of E&S ADC	$ 33
Claims outstanding | claim	71,494
Commercial Auto | Excess and Surplus Lines | 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 22,062
IBNR before E&S ADC	1,873
IBNR net of E&S ADC	$ 827
Claims outstanding | claim	637
Commercial Auto | Excess and Surplus Lines | 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,998
IBNR before E&S ADC	3,974
IBNR net of E&S ADC	$ 1,666
Claims outstanding | claim	791
Commercial Auto | Excess and Surplus Lines | 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,730
IBNR before E&S ADC	6,699
IBNR net of E&S ADC	$ 2,587
Claims outstanding | claim	528
Commercial Auto | Excess and Surplus Lines | 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,089
IBNR before E&S ADC	7,714
IBNR net of E&S ADC	$ 3,154
Claims outstanding | claim	299
Commercial Auto | Excess and Surplus Lines | 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,602
IBNR before E&S ADC	10,735
IBNR net of E&S ADC	$ 10,735
Claims outstanding | claim	203
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,071
IBNR before E&S ADC	$ 22
Claims outstanding | claim	975
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,483
IBNR before E&S ADC	$ 19
Claims outstanding | claim	836
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 15,306
IBNR before E&S ADC	$ 11
Claims outstanding | claim	1,093
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,773
IBNR before E&S ADC	$ 20
Claims outstanding | claim	1,238
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 17,227
IBNR before E&S ADC	$ 180
Claims outstanding | claim	1,555
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,277
IBNR before E&S ADC	$ 340
Claims outstanding | claim	1,381
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,409
IBNR before E&S ADC	$ 293
Claims outstanding | claim	1,301
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 10,814
IBNR before E&S ADC	$ 281
Claims outstanding | claim	1,050
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,772
IBNR before E&S ADC	$ 446
Claims outstanding | claim	907
Individual Risk Workers' Compensation | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 9,877
IBNR before E&S ADC	$ 2,838
Claims outstanding | claim	283
Fronting and Programs | Specialty Admitted Insurance | 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 8,146
IBNR before E&S ADC	$ 30
Claims outstanding | claim	1,363
Fronting and Programs | Specialty Admitted Insurance | 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 13,009
IBNR before E&S ADC	$ 124
Claims outstanding | claim	2,825
Fronting and Programs | Specialty Admitted Insurance | 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 22,734
IBNR before E&S ADC	$ 842
Claims outstanding | claim	6,809
Fronting and Programs | Specialty Admitted Insurance | 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,230
IBNR before E&S ADC	$ 899
Claims outstanding | claim	7,416
Fronting and Programs | Specialty Admitted Insurance | 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 17,235
IBNR before E&S ADC	$ 976
Claims outstanding | claim	8,170
Fronting and Programs | Specialty Admitted Insurance | 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 32,526
IBNR before E&S ADC	$ 2,125
Claims outstanding | claim	9,173
Fronting and Programs | Specialty Admitted Insurance | 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 39,679
IBNR before E&S ADC	$ 6,846
Claims outstanding | claim	10,848
Fronting and Programs | Specialty Admitted Insurance | 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 39,210
IBNR before E&S ADC	$ 11,335
Claims outstanding | claim	10,153
Fronting and Programs | Specialty Admitted Insurance | 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 42,655
IBNR before E&S ADC	$ 15,794
Claims outstanding | claim	10,075
Fronting and Programs | Specialty Admitted Insurance | 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 23,396
IBNR before E&S ADC	$ 32,140
Claims outstanding | claim	7,364

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,996,913	$ 1,358,474
Reinsurance recoverable on paid losses	$ 101,210	157,991
Percentage of reinsurance recoverables on unpaid losses for 3 largest reinsurers	49.10%
Prepaid reinsurance premiums ceded	$ 296,635	$ 293,108
Percentage of prepaid reinsurance premiums ceded for 3 largest reinsurers	36.60%
Largest reinsurer one
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 398,500
Prepaid reinsurance premiums ceded	37,100
Largest reinsurer two
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	365,500
Prepaid reinsurance premiums ceded	36,800
Largest reinsurer three
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	216,600
Prepaid reinsurance premiums ceded	$ 34,700

Reinsurance - Summary of Premiu

Reinsurance - Summary of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Written premiums:
Direct	$ 1,429,791	$ 1,506,668	$ 1,408,524
Assumed	1,981	1,992	2,848
Ceded	(850,918)	(814,759)	(745,926)
Net written premiums	580,854	693,901	665,446
Earned premiums:
Direct	1,445,652	1,496,708	1,378,619
Assumed	1,984	2,250	3,032
Ceded	(847,440)	(790,953)	(751,917)
Net earned premiums	600,196	708,005	629,734
Losses and loss adjustment expenses:
Direct	1,343,698	1,204,532	937,393
Assumed	730	2,032	1,344
Ceded	(790,054)	(706,407)	(498,095)
Net	$ 554,374	$ 500,157	$ 440,642

Senior Debt (Details)

Senior Debt (Details) - USD ($)	Dec. 31, 2024	Apr. 16, 2024	Apr. 15, 2024	Dec. 31, 2023	Aug. 02, 2017	May 26, 2004
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	$ 200,800,000			$ 222,300,000
2013 Facility
Line of Credit Facility [Line Items]
Line of credit current capacity	257,500,000
2013 Facility | Bank Holding Company
Line of Credit Facility [Line Items]
Commitment to lend	40,900,000
2013 Facility | Unsecured
Line of Credit Facility [Line Items]
Total capacity	212,500,000
Amount outstanding on line of credit	$ 185,800,000			$ 185,800,000
Line of credit maximum capacity, accordion feature		$ 100,000,000
2013 Facility | Unsecured | Secured Overnight Financing Rate (SOFR), Index Adjustment
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate	0.10%
2013 Facility | Unsecured | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate	1.75%
2013 Facility | Secured
Line of Credit Facility [Line Items]
Total capacity	$ 45,000,000	$ 45,000,000	$ 102,500,000
Amount of letters of credit issued	$ 7,500,000
2017 Facility
Line of Credit Facility [Line Items]
Total capacity					$ 100,000,000
James River Group Senior Debt
Line of Credit Facility [Line Items]
Principal amount of Junior Subordinated Debt						$ 15,000,000
James River Group Senior Debt | Secured Overnight Financing Rate (SOFR), Index Adjustment
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						0.26%
James River Group Senior Debt | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						3.85%

Junior Subordinated Debt - Summ

Junior Subordinated Debt - Summary of Junior Subordinated Debt and Trust Preferred Securities (Details) - Junior Subordinated Debt $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
James River Capital Trust I
Debt Instrument [Line Items]
Issue date	May 26, 2004
Principal amount of Trust Preferred Securities	$ 7,000
Principal amount of Junior Subordinated Debt	7,217
Carrying amount of Junior Subordinated Debt net of repurchases	$ 7,217
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034
Trust common stock	$ 217
Interest rate, per annum	4.30%
James River Capital Trust II
Debt Instrument [Line Items]
Issue date	Dec. 15, 2004
Principal amount of Trust Preferred Securities	$ 15,000
Principal amount of Junior Subordinated Debt	15,464
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,464
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2034
Trust common stock	$ 464
Interest rate, per annum	3.70%
James River Capital Trust III
Debt Instrument [Line Items]
Issue date	Jun. 15, 2006
Principal amount of Trust Preferred Securities	$ 20,000
Principal amount of Junior Subordinated Debt	20,619
Carrying amount of Junior Subordinated Debt net of repurchases	$ 20,619
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Jun. 15, 2036
Trust common stock	$ 619
Interest rate, per annum	3.30%
James River Capital Trust IV
Debt Instrument [Line Items]
Issue date	Dec. 11, 2007
Principal amount of Trust Preferred Securities	$ 54,000
Principal amount of Junior Subordinated Debt	55,670
Carrying amount of Junior Subordinated Debt net of repurchases	$ 44,827
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2037
Trust common stock	$ 1,670
Interest rate, per annum	3.40%
Franklin Holdings II (Bermuda) Capital Trust I
Debt Instrument [Line Items]
Issue date	Jan. 10, 2008
Principal amount of Trust Preferred Securities	$ 30,000
Principal amount of Junior Subordinated Debt	30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Mar. 15, 2038
Trust common stock	$ 928
Interest rate, per annum	4.30%

Junior Subordinated Debt - Narr

Junior Subordinated Debt - Narrative (Details) - Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2024
Debt Instrument [Line Items]
Debt redemption percentage	100%
Deferred interest payment period (in years)	5 years

Series A Preferred Shares (Deta

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 23, 2024 shares	Nov. 12, 2024 USD ($)	Nov. 11, 2024 USD ($) $ / shares shares	Nov. 10, 2024	Feb. 24, 2022 USD ($) d $ / shares shares	Dec. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Temporary Equity [Line Items]
Dividends on Series A preferred shares								$ 12,768	$ 10,500	$ 6,125
Carrying value						$ 133,115		133,115	$ 144,898
Conversion of shares								37,500
Deemed dividend								$ 25,717
Series A preferred shares outstanding | shares						0		0	0
Common Shares
Temporary Equity [Line Items]
Conversion of shares								$ 1
Retained Earnings
Temporary Equity [Line Items]
Conversion of shares								(1,289)
Deemed dividend								$ 25,717
Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) | shares	1,953,125
Sale of stock, consideration received on transaction			$ 12,500
Per share price (in dollars per share) | $ / shares			$ 6.40
Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred stock, dividend rate, percentage			8%
Dividends on Series A preferred shares		$ 2,000	$ 299			$ 2,300
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares			$ 6.40
Percentage of then-applicable conversion price threshold			200%	130%
Carrying value			$ 144,900
Conversion of shares			$ 37,500
Preferred stock convertible voluntary percentage			130%	127.50%
Voting equity percentage			9.90%
Preferred stock, value			$ 133,100
Conversion of Series A Preferred Shares to common shares (in shares) | shares			37,500
Series A preferred shares outstanding | shares			112,500
Convertible Preferred Stock | AM Best, Below A- Rating
Temporary Equity [Line Items]
Voting equity percentage			19.90%
Convertible Preferred Stock | Retained Earnings
Temporary Equity [Line Items]
Deemed dividend			$ 25,700
Convertible Preferred Stock | Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) | shares					150,000
Preferred stock, dividend rate, percentage					7%
Series A convertible preferred shares (in dollars per share) | $ / shares					$ 0.00125
Sale of stock, consideration received on transaction					$ 150,000
Per share price (in dollars per share) | $ / shares					$ 1,000
Liquidation preference (in dollars per share) | $ / shares					$ 1,000
Preferred stock, dividend term				5 years	5 years
Preferred stock, dividend payment rate, variable spread				5.20%
Dividends on Series A preferred shares							$ 10,500
Cash dividends declared									$ 10,500	8,800
Dividends payable									$ 2,600	$ 2,600
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares					$ 26.5950
Convertible preferred stock, shares issued upon conversion | shares					5,640,158
Preferred stock, floor conversion price (in dollars per share) | $ / shares					$ 21.902
Convertible preferred stock, minimum term for conversion					2 years
Percentage of then-applicable conversion price threshold					130%
Number of trading days | d					20
Preferred stock, discount rate, percentage					3.50%
Number of trading days immediately preceding Mandatory Conversion | d					5
Issuance costs					$ 5,100
Carrying value					$ 144,900
Convertible Preferred Stock | Private Placement | Common Shares
Temporary Equity [Line Items]
Common stock, covenant, threshold, cash paid (in dollars per share) | $ / shares					$ 0.05
Cash dividend declared (in dollars per share) | $ / shares					$ 0.10

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 23, 2024	Nov. 11, 2024	Feb. 24, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				200,000,000	200,000,000
Common stock, par value (in dollars per share)				$ 0.0002	$ 0.0002
Conversion of shares				$ 37,500
Share price (in dollars per share)	$ 4.66	$ 6.62
Adjustments to additional paid in capital, deemed contribution	$ 3,400
Common shares reserved for future issuance (in shares)				5,757,650
Convertible preferred stock, shares reserved for future issuance (in shares)				13,521,635
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents				$ 152	$ 159	$ 141
Dividends payable				252	$ 255	335
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, consideration received on transaction		$ 12,500
Shares issued at a public offering price (in dollars per share)		$ 6.40
Number of common shares issued during period (in shares)	1,953,125
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares				$ 1
Conversion of Series A Preferred Shares to common shares (in shares)				5,859,375	0
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares				$ (1,289)
Deemed dividend		$ 1,300
Convertible Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of Series A Preferred Shares to common shares (in shares)		37,500
Conversion of shares		$ 37,500
Preferred stock, convertible, conversion price (in dollars per share)		$ 6.40
Convertible Preferred Stock | Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, convertible, conversion price (in dollars per share)			$ 26.5950
Sale of stock, consideration received on transaction			$ 150,000
Shares issued at a public offering price (in dollars per share)			$ 1,000
Number of common shares issued during period (in shares)			150,000
Dividends payable					$ 2,600	$ 2,600

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Rollforward of Changes in Common Shares Issued and Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued common shares, beginning of year (in shares)	37,641,563
Balance (in shares)	37,641,563
Issued common shares, end of year (in shares)	45,644,318	37,641,563
Balance (in shares)	45,644,318	37,641,563
Common Shares
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued common shares, beginning of year (in shares)	37,641,563	37,470,237
Balance (in shares)	37,641,563	37,470,237	37,373,066
Conversion of Series A Preferred Shares to common shares (in shares)	5,859,375	0
Enstar common share investment (in shares)	1,953,125	0
Vesting of RSU awards (in shares)	190,255	171,326	97,171
Issued common shares, end of year (in shares)	45,644,318	37,641,563	37,470,237
Balance (in shares)	45,644,318	37,641,563	37,470,237

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Cash Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)	$ 0.01	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.16	$ 0.20	$ 0.20
Total Amount	$ 446	$ 1,938	$ 1,939	$ 1,940	$ 1,919	$ 1,922	$ 1,921	$ 1,922	$ 1,908	$ 1,908	$ 1,908	$ 1,908	$ 6,263	$ 7,684	$ 7,632

Equity Awards - Narrative (Deta

Equity Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 24, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 23, 2024	Nov. 11, 2024	Jul. 26, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares used in calculation of intrinsic values (in dollars per share)					$ 4.66	$ 6.62
Share based compensation expense		$ 6,631	$ 9,116	$ 8,122
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)							1
Payout for achievement, threshold							50%
Payout for achievement, target		100%					100%
Payout for achievement, maximum							200%
Number of awards granted (in shares)		231,492	91,818
Share based compensation expense		$ 451
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0	0	0
Options outstanding (in shares)		0	74,390	287,974				287,974
Vesting period (in years)			3 years	3 years
Contractual life of option (in years)		7 years
Options exercised (in shares)		0	0	0
Aggregate intrinsic value of options outstanding		$ 0	$ 0	$ 0
Fair value of shares used in calculation of intrinsic values (in dollars per share)			$ 9.24	$ 20.91
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Total fair value of shares vested		$ 2,700	$ 5,600	$ 3,800
Number of awards granted (in shares)		541,520	388,517	560,680
Unrecognized share based compensation expense		$ 6,300
Weighted-average period of unrecognized share based compensation expense (in years)		1 year 7 months 6 days
RSUs | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
2014 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	525,000
Maximum number of shares available for issuance (in shares)		5,507,650
Number of shares available for grant (in shares)		1,716,316
2014 Non-Employee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	100,000
Maximum number of shares available for issuance (in shares)		250,000
Number of shares available for grant (in shares)		131,927

Equity Awards - Schedule of Opt

Equity Awards - Schedule of Option Activity (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning of period (in shares)	74,390	287,974	287,974
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	0
Lapsed (in shares)	(74,390)	(164,548)	0
Forfeited (in shares)	0	(49,036)	0
End of period (in shares)	0	74,390	287,974
Exercisable, end of period (in shares)	0	74,390	287,974
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 42.17	$ 35.26	$ 35.26
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Lapsed (in dollars per share)	42.17	32.07	0
Forfeited (in dollars per share)	0	35.50	0
End of period (in dollars per share)	0	42.17	35.26
Exercisable, end of period (in dollars per share)	$ 0	$ 42.17	$ 35.26

Equity Awards - Summary of RSU

Equity Awards - Summary of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs
Shares
Unvested, beginning of year (in shares)	751,254	665,458	292,135
Granted (in shares)	541,520	388,517	560,680
Vested (in shares)	(276,428)	(250,793)	(147,530)
Forfeited (in shares)	(101,494)	(51,928)	(39,827)
Unvested, end of year (in shares)	885,173	751,254	665,458
Weighted- Average Grant Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 23.48	$ 25.98	$ 45.89
Granted (in dollars per share)	9.75	24.13	20.61
Vested (in dollars per share)	24.80	30.99	45.16
Forfeited (in dollars per share)	17.55	24.08	25.41
Unvested, end of year (in dollars per share)	$ 15.30	$ 23.48	$ 25.98
PRSU
Shares
Granted (in shares)	231,492	91,818
PRSU performance adjustment (in shares)	(29,679)	0	0
Weighted- Average Grant Date Fair Value
PRSU performance adjustment (in dollars per share)	$ 24.83	$ 0	$ 0

Equity Awards - Summary of Shar

Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share based compensation expense	$ 6,631	$ 9,116	$ 8,122
U.S. tax benefit on share based compensation expense	$ 1,214	$ 1,690	$ 1,526

Equity Awards - Compensation Ex

Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 6.3
Weighted-average period of unrecognized share based compensation expense	1 year 7 months 6 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of dividend withholding tax	5%	5%	5%
Dividend distributions to intermediate holding company	$ 0	$ 0	$ 0
Increase to deferred tax asset for additional discount						$ 8,800,000
Deferred tax liability						$ 8,800,000
Transition provision expense					$ 1,100,000
Income tax expense recognized over next six years				$ 5,700,000
Income tax expense recognized per year				$ 950,000
U.S. income (loss) before Federal income taxes	(40,000,000)	119,900,000	85,900,000
Net operating loss carryforwards	984,000
Reserve for future tax contingencies	$ 0	0
Percentage of excise tax on reinsurance premiums paid	1%
Excise taxes paid	$ 204,000	$ 194,000	$ 842,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax expense (benefit) at applicable statutory rates	$ (8,435)	$ 25,175	$ 18,041
Tax-exempt investment income	(216)	(230)	(225)
Dividends received deduction	(461)	(386)	(315)
Excess tax expense (benefits) on share based compensation	740	449	530
Provision to return and amended tax returns	126	(211)	124
Excess §162(m) compensation	399	522	210
Other	68	(14)	49
Federal income tax expense (benefit)	(7,779)	25,305	18,414
U.S. state income tax expense	145	400	0
Total income tax expense (benefit)	$ (7,634)	$ 25,705	$ 18,414

Income Taxes - Summary of Net D

Income Taxes - Summary of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued compensation expenses	$ 3,696	$ 3,302
Reserve for losses and loss adjustment expenses	32,823	27,260
Unearned premiums	11,580	12,484
Share based compensation	1,543	1,692
Allowance for credit losses	4,496	3,240
Other invested assets	3,552	998
Net unrealized losses	18,595	16,613
Other	4,466	3,838
Total deferred tax assets	80,751	69,427
Deferred tax liabilities:
Intangible assets	6,709	6,733
Deferred policy acquisition costs	6,337	6,614
Equity method investments	2,792	3,470
Other	3,743	4,313
Total deferred tax liabilities	19,581	21,130
Net deferred tax assets	$ 61,170	$ 48,297

Other Operating Expenses and _3

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 65,960	$ 72,633	$ 49,809
Other underwriting expenses of the insurance segments	92,266	87,083	71,501
Other operating expenses of the Corporate and Other segment	34,972	33,940	31,260
Total	193,198	193,656	152,570
Other expenses	$ 6,145	$ 3,792	$ 795

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum matching employer contribution	6%
Expense associated with Savings Plans	$ 4.2	$ 4.1	$ 3.5

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands			12 Months Ended			42 Months Ended
	Sep. 27, 2021	Jul. 01, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 76,079	$ 31,636	$ (4,360)
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			76,700	32,600	(210)
Aleka | Excess and Surplus Lines | Commercial Auto LPT | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			7,700			$ 7,700
Rasier | Excess and Surplus Lines | Commercial Auto LPT | Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral percentage	102%
Cash equivalent collateral returned to trust	$ 691,300
Cash equivalent collateral trust arrangement			64,700			64,700
Rasier | Excess and Surplus Lines | Commercial Auto LPT | Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			82,100			82,100
Rasier | Excess and Surplus Lines | Commercial Auto LPT | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			17,400			17,400
Rasier And Aleka | Excess and Surplus Lines | Commercial Auto LPT | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			28,700			28,700
Commercial Auto LPT | Excess and Surplus Lines | Commercial Auto LPT
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			3,051	64,403	46,697	114,200
Cumulative amounts ceded under loss portfolio transfer			459,300	$ 456,200	$ 391,800	459,300
Commercial Auto LPT | Aleka | Excess and Surplus Lines | Commercial Auto LPT
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100
Required collateral percentage	102%
Reinsurance recoverables			36,600			36,600
Commercial Auto LPT | Aleka | Excess and Surplus Lines | Commercial Auto LPT | LPT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			30,100			30,100
Commercial Auto LPT | Aleka | Excess and Surplus Lines | Commercial Auto LPT | LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			$ 37,800			$ 37,800

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (9,222)	$ 105,368	$ (219,788)
U.S. income taxes	1,937	(6,313)	26,780
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(7,285)	99,055	(193,008)
Less reclassification adjustment:
Net realized investment (losses) gains	(1,278)	(339)	275
U.S. income taxes	269	71	(261)
Reclassification adjustment for investment (losses) gains realized in net income	(1,009)	(268)	14
Other comprehensive (loss) income	$ (6,276)	$ 99,323	$ (193,022)

Other Comprehensive (Loss) In_4

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment (losses) gains	$ (1,278)	$ (339)	$ 275
Net (losses) gains in bank loan participations	(3,844)	5,549	(5,746)
Net realized and unrealized (losses) gains on investments in equity securities	$ 8,749	$ 5,247	$ (11,122)

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) broker underwriting_division segment agency	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Number of underwriting divisions | underwriting_division	15
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Number of underwriting divisions | underwriting_division	14
Number of brokers | broker	3
Excess and Surplus Lines | Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 345,100
Consolidated gross written premiums percentage	24.10%
Gross written premiums percentage	33.90%
Excess and Surplus Lines | Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 245,500
Consolidated gross written premiums percentage	17.10%
Gross written premiums percentage	24.10%
Excess and Surplus Lines | Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 134,100
Consolidated gross written premiums percentage	9.40%
Gross written premiums percentage	13.20%
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Number of underwriting divisions | underwriting_division	1
Number of agencies | agency	2
Specialty Admitted Insurance | Agency one
Segment Reporting Information [Line Items]
Gross written premiums	$ 175,700
Consolidated gross written premiums percentage	12.30%
Gross written premiums percentage	42.40%
Specialty Admitted Insurance | Agency two
Segment Reporting Information [Line Items]
Gross written premiums	$ 63,700
Consolidated gross written premiums percentage	4.50%
Gross written premiums percentage	15.40%

Segment Information - Summary o

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Net earned premiums	600,196	708,005	629,734
Fee income	4,585	5,301	3,761
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Less: losses and loss adjustment expense - retroactive reinsurance	37,237	4,991	15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	517,137	495,166	424,900
Other operating expenses:
Net commissions	44,943	48,733	28,595
Employee compensation	100,095	98,430	86,578
All other operating expenses	48,160	46,493	37,397
Total	193,198	193,656	152,570
Underwriting (loss) profit	(105,554)	24,484	56,025
Segment revenues	707,626	812,009	661,514
Net investment income	93,089	84,046	43,188
Interest expense	24,666	24,627	13,872
Segment goodwill	181,831	181,831	181,831
Segment assets	5,007,076	5,317,250
Segment assets		4,533,857	3,991,276
Excess and Surplus Lines | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	1,017,029	1,007,351	921,164
Net earned premiums	512,237	609,566	555,597
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	485,951	425,035	382,094
Less: losses and loss adjustment expense - retroactive reinsurance	37,237	4,991	15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714	420,044	366,352
Other operating expenses:
Net commissions	56,186	61,542	47,006
Employee compensation	62,176	57,436	47,898
All other operating expenses	22,616	16,197	11,290
Total	140,978	135,175	106,194
Underwriting (loss) profit	(77,455)	54,347	83,051
Segment revenues	594,433	690,388	570,087
Net investment income	73,341	69,325	28,664
Interest expense	0	0	0
Segment goodwill	181,831	181,831	181,831
Segment assets	3,516,399
Segment assets		3,083,798	2,627,956
Specialty Admitted Insurance | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	414,743	501,309	490,208
Net earned premiums	87,959	98,439	74,137
Fee income	4,585	5,301	3,761
Total incurred losses and loss and adjustment expenses	68,423	75,122	58,548
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	68,423	75,122	58,548
Other operating expenses:
Net commissions	(11,243)	(12,809)	(18,411)
Employee compensation	14,115	18,492	17,823
All other operating expenses	14,376	18,858	15,704
Total	17,248	24,541	15,116
Underwriting (loss) profit	6,873	4,077	4,234
Segment revenues	109,472	119,777	81,593
Net investment income	16,937	13,568	5,068
Interest expense	0	0	0
Segment goodwill	0	0	0
Segment assets	1,390,894
Segment assets		1,387,020	1,277,988
Corporate and Other | Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0
Net earned premiums	0	0	0
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	0	0	0
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	0	0	0
Other operating expenses:
Net commissions	0	0	0
Employee compensation	23,804	22,502	20,857
All other operating expenses	11,168	11,438	10,403
Total	34,972	33,940	31,260
Underwriting (loss) profit	(34,972)	(33,940)	(31,260)
Segment revenues	3,721	1,844	9,834
Net investment income	2,811	1,153	9,456
Interest expense	24,666	24,627	13,872
Segment goodwill	0	0	0
Segment assets	$ 99,783
Segment assets		$ 63,039	$ 85,332

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	$ (70,582)	$ 58,424	$ 87,285
Other operating expenses of the Corporate and Other segment	(34,972)	(33,940)	(31,260)
Underwriting (loss) profit	(105,554)	24,484	56,025
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)	(4,991)	(15,742)
Net investment income	93,089	84,046	43,188
Net realized and unrealized gains (losses) on investments	3,625	10,441	(15,720)
Other income	6,131	4,216	551
Other expenses	(6,145)	(3,792)	(795)
Interest expense	(24,666)	(24,627)	(13,872)
Amortization of intangible assets	(363)	(363)	(363)
Impairment of intangible assets	0	(2,500)	0
(Loss) income from continuing operations before income taxes	(71,120)	86,914	53,272
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	(77,455)	54,347	83,051
Amortization of intangible assets	(363)	(363)	(363)
Excess and Surplus Lines | Commercial Auto LPT | Commercial Auto LPT
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)	(4,991)	(15,742)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	6,873	4,077	4,234
Amortization of intangible assets	$ 0	$ 0	$ 0

Segment Information - Gross Wri

Segment Information - Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Excess and Surplus Lines | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	1,017,029	1,007,351	921,164
Excess and Surplus Lines | Excess Casualty | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	325,017	339,870	310,383
Excess and Surplus Lines | General Casualty | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	237,632	202,861	173,574
Excess and Surplus Lines | Manufacturers and Contractors | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	176,494	180,074	156,645
Excess and Surplus Lines | Excess Property | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	53,254	64,574	52,104
Excess and Surplus Lines | Energy | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	46,405	51,593	42,290
Excess and Surplus Lines | Small Business | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	39,946	38,561	36,930
Excess and Surplus Lines | Allied Health | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	31,791	30,904	34,156
Excess and Surplus Lines | Commercial Auto | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	27,819	29,379	37,974
Excess and Surplus Lines | Life Sciences | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	25,642	27,595	32,277
Excess and Surplus Lines | Sports and Entertainment | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	22,192	17,826	13,934
Excess and Surplus Lines | Environmental | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	20,096	13,832	20,676
Excess and Surplus Lines | Professional Liability | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	9,367	9,264	8,936
Excess and Surplus Lines | Medical Professionals | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	870	955	1,285
Excess and Surplus Lines | Management Liability | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	504	63	0
Specialty Admitted Insurance | Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	$ 414,743	$ 501,309	$ 490,208

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	$ 1,189,733	$ 1,324,476
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Recurring basis | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Recurring basis | State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Recurring basis | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Recurring basis | Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Recurring basis | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis | Equity securities
Equity securities:
Equity securities	86,479	119,945
Recurring basis | Preferred stock
Equity securities:
Equity securities	71,245	69,310
Recurring basis | Common stock
Equity securities:
Equity securities	15,234	50,635
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
Equity securities:
Equity securities	12,693	48,370
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Common stock
Equity securities:
Equity securities	12,693	48,370
Recurring basis | Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Recurring basis | Significant Other Observable Inputs Level 2 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,168,734	1,295,346
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Recurring basis | Significant Other Observable Inputs Level 2 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Recurring basis | Significant Other Observable Inputs Level 2 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
Recurring basis | Significant Other Observable Inputs Level 2 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Other Observable Inputs Level 2 | Equity securities
Equity securities:
Equity securities	73,781	71,564
Recurring basis | Significant Other Observable Inputs Level 2 | Preferred stock
Equity securities:
Equity securities	71,245	69,310
Recurring basis | Significant Other Observable Inputs Level 2 | Common stock
Equity securities:
Equity securities	2,536	2,254
Recurring basis | Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Equity securities
Equity securities:
Equity securities	5	11
Recurring basis | Significant Unobservable Inputs Level 3 | Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Common stock
Equity securities:
Equity securities	$ 5	$ 11

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Available-for-sale fixed maturity securities and equity securities - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11	$ 7	$ 39
Transfers in to Level 3	0	0	0
Transfers out of Level 3	0	0	0
Purchases	0	0	0
Sales	0	0	(35)
Maturities, calls and paydowns	0	0	0
Amortization of discount	0	0	0
Total gains or losses (realized/unrealized) - Included in earnings	(6)	4	3
Total gains or losses (realized/unrealized) - Included in other comprehensive income	0	0	0
Ending balance	$ 5	$ 11	$ 7

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of equity securities held | security	1	1	1
Recurring basis | Available-for-sale fixed maturity securities and equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset value | $	$ 5	$ 11	$ 7	$ 39

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities, available-for-sale	$ 1,189,733	$ 1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449	$ 103,215	$ 102,005
Short-term investments	97,074	72,137
Liabilities
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Short-term investments	97,074	72,137
Other invested assets – notes receivable	13,902	12,174
Liabilities
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Short-term investments	97,074	72,137
Other invested assets – notes receivable	12,877	11,702
Liabilities
Senior debt	201,787	223,408
Junior subordinated debt	$ 121,766	$ 138,264

Statutory Matters - Schedule of

Statutory Matters - Schedule of Statutory Accounting (Details) - United States - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 40,731	$ 90,469	$ 42,565
Statutory capital and surplus	642,978	615,427	493,303
Minimum required statutory capital and surplus	$ 286,392	$ 220,449	$ 165,809

Dividend Restrictions (Details)

Dividend Restrictions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Statutory Accounting Practices [Line Items]
Percentage of dividend withholding tax for distributions	5%
Percentage of dividend distribution tax	30%
United States
Statutory Accounting Practices [Line Items]
Dividend limitations percentage of statutory surplus	10%
Maximum amount of dividends available without regulatory approval	$ 64.3

Other Related Party Transacti_2

Other Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minority interest in partnership
Related Party Transaction [Line Items]
Operating costs under lease	$ 2.1	$ 2.1	$ 2.1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Feb. 20, 2025

Jan. 27, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Subsequent Event [Line Items]

Line of credit facility, outstanding drawn balance

$ 200,800

$ 222,300

$ 200,800

$ 222,300

Dividend declared per common share (in dollars per share)

$ 0.01

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.16

$ 0.20

$ 0.20

Dividends on Series A preferred shares

$ 10,143

$ 10,500

$ 8,750

Subsequent Event

Subsequent Event [Line Items]

Dividend declared per common share (in dollars per share)

$ 0.01

Value of awards granted

$ 9,100

Subsequent Event | Convertible Preferred Stock

Subsequent Event [Line Items]

Dividends on Series A preferred shares

$ 2,000

Subsequent Event | O 2024 Q4 Dividends

Subsequent Event [Line Items]

Dividends payable, date to be paid

Mar. 31, 2025

Dividend payable, record date

Mar. 10, 2025

Subsequent Event | O 2024 Q4 Dividends | Convertible Preferred Stock

Subsequent Event [Line Items]

Dividends payable, date to be paid

Mar. 31, 2025

Dividend payable, record date

Mar. 15, 2025

2013 Facility | Unsecured

Subsequent Event [Line Items]

Line of credit facility, outstanding drawn balance

$ 185,800

$ 185,800

$ 185,800

$ 185,800

2013 Facility | Unsecured | Subsequent Event

Subsequent Event [Line Items]

Proceeds from unsecured revolver

$ 25,000

Line of credit facility, outstanding drawn balance

$ 210,800

SCHEDULE I - Summary of Inves_2

SCHEDULE I - 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]
Amount at which shown on Balance Sheet	$ 1,544,706
Fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	1,278,337
Fair Value	1,189,733
Amount at which shown on Balance Sheet	1,189,733
State and municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	223,009
Fair Value	196,564
Amount at which shown on Balance Sheet	196,564
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	352,064
Fair Value	326,227
Amount at which shown on Balance Sheet	326,227
Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	503,610
Fair Value	475,485
Amount at which shown on Balance Sheet	475,485
Commercial mortgage and asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	178,238
Fair Value	170,458
Amount at which shown on Balance Sheet	170,458
U.S. Treasury securities and obligations guaranteed by the U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	21,416
Fair Value	20,999
Amount at which shown on Balance Sheet	20,999
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	82,678
Fair Value	86,479
Amount at which shown on Balance Sheet	86,479
Preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	67,044
Fair Value	71,245
Amount at which shown on Balance Sheet	71,245
Common stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	15,634
Fair Value	15,234
Amount at which shown on Balance Sheet	15,234
Bank loan participations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	147,321
Fair Value	142,410
Amount at which shown on Balance Sheet	142,410
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	97,074
Fair Value	97,074
Amount at which shown on Balance Sheet	97,074
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 29,010

SCHEDULE II - Condensed Finan_2

SCHEDULE II - Condensed Financial Information of Registrant - Balance Sheets (Parent Company) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 362,345	$ 274,298
Other assets	86,513	115,418
Total assets	5,007,076	5,317,250
Liabilities:
Accrued expenses	53,178	56,722
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Other liabilities	182,524	174,513
Total liabilities	4,413,046	4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	144,898
Shareholders’ equity:
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive (loss) income	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621	$ 553,766	$ 725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	5,007,076	5,317,250
Parent Company
Assets
Cash and cash equivalents	64,525	1,961	$ 277	$ 157
Investment in subsidiaries	732,285	894,848
Due from subsidiaries	0	166
Other assets	31,775	52,013
Total assets	828,585	948,988
Liabilities:
Accrued expenses	1,716	3,971
Senior debt	185,800	207,300
Junior subordinated debt	15,928	15,928
Due to subsidiaries	863	0
Other liabilities	30,248	42,270
Total liabilities	234,555	269,469
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	144,898
Shareholders’ equity:
Class A common shares	9	7
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive (loss) income	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 828,585	$ 948,988

SCHEDULE II - Condensed Finan_3

SCHEDULE II - Condensed Financial Information of Registrant - Statements of (Loss) Income and Comprehensive Loss (Parent Company) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net investment income	$ 93,089	$ 84,046	$ 43,188
Other income	10,716	9,517	4,312
Total revenues	707,626	812,009	661,514
Expenses:
Other operating expenses	193,198	193,656	152,570
Other expenses	6,145	3,792	795
Interest expense	24,666	24,627	13,872
Total expenses	778,746	725,095	608,242
Equity in net (loss) income of subsidiaries	4,133	4,881	2,458
Net (loss) income	(81,120)	(107,684)	30,973
Other comprehensive (loss) income:
Total comprehensive loss	(87,396)	(8,361)	(162,049)
Parent Company
Revenues:
Net investment income	1,860	0	0
Other income	90	88	55
Total revenues	1,950	88	55
Expenses:
Other operating expenses	14,142	14,689	12,890
Other expenses	9,619	4,049	747
Interest expense	15,484	15,685	8,579
Total expenses	39,245	34,423	22,216
Loss before equity in net (loss) income of subsidiaries	(37,295)	(34,335)	(22,161)
Equity in net (loss) income of subsidiaries	(43,825)	(73,349)	53,134
Net (loss) income	(81,120)	(107,684)	30,973
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(6,276)	99,323	(193,022)
Total comprehensive loss	$ (87,396)	$ (8,361)	$ (162,049)

SCHEDULE II - Condensed Finan_4

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Cash Flows (Parent Company) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net (loss) income		$ (81,120)	$ (107,684)	$ 30,973
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share based compensation expense		6,631	9,116	8,122
Net cash (used in) provided by operating activities	[1]	(247,085)	87,953	222,734
Investing activities
Sale of JRG Re		96,412	0	0
Net cash provided by (used in) investing activities		307,032	16,732	(328,154)
Financing activities
Senior debt repayments		(21,500)	0	(40,000)
Payment of debt issuance costs		0	(1,135)	0
Issuance of Series A preferred shares		0	0	144,898
Enstar common share investment		12,500	0	0
Payroll taxes withheld and remitted on net settlement of RSUs		(847)	(1,734)	(1,304)
Dividends on Series A preferred shares		(12,768)	(10,500)	(6,125)
Dividends on common shares		(6,231)	(7,746)	(7,798)
Net cash (used in) provided by financing activities		(28,846)	(21,115)	89,671
Change in cash, cash equivalents, and restricted cash equivalents		31,101	83,570	(15,749)
Cash and cash equivalents at beginning of period		274,298
Cash and cash equivalents at end of period		362,345	274,298
Supplemental information
Interest paid		28,740	30,697	17,425
Parent Company
Operating activities
Net (loss) income		(81,120)	(107,684)	30,973
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Provision for depreciation and amortization		474	345	216
Share based compensation expense		6,631	9,116	8,122
Equity in undistributed earnings of subsidiaries		43,825	73,349	(53,134)
Changes in operating assets and liabilities		2,996	47,673	68,272
Net cash (used in) provided by operating activities		(27,194)	22,799	54,449
Investing activities
Sale of JRG Re		136,213	0	0
Dividends from subsidiaries		5,755	0	0
Net cash provided by (used in) investing activities		141,968	0	0
Financing activities
Senior debt repayments		(21,500)	0	(40,000)
Contribution to subsidiary		(23,364)	0	(144,000)
Payment of debt issuance costs		0	(1,135)	0
Issuance of Series A preferred shares		0	0	144,898
Enstar common share investment		12,500	0	0
Payroll taxes withheld and remitted on net settlement of RSUs		(847)	(1,734)	(1,304)
Dividends on Series A preferred shares		(12,768)	(10,500)	(6,125)
Dividends on common shares		(6,231)	(7,746)	(7,798)
Net cash (used in) provided by financing activities		(52,210)	(21,115)	(54,329)
Change in cash, cash equivalents, and restricted cash equivalents		62,564	1,684	120
Cash and cash equivalents at beginning of period		1,961	277	157
Cash and cash equivalents at end of period		64,525	1,961	277
Supplemental information
Interest paid		$ 17,137	$ 16,949	$ 9,342
[1]Cash (used in) provided by operating activities for the years ended December 31, 2024, 2023, and 2022 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book ”. Excluding the restricted cash activity above, cash (used in) provided by operating activities was $(203.3) million, $118.7 million, and $221.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The $203.3 million of cash used in operating activities for the year ended December 31, 2024 primarily reflects the $313.2 million and $52.8 million of reinsurance premium paid in 2024 related to the E&S ADC and E&S Top Up ADC (See Note 8).

SCHEDULE III - Supplementary _2

SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	$ 30,175	$ 31,497	$ 32,837
Reserve for Losses and Loss Adjustment Expenses	3,084,406	2,606,107	2,340,963
Unearned Premiums	572,034	587,899	578,196
Net Earned Premiums	600,196	708,005	629,734
Net Investment Income	93,089	84,046	43,188
Losses and Loss Adjustment Expenses	554,374	500,157	440,642
Amortization of Policy Acquisition Costs	65,960	72,633	49,809
Other Operating Expenses	193,198	193,656	152,570
Net Written Premiums	580,854	693,901	665,446
Excess and Surplus Lines
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	31,085	30,625	36,917
Reserve for Losses and Loss Adjustment Expenses	2,226,038	1,769,788	1,585,861
Unearned Premiums	447,711	428,570	405,139
Net Earned Premiums	512,237	609,566	555,597
Net Investment Income	73,341	69,325	28,664
Losses and Loss Adjustment Expenses	485,951	425,035	382,094
Amortization of Policy Acquisition Costs	69,704	75,890	59,457
Other Operating Expenses	140,978	135,175	106,194
Net Written Premiums	508,445	589,551	589,056
Specialty Admitted
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	(910)	872	(4,080)
Reserve for Losses and Loss Adjustment Expenses	858,368	836,319	755,102
Unearned Premiums	124,323	159,329	173,057
Net Earned Premiums	87,959	98,439	74,137
Net Investment Income	16,937	13,568	5,068
Losses and Loss Adjustment Expenses	68,423	75,122	58,548
Amortization of Policy Acquisition Costs	(3,744)	(3,257)	(9,648)
Other Operating Expenses	17,248	24,541	15,116
Net Written Premiums	72,409	104,350	76,390
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	0	0	0
Reserve for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Net Earned Premiums	0	0	0
Net Investment Income	2,811	1,153	9,456
Losses and Loss Adjustment Expenses	0	0	0
Amortization of Policy Acquisition Costs	0	0	0
Other Operating Expenses	34,972	33,940	31,260
Net Written Premiums	$ 0	$ 0	$ 0

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 Amount	$ 1,429,791	$ 1,506,668	$ 1,408,524
Ceded to Other Companies	850,918	814,759	745,926
Assumed from Other Companies	1,981	1,992	2,848
Net written premiums	$ 580,854	$ 693,901	$ 665,446
Percentage of Amount Assumed to Net	0.30%	0.30%	0.40%
Excess and Surplus Lines Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,017,029	$ 1,007,351	$ 921,164
Ceded to Other Companies	508,584	417,800	332,108
Assumed from Other Companies	0	0	0
Net written premiums	$ 508,445	$ 589,551	$ 589,056
Percentage of Amount Assumed to Net	0%	0%	0%
Specialty Admitted Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 412,762	$ 499,317	$ 487,360
Ceded to Other Companies	342,334	396,959	413,818
Assumed from Other Companies	1,981	1,992	2,848
Net written premiums	$ 72,409	$ 104,350	$ 76,390
Percentage of Amount Assumed to Net	2.70%	1.90%	3.70%

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]
Balance at Beginning of Period	$ 18,576	$ 16,828	$ 17,287
Additions Amounts Charged to Expense	7,460	2,906	1,024
Deductions Amounts Written Off or Disposals	(2,494)	(1,158)	(1,483)
Balance at End of Period	23,542	18,576	16,828
Allowance for Credit Losses on Premiums Receivable and Agents' Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	17,916	16,248	16,680
Additions Amounts Charged to Expense	6,905	2,826	1,051
Deductions Amounts Written Off or Disposals	(2,494)	(1,158)	(1,483)
Balance at End of Period	22,327	17,916	16,248
Allowance for Credit Losses on Reinsurance Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	660	580	607
Additions Amounts Charged to Expense	555	80	(27)
Deductions Amounts Written Off or Disposals	0	0	0
Balance at End of Period	$ 1,215	$ 660	$ 580

SCHEDULE VI - Supplementary I_2

SCHEDULE VI - Supplementary 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	$ 30,175	$ 31,497	$ 32,837
Reserve for losses and loss adjustment expenses	3,084,406	2,606,107	2,340,963
Unearned premiums	572,034	587,899	578,196
Net earned premiums	600,196	708,005	629,734
Net investment income	93,089	84,046	43,188
Current year	441,058	463,530	429,260
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	76,079	31,636	(4,360)
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Amortization of policy acquisition costs	65,960	72,633	49,809
Paid losses and loss adjustment expenses, net of reinsurance	364,590	328,959	318,355
Net written premiums	$ 580,854	$ 693,901	$ 665,446