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Concentration of Operations
12 Months Ended
Dec. 31, 2025
Concentration Of Operations [Abstract]  
Concentration of Operations
17.
Concentration of Operations

The Company derives its premium revenues from its operations in the workers’ compensation insurance line of business.

Net premiums earned during 2025, 2024 and 2023 for the top ten states in 2025 and all others are shown below:

 

 

2025

 

 

2024

 

 

2023

 

 

 

Dollars

 

 

Percent

 

 

Dollars

 

 

Percent

 

 

Dollars

 

 

Percent

 

 

 

(Dollars in thousands)

 

Florida

 

$

44,113

 

 

 

15.6

%

 

$

38,976

 

 

 

14.4

%

 

$

33,838

 

 

 

12.7

%

Georgia

 

 

27,345

 

 

 

9.7

%

 

 

28,267

 

 

 

10.4

%

 

 

30,504

 

 

 

11.4

%

Illinois

 

 

20,830

 

 

 

7.4

%

 

 

16,294

 

 

 

6.0

%

 

 

13,072

 

 

 

4.9

%

Pennsylvania

 

 

20,272

 

 

 

7.2

%

 

 

19,564

 

 

 

7.2

%

 

 

19,963

 

 

 

7.5

%

North Carolina

 

 

18,138

 

 

 

6.4

%

 

 

15,863

 

 

 

5.9

%

 

 

16,432

 

 

 

6.2

%

Louisiana

 

 

17,218

 

 

 

6.1

%

 

 

16,998

 

 

 

6.3

%

 

 

21,150

 

 

 

7.9

%

Wisconsin

 

 

10,996

 

 

 

3.9

%

 

 

10,769

 

 

 

4.0

%

 

 

11,724

 

 

 

4.4

%

Virginia

 

 

10,507

 

 

 

3.7

%

 

 

10,151

 

 

 

3.8

%

 

 

10,400

 

 

 

3.8

%

Alaska

 

 

9,994

 

 

 

3.4

%

 

 

8,531

 

 

 

3.2

%

 

 

8,178

 

 

 

3.1

%

Minnesota

 

 

8,869

 

 

 

3.1

%

 

 

8,323

 

 

 

3.1

%

 

 

8,845

 

 

 

3.3

%

All others

 

 

94,775

 

 

 

33.5

%

 

 

96,903

 

 

 

35.7

%

 

 

93,019

 

 

 

34.8

%

Total net premiums earned

 

$

283,057

 

 

 

100.0

%

 

$

270,639

 

 

 

100.0

%

 

$

267,125

 

 

 

100.0

%