Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

9. Leases

The Company has various non-cancelable, long-term operating leases, the largest of which are for office space including the corporate headquarters, agency locations, VIP claims centers and law offices. Other operating leases consist of auto leases and various office equipment. The Company has no finance leases. Our leases have remaining lease terms of one year to three years, some of which include options to extend the leases for up to five years.

Certain lease agreements contain renewal options and, in addition to the minimum annual rentals, generally provide for payment of a share of the real estate taxes and operating expenses in excess of a base amount. Rental expense for our office space, law offices and VIP claims centers was $4,580, $4,832 and $4,294 for the years ended December 31, 2025, 2024, and 2023, respectively. All leases expire prior to 2029. The Company expects that in the normal course of business, leases that expire will be renewed.

In calculating lease liabilities the Company uses its incremental borrowing rate as of the application date based on original lease terms. The components of lease expense were as follows:

	Year Ended December 31,
		2025		2024		2023
Operating lease cost	$	3,602	$	4,001	$	4,115

Other information related to leases was as follows:

	Year Ended December 31,
		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,218	$	4,611
Weighted average remaining lease term
Operating leases		2.95 Years		3.93 Years
Weighted average discount rate
Operating leases		2.47%		2.48%

Maturities of lease liabilities were as follows:

	Operating Leases
2026	$	4,210
2027		3,995
2028		3,924
Total lease payments		12,129
Less imputed interest		(268)
Total	$	11,861