Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Assets
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $595,383 and $719,536 , respectively and allowance for credit losses: $0 and $0, respectively)		$ 597,329	$ 718,537
Equity securities, at fair value (cost: $61,597 and $52,030, respectively)		65,890	56,200
Limited partnership investments		17,690	20,802
Real estate investments		103,746	79,120
Other investments		5,000	0
Total investments		789,655	874,659
Cash and cash equivalents	[1]	1,210,126	532,471
Restricted cash	[1]	3,748	3,714
Income taxes receivable	[1]	1,332	463
Deferred income tax assets, net	[1]	2,237	72
Premiums receivable, net (allowance: $4,469 and $5,891, respectively)	[1]	57,494	50,582
Prepaid reinsurance premiums	[1]	50,127	92,060
Reinsurance recoverable, net of allowance for credit losses:
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively)		27,855	36,062
Unpaid losses and loss adjustment expenses (allowance: $97 and $186, respectively)		262,041	522,379
Deferred policy acquisition costs	[1]	59,722	54,303
Property and equipment, net		28,939	29,544
Intangible assets, net		2,683	5,206
Funds withheld for assumed business		5,254	11,690
Other assets	[1]	27,715	17,008
Total assets		2,528,928	2,230,213
Liabilities, Redeemable Noncontrolling Interests and Equity
Losses and loss adjustment expenses	[1]	576,495	845,900
Unearned premiums	[1]	643,328	584,703
Advance premiums	[1]	19,302	18,867
Reinsurance payable on paid losses and loss adjustment expenses		0	2,496
Ceded reinsurance premiums payable	[1]	27,591	18,313
Assumed premiums payable	[1]	1,744	2,176
Income taxes payable	[1]	12,782	5,451
Deferred income tax liabilities, net	[1]	3,814	2,830
Revolving credit facility		36,000	44,000
Long-term debt		31,877	185,254
Accrued expenses and other liabilities	[1]	61,351	51,182
Total liabilities		1,414,284	1,761,172
Commitments and contingencies (Note 21)
Redeemable noncontrolling interests		3,359	1,691
Equity:
Common stock (no par value, 40,000,000 shares authorized, 12,992,147 and 10,767,184 shares issued and outstanding in 2025 and 2024, respectively)		0	0
Additional paid-in capital		428,109	122,289
Retained earnings		611,509	331,793
Accumulated other comprehensive income (loss)		1,459	(749)
Total stockholders’ equity		1,041,077	453,333
Noncontrolling interests		70,208	14,017
Total equity		1,111,285	467,350
Total liabilities, redeemable noncontrolling interests and equity		$ 2,528,928	$ 2,230,213

[1] See Note 14 for details of balances associated with variable interest entities.