Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Summary of Premium Received and Capital at Risk

The table below outlines the participation of Shoreline Re for each program, including premium received and capital at risk.

Treaty	Effective Dates	Premium Collected / Cession Rate		Capital at Risk (1)
Quota Share Agreement	06/01/2025 - 05/31/2026	45% (2)		$	33,346,000	(3)
All Other Perils Catastrophe	01/01/2025 -
Excess of Loss Agreement	12/31/2025	$	1,296,000		2,304,000
All Other Perils Catastrophe	01/01/2024 -
Excess of Loss Agreement	12/31/2024		—		4,500,000	(4)
Excess Per Risk Agreement	02/01/2024 - 01/31/2025		1,867,000		633,000
Quota Share Agreement (5)	06/01/2024 - 05/31/2026	30% (2)		$	4,200,000	(6)

(1) Capital at risk is calculated by taking the aggregate losses Shoreline Re is subject to under the contract, less net premiums earned under the contract.

(2) This treaty provides or provided coverage for all catastrophe perils and attritional losses incurred. For all catastrophe perils, the quota share agreement provides or provided ground-up protection, effectively reducing our retention for catastrophe losses.

(3) Net premiums earned based on estimated subject premiums at June 1, 2025.

(4) This treaty was amended on June 1, 2025 to include reinstatement, resulting in additional premium and aggregate losses.

(5) This treaty was commuted on June 1, 2025 with no impact on our consolidated results.

(6) Net premiums earned based on estimated subject premiums at June 1, 2024.

Schedule of External Quota Share Agreements

The table below outlines our quota share agreements in effect for the years ended December 31, 2025 and 2024.

Reinsurer	Companies in Scope	Effective Dates	Cession Rate	States in Scope
External third-party	AmCoastal	06/01/2024 - 05/31/2026	20% (1)(2)	Florida
External third-party	AmCoastal	06/01/2023 - 05/31/2024	40% (1)	Florida

(1) This treaty provides or provided coverage for all catastrophe perils and attritional losses incurred. For all catastrophe perils, the quota share agreement provides or provided ground-up protection, effectively reducing the Company's retention for catastrophe losses.

(2) The cession rate of this treaty was reduced from 20% to 15% effective June 1, 2025 to May 31, 2026.

Reinsurance Recoverables

Reinsurance recoverable at the balance sheet dates consists of the following:

	December 31, 2025		December 31, 2024
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$	116,772	$	249,276
Reinsurance recoverable on paid losses and loss adjustment expenses		11,433		14,143
Reinsurance recoverable(1)	$	128,205	$	263,419

(1) Our reinsurance recoverable balance is net of our allowance for expected credit losses. More information related to this allowance can be found in Note 14.

Effects of Reinsurance on Premiums

The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income (Loss):

	Year ended December 31,
	2025			2024			2023
Premium written:
Direct	$	612,599		$	642,727		$	635,593
Assumed		(77	)		5,078			116
Ceded		(290,212	)		(370,210	)		(413,462	)
Net premium written	$	322,310		$	277,595		$	222,247
Change in unearned premiums:
Direct	$	32,271		$	(5,730	)	$	(41,227	)
Assumed		3,467			(3,467	)		10,201
Ceded		(51,196	)		5,592			70,839
Net decrease (increase)	$	(15,458	)	$	(3,605	)	$	39,813
Premiums earned:
Direct	$	644,870		$	636,997		$	594,366
Assumed		3,390			1,611			10,317
Ceded		(341,408	)		(364,618	)		(342,623	)
Net premiums earned	$	306,852		$	273,990		$	262,060
Losses and LAE incurred:
Direct	$	5,250		$	231,537		$	120,114
Assumed		(3,051	)		(4,077	)		3,767
Ceded		43,841			(158,141	)		(77,203	)
Net losses and LAE incurred	$	46,040		$	69,319		$	46,678

Reinsurance Effects On Unpaid Lossses, LAE and Unearned Premiums

The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets:

	December 31,
	2025			2024			2023
Unpaid losses and LAE:
Direct	$	161,560		$	315,412		$	332,396
Assumed		4,141			6,675			15,342
Gross unpaid losses and LAE		165,701			322,087			347,738
Ceded		(116,772	)		(249,276	)		(271,736	)
Net unpaid losses and LAE	$	48,929		$	72,811		$	76,002
Unearned premiums:
Direct	$	249,616		$	281,887		$	276,157
Assumed		—			3,467			—
Gross unearned premiums		249,616			285,354			276,157
Ceded		(109,697	)		(160,893	)		(155,301	)
Net unearned premiums	$	139,919		$	124,461		$	120,856