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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. In accordance with Item 402(v) of Regulation S-K, the following information includes disclosure about all of our NEOs since our 2021 fiscal year. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the “Compensation Discussion and Analysis.”


									Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation (Comp.) Table Total for PEO (1)		Comp. Actually Paid to PEO (2)(3)		Average Summary Comp. Table Total for Non-PEO NEOs (4)		Average Comp. Actually Paid to Non-PEO NEOs (3)(5)(6)		Total Shareholder Return (TSR)		Peer Group TSR (7)		Net Income (thousands) (8)			Core ROBE (9)
2025	$	2,811,555	$	2,651,877	$	1,138,194	$	1,093,627	$	255.95	$	223.50	$	106,837			44.0	%
2024		211,150		229,000		1,240,355		2,290,044		262.35		141.43		75,718			57.4	%
2023		176,250		215,000		1,230,006		3,738,971		184.41		101.57		309,111			92.2	%
2022		161,900		144,700		1,023,150		298,515		20.66		72.87		(469,885	)		(66.4	)%
2021		180,600		174,600		968,033		939,379		80.07		81.29		(57,919	)		(8.3	)%

(1) Amounts reported in this column are the amounts of total compensation reported for Mr. B. Bradford Martz (our President & CEO) during 2025 and Mr. Dan Peed (our former CEO and Executive Chairman of the Board) during 2021 through 2024. See the “Executive Compensation – Summary Compensation Table.” for the detail of these amounts for each corresponding year.

(2) Amounts reported in this column represent the amount of “compensation actually paid” to Mr. Martz during 2025 and Mr. Peed during 2021 through 2024, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Martz or Mr. Peed during each applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Martz's 2025 total compensation and Mr. Peed’s 2021 through 2024 total compensation for each year to determine the compensation actually paid:


Year	2025			2024			2023			2022			2021
Summary Compensation Table Total Compensation	$	2,811,555		$	211,150		$	176,250		$	161,900		$	180,600
Less, value of Equity Awards reported in Summary Compensation Table		1,050,000			61,150			26,250			11,600			29,400
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding		1,114,759			67,300			47,300			5,300			21,200
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested		(112,202	)		—			—			—			—
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year		(112,235	)		11,700			17,700			(10,900	)		2,200
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included		—			—			—			—			—
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year		—			—			—			—			—
Total Adjustments	$	159,678		$	(17,850	)	$	(38,750	)	$	17,200		$	6,000
Compensation Actually Paid	$	2,651,877		$	229,000		$	215,000		$	144,700		$	174,600

(3) For the portion of “compensation actually paid” that is based on year-end stock prices, $12.63 was used for 2025, $13.46 was used for 2024, $9.46 was used for 2023, $1.06 was used for 2022 and $4.24 was used for 2021.

(4) Amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Martz during 2025 and Mr. Peed during 2021-2024) in the “Total” column of our Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Christopher Griffith, Brooke Adler, Svetlana Castle and James Gray, (ii) for 2024, B. Bradford Martz, Christopher Griffith, Brooke Adler and Svetlana Castle, (iii) for 2023, B. Bradford Martz, Christopher Griffith and Brooke Adler, (iv) for 2022, B. Bradford Martz, Christopher Griffith, Brooke Adler and Brooke Shirazi, and (v) for 2021, B. Bradford Martz, Christopher Griffith, Scott St. John and Alycia Weigley.

(5) Amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group (defined for each year above), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation to determine the compensation actually paid:


Year	2025			2024 (6)			2023			2022			2021
Summary Compensation Table Total Compensation	$	1,138,194		$	1,240,355		$	1,230,006		$	1,023,150		$	968,033
Less, value of Equity Awards reported in Summary Compensation Table		341,250			437,500			432,667			308,333			361,595
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding		362,333			559,343			948,776			159,855			360,452
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested		(38,401	)		447,266			1,635,435			(436,237	)		(5,486	)
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year		(27,249	)		480,580			393,407			(78,040	)		4,527
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included		—			—			—			2,083			9,197
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year		—			—			35,986			63,962			35,749
Total Adjustments	$	44,567		$	(1,049,689	)	$	(2,508,965	)	$	724,635		$	28,654
Compensation Actually Paid	$	1,093,627		$	2,290,044		$	3,738,971		$	298,515		$	939,379

(6) It was determined that the "change in fair value (from prior year-end) of prior year equity awards that vested this year" calculated for 2024 did not properly include the value of incremental performance shares issued upon vesting. This has been correct in the current year and is reflected, changing the previously reported compensation actually paid in 2024 to $2,290,044 from $2,120,812. No other years were impacted.

(7) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Company’s peer group for Fiscal Year 2025 as set forth in the Compensation Discussion and Analysis.

(8) Reflects “Net Income” in the Company’s Consolidated Financial Statements included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2021 through December 31, 2025.

(9) Company-selected measure is Core Income After-Tax Return on Equity (“Core ROBE”), which is a non-GAAP financial measure that is computed by dividing core income by the Company’s beginning stockholders’ equity for the period. Core income (loss) is computed by adding amortization, net of tax, and current accident year net incurred losses and loss adjustment expenses resulting from named and numbered storms, net of tax, to net income (loss) and subtracting realized gains (losses) on the Company’s investment portfolio, net of tax, and subtracting realized gains (losses) on the Company’s equity securities and income (loss) from discontinued operations. Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company’s operations. Named windstorm expenses are related to losses that arise when hurricanes and tropical storms make landfall in the Company’s geographic regions of coverage. These storms cause loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can significantly impact net income (loss). 2022 Core ROBE does not contemplate discontinued operations as outlined above.

Company Selected Measure Name

Core ROBE

Named Executive Officers, Footnote

Peer Group Issuers, Footnote

PEO Total Compensation Amount

$ 2,811,555

$ 211,150

$ 176,250

$ 161,900

$ 180,600

PEO Actually Paid Compensation Amount

$ 2,651,877

229,000

215,000

144,700

174,600

Adjustment To PEO Compensation, Footnote

In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Martz's 2025 total compensation and Mr. Peed’s 2021 through 2024 total compensation for each year to determine the compensation actually paid:


Year	2025			2024			2023			2022			2021
Summary Compensation Table Total Compensation	$	2,811,555		$	211,150		$	176,250		$	161,900		$	180,600
Less, value of Equity Awards reported in Summary Compensation Table		1,050,000			61,150			26,250			11,600			29,400
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding		1,114,759			67,300			47,300			5,300			21,200
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested		(112,202	)		—			—			—			—
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year		(112,235	)		11,700			17,700			(10,900	)		2,200
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included		—			—			—			—			—
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year		—			—			—			—			—
Total Adjustments	$	159,678		$	(17,850	)	$	(38,750	)	$	17,200		$	6,000
Compensation Actually Paid	$	2,651,877		$	229,000		$	215,000		$	144,700		$	174,600

Non-PEO NEO Average Total Compensation Amount

$ 1,138,194

1,240,355

1,230,006

1,023,150

968,033

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,093,627

2,290,044

3,738,971

298,515

939,379

Adjustment to Non-PEO NEO Compensation Footnote

In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation to determine the compensation actually paid:


Year	2025			2024 (6)			2023			2022			2021
Summary Compensation Table Total Compensation	$	1,138,194		$	1,240,355		$	1,230,006		$	1,023,150		$	968,033
Less, value of Equity Awards reported in Summary Compensation Table		341,250			437,500			432,667			308,333			361,595
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding		362,333			559,343			948,776			159,855			360,452
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested		(38,401	)		447,266			1,635,435			(436,237	)		(5,486	)
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year		(27,249	)		480,580			393,407			(78,040	)		4,527
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included		—			—			—			2,083			9,197
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year		—			—			35,986			63,962			35,749
Total Adjustments	$	44,567		$	(1,049,689	)	$	(2,508,965	)	$	724,635		$	28,654
Compensation Actually Paid	$	1,093,627		$	2,290,044		$	3,738,971		$	298,515		$	939,379

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Listed below are the financial and non-financial performance measures which in our assessment represent the most important performance measures we use to link compensation actually paid to our NEOs, for 2025, to Company performance. Core ROBE and Combined Ratio metrics are used to determine annual incentive compensation payouts while Return on Average Equity is used to determine vesting of our PSUs. For more information on annual incentive compensation and actual payouts, see “Compensation Discussion and Analysis – Elements of Executive Compensation”.

       Most important Performance Measures for 2025

      

       Core ROBE

      

       Return on Average Equity

      

       Combined Ratio (1)

      

(1) Measured by taking the Company's expenses attributable to continuing operations, excluding interest expense, divided by the Company's Net Premiums Earned.

Total Shareholder Return Amount

$ 255.95

262.35

184.41

20.66

80.07

Peer Group Total Shareholder Return Amount

223.5

141.43

101.57

72.87

81.29