Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)




















As of and for the Three Months Ended March 31, 2025
Gross written premiums	$	213,243	$	81,118	$	—	$	294,361
Net earned premiums	137,028		14,874		—		151,902
Fee income	—		832		—		832
Losses and loss adjustment expenses	86,876		12,649		—		99,525
Less: losses and loss adjustment expense - retroactive reinsurance	(1,928)		—		—		(1,928)
Losses and loss adjustment expenses excluding retroactive reinsurance	88,804		12,649		—		101,453
Other operating expenses:
Net commissions	15,001		(2,852)		—		12,149
Employee compensation	16,400		2,811		8,449		27,660
All other operating expenses	5,165		3,404		2,182		10,751
	36,566		3,363		10,631		50,560
Underwriting profit (loss)	11,658		(306)		(10,631)		721
Segment revenues	151,536		20,097		656		172,289
Net investment income	15,218		4,317		473		20,008
Interest expense	—		—		5,541		5,541
Segment goodwill	181,831		—		—		181,831
Segment assets	3,523,455		1,359,670		65,890		4,949,015

As of and for the Three Months Ended March 31, 2024
Gross written premiums	$	213,691	$	117,119	$	—	$	330,810
Net earned premiums	145,623		26,068		—		171,691
Fee income	—		1,310		—		1,310
Losses and loss adjustment expenses	89,603		20,446		—		110,049
Less: losses and loss adjustment expense - retroactive reinsurance	(4,002)		—		—		(4,002)
Losses and loss adjustment expenses excluding retroactive reinsurance	93,605		20,446		—		114,051
Other operating expenses:
Net commissions	14,245		(2,180)		—		12,065
Employee compensation	15,493		3,454		7,851		26,798
All other operating expenses	3,789		4,872		3,286		11,947
	33,527		6,146		11,137		50,810
Underwriting profit (loss)	18,491		786		(11,137)		8,140
Segment revenues	168,921		31,536		670		201,127
Net investment income	18,426		3,986		220		22,632
Interest expense	—		—		6,485		6,485
Segment goodwill	181,831		—		—		181,831
Segment assets	3,090,041		1,385,563		43,145		4,518,749

Schedule of Underwriting (Loss) Profit of Operating Segments by Individual Segment and Reconciliation to Consolidated (Loss) Income Before Taxes

The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income from continuing operations before income taxes:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Underwriting profit of the operating segments:
Excess and Surplus Lines		$	11,658	$	18,491
Specialty Admitted Insurance		(306)		786

Total underwriting profit of operating segments		11,352		19,277
Other operating expenses of the Corporate and Other segment		(10,631)		(11,137)
Underwriting profit		721		8,140
Losses and loss adjustment expenses – retroactive reinsurance		1,928		4,002
Net investment income		20,008		22,632
Net realized and unrealized (losses) gains on investments		(1,371)		4,583
Other income and expenses		355		179
Interest expense		(5,541)		(6,485)
Amortization of intangible assets		(91)		(91)

Income from continuing operations before income taxes		$	16,009	$	32,960