Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
Gross written premiums	$	300,444	$	77,559	$	—	$	378,003
Net earned premiums	141,370		11,239		—		152,609
Fee income	—		828		—		828
Losses and loss adjustment expenses	103,099		10,042		—		113,141
Less: losses and loss adjustment expense - retroactive reinsurance	9,239		—		—		9,239
Losses and loss adjustment expenses excluding retroactive reinsurance	93,860		10,042		—		103,902
Other operating expenses:
Net commissions	14,975		(2,412)		—		12,563
Employee compensation	15,497		2,612		5,313		23,422
All other operating expenses	5,331		3,246		2,909		11,486
	35,803		3,446		8,222		47,471
Underwriting profit (loss)	11,707		(1,421)		(8,222)		2,064
Segment revenues	158,320		16,166		357		174,843
Net investment income	15,941		4,224		351		20,516
Interest expense	—		—		5,805		5,805
Segment goodwill	181,831		—		—		181,831
Segment assets	3,639,964		1,351,271		27,087		5,018,322


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Three Months Ended June 30, 2024
Gross written premiums	$	292,836	$	119,411	$	—	$	412,247
Net earned premiums	140,447		22,746		—		163,193
Fee income	—		1,277		—		1,277
Losses and loss adjustment expenses	97,849		17,622		—		115,471
Less: losses and loss adjustment expense - retroactive reinsurance	(3,684)		—		—		(3,684)
Losses and loss adjustment expenses excluding retroactive reinsurance	101,533		17,622		—		119,155
Other operating expenses:
Net commissions	12,926		(4,490)		—		8,436
Employee compensation	15,422		3,198		5,586		24,206
All other operating expenses	4,139		4,277		3,038		11,454
	32,487		2,985		8,624		44,096
Underwriting profit (loss)	6,427		3,416		(8,624)		1,219
Segment revenues	159,572		28,055		662		188,289
Net investment income	20,255		4,097		579		24,931
Interest expense	—		—		6,344		6,344
Segment goodwill	181,831		—		—		181,831
Segment assets	3,211,050		1,385,738		141,418		4,738,206

As of and for the Six Months Ended June 30, 2025
Gross written premiums	$	513,687	$	158,677	$	—	$	672,364
Net earned premiums	278,398		26,113		—		304,511
Fee income	—		1,660		—		1,660
Losses and loss adjustment expenses	189,975		22,691		—		212,666
Less: losses and loss adjustment expense - retroactive reinsurance	7,311		—		—		7,311
Losses and loss adjustment expenses excluding retroactive reinsurance	182,664		22,691		—		205,355
Other operating expenses:
Net commissions	29,976		(5,264)		—		24,712
Employee compensation	31,897		5,423		13,763		51,083
All other operating expenses	10,496		6,650		5,090		22,236
	72,369		6,809		18,853		98,031
Underwriting profit (loss)	23,365		(1,727)		(18,853)		2,785
Segment revenues	309,856		36,263		1,013		347,132
Net investment income	31,159		8,541		824		40,524
Interest expense	—		—		11,346		11,346
Segment goodwill	181,831		—		—		181,831
Segment assets	3,639,964		1,351,271		27,087		5,018,322


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Six Months Ended June 30, 2024
Gross written premiums	$	506,527	$	236,530	$	—	$	743,057
Net earned premiums	286,070		48,814		—		334,884
Fee income	—		2,587		—		2,587
Losses and loss adjustment expenses	187,452		38,068		—		225,520
Less: losses and loss adjustment expense - retroactive reinsurance	(7,686)		—		—		(7,686)
Losses and loss adjustment expenses excluding retroactive reinsurance	195,138		38,068		—		233,206
Other operating expenses:
Net commissions	27,171		(6,670)		—		20,501
Employee compensation	30,915		6,652		13,436		51,003
All other operating expenses	7,928		9,149		6,325		23,402
	66,014		9,131		19,761		94,906
Underwriting profit (loss)	24,918		4,202		(19,761)		9,359
Segment revenues	328,493		59,591		1,332		389,416
Net investment income	38,681		8,083		799		47,563
Interest expense	—		—		12,829		12,829
Segment goodwill	181,831		—		—		181,831
Segment assets	3,211,050		1,385,738		141,418		4,738,206

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	11,707	$	6,427	$	23,365	$	24,918
Specialty Admitted Insurance	(1,421)		3,416		(1,727)		4,202
Total underwriting profit of operating segments	10,286		9,843		21,638		29,120
Other operating expenses of the Corporate and Other segment	(8,222)		(8,624)		(18,853)		(19,761)
Underwriting profit	2,064		1,219		2,785		9,359
Losses and loss adjustment expenses – retroactive reinsurance	(9,239)		3,684		(7,311)		7,686
Net investment income	20,516		24,931		40,524		47,563
Net realized and unrealized (losses) gains on investments	(352)		(2,305)		(1,723)		2,278
Other income and expenses	234		(905)		589		(726)
Interest expense	(5,805)		(6,344)		(11,346)		(12,829)
Amortization of intangible assets	(91)		(91)		(182)		(182)

Income from continuing operations before income taxes	$	7,327	$	20,189	$	23,336	$	53,149