Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2025 – $1,448,750; 2024 – $1,278,337)	$ 1,404,774	$ 1,189,733
Equity securities, at fair value (cost: 2025 – $66,916; 2024 – $82,678)	73,092	86,479
Bank loan participations, at fair value	155,138	142,410
Short-term investments	0	97,074
Other invested assets	64,152	36,700
Total invested assets	1,697,156	1,552,396
Cash and cash equivalents	260,941	362,345
Restricted cash equivalents	8,481	28,705
Accrued investment income	12,744	10,534
Premiums receivable and agents’ balances, net	153,638	243,882
Reinsurance recoverable on unpaid losses, net	2,026,110	1,996,913
Reinsurance recoverable on paid losses	118,243	101,210
Prepaid reinsurance premiums	203,950	296,635
Deferred policy acquisition costs	31,286	30,175
Intangible assets, net	32,087	32,450
Goodwill	181,831	181,831
Deferred tax assets, net	64,896	61,170
Income taxes receivable	0	22,317
Other assets	68,567	86,513
Total assets	4,859,930	5,007,076
Liabilities:
Reserve for losses and loss adjustment expenses	3,099,418	3,084,406
Unearned premiums	447,644	572,034
Payables to reinsurers	68,459	132,922
Funds held	7,485	25,157
Deferred reinsurance gain	86,720	57,970
Senior debt	225,800	200,800
Junior subordinated debt	104,055	104,055
Accrued expenses	31,006	53,178
Income taxes payable	13,572	0
Other liabilities	104,503	182,524
Total liabilities	4,188,662	4,413,046
Commitments and contingent liabilities
Series A redeemable preferred shares – 2025 and 2024: 165,000 shares authorized; 112,500 shares issued and outstanding	133,115	133,115
Shareholders’ equity:
Common stock – 2025 and 2024: $0.0002 par value; 200,000,000 shares authorized; 45,968,584 and 45,644,318 shares issued and outstanding, respectively	9	9
Preferred stock – 2025 and 2024: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	937,611	933,311
Retained deficit	(364,726)	(402,408)
Accumulated other comprehensive loss	(34,741)	(69,997)
Total shareholders’ equity	538,153	460,915
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 4,859,930	$ 5,007,076