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Reserve for Losses and Loss Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses
The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $1.6 million, $1.2 million, and $660,000 at December 31, 2025, 2024, and 2023, respectively.
Year Ended December 31,
202520242023
(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period$1,086,278 $1,246,973 $1,080,766 
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year400,003 441,058 463,530 
Prior years - retroactive reinsurance28,750 37,237 4,991 
Prior years - excluding retroactive reinsurance(1,549)76,079 31,636 
Total incurred losses and loss and adjustment expenses427,204 554,374 500,157 
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year17,842 31,313 32,410 
Prior years395,191 333,277 296,549 
Total loss and loss adjustment expense payments413,033 364,590 328,959 
Deduct: Change in deferred reinsurance gain - retroactive reinsurance28,750 37,237 4,991 
Deduct: Loss reserves ceded in E&S ADC— 313,242 — 
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period1,071,699 1,086,278 1,246,973 
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period2,027,719 1,998,128 1,359,134 
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period$3,099,418 $3,084,406 $2,606,107 
Schedule of Retroactive Reinsurance
The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2025, 2024, and 2023. The E&S Top Up ADC was not subject to retroactive reinsurance accounting as it was not in a gain position as of December 31, 2025.
Year Ended December 31,
202520242023
(in thousands)
Commercial Auto LPT
Deferred retroactive reinsurance gain at beginning of period$9,222 $20,733 $15,742 
(Favorable) adverse prior year development on subject business(7,848)3,051 64,403 
Retroactive reinsurance benefits under the recovery method1,553 (14,562)(59,412)
Deferred retroactive reinsurance gain at end of period$2,927 $9,222 $20,733 
E&S ADC
Deferred retroactive reinsurance gain at beginning of period$48,748 $— $— 
Adverse prior year development ceded on subject business35,045 48,748 — 
Retroactive reinsurance benefits under the recovery method— — — 
Deferred retroactive reinsurance gain at end of period$83,793 $48,748 $— 
Total
Deferred retroactive reinsurance gain at beginning of period$57,970 $20,733 $15,742 
Adverse prior year development on subject business27,197 51,799 64,403 
Retroactive reinsurance benefits under the recovery method1,553 (14,562)(59,412)
Deferred retroactive reinsurance gain at end of period$86,720 $57,970 $20,733 
Schedule of Incurred and Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance
Excess and Surplus Lines — Excluding Commercial Auto
Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$138,507 $125,093 $126,050 $126,971 $125,097 $132,235 $135,491 $141,242 $148,400 $151,612 
2017144,349 131,897 132,136 124,265 128,674 134,272 147,196 155,593 158,714 
2018167,004 158,458 146,633 150,687 151,563 167,237 173,186 180,931 
2019214,653 194,759 189,671 188,061 204,844 228,076 237,568 
2020239,897 211,732 207,210 231,658 273,883 296,540 
2021304,435 286,343 274,120 307,338 321,722 
2022340,436 293,402 320,146 342,533 
2023369,255 330,330 335,617 
2024360,426 345,686 
2025351,985 
Total$2,722,908 

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$5,180 $22,852 $46,045 $70,105 $90,166 $102,072 $116,059 $126,916 $133,928 $141,710 
20175,290 22,956 42,764 64,924 81,303 102,866 120,229 132,182 141,347 
20186,000 26,160 50,679 76,494 105,538 124,903 138,319 155,337 
20198,235 31,346 62,227 103,836 136,289 166,472 191,455 
20208,642 34,561 73,106 117,892 168,550 211,509 
202111,693 55,070 100,649 154,168 204,642 
202212,713 51,537 108,960 177,429 
202310,927 49,094 109,278 
202411,096 48,871 
20258,824 
Total$1,390,402 
Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC and E&S Top Up ADC$1,332,506 
Reinsurance recoverable for E&S ADC$434,562 
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (117 claims outstanding)
$16,282 
Total outstanding losses and loss adjustment expenses, net of reinsurance$914,226 
Excess and Surplus Lines — Commercial Auto
Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$74,340 $109,286 $126,791 $147,122 $157,712 $164,399 $164,046 $165,744 $165,121 $165,286 
2017207,355 208,743 272,421 319,472 355,713 366,636 376,251 376,306 374,566 
2018255,881 230,220 283,408 349,067 371,637 389,244 389,261 387,645 
2019262,306 240,773 339,771 365,279 408,340 416,654 413,077 
202019,133 10,899 12,324 19,009 22,062 22,927 
202121,154 16,565 17,319 19,998 20,774 
202226,126 19,921 19,730 21,370 
202318,181 16,089 16,879 
202411,602 12,491 
202511,100 
Total$1,446,115 

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$18,295 $54,054 $89,381 $125,108 $141,545 $152,030 $158,819 $162,219 $164,491 $165,091 
201741,467 107,377 192,961 252,169 309,860 344,235 364,501 369,931 373,717 
201845,136 119,099 184,686 257,346 329,009 368,865 379,246 384,415 
201944,225 107,182 192,982 285,725 358,920 393,141 402,253 
2020628 2,854 7,304 14,151 17,705 19,129 
20212,810 4,313 10,325 12,936 17,072 
20221,897 5,365 8,691 12,994 
20232,066 5,341 10,195 
2024319 1,165 
2025553 
Total$1,386,584 
Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT and E&S ADC$59,531 
Reinsurance recoverable for Commercial Auto LPT$11,520 
Reinsurance recoverable for E&S ADC and E&S Top Up ADC$13,868 
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (0 claims outstanding)
$113 
Total outstanding losses and loss adjustment expenses, net of reinsurance$34,256 
Specialty Admitted — Individual Risk Workers’ Compensation
Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$21,678 $20,299 $18,050 $15,800 $14,050 $13,069 $12,790 $12,510 $12,502 $12,484 
201724,869 22,071 19,779 18,810 16,606 15,487 15,360 15,318 15,311 
201816,432 16,288 16,038 14,200 12,139 11,829 11,793 11,894 
201920,253 21,056 20,631 18,129 17,624 17,408 17,257 
202020,137 22,240 19,389 18,934 18,617 18,235 
202114,519 14,713 12,668 12,702 12,472 
202214,507 11,828 11,096 11,439 
202321,095 19,218 19,118 
202412,715 9,760 
2025276 
Total$128,246 

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$4,664 $10,227 $12,135 $12,432 $12,481 $12,483 $12,483 $12,483 $12,483 $12,483 
20176,546 12,782 14,285 15,195 15,210 15,236 15,279 15,286 15,295 
20184,497 9,034 11,412 11,746 11,765 11,752 11,747 11,752 
20195,473 13,776 16,254 16,909 17,154 17,179 17,224 
20207,394 14,668 16,665 17,206 17,606 17,657 
20215,874 10,780 11,679 11,865 12,085 
20225,943 9,732 10,348 10,518 
20236,126 12,764 15,610 
20244,998 7,977 
20252 
Total$120,603 
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)
$376 
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools$2,198 
Total outstanding losses and loss adjustment expenses, net of reinsurance$10,217 
Specialty Admitted — Fronting and Programs
Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$11,542 $15,670 $14,682 $15,522 $14,468 $15,090 $14,304 $13,289 $13,133 $13,336 
201721,229 24,271 25,201 24,728 25,097 24,893 23,128 23,576 23,185 
201821,758 20,677 19,822 20,158 19,268 19,193 19,129 19,021 
201918,832 19,020 19,991 18,956 18,777 18,210 18,196 
202025,433 28,131 31,555 34,705 34,650 35,930 
202139,999 44,857 47,505 46,526 47,995 
202247,262 51,101 50,544 49,139 
202353,635 58,449 62,761 
202455,536 56,860 
202535,490 
Total$361,913 

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,894 $5,123 $6,888 $10,732 $10,896 $11,711 $12,142 $12,321 $12,567 $12,794 
20171,223 6,682 13,065 15,854 18,219 20,655 20,770 21,752 22,268 
2018885 4,972 10,495 12,631 14,059 15,424 16,457 16,733 
20194,358 5,125 9,958 13,007 14,914 15,740 16,203 
20205,375 15,678 20,903 26,523 29,084 31,683 
20218,347 18,106 27,156 34,120 39,295 
202213,018 23,284 30,131 36,354 
202313,145 26,983 38,368 
202414,745 28,812 
20258,359 
Total$250,869 
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)
$92 
Outstanding losses and loss adjustment expenses, assumed from involuntary pools$1,864 
Total outstanding losses and loss adjustment expenses, net of reinsurance$113,000 
Schedule of Reserve for Losses and Loss Adjustment Expenses
The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2025 is as follows (in thousands):
E&S – excluding commercial auto$914,226 
E&S – commercial auto34,256 
Specialty Admitted – individual risk workers’ compensation10,217 
Specialty Admitted – fronting and programs113,000 
Net reserve for losses and loss adjustment expenses1,071,699 
Reinsurance recoverables on unpaid losses (gross of $1.6 million allowance for credit losses on reinsurance recoverables)
2,027,719 
Gross reserve for losses and loss adjustment expenses$3,099,418 
Schedule of Average Annual Percentage Payouts of Incurred Claims by Age, Net of Reinsurance
The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2025.
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
E&S – excluding commercial auto3.2 %11.1 %14.5 %16.2 %14.3 %11.9 %9.5 %8.0 %5.2 %5.1 %
E&S – commercial auto9.0 %14.7 %21.8 %20.2 %16.2 %8.1 %3.6 %1.6 %1.2 %0.4 %
Specialty Admitted – individual risk workers’ compensation29.1 %33.2 %14.7 %7.9 %6.1 %3.1 %2.0 %0.9 %1.0 %0.7 %
Specialty Admitted – fronting and programs20.2 %21.8 %19.3 %13.3 %7.9 %5.2 %3.3 %2.9 %3.3 %1.5 %
Schedule of IBNR Liabilities and Claims Frequency
The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs:
Excess and Surplus Lines — Excluding Commercial Auto
Accident YearIncurred Losses
and Loss Adj
Expenses		IBNR before E&S ADCIBNR net of E&S ADCCumulative # of
Reported Claims
($ in thousands)
2016$151,612 $4,913 $994 3,440 
2017158,714 6,707 1,615 3,436 
2018180,931 11,383 2,726 5,056 
2019237,568 19,165 4,556 6,758 
2020296,540 41,965 13,168 6,938 
2021321,722 75,267 17,342 5,526 
2022342,533 111,556 24,177 5,308 
2023335,617 168,378 35,606 4,663 
2024345,686 264,885 264,885 3,462 
2025351,985 328,296 328,296 2,105 
Excess and Surplus Lines — Commercial Auto
Accident YearIncurred Losses
and Loss Adj
Expenses		IBNR before Commercial Auto LPT& E&S ADCIBNR net of Commercial Auto LPT & E&S ADCCumulative # of
Reported Claims
($ in thousands)
2016$165,286 $167 $6 89,116 
2017374,566 349 29 134,150 
2018387,645 1,431 71 97,342 
2019413,077 4,282 37 71,494 
202022,927 1,539 341 637 
202120,774 2,396 512 792 
202221,370 4,323 363 536 
202316,879 3,927 794 321 
202412,491 8,433 8,433 255 
202511,100 9,943 9,943 200 
Specialty Admitted - Individual Risk Workers’ Compensation
Accident YearIncurred Losses
and Loss Adj
Expenses		IBNRCumulative # of
Reported Claims
($ in thousands)
2016$12,484 $1 836 
201715,311 1 1,093 
201811,894 (2)1,239 
201917,257 30 1,555 
202018,235 90 1,381 
202112,472 219 1,302 
202211,439 219 1,050 
202319,118 349 910 
20249,760 435 285 
2025276 275 — 
Specialty Admitted — Fronting and Programs
Accident YearIncurred Losses
and Loss Adj
Expenses		IBNRCumulative # of
Reported Claims
($ in thousands)
2016$13,336 $71 2,825 
201723,185 363 6,809 
201819,021 726 7,423 
201918,196 793 8,180 
202035,930 2,089 9,254 
202147,995 4,322 11,027 
202249,139 7,030 10,370 
202362,761 12,661 10,389 
202456,860 18,204 9,200 
202535,490 22,821 5,390