Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income (loss)		$ 47,427	$ (81,120)	$ (107,684)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Deferred policy acquisition costs		(66,552)	(65,580)	(73,333)
Amortization of policy acquisition costs		65,441	69,261	96,453
Net realized and unrealized losses on investments		2,195	6,985	43,251
Impairment of intangible assets		0	0	2,500
Distributions from equity method investments		4,095	405	43
Income from equity method investments		(1,673)	(4,133)	(4,881)
Loss on disposal of discontinued operations		0	(2,193)	80,400
Deferred U.S. federal income tax benefit		(13,098)	(11,205)	(5,972)
Provision for depreciation and amortization		(717)	(709)	(475)
Share based compensation expense		5,045	6,631	9,116
Excess tax benefits from equity incentive plan transactions		984	740	449
Change in operating assets and liabilities:
Reserve for losses and loss adjustment expenses		15,012	453,149	278,778
Unearned premiums		(124,390)	(24,237)	(70,894)
Premiums receivable and agents’ balances		90,244	15,374	22,594
Reinsurance balances		10,742	(552,549)	(66,274)
Funds held		(17,672)	(66,942)	(107,922)
Payable to insurance companies		0	(3,385)	2,129
Other		(35,869)	12,423	(10,325)
Net cash (used in) provided by operating activities	[1]	(18,786)	(247,085)	87,953
Investing activities
Sale of JRG Re		0	96,412	0
Fixed maturity securities:
Purchases		(336,938)	(178,818)	(197,360)
Sales		15,418	200,178	34,537
Maturities and calls		152,346	162,472	139,867
Equity Securities:
Purchases		(8,488)	(11,319)	(11,869)
Sales and redemptions		22,438	56,852	12,625
Bank loan participations:
Purchases		(133,282)	(109,103)	(72,580)
Sales		86,319	83,564	52,016
Maturities		32,212	36,628	27,605
Other invested assets:
Purchases		(33,841)	(5,075)	(13,775)
Return of capital		3,261	1,160	2,793
Proceeds from sales and repayments		706	4,077	10,133
Securities receivable or payable, net		(8,468)	(169)	3,499
Short-term investments, net		97,074	(24,937)	35,675
Purchases of property and equipment		(4,801)	(4,890)	(6,434)
Net cash (used in) provided by investing activities		(116,044)	307,032	16,732
Financing activities
Senior debt issuances		25,000	0	0
Senior debt repayments		0	(21,500)	0
Enstar common stock investment (Note 13)		0	12,500	0
Payroll taxes withheld and remitted on net settlement of RSUs		(745)	(847)	(1,734)
Dividends on Series A preferred shares		(7,876)	(12,768)	(10,500)
Dividends on common stock		(1,998)	(6,231)	(7,746)
Payment of debt issuance costs		(1,179)	0	(1,135)
Net cash provided by (used in) financing activities		13,202	(28,846)	(21,115)
Change in cash, cash equivalents, and restricted cash equivalents		(121,628)	31,101	83,570
Cash, cash equivalents, and restricted cash equivalents at beginning of year		391,050	359,949	276,379
Cash, cash equivalents, and restricted cash equivalents at end of year		269,422	391,050	359,949
Supplemental information
U.S. federal income taxes (refunded) paid, net		(21,781)	25,104	45,330
U.S. state income taxes paid		289	546	367
Interest paid		25,689	28,740	30,697
Restricted cash equivalents at beginning of year		28,705	72,449	103,215
Restricted cash equivalents at end of year		8,481	28,705	72,449
Change in restricted cash equivalents		$ (20,224)	$ (43,744)	$ (30,766)

[1] Cash provided by (used in) operating activities for the years ended December 31, 2025, 2024, and 2023 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash provided by (used in) operating activities was $1.4 million, $(203.3) million, and $118.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. The $203.3 million of cash used in operating activities for the year ended December 31, 2024 primarily reflects the $313.2 million and $52.8 million of reinsurance premium paid in 2024 related to the E&S ADC and E&S Top Up ADC (See Note 8).