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Schedule II — Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II — Condensed Financial Information of Registrant
December 31,
20252024
($ in thousands, except share data)
Assets
Investments
Fixed maturity securities, available for sale, at fair value$23,594 $20,073 
Investment in subsidiaries522,127 348,229 
Total investments
545,721 368,302 
Cash and cash equivalents49,222 899 
Accrued investment income98 205 
Deferred tax assets, net1,132 439 
Income tax receivable681 — 
Other assets745 1,506 
Total assets
$597,599 $371,351 
Liabilities
Income taxes payable$— $518 
Accrued expenses982 110 
Debt146,447 — 
Due to subsidiaries896 — 
Other liabilities— 281 
Total liabilities
148,325 909 
Commitments and contingencies (Note 14)
Mezzanine equity
Performance stock units1,008 265 
Stockholders' equity
Common stock328 327 
($0.01 par value; 400,000,000 shares authorized, 32,783,451 and 32,662,683 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)
Additional paid-in capital325,889 318,095 
Accumulated other comprehensive income (loss)5,354 (11,154)
Retained earnings116,695 62,909 
Total stockholders' equity448,266 370,177 
Total mezzanine equity and stockholders' equity
449,274 370,442 
Total liabilities, mezzanine equity and stockholders' equity
$597,599 $371,351 
Years Ended December 31,
202520242023
($ in thousands, except share and per share data)
Revenues
Gross written premiums$— $— $— 
Ceded written premiums— — — 
Net written premiums— — — 
Change in net unearned premiums— — — 
Net earned premiums
— — — 
Net investment income938 3,178 — 
Net realized investment gains38 — — 
Other insurance-related income— — — 
Total revenues
976 3,178 — 
Expenses
Net losses and loss adjustment expenses— — — 
Net acquisition costs— — — 
Operating expenses1,094 507 — 
Non-operating expenses15 — — 
Warrant expense 3,142 1,917 — 
Interest expense and financing fees2,012 725 — 
Loss extinguishment on credit facility 862 — — 
Total expenses
7,125 3,149 — 
(Loss) income before income taxes
(6,149)29 — 
Income tax (benefit) expense(1,483)62 — 
(Loss) income before net income of subsidiaries
(4,666)(33)— 
Net income of subsidiaries 58,452 38,276 25,047 
Net income
$53,786 $38,243 $25,047 
Other comprehensive income
Change in unrealized gain (loss) on investments— — — 
Other comprehensive (loss) income before other comprehensive loss of subsidiaries
(43)63 — 
Other comprehensive income of subsidiaries 16,551 155 5,317 
Total comprehensive income
$70,294 $38,461 $30,364 
December 31,
202520242023
($ in thousands)
Cash flows from operating activities:
Net income$53,786$38,243 $25,047 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses(38)——
Amortization of premiums/discounts on fixed maturities(26)(108)—
Stock-based compensation 683339—
Non-cash amortization of deferred issuance costs50——
Non-cash loss extinguishment of credit facility819——
Deferred income taxes(681)(456)—
Warrant expense3,1421,917—
Net changes in operating assets and liabilities:
Accrued investment income 107(205)—
Income taxes receivable (681)——
Other assets and liabilities 556(1,225)—
Accrued expenses871110—
Income taxes payable(518)519—
Equity in net income of subsidiaries (58,452)(38,276)(25,047)
Net cash (used in) provided by operating activities
(382)858—
Cash flows from investing activities:
Purchase of:
Fixed maturity securities(43,565)(128,367)—
Proceeds from the sale and maturity of:
Fixed maturity securities40,0531,797—
Investment in subsidiaries(92,343)(7,275)(77,655)
Net cash used in investing activities
(95,855)(133,845)(77,655)
Cash flows from financing activities:
Contribution from parent—2,839 77,655 
Proceeds from share issuance related to equity awards —64—
Proceeds from share initial public offering, net —130,982—
Taxes paid on withholding shares(1,837)——
Proceeds from debt150,000——
Debt issuance costs(3,603)——
Net cash provided by (used in) financing activities
144,560133,88577,655
Net change in cash, cash equivalents and restricted cash$48,323$898 $— 
Cash, cash equivalents and restricted cash, beginning of period8991 1 
Cash, cash equivalents and restricted cash, end of period$49,222$899 $1 
Non-cash investing and financing activities:
Deemed contribution related to share-based compensation to investment in subsidiary$(6,551)$(3,763)$(682)
Deemed contribution related to share-based compensation from parent—1,642682
Deemed contribution related to fixed maturity securities to subsidiary—(106,685)—