Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets:
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $415,406 in 2025 and $434,965 in 2024)	$ 419,247	$ 438,752
Utility & Infrastructure Investments, at fair value (cost of $172,753 in 2025 and $216,075 in 2024)	176,332	270,242
Short-term investments	251,906	52,612
Loans to affiliates	107,501	13,501
Other invested assets	280	280
Total invested assets	955,266	775,387
Cash and cash equivalents	23,529	26,573
Due from broker	2,035	0
Investment income due and accrued	6,539	5,642
Premiums receivable, net of allowance for credit losses of $6,091 in 2025 and $5,907 in 2024	89,156	53,500
Deferred policy acquisition costs, net of ceding commissions	27,583	21,552
Prepaid reinsurance premiums	6,679	3,905
Deferred income tax asset, net	10,322	9,670
Reinsurance recoverable, net of allowance for credit losses of $0 in 2025 and $0 in 2024	155,432	133,616
Due from the Absolute Return Utility & Infrastructure Fund	744	16,857
Ceded unearned premiums	73,163	68,205
Other assets	12,704	8,531
Total assets	1,363,152	1,123,438
Liabilities:
Reserves for unpaid losses and loss adjustment expenses	451,466	403,576
Unearned premiums	259,700	212,828
Securities sold, not yet purchased, at fair value (cost of $0 in 2025 and $932 in 2024)	0	930
Payable to reinsurers	38,124	27,160
Due to broker	0	9,189
Accounts payable and accrued expenses	31,067	38,061
Funds held under reinsurance treaties	1,982	2,092
Income tax payable	17,249	26,488
Other liabilities	3,391	4,307
Total liabilities	802,979	724,631
Stockholders' equity:
Preferred stock, $0.001 par value,100,000,000 shares authorized and none issued or outstanding.	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 48,066,674 and 38,386,433 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.	48	38
Additional paid-in capital	495,954	360,703
Retained earnings	60,652	34,569
Accumulated other comprehensive income	3,035	2,997
Total stockholders' equity	559,689	398,307
Non-controlling interest - General Partner	484	500
Total stockholders' equity and non-controlling interest	560,173	398,807
Total liabilities, stockholders' equity and non-controlling interest	$ 1,363,152	$ 1,123,438