Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company reports results of operations for its reportable segments consistent with the manner in which its chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. The Company identifies its CODM to be its President and Chief Executive Officer.

The Company evaluates the results of its single reportable segment as follows:

Insurance operations are evaluated on (i) underwriting results (net premiums earned, ceding commission earned, other income, loss and loss adjustment expenses, commission expense, and other underwriting expenses), equating to the components of the net combined ratio.

Investments from the insurance operation are primarily evaluated on net investment income and its return on equity contribution.

Net (losses) gains on investments, gain on sale of real estate, other operating expenses are corporate expenses, depreciation and amortization, interest expense, and income tax, which are broken out below the insurance operations components of the net combined ratio to return to the consolidated net income.

The Company's CODM uses these measures of profit or loss predominantly in the annual budget and forecasting process, considering budget-to-actual variances throughout the year. The CODM also uses these profit measures for evaluating (i) financial performance, (ii) pricing in the Company's insurance operations, and (iii) employee compensation.

The Company does not allocate items not included in the net combined ratio. Such items include net gains on investments, depreciation and amortization, interest expense, corporate expenses included in other operating expenses, and assets to these segments. The Company does not allocate income taxes to its segments. The Company does not manage those segments on after-tax results.

The following tables reconciles the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.

	Years ended December 31,
	2025		2024
Revenue components of net combined ratio
Net premiums earned	$	187,126,722	$	128,497,920
Ceding commission revenue	15,674,971		18,837,946
Other income	610,212		549,967
Total revenue components of net combined ratio	203,411,905		147,885,833
Expense components of net combined ratio
Loss and loss adjustment expenses	84,265,722		62,634,716
Commission expense	40,726,801		33,929,333
Other underwriting expenses	31,718,770		25,692,727
Total expense components of net combined ratio	156,711,293		122,256,776
Operating segment net income	46,700,612		25,629,057
Reconciliation of net income components
excluded from net combined ratio:
Revenue components excluded from net combined ratio
Net investment income	9,798,764		6,823,590
Net (losses) gains on investments	(309,994)		414,551
Realized gain on sale of real estate	1,965,989		—
Other income	637		18,129
Total revenue components excluded
from net combined ratio	11,455,396		7,256,270
Expense components excluded from net combined ratio
Other operating expenses	4,105,310		3,634,583
Depreciation and amortization	2,559,835		2,448,932
Interest expense	445,213		3,513,655
Income tax	10,278,522		4,929,721
Total expense components excluded
from net combined ratio	17,388,880		14,526,891
Total net loss components
excluded from net combined ratio:	(5,933,484)		(7,270,621)
Consolidated net income	$	40,767,128	$	18,358,436

The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.

	Years ended December 31,
	2025			2024
Net combined ratio
Net loss ratio	45.0		%	48.7		%
Net underwriting expense ratio	30.0		%	31.3		%
Net combined ratio	75.0		%	80.0		%
Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses	72,445,571			59,622,060
Less: Ceding commission revenue	(15,674,971)			(18,837,946)
Less: Other income	(610,212)			(549,967)
Total commission expense and other
underwriting expenses	$	56,160,388		$	40,234,147
Net earned premium	$	187,126,722		$	128,497,920
Net underwriting expense ratio	30.0		%	31.3		%
Return on equity on net investment income
Stockholders' equity beginning of period	$	66,708,451		$	34,504,139
Stockholders' equity end of period	$	122,731,249		$	66,708,451
Average stockholders' equity	$	94,719,850		$	50,606,295
Net investment income	$	9,798,764		$	6,823,590
Return on equity on net investment income	10.3		%	13.5		%
Total assets	$	453,425,151		$	374,915,843