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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We have one reportable segment: management operations. All segment revenue is derived in the United States, the majority of which is from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange, our sole customer, as further described in Note 3, "Revenue". Our chief operating decision maker ("CODM") is our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable. The CODM evaluates performance and decides how to allocate resources for the management operations segment based on net income, as reported in our Consolidated Statements of Operations. Net income is used to monitor budget versus actual results. Total assets as reported in our Consolidated Statements of Financial Position, all of which are located in the United States, are reviewed by the CODM for purposes of decision making. The accounting policies of our management operations segment are the same as those described in Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026.

Beginning in the first quarter of 2026, the significant segment expense categories included in the financial information regularly provided to the CODM were revised to align with the current manner in which the CODM reviews expenses in evaluating performance and allocating resources. Prior-period segment expense disclosures have been recast to conform to the current period presentation. This change did not affect our determination that we have one reportable segment and did not affect the measure of net income.

The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income for the three months ended March 31:

(in thousands)20262025
Management fee revenue$805,874 $772,694 
Administrative services reimbursement revenue200,096 210,273 
Service agreement revenue5,941 6,432 
Total operating revenue1,011,911 989,399 
Commissions464,856 436,860 
Personnel costs (1)
92,063 89,989 
Sales and advertising (1)
4,905 6,952 
Acquisition and underwriting support costs (1)
24,124 26,003 
Technology infrastructure costs (1)
25,803 26,071 
Professional fees (1)
19,321 26,276 
Administrative and other (1)
13,956 15,599 
Cost of operations - policy issuance and renewal services645,028 627,750 
Cost of operations - administrative services200,096 210,273 
Total operating expenses (2)
845,124 838,023 
Operating income166,787 151,376 
Total investment income22,119 19,536 
Other income1,420 3,834 
Income tax expense39,852 36,329 
Net income$150,474 $138,417 

(1)    2025 amounts have been recast to conform to current period presentation.
(2)    Management operations segment depreciation and amortization expense included primarily in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $20.0 million and $15.8 million for the three months ended March 31, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 32% and 29% in the three months ended March 31, 2026 and 2025, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.