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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2026
Reinsurance Disclosures [Abstract] |
Effect of reinsurance transactions | The effect of all of our reinsurance transactions on our consolidated statement of operations is shown in table 7.1 below.
Reinsurance |  |  |  |
Table | 7.1 |  |  |  |  |  |  |  |
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Premiums earned: |  |  |  |  |  |  |  |
Direct |  | $ | 287,520 |  |  | $ | 284,123 |  |  | $ | 574,447 |  |  | $ | 568,944 |
Assumed |  | 2,499 |  |  | 3,738 |  |  | 6,479 |  |  | 7,299 |
Ceded: |  |  |  |  |  |  |  |
Ceded - quota share reinsurance (1) |  | (35,590) |  |  | (28,101) |  |  | (73,359) |  |  | (58,044) |
Ceded - excess-of-loss reinsurance |  | (16,372) |  |  | (15,438) |  |  | (34,147) |  |  | (30,158) |
Total ceded |  | (51,962) |  |  | (43,539) |  |  | (107,506) |  |  | (88,202) |
Net premiums earned |  | $ | 238,057 |  |  | $ | 244,322 |  |  | $ | 473,420 |  |  | $ | 488,041 |
Losses incurred: |  |  |  |  |  |  |  |
Direct |  | $ | 19,454 |  |  | $ | 1,146 |  |  | $ | 64,724 |  |  | $ | 17,163 |
Assumed |  | (71) |  |  | (23) |  |  | (73) |  |  | (18) |
Ceded - quota share reinsurance |  | (8,397) |  |  | (3,958) |  |  | (20,423) |  |  | (10,389) |
Losses incurred, net |  | $ | 10,986 |  |  | $ | (2,835) |  |  | $ | 44,228 |  |  | $ | 6,756 |
Other Reinsurance Impacts: |  |  |  |  |  |  |  |
Profit commission on quota share reinsurance (1) |  | $ | 35,081 |  |  | $ | 32,299 |  |  | $ | 64,184 |  |  | $ | 60,994 |
Ceding commission on quota share reinsurance |  | 14,135 |  |  | 12,081 |  |  | 27,509 |  |  | 23,808 |
(1)Ceded premiums earned are shown net of profit commission.
Schedule of quota share reinsurance transactions | Table 7.2 below provides additional detail regarding our QSR Transactions in effect as of June 30, 2026.
Quota Share Reinsurance
Table | 7.2 |  |  |  |
Quota Share Contract | Covered Policy Years | Quota Share % | Annual Loss Ratio to Exhaust Profit Commission (1) | Contractual Termination Date
2020 QSR and 2021 QSR | 2021 | 14.8 | % | 69.0 | % | December 31, 2036
2021 QSR and 2022 QSR | 2021 | 11.1 | % | 69.0 | % | December 31, 2036
2021 QSR and 2022 QSR | 2022 | 13.8 | % | 67.5 | % | December 31, 2037
2022 QSR and 2023 QSR | 2022 | 14.5 | % | 67.5 | % | December 31, 2037
2022 QSR and 2023 QSR | 2023 | 15.0 | % | 62.0 | % | December 31, 2034
2023 QSR | 2023 | 10.0 | % | 58.5 | % | December 31, 2034
2024 QSR | 2024 | 30.0 | % | 56.0 | % | 'December 31, 2035
2025 QSR | 2025 | 40.0 | % | 63.0 | % | 'December 31, 2036
2026 QSR | 2026 | 40.0 | % | 62.0 | % | December 31, 2037
Credit Union QSR | 2020-2025 | 65.0 | % | 50.0 | % | December 31, 2039
2026-2030 (2) | 65.0 | % | 60.0 | % | December 31, 2044
(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio. (2)We can elect early termination of the QSR Transaction beginning on December 31, 2028, and quarterly thereafter. Table 7.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case, be elected by us for a fee. Under the optional reduction to the quota share percentage, we may reduce our quota share percentage from the original percentage shown in table 7.2 to the percentage shown in table 7.3.
Quota Share Reinsurance
Table | 7.3 |  |  |
Quota Share Contract | Covered Policy Years | Optional Termination Date (1) | Optional Quota Share % Reduction Date (2) | Optional Reduced Quota Share %
2020 QSR and 2021 QSR | 2021 | December 31, 2027 | January 1, 2028 | 12.3% or 10%
2021 QSR and 2022 QSR | 2021 | December 31, 2027 | January 1, 2028 | 9.4% or 7%
2021 QSR and 2022 QSR | 2022 | June 30, 2028 | July 1, 2028 | 11.5% or 9.2%
2022 QSR and 2023 QSR | 2022 | June 30, 2028 | July 1, 2028 | 12.1% or 9.7%
2022 QSR and 2023 QSR | 2023 | December 31, 2026 | July 1, 2026 | 12.5% or 10%
2023 QSR | 2023 | December 31, 2026 | July 1, 2026 | 8% or 7%
2024 QSR | 2024 | December 31, 2027 | December 31, 2027 | 23% or 15%
2025 QSR | 2025 | December 31, 2027 | December 31, 2027 | 30% or 20%
2026 QSR | 2026 | December 31, 2028 | December 31, 2028 | 30% or 20%
(1)We can elect early termination of the QSR Transaction beginning on this date, and semi-annually thereafter. (2)We can elect to reduce the quota share percentage beginning on this date, and semi-annually thereafter.
Schedule of coverages and retention | The following table provides a summary of our XOL Transactions that were in effect as of June 30, 2026.
Excess of Loss Reinsurance
Table 7.4a |  |  |  |
| Issue Date | Policy In Force Dates | Optional Call Date (1) | Legal Maturity
2026 Traditional XOL | January 1, 2026 | January 1, 2026 - December 31, 2026 | January 1, 2032 | 10 years
2025 Traditional XOL | June 1, 2025 | January 1, 2025 - December 31, 2025 | January 1, 2031 | 10 years
2024 Traditional XOL | April 1, 2024 | January 1, 2024 - December 31, 2024 | January 1, 2030 | 10 years
2023 Traditional XOL | April 1, 2023 | January 1, 2023 - December 29, 2023 | January 1, 2031 | 10 years
2022 Traditional XOL | April 1, 2022 | January 1, 2022 - December 30, 2022 | January 1, 2030 | 10 years
2021 Traditional XOL | December 1, 2025 | January 1, 2021 - December 31, 2021 | January 1, 2031 | 10 years
2020 Traditional XOL | March 1, 2025 | January 1, 2020 - December 31, 2020 | April 1, 2030 | 10 years
Home Re 2026-1, Ltd. | January 29, 2026 | January 1, 2022 - March 31, 2025 | January 25, 2031 | 10 years
Home Re 2023-1, Ltd. | October 23, 2023 | June 1, 2022 - August 31, 2023 | October 25, 2028 | 10 years
Home Re 2022-1, Ltd. | April 26, 2022 | May 29, 2021 - December 31, 2021 | April 25, 2028 | 12.5 years
Home Re 2021-2, Ltd. | August 3, 2021 | January 1, 2021 - May 28, 2021 | July 25, 2028 | 12.5 years
(1)We have the right to terminate the Home Re Transactions under certain circumstances, including an optional call feature that provides us the right to terminate if the outstanding principal balance of the related insurance-linked notes falls below 10% of the initial principal balance of the related insurance-linked notes, and on any payment date on or after the respective Optional Call Date. We can elect early termination of the Traditional XOL Transactions beginning on this date, and quarterly thereafter. Tables 7.4b and 7.4c provide additional information about our XOL Transactions in effect as of the dates indicated.
Table 7.4b |  | Remaining First Layer Retention
($ in thousands) | Initial First Layer Retention | June 30, 2026 | December 31, 2025
2025 Traditional XOL | $ | 95,966 |  | $ | 95,912 |  | $ | 95,966 |
2024 Traditional XOL | 125,016 |  | 122,496 |  | 124,458 |
2023 Traditional XOL | 70,578 |  | 67,476 |  | 69,060 |
2022 Traditional XOL | 82,523 |  | 75,399 |  | 78,023 |
2021 Traditional XOL | 142,291 |  | 142,195 |  | 142,291 |
2020 Traditional XOL | 68,343 |  | 68,287 |  | 68,288 |
Home Re 2026-1, Ltd. | 231,769 |  | 231,638 |  | N/A
Home Re 2023-1, Ltd. | 272,961 |  | 260,580 |  | 266,371 |
Home Re 2022-1, Ltd. | 325,589 |  | 316,119 |  | 318,906 |
Home Re 2021-2, Ltd. | 190,159 |  | 185,979 |  | 187,030 |
Table 7.4c |  |  |  | Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands) | Initial Excess of Loss Reinsurance Coverage (1) | Initial Funding Percentage (2) | Funding Percentage at 6/30/2026 (2) | June 30, 2026 | December 31, 2025
2025 Traditional XOL | $ | 151,851 |  | N/A | N/A | $ | 151,851 |  | $ | 151,851 |
2024 Traditional XOL | 187,220 |  | N/A | N/A | 164,204 |  | 187,220 |
2023 Traditional XOL | 96,942 |  | N/A | N/A | 53,215 |  | 64,217 |
2022 Traditional XOL | 142,642 |  | N/A | N/A | 91,397 |  | 100,274 |
2021 Traditional XOL | 250,000 |  | N/A | N/A | 250,000 |  | 250,000 |
2020 Traditional XOL | 250,592 |  | N/A | N/A | 250,592 |  | 250,592 |
Home Re 2026-1, Ltd. | 323,504 |  | 100 | % | 100 | % | 298,264 |  | N/A
Home Re 2023-1, Ltd. | 330,277 |  | 97 | % | 95 | % | 195,606 |  | 231,708 |
Home Re 2022-1, Ltd. | 473,575 |  | 100 | % | 100 | % | 167,497 |  | 207,641 |
Home Re 2021-2, Ltd. | 398,429 |  | 100 | % | 100 | % | 51,101 |  | 84,376 |
(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage. (2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.
Schedule of total assets of Home Re | Table 7.5 presents the total assets of the Home Re Entities as of June 30, 2026 and December 31, 2025.
Home Re total assets |  |  |  |
Table | 7.5 |  |  |  |
(In thousands) |  | Total VIE Assets
Home Re Entity |  | June 30, 2026 |  | December 31, 2025
Home Re 2026-1 Ltd. |  | $ | 303,250 |  |  | N/A
Home Re 2023-1 Ltd. |  | 201,649 |  |  | 237,900 |
Home Re 2022-1 Ltd. |  | 175,008 |  |  | 214,788 |
Home Re 2021-2 Ltd. |  | 56,774 |  |  | 89,865 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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