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v3.26.1

Operating Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Segment Reporting [Abstract] |
Summary of Revenue by Major Product Type | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months
Net Premiums Earned | ​ | Ended March 31,
(in thousands) |  | 2026 |  | 2025
Casualty | ​ | ​ | ​ | ​ | ​ | ​
Commercial excess and personal umbrella | ​ | $ | 124,216 | ​ | $ | 103,209
Commercial transportation | ​ | ​ | 30,694 | ​ | ​ | 30,259
Professional services | ​ | ​ | 27,949 | ​ | ​ | 26,587
General liability | ​ | ​ | 26,208 | ​ | ​ | 26,718
Small commercial | ​ | ​ | 19,322 | ​ | ​ | 19,915
Executive products | ​ | ​ | 5,873 | ​ | ​ | 5,943
Other casualty | ​ | ​ | 14,304 | ​ | ​ | 16,417
Total | ​ | $ | 248,566 | ​ | $ | 229,048
Property | ​ | ​ | ​ | ​ | ​ | ​
Commercial property | ​ | $ | 72,960 | ​ | $ | 82,812
Marine | ​ | ​ | 39,219 | ​ | ​ | 37,709
Other property | ​ | ​ | 14,199 | ​ | ​ | 12,023
Total | ​ | $ | 126,378 | ​ | $ | 132,544
Surety | ​ | ​ | ​ | ​ | ​ | ​
Transactional | ​ | $ | 13,295 | ​ | $ | 12,660
Commercial | ​ | ​ | 12,635 | ​ | ​ | 12,776
Contract | ​ | ​ | 10,512 | ​ | ​ | 11,317
Total | ​ | $ | 36,442 | ​ | $ | 36,753
Grand Total | ​ | $ | 411,386 | ​ | $ | 398,345
Summary of Selected Information by Operating Segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended March 31, 2026
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 248,566 | ​ | $ | 126,378 | ​ | $ | 36,442 | ​ | $ | 411,386
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 42,321
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 9,559
Net unrealized gains (losses) on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (39,396)
Consolidated revenue | ​ | $ | 248,566 | ​ | $ | 126,378 | ​ | $ | 36,442 | ​ | $ | 423,870
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 152,832 | ​ | $ | 33,854 | ​ | $ | 6,558 | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 47,482 | ​ | ​ | 25,342 | ​ | ​ | 12,735 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 24,232 | ​ | ​ | 10,813 | ​ | ​ | 11,471 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 16,727 | ​ | ​ | 8,184 | ​ | ​ | 3,369 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 7,293 | ​ | $ | 48,185 | ​ | $ | 2,309 | ​ | $ | 57,787
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,597 | ​ | $ | 538 | ​ | $ | 365 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Casualty | ​ | ​ | Property | ​ | ​ | Surety | ​ | ​ | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net premiums earned | ​ | $ | 229,048 | ​ | $ | 132,544 | ​ | $ | 36,753 | ​ | $ | 398,345
Net investment income | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 36,726
Net realized gains | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 14,912
Net unrealized gains (losses) on equity securities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (42,318)
Consolidated revenue | ​ | $ | 229,048 | ​ | $ | 132,544 | ​ | $ | 36,753 | ​ | $ | 407,665
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses and settlement expenses | ​ | $ | 145,835 | ​ | $ | 32,725 | ​ | $ | (1,322) | ​ | ​ | ​
Amortization of deferred acquisition costs | ​ | ​ | 42,903 | ​ | ​ | 26,976 | ​ | ​ | 12,602 | ​ | ​ | ​
Other policy acquisition costs | ​ | ​ | 22,669 | ​ | ​ | 7,957 | ​ | ​ | 10,580 | ​ | ​ | ​
Insurance operating expenses | ​ | ​ | 15,570 | ​ | ​ | 7,971 | ​ | ​ | 3,333 | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 2,071 | ​ | $ | 56,915 | ​ | $ | 11,560 | ​ | $ | 70,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | $ | 1,505 | ​ | $ | 498 | ​ | $ | 310 | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months | ​
​ | ​ | Ended March 31, | ​
(in thousands) |  | 2026 |  | 2025 |
Reconciliation of earnings before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment earnings before income taxes | ​ | $ | 57,787 | ​ | $ | 70,546 | ​
Net investment income | ​ | ​ | 42,321 | ​ | ​ | 36,726 | ​
Net realized gains | ​ | ​ | 9,559 | ​ | ​ | 14,912 | ​
Net unrealized gains (losses) on equity securities | ​ | ​ | (39,396) | ​ | ​ | (42,318) | ​
Interest expense on debt | ​ | ​ | (2,353) | ​ | ​ | (1,335) | ​
General corporate expenses | ​ | ​ | (2,724) | ​ | ​ | (2,948) | ​
Equity in earnings of unconsolidated investees | ​ | ​ | 2,147 | ​ | ​ | 3,048 | ​
Earnings before income taxes | ​ | $ | 67,341 | ​ | $ | 78,631 | ​
​

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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