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Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2025
Insurance [Abstract] |
Schedule of Unpaid Losses and Loss Adjustment Expenses | The following table presents reserves for unpaid losses and loss adjustment expenses as of December 31, 2025 and 2024:
| December 31,
| 2025 |  | 2024
| in thousands
Case reserves | $ | 90,992 |  |  | $ | 94,489 |
IBNR | 72,215 |  |  | 68,234 |
Net reserves for unpaid losses and loss adjustment expenses | 163,207 |  |  | 162,723 |
Reinsurance recoverable on unpaid losses and loss adjustment expenses | 5,644 |  |  | 5,769 |
Gross reserves for unpaid losses and loss adjustment expenses | $ | 168,851 |  |  | $ | 168,492 |
The following table presents a reconciliation of the beginning and ending reserves for unpaid losses and loss adjustment expenses, net of amounts recoverable from various reinsurers:
|  | Year ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | in thousands
Gross reserves for unpaid losses and loss adjustment expenses, beginning | $ | 168,492 |  |  | $ | 136,507 |  |  | $ | 111,741 |
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses | 5,769 |  |  | 2,235 |  |  | 843 |
Net reserves for unpaid losses and loss adjustment expenses, beginning | 162,723 |  |  | 134,272 |  |  | 110,898 |
Incurred losses and loss adjustment expenses: |  |  |  |  |
Current accident year | 295,481 |  |  | 299,918 |  |  | 228,358 |
Prior accident years | (10,087) |  |  | (1,325) |  |  | (7,700) |
Total incurred losses and loss adjustment expenses | 285,394 |  |  | 298,593 |  |  | 220,658 |
Payments: |  |  |  |  |
Current accident year | 190,881 |  |  | 186,267 |  |  | 138,263 |
Prior accident years | 94,244 |  |  | 83,660 |  |  | 59,128 |
Total payments | 285,125 |  |  | 269,927 |  |  | 197,391 |
Effect of foreign currency rate changes | 215 |  |  | (215) |  |  | 107 |
Net reserves for unpaid losses and loss adjustment expenses, ending | 163,207 |  |  | 162,723 |  |  | 134,272 |
Reinsurance recoverable on unpaid losses and loss adjustment expenses | 5,644 |  |  | 5,769 |  |  | 2,235 |
Gross reserves for unpaid losses and loss adjustment expenses, ending | $ | 168,851 |  |  | $ | 168,492 |  |  | $ | 136,507 |
The following table presents a summary of total reserves for losses and loss adjustment expenses by line of business for the periods specified below:
| December 31,
| 2025 |  | 2024
| in thousands
Gross reserves for unpaid losses and loss adjustment expenses |  |  |
Auto | $ | 168,522 |  |  | $ | 168,433 |
Marine | 329 |  |  | 59 |
Total gross reserves for unpaid losses and loss adjustment expenses | $ | 168,851 |  |  | $ | 168,492 |
Reinsurance recoverable on unpaid losses and loss adjustment expenses |  |  |
Auto | $ | 5,644 |  |  | $ | 5,769 |
Marine | — |  |  | — |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | $ | 5,644 |  |  | $ | 5,769 |
Net reserves for unpaid losses and loss adjustment expenses |  |  |
Auto | $ | 162,878 |  |  | $ | 162,664 |
Marine | 329 |  |  | 59 |
Total net reserves for unpaid losses and loss adjustment expenses | $ | 163,207 |  |  | $ | 162,723 |
Schedule of Short-Duration Insurance Contracts, Claims Development | The following table presents auto insurance incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries:
|  |  |  |  |  |  |  |  |  | Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported |  | Cumulative Number of Reported Claims
|  | Reporting Years Ended December 31, |  |
Accident Year |  | 2021* |  | 2022* |  | 2023* |  | 2024* |  | 2025 |  | As of December 31, 2025
|  | dollars in thousands |  |
2021 |  | $ | 131,643 |  |  | $ | 129,259 |  |  | $ | 125,634 |  |  | $ | 125,434 |  |  | $ | 125,834 |  |  | $ | 683 |  |  | 35,529 |
2022 |  |  |  | 186,073 |  |  | 182,783 |  |  | 179,096 |  |  | 180,218 |  |  | 2,379 |  |  | 39,488 |
2023 |  |  |  |  |  | 228,071 |  |  | 231,209 |  |  | 232,748 |  |  | 5,205 |  |  | 42,459 |
2024 |  |  |  |  |  |  |  | 299,766 |  |  | 286,194 |  |  | 15,098 |  |  | 43,735 |
2025 |  |  |  |  |  |  |  |  |  | 295,130 |  |  | 47,149 |  |  | 39,860 |
Total |  |  |  |  |  |  |  |  |  | 1,120,124 |  |  | 70,514 |  |  | 201,071 |
Cumulative paid losses and loss adjustment expenses from the table below |  | (959,584) |  |  | — |  |  |
Reserves for losses and loss adjustment expenses before 2021, net of reinsurance |  | 2,247 |  |  | 1,478 |  |  |
Cumulative effect of foreign currency rate changes |  | 91 |  |  | — |  |  |
Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance |  | $ | 162,878 |  |  | $ | 71,992 |  |  |
* Unaudited required supplemental information. The following table presents auto insurance cumulative paid losses and loss adjustment expenses by accident year:
|  |  | As of December 31,
Accident Year |  |  | 2021* |  | 2022* |  | 2023* |  | 2024* |  | 2025
|  |  | in thousands
2021 |  |  | $ | 75,933 |  |  | $ | 105,475 |  |  | $ | 114,884 |  |  | $ | 120,094 |  |  | $ | 123,029 |
2022 |  |  |  |  | 109,255 |  |  | 155,157 |  |  | 167,200 |  |  | 174,400 |
2023 |  |  |  |  |  |  | 138,102 |  |  | 202,501 |  |  | 219,217 |
2024 |  |  |  |  |  |  |  |  | 186,165 |  |  | 252,153 |
2025 |  |  |  |  |  |  |  |  |  |  | 190,785 |
Total |  |  |  |  |  |  |  |  |  |  | $ | 959,584 |
* Unaudited required supplemental information.
Schedule of Short-Duration Insurance Contracts, Schedule of Historical Claims Duration | The following table presents supplementary information about average historical claims duration as of December 31, 2025 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above:
| Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance (Unaudited)
Years | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5
Auto Insurance | 62.0 | % |  | 24.3 | % |  | 6.5 | % |  | 3.4 | % |  | 1.7 | %

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