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v3.25.4

Segment Reporting and Disaggregated Revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Segment Information, by Segment | The table below presents the Company's segment information for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 486,376 |  |  | $ | — |  |  | $ | 486,376 |
Earned premium, net | 726,726 |  |  | — |  |  | 726,726 |
Marketplace revenue | — |  |  | 119,199 |  |  | 119,199 |
Membership and other revenue | 82,376 |  |  | — |  |  | 82,376 |
Net investment income | 37,739 |  |  | 909 |  |  | 38,648 |
Net investment gains | 3,064 |  |  | — |  |  | 3,064 |
Total revenue | 1,336,281 |  |  | 120,108 |  |  | 1,456,389 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 285,394 |  |  | — |  |  | 285,394 |
Ceding commissions, net | 337,087 |  |  | — |  |  | 337,087 |
Sales expense | 165,894 |  |  | 92,307 |  |  | 258,201 |
Other expenses | 356,749 |  |  | 38,930 |  |  | 395,679 |
Total segment expenses | 1,145,124 |  |  | 131,237 |  |  | 1,276,361 |
Segment income (loss) before taxes | 191,157 |  |  | (11,129) |  |  | 180,028 |
Corporate expenses |  |  |  |  | (3,171) |
Interest expense |  |  |  |  | (5,440) |
Change in TRA Liability |  |  |  |  | (32,235) |
Income before taxes |  |  |  |  | $ | 139,182 |
| Year ended December 31, 2024
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 423,240 |  |  | $ | — |  |  | $ | 423,240 |
Earned premium, net | 643,324 |  |  | — |  |  | 643,324 |
Marketplace revenue | — |  |  | 54,549 |  |  | 54,549 |
Membership and other revenue | 78,925 |  |  | — |  |  | 78,925 |
Net investment income | 38,357 |  |  | 892 |  |  | 39,249 |
Net investment gains | 2,223 |  |  | — |  |  | 2,223 |
Total revenue | 1,186,069 |  |  | 55,441 |  |  | 1,241,510 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 298,593 |  | $ | — |  | — |  |  | 298,593 |
Ceding commissions, net | 301,719 |  |  | — |  |  | 301,719 |
Sales expense | 151,295 |  |  | 39,226 |  |  | 190,521 |
Other expenses | 311,914 |  |  | 30,622 |  |  | 342,536 |
Total segment expenses | 1,063,521 |  |  | 69,848 |  |  | 1,133,369 |
Segment income (loss) before taxes | 122,548 |  |  | (14,407) |  |  | 108,141 |
Corporate expenses |  |  |  |  | (3,004) |
Gain related to divestiture |  |  |  |  | 87 |
Loss related to warrant liabilities, net |  |  |  |  | (8,544) |
Interest expense |  |  |  |  | (1,396) |
Change in TRA Liability |  |  |  |  | (1,602) |
Income before taxes |  |  |  |  | $ | 93,682 |
| Year ended December 31, 2023
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 365,512 |  |  | $ | — |  |  | $ | 365,512 |
Earned premium, net | 531,866 |  |  | — |  |  | 531,866 |
Marketplace revenue | — |  |  | 28,085 |  |  | 28,085 |
Membership and other revenue | 74,750 |  |  | — |  |  | 74,750 |
Net investment income | 26,904 |  |  | — |  |  | 26,904 |
Total revenue | 999,032 |  |  | 28,085 |  |  | 1,027,117 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 220,658 |  | $ | — |  | — |  |  | 220,658 |
Ceding commissions, net | 251,805 |  |  | — |  |  | 251,805 |
Sales expense | 141,454 |  |  | 14,918 |  |  | 156,372 |
Other expenses | 321,837 |  |  | 26,036 |  |  | 347,873 |
Total segment expenses | 935,754 |  |  | 40,954 |  |  | 976,708 |
Segment income (loss) before taxes | 63,278 |  |  | (12,869) |  |  | 50,409 |
Corporate expenses |  |  |  |  | (1,608) |
Restructuring, impairment and related charges, net |  |  |  |  | (8,812) |
Losses and impairments related to divestitures |  |  |  |  | (4,013) |
Gain related to warrant liabilities |  |  |  |  | 11,543 |
Interest expense |  |  |  |  | (5,383) |
Change in TRA Liability |  |  |  |  | 2,636 |
Income before taxes |  |  |  |  | $ | 44,772 |
Schedule of Disaggregation of Revenue | The following tables present revenues from customer contracts that are recognized in accordance with ASC 606, disaggregated by geographic area, as well as a reconciliation to total revenue for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 528,023 |  |  | $ | 88,502 |  |  | $ | 616,525 |
International | 40,729 |  |  | 20,380 |  |  | 61,109 |
Total revenue from customer contracts | 568,752 |  |  | 108,882 |  |  | 677,634 |
Earned premium, net | 726,726 |  |  | — |  |  | 726,726 |
Net investment income | 37,739 |  |  | 909 |  |  | 38,648 |
Net investment gains | 3,064 |  |  | — |  |  | 3,064 |
Finance revenue | — |  |  | 10,317 |  |  | 10,317 |
Total revenue | $ | 1,336,281 |  |  | $ | 120,108 |  |  | $ | 1,456,389 |
| Year ended December 31, 2024
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 467,478 |  |  | $ | 45,184 |  |  | $ | 512,662 |
International | 34,687 |  |  | 1,282 |  |  | 35,969 |
Total revenue from customer contracts | 502,165 |  |  | 46,466 |  |  | 548,631 |
Earned premium, net | 643,324 |  |  | — |  |  | 643,324 |
Net investment income | 38,357 |  |  | 892 |  |  | 39,249 |
Net investment gains | 2,223 |  |  | — |  |  | 2,223 |
Finance revenue | — |  |  | 8,083 |  |  | 8,083 |
Total revenue | $ | 1,186,069 |  |  | $ | 55,441 |  |  | $ | 1,241,510 |
| Year ended December 31, 2023
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 409,345 |  |  | $ | 22,816 |  |  | $ | 432,161 |
International | 30,917 |  |  | 1,195 |  |  | 32,112 |
Total revenue from customer contracts | 440,262 |  |  | 24,011 |  |  | 464,273 |
Earned premium, net | 531,866 |  |  | — |  |  | 531,866 |
Net investment income | 26,904 |  |  | — |  |  | 26,904 |
Finance revenue | — |  |  | 4,074 |  |  | 4,074 |
Total revenue | $ | 999,032 |  |  | $ | 28,085 |  |  | $ | 1,027,117 |
The tables below present the Company's revenue by distribution channel for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 241,080 |  |  | $ | 192,611 |  |  | $ | 433,691 |
Contingent commission | 28,105 |  |  | 24,580 |  |  | 52,685 |
Total commission and fee revenue | $ | 269,185 |  |  | $ | 217,191 |  |  | $ | 486,376 |
| Year ended December 31, 2024
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 210,052 |  |  | $ | 171,252 |  |  | $ | 381,304 |
Contingent commission | 23,228 |  |  | 18,708 |  |  | 41,936 |
Total commission and fee revenue | $ | 233,280 |  |  | $ | 189,960 |  |  | $ | 423,240 |
| Year ended December 31, 2023
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 158,354 |  |  | $ | 131,178 |  |  | $ | 289,532 |
Contingent commission | 42,408 |  |  | 33,572 |  |  | 75,980 |
Total commission and fee revenue | $ | 200,762 |  |  | $ | 164,750 |  |  | $ | 365,512 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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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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