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Schedule II - Condensed Financial Information of Parent Company (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Condensed Balance Sheet [Table Text Block]

 

 

December 31, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Fixed maturity securities available for sale, at fair value (amortized cost: $160,793 in 2025, $153,425 in 2024)

 

$

159,707

 

 

$

147,467

 

Equity securities, at fair value: (cost: $3,725 in 2025, $1,725 in 2024)

 

 

5,415

 

 

 

2,182

 

Equity method investment

 

 

—

 

 

 

2,277

 

Total investments

 

 

165,122

 

 

 

151,926

 

Cash and cash equivalents

 

 

2,136

 

 

 

1,797

 

Accrued investment income

 

 

1,659

 

 

 

1,547

 

Prepaid expenses and other assets

 

 

—

 

 

 

—

 

Receivables from subsidiaries

 

 

84,561

 

 

 

78,961

 

Note receivable from subsidiary

 

 

15,000

 

 

 

15,000

 

Deferred tax asset

 

 

184

 

 

 

—

 

Investment in subsidiaries

 

 

753,448

 

 

 

580,535

 

Total assets

 

$

1,022,110

 

 

$

829,766

 

Liabilities and Stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

29,074

 

 

$

12,396

 

Payables to subsidiaries

 

 

50,370

 

 

 

88,340

 

Deferred tax liabilities

 

 

—

 

 

 

—

 

Total liabilities

 

 

79,444

 

 

 

100,736

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024

 

 

—

 

 

 

—

 

Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

 

 

3

 

 

 

3

 

Additional paid‑in capital

 

 

523,168

 

 

 

493,656

 

Accumulated other comprehensive income (loss)

 

 

(2,507

)

 

 

(26,845

)

Retained earnings

 

 

422,002

 

 

 

262,216

 

Total stockholders’ equity

 

 

942,666

 

 

 

729,030

 

Total liabilities and stockholders’ equity

 

$

1,022,110

 

 

$

829,766

 
Condensed Income Statement [Table Text Block]

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

Net investment income

 

$

8,761

 

 

$

4,877

 

 

$

1,699

 

Net realized and unrealized gains (losses) on investments

 

 

3,514

 

 

 

23

 

 

 

(209

)

Total revenues

 

 

12,275

 

 

 

4,900

 

 

 

1,490

 

Expenses:

 

 

 

 

 

 

 

 

 

Other operating expenses

 

 

57,956

 

 

 

48,251

 

 

 

39,347

 

Loss before income taxes

 

 

(45,681

)

 

 

(43,351

)

 

 

(37,857

)

Income tax benefit

 

 

(5,065

)

 

 

(10,199

)

 

 

(7,953

)

Loss before equity in net income of subsidiaries

 

 

(40,616

)

 

 

(33,152

)

 

 

(29,904

)

Equity in net income of subsidiaries

 

 

237,686

 

 

 

150,725

 

 

 

109,105

 

Net income

 

 

197,070

 

 

 

117,573

 

 

 

79,201

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Net unrealized losses on securities available for sale

 

 

(329

)

 

 

(5,114

)

 

 

(2,505

)

Equity in other comprehensive income (loss) of subsidiaries, net of taxes

 

 

24,668

 

 

 

2,261

 

 

 

15,029

 

Total comprehensive income

 

$

221,409

 

 

$

114,720

 

 

$

91,725

 
Condensed Cash Flow Statement [Table Text Block]

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

$

197,070

 

 

$

117,573

 

 

$

79,201

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Equity in undistributed earnings of subsidiaries

 

 

(237,686

)

 

 

(150,725

)

 

 

(109,105

)

Stock-based compensation expense

 

 

10,543

 

 

 

10,513

 

 

 

10,426

 

Net realized and unrealized (gains) losses on investments

 

 

(3,514

)

 

 

(23

)

 

 

209

 

Amortization of premium on fixed maturity securities

 

 

18

 

 

 

172

 

 

 

189

 

Deferred income tax expense (benefit)

 

 

1,874

 

 

 

(15,640

)

 

 

2,787

 

Dividend received from subsidiary

 

 

99,000

 

 

 

95,000

 

 

 

—

 

Changes in operating assets and liabilities:

 

 

(28,890

)

 

 

(80,154

)

 

 

37,777

 

Net cash provided by (used in) operating activities

 

 

38,415

 

 

 

(23,284

)

 

 

21,484

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of equity securities

 

 

(2,000

)

 

 

—

 

 

 

—

 

Purchases of fixed maturity securities

 

 

(34,753

)

 

 

(114,611

)

 

 

(11,045

)

Sales and maturities of fixed maturity securities

 

 

27,124

 

 

 

13,004

 

 

 

9,232

 

Cash paid to subsidiaries

 

 

(109,150

)

 

 

—

 

 

 

—

 

Cash received from subsidiaries

 

 

109,489

 

 

 

—

 

 

 

—

 

Net cash used in investing activities

 

 

(9,290

)

 

 

(101,607

)

 

 

(1,813

)

Financing activities

 

 

 

 

 

 

 

 

 

Proceeds from stock offering, net of offering costs

 

 

(141

)

 

 

115,724

 

 

 

—

 

Proceeds from common stock issued via equity incentive plans

 

 

4,920

 

 

 

7,892

 

 

 

2,038

 

Policyholder contribution to surplus

 

 

3,719

 

 

 

2,758

 

 

 

90

 

Repurchase of common stock

 

 

(37,284

)

 

 

—

 

 

 

(22,266

)

Net cash (used in) provided by financing activities

 

 

(28,786

)

 

 

126,374

 

 

 

(20,138

)

Net increase (decrease) in cash and cash equivalents

 

 

339

 

 

 

1,483

 

 

 

(467

)

Cash and cash equivalents at beginning of period

 

 

1,797

 

 

 

314

 

 

 

781

 

Cash and cash equivalents at end of period

 

$

2,136

 

 

$

1,797

 

 

$

314

 

Supplementary cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for federal income taxes

 

$

57,961

 

 

$

37,810

 

 

$

20,640

 

Cash paid for state income taxes

 

$

1,124

 

 

$

644

 

 

$

484

 

Cash paid for interest

 

$

287

 

 

$

1,048

 

 

$

3,682