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Captive Insurance Operations | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Captive Insurance Operations | Captive Insurance Operations Effective January 1, 2025, the MSI Cell was licensed and participates as a quota share reinsurer on two of MSI’s multifamily programs, renters and master tenant legal liability, for the purpose of further participating in underwriting results. The reinsurance quota share contracts feature an adjustment to assumed premium based on the loss ratio performance of the business ceded. As of June 30, 2025, assumed premium written was $12.4 million and is included as a component of assumed premiums, commissions and fees receivable, net on the condensed consolidated balance sheet. As of June 30, 2025, assumed premiums unearned was $2.6 million and is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheet. For the three and six months ended June 30, 2025, assumed premium earned was $5.5 million and $9.8 million, respectively, and is included in commissions and fees in the condensed consolidated statements of comprehensive income (loss). Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made. No such adjustments were made during the six months ended June 30, 2025. The table below provides a rollforward of unpaid losses and loss adjustment reserve:
(in thousands) |  | For the Six Months Ended June 30, 2025
Balance at beginning of period |  | $ | — |
Incurred losses and LAE |  | 8,780 |
Actual claims paid |  | — |
Balance at end of period |  | $ | 8,780 |
In December 2024, the initial funding to capitalize the Captive was $12.1 million, provided by Baldwin Holdings substantially in the form of a letter of credit. The Captive maintains capital of $12.0 million in excess of the minimum statutory amount required by regulatory authorities. The statutory capital and surplus of the Captive was $12.1 million as of June 30, 2025, as allowed by prescribed practices by the Tennessee Department of Commerce and Insurance.

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