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GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Schedule of Direct and Assumed Premiums Written | The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in millions)
Premiums written: |  |  |  |  |  |  |
Direct | $ | 277.3 |  |  | $ | 250.1 |  |  | $ | 615.0 |  |  | $ | 523.0 |
Assumed | 68.9 |  |  | 58.1 |  |  | 142.0 |  |  | 115.9 |
Ceded | (12.2) |  |  | (44.6) |  |  | (31.0) |  |  | (91.3) |
Net premiums written | $ | 334.0 |  |  | $ | 263.6 |  |  | $ | 726.0 |  |  | $ | 547.6 |
Premiums earned: |  |  |  |  |  |  |
Direct | $ | 302.1 |  |  | $ | 252.7 |  |  | $ | 584.1 |  |  | $ | 481.1 |
Assumed | 69.2 |  |  | 55.3 |  |  | 131.6 |  |  | 101.9 |
Ceded | (18.3) |  |  | (46.4) |  |  | (41.4) |  |  | (91.1) |
Net premiums earned | $ | 353.0 |  |  | $ | 261.6 |  |  | $ | 674.3 |  |  | $ | 491.9 |
Losses and LAE incurred: |  |  |  |  |  |  |
Direct | $ | 186.7 |  |  | $ | 173.6 |  |  | $ | 357.2 |  |  | $ | 335.8 |
Assumed | 55.8 |  |  | 45.1 |  |  | 101.3 |  |  | 76.6 |
Ceded | (9.2) |  |  | (28.4) |  |  | (19.6) |  |  | (55.7) |
Net losses and LAE incurred | $ | 233.3 |  |  | $ | 190.3 |  |  | $ | 438.9 |  |  | $ | 356.7 |
Gross premiums written by state is as follows for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total
| (dollars in millions)
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Texas | $ | 70.8 |  |  | 20.5 | % |  | $ | 61.7 |  |  | 20.0 | % |  | $ | 145.9 |  |  | 19.3 | % |  | $ | 123.3 |  |  | 19.3 | %
Georgia | 41.0 |  | 11.8 |  |  | 41.1 |  | 13.3 |  |  | 87.5 |  | 11.6 |  |  | 80.5 |  | 12.6 |
Florida | 26.8 |  | 7.7 |  |  | 28.4 |  | 9.2 |  |  | 57.9 |  | 7.6 |  |  | 44.0 |  | 6.9 |
California | 24.3 |  | 7.0 |  |  | 9.4 |  | 3.0 |  |  | 50.0 |  | 6.6 |  |  | 14.1 |  | 2.2 |
Pennsylvania | 20.5 |  | 5.9 |  |  | 17.8 |  | 5.8 |  |  | 44.2 |  | 5.8 |  |  | 35.3 |  | 5.5 |
Colorado | 18.6 |  | 5.4 |  |  | 17.3 |  | 5.6 |  |  | 40.5 |  | 5.4 |  |  | 35.5 |  | 5.6 |
South Carolina | 10.2 |  | 3.0 |  |  | 9.6 |  | 3.1 |  |  | 28.0 |  | 3.7 |  |  | 31.6 |  | 4.9 |
Arizona | 11.5 |  | 3.3 |  |  | 12.7 |  | 4.1 |  |  | 25.1 |  | 3.3 |  |  | 26.6 |  | 4.2 |
Nevada | 8.1 |  | 2.3 |  |  | 4.5 |  | 1.5 |  |  | 20.3 |  | 2.7 |  |  | 8.9 |  | 1.4 |
Oklahoma | 8.0 |  | 2.3 |  |  | 6.5 |  | 2.1 |  |  | 18.0 |  | 2.4 |  |  | 15.1 |  | 2.4 |
All others states | 106.4 |  | 30.8 |  |  | 99.2 |  | 32.3 |  |  | 239.6 |  | 31.6 |  |  | 224.0 |  | 35.0 |
Total | $ | 346.2 |  |  | 100.0 | % |  | $ | 308.2 |  |  | 100.0 | % |  | $ | 757.0 |  |  | 100.0 | % |  | $ | 638.9 |  |  | 100.0 | %

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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