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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

Reinsurance Disclosures [Abstract]

Summary of Premium Received and Capital at Risk

The table below outlines the participation of Shoreline Re for each program, including premium received and capital at risk.


Treaty		Effective Dates		Premium Collected / Cession Rate				Capital at Risk (1)
Quota Share Agreement		06/01/2025 - 06/01/2026		45% (2)				$	33,346,000		(3)
All Other Perils Catastrophe		01/01/2025 -
Excess of Loss Agreement		12/31/2025		$	1,296,000				2,304,000
All Other Perils Catastrophe		01/01/2024 -
Excess of Loss Agreement		01/01/2025			—				4,500,000		(4)
Excess Per Risk Agreement		02/01/2024 - 02/01/2025			1,867,000				633,000
Quota Share Agreement (5)		06/01/2024 - 06/01/2026		30% (2)				$	4,200,000		(6)

(1) Capital at risk is calculated by taking the aggregate losses Shoreline Re is subject to under the contract, less net premiums earned under the contract.

(2) This treaty provides or provided coverage for all catastrophe perils and attritional losses incurred. For all catastrophe perils, the quota share agreement provides or provided ground-up protection, effectively reducing our retention for catastrophe losses.

(3) Net premiums earned based on estimated subject premiums at June 1, 2025.

(4) This treaty was amended on June 1, 2025 to include reinstatement, resulting in additional premium and aggregate losses.

(5) This treaty was commuted on June 1, 2025 with no impact on our consolidated results.

(6) Net premiums earned based on estimated subject premiums at June 1, 2024.

Schedule of External Quota Share Agreements

The table below outlines the Company's external quota share agreements in effect for the nine months ended September 30, 2025 and 2024.


Reinsurer		Companies in Scope		Effective Dates		Cession Rate		States in Scope
External third-party		AmCoastal		06/01/2024 - 06/01/2026		20% (1)(2)		Florida
External third-party		AmCoastal		06/01/2023 - 06/01/2024		40% (1)		Florida

(1) This treaty provides or provided coverage for all catastrophe perils and attritional losses incurred. For all catastrophe perils, the quota share agreement provides or provided ground-up protection, effectively reducing the Company's retention for catastrophe losses.

(2) The cession rate of this treaty was reduced from 20% to 15% effective June 1, 2025 to June 1, 2026.

Reinsurance Recoverables

Reinsurance recoverable at the balance sheet dates consists of the following:


		September 30, 2025				December 31, 2024
Reinsurance recoverable on unpaid losses and loss adjustment expenses		$	137,632			$	249,276
Reinsurance recoverable on paid losses and loss adjustment expenses			6,629				14,143
Reinsurance recoverable(1)		$	144,261			$	263,419

(1) The Company's reinsurance recoverable balance is net of its allowance for expected credit losses. More information related to this allowance can be found in Note 13.