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Financial Guarantee Insurance Contracts (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Line Items] |
Effect of Reinsurance on Premiums Written and Earned | The effect of reinsurance on premiums written and earned was as follows:
Year Ended December 31, | Direct |  | Assumed |  | Ceded |  | Net Premiums
2024: |  |  |  |  |  |  |
Written | $ | 334,311 |  |  | $ | 48,459 |  |  | $ | 294,088 |  |  | $ | 88,682 |
Earned | 298,121 |  |  | 57,081 |  |  | 256,197 |  |  | 99,005 |
2023: |  |  |  |  |  |  |
Written | $ | 233,702 |  |  | $ | 39,585 |  |  | $ | 193,462 |  |  | $ | 79,825 |
Earned | 185,470 |  |  | 18,354 |  |  | 151,913 |  |  | 51,911 |
2022: |  |  |  |  |  |  |
Written | $ | 146,379 |  |  | $ | — |  |  | $ | 117,826 |  |  | $ | 28,553 |
Earned | 70,577 |  |  | — |  |  | 56,708 |  |  | 13,869 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Premium Receivables, including Credit Impairments Premium receivables at December 31, 2024 and 2023 were $57,222 and $45,893, respectively. Management evaluates premium receivables for expected credit losses ("credit impairment") in accordance with the CECL standard, which is further described in Note 2. Basis of Presentation and Significant Accounting Policies.
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance | Below is the loss and loss reserve expense roll-forward, recoverable and reinsurance, for the affected periods.
Year Ended December 31, | 2024 |  | 2023 |  | 2022
Beginning gross loss and loss adjustment expense reserves | $ | 197,089 |  |  | $ | 89,907 |  |  | $ | 32,169 |
Reinsurance recoverable | 156,301 |  |  | 80,155 |  |  | 31,695 |
Beginning balance of net loss and loss adjustment expense reserves | 40,788 |  |  | 9,752 |  |  | 474 |
Losses and loss expenses incurred: |  |  |  |  |
Current year | 67,937 |  |  | 36,569 |  |  | 9,049 |
Prior years | 4,689 |  |  | 143 |  |  | 23 |
Total (1) | 72,626 |  |  | 36,712 |  |  | 9,072 |
Loss and loss adjustment expenses (recovered) paid: |  |  |  |  |
Current year | 16,202 |  |  | 3,798 |  |  | (206) |
Prior years | 18,231 |  |  | 1,878 |  |  | — |
Total | 34,433 |  |  | 5,676 |  |  | (206) |
Ending net loss and loss adjustment expense reserves | 78,981 |  |  | 40,788 |  |  | 9,752 |
Reinsurance recoverable (2) | 270,081 |  |  | 156,301 |  |  | 80,155 |
Ending gross loss and loss adjustment expense reserves | $ | 349,062 |  |  | $ | 197,089 |  |  | $ | 89,907 |
(1)Total losses and loss expenses (benefit) is net of $(191,151), $(113,622) and $(52,960) for the years ended December 31, 2024, 2023 and 2022, respectively, related to ceded reinsurance. (2)Represents reinsurance recoverable on future loss and loss adjustment expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables of $36,210, $8,765 and $1,397 as of December 31, 2024, 2023 and 2022, respectively, related to previously paid loss and loss adjustment expenses.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Intangible asset and accumulated amortization are included in the Consolidated Balance Sheets, as shown below.
|  | Cost |  | Accumulated Amortization |  | Net Carrying Amount
December 31, 2024 |  |  |  |  |  |
Finite-lived Intangible Assets: |  |  |  |  |  |
Customer relationships |  | $ | 348,350 |  |  | $ | 24,630 |  |  | $ | 323,720 |
Non-compete agreements |  | 1,350 |  |  | 1,080 |  |  | 270 |
Trade names |  | 10,767 |  |  | 1,195 |  |  | 9,572 |
Total finite-lived intangible assets |  | 360,467 |  |  | 26,905 |  |  | 333,562 |
Indefinite-lived Intangible Assets: |  |  |  |  |  |
Insurance licenses |  | 11,213 |  |  | — |  |  | 11,213 |
Total intangible assets |  | $ | 371,680 |  |  | $ | 26,905 |  |  | $ | 344,775 |
December 31, 2023 |  |  |  |  |  |
Finite-lived Intangible Assets: |  |  |  |  |  |
Customer relationships |  | $ | 52,878 |  |  | $ | 8,293 |  |  | $ | 44,585 |
Non-compete agreements |  | 1,350 |  |  | 810 |  |  | 540 |
Trade names |  | 2,755 |  |  | 602 |  |  | 2,153 |
Total finite-lived intangible assets |  | 56,983 |  |  | 9,705 |  |  | 47,278 |
Indefinite-lived Intangible Assets: |  |  |  |  |  |
Insurance licenses |  | $ | 14,125 |  |  | $ | — |  |  | $ | 14,125 |
Total intangible assets |  | $ | 71,108 |  |  | $ | 9,705 |  |  | $ | 61,403 |
Premium Receivable, Allowance for Credit Loss | Below is a rollforward of the premium receivable allowance for credit losses as of December 31, 2024 and 2023:
Year Ended December 31, |  | 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 69 |  |  | $ | — |  |  | $ | — |
Current period provision (benefit) |  | 73 |  |  | 69 |  |  | — |
Write-offs of the allowance |  | — |  |  | — |  |  | — |
Recoveries of previously written-off amounts |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 142 |  |  | $ | 69 |  |  | $ | — |
Reinsurance Recoverable, Credit Quality Indicator | The following table sets forth our five most significant reinsurers by amount of reinsurance recoverable as of December 31, 2024.
Reinsurers | Type of Insurance |  | Rating (1) |  | Reinsurance Recoverable (2) |  | Unsecured Recoverable (3)
General Reinsurance Company | Specialty P&C |  | A++ |  | $ | 135,706 |  |  | $ | 117,537 |
QBE Insurance Corporation | Specialty P&C |  | A |  | 31,502 |  |  | 31,502 |
Munich Reinsurance Company | Specialty P&C |  | A+ |  | 20,052 |  |  | 16,653 |
The Cincinnati Insurance Company | Specialty P&C |  | A+ |  | 15,663 |  |  | 14,933 |
Everest Reinsurance Company | Specialty P&C |  | A+ |  | 8,641 |  |  | 7,356 |
All other reinsurers |  |  |  |  | 94,726 |  |  | 44,329 |
Total recoverables |  |  |  |  | $ | 306,290 |  |  | $ | 232,310 |
(1)Represents financial strength ratings from AM Best. (2)Represents reinsurance recoverables on paid and unpaid losses. Unsecured amounts from QBE Insurance Corporation is also supported by an unlimited, uncapped indemnity from Enstar Holdings (US). (3)Reinsurance recoverables reduced by ceded premiums payables due to reinsurers, letters of credit, and collateral posted for the benefit of Everspan.
Short-Duration Insurance Contracts, Schedule of Historical Claims Duration | The claim development tables that follow present, by accident year, incurred and cumulative paid claims and allocated claim adjustment expense on a historical basis. This claim development information is presented on an undiscounted, net of reinsurance basis since 2021, Everspan's entry into the Specialty P&C business. The claim development tables also provide the historical average annual percentage payout of incurred claims by age, net of reinsurance, as supplementary information (identified as unaudited in the tables below). The historical average annual percentage payout for incurred claims is subject to variability due to the impact of both large claim activity and subrogation recoveries, among other items. Commercial Auto
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year ended December 31, |  | IBNR Reserves at December 31, 2024 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  | 2024 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | 432 |  |  | $ | 468 |  |  | $ | 978 |  |  | $ | 962 |  |  | $ | 150 |  |  | 80
2022 |  |  | 8,225 |  |  | 7,866 |  |  | 9,099 |  |  | 1,959 |  |  | 1,155
2023 |  |  |  |  | 19,459 |  |  | 23,313 |  |  | 6,496 |  |  | 3,197
2024 |  |  |  |  |  |  | $ | 15,193 |  |  | 7,583 |  |  | 2,768 |
|  |  |  |  | Total |  | $ | 48,567 |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident Year |  | Year ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2021 - |  | Before
|  | Unaudited |  |  |  | 2024 |  | 2021
2021 |  | $ | 7 |  |  | $ | 44 |  |  | $ | 151 |  |  | $ | 681 |  |  |  |  |
2022 |  |  |  | 555 |  |  | 2,325 |  |  | 4,700 |  |  |  |  |
2023 |  |  |  |  |  | 3,914 |  |  | 10,989 |  |  |  |  |
2024 |  |  |  |  |  |  |  | 3,477 |  |  |  |  |
|  |  |  |  |  | Total |  | 19,847 |  |  | 28,720 |  |  | — |
|  |  |  |  |  |  |  |  |  | Total net liability |  | 28,720 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3 |  | 4
| 11.6 | % |  | 17.9 | % |  | 18.6 | % |  | 55.1 | %
Excess and General Liability
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year ended December 31, |  | IBNR Reserves at December 31, 2024 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  | 2024 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | 3 |  |  | $ | 3 |  |  | $ | 10 |  |  | $ | 12 |  |  | $ | 2 |  |  | 1 |
2022 |  |  | 372 |  |  | 350 |  |  | 589 |  |  | 227 |  |  | 6 |
2023 |  |  |  |  | 3,597 |  |  | 2,901 |  |  | 2,434 |  |  | 69 |
2024 |  |  |  |  |  |  | $ | 12,200 |  |  | 10,877 |  |  | 177 |
|  |  |  |  | Total |  | $ | 15,702 |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident Year |  | Year ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2021 - |  | Before
|  | Unaudited |  |  |  | 2024 |  | 2021
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
2022 |  |  |  | — |  |  | 1 |  |  | 368 |  |  |  |  |
2023 |  |  |  |  |  | 30 |  |  | 316 |  |  |  |  |
2024 |  |  |  |  |  |  |  | 161 |  |  |  |  |
|  | Total |  | 845 |  |  | 14,857 |  |  | — |
|  |  |  |  |  |  |  |  |  | Total net liability |  | 14,857 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3 |  | 4
| 0.6 | % |  | 3.7 | % |  | 31.3 | % |  | — | %
Workers Compensation
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year ended December 31, |  | IBNR Reserves at December 31, 2024 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  | 2024 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 0
2022 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0
2023 |  |  |  |  | 6,053 |  |  | 6,056 |  |  | (331) |  |  | 2,308
2024 |  |  |  |  |  |  | $ | 16,486 |  |  | 8,156 |  |  | 3,177 |
|  |  |  |  | Total |  | $ | 22,542 |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident Year |  | Year ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2021 - |  | Before
|  | Unaudited |  |  |  | 2024 |  | 2021
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
2022 |  |  |  | — |  |  | — |  |  | — |  |  |  |  |
2023 |  |  |  |  |  | 807 |  |  | 3,938 |  |  |  |  |
2024 |  |  |  |  |  |  |  | 4,139 |  |  |  |  |
|  |  |  |  |  | Total |  | 8,077 |  |  | 14,465 |  |  | — |
|  |  |  |  |  |  |  |  |  | Total net liability |  | 14,465 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3 |  | 4
| 19.2 | % |  | 65.0 | % |  | — | % |  | — | %
Other (1)
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year Ended December 31, |  | IBNR Reserves at December 31, 2024 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  | 2024 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |
2022 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 740 |
2023 |  |  |  |  | 6,142 |  |  | 6,062 |  |  | 539 |  |  | 17,633 |
2024 |  |  |  |  |  |  | 23,341 |  |  | 3,469 |  |  | 52,385 |
Total |  | $ | 29,404 |  |  |  |  |
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year Ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
2021 |  | 2022 |  | 2023 |  | 2024 |  | 2021 - |  | Before
| Unaudited |  |  |  | 2024 |  | 2021
2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
2022 |  |  | — |  |  | — |  |  | — |  |  |  |  |
2023 |  |  |  |  | 966 |  |  | 4,337 |  |  |  |  |
2024 |  |  |  |  |  |  | 10,706 |  |  |  |  |
|  |  |  |  | Total |  | 15,043 |  |  | 14,361 |  |  | — |
|  |  |  |  |  |  |  |  | Total net liability |  | 14,361 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3 |  | 4
| 20.6 | % |  | 35.8 | % |  | — | % |  | — | %
(1) Other includes non-standard personal auto, professional liability, business owners products, travel and surety

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