XML 29 R10.htm IDEA: XBRL DOCUMENT
v3.25.4

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 3. SEGMENT INFORMATION The Company reports its results of continuing operations in two segments: Specialty Property and Casualty Insurance and ID. These reportable segments offer distinct products and services as further described in Note 1. Background and Business Description. The operating entities within each segment are wholly or majority owned by separate intermediate holding companies: Everspan Holdings, LLC for Specialty Property and Casualty Insurance and Octave Partners LLC for ID. The Company's segments have separate management teams with incentive compensation structures based on segment level performance. Financial reporting for each segment is regularly provided to the Company's Chief Executive Officer, who is the chief operating decision maker ("CODM"), for purposes of monitoring the businesses, assessing performance and allocating resources. The following tables summarize the components of the Company’s total revenues and expenses and pretax income (loss) by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of OSG, which will include investment income on its investment portfolio and costs to maintain the operations of OSG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives. As a result of the Company reporting the results of operations of AAC as discontinued operations, certain corporate costs charged to AAC totaling $6,786, $14,919, and $19,367 for the years ended December 31, 2025, 2024 and 2023, respectively, have been reported in Net income from continuing operations on the Consolidated Statements of Total Comprehensive Income and included in Corporate and Other in the tables below.
|  | Year Ended December 31, 2025 |  | Year Ended December 31, 2024
|  | Reportable Segments |  |  |  |  |  | Reportable Segments |  |  |  |
|  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  | Total |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  |  |  | $ | 143,381 |  |  |  |  | 143,381 |  |  |  |  | $ | 92,023 |  |  |  |  | $ | 92,023 |
Servicing and other fees |  |  |  | 20,419 |  |  |  |  | 20,419 |  |  |  |  | 6,353 |  |  |  |  | 6,353 |
Net premiums earned |  | $ | 67,232 |  |  |  |  |  |  | 67,232 |  |  | $ | 99,005 |  |  |  |  |  |  | 99,005 |
Program fees |  | 14,322 |  |  |  |  |  |  | 14,322 |  |  | 13,506 |  |  |  |  |  |  | 13,506 |
Investment income |  | 6,811 |  |  | 1,514 |  |  | $ | 2,323 |  |  | 10,647 |  |  | 6,400 |  |  | 787 |  |  | $ | 7,261 |  |  | 14,448 |
Other |  | 38 |  |  | (1,588) |  |  | (3,230) |  |  | (4,780) |  |  | 7,409 |  |  | 73 |  |  | 2,998 |  |  | 10,480 |
Total revenues from Continuing Operations (1) |  | 88,403 |  |  | 163,726 |  |  | (907) |  |  | 251,222 |  |  | 126,320 |  |  | 99,236 |  |  | 10,259 |  |  | 235,815 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  |  |  | 37,037 |  |  |  |  | 37,037 |  |  |  |  | 40,876 |  |  |  |  | 40,876 |
Loss and loss adjustment expenses |  | 47,193 |  |  |  |  |  |  | 47,193 |  |  | 72,626 |  |  |  |  |  |  | 72,626 |
Policy acquisition costs |  | 15,790 |  |  |  |  |  |  | 15,790 |  |  | 23,666 |  |  |  |  |  |  | 23,666 |
Intangible amortization and depreciation |  |  |  | 38,734 |  |  | 3,218 |  |  | 41,952 |  |  |  |  | 18,083 |  |  | 1,864 |  |  | 19,947 |
Interest expense |  |  |  | 18,640 |  |  |  |  | 18,640 |  |  |  |  | 9,379 |  |  |  |  | 9,379 |
Compensation expense |  | 12,245 |  |  | 63,761 |  |  | 33,841 |  |  | 109,847 |  |  | 10,201 |  |  | 28,353 |  |  | 25,791 |  |  | 64,346 |
Non Compensation expense |  | 9,845 |  |  | 26,010 |  |  | 45,922 |  |  | 81,777 |  |  | 7,605 |  |  | 10,354 |  |  | 46,861 |  |  | 64,820 |
Total expenses from continuing operations |  | 85,073 |  |  | 184,182 |  |  | 82,981 |  |  | 352,236 |  |  | 114,098 |  |  | 107,045 |  |  | 74,516 |  |  | 295,660 |
Segment pretax income (loss) |  | 3,330 |  |  | (20,456) |  |  | (83,888) |  |  | (101,014) |  |  | 12,222 |  |  | (7,809) |  |  | (64,257) |  |  | (59,845) |
Segment income tax expense (benefit) |  | 374 |  |  | (5,103) |  |  | (482) |  |  | (5,211) |  |  | 1,753 |  |  | (928) |  |  | (1,748) |  |  | (924) |
Segment net income (loss) |  | 2,956 |  |  | (15,353) |  |  | (83,406) |  |  | (95,803) |  |  | 10,469 |  |  | (6,881) |  |  | (62,509) |  |  | (58,921) |
Segment net (income) loss attributable to NCI |  | — |  |  | (2,601) |  |  |  |  | (2,601) |  |  | 2 |  |  | (363) |  |  |  |  | (361) |
Net income (loss) attributable to shareholders |  | $ | 2,956 |  |  | $ | (17,954) |  |  | $ | (83,406) |  |  | $ | (98,404) |  |  | $ | 10,471 |  |  | (7,244) |  |  | (62,509) |  |  | $ | (59,282) |
Reconciliation to consolidated net income (loss) attributable to shareholders |  |  |  |  |  |  |  |  |  |
Discontinued operations |  |  |  |  |  |  |  | (163,288) |  |  |  |  |  |  |  |  | (497,167) |
Net income (loss) attributable to shareholders |  |  |  |  |  |  |  | $ | (261,692) |  |  |  |  |  |  |  |  | $ | (556,449) |
Reconciliation of segment assets to consolidated total assets |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 894,692 |  |  | $ | 1,243,979 |  |  | $ | 84,646 |  |  | $ | 2,223,317 |  |  | $ | 751,272 |  |  | $ | 900,222 |  |  | $ | 139,684 |  |  | $ | 1,791,178 |
Discontinued operations |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  |  | $ | 6,267,200 |
Total consolidated assets |  |  |  |  |  |  |  | $ | 2,223,317 |  |  |  |  |  |  |  |  | $ | 8,058,378 |
EBITDA Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net income (loss) |  | $ | 2,956 |  | $ | (15,353) |  | $ | (83,406) |  | $ | (95,803) |  | $ | 10,469 |  | $ | (6,881) |  | $ | (62,509) |  | $ | (58,921)
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  | 18,640 |  |  |  | 18,640 |  |  |  | 9,379 |  |  |  | 9,379
Income taxes |  | 374 |  | (5,103) |  | (482) |  | (5,211) |  | 1,753 |  | (928) |  | (1,748) |  | (924)
Depreciation |  | — |  | 690 |  | 3,218 |  | 3,908 |  | — |  | 481 |  | 1,864 |  | 2,345
Intangible amortization |  |  |  | 38,044 |  |  |  | 38,044 |  |  |  | 17,602 |  |  |  | 17,602
EBITDA |  | 3,330 |  | 36,918 |  | (80,670) |  | (40,422) |  | 12,222 |  | 19,653 |  | (62,393) |  | (30,518)
Add: Impact of noncontrolling interests |  |  |  | (14,507) |  |  |  | (14,507) |  |  |  | (6,448) |  |  |  | (6,448)
EBITDA attributable to shareholders |  | $ | 3,330 |  | $ | 22,411 |  | $ | (80,670) |  | $ | (54,929) |  | $ | 12,222 |  | $ | 13,205 |  | $ | (62,393) |  | $ | (36,966)
(1)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately.
|  | Year Ended December 31, 2023
|  | Reportable Segments |  |  |  |
|  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  | Total
Revenues: |  |  |  |  |  |  |  |
Commissions |  |  |  | $ | 51,281 |  |  |  |  | 51,281 |
Net premiums earned |  | $ | 51,911 |  |  |  |  |  |  | $ | 51,911 |
Program fees |  | 8,437 |  |  |  |  |  |  | 8,437 |
Investment income |  | 3,795 |  |  | 64 |  |  | $ | 9,298 |  |  | 13,159 |
Other |  | (42) |  |  | 200 |  |  | (218) |  |  | (60) |
Total revenues from continuing operations |  | 64,101 |  |  | 51,546 |  |  | 9,080 |  |  | 124,728 |
Less: |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 36,712 |  |  |  |  |  |  | 36,712 |
Policy acquisition costs |  | 10,557 |  |  |  |  |  |  | 10,557 |
Commissions |  |  |  | 29,465 |  |  |  |  | 29,465 |
Intangible amortization and depreciation |  |  |  | 4,194 |  |  | 1,036 |  |  | 5,230 |
Interest expense |  | — |  |  | — |  |  |  |  | — |
Compensation expense |  | 10,853 |  |  | 7,951 |  |  | 29,664 |  |  | 48,468 |
Non Compensation expense |  | 5,596 |  |  | 2,647 |  |  | 10,274 |  |  | 18,517 |
Total expenses from Continuing Operations (1) |  | 63,718 |  |  | 44,257 |  |  | 40,974 |  |  | 148,949 |
Segment pretax income (loss) |  | 383 |  |  | 7,289 |  |  | (31,894) |  |  | (24,221) |
Segment income tax expense (benefit) |  | 48 |  |  | 156 |  |  | (1,193) |  |  | (989) |
Segment net income (loss) |  | 335 |  |  | 7,133 |  |  | (30,701) |  |  | (23,232) |
Segment net (income) loss attributable to NCI |  | (1) |  |  | (1,318) |  |  |  |  | (1,319) |
Net income (loss) attributable to shareholders |  | $ | 334 |  |  | $ | 5,815 |  |  | $ | (30,701) |  |  | $ | (24,551) |
Reconciliation to consolidated net income (loss) attributable to shareholders |  |
Discontinued operations |  |  |  |  |  |  |  | 28,183 |
Net income (loss) attributable to shareholders |  | $ | 3,632 |
Reconciliation of segment assets to consolidated total assets |  |
Total assets |  | 523,179 |  |  | 154,846 |  |  | 233,839 |  |  | $ | 911,864 |
Discontinued operations |  |  |  |  |  |  |  | 7,516,456 |
Total consolidated assets |  |  |  |  |  |  |  | $ | 8,428,320 |
Segment net income (loss) |  | $ | 335 |  |  | $ | 7,133 |  |  | $ | (30,701) |  |  | $ | (23,232) |
Adjustments: |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |
Income taxes |  | 48 |  |  | 156 |  |  | (1,193) |  |  | (989) |
Depreciation |  | — |  |  | 42 |  |  | 1,036 |  |  | 1,078 |
Intangible amortization |  | — |  |  | 4,152 |  |  | — |  |  | 4,152 |
EBITDA |  | 383 |  |  | 11,483 |  |  | (30,858) |  |  | (18,991) |
Add: Impact of noncontrolling interests |  |  |  | (2,102) |  |  |  |  | (2,102) |
EBITDA attributable to shareholders |  | $ | 383 |  |  | $ | 9,381 |  |  | $ | (30,858) |  |  | $ | (21,093) |
(1)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately. Geographic Information Revenue is primarily recognized based on the country in which the services are performed. The following table shows the geographic breakdown of revenue:
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
United States |  | $ | 172,321 |  |  | $ | 212,605 |  |  | $ | 124,728 |
United Kingdom |  | 78,901 |  |  | 23,210 |  |  | — |
Total revenues |  | $ | 251,222 |  |  | $ | 235,815 |  |  | $ | 124,728 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration