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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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.
Revenue from External Customers by Geographic Areas |
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 |

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