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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 2. SEGMENT INFORMATION The Company reports its results of continuing operations in two segments: Specialty Property and Casualty Insurance and Insurance Distribution ("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 for the three months ended March 31, 2026 and 2025 as well as segment assets as of March 31, 2026 and 2025. Information provided below for “Corporate and Other” primarily relates to the operations of OSG, which 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 $2,763 for the three months ended March 31, 2025, have been reported in Net income from continuing operations on the Consolidated Statements of Income (Loss) and included in Corporate and Other in the tables below.
|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
|  | Reportable Segments |  |  |  |  |  |  |  | Reportable Segments |  |  |  |  |  |
|  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 20,001 |  |  |  |  |  |  |  |  | $ | 20,001 |  |  | $ | 15,678 |  |  |  |  |  |  |  |  | $ | 15,678 |
Commissions |  |  |  | $ | 68,178 |  |  |  |  |  |  | 68,178 |  |  |  |  | $ | 36,771 |  |  |  |  |  |  | 36,771 |
Servicing and other fees |  |  |  | 9,362 |  |  |  |  |  |  | 9,362 |  |  |  |  | 4,964 |  |  |  |  |  |  | 4,964 |
Program fees |  | 3,644 |  |  |  |  |  |  |  |  | 3,644 |  |  | 3,652 |  |  |  |  |  |  |  |  | 3,652 |
Investment income |  | 1,649 |  |  | 308 |  |  | $ | 398 |  |  |  |  | 2,355 |  |  | 1,842 |  |  | 376 |  |  | $ | 597 |  |  |  |  | 2,815 |
Other |  | 5 |  |  | 678 |  |  | (53) |  |  |  |  | 630 |  |  | (1) |  |  | (1,113) |  |  | (10) |  |  |  |  | (1,124) |
Total revenues from continuing operations |  | 25,299 |  |  | 78,526 |  |  | 345 |  |  |  |  | 104,170 |  |  | 21,171 |  |  | 40,998 |  |  | 587 |  |  |  |  | 62,756 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 19,679 |  |  |  |  |  |  |  |  | 19,679 |  |  | 10,496 |  |  |  |  |  |  |  |  | 10,496 |
Policy acquisition costs |  | 6,371 |  |  |  |  |  |  |  |  | 6,371 |  |  | 3,841 |  |  |  |  |  |  |  |  | 3,841 |
Commissions |  |  |  | 14,005 |  |  |  |  |  |  | 14,005 |  |  |  |  | 10,365 |  |  |  |  |  |  | 10,365 |
Intangible amortization and depreciation |  |  |  | 11,942 |  |  | 272 |  |  |  |  | 12,214 |  |  |  |  | 8,872 |  |  | 304 |  |  |  |  | 9,176 |
Interest |  |  |  | 2,090 |  |  |  |  |  |  | 2,090 |  |  |  |  | 5,454 |  |  |  |  |  |  | 5,454 |
Compensation expense |  | 5,298 |  |  | 24,983 |  |  | 6,763 |  |  |  |  | 37,044 |  |  | 3,510 |  |  | 13,533 |  |  | 5,844 |  |  |  |  | 22,887 |
Non-compensation expense |  | 2,234 |  |  | 8,721 |  |  | 5,156 |  |  |  |  | 16,111 |  |  | 1,821 |  |  | 5,017 |  |  | 8,806 |  |  |  |  | 15,644 |
Total expenses from continuing operations |  | 33,581 |  |  | 61,741 |  |  | 12,192 |  |  |  |  | 107,514 |  |  | 19,668 |  |  | 43,241 |  |  | 14,954 |  |  |  |  | 77,863 |
Segment pretax income (loss) |  | (8,282) |  |  | 16,785 |  |  | (11,847) |  |  |  |  | (3,344) |  |  | 1,503 |  |  | (2,243) |  |  | (14,367) |  |  |  |  | (15,107) |
Segment income tax expense (benefit) |  | (592) |  |  | (368) |  |  | 479 |  |  |  |  | (481) |  |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |
Segment net income (loss) |  | (7,690) |  |  | 17,153 |  |  | (12,326) |  |  |  |  | (2,863) |  |  | 1,425 |  |  | (1,743) |  |  | (14,172) |  |  |  |  | (14,490) |
Segment net (income) loss attributable to NCI |  | — |  |  | (3,988) |  |  |  |  |  |  | (3,988) |  |  | — |  |  | (1,654) |  |  |  |  |  |  | (1,654) |
Net income (loss) attributable to shareholders |  | $ | (7,690) |  |  | $ | 13,165 |  |  | $ | (12,326) |  |  |  |  | (6,851) |  |  | $ | 1,425 |  |  | $ | (3,397) |  |  | $ | (14,172) |  |  |  |  | (16,144) |
Reconciliation to consolidated net income (loss) attributable to shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (30,247) |
Net income (loss) attributable to shareholders |  |  |  |  |  |  |  |  |  | $ | (6,851) |  |  |  |  |  |  |  |  |  |  | $ | (46,391) |
Reconciliation of segment assets to consolidated total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 933,974 |  |  | $ | 1,264,704 |  |  | $ | 68,348 |  |  |  |  | $ | 2,267,026 |  |  | $ | 802,856 |  |  | $ | 929,172 |  |  | $ | 129,250 |  |  |  |  | $ | 1,861,278 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,392,004 |
Total consolidated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,253,282 |
EBITDA Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net income (loss) |  | $ | (7,690) |  |  | $ | 17,153 |  |  | $ | (12,326) |  |  |  |  | $ | (2,863) |  |  | $ | 1,425 |  |  | $ | (1,743) |  |  | $ | (14,172) |  |  |  |  | $ | (14,490) |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | 2,090 |  |  | — |  |  |  |  | 2,090 |  |  | — |  |  | 5,454 |  |  | — |  |  |  |  | 5,454 |
Income tax expense (benefit) |  | (592) |  |  | (368) |  |  | 479 |  |  |  |  | (481) |  |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |
Depreciation expense |  | — |  |  | 295 |  |  | 272 |  |  |  |  | 567 |  |  | — |  |  | 109 |  |  | 304 |  |  |  |  | 413 |
Intangible amortization expense |  | — |  |  | 11,647 |  |  | — |  |  |  |  | 11,647 |  |  | — |  |  | 8,763 |  |  | — |  |  |  |  | 8,763 |
EBITDA |  | (8,282) |  |  | 30,817 |  |  | (11,575) |  |  |  |  | 10,960 |  |  | 1,503 |  |  | 12,083 |  |  | (14,063) |  |  |  |  | (477) |
Impact of noncontrolling interests |  | — |  |  | (7,350) |  |  |  |  |  |  | (7,350) |  |  | — |  |  | (5,000) |  |  |  |  |  |  | (5,000) |
EBITDA attributable to shareholders |  | $ | (8,282) |  |  | $ | 23,467 |  |  | $ | (11,575) |  |  |  |  | $ | 3,610 |  |  | $ | 1,503 |  |  | $ | 7,083 |  |  | $ | (14,063) |  |  |  |  | $ | (5,477) |
(1)Inter-segment revenues and inter-segment pretax income (loss) amounts are insignificant and are not presented separately.

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