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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income before provision for income taxes consisted of the following:

	Year Ended December 31,
	2025		2024
U.S.	$87,954		$46,505
Foreign	27,103		4,534
Income before provision for income taxes	$115,057		$51,039

The following table summarizes the provision for income taxes:

	Year Ended December 31,
	2025		2024
Current:
Federal	$17,228		$9,757
State	4,306		2,931
Foreign	4,427		952
Total current tax expense	25,961		13,640
Deferred:
Federal	(8,267)		(1,943)
State	(2,258)		(400)
Foreign	—		—
Total deferred income tax expense	$(10,525)		$(2,343)
Total income tax expense	$15,436		$11,297
Effective tax rate	13.4%		22.1%

Summary of Provision for Income Taxes and Reconciliation

The following table presents required

disclosure pursuant to ASU 2023-09 and reconciles the statutory federal income tax amount and rate to our global

effective tax amount and rate for the year ended December 31, 2025:

	Year Ended December 31, 2025
	Amount		Rate
Income tax expense computed at U.S. federal statutory rates	$24,162		21.0%
State income tax expense(1)	4,191		3.6
Foreign tax effects:
Bermuda	(4,427)		(3.8)
Other foreign jurisdictions	—		—
Effects of cross-border tax laws:
Subpart F income inclusion	4,427		3.8
Foreign tax credit	—		—
Other	—		—
Tax credits:
Research and development credit	—		—
Changes in valuation allowances	—		—
Nontaxable or nondeductible items:
IRC Section 162(m) executive compensation	2,061		1.8
Tax status change of nontaxable entity	(9,722)		(8.4)
Nontaxable entity activity	(5,791)		(5.0)
Other	323		0.3
Changes in unrecognized tax benefits	—		—
Other adjustments	212		0.2
Income tax expense at global effective rate	$15,436		13.4%

(1)The state that contributes to the majority (greater than 50%) of the tax effect in this category is Florida.

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the

statutory federal income tax rate to the actual global effective tax rate for the year ended December 31, 2024:

	Year Ended December 31, 2024
	Amount		Rate
Income tax expense computed at U.S. federal statutory rates	$10,718		21.0%
State income tax expense	1,840		3.6
Loss of partnerships and other pass-through entities	(1,851)		(3.6)
Nondeductible items	37		0.1
Other	553		1.1
Income tax expense at effective rate	$11,297		22.1%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of

the Company’s deferred tax assets and liabilities were as follows:

	December 31,
	2025		2024
Deferred tax assets
Unpaid losses and loss adjustment expense	$900		$671
Unearned premiums	9,936		7,772
Net unrealized losses on investments	—		118
Unearned revenue	25,688		—
Capital loss carryforward	—		1
Change in ROU liabilities	115		—
Other	203		12
Total deferred tax assets	36,842		8,574
Valuation allowance	—		—
Net deferred tax assets	36,842		8,574
Deferred tax liabilities:
Deferred policy acquisition costs	(22,399)		(5,272)
Fixed assets	(1,408)		—
Excess ceding commission	(2,575)		(3,971)
Prepaid expenses	(472)		—
Policy acquisition costs	(592)		—
Net unrealized gains on investments	(649)		—
Accrued expenses	51		—
Change in ROU assets	(113)		—
Other	(49)		(453)
Total deferred tax liabilities	(28,206)		(9,696)
Net deferred tax liabilities	$8,636		$(1,122)

Summary of Income Taxes Paid

The Company adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025, and has included

the following table as a result of adoption, which presents income taxes paid (net of refunds received) for the year

ended December 31, 2025:

	Year Ended December 31, 2025
Federal	$27,685
State:
Florida(1)	7,615
Other states	35
Foreign taxes:
Bermuda	—
Total cash paid for income taxes	$35,335

(1)Florida is the only state that represents taxes paid that were greater than 5% of total taxes paid.

The following table summarizes the income taxes paid for the year ended December 31,2024:

	Year Ended December 31, 2024
Cash paid during the year for:
Income taxes, net of refunds	$1,000

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