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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows provided by (used in) operating activities    
Net income $ 99,621 $ 39,742
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 10,609 0
Amortization and depreciation 2,280 2,841
Deferred income taxes (10,525) (2,110)
Net realized gains on investments (569) (119)
Changes in operating assets and liabilities:    
Premiums receivable 6,563 (14,825)
Accrued investment income (1,284) (479)
Prepaid reinsurance premiums (6,839) (42,324)
Reinsurance recoverable 193,041 (136,807)
Other assets (8,537) (7,981)
Unpaid losses and loss adjustment expense (209,117) 196,316
Unearned premiums 59,676 88,079
Reinsurance payable 22,178 (4,713)
Advance premiums 5,191 (4,132)
Income taxes payable (recoverable) (9,193) 12,640
Operating lease payments (2,279) (2,083)
Deferred policy acquisition costs, net unearned ceding commissions (19,029) 31,931
Other liabilities and accrued expenses 6,405 (7,067)
Net cash provided by operating activities 138,192 148,909
Cash flows provided by (used in) investing activities    
Purchases of property and equipment (5,017) (1,307)
Proceeds from sales and maturities of fixed maturity securities 120,267 83,223
Purchases of fixed maturity securities (232,488) (103,242)
Proceeds from sales and maturities of short-term investments 15,144 1,957
Purchases of short-term investments (32,985) 0
Net cash used in investing activities (135,079) (19,369)
Cash flows provided by (used in) financing activities    
Proceeds from initial public offering, net of underwriting discounts and commissions 93,000 0
Payments on tax withheld on vesting of restricted stock awards (3,753) 0
Cash distributions to members [1] (22,875) (12,024)
Repayment of long-term debt (411) (412)
Payments of initial public offering costs (4,227) 0
Net cash from provided by (used in) financing activities 61,734 (12,436)
Net increase in cash, cash equivalents and restricted cash 64,847 117,104
Cash, cash equivalents and restricted cash at beginning of year 179,272 62,168
Cash, cash equivalents and restricted cash at end of period 244,119 179,272
Supplemental disclosures of cash flow information    
Interest paid 27 65
Income taxes paid 35,335 1,000
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 203,902 173,220
Restricted cash and cash equivalents 40,217 6,052
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 244,119 $ 179,272
[1] The distributions were made to members prior to the IPO. See Note 1 — “Nature of Operations and Basis of Presentation” and
Note 12 — “Shareholders’ Equity.”