Skyward/2025/FY/Annual report

This article presents Skyward's FY 2025 annual report — the cover and primary financial statements from its SEC Form 10-K.

Document info
Organization	Skyward
Year	2025
Period	FY
Period label	FY25
Document type	Annual report
Document name	Skyward Specialty Insurance Group 2025 Form 10-K
Publication date	2026-03-02
Language	English
Source	Original URL
Archive file	.md file

Business

Who We Are

Skyward Specialty was formed as a Delaware corporation on January 3, 2006 as an insurance holding company. We operated under the name Houston International Insurance Group, Ltd. until we re-branded as Skyward Specialty in November 2020. References to “the Company,” “we,” “our,” “us” or like terms refer to the business of Skyward Specialty Insurance Group, Inc. and its subsidiaries.

We are a growing specialty insurance company delivering commercial insurance products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve.

Our portfolio of insured risks is highly diversified—we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (including cyber and media liability insurance), commercial auto, group accident and health, property, agriculture, credit, surety and workers’ compensation; we insure both short and medium duration liabilities; and our business mix is principally primary insurance and balanced between E&S and admitted markets. A portion of our business is specialty reinsurance (principally property, agriculture and credit) which is similarly focused on attractive specialty classes where we believe it is more efficient to approach these classes through reinsurance given factors such as cost of entry, including the costs of geographic expansion. All of these factors enable us to respond to market opportunities and dislocations by deploying capital where we believe we can consistently earn attractive risk-adjusted returns. We believe this diversification, which includes businesses not typically aligned with traditional P&C pricing cycles, combined with our underwriting and claims expertise, will more consistently produce strong growth and profitability across all insurance pricing cycles.

We are led by an entrepreneurial executive management team with decades of insurance leadership experience spanning multiple aspects of the global P&C industry. Our leadership is supported by an experienced team with a broad skill set and aligned around our strategy. We believe our high-quality leadership and underwriting and claims teams, technology DNA, advanced analytics capabilities, diversified book of business, and strong competitive position in each of our chosen market niches position us to continue to profitably grow our business. We aim to deliver long-term value for our shareholders by generating best-in-class underwriting profitability and book value per share growth across P&C market cycles.

All of our insurance company subsidiaries are group rated and have financial strength ratings of “A” (Excellent) from the A.M. Best Company (“A.M. Best”) with stable outlook.

Apollo Acquisition

On September 2, 2025, we entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers"). Pursuant to the Apollo Majority SPAs, in accordance with the terms and subject to the conditions therein, we agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, closing of the transaction ("Closing") was conditioned upon our acquiring 100% of the issued share capital of Apollo (the “Acquisition”) at Closing pursuant to additional short-form share purchase agreements (the "Apollo Minority SPAs" and together with the Apollo Majority SPAs, the "Apollo SPAs") with the remaining minority shareholders of Apollo (the "Minority Sellers" and together with the Majority Sellers, the "Sellers"). The Acquisition closed on January 1, 2026. The consideration for the transaction was satisfied by the issuance of common stock of the Company to certain sellers and the remainder in cash.

Apollo is a leading U.S. centric specialty underwriting platform operating at Lloyd’s of London that is low volatility, high growth and employs a capital light business model. The business has grown gross written premium consistently since its formation in 2010. Through Syndicate 1969, Apollo underwrites a multi-class specialty insurance portfolio. Through Syndicate 1971, Apollo delivers a unique, innovative platform liability product for the digital and sharing economy. Apollo provides capital to syndicates 1969 and 1971 in exchange for a pro-rata share of the underwriting income, with the remainder of the capital provided by third parties. Additionally, Apollo earns managing agency fees and profit commissions for being the managing agent to both its own syndicates, as well as to innovative third-party syndicates, known as platform partners.

We believe the acquisition is exceptionally well aligned to Skyward Specialty’s strategy, bringing new specialty niches, a distinctive new economy offering, accelerating innovation, and adding Apollo’s advanced technology capabilities. Continuing to lead Apollo’s growth as a subsidiary of Skyward Specialty will be David Ibeson, who will continue as CEO of Apollo, along with Apollo’s entrepreneurial and dynamic management team.

Our Business and Our Strategy

We have one reportable segment through which we offer a broad array of insurance coverages to a number of market niches. Each of our nine distinct underwriting divisions has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. We believe this structure and expertise allow us to serve the needs of our customers effectively and be a value-add partner to our distributors, while earning attractive risk-adjusted returns. For the year ended December 31, 2025, 41% of our gross written premiums were written on an admitted basis and 59% were non-admitted.

Our Underwriting Divisions

Accident & Health: Our Accident & Health (“A&H”) underwriting division provides medical stop loss to employers who self-insure their employee benefits, as well as covering group and single-employer captives. Our A&H captives program provides tailored medical stop-loss and reinsurance solutions for group and single-employer captive arrangements, supported by dedicated underwriting and proactive claims oversight. Our approach for managing medical costs, combined with our claims oversight, enables us to partner with select distribution partners. We target and serve a segment of the small and medium sized enterprise market that is actively seeking to take control of their healthcare costs by self-insuring a portion of their healthcare insurance. We write these products on an admitted basis and distribute primarily through retail brokers and wholesale broker partners.

Agriculture and Credit (Re)insurance: Our Agriculture and Credit (Re)insurance underwriting division provides specialty risk-transfer solutions across a diversified global portfolio, spanning agriculture, dairy and livestock revenue protection, mortgage and credit product lines. We support insurers, MGAs, and other risk originators by delivering tailored treaty protection using proportional and excess of loss structures. Our global agriculture book provides coverage for weather and natural peril driven volatility and other production and yield risks, helping clients manage catastrophe exposure and seasonal earnings variability across regions. The mortgage portfolio supports government sponsored entities and private mortgage insurers against default and loss severity volatility typically due to macroeconomic stress, structured to manage tail risk and protect against adverse cycle turns. Our credit portfolio provides protection against losses driven by default risk covering single obligors and multi-buyer trade credit across a diverse portfolio across regions and industries.

Our dairy and livestock business provides producers with revenue protection against price volatility in milk, cattle, and hog markets. We utilize derivative instruments, primarily put options and futures, to mitigate commodity price risk associated with our exposure to cattle, hog and milk prices. These instruments are used solely to manage exposure to adverse price movements, and positions are adjusted throughout the year in response to changes in market conditions and our risk profile. See Note 8, “Derivatives” to our consolidated financial statements included in Item 8 of this Form 10-K for additional information regarding derivatives.

Captives: Our Captives underwriting division provides group captive solutions by drawing on our underwriting and claims expertise from other underwriting divisions to create group captives for companies seeking to self-insure. By leveraging our underwriting, claims, technology, and analytical expertise across our Company, we are able to broaden our market reach and write additional profitable business with limited additional expense. Our captive underwriting division writes property, general liability, commercial auto, excess liability, and workers’ compensation lines of business on an E&S and an admitted basis. We often administer this business through partnerships with third-party captive managers.

Construction & Energy Solutions: Our Construction and Energy Solutions underwriting division focuses on high‑severity exposures that our experienced underwriting and claims teams address with tailored and often multi‑line solutions, including general liability, excess liability, commercial auto, and workers’ compensation. We distribute these products through retail agents, brokers, and a select network of wholesalers.

Global Property: Our Global Property underwriting division provides comprehensive property insurance and reinsurance solutions for a broad spectrum of commercial clients worldwide. Our offerings are designed to protect against physical loss or damage to assets, including buildings, equipment, and inventory, due to natural catastrophes and other insured perils, supporting clients across diverse industries with managing exposures and maintaining operational resilience.

Professional Lines: Our Professional Lines underwriting division includes three underwriting units: management liability, professional liability (which includes cyber), and allied health (which includes life sciences). Management/Professional liability and allied health provide primary and excess claims-made liability products, on an E&S and admitted basis, distributed through both wholesale and retail brokers, depending on the product.

Specialty Programs: Our Specialty Programs underwriting division partners with program administrators focused on certain markets that align with our expertise and strategy. We believe partnering with a program administrator in certain circumstances is the optimal way for us to participate profitably or extend our reach in certain markets. Typically, the program administrators possess a competitive advantage (owing to their scale in a particular market niche and/or proprietary technology) that we believe would be difficult for us to replicate on our own. For example, certain of our program administrator partners have developed proprietary technology to optimize risk selection and pricing in specific markets. We believe the combination of our underwriting and claims expertise with their scale and/or technology creates a more powerful partnership than either party could present to the market on its own. Our Specialty Programs underwriting division writes property, general liability, commercial auto liability, excess liability and workers’ compensation lines of business on an E&S and an admitted basis.

Surety: Our Surety underwriting division provides contract, commercial and transactional surety solutions to a range of trade and services organizations requiring bonding. We principally focus on small to medium sized enterprises with aggregate bond programs up to approximately $100.0 million for contract and $125.0 million for commercial and transactional. We write this business on an admitted basis and distribute through retail agents and brokers.

Transactional E&S: Our Transactional E&S underwriting division provides primary and excess non-catastrophe prone property and general liability solutions, with particular emphasis on risks that are considered hard to place because of the complexity of the underlying exposure, loss history, and/or limited operating history (for example, start up and newer businesses). Success in our target market is determined by technical underwriting, thoughtful coverage provisions and pricing, and high-quality broker service. We access the market in this division exclusively through wholesale brokers.

In addition to our continuing business, there are business units and lines of business that we previously exited and placed into run-off. We refer to these lines and businesses as our “exited business”.

Our Strategy

We seek to lead in our chosen market niches and establish sustainable, competitive positions in these markets. The following key elements underpin our strategy and approach to our business:

1.Providing differentiated products, services and solutions that meet the unique needs of our target markets;

2.Attracting and retaining exceptional underwriting and claims talent and incentivizing our professionals in a manner that aligns with our organization and corporate goals;

3.Amplifying the expertise of our people with advanced technology and analytics that enable superior risk selection, pricing and claims management;

4.Empowering our underwriting and claims teams with considerable authority to make decisions and apply their expertise; and

5.Fostering a culture that promotes nimbleness and responsiveness to market opportunities and dislocation.

We refer to this strategy as “Rule Our Niche” and it forms the basis of our approach to building a strong defensible market position, creating a competitive moat, and winning in our chosen markets. We believe that the principles underlying our strategy are key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles. We consistently strive for excellence in risk selection, pricing, and claims outcomes, and to amplify these critical functions with the use of advanced technology and analytics.

Our Competitive Strengths

We believe that our competitive strengths include:

Focus on profitable niches of the market that require technical underwriting and claims management as barriers to entry.

We believe that the niche areas of the commercial lines P&C markets we have selected are a highly attractive subset of the P&C insurance market and present an opportunity to generate attractive risk-adjusted returns. We actively target markets that are underserved, dislocated or for which standard, commoditized products are insufficient or inadequate to meet the needs of our customers. The unique characteristics of the risks within our core markets require each account to be efficiently and individually underwritten, in order for us to generate an acceptable, sustainable underwriting profit. Many carriers have chosen to reject businesses that they deem to be too complex, or that require thoughtful individual underwriting; or, alternatively, have focused on simple account risks for which more automated underwriting can be effective. Instead, we have chosen to build our underwriting divisions around deeply experienced underwriters who we empower with appropriate authority to make underwriting decisions. This structure enables us to offer innovative and unique products and solutions to our distribution partners and customers, regardless of how challenging or complex a risk

may be. Further, we augment our underwriters’ experience with data and predictive analytics that are intended to differentiate risk selection and pricing decision-making while enhancing efficiency.

Highly skilled underwriters.

We focus on hiring and retaining underwriting and technical staff who help differentiate our company through their expertise and experience. Our underwriting teams are knowledgeable, experienced, and empowered — characteristics which are critical to operate successfully in the markets we serve, especially since many of the risks we underwrite are particularly difficult to automate. We do not impose strict underwriting rules (for example, we are not “box” underwriters), but rather allow our professionals the freedom to use their expertise and judgment when evaluating and pricing risks. Simply put, we give our people the tools and appropriate authority to make decisions and do what they do best — profitably underwrite complex risks.

Superior Claims Staff and Operations.

We have cultivated a best-in-class and highly specialized team of claims professionals who are highly knowledgeable about the niches we serve and the lines of business we write. Our claims professionals systematically address first party claims with fair and equitable solutions and third-party claims with holistic and comprehensive responses, in each case seeking to ensure consistent and early loss recognition of indemnity and loss adjustment expenses (“LAE”).

We respond quickly when a claim is submitted with specialized adjusters, who are armed with expertise, advanced technology and analytics, to assist them in the claims resolution process. We embed technology deeply into our claims process and leverage our technology-enabled platform and tools from first notice of loss to investigation to settlement. Our analytics capabilities used by our senior leadership and claims teams include real-time, detailed information on open claims and benchmarks against closed claims. We believe that our industry expertise, nimble culture, and technology-embedded claims processes enable us to reach fair and appropriate claims outcomes for our customers.

Superior business intelligence platform.

SkyBI, our business intelligence platform, focuses on providing our senior leadership, as well as our technical teams, with real-time intelligence to drive superior decision making. SkyBI reflects the best practices our management team has learned from its extensive experience across the P&C insurance and technology sectors. We developed SkyBI, our single, comprehensive enterprise-wide data repository, as our foundation for reporting, business intelligence, analytics, and other advanced data capabilities. It provides our organization information and performance metrics across the Company in an easy-to-consume visualized format. The data can be filtered by many categories, including distributor, customer segment, line of business, specific industry, individual underwriter, and specific risk feature among others. SkyBI aids in establishing clear line of sight to objectives as well as facilitating our decision-making processes.

Advanced technology and new risk data for underwriting and claims.

We fundamentally believe that every underwriting and claims decision can be augmented with the use of new types of risk data and advanced technology. While our underwriting decisions are backed by reliable historical data and in-depth evaluation of risks resulting from intentional investment in data collection and processing capabilities, we amplify our underwriting and claims prowess by combining this data with new forms of risk data and predictive analytics. We also utilize generative artificial intelligence in our underwriting and claims handling where doing so can aid in our effectiveness and efficiencies while still relying upon the expertise of our employees.

Diversified business that allows us to respond to, and capitalize on, changes in market conditions across P&C cycles.

We have been successful in building a diversified group of underwriting divisions spanning multiple product lines, industries, geographies and distribution channels, including business that is not typically aligned with traditional P&C cycles. We aim to evolve with, and adapt to, the market growing certain lines of business when market conditions are favorable and limiting our exposure to certain markets when conditions are less favorable. We believe the diversity of our book allows us to respond to, and capitalize on, market opportunities and dislocations across insurance market and pricing cycles resulting in a durable insurance franchise.

Attractive and winning culture.

As evidenced by our internal surveys, public information such as that available on Glassdoor and LinkedIn, and our selection as a “Best Places to Work in Insurance,” we have built a distinctive winning culture. Key to our culture and operating approach is a flat structure of communication and decision-making. We trust our staff to make decisions that produce or exceed our desired financial results, and we support our staff with a clear system of measurement to gauge performance. We have chosen to adopt a hybrid work schedule which provides our employees with the flexibility for remote working. We pride ourselves on maintaining an entrepreneurial environment that encourages and rewards a proactive approach to capitalize on market disruption. This environment is not only consistent with our identity as a

specialty insurer but also a foundation for our success in attracting great talent and our objective of delivering best-in-class results.

High-quality, experienced leadership team that is aligned with our shareholders.

Led by our Chairman and CEO, Andrew Robinson, we have an experienced, innovative and entrepreneurial executive leadership team with a track record of success in senior management roles at industry leading property and casualty companies as well as in starting and building new businesses in our industry.

Our entire senior leadership’s compensation is carefully constructed to ensure alignment with our shareholders. Each of our leaders have a material portion of their compensation in the form of long-term and short-term incentives tied to delivering sustainable, best-in-class underwriting returns. Our executive leadership team have additional long-term incentive targets tied directly to growth in book value per share.

Our Strategy in Action

With everything we do, from recruiting to marketing to underwriting to loss adjusting and claims resolution,  we seek to follow the core tenets of our “Rule Our Niche” strategy, as described above. We believe our “Rule Our Niche” strategy will help us achieve our goal of generating best-in-class underwriting profitability for our niches while creating superior long-term shareholder value through growth in book value per share. The core tenets of our “Rule Our Niche” strategy include:

Attract and retain blue-chip underwriting and claims talent to expand and enhance our market position.

We seek to hire and retain the most talented technical underwriting professionals who have long-standing industry relationships with distribution partners and claims professionals with expertise in the niches we write. These relationships are key to getting steady access to our preferred business. We believe that we have become a company of choice for the best talent in our industry and, as such, we will continue to grow our market position by bringing on world-class talent in our chosen markets.

Leverage our technology DNA to further distance ourselves from the competition.

We have demonstrated a differentiated ability to utilize new forms of risk data and advanced technology within the more complex, higher severity risk categories of the specialty P&C insurance market. SkyBI gives us the ability to promptly sense and quickly respond to market changes, while our core operating platforms allow us to move into new markets efficiently and without the complexity of burdensome systems. We believe our technological advantage positions us for profitable growth and expansion into additional specialty market niches where we can establish a strong and defensible market position.

Profitably grow existing lines of business and expand with new underwriting divisions.

We believe that we are well-positioned to take advantage of several trends impacting our customers in the United States and globally. One such trend is the continued rise in demand for specialized insurance solutions because of increasing risks, as well as the complexity of risks, due to climate change/increased frequency of severe weather events, supply chain uncertainty, financial inflation risk, cyber risk, emergence of novel health risks, increased level of litigation, attorney involvement and jury awards, and healthcare delivery and cost. Another such notable market trend is the emergence of “micro cycles and micro dislocations” where different pockets of the P&C insurance market experience hardening and softening at different times. We have demonstrated our ability to react quickly in response to these trends by launching new underwriting units, including many not typically aligned with P&C cycles, entering underserved markets, partnering with others with advanced technology, and launching new captive solutions. We believe our gross written premium growth and profitability are indicative of our momentum and provides a powerful reference for the positioning of our Company to continue to expand and grow in the markets we seek to serve.

Differentiate on daily excellence to drive best-in-class underwriting performance.

We believe that our ability to meet our long-term goals, including achieving best-in-class underwriting returns and growth in book value per share, relies on how well we execute our day-to-day operations across all of our functional departments, including but not limited to underwriting, product management, and claims management. SkyBI provides the foundation by which our senior management can monitor our performance, whether it is renewal rates, new business pricing and portfolio performance for an individual underwriter, or claims aging and reserving practices and outcomes by claims adjusters. Our focus on the fundamentals that drive underwriting excellence is at the center of our strategy. Furthermore, our cross functional collaboration ensures that our underwriting, claims, actuarial and product management teams regularly review performance and trends so that portfolio, pricing and coverage changes can be implemented quickly.

Use our balance sheet to capture a larger part of the market we serve.

We are committed to establishing and maintaining a strong balance sheet, starting with conservative loss reserves and strong capitalization ratios. We believe this is imperative to maintain the confidence of customers, distribution partners, reinsurers, regulators, rating agencies and shareholders. Our claims case reserves practices aim to reserve to the expected ultimate loss within 90 days of the first notice of loss. In addition, our practice is to maintain a level of incurred but not reported reserves (“IBNR”) that, together with our case reserves, is above our actuarial central estimate. We maintain loss reserves that represent our best estimate of ultimate losses.

Marketing and Distribution

Our approach to marketing and distribution mirrors our approach to underwriting and is a key facet of our “Rule Our Niche” strategy. Our underwriting teams, as well as the Company as a whole, have strong and well-established relationships with our distribution partners and equally strong reputations that provide a foundation to establish affiliations with new distribution partners. We believe we win with distribution partners because of our deep expertise in niche markets, high caliber underwriters, culture of innovation, thoughtful product line-up and product design, and speed and quality of responsiveness, among other factors. All of our underwriting divisions invest meaningful time and effort into sustaining and expanding distribution partner loyalty and long-term relationships.

Just as we tailor underwriting to the individual needs of the insureds, we tailor our choice of distribution partners to access the particular business we seek to write. Accordingly, we distribute our products, through retail agents, wholesale brokers, select program administrators, and captive managers. This approach allows us to access the business we target effectively and efficiently based on the needs and dynamics of a particular market niche.

Underwriting

Our approach to underwriting is deeply embedded in our “Rule Our Niche” strategy and is core to how we win in the market. Within the nine divisions, we further specialize underwriting teams with a focus on specific niches within the markets the nine divisions serve.

Our underwriting approach is underpinned by hiring highly experienced, best-in-class and diverse teams of technical underwriters with established track records in specific specialty niche markets. We then amplify our underwriters’ skill sets with advanced technology and data analytics and empower them with appropriate authority to make decisions. We believe this approach is key to superior risk selection and pricing and producing sustainable best-in-class underwriting results across market cycles.

We strive to augment the capabilities and experience of our underwriting professionals using new forms of data and analytics for risk selection and pricing. Our underwriting data is captured in our business intelligence platform, SkyBI. This comprehensive data repository forms the foundation of our reporting, analytics, and other data capabilities and is a key tool for our senior management team and business leaders. See the section entitled “Technology” below for more information on SkyBI.

We are highly selective in the policies we choose to bind. If our underwriters cannot reasonably expect to bind coverage at the combination of premium and coverage terms that meet our standard, we encourage them to move on quickly to other prospective opportunities.

When accepting risks, we are careful to establish terms and price that are suited to the underlying exposure. When writing in the admitted market, we endeavor to ensure that our approved forms and filed rates are appropriate and adequate for the risks we are accepting while also allowing us the flexibility to address specific and/or unique exposures. When writing in the E&S market, we use our freedom of rate and form to ensure risk and coverage are appropriate to the unique needs and exposure that are presented in this market. We endeavor to craft policies that offer affordable and appropriate protection to address our insureds’ exposures while also constructing coverage such that potential losses are more predictable and claims cost can be best managed.

Underwriting teams are supported by active engagement and collaboration with our Claims, Actuarial, Product Management, Legal and Compliance and Finance departments so that trends in the business, legal and tort developments, and competitor and regulatory actions are analyzed, shared, and acted upon in a timely manner. We view our underwriters as the center of our company and all support functions are incented and measured to support the achievement of our underwriting profitability targets. This structure serves to surface both opportunities and issues early and forms a key part of our nimbleness and ability to take advantage of market disruptions. Finally, our underwriting controls and procedures are regularly reviewed to ensure our underwriters are acting with clear line of sight to profitably underwrite each of the markets we serve.

Claims Management

Skyward’s claims department is guided by the following principles: (1) prompt and comprehensive claim investigations, considering all aspects of each loss, and using advanced analytics and technology to improve efficiency, accuracy and speed of response; (2) providing our customers with quality claims handling service while engaging customers through the entire claims resolution process; (3) promptly establishing reserves reflective of our best estimate of ultimate loss; (4) effectively pursuing contribution and subrogation where appropriate and warranted; (5) detecting and preventing fraud activity throughout the claims handling process using a variety of tools; and (6) disciplined litigation management to provide our customers with a superior legal defense while closely monitoring legal costs. To this end, we provide continuous training to our claim staff on claim evaluation, strategy, litigation management, good-faith claims handling and best practices. Our ultimate goal is to achieve timely and optimal claim outcomes.

We handle the majority of our claims in-house. In certain instances, we utilize Third Party Administrators (TPAs), to handle claims on Skyward’s behalf, when needed. Specifically, we may utilize TPAs for programs, captives, occupational accident, workers compensation and runoff claims. We actively manage and oversee our TPAs and monitor their individual claims-handling activities, to be in accordance with our claims handling and reserving guidelines and general best practices. We regularly audit our TPAs to ensure compliance with these guidelines and practices.

When the retention of counsel is warranted for a liability claim made against an insured, we retain independent legal counsel to defend and represent an insured. We select defense counsel based on their geographical location and expertise to ensure that they have the requisite experience and legal knowledge to defend our insureds effectively and efficiently. We have developed carefully crafted litigation guidelines for both our claims professionals and our outside counsel to follow. Adherence to these guidelines ensures that counsel is providing the appropriate defense to our insureds. Finally, to ensure that legal costs are reasonable, and customary within the respective defense counsel’s geography and practice area, we employ a legal spend management solution to analyze legal invoices for adherence to case handling and billing practice standards.

We are leveraging technology to gain efficiencies in the claims-handling process. For example, we created and implemented a Claims Development Severity Predictor. This predictive model trains on key phrases to identify claims that are more likely to lead to large loss development, allowing early identification, proactive claims management and summarization to help us understand why development will occur. This model has been integrated into our claims review and management workflow.

Additionally, we are always looking for opportunities to resolve our claims as efficiently and effectively as possible. For example, for commercial auto, we have implemented a “quick strike” program to respond to claim reports. This program involves deploying experienced investigators and other appropriate vendors to the scene of a reported auto accident, ideally within two hours of the accident, regardless of the location. This quick response assists us in evaluating the facts and circumstances of the accident to begin our investigation as quickly as possible. If appropriate, our program aids us in resolving any third-party claims as quickly as possible.

Finally, our claims handlers and managers are organized by line of business to ensure that the right expertise is brought to bear in handling claims. The managers and adjusters work very closely with their underwriting partners to keep them apprised of legal trends and emerging claims issues of note. The goal is to educate our underwriters on emerging areas of loss experience to assist them in their risk selection processes.

Technology

Our technology is at the heart of everything we do and every decision we make, helping us to win over the long-term. We deploy technology across our organization to drive competitive advantages in three primary functional ways:

1.Superior Business Intelligence Platform. SkyBI, our business intelligence platform, focuses on providing our senior leadership, as well as our technical teams, with real-time intelligence to drive superior decision making. SkyBI reflects the best practices our management team has learned from its extensive experience across the P&C insurance and technology sectors. We developed SkyBI, our single, comprehensive enterprise-wide data repository, as our foundation for reporting, business intelligence, analytics, and other advanced data capabilities. It provides our organization with information and performance metrics across the Company in an easy-to-consume visualized format. The data can be filtered by many categories, including distributor, customer segment, line of business, specific industry, individual underwriter, and specific risk feature among others. SkyBI aids in establishing clear line of sight to objectives as well as facilitating our decision-making process.

2.Predictive Analytics Technology. We strive to augment the capabilities of our employees daily using new forms of risk data and the use of predictive analytics including artificial intelligence for risk selection, pricing and claims

handling. Within every underwriting division, our actions are intentional to “Rule Our Niche.” We aim to innovate constantly, and our actions are specific to each of the divisions/markets we serve.

3.Core Transactional Platforms. Our core operating platforms, including our policy administration, underwriting workbench, billing and claims systems, are intentionally designed to enable nimble scaling and expansion of our business. We generally use third-party vendor developed core operating applications that we have customized for our company. Our core platform organization is used for all business except for accident & health, global property, agriculture and credit (re) insurance, and surety as the unique features of these underwriting divisions require select dedicated core processing components. Data gathered from our core operating platforms from all divisions flows to our SkyBI platform with comparable data quality and granularity regardless of underwriting division.

Our use of advanced technology for underwriting and claims, SkyBI and core operating platforms provide our business with a flywheel effect allowing our underwriters to better select risk, our claims professionals to better adjudicate claims, our unit leaders to better communicate with reinsurance and third-party partners, and our senior leadership team to better evaluate trends in our business. These tools also have the added advantage of allowing us to communicate with our distribution partners, reinsurers, and other third-party partners more accurately, effectively, and efficiently.

Like other companies, we face external threats to our information technology systems, including the possibility of system failure, attempts to steal our customer data, and ransomware attacks. We designed our technology infrastructure to function through almost any major disruption. We replicate our data in real time to a third-party cloud disaster recovery site for use in the event of a major system failure. We also back-up our data daily for system restoration if needed. Additional actions we take to prevent disruptions to our systems and data include: actively monitoring Cybersecurity and Infrastructure Security Agency’s (“CISA”) cybersecurity directives, taking immediate action on any vulnerability identified in a directive; conducting monthly vulnerability scans on all network attached devices, at all locations, with patching applied whenever needed; requiring two-factor authentication for access to any of our systems; conducting monthly security training for all employees; implementing endpoint detection agents for threat detection and response; performing desktop scenarios to practice responses to breaches involving our cybersecurity insurance partners and retained security consultants; and performing annual penetration testing. We constantly review our security breach posture and regularly implement updated processes, best practices and tools.

Reinsurance

We strategically purchase reinsurance from third parties which enhances our business by protecting capital from severity events (either large single event losses or catastrophes) and reducing volatility in our earnings. Our reinsurance contracts are predominantly one year in length and renew annually throughout the year, primarily in January and June. At each annual renewal, we consider several factors that influence any changes to our reinsurance purchases, including any plans to change the underlying insurance coverage we offer, updated loss activity, the level of our capital and surplus, changes in our risk appetite and the cost and availability of reinsurance treaties.

We purchase quota share reinsurance, excess of loss reinsurance, and facultative reinsurance coverage to limit our exposure from losses on any one occurrence. The mix of reinsurance purchased considers efficiency, cost, our risk appetite and specific factors of the underlying risks we underwrite.

•Quota share reinsurance refers to a reinsurance contract whereby the reinsurer agrees to assume a specified percentage of the ceding company’s losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission.

•Excess of loss reinsurance refers to a reinsurance contract whereby the reinsurer agrees to assume all or a portion of the ceding company’s losses for an individual claim or an event in excess of a specified amount in exchange for a premium payable amount negotiated between the parties, which includes our catastrophe reinsurance program.

•Facultative coverage refers to a reinsurance contract on individual risks as opposed to a group or class of business. It is used for a variety of reasons, including supplementing the limits provided by the treaty coverage or covering risks or perils excluded from treaty reinsurance.

The following is a summary of our reinsurance programs as of December 31, 2025:

For the year ended December 31, 2025, property insurance represented 34% of our gross written premiums. We actively manage and continuously monitor our aggregation of property writings by geographic area to limit our potential for aggregation of loss resulting from severe events such as hurricanes, convective storms, and earthquakes. We buy catastrophe reinsurance to further mitigate an aggregation of property losses due to a single event or series of events. To inform our purchase of catastrophe reinsurance, we use third-party stochastic and our own deterministic models to analyze the risk of aggregation of losses from such events. These models provide a quantitative view of PML events, which is an estimate of the level of loss we would expect to experience once in a given number of years (referred to as the return period). Based upon our modeling, it would take an event beyond our 1 in 250-year PML to exhaust our $36.0 million property catastrophe coverage. Additionally, we seek to expose no more than 3.0% of our stockholders’ equity to a catastrophic loss that is less than a 1 in 250-year event. We believe our current reinsurance program provides coverage well in excess of our theoretical losses from any recorded historical event.

We seek to purchase reinsurance from reinsurers that are rated at least “A-” (“Excellent”) or better by A.M. Best. As of December 31, 2025, 98% of our reinsurance recoverables were either derived from reinsurers rated “A-” (Excellent) by A.M. Best, or better, or were collateralized for our reinsurance recoverable by the reinsurer. While we only select reinsurers whom we believe to have acceptable credit and A.M. Best ratings, if our reinsurers are unable to pay the claims for which they are responsible, we ultimately retain primary liability to our policyholders. Hence, failure of the reinsurer to honor its obligations could result in losses to us, and therefore, we establish allowances for amounts considered uncollectible. At December 31, 2025 and 2024, our allowance for uncollectible reinsurance was $2.3 million.

The following table sets forth our most significant reinsurers by amount of reinsurance recoverables, as well as the reinsurers A.M. Best rating, if applicable, as of December 31, 2025:

Enterprise Risk Management

Our enterprise risk management (“ERM”) is embedded in nearly every aspect of our company and guides our day-to-day activities. At the highest level, our approach to ERM is to ensure we achieve an acceptable risk adjusted return for our shareholders while maintaining a strong foundation of trust and reliability for those we serve; as such we are intentional in our underwriting and asset portfolio construction. As an example, we aim to balance liability duration and market cyclicality of our underwriting portfolio, and we use reinsurance to manage volatility outside of our risk tolerances. Our investment strategy is similarly set out to have a diversified target portfolio that balances portfolio yield, liquidity, volatility, and potential for principal loss.

Our Senior Vice President (“SVP”), Chief Financial Officer (“CFO”) & Head of ERM - US Operations, oversees several critical ERM processes as well as chairing our cross-functional corporate ERM Committee. We formalize our own view of risk and solvency in terms of potential economic loss using our Economic Capital Model (“ECM”). We use the output of our ECM to measure potential earnings and capital loss for a range of scenarios. These outputs are measured against risk tolerances that are set out and updated annually by the ERM Committee and discussed with the Risk Committee of our Board of Directors. More specifically, our ECM provides a probabilistic modeled view of earnings and capital loss that brings together the potential loss from catastrophes, reserving, underwriting, market, credit risk, strategic and operational risks.

Aside from maintaining our ECM and overseeing our risk tolerance framework, our SVP, CFO & Head of ERM works with our ERM Committee to review and maintain a comprehensive risk register with accountabilities to ensure appropriate mitigations are in place and are monitored for any change. The top 10 risks are further identified and quantified by the SVP, CFO & Head of ERM and the ERM Committee and reviewed every quarter. The SVP, CFO & Head of ERM and the ERM Committee submit these reports to the Risk Committee on a regular basis.

We construct our operational processes and controls with a view to identify, assess and manage key risks on an ongoing basis. For example, our Underwriting Committee is responsible for overseeing changes in risk appetite, and product line and division expansion. Within Claims, we diligently monitor our claims handling practices against guidelines through regular internal audits, conduct monthly large loss reviews, and maintain and monitor a watchlist of potential high severity claims. Within Actuarial, we perform quarterly reserve studies, and our Reserve Committee meets each quarter to review and respond to trends in loss emergence. Any key observations are subsequently discussed with the CEO. Monthly and quarterly our underwriting divisions assess rate change and retention on existing business, new business quality and pricing adequacy, and loss emergence as compared to expected. Our SkyBI platform provides real-time portfolio, underwriting, claims and actuarial analytics which is critical to ensuring that the above processes achieve the desired outcome.

Altogether, our ERM is at the center of our decision making and our day-to-day activities. It is a central component to our strategy to achieve market leading risk adjusted returns for our shareholders and to reinforce a culture of accountability, transparency, and sound judgment across the organization.

Reserves

We maintain reserves for specific claims incurred and reported, IBNR reserves and reserves for uncollectible reinsurance when appropriate. Our ultimate liability may be greater or less than the current reserves. In the insurance industry, there is always the risk that reserves may prove inadequate. We continually monitor reserves using new information on reported claims and a variety of statistical analyses. Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the review of historical development. We do not discount our reserves for losses and LAE to reflect estimated present value.

When a claim is reported, we establish a case reserve for the estimated amount of the ultimate payment after an appropriate assessment of coverage, damages and other investigation, as applicable. The estimate is based on our reserving practices and on the claims adjuster’s experience and knowledge of the nature and value of the specific type of claim. Case reserves are revised periodically based on subsequent developments associated with each claim. See the section entitled “Claims Management” included in this Item 1 for more information.

We establish IBNR reserves in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that take into account quantitative loss experience data and, where appropriate, qualitative factors.

We regularly review our loss reserves using a variety of actuarial techniques. We also update the reserve estimates as historical loss experience develops, additional claims are reported and/or settled and new information becomes available. A reserve can be increased or decreased over time as claims move towards settlement, which can impact earnings in the form of either adverse development or reserve releases. For additional information regarding our loss reserves, see Item 7 of this Form 10-K, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - “Results of Operations - Losses and LAE” and “Critical Accounting Policies.”

Investments

We seek to maintain a balanced investment portfolio predominantly composed of investments that generate predictable and stable returns, augmented by select strategic investments that generate attractive risk-adjusted returns. Our investment allocation strategy utilizes an Enterprise Based Asset Allocation model. This model, which is embedded in our Economic Capital Model (see ERM discussion included in this Item 1), allows us to understand the impact of our investment allocation decisions on our capital, liquidity and risk profile across a range of market scenarios.

We actively manage and monitor our investment risk to balance the goals of stable growth and liquidity with our need to comply with the insurance regulatory and rating agency frameworks within which we operate. Our portfolio is mainly comprised of cash and cash equivalents and investment-grade fixed-maturity securities, supplemented by additional investments that fit our risk appetite.

The Investment Committee of our Board of Directors reviews and approves our investment policy and strategy. This committee meets quarterly to review and consider investment activities, tactics, and new investment opportunities. The portfolio is directed internally and includes both self-managed investments and portfolios managed by select third-party investment management firms.

For additional discussion regarding our investments, including the market risks related to our investment portfolio, see Item 7 of this Form 10-K, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Investments.”

Competition

The specialty lines property & casualty insurance market consists of many markets and sub-markets. Each market is characterized by distinct customer needs and product and services to meet those needs, and specific economic and structural features. We face competition in our underwriting divisions from other specialty and standard insurers as well as program administrators. Competition is based on many factors including pricing of coverage, the general reputation and perceived financial strength of the company, relationships with brokers, terms and conditions of products offered, ratings assigned by independent rating agencies, speed and reputation of claims payment, and the experience and reputation of the members of the underwriting and claims teams. Given the diversity of our underwriting divisions, our competition is broad and certain competitors may be specific to only a subset of our divisions. Some of our notable competitors include: Markel Corporation; W.R. Berkley Corporation; American Financial Group Inc.; Tokio Marine Holdings, Inc.; CNA Financial

Corporation; Hiscox, Ltd.; RLI Corp.; Intact Finance Corporation; Kinsale Capital Group, Inc; Arch Capital Group; and AXIS Capital Holdings, Ltd.

Our Structure

We conduct our operations principally through four insurance companies: Great Midwest Insurance Company (“GMIC”), our largest insurance subsidiary, underwrites multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia and is a certified surety bond company listed with the Department of the Treasury. Houston Specialty Company (“HSIC”), a subsidiary of GMIC, underwrites multiple lines of insurance on a surplus lines basis in 50 states, the District of Columbia and select foreign countries. Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites on an admitted basis in all 50 states and the District of Columbia. Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of IIC, is an approved surplus lines company in 49 states and the District of Columbia. Effective December 31, 2024, we restacked our insurance company subsidiaries into the aforementioned organizational structure, which allowed us to provide our growing surety business with the capital it needed to operate more effectively within the surety T-listing market.

The following table sets forth the geographic distribution of our gross written premiums for the year ended December 31, 2025:

In addition to our primary insurance companies, we also own Skyward Re, a wholly-owned captive reinsurance company domiciled in the Cayman Islands that was incorporated on January 7, 2020. Skyward Re was established to facilitate the LPT which was commuted effective January 31, 2025. We also operate three non-insurance companies: Skyward Underwriters Agency, Inc., a licensed agent, managing general agent and reinsurance broker, Skyward Service Company, which provides various administrative services to our subsidiaries and Skyward Specialty No. 1 Limited Company, a UK company which is an authorized Lloyd’s corporate member.

Our organizational structure at December 31, 2025 is set forth below. Each entity is wholly-owned by its immediate parent:

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Ratings

Our insurance group, Skyward Specialty Insurance Group, Inc. currently has a rating of “A” (Excellent) with stable outlook from A.M. Best, which rates insurance companies based on factors of concern to policyholders. A.M. Best currently assigns 13 ratings to insurance companies, which currently range from “A++” (Superior) to “D” (Poor). The “A” (Excellent) rating is the third highest rating. In evaluating a company’s financial and operating performance, A.M. Best reviews a company’s profitability, leverage, and liquidity, as well as its book of business, the adequacy and soundness of its reinsurance, the quality and estimated market value of its assets, the adequacy of its losses and loss expense reserves, the adequacy of its surplus, its capital structure, the experience and competence of its management and its market presence. A.M. Best’s ratings reflect its opinion of an insurance company’s financial strength, operating performance, and ability to meet its obligations to policyholders. These ratings are based on factors relevant to policyholders, agents, insurance brokers and intermediaries and are not specifically related to securities issued by the company.

Regulation

Insurance Regulation

We are regulated by insurance regulatory authorities in the states in which we conduct business. State insurance laws and regulations generally are designed to protect the interests of policyholders, consumers and claimants rather than stockholders or other investors. The nature and extent of state regulation varies by jurisdiction, and state insurance regulators generally have broad administrative power relating to, among other matters, setting capital and surplus requirements, licensing of insurers and insurance producers, review and approval of product forms and rates, establishing standards for reserve adequacy, prescribing statutory accounting methods and the form and content of statutory financial reports, regulating certain transactions with affiliates and prescribing types and amounts of investments.

Regulation of insurance companies constantly changes as governmental agencies and legislatures react to real or perceived issues. In recent years, some state legislatures have considered or enacted laws that alter and, in many cases, increase, state authority to regulate insurance companies and insurance holding company systems, as a protection against federal involvement. Further, the National Association of Insurance Commissioners (“NAIC”) and some state insurance regulators are re-examining existing laws and regulations specifically focusing on issues relating to the solvency of insurance companies, interpretations of existing laws and the development of new laws. In addition, although the federal

government does not directly regulate the business of insurance, federal initiatives often affect the insurance industry in a variety of ways, such as treatment of federal subsidiaries, regulations of quasi-governmental entities and regulations issued by federal governmental departments.

Insurance Holding Company Regulation

We operate as an insurance holding company system and are subject to the insurance holding company laws of the State of Texas, the state in which our primary insurance companies are domiciled, as well as those of Oklahoma. These statutes require that each insurance company in the system register with the insurance department of its state of domicile and furnish information concerning the operations of companies within the holding company system that may materially affect the operations, management or financial condition of the insurers within the system and domiciled in that state. These statutes also provide that all transactions among members of a holding company system must be fair and reasonable. Transactions between insurance subsidiaries and their parents and affiliates generally must be disclosed to the state regulators, and notice to or prior approval of the applicable state insurance regulator generally is required for any material or extraordinary transaction.

Intellectual Property

We have applied for various trademark registrations in the United States at both federal and state levels. We will pursue additional trademark registrations and other intellectual property protection to the extent we believe it would be beneficial and cost effective.

In addition, we monitor our trademarks and service marks and protect them from unauthorized use as necessary.

Employees and Human Capital

As of December 31, 2025, we had approximately 611 employees. Our employees are not subject to any collective bargaining agreement, and we are not aware of any current efforts to implement such an agreement. We believe we have good working relations with our employees. We aim to be an employer of choice, and not just for insurance. As such, we strive to create a culture committed to fostering a rich diversity of thought, background and perspective.

We strive to cultivate an exceptional workforce to perpetuate our ownership culture and continue to achieve superior business results. Our goal is to attract, develop and retain the best talent from diverse backgrounds, while promoting a culture where different viewpoints are valued and individuals feel respected, are treated fairly and have an opportunity to excel in their chosen careers.

Compensation and Benefits

We offer and maintain a competitive benefits package designed to support the well-being of our employees, including, but not limited to, medical, dental and vision insurance, a 401(k) plan, paid time off, family leave, employee assistance programs as well as an employee stock purchase plan available to all employees. We also emphasize the training and development of our employees and provide opportunities to further their education and professional development. We know that we cannot win at our business unless we first win with our people.

Legal Proceedings

We are party to legal proceedings which arise in the ordinary course of business. We believe that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on our consolidated financial position.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a growing specialty insurance company delivering commercial P&C products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve.

Our portfolio of insured risks is highly diversified — we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (which includes cyber and media liability insurance), commercial auto, group accident and health, property, agriculture, credit, surety and workers’ compensation; we insure both short and medium duration liabilities; and our business mix is principally primary insurance and balanced between E&S and admitted markets. A portion of our business is specialty reinsurance (principally agriculture and credit) which is similarly focused on attractive specialty classes where we believe it is more efficient to approach these classes through reinsurance given factors such as cost of entry, including the costs of geographic expansion. All of these factors enable us to respond to market opportunities and dislocations by deploying capital with attractive risk-adjusted returns. We believe this diversification, which includes businesses not typically aligned with traditional P&C pricing cycles, combined with our underwriting and claims expertise, will more consistently produce strong growth and profitability across all insurance pricing cycles.

We seek to lead in our chosen market niches and establish sustainable competitive positions in these markets. We refer to this strategy as “Rule Our Niche” and it forms the basis of our approach to building a strong defensible market position, creating a competitive moat, and winning our chosen markets. We believe that the principles underlying our strategy are key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles. We consistently strive for excellence in risk selection, pricing, and claims outcomes, and to amplify these critical functions with the use of advanced technology and analytics.

During the first quarter of 2025, we updated our underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. We added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation.

On September 2, 2025, we entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers"). Pursuant to the Apollo Majority SPAs and in accordance with the terms and subject to the conditions therein, we agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, closing of the transaction ("Closing") was conditioned upon our acquiring 100% of the issued share capital of Apollo (the “Acquisition”) at Closing pursuant to additional short-form share purchase agreements (the "Apollo Minority SPAs" and together with the Apollo Majority SPAs, the "Apollo SPAs") with the remaining minority shareholders of Apollo (the "Minority Sellers" and together with the Majority Sellers, the "Sellers"). The consideration for the entire issued share capital of Apollo under the Apollo SPAs was $555.0 million, which included (i) $371.0 million in cash (the “Cash Consideration”) and (ii) the issuance of 3,679,332 shares of the Company’s common stock. In connection with the Apollo SPAs, on December 30, 2025, we entered into a Term Loan Credit Agreement (the “Facility”) we the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Barclays Bank PLC, as Administrative Agent (the “Agent”), and the Agent, Truist Securities, Inc., Citizens Bank, N.A. and Texas Capital Bank as joint lead arrangers, joint book runners and co-syndication agents for the Tranche B Term Facility. The facility includes (a) an unsecured senior delayed draw term loan facility in the aggregate principal amount of $150.0 million (the “Tranche A Term Facility”) and (b) an additional unsecured senior delayed draw term loan facility in the aggregate principal of $150.0 million. The acquisition closed on January 1, 2026. The consideration for the transaction was satisfied by the issuance of common stock of the Company to certain sellers and the remainder in cash. As of December 31, 2025, we recognized $14.0 million in transaction expenses associated with the transaction.

Results of Operations

The following table summarizes our results for the years ended December 31, 2025 and 2024:

Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income

The following table provides a reconciliation of adjusted operating income to net income for the years ended December 31, 2025 and 2024:

Underwriting Income

The following table provides a reconciliation of underwriting income to income before federal income tax expense for the years ended December 31, 2025 and 2024:

Adjusted Loss Ratio / Adjusted Combined Ratio

The following table provides a reconciliation of the adjusted loss and LAE ratio and adjusted combined ratio to the loss and LAE ratio and combined ratio for the year ended December 31, 2024:

Tangible Stockholders’ Equity

The following table provides a reconciliation of tangible stockholders’ equity to stockholders’ equity for the years ended December 31, 2025 and 2024:

Adjusted Return on Equity

The following table provides a reconciliation of adjusted return on equity to return on equity for the years ended December 31, 2025 and 2024:

Return on Tangible Equity

Return on tangible equity for the years ended December 31, 2025 and 2024 reconciles to return on equity as follows:

Adjusted Return on Tangible Equity

Adjusted return on tangible equity for the years ended December 31, 2025 and 2024 reconciles to return on equity as follows:

Underwriting Results

Premiums

The following tables present gross written premiums by underwriting division for the years ended December 31, 2025 and 2024:

The year-over-year increase of $423.1 million in gross written premiums, when compared to 2024, was primarily driven by growth from the agriculture and credit (re)insurance division due to (i) new opportunities in dairy and livestock and crop, and (ii) growth in our credit portfolio which we started writing in the fourth quarter of 2024. Specialty programs, accident & health, surety and captives also contributed meaningfully to the growth in 2025. The growth in specialty programs was primarily due to the addition of two new programs in 2025. The growth in accident and health was primarily driven by the acquisition of more high deductible accident and health captives when compared to 2024. The increase in

surety was primarily due to market expansion in both commercial and contract bonds. The growth in the captives division was primarily due to rate increases and new business.

Partially offsetting the growth in gross written premiums were decreases in our global property, construction and energy solutions and professional lines divisions due to (i) continued downward pricing pressure in the global property market, although retention remained steady, and (ii) the exit of unprofitable lines in construction and energy solutions and professional lines during 2025.

Net written premiums were $1,406.2 million compared to $1,123.6 million in 2024, an increase of $282.7 million, or 25.2%. The increase in net written premiums was primarily driven by the same reasons that drove the increase in gross written premiums discussed above.

Net earned premiums for 2025 were $1,304.5 million compared to $1,056.7 million for 2024, an increase of $247.8 million, or 23.4%. The increase in net earned premiums was primarily driven by the same reasons that drove the increase in gross written premiums discussed above.

For additional information regarding our reinsurance programs, see the discussion included in “Item 1 Business - Reinsurance”.

Losses and LAE

The following tables set forth the components of the loss and LAE ratios and adjusted loss and LAE ratios for the years ended December 31, 2025 and 2024:

The 2025 loss ratio improved 2.5 points when compared to 2024, primarily due to favorable prior accident year development compared to adverse development due to the net impact of the LPT in 2024. The non-cat loss and LAE ratio for 2025 improved 0.3 points when compared to 2024, primarily driven by the shift in the mix of business. The 2025 cat loss and LAE ratio improved 0.5 points when compared to 2024, which was impacted by Hurricanes Helene and Beryl in the third quarter of 2024 and Hurricane Milton in the fourth quarter of 2024.

Losses and LAE Development

The following table sets forth the presentation of the development of the ultimate liability by accident year for the years ended December 31, 2025 and 2024:

For the year ended December 31, 2025, we recognized favorable development related to prior years’ loss and loss expense reserves of $7.5 million due to favorable development of $24.6 million and $5.3 million in short-tail/monoline specialty lines and multi-line solutions, respectively, partially offset by $22.4 million of adverse development in exited lines. The adverse development is primarily attributable to commercial auto and excess over auto in divisions that we have non-renewed or significantly reduced our exposure over the past three years. This was offset by favorable development in surety and property.

For the year ended December 31, 2024, we recognized adverse development related to prior years’ loss and loss expense reserves of $25.7 million; $10.1 million and $15.2 million in multi-line solutions and exited lines, respectively, were related to losses previously subject to the LPT from accident years 2018 and prior.

Expense Ratio

The following tables set forth the components of the expense ratios for the years ended December 31, 2025 and 2024:

The expense ratio for 2025 improved 0.5 points when compared to 2024, primarily due to earnings leverage, partially offset by higher acquisition costs due to the business mix shift.

Investment Results

The following table sets forth the components of net investment income and net investment gains (losses) for the years ended December 31, 2025 and 2024:

Net investment income for the year ended 2025 increased $3.0 million when compared to 2024.

The increase in income from our fixed income portfolio for 2025, when compared to 2024, was due to (i) a larger asset base as we continued to increase our allocation to this part of our investment portfolio and (ii) a higher book yield of 5.4% at December 31, 2025 compared to 5.2% at December 31, 2024. The decrease in income from short-term investments & cash and cash equivalents for 2025 when compared to 2024 was due to an overall decrease in yields. The decrease in income from our alternative and strategic investments portfolio in 2025 when compared to 2024 due to a decline in the fair value of limited partnership investments. The decrease in income from equities was due to the sale of the equity portfolio in the third quarter of 2025.

Investments

Composition of Investment Portfolio

The following table sets forth the components of our investment portfolio at carrying value at December 31, 2025 and 2024:

Fixed income

Our fixed income portfolio primarily consists of investment grade fixed income securities, which are predominantly highly-rated and liquid bonds, and commercial mortgage loans.

The following table sets forth the components of our fixed income securities at December 31, 2025 and 2024:

The weighted average credit rating of our available-for-sale fixed income portfolio was “A+” at December 31, 2025 and “AA-” at December 31, 2024. The following table sets forth the credit quality of our available-for-sale fixed income portfolio at December 31, 2025 and 2024:

Our commercial mortgage loans are primarily senior loans on real estate across the U.S.

The average duration of our fixed income portfolio was approximately 3.60 years and 4.34 years, respectively, as of December 31, 2025 and 2024.

Equities

The equities portfolio primarily consisted of domestic preferred stocks, common equities, exchange traded funds, limited partnerships, limited liability corporations and other types of equity interests, 100.0% of which were publicly traded. During the third quarter of 2025, we sold almost all of our equities portfolio, retaining only our preferred stocks.

The following table sets forth the components of our equities portfolio by security type at December 31, 2025 and 2024:

Alternative and strategic investments

Alternative investments consists of promissory notes, limited partnerships, joint ventures and equity interests. The underlying investments are primarily floating rate senior secured loans, comprised of short duration, collateralized, asset-oriented credit investments. The limited partnerships and joint ventures are subject to future increases or decreases in asset value as asset values are monetized and the income is distributed. Strategic investments consists of equity interests in private entities within the insurance industry.

Market Risk

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates and commodity prices. The primary components of market risk affecting us are credit risk and interest rate risk. We do not have significant exposure to foreign currency exchange rate risk or commodity risk.

Credit risk

Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations. We have exposure to credit risk as a holder of debt instruments in our core fixed income and opportunistic fixed income portfolios. Our risk management strategy and investment policy is to invest primarily in debt instruments of high credit quality issuers and to limit the amount of credit exposure with respect to particular ratings categories and any one issuer. At December 31, 2025, our fixed income portfolio had an average rating of “A+,” with approximately 78.5% of securities in that portfolio rated “A” or better by at least one nationally recognized rating organization. Our policy is to invest in investment grade fixed income securities which are high quality and liquid, providing a stable income stream, supplemented by opportunistic fixed income and equity securities, with the objective of further enhancing the portfolio’s diversification and risk-adjusted returns. At December 31, 2025, approximately 1.1% of our fixed income portfolio was unrated or rated below investment-grade. Through our investment managers, we monitor the financial condition of all of the issuers of securities in our portfolio.

In addition, we are subject to credit risk with respect to our third-party reinsurers. Although our third-party reinsurers are obligated to reimburse us to the extent we cede risk to them, we are ultimately liable to our policyholders on all risks we have ceded. As a result, reinsurance contracts do not limit our ultimate obligations to pay claims covered under the insurance policies we issue, and we might not collect amounts recoverable from our reinsurers. We address this credit risk by seeking to purchase reinsurance from reinsurers that are rated at least “A-” (Excellent) or better by A.M. Best. We also perform, along with our reinsurance broker, periodic credit reviews of our reinsurers. At December 31, 2025, 98% of our reinsurance recoverables were either derived from reinsurers rated “A-” (Excellent) by A.M. Best, or better, or were collateralized through funds held, trusts and letters of credit by the reinsurer. If one of our reinsurers suffers a credit downgrade, we may consider various options to lessen the risk of asset impairment, including commutation, novation and letters of credit.

Interest rate risk

Interest rate risk is the risk that we will incur economic losses due to adverse changes in interest rates. The primary market risk to our investment portfolio is interest rate risk associated with investments in fixed income securities. Fluctuations in interest rates have a direct effect on the market valuation of these securities. When market interest rates rise,

the fair value of our securities decreases. Conversely, as interest rates fall, the fair value of our securities increases. We manage this interest rate risk by investing in securities with varied maturity dates and by managing the duration of our investment portfolio in directional relation to the duration of our reserves. Expressed in years, duration is the weighted average payment period of cash flows, where the weighting is based on the present value of the cash flows. We set duration targets for our core fixed income investment portfolio after consideration of the estimated duration of our liabilities and other factors. Our fixed maturity securities had a weighted average effective duration of 3.6 years as of December 31, 2025.

We had fixed income securities that were subject to interest rate risk with a fair value of $1,856.3 million at December 31, 2025. Our opportunistic fixed income securities are excluded from our interest rate sensitivity analysis as they are primarily floating rate and treated as held to maturity securities.

The following table sets forth what changes might occur in the value of our core fixed income portfolio given hypothetical changes in interest rates as of December 31, 2025:

Changes in interest rates will have an immediate effect on comprehensive income and stockholders’ equity but will not ordinarily have an immediate effect on net income. Actual results may differ from the hypothetical change in market rates assumed in the table above. This sensitivity analysis does not reflect the results of any action that we may take to mitigate such hypothetical losses in fair value.

Equity price risk

Equity price risk represents the potential economic losses due to adverse changes in equity security prices. At December 31, 2025, approximately 0.1% of the fair value of our investment portfolio (excluding cash and cash equivalents and short-term investments) was invested in equity securities. During the third quarter of 2025, we sold almost all of our equities portfolio, retaining only our preferred stocks.

Other Items

Income Taxes

Income tax expense for the year ended December 31, 2025 was $46.4 million, compared to $33.9 million, for the year ended December 31, 2024. Our effective tax rate for the year ended December 31, 2025 was 21.4%, compared to 22.2%, for the year ended December 31, 2024.

See Note 13, “Income Taxes” to our consolidated financial statements included in Item 8 of this Form 10-K for a reconciliation between our actual federal income tax expense and the amount computed at the indicated statutory rate for the years ended December 31, 2025 and 2024.

Liquidity and Capital Resources

Sources and Uses of Funds

We are organized as a holding company with our operations primarily conducted by our wholly-owned insurance subsidiaries, GMIC, HSIC, and IIC, which are domiciled in Texas, and OSIC, which is domiciled in Oklahoma. Accordingly, the holding company may receive cash through (1) corporate service fees from our operating subsidiaries, (2) payments pursuant to our consolidated tax allocation agreement, (3) dividends from our subsidiaries, subject to certain limitations discussed below regarding dividends from our insurance subsidiaries, (4) loans from banks, (5) draws on a revolving loan agreement, and (6) issuance of equity and debt securities. We also may use the proceeds from these sources

to contribute funds to insurance subsidiaries in order to support premium growth, pay dividends and taxes and for other business purposes.

Skyward Service Company receives corporate service fees from the operating subsidiaries to reimburse it for most of the operating expenses that it incurs. Reimbursement of expenses through corporate service fees is based on the actual costs that we expect to incur with no mark-up above our expected costs.

We file a consolidated U.S. federal income tax return with our subsidiaries, and under our corporate tax allocation agreement, each participant is charged or refunded taxes according to the amount that the participant would have paid or received had it filed on a separate return basis with the Internal Revenue Service (the “IRS”).

Applicable state insurance laws restrict the ability of the insurance subsidiaries to declare stockholder dividends without prior regulatory approval. Applicable state insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus. Dividend payments are further limited to that part of available policyholder surplus which is derived from net profits on an insurer’s business.

Insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels, and there is no assurance that dividends of the maximum amounts calculated under any applicable formula would be permitted. State insurance regulatory authorities that have jurisdiction over the payment of dividends by our insurance subsidiaries may in the future adopt statutory provisions more restrictive than those currently in effect. Our insurance subsidiaries did not pay dividends to us for the years ended December 31, 2025 and 2024. See Note 23, “Statutory Accounting Principles and Regulatory Matters” to our consolidated financial statements included in Item 8 of this Form 10-K for additional information regarding our insurance companies.

At December 31, 2025, our holding company had $3.5 million in cash and investments compared to $2.9 million at December 31, 2024.

We believe that we have sufficient liquidity available to meet our operating cash needs and obligations and committed capital expenditures for the next 12 months.

Cash Flows

Our most significant source of cash is from premiums received from our insureds, which, for most policies, we receive at the beginning of the coverage period, net of the related commission amount for the policies. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that generally earn interest and dividends. We also use cash to pay for operating expenses such as salaries, rent and taxes and capital expenditures such as technology systems. We use reinsurance to manage the risk that we take on our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.

The timing of our cash flows from operating activities can vary amongst periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, and as a result their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums and proceeds from investment income are sufficient to cover cash outflows in the foreseeable future.

The following table sets forth our cash flows for the years ended December 31, 2025 and 2024:

The increase in cash provided by operating activities in 2025 when compared to 2024 was primarily due to an increase in cash inflows from our insurance operations. Cash from operations can vary from period to period due to the timing of premium receipts, claim payments and reinsurance activity. Cash flows from operations in each of the past two years were used primarily to fund investing activities.

Net cash used in investing activities in 2025 was primarily driven by purchases of fixed maturity securities, partially offset by sales and maturities of investment securities. Net cash used in investing activities in 2024 was driven by

purchases of fixed maturity securities, partially offset by sales and maturities of investment securities and sales of short-term investments.

Credit Agreements

FHLB Loan

On August 30, 2024, we entered into a loan (the “FHLB Loan”) with the Federal Home Loan Bank of Dallas (the “FHLB”) pursuant to its Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. We used the proceeds to fund redemptions of the draws on the 2023 Revolving Credit Facility (see “Revolving Credit Facility” below for additional information regarding the redemption).

Term Loan Facility

During the fourth quarter of 2025, we entered into a Term Loan Credit Agreement (the “Term Loan Facility”) with a syndicate of participating banks The Term Loan Facility includes (a) an unsecured senior delayed draw term loan facility (“DDTL”) in the aggregate principal amount of $150.0 million (the “Tranche A DDTL”) and (b) an additional unsecured senior DDTL in the aggregate principal amount of $150.0 million (the “Tranche B DDTL”) and together with the Tranche A DDTL, the “Term Loan Facility”).

We used the Term Loan Facility to fund a portion of the consideration of the acquisition of Apollo Group Holdings Limited (“Apollo”) and related transaction fees and expenses. Amounts drawn under the Term Loan Facility will bear interest at either term SOFR plus a margin, which will range from 150 basis points to 190 basis points, or the base rate plus a margin, which will range from 50 basis points to 90 basis points, each depending on our debt to capitalization ratio. SOFR will be calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate will be the highest of (i) the Agent’s then-current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, we will also pay a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on our debt to capitalization ratio. The Tranche A DDTL matures on January 1, 2028 and the Tranche B DDTL matures on July 2, 2029. On December 30, 2025, we drew $150 million of the Tranche A DDTL and $150 million of the Tranche B DDTL for the acquisition of Apollo on January 1, 2026.

The Term Loan Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness exceeding $10.0 million and on our ability to make distributions to our stockholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants, including financial covenants relating to our minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating and minimum liquidity, as well as customary events of default. As of December 31, 2025, we were in compliance with all covenants.

The Term Loan Facility is unsecured. In connection with the Credit Agreement, during the fourth quarter of 2025, we and the subsidiary guarantors party thereto, entered into a guaranty agreement, pursuant to which our obligations under the Term Loan Facility are guaranteed by us and our existing wholly-owned subsidiaries and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions.

Revolving Credit Facilities

During the fourth quarter of 2025, we entered into a Credit Agreement (the “Revolving Credit Facility”) with a syndicate of participating banks. The Revolving Credit Facility is unsecured and provided us with up to an initial maximum principal amount of $150.0 million which was increased to $250.0 million on the closing date of our acquisition of Apollo. Also, during the fourth quarter of 2025, we amended the Revolving Credit Facility to permit the funding of certain revolving loans in connection with the acquisition of Apollo, among other things.

We initially drew $43.0 million, which was used to redeem our prior revolving credit facility (described below). On December 30, 2025, we drew an additional $71.5 million which was used for the consideration paid for the acquisition. The proceeds from the draws on the Term Loan Facility and the draw of the Revolving Credit Facility are presented net with the liabilities on the Consolidated Balance Sheets for the year ended December 31, 2025. The proceeds were used for the acquisition of Apollo on January 1, 2026.

Interest on the Revolving Credit Facility is payable quarterly. Amounts drawn under the Facility bear interest at either term SOFR plus a margin, which range from 150 and 190 basis points, or the base rate plus a margin, which range from 50 basis points to 90 basis points, each depending on our debt to capitalization ratio. SOFR will be calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate will be the highest of (i) the Agent’s then current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition,

we will also pay a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on our debt to capitalization ratio. The availability period under the Facility will terminate on November 12, 2030.

We are subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity, as well as customary events of default. As of December 31, 2025, we were in compliance with all covenants.

During the first quarter of 2023, we entered into an agreement to obtain a unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of participating banks. The 2023 Revolving Credit Facility provided us with up to a $150.0 million revolving credit facility and a letter of credit sub-facility of up to $30.0 million. On November 13, 2025, we redeemed the 2023 Revolving Credit Facility, paid $0.3 million of accrued interest and recognized $0.6 million of expense for the remaining unamortized deferred financing costs.

Debentures

In May 2019, we entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of the 8-year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. We report debt related to the Notes in our December 31, 2025 and 2024 Consolidated Balance Sheets, net of debt issuance costs of approximately $0.4 million and $0.5 million, respectively. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.

Share Repurchase Program

In October 2024, the Board of Directors approved a share repurchase program authorizing the repurchase of up to $50.0 million of our common stock. The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods, including through Rule 10b5-1 trading plans. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by us in our discretion. The share repurchase program does not require us to repurchase any specific number of shares, and may be modified, suspended or terminated at any time. As of December 31, 2025, no shares have been repurchased under this plan.

Contractual Obligations and Commitments

The following table sets forth our contractual obligations and commercial commitments by due date as of December 31, 2025:

Reserves for losses and LAE represent our best estimate of the ultimate cost of settling reported and unreported claims and related expenses. Estimating reserves for losses and LAE is based on various complex and subjective judgments. Actual losses and settlement expenses paid may deviate, perhaps substantially, from the reserve estimates reflected in our financial statements. Similarly, the timing for payment of our estimated losses is not fixed and is not determinable on an individual or aggregate basis. The assumptions used in estimating the payments due by period are based on our own, industry and peer group claims payment experience. Due to the uncertainty inherent in the process of estimating the timing of such payments, there is a risk that the amounts paid in any period will be significantly different than the amounts disclosed above. Amounts disclosed above are gross of anticipated amounts recoverable from reinsurers. Reinsurance balances recoverable on reserves for losses and LAE are reported separately as assets, instead of being netted with the related liabilities, since reinsurance does not discharge us of our liability to policyholders. Reinsurance balances recoverable on reserves for paid and unpaid losses and LAE totaled $1,119.9 million and $857.9 million at December 31, 2025 and December 31, 2024, respectively.

Critical Accounting Policies

We identified the accounting estimates below as critical to the understanding of our financial position and results of operations. Critical accounting estimates are defined as those estimates that are both important to the portrayal of our

financial condition and results of operations and require us to exercise significant judgment. We use significant judgment concerning future results and developments in applying these critical accounting estimates and in preparing our consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses and the disclosure of our material contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. We evaluate our estimates regularly using information that we believe to be relevant. For a detailed discussion of our accounting policies, see Note 1, “Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 8 of this Form 10-K.

Reserves for unpaid losses and LAE

The reserves for unpaid losses and LAE is the largest and most complex estimate in our Consolidated Balance Sheets. The reserves for unpaid losses and LAE represent our estimated ultimate cost of all unreported and reported but unpaid insured claims and the cost to adjust these losses that have occurred as of or before the balance sheet date. We do not discount our reserves for losses and LAE to reflect estimated present value. We estimate the reserves using individual case-basis valuations of reported claims and statistical analyses and various actuarial procedures. Those estimates are based on our historical information, industry and peer group information and our estimates of future trends in variable factors such as loss severity, loss frequency and other factors such as inflation. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Additionally, during the loss settlement period, it often becomes necessary to refine and adjust the estimates of liability on a claim either upward or downward. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related LAE may vary significantly from the estimate included in our financial statements.

We categorize our reserves for unpaid losses and LAE into two types: case reserves and IBNR.

The following table sets forth our gross and net reserves for unpaid losses and LAE at December 31, 2025 and 2024:

Case reserves are established for individual claims that have been reported to us. We are notified of losses by our insureds or their agents or our brokers. Based on the information provided, we establish case reserves by estimating the ultimate losses from the claim, including defense costs associated with the ultimate settlement of the claim. Our claims department personnel use their knowledge of the specific claim along with advice from internal and external experts, including underwriters and legal counsel, to estimate the expected ultimate losses. In limited circumstances, we utilize the services of TPAs to assist in the adjustment of claims. Our internal claims managers oversee TPA activities and monitor their individual claim handling activities to our prescribed standards. The incurred but not reported (“IBNR”) reserve is derived by estimating the ultimate unpaid reserve liability and subtracting case reserves.

Management’s best estimate of the ultimate unpaid liability is set by our Reserve Committee, who consider the actuarial indications along with other factors such as underwriting, claims handling, economic, legal and environmental changes.

Our Reserve Committee includes our Chief Actuary, Chief Reserving Actuary, Chief Financial Officer and Chief Claims Officer. The Reserve Committee meets quarterly to review the actuarial reserving recommendations made by the Chief Actuary and uses their judgment to determine the best estimate to be recorded for the reserve for losses and LAE on our balance sheet. In establishing the quarterly actuarial recommendation for the reserves for losses and LAE, our actuary estimates an initial expected ultimate loss ratio for each of our underwriting divisions. Input from our underwriting and claims departments, including premium pricing assumptions and historical experience, is considered in setting our reserves.

Our reserves are driven by several important factors, including litigation and regulatory trends, legislative activity, climate change, social and economic patterns and claims inflation assumptions. Our reserve estimates reflect current inflation in legal claims’ settlements and assume we will not be subject to losses from significant new legal liability theories. Our reserve estimates assume that there will not be significant changes in the regulatory and legislative environment. The impact of potential changes in the regulatory or legislative environment is difficult to quantify in the absence of specific, significant new regulation or legislation. In the event of significant new regulation or legislation, we

will attempt to quantify its impact on our business, but no assurance can be given that our attempt to quantify such inputs will be accurate or successful.

The actuarial review considers multiple actuarial methods to estimate the reserve for losses and LAE. These methods include paid and incurred loss development methods, paid and incurred Bornhuetter-Ferguson methods, paid and incurred loss ratio cape cod methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. For example, the paid loss and incurred loss development methods rely on historical paid and incurred loss data. For new lines of business, where there is insufficient history of paid and incurred claims data, or in circumstances where there have been significant changes in claim practices, the paid and incurred loss development methods would be less credible than other actuarial methods. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. These methods utilize, to varying degrees, the initial expected loss ratio, detailed statistical analysis of past claims reporting and payment patterns, claims frequency and severity, paid loss experience, industry loss experience, and changes in market conditions, policy forms, exclusions, and exposures.

Although we believe that our reserve estimates are reasonable, it is possible that our actual loss experience may not conform to our assumptions. Specifically, our actual ultimate loss ratio could differ from our initial expected loss ratio or our actual reporting and payment patterns could differ from our expected reporting and payment patterns, which are based on our own data and industry data. Accordingly, the ultimate settlement of losses and the related LAE may vary significantly from the estimates included in our financial statements. We regularly review our estimates and adjust them as necessary as experience develops or as new information becomes known to us. Such adjustments are included in the results of current operations.

The amount by which estimated losses differ from those originally reported for a period is known as “development.” Development is unfavorable when the losses ultimately settle for more than the amount reserved or subsequent estimates indicate a basis for reserve increases on unresolved claims. Development is favorable when losses ultimately settle for less than the amount reserved or subsequent estimates indicate a basis for reducing loss reserves on unresolved claims. We reflect favorable or unfavorable development of loss reserves in the results of operations in the period the estimates are changed.

A 5% change in net IBNR would result in a $51.8 million change in our reserves for losses and LAE and a $40.9 million change in net income and stockholders’ equity.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). ASU 2023-09 requires public companies, on an annual basis, provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. The guidance became effective for fiscal years beginning after December 15, 2024. This update is applied prospectively. We have added additional disclosures as required by ASU 2023-09. There was no impact to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 require a footnote disclosure about specific expenses by requiring PBEs to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The tabular disclosure would also include certain other expenses, when applicable. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03 as the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. We are evaluating the effect of the amendments on our consolidated financial statements.

Quantitative and Qualitative Disclosures About Market Risk

Qualitative and Quantitative Disclosures about Market Risk are included in Item 7 of this Form 10-K under “Investments—Market Risk.”

Cover

USD ($)	12 Months Ended
—	Dec. 31, 2025	Feb. 26, 2026	Jun. 30, 2025
Cover [Abstract]	—	—	—
Document Type	10-K	—	—
Document Annual Report	true	—	—
Document Period End Date	Dec. 31, 2025	—	—
Current Fiscal Year End Date	--12-31	—	—
Document Transition Report	false	—	—
Entity File Number	001-41591	—	—
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.	—	—
Entity Incorporation, State or Country Code	DE	—	—
Entity Tax Identification Number	14-1957288	—	—
Entity Address, Address Line One	800 Gessner Road	—	—
Entity Address, Address Line Two	Suite 600	—	—
Entity Address, City or Town	Houston	—	—
Entity Address, State or Province	TX	—	—
Entity Address, Postal Zip Code	77024-4284	—	—
City Area Code	713	—	—
Local Phone Number	935-4800	—	—
Title of 12(b) Security	Common stock, par value $0.01	—	—
Trading Symbol	SKWD	—	—
Security Exchange Name	NASDAQ	—	—
Entity Well-known Seasoned Issuer	No	—	—
Entity Voluntary Filers	No	—	—
Entity Current Reporting Status	No	—	—
Entity Interactive Data Current	Yes	—	—
Entity Filer Category	Large Accelerated Filer	—	—
Entity Small Business	false	—	—
Entity Emerging Growth Company	false	—	—
ICFR Auditor Attestation Flag	true	—	—
Document Financial Statement Error Correction [Flag]	false	—	—
Entity Shell Company	false	—	—
Entity Public Float	—	—	2,165,161,643
Entity Common Stock, Shares Outstanding	—	44,467,084	—
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2026 annual meeting of stockholders (the “2026 Proxy Statement”), which will be filed within 120 days of December 31, 2025, are incorporated by reference into Part III of this Form 10-K.	—	—
Entity Central Index Key	0001519449	—	—
Amendment Flag	false	—	—
Document Fiscal Year Focus	2025	—	—
Document Fiscal Period Focus	FY	—	—

Audit Information

	12 Months Ended
—	Dec. 31, 2025
Audit Information [Abstract]	—
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Consolidated balance sheets

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:	—	—
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,848,755 and $1,320,266, respectively)	1,856,303	1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $468 and $243, respectively)	32,822	39,153
Equity securities, at fair value	1,174	106,254
Mortgage loans, at fair value	9,902	26,490
Equity method investments	77,365	98,594
Other long-term investments	58,650	33,182
Short-term investments, at fair value	264,299	274,929
Total investments	2,300,515	1,870,820
Cash and cash equivalents	168,544	121,603
Restricted cash	30,570	35,922
Premiums receivable, net	544,217	321,641
Reinsurance recoverables, net	1,119,880	857,876
Ceded unearned premium	238,948	203,901
Deferred policy acquisition costs	136,100	113,183
Deferred income taxes	27,865	30,486
Goodwill and intangible assets, net	88,040	87,348
Other assets	137,173	86,698
Total assets	4,791,852	3,729,478
Liabilities:	—	—
Reserves for losses and loss adjustment expenses	2,318,894	1,782,383
Unearned premiums	774,035	637,185
Deferred ceding commission	46,453	40,434
Reinsurance and premium payables	279,888	177,070
Funds held for others	128,003	102,665
Accounts payable and accrued liabilities	115,034	76,206
Carrying Value	100,411	100,000
Subordinated debt, net of debt issuance costs	19,569	19,536
Total liabilities	3,782,287	2,935,479
Stockholders’ equity	—	—
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively	405	401
Additional paid-in capital	730,555	718,598
Accumulated other comprehensive income (loss)	11,457	-22,120
Retained earnings	267,148	97,120
Total stockholders’ equity	1,009,565	793,999
Total liabilities and stockholders’ equity	4,791,852	3,729,478

Consolidated balance sheets (parenthetical)

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]	—	—
Available-for-sale allowance for credit losses	7,000	0
Amortized cost	1,848,755	1,320,266
Allowance for credit losses	468	243
Common stock, par value (in dollar per share)	0.01	0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	40,511,222	40,127,908
Common stock, shares outstanding (in shares)	40,511,222	40,127,908

Consolidated statements of operations and comprehensive income

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:	—	—	—
Net earned premiums	1,304,505	1,056,722	829,143
Commission and fee income	6,855	6,703	6,064
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	-587	-167	-632
Total revenues	1,416,541	1,150,200	885,969
Expenses:	—	—	—
Losses and loss adjustment expenses	795,022	669,809	515,237
Underwriting, acquisition and insurance expenses	377,359	311,757	243,444
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Total expenses	1,200,117	997,461	775,867
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	170,028	118,828	85,984
Net income attributable to participating securities	0	0	1,677
Net income attributable to common stockholders	170,028	118,828	84,307
Comprehensive income	—	—	—
Net income	170,028	118,828	85,984
Unrealized gains and losses on investments:	—	—	—
Net change in unrealized gains on investments, net of tax	33,092	9,792	25,516
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	485	-8,959	-4,984
Total other comprehensive income	33,577	833	20,532
Comprehensive income	203,605	119,661	106,516
Per share data:	—	—	—
Basic earnings per share (in dollar per share)	4.21	2.97	2.34
Diluted earnings per share (in dollar per share)	4.07	2.87	2.24
Weighted-average common shares outstanding	—	—	—
Basic (in shares)	40,407,310	40,056,475	36,031,907
Diluted (in shares)	41,808,046	41,377,460	38,317,534

Consolidated statements of stockholders’ equity

USD ($) $ in Thousands	Total	Preferred stocks:	Common stock:	Treasury stock:	Additional paid-in capital:	Stock notes receivable:	Accumulated other comprehensive income (loss):	Retained earnings (accumulated deficit):	Retained earnings (accumulated deficit): Period of adoption, adjustment
Preferred shares balance at beginning of period (in shares) at Dec. 31, 2022	—	1,969,660	—	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares (in shares)	—	-1,969,660	16,305,113	—	—	—	—	—	—
Preferred shares balance at ending of period (in shares) at Dec. 31, 2023	—	0	—	—	—	—	—	—	—
Common shares balance at beginning of period (in shares) at Dec. 31, 2022	—	—	16,599,666	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Issuance of shares (in shares)	—	—	6,958,977	—	—	—	—	—	—
Common shares balance at ending of period (in shares) at Dec. 31, 2023	—	—	39,863,756	—	—	—	—	—	—
Stockholders' equity beginning balance at Dec. 31, 2022	—	20	168	-2	577,289	-6,911	-43,485	-105,417	-2,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares	—	-20	161	2	-143	—	—	—	—
Issuance of common stock/Employee equity transactions	—	—	22	—	9,213	1,349	—	—	—
Proceeds from equity offerings, net	—	—	48	—	124,496	—	—	—	—
Other comprehensive income, net of tax	20,532	—	—	—	—	—	20,532	—	—
Net income	85,984	—	—	—	—	—	—	85,984	—
Stockholders' equity ending balance at Dec. 31, 2023	661,031	0	399	0	710,855	-5,562	-22,953	-21,708	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares (in shares)	—	0	0	—	—	—	—	—	—
Preferred shares balance at ending of period (in shares) at Dec. 31, 2024	—	0	—	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Issuance of shares (in shares)	—	—	264,152	—	—	—	—	—	—
Common shares balance at ending of period (in shares) at Dec. 31, 2024	40,127,908	—	40,127,908	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares	—	0	0	0	0	—	—	—	—
Issuance of common stock/Employee equity transactions	—	—	2	—	7,743	5,562	—	—	—
Proceeds from equity offerings, net	—	—	0	—	0	—	—	—	—
Other comprehensive income, net of tax	833	—	—	—	—	—	833	—	—
Net income	118,828	—	—	—	—	—	—	118,828	—
Stockholders' equity ending balance at Dec. 31, 2024	793,999	0	401	0	718,598	0	-22,120	97,120	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares (in shares)	—	0	0	—	—	—	—	—	—
Preferred shares balance at ending of period (in shares) at Dec. 31, 2025	—	0	—	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Issuance of shares (in shares)	—	—	383,314	—	—	—	—	—	—
Common shares balance at ending of period (in shares) at Dec. 31, 2025	40,511,222	—	40,511,222	—	—	—	—	—	—
Increase (Decrease) in Stockholders' Equity [Roll Forward]	—	—	—	—	—	—	—	—	—
Preferred stock conversion to common shares	—	0	0	0	0	—	—	—	—
Issuance of common stock/Employee equity transactions	—	—	4	—	11,957	0	—	—	—
Proceeds from equity offerings, net	—	—	0	—	0	—	—	—	—
Other comprehensive income, net of tax	33,577	—	—	—	—	—	33,577	—	—
Net income	170,028	—	—	—	—	—	—	170,028	—
Stockholders' equity ending balance at Dec. 31, 2025	1,009,565	0	405	0	730,555	0	11,457	267,148	—

Consolidated statements of cash flows

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:	—	—	—
Net income	170,028	118,828	85,984
Net investment (gains) losses	-22,149	-6,342	-11,054
Depreciation and amortization expense	3,535	3,358	3,891
Stock-based compensation expense	11,960	9,395	8,525
Undistributed earnings (loss) from long-term investments	10,122	-6,252	6,730
Net change in fair value of derivatives	-34,857	0	0
Deferred income tax, net	-6,397	-8,708	9,383
Premiums receivable, net	-222,576	-142,406	-40,020
Reinsurance recoverables, net	-262,004	-261,542	-17,270
Ceded unearned premium	-35,047	-17,780	-28,476
Deferred policy acquisition costs	-22,917	-21,228	-23,017
Federal income taxes	1,797	4,500	-1,892
Losses and loss adjustment expenses	536,511	467,882	172,744
Unearned premiums	136,850	84,653	110,023
Deferred ceding commission	6,019	3,377	7,208
Reinsurance and premium payables	102,818	26,914	36,460
Funds held for others	25,338	44,077	21,730
Accounts payable and accrued liabilities	37,032	19,177	2,285
Other, net	-27,987	-12,788	-5,047
Net cash provided by operating activities	408,076	305,115	338,187
Cash flows from investing activities:	—	—	—
Purchase of fixed maturity securities, available-for-sale	-910,039	-617,606	-459,672
Purchase of illiquid investments	0	-75	-1,675
Purchase of equity securities	-13,213	-14,077	-26,009
Purchase of equity method investments and other long-term investments	-6,814	-32,173	0
Purchase of intangible assets and goodwill	-2,000	0	-50
Investment in direct and indirect loans	19,674	27,480	2,984
Purchase of property and equipment	-5,454	-4,224	-3,108
Proceeds from the sales of fixed maturity securities, available-for-sale	198,195	217,468	26,626
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale	183,951	122,694	48,957
Maturities, calls and paydowns of fixed maturity securities held-to-maturity	4,357	6,015	11,444
Proceeds from the sales of equity securities	126,738	37,534	40,201
Sales of and distributions from equity method and other long-term investments	11,902	14,073	3,572
Change in short-term investments	10,626	-4,799	-149,068
Change in receivable/payable for securities	11,928	34	76
Cash provided by deposit accounting	3,251	3,962	11,913
Net cash used in investment activities	-366,898	-243,694	-493,809
Cash flows from financing activities:	—	—	—
Employee share purchases	0	0	1,350
Repayment of stock notes receivable	0	5,562	0
Proceeds from long term borrowings	43,411	107,000	50,000
Payments on long term borrowings and trust preferred	-43,000	-116,794	-50,000
Proceeds from initial public offering	0	0	129,597
Net cash provided by (used in) financing activities	411	-4,232	130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	41,589	57,189	-24,675
Cash and cash equivalents and restricted cash at beginning of period	157,525	100,336	125,011
Cash and cash equivalents and restricted cash at end of period	199,114	157,525	100,336
Supplemental disclosure of cash flow information:	—	—	—
Cash paid for interest	6,149	8,573	10,667

Summary of Significant Accounting Policies

$ in Millions		12 Months Ended
—	Jan. 01, 2026 USD ($)	Dec. 31, 2025 USD ($) subsidiary segment	Dec. 31, 2024 USD ($)
Concentration Risk [Line Items]	—	—	—
Number of operating segments / segment	—	1	—
Number of US subsidiaries / subsidiary	—	4	—
Reinsurance collateral from reinsurers	—	344.1	337.0
Subsequent Event / Apollo Majority SPAs	—	—	—
Concentration Risk [Line Items]	—	—	—
Business combination, consideration transferred	555.0	—	—
High	—	—	—
Concentration Risk [Line Items]	—	—	—
Property, plant and equipment, useful life	—	7 years	—
Low	—	—	—
Concentration Risk [Line Items]	—	—	—
Property, plant and equipment, useful life	—	3 years	—
AM Best, A+ Rating / Everest Reinsurance Co / Reinsurance recoverable including reinsurance premium paid / Reinsurer concentration risk	—	—	—
Concentration Risk [Line Items]	—	—	—
Percent of total	—	11.10%	18.00%
AM Best, A+ Rating / eMaxx Captives / Reinsurance recoverable including reinsurance premium paid / Reinsurer concentration risk	—	—	—
Concentration Risk [Line Items]	—	—	—
Percent of total	—	17.70%	16.80%

Goodwill and Intangible Assets

Schedule of Goodwill

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]	—	—	—
Goodwill, gross balance	—	112,441	112,441
Accumulated impairment	—	-46,707	-46,707
Goodwill, net balance	65,734	65,734	—
Accident and Health	—	—	—
Goodwill [Roll Forward]	—	—	—
Goodwill, gross balance	—	91,577	91,577
Accumulated impairment	—	-44,821	-44,821
Goodwill, net balance	46,756	46,756	—
Surety	—	—	—
Goodwill [Roll Forward]	—	—	—
Goodwill, gross balance	—	6,781	6,781
Accumulated impairment	—	0	0
Goodwill, net balance	6,781	6,781	—
Construction and Energy Solutions	—	—	—
Goodwill [Roll Forward]	—	—	—
Goodwill, gross balance	—	10,204	10,204
Accumulated impairment	—	0	0
Goodwill, net balance	10,204	10,204	—
Other	—	—	—
Goodwill [Roll Forward]	—	—	—
Goodwill, gross balance	—	3,879	3,879
Accumulated impairment	—	-1,886	-1,886
Goodwill, net balance	1,993	1,993	—

Schedule of Intangible Assets and Goodwill

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived	—	—	—
Accumulated amortization	—	-19,012	-17,925
Amortization	-1,308	-1,087	-1,500
Total	—	—	—
Gross, beginning balance	—	40,626	40,626
Accumulated amortization	—	-19,012	-17,925
Additions	2,000	—	—
Amortization	-1,308	-1,087	-1,500
Gross intangible assets, ending balance	22,306	21,614	—
Trademarks	—	—	—
Indefinite-Lived	—	—	—
Beginning balance	999	999	—
Additions	0	—	—
Ending balance	999	999	999
Licenses	—	—	—
Indefinite-Lived	—	—	—
Beginning balance	14,019	14,019	—
Additions	0	—	—
Ending balance	14,019	14,019	14,019
Agent Relationships	—	—	—
Finite-Lived	—	—	—
Gross, beginning balance	24,491	24,491	—
Accumulated amortization	—	-17,895	-16,808
Additions	2,000	—	—
Amortization	-1,308	-1,087	—
Net, ending balance	7,288	6,596	—
Total	—	—	—
Accumulated amortization	—	-17,895	-16,808
Amortization	-1,308	-1,087	—
Non-competes	—	—	—
Finite-Lived	—	—	—
Gross, beginning balance	1,117	1,117	—
Accumulated amortization	—	-1,117	-1,117
Additions	0	—	—
Amortization	0	0	—
Net, ending balance	0	0	—
Total	—	—	—
Accumulated amortization	—	-1,117	-1,117
Amortization	0	0	—

Narrative

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]	—	—	—
Useful life	12 years	—	—
Amortization of intangible assets	1,308	1,087	1,500

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

$ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]	—
2026	1,053
2027	1,053
2028	1,053
2029	762
2030	553

Investments

Schedule of Debt Securities, Trading, and Equity Securities, FV-NI

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	1,848,755	1,320,266	—
Gross Unrealized Gains	31,378	10,636	—
Gross Unrealized Losses	-16,830	-38,684	—
Allowance for Credit Losses	-7,000	0	—
Fair Value	1,856,303	1,292,218	—
Fixed maturity securities, held-to-maturity:	—	—	—
Amortized Cost	33,290	39,396	—
Gross Unrealized Gains	829	0	—
Gross Unrealized Losses	-48	-436	—
Allowance for Credit Losses	-468	-243	-329
Fair Value	33,603	38,717	—
U.S. government securities	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	44,190	26,577	—
Gross Unrealized Gains	292	35	—
Gross Unrealized Losses	-14	-126	—
Allowance for Credit Losses	0	0	—
Fair Value	44,468	26,486	—
Corporate securities and miscellaneous	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	632,244	433,298	—
Gross Unrealized Gains	14,223	5,618	—
Gross Unrealized Losses	-3,080	-13,288	—
Allowance for Credit Losses	-7,000	0	—
Fair Value	636,387	425,628	—
Municipal securities	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	102,691	89,966	—
Gross Unrealized Gains	1,725	116	—
Gross Unrealized Losses	-2,300	-5,366	—
Allowance for Credit Losses	0	0	—
Fair Value	102,116	84,716	—
Residential mortgage-backed securities	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	487,145	408,585	—
Gross Unrealized Gains	8,928	1,875	—
Gross Unrealized Losses	-9,486	-16,627	—
Allowance for Credit Losses	0	0	—
Fair Value	486,587	393,833	—
Commercial mortgage-backed securities	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	72,631	70,262	—
Gross Unrealized Gains	1,016	545	—
Gross Unrealized Losses	-597	-1,443	—
Allowance for Credit Losses	0	0	—
Fair Value	73,050	69,364	—
Other asset-backed securities	—	—	—
Fixed maturity securities, available-for-sale:	—	—	—
Amortized Cost	509,854	291,578	—
Gross Unrealized Gains	5,194	2,447	—
Gross Unrealized Losses	-1,353	-1,834	—
Allowance for Credit Losses	0	0	—
Fair Value	513,695	292,191	—
Fixed maturity securities, held-to-maturity:	—	—	—
Amortized Cost	33,290	39,396	—
Gross Unrealized Gains	829	0	—
Gross Unrealized Losses	-48	-436	—
Allowance for Credit Losses	-468	-243	—
Fair Value	33,603	38,717	—

Schedule of Investments Classified by Contractual Maturity Date

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost	—	—
Due in less than one year	45,682	—
Due after one year through five years	449,790	—
Due after five years through ten years	219,293	—
Due after ten years	64,360	—
Amortized Cost	1,848,755	1,320,266
Fair Value	—	—
Due in less than one year	45,478	—
Due after one year through five years	449,145	—
Due after five years through ten years	224,696	—
Due after ten years	63,652	—
Total	1,856,303	1,292,218
Mortgage-backed securities	—	—
Amortized Cost	—	—
Without single maturity date	559,776	—
Fair Value	—	—
Without single maturity date	559,637	—
Other asset-backed securities	—	—
Amortized Cost	—	—
Without single maturity date	509,854	—
Amortized Cost	509,854	291,578
Fair Value	—	—
Without single maturity date	513,695	—
Total	513,695	292,191

Narrative

$ in Millions	Dec. 31, 2025 USD ($) security lot	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]	—	—
Securities held as collateral, at fair value	69.5	—
Number of securities / lot	450	—
Number of securities, allowance for credit loss / security	2	—
Cash and investment securities on deposit had carrying values	70.0	66.8
US Treasury and Government	—	—
Debt Securities, Available-for-Sale [Line Items]	—	—
Securities held as collateral, at fair value	57.8	—
Cash and Cash Equivalents and Other Assets	—	—
Debt Securities, Available-for-Sale [Line Items]	—	—
Securities held as collateral, at fair value	9.5	—
Short-term investments	—	—
Debt Securities, Available-for-Sale [Line Items]	—	—
Securities held as collateral, at fair value	2.2	—
U.S. government securities	—	—
Debt Securities, Available-for-Sale [Line Items]	—	—
Securities held as collateral, at fair value	68.5	—

Schedule of Unrealized Loss on Investments

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available for sale, fair value	—	—
Less than 12 Months	233,041	480,693
12 Months or More	185,663	236,741
Total	418,704	717,434
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-1,436	-7,353
12 Months or More	-15,394	-31,331
Total	-16,830	-38,684
Held-to-maturity, fair value	—	—
Less than 12 Months	1,912	2,144
12 Months or More	0	36,573
Total	1,912	38,717
Held-to-maturity, gross unrealized losses	—	—
Less than 12 Months	-48	-2
12 Months or More	0	-434
Total	-48	-436
Available-for-sale and held-to-maturity, fair value	—	—
Less than 12 Months	234,953	482,837
12 Months or More	185,663	273,314
Total	420,616	756,151
Available-for-sale and held-to-maturity, gross unrealized losses	—	—
Less than 12 Months	-1,484	-7,355
12 Months or More	-15,394	-31,765
Total	-16,878	-39,120
U.S. government securities	—	—
Available for sale, fair value	—	—
Less than 12 Months	349	15,938
12 Months or More	1,565	2,297
Total	1,914	18,235
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-1	-34
12 Months or More	-13	-92
Total	-14	-126
Corporate securities and miscellaneous	—	—
Available for sale, fair value	—	—
Less than 12 Months	67,644	136,888
12 Months or More	63,575	81,232
Total	131,219	218,120
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-346	-2,060
12 Months or More	-2,734	-11,228
Total	-3,080	-13,288
Municipal securities	—	—
Available for sale, fair value	—	—
Less than 12 Months	19,157	41,930
12 Months or More	22,004	27,687
Total	41,161	69,617
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-400	-1,046
12 Months or More	-1,900	-4,320
Total	-2,300	-5,366
Residential mortgage-backed securities	—	—
Available for sale, fair value	—	—
Less than 12 Months	56,147	201,407
12 Months or More	74,075	82,496
Total	130,222	283,903
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-262	-3,366
12 Months or More	-9,224	-13,261
Total	-9,486	-16,627
Commercial mortgage-backed securities	—	—
Available for sale, fair value	—	—
Less than 12 Months	4,646	9,411
12 Months or More	8,363	13,178
Total	13,009	22,589
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-3	-126
12 Months or More	-594	-1,317
Total	-597	-1,443
Other asset-backed securities	—	—
Available for sale, fair value	—	—
Less than 12 Months	85,098	75,119
12 Months or More	16,081	29,851
Total	101,179	104,970
Available for sale, gross unrealized losses	—	—
Less than 12 Months	-424	-721
12 Months or More	-929	-1,113
Total	-1,353	-1,834
Held-to-maturity, fair value	—	—
Less than 12 Months	1,912	2,144
12 Months or More	0	36,573
Total	1,912	38,717
Held-to-maturity, gross unrealized losses	—	—
Less than 12 Months	-48	-2
12 Months or More	0	-434
Total	-48	-436

Schedule of Changes in Allowance for Credit Loss

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Fixed Maturity Securities, Available-For-Sale	—	—
Beginning balance	0	—
Current period provision for credit losses	7,000	—
Recoveries of amounts previously written off	0	—
Ending balance	7,000	0
Fixed Maturity Securities, Held-to-Maturity	—	—
Beginning balance	243	329
Current period provision for credit losses	257	18
Recoveries of amounts previously written off	-32	-104
Ending balance	468	243

Schedule of Gain (Loss) on Securities

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross realized gains	—	—	—
Fixed maturity securities, available-for-sale	3,002	2,662	1,042
Equity securities	34,262	8,062	6,035
Other	685	213	2
Total	37,949	10,937	7,079
Gross realized losses	—	—	—
Fixed maturity securities, available-for-sale	-10,832	-8,161	-1,879
Equity securities	-3,000	-4,132	-5,256
Other	-413	-223	-20
Total	-14,245	-12,516	-7,155
Net unrealized gains (losses) on investments	—	—	—
Equity securities	-22,908	7,500	11,516
Mortgage loans	-7	421	-386
Other	21,360	0	0
Net investment gains	22,149	6,342	11,054

Schedule of Proceeds from Sales

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]	—	—	—
Fixed maturity securities, available-for-sale	198,195	217,468	26,626
Equity securities	126,738	37,534	40,201

Schedule of Net Investment Income

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]	—	—	—
Total investment income	87,666	87,513	45,897
Investment expenses	-4,047	-6,913	-5,557
Net investment income	83,619	80,600	40,340
Fixed maturity securities, available-for-sale	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	80,302	57,574	34,703
Fixed maturity securities, held-to-maturity	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	-804	4,091	4,181
Equity securities	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	1,223	2,720	3,418
Equity method investments	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	-2,683	2,524	-9,434
Mortgage loans	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	1,622	5,153	5,474
Indirect loans	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	-8,129	-2,400	-4,155
Short-term investments and cash	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	12,828	14,851	11,392
Other	—	—	—
Net Investment Income [Line Items]	—	—	—
Total investment income	3,307	3,000	318

Schedule of Accumulated Other Comprehensive Income (Loss)

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]	—	—	—
Fixed maturity securities	42,594	1,046	25,952
Deferred income taxes	-9,017	-213	-5,420
Total other comprehensive income	33,577	833	20,532

Fair Value Measurements

Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital

—	Dec. 31, 2025	Dec. 31, 2024
High	—	—
Fair Value Measurement Inputs and Valuation Techniques [Line Items]	—	—
Fixed maturity securities, measurement input	11.10%	8.00%
Loans receivable	8.34%	10.00%
Low	—	—
Fair Value Measurement Inputs and Valuation Techniques [Line Items]	—	—
Fixed maturity securities, measurement input	4.25%	5.70%
Loans receivable	6.55%	7.00%
Weighted average	—	—
Fair Value Measurement Inputs and Valuation Techniques [Line Items]	—	—
Fixed maturity securities, measurement input	6.40%	6.60%
Loans receivable	7.74%	7.93%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	1,856,303	1,292,218
Total fixed maturity securities, held-to-maturity	33,603	38,717
Total equity securities	1,174	106,254
Mortgage loans	9,902	26,490
Short-term investments	264,299	274,929
Derivatives	34,857	—
Total	2,200,138	1,738,608
U.S. government securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	44,468	26,486
Corporate securities and miscellaneous	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	636,387	425,628
Municipal securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	102,116	84,716
Residential mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	486,587	393,833
Commercial mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	73,050	69,364
Other asset-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	513,695	292,191
Total fixed maturity securities, held-to-maturity	33,603	38,717
Common stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	64,251
Preferred stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	1,174	1,164
Mutual funds:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	40,839
Level 1	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	44,468	26,486
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	0	105,090
Mortgage loans	0	0
Short-term investments	264,299	274,929
Derivatives	34,857	—
Total	343,624	406,505
Level 1 / U.S. government securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	44,468	26,486
Level 1 / Corporate securities and miscellaneous	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 1 / Municipal securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 1 / Residential mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 1 / Commercial mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 1 / Other asset-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 / Common stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	64,251
Level 1 / Preferred stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	0	0
Level 1 / Mutual funds:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	40,839
Level 2	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	1,660,918	1,187,812
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	1,174	1,164
Mortgage loans	0	0
Short-term investments	0	0
Derivatives	0	—
Total	1,662,092	1,188,976
Level 2 / U.S. government securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 2 / Corporate securities and miscellaneous	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	503,274	354,815
Level 2 / Municipal securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	102,116	84,716
Level 2 / Residential mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	486,587	393,833
Level 2 / Commercial mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	73,050	69,364
Level 2 / Other asset-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	495,891	285,084
Total fixed maturity securities, held-to-maturity	0	0
Level 2 / Common stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	0
Level 2 / Preferred stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	1,174	1,164
Level 2 / Mutual funds:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	0
Level 3	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	150,917	77,920
Total fixed maturity securities, held-to-maturity	33,603	38,717
Total equity securities	0	0
Mortgage loans	9,902	26,490
Short-term investments	0	0
Derivatives	0	—
Total	194,422	143,127
Level 3 / U.S. government securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 3 / Corporate securities and miscellaneous	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	133,113	70,813
Level 3 / Municipal securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 3 / Residential mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 3 / Commercial mortgage-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	0	0
Level 3 / Other asset-backed securities	—	—
Fixed maturity securities, available-for-sale:	—	—
Total fixed maturity securities, available-for-sale	17,804	7,107
Total fixed maturity securities, held-to-maturity	33,603	38,717
Level 3 / Common stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	0
Level 3 / Preferred stocks:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	0	0
Level 3 / Mutual funds:	—	—
Fixed maturity securities, available-for-sale:	—	—
Total equity securities	—	0

Schedule of Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Fixed Maturity Securities, Available-For-Sale	—	—
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	—	—
Beginning balance	77,920	0
Total gains (losses) for the period recognized in net investment gains (losses)	-5,180	-195
Issuances	0	0
Settlements	0	0
Transfers into Level 3	6,143	—
Purchases	70,730	77,979
Sales/Disposals	-1,493	-374
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	2,797	510
Ending balance	150,917	77,920
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	0	0
Mortgage Loans	—	—
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	—	—
Beginning balance	26,490	50,070
Total gains (losses) for the period recognized in net investment gains (losses)	-7	420
Issuances	151	649
Settlements	-16,732	-24,649
Transfers into Level 3	0	—
Purchases	0	0
Sales/Disposals	0	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0	0
Ending balance	9,902	26,490
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	-201	411

Narrative

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]	—	—	—
Net earned premiums	1,304,505	1,056,722	829,143
Fair Value Measured at Net Asset Value Per Share	—	—	—
Fair Value Measurement Inputs and Valuation Techniques [Line Items]	—	—	—
Investments, fair value disclosure	55,600	28,200	—
Unrecorded unconditional purchase obligation	18,300	24,400	—
Net earned premiums	41,500	2,500	—

Schedule of Subordinated Debt

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
FHLB Loan / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	57,000	57,000
FHLB Loan / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	57,458	56,200
Revolving Credit Facility / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	114,500	43,000
Revolving Credit Facility / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	114,500	43,000
Term Loan Facility / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	300,000	0
Term Loan Facility / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	300,000	0
Notes payable / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	471,500	100,000
Notes payable / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	471,958	99,200
Unsecured subordinated notes / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	19,569	19,536
Unsecured subordinated notes / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	21,020	20,541
Subordinated debt, net of debt issuance costs / Carrying Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	19,569	19,536
Subordinated debt, net of debt issuance costs / Fair Value	—	—
Debt Instrument [Line Items]	—	—
Long-term debt	21,020	20,541

Mortgage Loans

Narrative

USD ($)	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—
Percentage of property appraisal value	64.00%	—
Mortgage loans uncollectable write-off	0	0
Mortgage loans in foreclosure	0	0
Mortgage loans not producing income	0	0
Low	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—
Loans held-for-investment, term	2 years	—
High	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—
Loans held-for-investment, term	4 years	—

Schedule of Portfolios

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total mortgage loans	9,902	26,490	—
Total investment income	1,622	5,155	5,474
Commercial	—	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total mortgage loans	3,334	8,474	—
Total investment income	432	2,025	2,340
Retail	—	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total mortgage loans	0	10,032	—
Total investment income	304	1,853	1,853
Hospitality	—	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total mortgage loans	6,568	7,984	—
Total investment income	886	1,277	1,034
Office	—	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total investment income	0	0	203
Multi-family	—	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—	—
Total investment income	0	0	44

Equity Method Investments and Other

Schedule of Carrying Value of Equity Method Investments

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	77,365	98,594
Equity method investments	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	53,498	65,325
Arena Special Opportunities Fund, LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	26,936	34,936
Ownership %	14.00%	15.30%
Arena SOP LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	0	1,474
Ownership %	11.20%	10.90%
Brewer Lane Ventures Fund II LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	2,251	1,040
Ownership %	2.40%	2.40%
Dowling Capital Partners LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	590	666
Ownership %	5.00%	5.00%
Hudson Ventures Fund II LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	5,503	4,967
Ownership %	2.50%	2.50%
JVM Funds LLC	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	14,911	17,229
Ownership %	10.10%	10.10%
RISCOM	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Carrying Value	3,307	5,013
Ownership %	20.00%	20.00%

Schedule of Net Investment Income

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	83,619	80,600	40,340
Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	-2,683	2,524	-9,434
Arena SOP LP units / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	-1,474	-989	-6,271
Arena Special Opportunities Fund, LP units / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	-3,163	2,375	-2,880
Brewer Lane Ventures Fund II LP / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	91	-110	-78
Dowling Capital Partners LP units / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	431	1,463	927
Hudson Ventures Fund II LP units / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	480	-153	170
JVM Funds LLC / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	-541	-1,554	-1,198
RISCOM / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	1,493	1,492	884
Universa Black Swan LP units / Equity Method Investment, Nonconsolidated Investee or Group of Investees	—	—	—
Schedule of Equity Method Investments [Line Items]	—	—	—
Net investment income	0	0	-988

Schedule of Unfunded Commitment of Equity Method Investments

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]	—	—
Equity method investments, unfunded commitment	22,094	29,260
Brewer Lane Ventures Fund II LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Equity method investments, unfunded commitment	3,237	4,077
Dowling Capital Partners LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Equity method investments, unfunded commitment	386	386
Hudson Ventures Fund II LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Equity method investments, unfunded commitment	166	397
Red Bird Capital Partners LP units	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Equity method investments, unfunded commitment	18,305	24,400

Narrative

	12 Months Ended
—	Dec. 31, 2025
RISCOM	—
Schedule of Equity Method Investments [Line Items]	—
Useful life	15 years

Schedule of Investment in RISCOM

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	77,365	98,594
RISCOM	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Underlying equity	2,292	3,756
Difference	1,015	1,258
Recorded investment balance	3,307	5,013

Schedule of Investment in JVN Funds

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	77,365	98,594
JVM Funds LLC	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Underlying equity	14,457	16,624
Difference	454	605
Recorded investment balance	14,911	17,229

Schedule of Indirect Investments

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	77,365	98,594
SMA1	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	15,418	20,296
SMA2	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	8,449	12,973
Investment in indirect loans and loan collateral	—	—
Schedule of Equity Method Investments [Line Items]	—	—
Recorded investment balance	23,867	33,269

Variable Interest Entity

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets	—	—
Cash and cash equivalents	168,544	121,603
Other assets	137,173	86,698
Total assets	4,791,852	3,729,478
Variable Interest Entity, Primary Beneficiary	—	—
Assets	—	—
Cash and cash equivalents	15,816	—
Other assets	34,856	—
Total assets	50,672	—

Derivatives

Schedule of Derivatives and Fair Value of Derivative Assets and Liabilities

$ in Thousands	Dec. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]	—
Derivative assets, notional amount	136,800
Derivative assets, fair value	34,857

Narrative

$ in Millions	12 Months Ended
—	Dec. 31, 2025 USD ($)
Fair Value Hedging / Designated as Hedging Instrument	—
Derivative Instruments, Gain (Loss) [Line Items]	—
Pre-tax gain (loss) adjustment expenses	7.9

Allowance for Credit Losses

Schedule of Premium Receivable

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Premium Receivable, Allowance for Credit Loss [Roll Forward]	—	—
Premiums Receivable, Net, beginning balance	321,641	179,235
Allowance for Estimated Uncollectible Premiums, beginning balance	2,432	964
Current period change for estimated uncollectible premiums	2,351	3,235
Write-offs of uncollectible premiums receivable	-2,141	-1,895
Recoveries of amounts previously written off	498	128
Premiums Receivable, Net, ending balance	544,217	321,641
Allowance for Estimated Uncollectible Premiums, ending balance	3,140	2,432

Schedule of Reinsurance Recoverable, Credit Quality Indicator

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Ceded Credit Risk [Line Items]	—	—
Reinsurance Recoverables, Gross, Amortized Cost	—	22,700
Reinsurer concentration risk / Reinsurance recoverable including reinsurance premium paid / A- and above	—	—
Ceded Credit Risk [Line Items]	—	—
Reinsurance Recoverables, Gross, Amortized Cost	652,178	—
Percent of Total	98.20%	—
Reinsurer concentration risk / Reinsurance recoverable including reinsurance premium paid / B++ to B+	—	—
Ceded Credit Risk [Line Items]	—	—
Reinsurance Recoverables, Gross, Amortized Cost	5,077	—
Percent of Total	0.80%	—
Reinsurer concentration risk / Reinsurance recoverable including reinsurance premium paid / B to B -	—	—
Ceded Credit Risk [Line Items]	—	—
Reinsurance Recoverables, Gross, Amortized Cost	28	—
Percent of Total	0.00%	—
Reinsurer concentration risk / Reinsurance recoverable including reinsurance premium paid / Not rated	—	—
Ceded Credit Risk [Line Items]	—	—
Reinsurance Recoverables, Gross, Amortized Cost	6,919	—
Percent of Total	1.00%	—

Schedule of Reinsurance Recoverable

$ in Thousands	12 Months Ended
—	Dec. 31, 2024 USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]	—
Reinsurance Recoverables, Net, beginning balance	857,876
Allowance for Estimated Uncollectible Reinsurance, beginning balance	2,295
Current period change for estimated uncollectible reinsurance	13,585
Write-offs of uncollectible reinsurance recoverables	-13,585
Reinsurance Recoverables, Net, ending balance	857,876
Allowance for Estimated Uncollectible Reinsurance, ending balance	2,295

Narrative

$ in Thousands	12 Months Ended
—	Dec. 31, 2024 USD ($)
Credit Loss [Abstract]	—
Current period change for estimated uncollectible reinsurance	13,585

Property and Equipment

Schedule of Property, Plant and Equipment

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]	—	—
Property, equipment and other, gross	47,447	41,534
Accumulated depreciation	-32,307	-29,355
Total	15,140	12,179
Leasehold improvements	—	—
Property, Plant and Equipment [Line Items]	—	—
Property, equipment and other, gross	3,434	3,056
Equipment	—	—
Property, Plant and Equipment [Line Items]	—	—
Property, equipment and other, gross	4,750	4,506
Software	—	—
Property, Plant and Equipment [Line Items]	—	—
Property, equipment and other, gross	39,263	33,972

Narrative

USD ($) $ in Millions	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]	—	—	—
Depreciation	3.3	2.9	3.2

Notes Payable & Subordinated Debt

USD ($)					3 Months Ended	12 Months Ended
—	Dec. 30, 2025	Nov. 13, 2025	Oct. 01, 2025	Aug. 30, 2024	Dec. 31, 2025		Jan. 01, 2026	Dec. 31, 2024	Mar. 31, 2023	May 31, 2019
Term Loan Credit Facility / Low / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	1.50%	—	—	—	—	—
Term Loan Credit Facility / Low / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	0.50%	—	—	—	—	—
Term Loan Credit Facility / High / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	1.90%	—	—	—	—	—
Term Loan Credit Facility / High / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	0.90%	—	—	—	—	—
Revolving Credit Facility / Low / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	0.50%	—	—	—	—
Revolving Credit Facility / High / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	0.90%	—	—	—	—
Line of Credit / Term Loan Credit Facility	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Debt instrument, variable rate	—	—	—	—	0.10%	—	—	—	—	—
Debt instrument, covenant, limitation on additional indebtedness maximum	—	—	—	—	10,000,000.0	10,000,000.0	—	—	—	—
Line of Credit / Term Loan Credit Facility / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	1.00%	—	—	—	—	—
Debt instrument, interest rate floor	—	—	—	—	0.00%	—	—	—	—	—
Line of Credit / Term Loan Credit Facility / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	0.00%	—	—	—	—	—
Line of Credit / Term Loan Credit Facility / Fed Funds Effective Rate Overnight Index Swap Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	0.50%	—	—	—	—	—
Line of Credit / Term Loan Credit Facility / Low	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Line of credit facility, commitment fee percentage	—	—	—	—	0.20%	—	—	—	—	—
Line of Credit / Term Loan Credit Facility / High	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Line of credit facility, commitment fee percentage	—	—	—	—	0.35%	—	—	—	—	—
Line of Credit / Revolving Credit Facility	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Face amount	—	—	—	—	150,000,000.0	150,000,000.0	—	—	—	—
Proceeds from long term borrowings	71,500,000	—	43,000,000.0	—	—	—	—	—	—	—
Line of Credit / Revolving Credit Facility / Subsequent Event	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Face amount	—	—	—	—	—	—	250,000,000.0	—	—	—
Line of Credit / Revolving Credit Facility / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	1.00%	—	—	—	—
Debt instrument, interest rate floor	—	—	—	—	—	0.00%	—	—	—	—
Line of Credit / Revolving Credit Facility / Base Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	0.00%	—	—	—	—
Line of Credit / Revolving Credit Facility / Fed Funds Effective Rate Overnight Index Swap Rate	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	0.50%	—	—	—	—
Line of Credit / Revolving Credit Facility / Credit Spread Adjustment	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Debt instrument, variable rate	—	—	—	—	—	0.10%	—	—	—	—
Line of Credit / Revolving Credit Facility / Low	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Line of credit facility, unused capacity, commitment fee percentage	—	—	—	—	—	0.20%	—	—	—	—
Line of Credit / Revolving Credit Facility / High	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Line of credit facility, unused capacity, commitment fee percentage	—	—	—	—	—	0.35%	—	—	—	—
FHLB Loan / Federal Home Loan Bank Advances	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Debt instrument, term	—	—	—	4 years 6 months	—	—	—	—	—	—
Face amount	—	—	—	57,000,000.0	—	—	—	—	—	—
Stated interest rate	—	—	—	4.00%	—	—	—	—	—	—
Tranche A DDTL / Unsecured Debt	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Face amount	—	—	—	—	150,000,000.0	150,000,000.0	—	—	—	—
Proceeds from Loans	150,000,000.0	—	—	—	—	—	—	—	—	—
Tranche B DDTL / Unsecured Debt	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Face amount	—	—	—	—	150,000,000.0	150,000,000.0	—	—	—	—
Proceeds from Loans	150,000,000.0	—	—	—	—	—	—	—	—	—
Revolving Credit Facility / Line of Credit / Revolving Credit Facility / Low / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	1.50%	—	—	—	—
Revolving Credit Facility / Line of Credit / Revolving Credit Facility / High / Secured Overnight Financing Rate (SOFR)	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Margin	—	—	—	—	—	1.90%	—	—	—	—
Revolving Line Of Credit Due December 2023 / Line of Credit / Revolving Credit Facility	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Maximum borrowing capacity	—	—	—	—	—	—	—	—	150,000,000.0	—
Interest expense, long-term debt	—	300,000	—	—	—	—	—	—	—	—
Revolving Line Of Credit Due December 2023 / Line of Credit / Letter of Credit	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Maximum borrowing capacity	—	—	—	—	—	—	—	—	30,000,000.0	—
Amortization of debt issuance costs	—	600,000	—	—	—	—	—	—	—	—
Subordinate Debt Due 2039 / Subordinated debt, net of debt issuance costs	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Principal	—	—	—	—	—	—	—	—	—	20,000,000.0
Debt term	—	—	—	—	—	—	—	—	—	8 years
Debt issuance costs	—	—	—	—	400,000	400,000	—	500,000	—	—
Subordinate Debt Due 2039 / Subordinated debt, net of debt issuance costs / Debt Interest Rate, First 8 Years	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Stated interest rate	—	—	—	—	—	—	—	—	—	7.25%
Debt term	—	—	—	—	—	—	—	—	—	8 years
Subordinate Debt Due 2039 / Subordinated debt, net of debt issuance costs / Debt Interest Rate, After Year 8	—	—	—	—	—	—	—	—	—	—
Debt Instrument [Line Items]	—	—	—	—	—	—	—	—	—	—
Stated interest rate	—	—	—	—	—	—	—	—	—	8.25%

Segment

Narrative

	12 Months Ended
—	Dec. 31, 2025 segment division
Segment Reporting [Abstract]	—
Number of reportable segments / segment	1
Number of underwriting divisions / division	9

Schedule of Premiums Written

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	2,166,236	1,743,232	1,459,829
Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	2,166,317	1,743,249	1,459,847
Corporate Nonsegment	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	-81	-17	-18
Accident & Health / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	254,102	173,073	151,701
Agriculture and Credit (Re)insurance / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	346,212	118,070	30,598
Captives / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	275,694	241,902	167,624
Construction & Energy Solutions / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	274,318	296,582	299,748
Global Property / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	178,128	201,796	242,593
Professional Lines / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	149,231	159,785	154,565
Specialty Programs / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	322,705	218,407	178,726
Surety / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	168,148	143,965	106,056
Transactional E&S / Operating Segments	—	—	—
Effects of Reinsurance [Line Items]	—	—	—
Total gross written premiums	197,779	189,669	128,236

Schedule of Segment Reporting

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]	—	—	—
Net earned premiums	1,304,505	1,056,722	829,143
Commission and fee income	6,855	6,703	6,064
Losses and LAE	795,022	669,809	515,237
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	-587	-167	-632
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	170,028	118,828	85,984
Reportable Segment	—	—	—
Segment Reporting Information [Line Items]	—	—	—
Net earned premiums	1,304,505	1,056,722	829,143
Commission and fee income	6,855	6,703	6,064
Total underwriting revenues	1,311,360	1,063,425	835,207
Losses and LAE	795,022	669,809	515,237
Amortization of policy acquisition costs	195,422	149,975	108,514
Other operating and general expenses	181,937	161,782	134,930
Total underwriting expenses	1,172,381	981,566	758,681
Net underwriting income	138,979	81,859	76,526
Net investment income	83,619	80,600	40,340
Net investment gains	22,149	6,342	11,054
Other loss	-587	-167	-632
Transaction costs	14,019	0	0
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Income before income taxes	216,424	152,739	110,102
Income tax expense	46,396	33,911	24,118
Net income	170,028	118,828	85,984

Schedule of Return on Equity and Book Value Per Share

$ / shares	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]	—	—	—
Return on equity	18.90%	16.30%	15.90%
Book value per share (in dollars per share)	24.92	19.79	16.72

Income Taxes

Schedule of Income Tax Expense

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income from continuing operations before income tax expense	—	—	—
United States	208,763	—	—
Foreign	7,661	—	—
Income before income taxes	216,424	152,739	110,102
Current tax expense	—	—	—
United States	51,758	—	—
U.S. state and local	1,107	—	—
Deferred tax benefit related to:	—	—	—
United States	-5,584	—	—
U.S. state and local	-885	—	—
Total income tax expense	46,396	33,911	24,118

Schedule of Components of Income Tax Expense (Benefit)

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]	—	—	—
Current income tax expense	—	42,626	14,736
Deferred tax (benefit) expense related to temporary differences	—	-8,715	9,382
Total income tax expense	46,396	33,911	24,118

Schedule of Annual Effective Tax Rate

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount	—	—	—
U.S. federal statutory income tax rate	45,449	32,075	23,121
State income taxes, net of federal benefit	-508	—	—
Effects of other cross-border tax laws	717	—	—
Change of Valuation Allowance	68	—	—
Nondeductible transaction costs	1,689	—	—
Other nondeductible and nontaxable items	590	—	—
Total income tax expense	46,396	33,911	24,118
Percentage	—	—	—
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	(0.30%)	—	—
Effects of other cross-border tax laws	0.30%	—	—
Change of Valuation Allowance	0.00%	—	—
Nondeductible transaction costs	0.80%	—	—
Other	0.30%	—	—
Total income tax expense	21.40%	22.20%	21.90%
Bermuda	—	—	—
Amount	—	—	—
Bermuda statutory rate differential	-1,609	—	—
Percentage	—	—	—
Statutory tax rate difference	(0.70%)	—	—

Schedule of Effective Income Tax Rate Reconciliation

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount	—	—	—
Income tax expense at federal statutory rate	45,449	32,075	23,121
Tax advantaged investments	—	-239	-295
Other	—	2,075	1,292
Total income tax expense	46,396	33,911	24,118
Percentage	—	—	—
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Tax advantaged investments	—	(0.20%)	(0.30%)
Other	—	1.40%	1.20%
Total income tax expense	21.40%	22.20%	21.90%

Schedule of Income Taxes Paid Net of Refunds Received

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]	—	—	—
United States	49,830	—	—
U.S. state and local	1,164	—	—
Income Taxes Paid, Net, Total	50,994	37,000	15,800

Narrative

USD ($)	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]	—	—	—
Income taxes paid, net	50,994,000	37,000,000.0	15,800,000
Operating loss carryforwards	300,000	—	—
Operating loss carryforwards, limitations on use, amount	40,300,000	—	—
Deferred tax subject to expiration	2,800,000	—	—
Deferred tax effected by expiration	600,000	—	—
Operating loss carryforwards, tax effected	100,000	—	—
Provision for uncertain tax positions	0	—	—
Provision for penalties or interest	0	—	—
Low	—	—	—
Effective Income Tax Rate Reconciliation [Line Items]	—	—	—
Operating loss carryforward, term	5 years	—	—
High	—	—	—
Effective Income Tax Rate Reconciliation [Line Items]	—	—	—
Operating loss carryforward, term	20 years	—	—
Federal	—	—	—
Effective Income Tax Rate Reconciliation [Line Items]	—	—	—
Operating loss carryforwards	40,300,000	—	—
State and local	—	—	—
Effective Income Tax Rate Reconciliation [Line Items]	—	—	—
Operating loss carryforwards	900,000	—	—

Schedule of Deferred Tax Assets and Liabilities

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:	—	—	—
Net operating losses	9,409	9,389	—
Losses and loss adjustment expenses	21,401	16,967	—
Unearned premiums	22,775	18,178	—
Unrealized losses on fixed maturity securities, available-for-sale	0	5,893	—
Stock options/awards	2,446	2,453	—
Other	8,933	6,067	—
Total deferred tax assets before valuation allowance	64,964	58,947	—
Valuation allowance	-654	-586	-586
Total deferred tax assets	64,310	58,361	—
Deferred tax liabilities:	—	—	—
Deferred policy acquisition costs	19,132	15,277	—
Other long-term investments	2,888	2,625	—
Section 481(a) adjustment	87	1,391	—
Unrealized gains on equity securities	7	4,818	—
Unrealized gains on fixed maturity securities, available-for-sale	3,101	0	—
Unrealized gains on other investments	5,465	0	—
Depreciation	2,152	1,426	—
Other	3,613	2,338	—
Total deferred tax liabilities	36,445	27,875	—
Net deferred tax asset	27,865	30,486	—

Schedule of Company's Valuation Allowance

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets, Valuation Allowance [Roll Forward]	—	—
Balance at beginning of the period	586	586
Increase related to net operating loss	68	0
Balance at the end of the period	654	586

Reserves for Losses and Loss Adjustment Expenses

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	—	—	—	—
Reserves for losses and LAE, beginning of period	1,782,383	1,314,501	1,141,757	—
Less: reinsurance recoverable on unpaid claims, beginning of period	-670,846	-455,484	-435,986	—
Reserves for losses and LAE, beginning of period, net of reinsurance	1,397,729	1,111,537	859,017	705,771
Incurred, net of reinsurance, related to:	—	—	—	—
Current period	810,375	657,783	505,894	—
Prior years	-7,471	25,728	10,770	—
Total incurred, net of reinsurance	802,904	683,511	516,664	—
Paid, net of reinsurance, related to:	—	—	—	—
Current period	144,799	136,731	109,937	—
Prior years	371,913	294,260	253,481	—
Total paid	516,712	430,991	363,418	—
Net reserves for losses and LAE, end of period	1,397,729	1,111,537	859,017	—
Plus: reinsurance recoverable on unpaid claims, end of period	921,165	670,846	455,484	—
Reserves for losses and LAE, end of period	2,318,894	1,782,383	1,314,501	—

Narrative

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]	—	—	—
Reserves for losses and LAE, increase (decrease)	-7,500	25,700	10,800
Prior year claims incurred, unfavorable (favorable) development	-7,471	25,728	10,770
Short-Tail/Monoline Specialty Lines	—	—	—
Liability for Claims and Claims Adjustment Expense [Line Items]	—	—	—
Reserves for losses and LAE, increase (decrease)	-24,600	—	—
Multi-line Solutions	—	—	—
Liability for Claims and Claims Adjustment Expense [Line Items]	—	—	—
Reserves for losses and LAE, increase (decrease)	-5,300	10,100	—
Prior year claims incurred, unfavorable (favorable) development	—	—	11,700
Exited Lines	—	—	—
Liability for Claims and Claims Adjustment Expense [Line Items]	—	—	—
Reserves for losses and LAE, increase (decrease)	22,400	15,200	—

Schedule of Short-Duration Insurance Contracts

$ in Thousands	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Total net reserves for loss and ALAE	1,367,038	1,084,980	—	—	—	—	—	—	—	—
Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	1,072,627	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-528,255	—	—	—	—	—	—	—	—	—
Net reserves for loss and ALAE before 2021	1,570	—	—	—	—	—	—	—	—	—
Total net reserves for loss and ALAE	545,942	367,226	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	528,255	—	—	—	—	—	—	—	—	—
Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	1,902,472	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-1,162,853	—	—	—	—	—	—	—	—	—
Net reserves for loss and ALAE before 2021	-189	—	—	—	—	—	—	—	—	—
Total net reserves for loss and ALAE	739,430	631,065	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	1,162,853	—	—	—	—	—	—	—	—	—
Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	605,233	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-538,304	—	—	—	—	—	—	—	—	—
Net reserves for loss and ALAE before 2021	14,737	—	—	—	—	—	—	—	—	—
Total net reserves for loss and ALAE	81,666	86,689	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	538,304	—	—	—	—	—	—	—	—	—
Accident Year 2016 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	85,098	85,434	84,829	84,829	84,579	84,579	62,643	62,843	62,843	63,223
Cumulative net paid loss and ALAE from the table below	-77,825	-77,760	-77,160	-75,855	-72,544	-69,691	-58,895	-53,352	-42,528	-23,239
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	828	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	4,744	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	77,825	77,760	77,160	75,855	72,544	69,691	58,895	53,352	42,528	23,239
Accident Year 2016 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	104,246	102,801	100,651	100,651	98,301	97,301	93,577	91,372	92,996	93,019
Cumulative net paid loss and ALAE from the table below	-98,831	-97,462	-95,114	-91,556	-87,482	-81,181	-78,070	-70,253	-57,638	-36,592
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	1,851	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	4,911	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	98,831	97,462	95,114	91,556	87,482	81,181	78,070	70,253	57,638	36,592
Accident Year 2017 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	79,819	80,493	78,766	78,766	78,166	78,166	64,260	65,332	65,332	—
Cumulative net paid loss and ALAE from the table below	-77,177	-75,714	-73,770	-71,109	-67,926	-61,354	-53,093	-41,945	-23,770	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	837	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,592	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	77,177	75,714	73,770	71,109	67,926	61,354	53,093	41,945	23,770	—
Accident Year 2017 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	72,682	70,885	68,646	68,646	68,346	65,735	81,785	79,581	75,159	—
Cumulative net paid loss and ALAE from the table below	-69,798	-68,480	-66,498	-62,924	-57,457	-50,545	-51,985	-52,103	-34,176	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	1,819	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	4,370	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	69,798	68,480	66,498	62,924	57,457	50,545	51,985	52,103	34,176	—
Accident Year 2018 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	72,963	75,686	73,019	73,019	71,719	69,319	74,476	74,476	—	—
Cumulative net paid loss and ALAE from the table below	-72,429	-70,128	-69,893	-65,635	-58,655	-47,226	-42,568	-26,201	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	673	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,103	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	72,429	70,128	69,893	65,635	58,655	47,226	42,568	26,201	—	—
Accident Year 2018 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	91,897	92,082	84,165	84,165	79,006	76,506	68,990	74,357	—	—
Cumulative net paid loss and ALAE from the table below	-82,244	-79,860	-74,604	-67,001	-54,339	-39,870	-60,149	-25,553	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	4,093	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	4,941	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	82,244	79,860	74,604	67,001	54,339	39,870	60,149	25,553	—	—
Accident Year 2019 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	110,564	116,206	116,230	115,530	112,378	109,226	107,432	—	—	—
Cumulative net paid loss and ALAE from the table below	-106,826	-106,765	-99,451	-87,816	-71,053	-50,933	-33,019	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	1,384	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	6,113	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	106,826	106,765	99,451	87,816	71,053	50,933	33,019	—	—	—
Accident Year 2019 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	86,131	79,823	79,572	79,414	77,770	73,635	87,115	—	—	—
Cumulative net paid loss and ALAE from the table below	-70,367	-65,847	-57,341	-45,696	-30,948	-28,954	-28,636	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	9,773	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,660	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	70,367	65,847	57,341	45,696	30,948	28,954	28,636	—	—	—
Accident Year 2020 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	134,281	132,125	132,495	128,111	124,076	113,030	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-126,965	-121,097	-105,283	-82,236	-60,680	-29,499	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	4,174	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,542	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	126,965	121,097	105,283	82,236	60,680	29,499	—	—	—	—
Accident Year 2020 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	138,320	137,671	137,907	137,835	136,469	132,248	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-124,139	-120,831	-114,543	-102,132	-98,202	-102,725	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	10,644	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	4,867	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	124,139	120,831	114,543	102,132	98,202	102,725	—	—	—	—
Accident Year 2021 / Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	99,783	92,134	92,143	93,429	92,780	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-93,560	-78,439	-67,912	-56,803	-18,447	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	1,774	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	1,656	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	93,560	78,439	67,912	56,803	18,447	—	—	—	—	—
Accident Year 2021 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	157,006	160,546	160,331	158,891	156,067	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-141,539	-125,749	-102,772	-73,293	-37,118	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	7,932	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	6,727	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	141,539	125,749	102,772	73,293	37,118	—	—	—	—	—
Accident Year 2021 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	97,577	92,095	91,323	91,188	83,322	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-81,600	-72,923	-66,012	-57,820	-41,540	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	10,676	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	2,446	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	81,600	72,923	66,012	57,820	41,540	—	—	—	—	—
Accident Year 2022 / Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	96,874	104,095	105,394	108,299	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-85,696	-77,150	-64,594	-27,773	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	6,266	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	2,414	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	85,696	77,150	64,594	27,773	—	—	—	—	—	—
Accident Year 2022 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	249,317	242,358	242,097	236,909	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-205,410	-165,854	-114,794	-50,148	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	19,315	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	8,679	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	205,410	165,854	114,794	50,148	—	—	—	—	—	—
Accident Year 2022 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	14,362	11,800	12,240	12,717	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-11,325	-9,211	-4,077	-2,155	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	2,025	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	246	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	11,325	9,211	4,077	2,155	—	—	—	—	—	—
Accident Year 2023 / Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	161,222	191,865	190,565	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-114,247	-100,705	-33,795	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	28,997	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,015	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	114,247	100,705	33,795	—	—	—	—	—	—	—
Accident Year 2023 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	320,637	306,511	306,511	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-181,636	-122,186	-63,079	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	96,700	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	8,468	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	181,636	122,186	63,079	—	—	—	—	—	—	—
Accident Year 2023 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	2	0	0	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	0	0	0	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	1	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	1	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	0	0	0	—	—	—	—	—	—	—
Accident Year 2024 / Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	292,220	280,147	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-154,896	-53,691	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	99,302	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,819	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	154,896	53,691	—	—	—	—	—	—	—	—
Accident Year 2024 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	336,197	353,933	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-123,488	-58,281	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	155,878	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	7,700	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	123,488	58,281	—	—	—	—	—	—	—	—
Accident Year 2024 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	5	0	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	0	0	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	5	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	0	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	0	0	—	—	—	—	—	—	—	—
Accident Year 2025 / Short-tail/Monoline Specialty Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	422,528	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-79,856	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	275,190	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	5,495	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	79,856	—	—	—	—	—	—	—	—	—
Accident Year 2025 / Multi-line Solutions	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	356,590	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	-49,558	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	257,468	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	6,139	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	49,558	—	—	—	—	—	—	—	—	—
Accident Year 2025 / Exited Lines	—	—	—	—	—	—	—	—	—	—
Claims Development [Line Items]	—	—	—	—	—	—	—	—	—	—
Incurred losses and ALAE, net of reinsurance	11	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and ALAE from the table below	0	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	11	—	—	—	—	—	—	—	—	—
Short-Duration Insurance Contract, Cumulative Number of Reported Claims / claim	0	—	—	—	—	—	—	—	—	—
Cumulative net paid loss and LAE	0	—	—	—	—	—	—	—	—	—

Schedule of Reconciliation of Claims Development to Liability

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]	—	—	—	—
Reserves for losses and LAE, net of reinsurance	1,367,038	1,084,980	—	—
Ceded unpaid losses and LAE	921,165	670,846	455,484	435,986
Unallocated LAE	30,691	26,557	—	—
Reserves for losses and loss adjustment expenses	2,318,894	1,782,383	1,314,501	1,141,757
Short-tail/Monoline Specialty Lines	—	—	—	—
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]	—	—	—	—
Reserves for losses and LAE, net of reinsurance	545,942	367,226	—	—
Ceded unpaid losses and LAE	388,276	275,204	—	—
Multi-line Solutions	—	—	—	—
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]	—	—	—	—
Reserves for losses and LAE, net of reinsurance	739,430	631,065	—	—
Ceded unpaid losses and LAE	514,393	380,344	—	—
Exited Lines	—	—	—	—
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]	—	—	—	—
Reserves for losses and LAE, net of reinsurance	81,666	86,689	—	—
Ceded unpaid losses and LAE	18,496	15,298	—	—

Schedule of Historical Claims Duration

—	Dec. 31, 2025
Short-tail/Monoline Specialty Lines	—
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]	—
Year 1	21.10%
Year 2	38.10%
Year 3	10.80%
Year 4	9.70%
Year 5	15.20%
Multi-line Solutions	—
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]	—
Year 1	23.90%
Year 2	21.60%
Year 3	15.60%
Year 4	13.60%
Year 5	10.50%
Year 6	4.80%
Year 7	1.90%
Year 8	2.40%
Year 9	1.30%
Year 10	0.10%
Exited Lines	—
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]	—
Year 1	27.50%
Year 2	12.20%
Year 3	4.90%
Year 4	9.90%
Year 5	8.90%
Year 6	6.80%
Year 7	4.90%
Year 8	2.90%
Year 9	2.00%
Year 10	1.30%

Commission and Fee Income

Schedule of Disaggregation of Revenue

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]	—	—	—
Total commission and fee revenue	12,381	10,676	9,819
Commission and fee expenses	-5,526	-3,973	-3,755
Net commission and fee income	6,855	6,703	6,064
SUA commission revenue	—	—	—
Disaggregation of Revenue [Line Items]	—	—	—
Total commission and fee revenue	8,323	7,967	7,222
SUA fee revenue	—	—	—
Disaggregation of Revenue [Line Items]	—	—	—
Total commission and fee revenue	2,333	2,443	2,732
Other commission and fee revenue (loss)	—	—	—
Disaggregation of Revenue [Line Items]	—	—	—
Total commission and fee revenue	1,725	266	-135

Schedule of Company’s Opening and Closing Balances of Contract Assets

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]	—	—	—
Contract asset after allowance for credit loss	953	1,416	976

Underwriting, Acquisition and Insurance Expenses

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]	—	—	—
Total underwriting, acquisition and insurance expenses	377,359	311,757	243,444

Reinsurance

Schedule of Premiums Written and Earned

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Written	—	—	—
Direct premiums	1,684,411	1,458,637	1,241,180
Assumed premiums	481,825	284,595	218,649
Ceded premiums	-760,004	-619,654	-549,138
Net premiums	1,406,232	1,123,578	910,691
Earned	—	—	—
Direct premiums	1,622,594	1,375,917	1,155,835
Assumed premiums	406,792	282,662	193,971
Ceded premiums	-724,881	-601,857	-520,663
Net premiums	1,304,505	1,056,722	829,143
Ceded losses and LAE incurred	697,978	534,295	337,011

Schedule of Reinsurance Recoverable and Ceded Premiums

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]	—	—	—	—
Ceded unpaid losses and LAE	921,165	670,846	455,484	435,986
Ceded paid losses and LAE	201,010	166,663	—	—
Loss portfolio transfer	0	22,662	—	—
Allowance for credit losses	-2,295	-2,295	-2,295	-2,295
Reinsurance recoverables	1,119,880	857,876	857,876	596,334
Ceded unearned premium	238,948	203,901	—	—

Narrative

USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Insurance [Abstract]	—	—
Market value of trust funds	233.5	—
Reinsurance recoverable from R&Q	—	22.7
Deposit contracts, assets	22.7	25.9

Stock Based Compensation

Narrative

USD ($) $ / shares in Units, $ in Millions	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 18, 2023	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Authorized target common share (in shares)	—	—	—	—	3,200,656
Aggregate intrinsic value of options	27.4	27.0	—	—	—
Weighted average remaining contractual life of options	7 years	—	—	—	—
Unrecognized compensation cost	17.4	—	—	—	—
Unrecognized compensation cost, recognition period	1 year 7 months 6 days	—	—	—	—
Stock based compensation expense	12.0	9.4	8.5	—	—
Purchase period	6 months	—	—	—	—
IPO	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Sale of stock, price per share (in dollar per share)	—	—	—	15.00	—
Restricted Stock Awards And Units	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Granted (in shares)	254,978	268,631	1,101,856	—	—
Fair value of shares vested in period	6.0	3.8	0.5	—	—
Employee Stock	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Authorized target common share (in shares)	376,548	—	—	—	—
Stock based compensation expense	0.7	0.5	—	—	—
Purchase price of common stock, percent	85.00%	—	—	—	—
Share-based compensation arrangement by share-based payment award, shares issues in period (in shares)	141,845	—	—	—	—
Share-based payment arrangement, amount capitalized	0.3	—	—	—	—
Long Term Incentive Plan	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Authorized target common share (in shares)	227,185	232,964	1,861,846	—	—
Share-base compensation arrangement by share-based payment award, terms of award	10 years	—	—	—	—
Stock options granted to employees	—	—	4.4	—	—
Long Term Incentive Plan / Restricted Stock Awards And Units	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Shares granted, value	12.2	8.5	17.7	—	—
Long Term Incentive Plan / Director / Restricted Stock	—	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—	—
Granted (in shares)	12,579	19,453	23,482	—	—
Requisite service period	1 year	1 year	1 year	—	—

Schedule of Equity Awards

shares	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Target Stock and Stock Units (in shares)	—	—	—	3,200,656
Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Target Stock and Stock Units (in shares)	227,185	232,964	1,861,846	—
Market condition awards / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	3 years	3 years	3 years	—
Target Stock and Stock Units (in shares)	22,495	32,058	37,622	—
Market condition awards / Low / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Award Payout Range	0.00%	0.00%	0.00%	—
Market condition awards / High / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Award Payout Range	150.00%	150.00%	150.00%	—
Performance condition awards / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	3 years	3 years	3 years	—
Target Stock and Stock Units (in shares)	59,769	76,881	95,456	—
Performance condition awards / Low / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Award Payout Range	0.00%	0.00%	0.00%	—
Performance condition awards / High / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Award Payout Range	150.00%	150.00%	150.00%	—
Service condition awards / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Target Stock and Stock Units (in shares)	144,921	124,025	968,778	—
Service condition awards / Low / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	1 year	1 year	1 year	—
Service condition awards / High / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	4 years	4 years	4 years	—
Options / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Target Stock and Stock Units (in shares)	—	—	759,990	—
Options / Low / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	—	—	3 years	—
Options / High / Long Term Incentive Plan	—	—	—	—
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]	—	—	—	—
Requisite Service Period	—	—	4 years	—

Schedule of Options Activity

$ / shares	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2023
Weighted-Average Exercise Price	—	—
Forfeited, weighted average exercise price (in dollar per share)	15.00	—
Stock	—	—
Outstanding, beginning of period (in shares)	759,990	—
Forfeited (in shares)	-219	—
Outstanding, ending of period (in shares)	759,771	—
Outstanding (in shares)	759,771	759,990

Schedule of Nonvested Share Activity (Details) - Restricted Stock Awards And Units

$ / shares	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-Average Grant-Date Fair Value	—	—	—
Non-vested, beginning period (in dollar per share)	19.06	15.13	12.55
Granted (in dollars per share)	47.77	31.72	16.07
Vested (in dollars per share)	15.33	13.16	13.39
Forfeited (in dollars per share)	25.74	18.27	15.29
Non-vested, ending period (in dollar per share)	27.06	19.06	15.13
Stock and Stock Units	—	—	—
Non-vested, beginning period (in shares)	1,325,483	1,445,449	419,896
Granted (in shares)	254,978	268,631	1,101,856
Vested (in shares)	-391,746	-285,957	-40,645
Forfeited (in shares)	-53,247	-102,640	-35,658
Non-vested, ending period (in shares)	1,135,468	1,325,483	1,445,449

Earnings Per Share

Schedule of Earnings Per Share, Basic and Diluted

USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator	—	—	—
Net income	170,028	118,828	85,984
Less: Undistributed income allocated to participating securities	0	0	-1,677
Net income attributable to common stockholders (numerator for basic earnings per share)	170,028	118,828	84,307
Net income (numerator for diluted earnings per share under the two-class method)	170,028	118,828	85,984
Denominator	—	—	—
Basic weighted-average common shares (in shares)	40,407,310	40,056,475	36,031,907
Diluted effect of preferred shares (in shares)	0	0	716,708
Dilutive effect of stock notes (in shares)	0	0	696,110
Diluted weighted-average common share equivalents (in shares)	41,808,046	41,377,460	38,317,534
Basic earnings per share (in dollar per share)	4.21	2.97	2.34
Diluted earnings per share (in dollar per share)	4.07	2.87	2.24
Stock units	—	—	—
Denominator	—	—	—
Diluted effect of awards (in shares)	897,426	917,510	736,837
Options	—	—	—
Denominator	—	—	—
Diluted effect of awards (in shares)	503,310	403,475	135,972

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

shares	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	—	—	—
Antidilutive securities (in shares)	0	0	920,864
Stock units	—	—	—
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	—	—	—
Antidilutive securities (in shares)	104,531	20,346	3,931
Options	—	—	—
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	—	—	—
Antidilutive securities (in shares)	242	859	914
Common shares	—	—	—
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	—	—	—
Antidilutive securities (in shares)	0	0	920,864

Employee Benefit Plan

USD ($) $ in Millions	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]	—	—	—
Defined contribution plan	3.9	3.2	2.9

Related Party Transactions

Narrative

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]	—	—	—
Premiums receivable, net	544,217	321,641	179,235
Professional fees and reimbursements / Related Party	—	—	—
Related Party Transaction [Line Items]	—	—	—
Professional fees	600	600	3,600
RISCOM / Agency agreement / Affiliated entity	—	—	—
Related Party Transaction [Line Items]	—	—	—
Agreement, ownership interest	20.00%	—	—
Premiums receivable, net	13,900	12,600	—

Schedule of RISCOM Transactions

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]	—	—	—
Net earned premium	1,304,505	1,056,722	829,143
Affiliated entity / Agency agreement / RISCOM	—	—	—
Related Party Transaction [Line Items]	—	—	—
Net earned premium	120,067	108,130	99,736
Commissions	28,728	25,372	24,177

Statutory Accounting Principles and Regulatory Matters

USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]	—	—	—
Statutory net income	159.1	108.2	73.1
Statutory capital and surplus	872.0	710.6	—

Subsequent Events (Details)

Apollo Group Holdings Limited

$ in Millions	Jan. 01, 2026 USD ($)	Sep. 02, 2025 agreement
Subsequent Event [Line Items]	—	—
Business combination, number purchase agreement / agreement	—	2
Business combination, issued share capital percentage	—	87.00%
Issued share capital acquire	—	100.00%
Subsequent Event	—	—
Subsequent Event [Line Items]	—	—
Business combination, consideration transferred / $	555.0	—

SCHEDULE I

SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES

$ in Thousands	Dec. 31, 2025 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	2,194,865
Fair Value (if applicable)	2,223,931
Amount on Balance Sheet	2,223,150
Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	1,848,755
Fair Value (if applicable)	1,856,303
Amount on Balance Sheet	1,856,303
Fixed maturity securities, held to maturity:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	33,290
Fair Value (if applicable)	33,603
Amount on Balance Sheet	32,822
Equity securities	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	1,138
Fair Value (if applicable)	1,174
Amount on Balance Sheet	1,174
Mortgage loans	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	10,093
Fair Value (if applicable)	9,902
Amount on Balance Sheet	9,902
Other long-term investments	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	37,290
Fair Value (if applicable)	58,650
Amount on Balance Sheet	58,650
Short-term investments	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	264,299
Fair Value (if applicable)	264,299
Amount on Balance Sheet	264,299
U.S. government securities / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	44,190
Fair Value (if applicable)	44,468
Amount on Balance Sheet	44,468
Corporate securities and miscellaneous / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	632,244
Fair Value (if applicable)	636,387
Amount on Balance Sheet	636,387
Municipal securities / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	102,691
Fair Value (if applicable)	102,116
Amount on Balance Sheet	102,116
Residential mortgage-backed securities / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	487,145
Fair Value (if applicable)	486,587
Amount on Balance Sheet	486,587
Commercial mortgage-backed securities / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	72,631
Fair Value (if applicable)	73,050
Amount on Balance Sheet	73,050
Other asset-backed securities / Fixed maturity securities, available for sale:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	509,854
Fair Value (if applicable)	513,695
Amount on Balance Sheet	513,695
Other asset-backed securities / Fixed maturity securities, held to maturity:	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	33,290
Fair Value (if applicable)	33,603
Amount on Balance Sheet	32,822
Preferred stocks: / Equity securities	—
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]	—
Cost	1,138
Fair Value (if applicable)	1,174
Amount on Balance Sheet	1,174

SCHEDULE II

FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (PARENT COMPANY)

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments:	—	—	—
Short-term investments, at fair value	264,299	274,929	—
Total investments	2,300,515	1,870,820	—
Cash and cash equivalents	168,544	121,603	—
Deferred income taxes	27,865	30,486	—
Goodwill and intangible assets, net	88,040	87,348	—
Other assets	137,173	86,698	—
Total assets	4,791,852	3,729,478	—
Liabilities:	—	—	—
Accounts payable and accrued liabilities	115,034	76,206	—
Carrying Value	100,411	100,000	—
Subordinated debt, net of debt issuance costs	19,569	19,536	—
Total liabilities	3,782,287	2,935,479	—
Stockholders’ equity	—	—	—
Stockholders’ equity	1,009,565	793,999	661,031
Total liabilities and stockholders’ equity	4,791,852	3,729,478	—
Parent Company	—	—	—
Investments:	—	—	—
Investment in subsidiaries	1,076,288	853,670	—
Short-term investments, at fair value	14,513	14,000	—
Total investments	1,090,801	867,670	—
Cash and cash equivalents	3,500	2,943	—
Deferred income taxes	27,865	30,486	—
Goodwill and intangible assets, net	14,349	12,641	—
Other assets	10,709	2,905	—
Total assets	1,147,224	916,645	—
Liabilities:	—	—	—
Accounts payable and accrued liabilities	17,680	3,110	—
Carrying Value	100,410	100,000	—
Subordinated debt, net of debt issuance costs	19,569	19,536	—
Total liabilities	137,659	122,646	—
Stockholders’ equity	—	—	—
Stockholders’ equity	1,009,565	793,999	—
Total liabilities and stockholders’ equity	1,147,224	916,645	—

STATEMENTS OF OPERATIONS (PARENT COMPANY)

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:	—	—	—
Net investment income	83,619	80,600	40,340
Net investment gains (losses)	22,149	6,342	11,054
Other loss	-587	-167	-632
Total revenues	1,416,541	1,150,200	885,969
Expenses:	—	—	—
Interest expense	7,919	9,496	10,024
Amortization expense	1,636	2,007	1,798
Other expenses	4,162	4,392	5,364
Total expenses	1,200,117	997,461	775,867
Income tax expense	46,396	33,911	24,118
Net income attributable to common stockholders	170,028	118,828	84,307
Equity in undistributed earnings of subsidiaries	0	0	1,677
Net income	170,028	118,828	85,984
Parent Company	—	—	—
Revenues:	—	—	—
Net investment income	3,371	3,212	3,822
Net investment gains (losses)	0	963	-963
Other loss	0	-2	-27
Total revenues	3,371	4,173	2,832
Expenses:	—	—	—
Operating expenses	7,899	10,632	0
Interest expense	6,762	8,140	9,815
Amortization expense	620	920	313
Other expenses	17,962	9,646	451
Total expenses	33,243	29,338	10,579
Loss before income tax expense	-29,872	-25,165	-7,747
Income tax expense	45,860	33,578	6,808
Net income attributable to common stockholders	-75,732	-58,743	-14,555
Equity in undistributed earnings of subsidiaries	245,760	177,571	100,539
Net income	170,028	118,828	85,984

STATEMENTS OF CASH FLOWS (PARENT COMPANY)

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:	—	—	—
Net income	170,028	118,828	85,984
Net cash used in operating activities	408,076	305,115	338,187
Cash flows from investing activities:	—	—	—
Purchase of intangible assets and goodwill	2,000	0	50
Net cash used in investment activities	-366,898	-243,694	-493,809
Cash flows from financing activities:	—	—	—
Payments on long term borrowings and trust preferred	-43,000	-116,794	-50,000
Proceeds from employee stock purchase plan	0	0	1,350
Net cash provided by (used in) financing activities	411	-4,232	130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	41,589	57,189	-24,675
Cash and cash equivalents and restricted cash at beginning of period	157,525	100,336	125,011
Cash and cash equivalents and restricted cash at end of period	199,114	157,525	100,336
Cash paid for interest	6,149	8,573	10,667
Parent Company	—	—	—
Cash flows from operating activities:	—	—	—
Net income	170,028	118,828	85,984
Adjustments to reconcile net income to net cash provided by operating activities	-175,769	-121,563	-95,947
Net cash used in operating activities	-5,741	-2,735	-9,963
Cash flows from investing activities:	—	—	—
Purchase of intangible assets and goodwill	2,000	0	0
Capital contributions to subsidiaries	-100	0	-122,800
Distributions from investment in subsidiaries	8,500	8,500	6,500
Change in short-term investments	-513	-3,407	-10,569
Net cash used in investment activities	5,887	5,093	-126,869
Cash flows from financing activities:	—	—	—
Repayment of stock notes receivable	0	5,561	1,350
Proceeds from long term borrowings	43,411	107,000	50,000
Payments on long term borrowings and trust preferred	-43,000	-115,000	-50,000
Proceeds from equity offerings	0	0	128,887
Proceeds from employee stock purchase plan	0	0	710
Net cash provided by (used in) financing activities	411	-2,439	130,947
Net increase (decrease) in cash and cash equivalents and restricted cash	557	-81	-5,885
Cash and cash equivalents and restricted cash at beginning of period	2,943	3,024	8,909
Cash and cash equivalents and restricted cash at end of period	3,500	2,943	3,024
Cash paid for interest	6,149	8,573	10,667

FINANCIAL INFORMATION OF REGISTRANT - Narrative (Details) - Parent Company - Promissory Note

$ in Millions	Sep. 30, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]	—
Face amount	57.0
Stated interest rate	4.00%

FINANCIAL INFORMATION OF REGISTRANT - Schedule of Carrying and Fair Values of the Promissory Note (Details) - Promissory Note

USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—
Promissory Note	57,000	57,000
Fair Value	—	—
Accounts, Notes, Loans and Financing Receivable [Line Items]	—	—
Promissory Note	57,401	56,300

SCHEDULE IV

REINSURANCE

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]	—	—	—
Gross amount	1,622,594	1,375,917	1,155,835
Ceded to other companies	-724,881	-601,857	-520,663
Assumed from other companies	406,792	282,662	193,971
Net earned premiums	1,304,505	1,056,722	829,143
Accident & Health	—	—	—
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]	—	—	—
Gross amount	254,102	173,073	151,702
Ceded to other companies	-143,811	-86,503	-79,091
Assumed from other companies	0	0	0
Net earned premiums	110,291	86,570	72,611
Percentage of amount assumed to net	0.00%	0.00%	0.00%
Property & Casualty	—	—	—
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]	—	—	—
Gross amount	1,430,309	1,285,564	1,089,478
Ceded to other companies	-616,193	-533,151	-470,047
Assumed from other companies	481,825	284,595	218,649
Net earned premiums	1,295,941	1,037,008	838,080
Percentage of amount assumed to net	37.20%	27.40%	26.10%

SCHEDULE V

VALUATION AND QUALIFYING ACCOUNTS

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Accounting Standards Update [Extensible Enumeration]	—	—	Accounting Standards Update 2016-13 [Member]
Valuation Allowance For Deferred Tax Assets	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	586	586	586
Charged to costs and expenses	68	0	0
Amounts written off	0	0	0
Recoveries of amounts previously written off	0	0	0
Valuation allowances and reserves, amount, ending balance	654	586	586
Valuation Allowance For Deferred Tax Assets / Period of adoption, adjustment	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	—	—	0
Allowance for Uncollectible Reinsurance Recoverable	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	2,295	2,295	0
Charged to costs and expenses	0	13,585	0
Amounts written off	0	-13,585	0
Recoveries of amounts previously written off	0	0	0
Valuation allowances and reserves, amount, ending balance	2,295	2,295	2,295
Allowance for Uncollectible Reinsurance Recoverable / Period of adoption, adjustment	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	—	—	2,295
Allowance for Uncollectible Premiums Receivable	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	2,432	964	629
Charged to costs and expenses	2,351	3,235	748
Amounts written off	-2,141	-1,895	-513
Recoveries of amounts previously written off	498	128	100
Valuation allowances and reserves, amount, ending balance	3,140	2,432	964
Allowance for Uncollectible Premiums Receivable / Period of adoption, adjustment	—	—	—
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]	—	—	—
Valuation allowances and reserves, amount, beginning balance	—	—	0

SCHEDULE VI

SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

USD ($) $ in Thousands	12 Months Ended
—	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]	—	—	—
Deferred policy acquisition costs	136,100	113,183	91,955
Reserve for losses and loss adjustment expenses	2,318,894	1,782,383	1,314,501
Unearned premiums	774,035	637,185	552,532
Net earned premium	1,304,505	1,056,722	829,143
Net investment income	83,619	80,686	40,322
Losses and loss adjustment expenses (current year)	810,375	657,783	516,664
Losses and loss adjustment expenses (prior years)	-7,471	25,728	0
Amortization of policy acquisition costs	195,422	149,975	108,514
Paid claims and claim adjustment expenses	516,712	430,991	363,418
Net premiums written	1,406,232	1,123,578	910,691
Ceded unearned premium	238,948	203,901	186,121
Deferred ceding commission	46,453	40,434	37,057