Skyward/2025/FY/Annual report

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

This article presents Skyward's FY 2025 annual report — the narrative Items (each summarized into a factsheet), primary financial statements, and note schedules from its SEC Form 10-K.

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

Business

Who We Are

• Skyward Specialty was formed as a Delaware corporation on January 3, 2006, as an insurance holding company ^{p. 1}.
• The company operated under the name Houston International Insurance Group, Ltd. until re-branding as Skyward Specialty in November 2020 ^{p. 1}.
• Skyward Specialty is a growing specialty insurance company providing commercial insurance products and solutions on both non-admitted (E&S) and admitted bases, primarily in the United States ^{p. 1}.
• The company focuses on underserved, dislocated, or inadequately covered markets, requiring highly specialized, customized underwriting solutions and claims capabilities ^{p. 1}.
• Portfolio of insured risks is highly diversified, covering various industries, distributed through multiple channels, and writing multiple lines of business ^{p. 1}.
  • Lines of business include 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 ^{p. 1}.
  • Insures both short and medium duration liabilities ^{p. 1}.
  • Business mix is principally primary insurance, balanced between E&S and admitted markets ^{p. 1}.
• A portion of the business is specialty reinsurance, primarily property, agriculture, and credit, focused on attractive specialty classes where reinsurance is more efficient due to factors like cost of entry and geographic expansion ^{p. 1}.
• This diversification, including businesses not typically aligned with traditional P&C pricing cycles, combined with underwriting and claims expertise, aims to produce strong growth and profitability across all insurance pricing cycles ^{p. 1}.
• The company is led by an entrepreneurial executive management team with decades of insurance leadership experience in the global P&C industry ^{p. 1}.
• The leadership is supported by an experienced team aligned with the company's strategy ^{p. 1}.
• The company's high-quality leadership, underwriting and claims teams, technology DNA, advanced analytics capabilities, diversified book of business, and strong competitive position are expected to enable profitable business growth ^{p. 1}.
• The company aims to deliver long-term value for shareholders by generating best-in-class underwriting profitability and book value per share growth across P&C market cycles ^{p. 1}.
• All insurance company subsidiaries are group rated and hold financial strength ratings of “A” (Excellent) from A.M. Best Company, with a stable outlook ^{p. 1}.

Apollo Acquisition

• On September 2, 2025, the company entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders of Apollo Group Holdings Limited ("Apollo"), referred to as the "Majority Sellers" ^{p. 2}.
• Pursuant to the Apollo Majority SPAs, the company agreed to acquire approximately 87% of the issued share capital of Apollo held by the Majority Sellers ^{p. 2}.
• The closing of the transaction ("Closing") was conditioned upon the company acquiring 100% of Apollo's issued share capital (the “Acquisition”) through additional short-form share purchase agreements (the "Apollo Minority SPAs") with the remaining minority shareholders ("Minority Sellers") ^{p. 2}.
• The Acquisition closed on January 1, 2026 ^{p. 2}.
• The consideration for the transaction was satisfied by issuing common stock of the Company to certain sellers and the remainder in cash ^{p. 2}.
• Apollo is a U.S.-centric specialty underwriting platform operating at Lloyd’s of London, characterized by low volatility, high growth, and a capital-light business model ^{p. 2}.
• Apollo has consistently grown gross written premium since its formation in 2010 ^{p. 2}.
• Through Syndicate 1969, Apollo underwrites a multi-class specialty insurance portfolio ^{p. 2}.
• Through Syndicate 1971, Apollo provides a platform liability product for the digital and sharing economy ^{p. 2}.
• Apollo provides capital to syndicates 1969 and 1971 in exchange for a pro-rata share of underwriting income, with third parties providing the remaining capital ^{p. 2}.
• Apollo earns managing agency fees and profit commissions as the managing agent for its own syndicates and for third-party syndicates, known as platform partners ^{p. 2}.
• The acquisition aligns with Skyward Specialty’s strategy by bringing new specialty niches, a new economy offering, accelerating innovation, and adding Apollo’s advanced technology capabilities ^{p. 2}.
• David Ibeson will continue as CEO of Apollo, leading its growth as a subsidiary of Skyward Specialty, along with Apollo’s management team ^{p. 2}.

Our Business and Our Strategy

• The company operates through one reportable segment, offering a broad array of insurance coverages across various market niches ^{p. 3}.
• The company has nine distinct underwriting divisions, each with dedicated leadership and technical staff experienced in their niches ^{p. 3}.
• This structure aims to effectively serve customer needs, be a value-add partner to distributors, and earn attractive risk-adjusted returns ^{p. 3}.
• For the year ended December 31, 2025, gross written premiums were 41% admitted and 59% non-admitted ^{p. 3}.
• Accident & Health (A&H) underwriting division provides medical stop loss to employers who self-insure employee benefits and covers group and single-employer captives ^{p. 3}.
• The A&H captives program offers tailored medical stop-loss and reinsurance solutions for group and single-employer captive arrangements, with dedicated underwriting and claims oversight ^{p. 3}.
• The A&H division targets small and medium-sized enterprises seeking to control healthcare costs by self-insuring a portion of their healthcare insurance ^{p. 3}.
• A&H products are written on an admitted basis and distributed primarily through retail and wholesale broker partners ^{p. 3}.
• Agriculture and Credit (Re)insurance underwriting division provides specialty risk-transfer solutions across a diversified global portfolio ^{p. 3}.
• This division covers agriculture, dairy and livestock revenue protection, and mortgage and credit product lines ^{p. 3}.
• It supports insurers, MGAs, and other risk originators with tailored treaty protection using proportional and excess of loss structures ^{p. 3}.
• The global agriculture book covers weather and natural peril-driven volatility and other production and yield risks ^{p. 3}.
• The mortgage portfolio supports government-sponsored entities and private mortgage insurers against default and loss severity volatility, typically due to macroeconomic stress ^{p. 3}.
• The credit portfolio provides protection against losses from default risk for single obligors and multi-buyer trade credit across diverse regions and industries ^{p. 3}.
• The dairy and livestock business provides producers with revenue protection against price volatility in milk, cattle, and hog markets ^{p. 3}.
• Derivative instruments, primarily put options and futures, are used to mitigate commodity price risk associated with exposure to cattle, hog, and milk prices ^{p. 3}.
• These derivative instruments are used solely to manage exposure to adverse price movements, with positions adjusted throughout the year ^{p. 3}.
• See Note 8, “Derivatives” to the consolidated financial statements in Item 8 of Form 10-K for additional information on derivatives ^{p. 3}.
• Captives underwriting division provides group captive solutions by leveraging underwriting and claims expertise from other divisions ^{p. 3}.
• This division writes property, general liability, commercial auto, excess liability, and workers’ compensation lines of business on an E&S and admitted basis ^{p. 3}.
• Business is often administered through partnerships with third-party captive managers ^{p. 3}.
• Construction & Energy Solutions underwriting division focuses on high-severity exposures, offering tailored multi-line solutions including general liability, excess liability, commercial auto, and workers’ compensation ^{p. 3}.
• Products are distributed through retail agents, brokers, and a select network of wholesalers ^{p. 3}.
• Global Property underwriting division provides comprehensive property insurance and reinsurance solutions for commercial clients worldwide ^{p. 3}.
• Offerings protect against physical loss or damage to assets, including buildings, equipment, and inventory, due to natural catastrophes and other insured perils ^{p. 3}.
• Professional Lines underwriting division includes three units: management liability, professional liability (including cyber), and allied health (including life sciences) ^{p. 3}.
• Management/Professional liability and allied health provide primary and excess claims-made liability products on an E&S and admitted basis ^{p. 3}.
• These products are distributed through both wholesale and retail brokers, depending on the product ^{p. 3}.
• Specialty Programs underwriting division partners with program administrators focused on specific markets ^{p. 3}.
• This partnership model is used to profitably participate or extend reach in certain markets, leveraging program administrators' competitive advantages like scale or proprietary technology ^{p. 3}.
• The Specialty Programs division writes property, general liability, commercial auto liability, excess liability, and workers’ compensation lines of business on an E&S and admitted basis ^{p. 3}.
• Surety underwriting division provides contract, commercial, and transactional surety solutions to trade and services organizations ^{p. 3}.
• The focus is principally 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 ^{p. 3}.
• This business is written on an admitted basis and distributed through retail agents and brokers ^{p. 3}.
• Transactional E&S underwriting division provides primary and excess non-catastrophe prone property and general liability solutions ^{p. 3}.
• This division emphasizes risks considered hard to place due to complexity, loss history, or limited operating history (e.g., start-ups) ^{p. 3}.
• Success in this market is determined by technical underwriting, thoughtful coverage provisions, pricing, and high-quality broker service ^{p. 3}.
• Market access in this division is exclusively through wholesale brokers ^{p. 3}.
• Business units and lines of business previously exited and placed into run-off are referred to as "exited business" ^{p. 3}.
• The company's strategy, referred to as “Rule Our Niche,” aims to lead in chosen market niches and establish sustainable, competitive positions ^{p. 3}.
• Key elements of the strategy include:
  • Providing differentiated products, services, and solutions for target markets ^{p. 3}.
  • Attracting and retaining exceptional underwriting and claims talent, incentivized to align with organizational and corporate goals ^{p. 3}.
  • Amplifying expertise with advanced technology and analytics for superior risk selection, pricing, and claims management ^{p. 3}.
  • Empowering underwriting and claims teams with significant authority for decision-making and expertise application ^{p. 3}.
  • Fostering a culture that promotes nimbleness and responsiveness to market opportunities and dislocation ^{p. 3}.
• The principles underlying this strategy are considered key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles ^{p. 3}.
• The company strives for excellence in risk selection, pricing, and claims outcomes, amplified by advanced technology and analytics ^{p. 3}.

Our Competitive Strengths

• Competitive strengths include a focus on profitable market niches requiring technical underwriting and claims management as barriers to entry ^{p. 4}.
• The company targets underserved, dislocated, or complex commercial lines P&C markets for attractive risk-adjusted returns ^{p. 4}.
• Underwriting divisions are built around deeply experienced underwriters empowered with authority to make decisions ^{p. 4}.
• Underwriters' experience is augmented with data and predictive analytics for risk selection, pricing, and efficiency ^{p. 4}.
• The company hires and retains highly skilled underwriting and technical staff who use their expertise and judgment for evaluating and pricing complex risks, rather than strict underwriting rules ^{p. 4}.
• Superior Claims Staff and Operations include a specialized team knowledgeable in specific niches and lines of business ^{p. 4}.
• Claims professionals address first-party claims with fair solutions and third-party claims with comprehensive responses, aiming for consistent and early loss recognition of indemnity and loss adjustment expenses (LAE) ^{p. 4}.
• Claims are handled quickly by specialized adjusters using expertise, advanced technology, and analytics ^{p. 4}.
• Technology is deeply embedded in the claims process, from first notice of loss to investigation and settlement ^{p. 4}.
• Analytics capabilities provide real-time, detailed information on open claims and benchmarks against closed claims for senior leadership and claims teams ^{p. 4}.
• SkyBI, the business intelligence platform, provides real-time intelligence to senior leadership and technical teams for decision-making ^{p. 4}.
• SkyBI is a single, comprehensive enterprise-wide data repository for reporting, business intelligence, analytics, and advanced data capabilities ^{p. 4}.
• SkyBI provides information and performance metrics across the company in a visualized format, filterable by categories such as distributor, customer segment, line of business, industry, underwriter, and risk feature ^{p. 4}.
• Advanced technology and new risk data are used for underwriting and claims decisions ^{p. 4}.
• Underwriting decisions combine reliable historical data and in-depth risk evaluation with new forms of risk data and predictive analytics ^{p. 4}.
• Generative artificial intelligence is utilized in underwriting and claims handling to enhance effectiveness and efficiency, while still relying on employee expertise ^{p. 4}.
• The company has a diversified business with underwriting divisions spanning multiple product lines, industries, geographies, and distribution channels ^{p. 4}.
• The business aims to adapt to market conditions by growing certain lines when favorable and limiting exposure when conditions are less favorable ^{p. 4}.
• The diversity of the book allows the company to respond to and capitalize on market opportunities and dislocations across insurance market and pricing cycles ^{p. 4}.
• The company has an attractive and winning culture, evidenced by internal surveys, public information (Glassdoor, LinkedIn), and selection as a "Best Places to Work in Insurance" ^{p. 4}.
• The culture features a flat communication and decision-making structure, empowering staff to make decisions and supporting them with a clear measurement system ^{p. 4}.
• A hybrid work schedule offers employees flexibility for remote working ^{p. 4}.
• The company maintains an entrepreneurial environment that encourages a proactive approach to capitalize on market disruption ^{p. 4}.
• The leadership team is high-quality, experienced, and aligned with shareholders ^{p. 4}.
• The executive leadership team is led by Chairman and CEO Andrew Robinson ^{p. 4}.
• Senior leadership compensation includes material long-term and short-term incentives tied to delivering sustainable, best-in-class underwriting returns ^{p. 4}.
• Executive leadership has additional long-term incentive targets tied directly to growth in book value per share ^{p. 4}.

Our Strategy in Action

• The company's "Rule Our Niche" strategy guides all activities from recruiting to claims resolution ^{p. 5}.
• The goal of the "Rule Our Niche" strategy is to generate best-in-class underwriting profitability for niches and create superior long-term shareholder value through growth in book value per share ^{p. 5}.
• Core tenets of the "Rule Our Niche" strategy include attracting and retaining blue-chip underwriting and claims talent ^{p. 5}.
• The company seeks to hire technical underwriting professionals with long-standing industry relationships and claims professionals with expertise in specific niches ^{p. 5}.
• These relationships are crucial for consistent access to preferred business ^{p. 5}.
• The company aims to grow its market position by recruiting world-class talent in chosen markets ^{p. 5}.
• Another core tenet is leveraging technology to differentiate from competitors ^{p. 5}.
• The company has demonstrated an ability to use new forms of risk data and advanced technology in complex, high-severity risk categories within the specialty P&C insurance market ^{p. 5}.
• SkyBI provides the ability to promptly sense and respond to market changes ^{p. 5}.
• Core operating platforms allow efficient entry into new markets without complex systems ^{p. 5}.
• The company believes its technological advantage supports profitable growth and expansion into additional specialty market niches ^{p. 5}.
• A further tenet is profitably growing existing lines of business and expanding with new underwriting divisions ^{p. 5}.
• The company is positioned to capitalize on trends impacting customers in the U.S. and globally ^{p. 5}.
• One trend is the rising demand for specialized insurance due to increasing and complex risks from climate change, severe weather events, supply chain uncertainty, financial inflation, cyber risk, novel health risks, increased litigation, attorney involvement, jury awards, and healthcare delivery/cost ^{p. 5}.
• Another market trend is the emergence of "micro cycles and micro dislocations" in the P&C insurance market ^{p. 5}.
• The company has reacted quickly to these trends by launching new underwriting units (some not aligned with P&C cycles), entering underserved markets, partnering with technology providers, and launching new captive solutions ^{p. 5}.
• Gross written premium growth and profitability indicate momentum and position the company for continued expansion ^{p. 5}.
• Differentiating on daily excellence to drive best-in-class underwriting performance is also a core tenet ^{p. 5}.
• Meeting long-term goals, including best-in-class underwriting returns and book value per share growth, depends on day-to-day operational execution across all functional departments (underwriting, product management, claims management) ^{p. 5}.
• SkyBI enables senior management to monitor performance, including renewal rates, new business pricing, portfolio performance, claims aging, and reserving practices ^{p. 5}.
• Focus on underwriting fundamentals is central to the strategy ^{p. 5}.
• Cross-functional collaboration ensures regular review of performance and trends by underwriting, claims, actuarial, and product management teams for quick implementation of portfolio, pricing, and coverage changes ^{p. 5}.
• The company aims to use its balance sheet to capture a larger market share ^{p. 5}.
• The company is committed to maintaining a strong balance sheet through conservative loss reserves and strong capitalization ratios ^{p. 5}.
• This commitment is considered imperative for maintaining confidence among customers, distribution partners, reinsurers, regulators, rating agencies, and shareholders ^{p. 5}.
• Claims case reserve practices aim to reserve to the expected ultimate loss within 90 days of the first notice of loss ^{p. 5}.
• The company maintains a level of incurred but not reported reserves ("IBNR") that, combined with case reserves, exceeds the actuarial central estimate ^{p. 5}.
• Loss reserves represent the company's best estimate of ultimate losses ^{p. 5}.

Marketing and Distribution

• The company's marketing and distribution approach aligns with its underwriting strategy and is central to its "Rule Our Niche" strategy ^{p. 6}.
• Underwriting teams and the company maintain strong relationships and reputations with distribution partners, facilitating new affiliations ^{p. 6}.
• The company believes it succeeds with distribution partners due to its deep expertise in niche markets, high-caliber underwriters, culture of innovation, thoughtful product line-up and design, and responsive speed and quality ^{p. 6}.
• All underwriting divisions dedicate significant time and effort to maintaining and expanding distribution partner loyalty and long-term relationships ^{p. 6}.
• The company tailors its choice of distribution partners to access specific business, similar to how it tailors underwriting to insureds' needs ^{p. 6}.
• Products are distributed through retail agents, wholesale brokers, select program administrators, and captive managers ^{p. 6}.
• This distribution strategy enables effective and efficient access to targeted business based on market niche needs and dynamics ^{p. 6}.

Underwriting

• The company's underwriting approach is central to its "Rule Our Niche" strategy and market success ^{p. 7}.
• Within its nine divisions, the company further specializes underwriting teams to focus on specific niches ^{p. 7}.
• The underwriting approach relies on hiring highly experienced, best-in-class, and diverse technical underwriters with proven track records in specific specialty niche markets ^{p. 7}.
• Underwriters' skills are enhanced with advanced technology and data analytics, and they are empowered with appropriate decision-making authority ^{p. 7}.
• This approach is believed to lead to superior risk selection and pricing, and sustainable best-in-class underwriting results across market cycles ^{p. 7}.
• The company aims to improve underwriting professionals' capabilities and experience using new data and analytics for risk selection and pricing ^{p. 7}.
• Underwriting data is captured in the company's business intelligence platform, SkyBI ^{p. 7}.
• SkyBI serves as a comprehensive data repository for reporting, analytics, and other data capabilities, and is a key tool for senior management and business leaders ^{p. 7}.
• The company is highly selective in binding policies, encouraging underwriters to move on from opportunities that do not meet premium and coverage term standards ^{p. 7}.
• When accepting risks, the company carefully establishes terms and prices suited to the underlying exposure ^{p. 7}.
• In the admitted market, the company ensures approved forms and filed rates are appropriate and adequate for accepted risks, while allowing flexibility for specific or unique exposures ^{p. 7}.
• In the E&S market, the company utilizes freedom of rate and form to match risk and coverage to unique needs and exposures ^{p. 7}.
• Policies are crafted to offer affordable and appropriate protection for insureds' exposures, while also structuring coverage to make potential losses more predictable and manage claims costs ^{p. 7}.
• Underwriting teams receive support and collaboration from Claims, Actuarial, Product Management, Legal and Compliance, and Finance departments ^{p. 7}.
• This collaboration ensures that business trends, legal and tort developments, and competitor and regulatory actions are analyzed, shared, and acted upon promptly ^{p. 7}.
• Underwriters are considered central to the company, with all support functions incentivized and measured to achieve underwriting profitability targets ^{p. 7}.
• This structure helps identify opportunities and issues early, contributing to the company's nimbleness and ability to capitalize on market disruptions ^{p. 7}.
• Underwriting controls and procedures are regularly reviewed to ensure profitable underwriting across all served markets ^{p. 7}.

Claims Management

• Skyward's claims department operates under six guiding principles: prompt and comprehensive investigations using advanced analytics and technology; quality claims handling with customer engagement; prompt establishment of reserves based on best estimates; effective pursuit of contribution and subrogation; detection and prevention of fraud; and disciplined litigation management for superior legal defense and cost monitoring ^{p. 8}.
• Continuous training is provided to claim staff on evaluation, strategy, litigation management, good-faith handling, and best practices to achieve timely and optimal claim outcomes ^{p. 8}.
• The majority of claims are handled in-house ^{p. 8}.
• Third Party Administrators (TPAs) are utilized for specific instances such as programs, captives, occupational accident, workers' compensation, and runoff claims ^{p. 8}.
• TPAs are actively managed, overseen, and regularly audited to ensure compliance with Skyward's claims handling, reserving guidelines, and general best practices ^{p. 8}.
• Independent legal counsel is retained for liability claims against insureds when warranted, selected based on geographical location and expertise ^{p. 8}.
• Litigation guidelines have been developed for claims professionals and outside counsel to ensure appropriate defense for insureds ^{p. 8}.
• A legal spend management solution is used to analyze legal invoices for adherence to case handling and billing practice standards, ensuring reasonable and customary legal costs ^{p. 8}.
• Technology is leveraged for efficiency in claims handling, including a Claims Development Severity Predictor model ^{p. 8}.
• The Claims Development Severity Predictor identifies claims likely to lead to large loss development using key phrases, enabling early identification, proactive management, and summarization of development reasons ^{p. 8}.
• This predictive model is integrated into the claims review and management workflow ^{p. 8}.
• A "quick strike" program has been implemented for commercial auto claims, deploying experienced investigators and vendors to accident scenes, ideally within two hours, regardless of location ^{p. 8}.
• The quick strike program aims to evaluate accident facts and circumstances rapidly and, if appropriate, resolve third-party claims quickly ^{p. 8}.
• Claims handlers and managers are organized by line of business to ensure specialized expertise ^{p. 8}.
• Managers and adjusters collaborate closely with underwriting partners to inform them of legal trends and emerging claims issues, educating underwriters on loss experience for risk selection ^{p. 8}.

Technology

• Technology is central to operations and decision-making, aiming for long-term competitive advantage ^{p. 9}.
• Technology is deployed across the organization to drive competitive advantages in three primary functional ways ^{p. 9}.
• SkyBI is a business intelligence platform providing real-time intelligence to senior leadership and technical teams for decision-making ^{p. 9}.
• SkyBI incorporates best practices from the management team's experience in P&C insurance and technology sectors ^{p. 9}.
• SkyBI is a single, comprehensive enterprise-wide data repository for reporting, business intelligence, analytics, and advanced data capabilities ^{p. 9}.
• SkyBI provides information and performance metrics across the company in a visualized format ^{p. 9}.
• Data in SkyBI can be filtered by categories such as distributor, customer segment, line of business, industry, underwriter, and risk feature ^{p. 9}.
• SkyBI helps establish clear objectives and facilitates decision-making ^{p. 9}.
• Predictive analytics technology augments employee capabilities using new risk data and predictive analytics, including AI, for risk selection, pricing, and claims handling ^{p. 9}.
• Underwriting divisions intentionally "Rule Our Niche" by innovating constantly with actions specific to each division/market served ^{p. 9}.
• Core transactional platforms (policy administration, underwriting workbench, billing, claims systems) are designed for nimble scaling and business expansion ^{p. 9}.
• The company generally uses customized third-party vendor core operating applications ^{p. 9}.
• The core platform organization is used for all business except accident & health, global property, agriculture and credit (re)insurance, and surety, which require dedicated core processing components due to their unique features ^{p. 9}.
• Data from all divisions' core operating platforms flows to the SkyBI platform with comparable data quality and granularity ^{p. 9}.
• Advanced technology for underwriting and claims, SkyBI, and core operating platforms create a flywheel effect ^{p. 9}.
• This technology allows underwriters to better select risk, claims professionals to better adjudicate claims, unit leaders to better communicate with reinsurance and third-party partners, and senior leadership to better evaluate business trends ^{p. 9}.
• These tools also improve communication accuracy, effectiveness, and efficiency with distribution partners, reinsurers, and other third-party partners ^{p. 9}.
• The company faces external threats to IT systems, including system failure, customer data theft attempts, and ransomware attacks ^{p. 9}.
• The technology infrastructure is designed to function through major disruptions ^{p. 9}.
• Data is replicated in real-time to a third-party cloud disaster recovery site for use during major system failures ^{p. 9}.
• Data is backed up daily for system restoration ^{p. 9}.
• Actions to prevent system and data disruptions include: actively monitoring Cybersecurity and Infrastructure Security Agency’s ("CISA") cybersecurity directives and taking immediate action on identified vulnerabilities ^{p. 9}.
• Monthly vulnerability scans are conducted on all network-attached devices at all locations, with patching applied as needed ^{p. 9}.
• Two-factor authentication is required for system access ^{p. 9}.
• Monthly security training is conducted for all employees ^{p. 9}.
• Endpoint detection agents are implemented for threat detection and response ^{p. 9}.
• Desktop scenarios are performed to practice responses to breaches with cybersecurity insurance partners and retained security consultants ^{p. 9}.
• Annual penetration testing is performed ^{p. 9}.
• The company constantly reviews its security breach posture and regularly implements updated processes, best practices, and tools ^{p. 9}.

Reinsurance

• Reinsurance is strategically purchased from third parties to protect capital from severity events (large single event losses or catastrophes) and reduce earnings volatility ^{p. 10}.
• Reinsurance contracts are predominantly one year in length and renew annually, primarily in January and June ^{p. 10}.
• Factors influencing reinsurance purchase changes at renewal include plans for underlying insurance coverage, updated loss activity, capital and surplus levels, risk appetite changes, and the cost and availability of reinsurance treaties ^{p. 10}.
• Reinsurance types purchased include quota share, excess of loss, and facultative coverage to limit exposure from single occurrence losses ^{p. 10}.
• The mix of reinsurance purchased considers efficiency, cost, risk appetite, and specific factors of underlying risks ^{p. 10}.
• Quota share reinsurance involves the reinsurer assuming a specified percentage of losses from a defined business class in exchange for a corresponding percentage of premiums, net of a ceding commission ^{p. 10}.
• Excess of loss reinsurance involves the reinsurer assuming all or a portion of losses for an individual claim or event exceeding a specified amount, in exchange for a negotiated premium, including catastrophe reinsurance programs ^{p. 10}.
• Facultative coverage is a reinsurance contract for individual risks, used to supplement treaty limits or cover risks/perils excluded from treaty reinsurance ^{p. 10}.
• As of December 31, 2025, property insurance represented 34% of gross written premiums ^{p. 10}.
• Aggregation of property writings by geographic area is actively managed and monitored to limit potential loss from severe events like hurricanes, convective storms, and earthquakes ^{p. 10}.
• Catastrophe reinsurance is purchased to further mitigate property loss aggregation due to single or series of events ^{p. 10}.
• Third-party stochastic and internal deterministic models are used to analyze the risk of loss aggregation for catastrophe reinsurance purchases ^{p. 10}.
• These models provide a quantitative view of PML (Probable Maximum Loss) events, estimating the expected loss level for a given return period ^{p. 10}.
• Modeling indicates that an event beyond a 1 in 250-year PML would be required to exhaust the $36.0 million property catastrophe coverage ^{p. 10}.
• The company aims to expose no more than 3.0% of stockholders’ equity to a catastrophic loss less than a 1 in 250-year event ^{p. 10}.
• The current reinsurance program is believed to provide coverage well in excess of theoretical losses from any recorded historical event ^{p. 10}.
• Reinsurance is sought from reinsurers rated at least “A-” (“Excellent”) or better by A.M. Best ^{p. 10}.
• As of December 31, 2025, 98% of reinsurance recoverables were from reinsurers rated “A-” (Excellent) or better by A.M. Best, or were collateralized ^{p. 10}.
• Failure of reinsurers to pay claims could result in losses, as the company retains primary liability to policyholders ^{p. 10}.
• Allowances for uncollectible reinsurance are established due to potential reinsurer failure ^{p. 10}.
• Allowance for uncollectible reinsurance was $2.3 million at December 31, 2025 and 2024 ^{p. 10}.

Reinsurance (1)(footnote: Legal defense expenses can force exposure above the maximum company retention for Excess Casualty, Commercial Auto and General Liability.) (2)(footnote: Reinsurance is subject to a loss ratio cap or aggregate level of loss cover that exceeds a modeled 1:250-year PML event.) (3)(footnote: Catastrophe loss protection is purchased up to $36.0 million in excess of $12.0 million retention, which provides cover for a 1:250-year PML event.)

Line of Business	Maximum Company Retention
Accident & Health	$0.90 million per occurrence
Commercial Auto (1)	$1.00 million per occurrence
Excess Casualty (1)(2)	$2.25 million per occurrence
General Liability (1)	$1.50 million per occurrence
Ocean Marine (2)	$3.00 million per occurrence
Professional Lines (2)	$5.25 million per occurrence
Property (3)	$3.50 million per occurrence
Representation and Warranty	$3.25 million per occurrence
Surety (2)	$5.00 million per occurrence
Workers’ Compensation (2)	$2.33 million per occurrence

Reinsurance (1)(footnote: This reinsurer facilitates our eMaxx captive. At December 31, 2025, we held collateral in a statutory trust of $235.2 million on our net reinsurance recoverables.)

($ in thousands)
Reinsurer	Reinsurance Recoverables	AM Best Rating
eMaxx Capitves (1)	197,989	n/r
Everest Reinsurance Co.	123,925	A+
General Reinsurance Corp	70,355	A++
Partner Reinsurance Co. of the US	65,446	A+
ACE (Chubb Property & Casulty Ins Company)	48,344	A+
RGA Reinsurance Company	43,043	A+
Lloyds Syndicate 4711	35,860	A+
Swiss Reinsurance America Corp	26,152	A+
Lloyds Syndicate 2987	25,301	A+
Aspen Insurance UK Limited	24,715	A
Top 10 Total	661,130	—
All Others	458,750	—
Total	1,119,880	—

Enterprise Risk Management

• Enterprise Risk Management (ERM) is integrated into nearly every aspect of the company and guides daily activities ^{p. 11}.
• The ERM approach aims to achieve an acceptable risk-adjusted return for shareholders while maintaining trust and reliability for those served ^{p. 11}.
• The company is intentional in its underwriting and asset portfolio construction ^{p. 11}.
• Underwriting portfolio balances liability duration and market cyclicality ^{p. 11}.
• Reinsurance is used to manage volatility outside of risk tolerances ^{p. 11}.
• Investment strategy targets a diversified portfolio that balances yield, liquidity, volatility, and potential for principal loss ^{p. 11}.
• The SVP, CFO & Head of ERM - US Operations oversees critical ERM processes and chairs the cross-functional corporate ERM Committee ^{p. 11}.
• The company formalizes its view of risk and solvency using an Economic Capital Model (ECM) to measure potential economic loss ^{p. 11}.
• ECM output measures potential earnings and capital loss across various scenarios ^{p. 11}.
• These outputs are measured against risk tolerances set and updated annually by the ERM Committee and discussed with the Risk Committee of the Board of Directors ^{p. 11}.
• The ECM provides a probabilistic modeled view of earnings and capital loss, integrating potential losses from catastrophes, reserving, underwriting, market, credit risk, strategic, and operational risks ^{p. 11}.
• The SVP, CFO & Head of ERM works with the ERM Committee to review and maintain a comprehensive risk register, ensuring appropriate mitigations are in place and monitored ^{p. 11}.
• The top 10 risks are identified, quantified, and reviewed quarterly by the SVP, CFO & Head of ERM and the ERM Committee ^{p. 11}.
• These reports are submitted regularly to the Risk Committee by the SVP, CFO & Head of ERM and the ERM Committee ^{p. 11}.
• Operational processes and controls are designed to identify, assess, and manage key risks continuously ^{p. 11}.
• The Underwriting Committee is responsible for overseeing changes in risk appetite, product line, and division expansion ^{p. 11}.
• Claims handling practices are monitored against guidelines through regular internal audits, monthly large loss reviews, and a watchlist of potential high severity claims ^{p. 11}.
• Actuarial performs quarterly reserve studies, and the Reserve Committee meets quarterly to review and respond to trends in loss emergence ^{p. 11}.
• Key observations from actuarial studies are discussed with the CEO ^{p. 11}.
• Underwriting divisions assess rate change and retention on existing business, new business quality and pricing adequacy, and loss emergence compared to expectations on a monthly and quarterly basis ^{p. 11}.
• The SkyBI platform provides real-time portfolio, underwriting, claims, and actuarial analytics to support these processes ^{p. 11}.
• ERM is central to decision-making and daily activities, aiming to achieve market-leading risk-adjusted returns for shareholders and reinforce a culture of accountability, transparency, and sound judgment ^{p. 11}.

Reserves

• The company maintains reserves for specific claims incurred and reported, IBNR reserves, and reserves for uncollectible reinsurance when appropriate ^{p. 12}.
• The ultimate liability may differ from current reserves, and there is a risk of inadequate reserves in the insurance industry ^{p. 12}.
• Reserves are continually monitored using new information on reported claims and statistical analyses ^{p. 12}.
• Anticipated inflation is implicitly reflected in the reserving process through analysis of cost trends and historical development review ^{p. 12}.
• The company does not discount reserves for losses and LAE to reflect estimated present value ^{p. 12}.
• When a claim is reported, a case reserve is established for the estimated ultimate payment after assessing coverage, damages, and other investigations ^{p. 12}.
• Case reserve estimates are based on reserving practices and the claims adjuster’s experience and knowledge of the claim type and value ^{p. 12}.
• Case reserves are revised periodically based on subsequent developments ^{p. 12}.
• IBNR reserves are established in accordance with industry practice to cover estimated future loss payments on incurred but not yet reported claims and potential development on reported claims ^{p. 12}.
• IBNR reserves are estimated using generally accepted actuarial reserving techniques that consider quantitative loss experience data and qualitative factors ^{p. 12}.
• Loss reserves are regularly reviewed using various actuarial techniques ^{p. 12}.
• Reserve estimates are updated as historical loss experience develops, additional claims are reported/settled, and new information becomes available ^{p. 12}.
• Reserves can be increased or decreased over time as claims move towards settlement, impacting earnings through adverse development or reserve releases ^{p. 12}.
• Additional information on loss reserves is available in Item 7 of Form 10-K, specifically "Management’s Discussion and Analysis of Financial Condition and Results of Operations - “Results of Operations - Losses and LAE” and “Critical Accounting Policies” ^{p. 12}.

Investments

• The company aims to maintain a balanced investment portfolio primarily consisting of investments that yield predictable and stable returns ^{p. 13}.
• Select strategic investments are used to augment the portfolio, generating attractive risk-adjusted returns ^{p. 13}.
• An Enterprise Based Asset Allocation model is used for the investment allocation strategy ^{p. 13}.
• This model is integrated into the Economic Capital Model, as detailed in the ERM discussion in Item 1 ^{p. 13}.
• The model helps understand the impact of investment allocation decisions on capital, liquidity, and risk profile across various market scenarios ^{p. 13}.
• The company actively manages and monitors investment risk to balance stable growth and liquidity with compliance requirements of insurance regulatory and rating agency frameworks ^{p. 13}.
• The investment portfolio mainly includes cash and cash equivalents and investment-grade fixed-maturity securities ^{p. 13}.
• Additional investments are included if they align with the company's risk appetite ^{p. 13}.
• The Investment Committee of the Board of Directors reviews and approves the investment policy and strategy ^{p. 13}.
• This committee meets quarterly to review investment activities, tactics, and new investment opportunities ^{p. 13}.
• The portfolio is directed internally and includes both self-managed investments and portfolios managed by select third-party investment management firms ^{p. 13}.
• For further discussion on investments and related market risks, refer to Item 7 of this Form 10-K, "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Investments" ^{p. 13}.

Competition

• The specialty lines property & casualty insurance market includes many markets and sub-markets, each with distinct customer needs, products, services, and specific economic and structural features ^{p. 14}.
• Competition in underwriting divisions comes from other specialty and standard insurers, as well as program administrators ^{p. 14}.
• Competition factors include pricing, general reputation, perceived financial strength, broker relationships, product terms and conditions, independent rating agency ratings, speed and reputation of claims payment, and the experience and reputation of underwriting and claims teams ^{p. 14}.
• Due to the diversity of underwriting divisions, competition is broad, with some competitors specific to only a subset of divisions ^{p. 14}.
• 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. ^{p. 14}.

Our Structure

• Operations are conducted principally through four insurance companies ^{p. 15}.
• Great Midwest Insurance Company (GMIC), the largest insurance subsidiary, underwrites multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia ^{p. 15}.
• GMIC is a certified surety bond company listed with the Department of the Treasury ^{p. 15}.
• 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 ^{p. 15}.
• Imperium Insurance Company (IIC), a subsidiary of HSIC, underwrites on an admitted basis in all 50 states and the District of Columbia ^{p. 15}.
• Oklahoma Specialty Insurance Company (OSIC), a subsidiary of IIC, is an approved surplus lines company in 49 states and the District of Columbia ^{p. 15}.
• Effective December 31, 2024, the insurance company subsidiaries were restacked into the aforementioned organizational structure ^{p. 15}.
• This restacking allowed the growing surety business to receive the capital needed to operate more effectively within the surety T-listing market ^{p. 15}.
• Skyward Re is a wholly-owned captive reinsurance company domiciled in the Cayman Islands, incorporated on January 7, 2020 ^{p. 15}.
• Skyward Re was established to facilitate the LPT, which was commuted effective January 31, 2025 ^{p. 15}.
• Skyward Underwriters Agency, Inc. is a licensed agent, managing general agent, and reinsurance broker ^{p. 15}.
• Skyward Service Company provides various administrative services to the subsidiaries ^{p. 15}.
• Skyward Specialty No. 1 Limited Company is a UK company and an authorized Lloyd’s corporate member ^{p. 15}.
• Skyward Specialty Insurance Group, Inc. (Delaware corporation) is the parent company ^{p. 15}.
• Skyward Specialty Insurance Group, Inc. has direct relationships with Skyward Service Company (Delaware corporation), Great Midwest Insurance Company (Texas stock insurance company), Skyward Underwriters Agency, Inc. (Texas corporation), Skyward Specialty No. 1 Limited (United Kingdom company), and Skyward Re (Cayman Islands corporation) ^{p. 15}.
• Great Midwest Insurance Company has a direct relationship with Houston Specialty Insurance Company (Texas stock insurance company) ^{p. 15}.
• Houston Specialty Insurance Company has a direct relationship with Imperium Insurance Company (Texas stock insurance company) ^{p. 15}.
• Imperium Insurance Company has a direct relationship with Oklahoma Specialty Insurance Company (Oklahoma insurance corporation) ^{p. 15}.
• Each entity in the organizational structure is wholly-owned by its immediate parent ^{p. 15}.

Our Structure

—	2025
Texas	10.7%
Pennsylvania	7.6
Florida	7.2
California	7.1
New York	6.3
Louisiana	6.1
Illinois	4.1
New Jersey	4.1
Georgia	3.8
Delaware	3.1
All other states and countries	39.9
Total	100.0%

Our Structure

Ratings

• Skyward Specialty Insurance Group, Inc. holds an "A" (Excellent) rating with a stable outlook from A.M. Best ^{p. 16}.
• A.M. Best rates insurance companies based on factors relevant to policyholders ^{p. 16}.
• A.M. Best assigns 13 ratings to insurance companies, ranging from "A++" (Superior) to "D" (Poor) ^{p. 16}.
• The "A" (Excellent) rating is the third highest rating assigned by A.M. Best ^{p. 16}.
• A.M. Best evaluates a company's financial and operating performance by reviewing profitability, leverage, liquidity, book of business, reinsurance adequacy and soundness, quality and estimated market value of assets, adequacy of losses and loss expense reserves, surplus adequacy, capital structure, management experience and competence, and market presence ^{p. 16}.
• A.M. Best's ratings reflect its opinion on an insurance company’s financial strength, operating performance, and ability to meet obligations to policyholders ^{p. 16}.
• 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 ^{p. 16}.

Regulation

• The company is regulated by insurance regulatory authorities in the states where it conducts business ^{p. 17}.
• State insurance laws and regulations are primarily designed to protect policyholders, consumers, and claimants, not stockholders or other investors ^{p. 17}.
• The nature and extent of state regulation varies by jurisdiction ^{p. 17}.
• State insurance regulators have broad administrative power over matters such as capital and surplus requirements, licensing, product form and rate review, reserve adequacy standards, statutory accounting methods, financial report content, affiliate transactions, and investment types and amounts ^{p. 17}.
• Insurance company regulation is constantly changing due to governmental agency and legislative reactions to issues ^{p. 17}.
• Some state legislatures have considered or enacted laws that alter and often increase state authority to regulate insurance companies and holding company systems, as a protection against federal involvement ^{p. 17}.
• The National Association of Insurance Commissioners (NAIC) and some state insurance regulators are re-examining existing laws and regulations, focusing on solvency issues, interpretations of existing laws, and the development of new laws ^{p. 17}.
• The federal government does not directly regulate the business of insurance, but federal initiatives can affect the industry through treatment of federal subsidiaries, regulation of quasi-governmental entities, and regulations from federal departments ^{p. 17}.
• The company operates as an insurance holding company system ^{p. 17}.
• The company is subject to insurance holding company laws in Texas, where its primary insurance companies are domiciled, and Oklahoma ^{p. 17}.
• These statutes require each insurance company in the system to register with the insurance department of its state of domicile ^{p. 17}.
• Registered companies must furnish information about operations within the holding company system that could materially affect the operations, management, or financial condition of domiciled insurers ^{p. 17}.
• All transactions among members of a holding company system must be fair and reasonable ^{p. 17}.
• Transactions between insurance subsidiaries and their parents and affiliates generally require disclosure to state regulators ^{p. 17}.
• Notice to or prior approval from the applicable state insurance regulator is generally required for any material or extraordinary transaction ^{p. 17}.

Intellectual Property

• The company has applied for various trademark registrations in the United States at both federal and state levels ^{p. 18}.
• The company will pursue additional trademark registrations and other intellectual property protection if deemed beneficial and cost-effective ^{p. 18}.
• The company monitors its trademarks and service marks and protects them from unauthorized use as necessary ^{p. 18}.

Employees and Human Capital

• Employees: Approximately 611 as of December 31, 2025 ^{p. 19}.
• Employees are not subject to any collective bargaining agreement, and no current efforts to implement one are known ^{p. 19}.
• The company believes it has good working relations with its employees ^{p. 19}.
• The company aims to be an employer of choice, fostering a culture committed to diversity of thought, background, and perspective ^{p. 19}.
• The company strives to cultivate an exceptional workforce to perpetuate its ownership culture and achieve superior business results ^{p. 19}.
• Goal: Attract, develop, and retain diverse talent, promoting a culture where different viewpoints are valued, individuals feel respected, are treated fairly, and have opportunities to excel ^{p. 19}.
• Benefits package: Competitive, including medical, dental, and vision insurance, a 401(k) plan, paid time off, family leave, employee assistance programs, and an employee stock purchase plan available to all employees ^{p. 19}.
• The company emphasizes training and development, providing opportunities for education and professional development ^{p. 19}.

Risk Factors

• Investing in the company's common stock involves a high degree of risk ^{p. 20}.
• Investors should carefully consider the risks and uncertainties described in the report, including consolidated financial statements and related notes, and other SEC filings, before investing ^{p. 20}.
• The described risks and uncertainties are not exhaustive; additional unknown or currently immaterial risks may become significant ^{p. 20}.
• If any of the identified risks occur, the company's business, operating results, financial condition, and prospects could be materially harmed ^{p. 20}.
• Such events could lead to a decline in the price of the common stock, potentially resulting in a loss of part or all of an investment ^{p. 20}.

Summary of Material Risk Factors

• Financial condition and results of operations could be materially adversely affected if underwriting risk is not accurately assessed ^{p. 21}.
• Competition for business in the industry is intense ^{p. 21}.
• Reliance on distribution channels such as insurance retail agents and brokers, wholesalers, and program administrators exposes the business to risks that could adversely affect results ^{p. 21}.
• Inability to purchase third-party reinsurance in desired amounts on commercially acceptable terms or terms that adequately provide protection may materially adversely affect the business, financial condition, and results of operations ^{p. 21}.
• Losses and loss expense reserves may be inadequate to cover actual losses, which could materially adversely affect financial condition, results of operations, and cash flows ^{p. 21}.
• Decline in financial strength rating may adversely affect the amount of business written ^{p. 21}.
• Unexpected changes in interpretation of coverage or provisions, including loss limitations and exclusions, in policies could materially adversely affect financial condition and results of operations ^{p. 21}.
• Reinsurers may not reimburse claims on a timely basis, or at all, which may materially adversely affect the business, financial condition, and results of operations ^{p. 21}.
• Failure to accurately and timely pay claims could materially and adversely affect the business, financial condition, results of operations, and prospects ^{p. 21}.
• Adverse economic factors, including recession, inflation, high unemployment, or lower economic activity, could lead to fewer policy sales, increased claim frequency, premium defaults, or falsification of claims, impacting growth and profitability ^{p. 21}.
• The insurance business is historically cyclical, which may affect financial performance and cause operating results to vary quarter-to-quarter, not indicative of future performance ^{p. 21}.
• Extensive regulation may adversely affect the ability to achieve business objectives; non-compliance could result in penalties like fines and suspensions, adversely affecting financial condition and results of operations ^{p. 21}.
• Loss of one or more key personnel or inability to attract and retain qualified personnel could adversely affect the company ^{p. 21}.
• Failure to achieve and maintain effective internal controls could impact operating results and financial condition, and negatively affect the market price of common stock ^{p. 21}.
• Costs will increase significantly as a public company, requiring substantial management time to comply with public company regulations ^{p. 21}.
• Use of derivatives to mitigate market price volatility exposure may subject the company to risks such as hedge ineffectiveness, basis risk, collateral and margin call liquidity pressures, and valuation uncertainty, any of which could adversely affect financial condition ^{p. 21}.
• Integration of Apollo may present unforeseen challenges, including difficulties in integrating technology systems, business processes, and risk management frameworks, potentially leading to operational disruptions, increased costs, or delays in realizing anticipated strategic benefits from the acquisition ^{p. 21}.

Risks Related to Our Business and Industry

• Underwriting success depends on accurately assessing risks and establishing appropriate premium rates ^{p. 22}.
• Competition in the insurance industry is intense, based on factors like price, financial strength, distribution relationships, product terms, ratings, claims payment speed, and underwriting team experience ^{p. 22}.
• Industry consolidation may further increase competition ^{p. 22}.
• Increased competition could affect the ability to price products at risk-adequate rates, retain existing business, or underwrite new business on favorable terms, potentially adversely affecting operating results ^{p. 22}.
• Reliance on distribution channels (retail agents, brokers, wholesalers, program administrators) exposes the business to risks ^{p. 22}.
• Distribution through independent agents and brokers means the business model is dependent on relationships with them, as they generally own "renewal rights" ^{p. 22}.
• Relationships with distributors can be discontinued or become unprofitable; consolidation of distribution firms may increase their influence on commission rates and business concentration ^{p. 22}.
• Credit risk is assumed from brokers who collect premiums but may not remit them, potentially requiring the company to provide coverage despite non-payment ^{p. 22}.
• Financial condition of new brokers is reviewed before transacting business, and existing distributors are periodically reviewed for profitability and alignment with business objectives ^{p. 22}.
• Deterioration in distributor relationships or failure to provide competitive compensation could lead distributors to place more premium with other carriers ^{p. 22}.
• Distributors exceeding authority, failing to transfer collected premiums, or breaching obligations could expose the company to liability ^{p. 22}.
• Continued consolidation of insurance distribution firms could negatively impact sales channels through loss of market access, market share, talent, or increased commission costs due to greater negotiating leverage ^{p. 22}.
• Digitization speed exposes the company to risks related to distributors' ability to keep pace, potentially leading to customer loss if digital experiences are not provided ^{p. 22}.
• Inability to purchase third-party reinsurance on desired or commercially acceptable terms could materially adversely affect the business ^{p. 22}.
• Strategic purchase of reinsurance protects capital from severity events and reduces earnings volatility ^{p. 22}.
• Failure to renew expiring contracts or enter new reinsurance arrangements could increase loss exposure, potentially requiring a reduction in underwriting commitments ^{p. 22}.
• Reinsurers may exclude certain coverages or alter terms, leading to gaps in reinsurance protection and greater risk exposure ^{p. 22}.
• Inadequate loss and loss expense (LAE) reserves could materially adversely affect financial condition, results of operations, and cash flows ^{p. 22}.
• Reserves are estimates of ultimate claim settlement and administration costs, not exact calculations, and actual liability may differ ^{p. 22}.
• Reserving process considers historical data and factors such as claims inflation, claims development patterns, pricing, legislative activity, social/economic patterns, and litigation trends ^{p. 22}.
• Internal and external events can increase exposure to losses, and loss reserves are continually monitored using new information and statistical techniques ^{p. 22}.
• Uncertainties impacting reserve adequacy include:
  • Time required to fully appreciate covered loss, leading to potential increases in loss estimates over time ^{p. 22}.
  • Retroactive enforcement of new theories of liability by courts ^{p. 22}.
  • Volatility in financial markets, economic events, and inflationary conditions increasing claims frequency/severity and loss costs ^{p. 22}.
  • Increased cost due to "social inflation" (medical/material costs, technology in vehicles, attorney involvement, litigation financing, lawsuit abuse) affecting claims frequency/severity and reserve adequacy ^{p. 22}.
  • Increased claims frequency, even without liability, could escalate evaluation and handling costs beyond established reserves ^{p. 22}.
• Inadequate reserves would require an increase in reserves, reducing net income and stockholders' equity in the period of identification ^{p. 22}.
• Future loss experience substantially exceeding reserves could materially adversely affect future earnings, liquidity, and financial rating ^{p. 22}.
• Decline in financial strength rating may adversely affect the amount of business written ^{p. 22}.
• A.M. Best assigned a financial strength rating of "A" (Excellent) with a stable outlook as of the filing date ^{p. 22}.
• A.M. Best ratings are based on quantitative and qualitative analysis of balance sheet strength, operating performance, and business profile, and are not recommendations to buy, sell, or hold securities ^{p. 22}.
• Factors that could lead to a downgrade of the financial strength rating include:
  • Changes in business practices from the organizational plan that no longer support the rating ^{p. 22}.
  • Unfavorable financial, regulatory, or market trends, including excess market capacity ^{p. 22}.
  • Losses exceeding loss reserves ^{p. 22}.
  • Unresolved issues with government regulators ^{p. 22}.
  • Inability to retain senior management or other key personnel ^{p. 22}.
  • Significant investment portfolio losses or limited liquidity ^{p. 22}.
  • Alterations in A.M. Best's capital adequacy assessment methodology ^{p. 22}.
• A downgrade or withdrawal of rating could cause distribution partners and insureds to choose other competitors, increase reinsurance costs or reduce availability, or limit the ability to write new and renewal insurance contracts ^{p. 22}.
• Heightened scrutiny from rating organizations due to earnings and capital pressures in the financial industry could lead to adverse ratings consequences ^{p. 22}.
• Unexpected changes in interpretation of coverage or provisions, including loss limitations and exclusions, could materially adversely affect financial condition and results of operations ^{p. 22}.
• Loss limitations or exclusions in policies may not be enforceable as intended due to changing industry practices, legal, judicial, social, and other conditions ^{p. 22}.
• Court or regulatory actions could nullify or void limitations/exclusions, or legislation could modify/bar their use, leading to higher than anticipated losses and LAE ^{p. 22}.
• Court decisions may interpret policy exclusions narrowly, expanding coverage and requiring new exclusions ^{p. 22}.
• These issues could broaden coverage beyond underwriting intent or increase claims frequency/severity, with the full extent of liability potentially not known for years ^{p. 22}.
• Reinsurers may not reimburse claims on a timely basis or at all, materially adversely affecting the business ^{p. 22}.
• Reinsurance contracts require premium payments to reinsurers who then reimburse for covered policy claims, but the ceding insurer remains primarily liable to policyholders ^{p. 22}.
• Reinsurers may default on financial obligations due to insolvency, lack of liquidity, operational failure, political/regulatory prohibitions, fraud, or disputes over agreement wordings ^{p. 22}.
• Disputes with reinsurers can be time-consuming, costly, and uncertain of success, potentially leading to increased net losses ^{p. 22}.
• Reinsurance recoverables totaled $1,119.9 million as of December 31, 2025 ^{p. 22}.
• Failure to accurately and timely pay claims could materially and adversely affect business, financial condition, results of operations, and prospects ^{p. 22}.
• Factors affecting claims payment include training/experience of claims representatives (including TPAs), management effectiveness, and appropriate procedures/systems ^{p. 22}.
• Ineffective management of TPAs or inability of staff/TPAs to handle claim volume could adversely affect workload capacity, potentially slowing growth and decreasing claims work quality ^{p. 22}.
• Exposure to severe weather conditions, earthquakes, man-made events, and the effects of climate change can adversely affect the business ^{p. 22}.
• Catastrophes include natural events (severe winter weather, storms, earthquakes, fires) and man-made events (explosions, war, terrorist attacks) ^{p. 22}.
• Changing weather patterns and climatic conditions increase unpredictability and frequency of natural disasters, including in historically unaffected areas ^{p. 22}.
• Climate change may increase frequency and severity of extreme weather events, such as hurricanes and wildfires ^{p. 22}.
• Occurrence of a natural disaster or catastrophe loss could materially adversely affect the business, even for uninsured losses like the 2025 California wildfires, as policies may be cancelled ^{p. 22}.
• Increased frequency and severity of weather events could materially increase losses and affect the ability to predict, quantify, reinsure, and manage catastrophe risk ^{p. 22}.
• Extent of losses from catastrophes depends on frequency/severity of events and total insured exposure in affected areas ^{p. 22}.
• Indirect impact can occur when insured businesses are affected by catastrophes not directly covered, leading to non-payment of premiums on other products ^{p. 22}.
• Inability to obtain reinsurance coverage at reasonable rates for severe weather and catastrophes could materially adversely affect the business ^{p. 22}.
• Exposure to pandemics, outbreaks, public health crises, and geopolitical/social events carries risks ^{p. 22}.
• Policy terms are expected to preclude coverage for virus-related claims, but court decisions and governmental actions may challenge exclusions ^{p. 22}.
• Changes in climate policy programs and legislation could have a material adverse effect on business and financial results ^{p. 22}.
• Program administrators' failure to comply with pre-established guidelines for quoting and binding authority could adversely affect results of operations ^{p. 22}.
• Program administrators have limited quoting and binding authority and can bind certain risks without initial approval ^{p. 22}.
• Non-compliance by program administrators could lead to being bound on unanticipated risks, affecting estimated losses and LAE ^{p. 22}.
• Failure of actual renewals or new business from repeat insureds to meet expectations could materially adversely affect future written premium and results of operations ^{p. 22}.
• Most contracts are one-year term and renewable; assumptions are made about renewal rates and repeat business in financial forecasting ^{p. 22}.
• Cyclical nature of the insurance industry with intense price-based competition means failure to meet renewal expectations or choosing not to write renewals due to pricing could adversely affect operations ^{p. 22}.
• Increased public attention to ESG matters may expose the company to negative public perception, reputational harm, additional costs, or stock price impact ^{p. 22}.
• Failure to respond to investor/customer expectations related to ESG concerns, or backlash against ESG topics, could harm business and reputation ^{p. 22}.
• Damage to reputation from providing policies to certain insureds could decrease demand for products and require additional resources to rebuild ^{p. 22}.
• Changes in accounting practices and future pronouncements may materially affect reported financial results, potentially requiring considerable additional expenses for compliance ^{p. 22}.
• Insurance subsidiaries must comply with statutory accounting principles (SAP), which are subject to constant review by the NAIC and state insurance departments ^{p. 22}.
• Proposals before NAIC committees could have negative effects on insurance industry participants if enacted ^{p. 22}.
• Use of derivatives to mitigate market price volatility exposes the company to risks like hedge ineffectiveness, basis risk, collateral/margin call liquidity pressures, and valuation uncertainty ^{p. 22}.
• These risks include imperfect correlation between derivatives and underlying exposures, futures prices not moving in line with cash market prices, and liquidity pressures from margin calls ^{p. 22}.
• Valuation uncertainty from market-based models may cause hedges to perform differently than expected, potentially preventing effective volatility reduction and adversely impacting financial results ^{p. 22}.

Risks Related to the Market and Economic Conditions

• Adverse economic factors like recession, inflation, high unemployment, or lower economic activity could lead to fewer policy sales, increased claim frequency, premium defaults, or claim falsification, impacting growth and profitability ^{p. 23}.
• Economic downturns characterized by higher unemployment, declining spending, and reduced corporate revenue generally affect demand for insurance products, impacting premium levels and profitability ^{p. 23}.
• Negative economic factors may affect the ability to charge appropriate rates for risk, reduce the number of policies written, and limit opportunities for profitable underwriting ^{p. 23}.
• During an economic downturn, customers may reduce insurance needs, cancel policies, modify coverage, or not renew policies ^{p. 23}.
• Existing policyholders may exaggerate or falsify claims to obtain higher payments during an economic downturn ^{p. 23}.
• A significant collapse in economic segments like construction, credit markets, or energy production/servicing could adversely affect results across several underwriting divisions ^{p. 23}.
• These outcomes would reduce underwriting profit if not reflected in the rates charged ^{p. 23}.
• The insurance business is historically cyclical, which can affect financial performance and cause operating results to vary quarterly, not necessarily indicating future performance ^{p. 23}.
• Insurance carriers have experienced significant fluctuations in operating results due to competition, catastrophic events, capacity levels, litigation trends, regulatory constraints, and general economic conditions ^{p. 23}.
• The supply of insurance is related to prevailing prices, insured losses, and available industry capital, which fluctuate with investment returns in the insurance industry ^{p. 23}.
• The insurance business is a cyclical industry with periods of intense price competition (soft market) and periods of capacity shortages leading to increased premiums (hard market) ^{p. 23}.
• Demand for insurance depends on factors such as frequency and severity of catastrophic events, capacity levels, new capital providers, and general economic conditions, all of which fluctuate and can contribute to price declines ^{p. 23}.
• The profitability of most P&C insurance companies tends to follow cyclical market patterns, with higher gross written premium growth and improved profitability during hard market cycles ^{p. 23}.
• This cyclical market pattern can be more pronounced in the E&S market than in the standard insurance market ^{p. 23}.
• When the standard insurance market hardens, the E&S market typically hardens, and E&S market growth can be significantly more rapid ^{p. 23}.
• When conditions soften, customers previously in the E&S market may return to the admitted market, exacerbating the effects of rate decreases on financial results ^{p. 23}.
• The market may experience "micro cycles" where specific areas harden or soften independently and potentially more drastically than the overall market ^{p. 23}.
• Operating results are subject to fluctuation and have historically varied quarter-to-quarter ^{p. 23}.
• Quarterly results are expected to continue fluctuating due to general economic conditions, frequency/severity of catastrophes, fluctuating interest rates, claims exceeding loss reserves, competition, deviations from expected premium retention, adverse investment performance, and reinsurance coverage costs ^{p. 23}.
• Investment portfolio performance affects results of operations ^{p. 23}.
• The investment portfolio is diversified and managed by professional investment advisory firms, with oversight from the Investment Committee ^{p. 23}.
• Investments are subject to general economic conditions, market risks, and specific security risks ^{p. 23}.
• Primary market risk exposures are to changes in interest rates and equity prices ^{p. 23}.
• A significant portion of the investment portfolio is in fixed maturity securities, or separately managed accounts and limited partnerships primarily invested in fixed maturity securities ^{p. 23}.
• Interest rates rose materially in 2022 and 2023 ^{p. 23}.
• A low interest rate environment, potentially resulting from federal government actions to slow inflation (e.g., rate cuts, Inflation Reduction Act of 2022), would pressure net investment income, particularly for fixed maturity securities and short-term investments, adversely affecting operating results ^{p. 23}.
• Recent and future interest rate increases could cause declines in the value of fixed income securities portfolios, with the magnitude depending on duration and rate increase ^{p. 23}.
• Some fixed income securities with call or prepayment options create reinvestment risk in declining rate environments ^{p. 23}.
• Mortgage-backed and other asset-backed securities carry prepayment risk or may not prepay as quickly as expected in a rising interest rate environment ^{p. 23}.
• All fixed maturity securities, including those in separately managed accounts and limited partnerships, are subject to credit risk ^{p. 23}.
• Credit risk is the risk of investment default or impairment due to deterioration in the financial condition of issuers or guarantors of securities held ^{p. 23}.
• Downgrades in credit ratings of fixed maturity securities could significantly negatively affect their market valuation ^{p. 23}.
• Investments also include marketable preferred and common equity securities and exchange-traded funds, carried at fair market value and subject to potential losses and market value declines ^{p. 23}.
• Market and credit risks could reduce net investment income and result in realized investment losses ^{p. 23}.
• The investment portfolio is subject to increased valuation uncertainties when investment markets are illiquid, such as with fixed maturity securities held to maturity, separately managed accounts, and limited partnership investments ^{p. 23}.
• Valuation of investments is more subjective in illiquid markets, increasing the risk that estimated fair value does not reflect actual transaction prices ^{p. 23}.
• Risks for all security types are managed through an investment policy that sets parameters including maximum investment percentages and minimum credit quality levels ^{p. 23}.
• These investment parameters are believed to be within guidelines established by the NAIC, Texas Department of Insurance, and Oklahoma Department of Insurance ^{p. 23}.
• The Investment Committee periodically reviews Enterprise Based Asset Allocation models for overall risk management ^{p. 23}.
• While capital preservation is sought, there is no certainty that investment objectives will be achieved, and results may vary substantially over time ^{p. 23}.
• Investment strategies aim to be uncorrelated with insurance and reinsurance exposures, but losses in the investment portfolio may coincide with underwriting losses, exacerbating adverse effects ^{p. 23}.
• The company could be forced to sell investments to meet liquidity requirements ^{p. 23}.
• Premiums received are invested until needed to pay policyholder claims ^{p. 23}.
• The duration of the investment portfolio is managed based on the duration of losses and LAE reserves to provide liquidity and avoid liquidating investments to fund claims ^{p. 23}.
• Risks such as inadequate losses and LAE reserves or unfavorable litigation trends could necessitate selling investments to fund liabilities ^{p. 23}.
• Investments may not be sellable at favorable prices or at all ^{p. 23}.
• Sales could result in significant realized losses depending on general market conditions, interest rates, and credit issues with individual securities ^{p. 23}.

Risks Related to the Regulatory Environment

• Regulation: The company is subject to extensive regulation, which may adversely affect its ability to achieve business objectives ^{p. 24}.
• Penalties for Non-Compliance: Failure to comply with regulations may result in penalties, including fines and suspensions, negatively impacting financial condition and results of operations ^{p. 24}.
• Primary Insurance Subsidiaries: GMIC, HSIC, and IIC are subject to extensive regulation in Texas (their state of domicile) and other operating states ^{p. 24}.
• Regulatory Focus: Most insurance regulations protect policyholder interests, not investor or stockholder interests ^{p. 24}.
• State Regulation Scope: Regulations administered by state insurance departments cover capital and surplus requirements, investment and underwriting limitations, affiliate transactions, dividend limitations, changes in control, solvency, and other financial/non-financial aspects of the business ^{p. 24}.
• Regulatory Impact: Significant changes in laws and regulations could limit discretion or increase business costs ^{p. 24}.
• Regulatory Examinations: State insurance regulators conduct periodic examinations and require annual/other reports on financial condition and holding company issues ^{p. 24}.
• Holding Company System: Insurance subsidiaries are part of an "insurance holding company system" under Texas statutes and regulations ^{p. 24}.
• Affiliate Transactions: Certain transactions between insurance subsidiaries and affiliates require prior notice to the Texas Department of Insurance, potentially causing business delays and additional expenses ^{p. 24}.
• Non-Compliance with Holding Company Rules: Failure to file required notifications or comply with other Texas insurance regulations could lead to significant fines, penalties, and impaired working relationships with the Texas Department of Insurance ^{p. 24}.
• License Discretion: State insurance regulators have broad discretion to deny or revoke licenses for reasons including regulation violations ^{p. 24}.
• Interpretation of Regulations: The company follows practices based on its interpretations of regulations or industry practices, which may differ from regulatory authorities' interpretations ^{p. 24}.
• Regulatory Actions: Lack of requisite licenses/approvals or non-compliance could lead to regulators precluding or suspending operations in a state or imposing penalties, adversely affecting business operations ^{p. 24}.
• Changes in Regulation: Changes in insurance industry regulation, laws, or interpretations could interfere with operations and increase compliance costs ^{p. 24}.
• Risk-Based Capital Requirements: Insurance subsidiaries are subject to risk-based capital requirements based on the NAIC model and Texas law ^{p. 24}.
• Capital Adequacy: These requirements establish minimum risk-based capital to support business operations and identify inadequately capitalized property and casualty insurers based on asset/liability risks and net written premium mix ^{p. 24}.
• Regulatory Action for Capital Shortfall: Insurers falling below a calculated threshold may face regulatory actions like supervision, rehabilitation, or liquidation ^{p. 24}.
• Impact on A.M. Best Rating: Failure to maintain required risk-based capital levels could adversely affect the insurance subsidiary's regulatory authority and A.M. Best Rating ^{p. 24}.
• Additional Regulation: The company may become subject to additional government or market regulation, potentially having a material adverse impact on its business ^{p. 24}.
• Changes in Laws: Business could be adversely affected by changes in laws related to asset/reserve valuation, surplus requirements, investment/dividend limitations, enterprise risk, and risk-based capital ^{p. 24}.
• Federal Regulation: The U.S. federal government generally does not directly regulate the insurance industry, except for areas like flood, nuclear, and terrorism risks, but could consider legislation affecting the industry (e.g., privatization of Freddie Mac/Fannie Mae, reduction in federal subsidies, tort reform, corporate governance, taxation of reinsurance companies) ^{p. 24}.
• U.S. Tax Law Changes: Changes to U.S. tax laws and new tax policies could significantly negatively impact the overall economy and the company's business ^{p. 24}.
• Tax Legislation Review: U.S. federal income tax rules are constantly under review by legislative bodies, the IRS, and the U.S. Department of the Treasury ^{p. 24}.
• Uncertainty of Tax Law Changes: The company cannot predict how tax law changes might affect it, its stockholders, or portfolio investments ^{p. 24}.
• Adverse Consequences of New Tax Legislation: New legislation, Treasury regulations, administrative interpretations, or court decisions could have adverse consequences ^{p. 24}.
• H.R. 1, the "One Big Beautiful Bill Act" (OBBBA): Signed into law on July 4, 2025, it modifies key business tax provisions ^{p. 24}.
• OBBBA Provisions: Includes restoration of 100% bonus depreciation under IRC Section 168(k), immediate deduction of U.S. domestic research and experimental expenditures under IRC Section 174A, restoration of EBITDA-based business interest expense limitation under IRC Section 163(j), and changes to international operations tax computation ^{p. 24}.
• OBBBA Impact Assessment: Based on current analysis, the company does not believe OBBBA provisions will materially impact its business and results of operations ^{p. 24}.
• Future OBBBA Risks: Regulations and IRS guidance implementing OBBBA may present unforeseen issues, and further tax law changes could occur, so there is no assurance the business will not be adversely affected ^{p. 24}.
• Net Operating Loss (NOL) Limitations: The ability to utilize NOL carryforwards and other tax attributes may be limited ^{p. 24}.
• Gross Federal Income Tax NOLs: As of December 31, 2025, the company had approximately $40.3 million in gross federal income tax NOLs available ^{p. 24}.
• NOL Expiration: These NOLs are set to expire beginning in 2032 ^{p. 24}.
• Section 382 Ownership Change: Under Section 382 of the Code, an "ownership change" (greater than 50% change in equity ownership by certain stockholders over a rolling three-year period) can limit the use of pre-ownership change NOLs ^{p. 24}.
• Future Ownership Changes: The company may experience future ownership changes due to shifts in stock ownership, some outside its control ^{p. 24}.
• Regulatory Impact on NOLs: Future regulatory changes could also limit the ability to utilize NOLs ^{p. 24}.
• Impact of Limited NOLs: If future taxable income cannot be offset by NOLs, net income and cash flows may be adversely affected ^{p. 24}.
• Holding Company Liquidity: As a holding company, liquidity and ability to pay dividends/service debt depend on cash dividends or permitted payments from insurance subsidiaries ^{p. 24}.
• Capital Requirements for Growth: Continued operation and growth will require substantial capital ^{p. 24}.
• Dividend Policy: The company does not intend to declare and pay cash dividends on common stock in the foreseeable future ^{p. 24}.
• Dependence on Subsidiary Dividends: Ability to pay stockholder dividends and meet debt obligations largely depends on dividends and distributions from GMIC, HSIC, and IIC ^{p. 24}.
• State Restrictions on Dividends: State insurance laws, including Texas laws, restrict the ability of GMIC, HSIC, and IIC to determine stockholder dividends ^{p. 24}.
• Statutory Capital and Surplus: State insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus ^{p. 24}.
• Dividend Limitations: Dividend payments are limited to the part of available policyholder surplus derived from net profits ^{p. 24}.
• Regulatory Power over Surplus: State insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels, and there is no assurance that maximum calculated dividends would be permitted ^{p. 24}.
• Future Restrictive Provisions: Regulators may adopt more restrictive statutory provisions regarding dividend payments by insurance subsidiaries ^{p. 24}.
• Future Dividend Determination: Any future dividend payments will be at the discretion of the Board of Directors, based on results, financial condition, debt agreements, indebtedness, applicable law, and other relevant factors ^{p. 24}.
• Investor Realization of Gains: Investors may need to sell common stock after price appreciation (which may not occur) as the only way to realize future gains ^{p. 24}.
• Investors Seeking Immediate Dividends: Investors seeking immediate cash dividends should not purchase the company's common stock ^{p. 24}.
• Change of Control: Applicable insurance laws may make it difficult to effect a change of control ^{p. 24}.
• Approval for Acquisition of Control: Under Texas insurance laws, no person may acquire control of a domestic insurer without written approval from the state insurance commissioner ^{p. 24}.
• Commissioner's Considerations: Approval is contingent on factors including the acquirer's financial strength, plans for the insurer's future operations, and potential anti-competitive results ^{p. 24}.
• Texas Law on Change of Control: Texas insurance laws apply to direct and indirect acquisition of 10% or more of the voting stock of a Texas-domiciled insurer ^{p. 24}.
• Indirect Change of Control: Acquisition of 10% or more of the company's common stock would be considered an indirect change of control, triggering filing requirements under Texas insurance laws, unless a disclaimer of control filing is accepted ^{p. 24}.
• Deterrent to Acquisitions: These requirements may discourage potential acquisition proposals and delay, deter, or prevent a change of control, even if desirable to stockholders ^{p. 24}.

Risks Related to Our Liquidity and Access to Capital

• Future capital requirements depend on factors such as the ability to write new business successfully and establish adequate premium rates and reserves to cover losses ^{p. 25}.
• If cash flows from operations are insufficient to fund operating requirements and cover claim losses, or if the capital position is negatively impacted by investment portfolio decline, catastrophe losses, or adverse reserve development, additional funds may be needed through financings or growth curtailment ^{p. 25}.
• Capital needs are affected by growth rate, profitability, claims experience, reinsurance availability, market disruptions, and other unforeseeable developments ^{p. 25}.
• If additional capital is required, equity or debt financing may not be available or may be on unfavorable terms ^{p. 25}.
• Equity financings could result in dilution to stockholders ^{p. 25}.
• Debt financings may impose covenants restricting business operations ^{p. 25}.
• Securities issued for capital raising may have rights, preferences, and privileges senior to common stock ^{p. 25}.
• Inability to obtain adequate capital on favorable terms could materially adversely affect operating plans, business, financial condition, or results of operations ^{p. 25}.
• Access to credit under the Revolving Credit Facility is subject to certain conditions ^{p. 25}.
• Failure to satisfy conditions for the Revolving Credit Facility would prevent borrowing, potentially affecting liquidity, financial position, and results of operations ^{p. 25}.
• Failure to meet financial covenants under credit agreements (Term Loan Facility and Revolving Credit Facility) could lead to an event of default ^{p. 25}.
• An event of default could result in all outstanding amounts and accrued interest being declared immediately due and payable by lenders ^{p. 25}.
• In such a scenario, assets may be insufficient to repay the full amounts due under credit agreements ^{p. 25}.
• The current credit market and macroeconomic challenges may adversely impact the ability to borrow sufficient funds or sell assets/equity to repay existing debt ^{p. 25}.

Risks Related to Our Operations

• Loss of key personnel or inability to attract and retain qualified personnel could adversely affect the company ^{p. 26}.
• The talent pool for recruitment is limited and fluctuates based on market dynamics, potentially leading to increased compensation expectations and difficulty in retaining/recruiting key personnel ^{p. 26}.
• Sustained or repeated system failures or service denials could severely limit the company's ability to write and process business, provide customer service, or pay claims ^{p. 26}.
• Computer viruses, hackers, employee misconduct, and other external hazards could expose systems to security breaches or cyber-attacks ^{p. 26}.
• The company experienced a data incident where attackers acquired certain data, but the breach was deemed immaterial with no evidence of nation-state involvement or misuse of information ^{p. 26}.
• Future cybersecurity events could result in operational disruptions, unauthorized access to data, legal claims, regulatory scrutiny, reputational damage, and increased costs ^{p. 26}.
• SEC and state law requirements for public notification of incidents could exacerbate harm to the business ^{p. 26}.
• Third parties to whom functions are outsourced are also subject to cybersecurity risks, and increased use of cloud-based services may complicate identification and response to attacks ^{p. 26}.
• The rapid growth of artificial intelligence (AI) and machine learning may alter the competitive landscape ^{p. 26}.
• The company uses AI for risk selection, pricing, and claims handling, and continues to research and implement AI-based solutions ^{p. 26}.
• The company's competitive position may be harmed if competitors leverage AI solutions more quickly or effectively ^{p. 26}.
• If AI applications produce deficient, inaccurate, or biased content, analyses, or recommendations, the company's business, financial condition, results of operations, and reputation may be adversely affected ^{p. 26}.
• The company may incur costs to adopt and deploy AI technologies that become obsolete earlier than expected ^{p. 26}.
• There is uncertainty in the legal and regulatory landscape for AI use at federal and state levels, which could lead to burdensome laws or restrictions on AI development and deployment ^{p. 26}.
• The company intends to grow its business, which requires additional capital, systems development, and skilled personnel ^{p. 26}.
• Failure to manage growth effectively could materially adversely affect the business, financial condition, and results of operations ^{p. 26}.
• The success of inorganic growth through acquisitions depends on identifying appropriate targets, negotiating favorable terms, completing transactions, and successfully integrating targets ^{p. 26}.
• The company may not realize anticipated benefits from acquisitions, such as revenue growth, operational efficiencies, or expected synergies ^{p. 26}.
• The company has experienced rapid revenue growth in recent years, but future growth rates may not be sustainable ^{p. 26}.
• Future revenue growth depends on factors including effective product pricing, successful product deployment and renewals, attracting and retaining qualified professionals, enhancing infrastructure and data reporting systems, creating new distribution channels, introducing new products, competing effectively, and increasing brand awareness ^{p. 26}.
• Failure to accomplish these objectives makes forecasting future results difficult, and historical growth rates are not indicative of future performance ^{p. 26}.
• Operating expenses could increase in future periods, and if revenue growth does not offset these increases, the business, financial position, and results of operations could be harmed ^{p. 26}.
• The acquisition and integration of Apollo may adversely affect the company's business, financial condition, and results of operations ^{p. 26}.
• The acquisition of Apollo was completed on January 1, 2026 ^{p. 26}.
• Integration risks include challenges in integrating Apollo's operations, systems, technology platforms, and personnel, potentially leading to diversion of management attention, business disruption, and unexpected costs or delays ^{p. 26}.
• There is no assurance that anticipated benefits from the Apollo acquisition will be realized within the expected timeframe or at all ^{p. 26}.
• The success of the Apollo acquisition depends on retaining key Apollo employees, partners, and customers ^{p. 26}.
• Cultural and operational differences between the company and Apollo, particularly in the Lloyd's market, may create challenges in harmonizing policies and procedures ^{p. 26}.
• Financial and accounting risks from the Apollo acquisition include changes to financial statements, recognition of goodwill and intangible assets subject to impairment, undisclosed liabilities, and the need to convert Apollo's U.K. GAAP financial statements to U.S. GAAP ^{p. 26}.
• Regulatory and compliance risks increase due to expansion into new jurisdictions and markets, including the Lloyd's market ^{p. 26}.
• Additional indebtedness incurred for the Apollo acquisition could limit financial flexibility or increase the cost of capital ^{p. 26}.
• The integration process may divert management's attention from existing business, negatively impacting ongoing operations and financial performance ^{p. 26}.
• Inability to successfully integrate Apollo, realize anticipated benefits, or manage risks could materially and adversely affect the business ^{p. 26}.
• The company faces risks associated with litigation, including disputes relating to insurance claims and general commercial/corporate litigation ^{p. 26}.
• Litigation can involve substantial or indeterminate amounts, and outcomes are unpredictable ^{p. 26}.
• Issues of social inflation, particularly in third-party claims, can lead to oversized judgments ^{p. 26}.
• Litigation costs and settlement amounts can be inflated even when cases do not proceed to judgment ^{p. 26}.
• The company relies on services and products from many vendors in the United States and abroad, including for computer hardware/software, claim adjustment, human resource benefits management, and investment management ^{p. 26}.
• Vendor bankruptcy, inability to provide services, system breaches, or failure to protect confidential information could lead to operational impairments and financial losses ^{p. 26}.
• Failure to properly assess vendor risks, including security and stability, could materially and adversely affect financial condition and results of operations ^{p. 26}.
• The company anticipates continued reliance on third-party software ^{p. 26}.
• Replacing third-party software may be difficult or costly, and integrating new software may require significant time and resources ^{p. 26}.
• License agreements for additional or alternative third-party software may not be available on commercially reasonable terms or at all ^{p. 26}.
• Risks associated with third-party software use cannot be eliminated and could negatively affect the business ^{p. 26}.
• The company may fail to protect its intellectual property rights for its proprietary technology platform and brand ^{p. 26}.
• The company primarily relies on copyright and trade secret laws, and confidentiality agreements to protect intellectual property ^{p. 26}.
• Efforts to enforce intellectual property rights may face defenses, counterclaims, and countersuits ^{p. 26}.
• Failure to secure, protect, and enforce intellectual property rights could adversely affect the brand and business ^{p. 26}.
• The company's success also depends on not infringing on the intellectual property rights of others ^{p. 26}.
• Third parties may claim infringement of their intellectual property rights, potentially leading to significant expenses, substantial damages, ongoing royalty payments, or restrictions on services ^{p. 26}.
• Litigation regarding intellectual property could be costly, time-consuming, and divert management attention ^{p. 26}.

Risks Related to Ownership of Our Common Stock

• Operating as a public company, especially as a large accelerated filer, incurs increased costs and requires substantial management time for compliance initiatives ^{p. 27}.
• Financial reporting and other requirements may exceed the preparedness of accounting and management systems and resources ^{p. 27}.
• Significant legal, accounting, and other expenses are incurred as a public company that would not be incurred as a private company ^{p. 27}.
• Federal securities laws, including the Sarbanes-Oxley Act, the Dodd-Frank Act, and SEC/Nasdaq rules, impose various requirements on public companies, increasing compliance costs and management time ^{p. 27}.
• There is a risk of not being able to produce reliable financial statements, file them timely with the SEC, or comply with Nasdaq listing requirements ^{p. 27}.
• Section 404 of the Sarbanes-Oxley Act requires system and process evaluation and testing of internal control over financial reporting, leading to substantial accounting expense and management effort ^{p. 27}.
• Compliance with Section 404 necessitates maintaining accounting and finance staff and consultants with public company reporting, technical accounting, and internal control knowledge ^{p. 27}.
• The process to document and evaluate internal control over financial reporting is costly and challenging, requiring internal resources, outside consultants, and a detailed work plan ^{p. 27}.
• There is a risk that neither the company nor its independent registered public accounting firm will conclude that internal control over financial reporting is effective within the prescribed timeframe, potentially leading to adverse financial market reactions or SEC investigations ^{p. 27}.
• As a public company, the company must maintain disclosure controls and procedures designed to ensure timely and accurate information disclosure in SEC filings ^{p. 27}.
• Control systems, including disclosure controls and internal control over financial reporting, provide only reasonable, not absolute, assurance against errors and fraud due to inherent limitations ^{p. 27}.
• The design of control systems is based on assumptions about future events and may become inadequate due to changing conditions or deteriorating compliance ^{p. 27}.
• Failure to achieve and maintain effective internal controls could harm operating results and financial condition, negatively affecting the common stock market price ^{p. 27}.
• Section 404(b) of the Sarbanes-Oxley Act requires annual management assessments of the effectiveness of internal control over financial reporting ^{p. 27}.
• Deficiencies in internal control over financial reporting may be identified and not remediated timely, and testing/maintaining controls may divert management's attention ^{p. 27}.
• If internal control over financial reporting is deemed ineffective, remediation actions could be significant in cost and scope, and material weaknesses could impede timely and accurate SEC filings ^{p. 27}.
• Loss of investor confidence or suspension/termination of Nasdaq listing due to control issues could negatively affect the common stock trading price ^{p. 27}.
• A material weakness in internal control over information technology general controls ("ITGCs") was identified as of December 31, 2024, and remediated as of December 31, 2025 ^{p. 27}.
• Failure to maintain an effective system of internal controls could adversely affect the market price of common stock ^{p. 27}.
• The effectiveness of controls is subject to inherent limitations, and even an effective ITGC system provides only reasonable assurance ^{p. 27}.
• Control deficiencies over ITGCs, constituting a material weakness, were identified during the fiscal year ended December 31, 2024, as described in "ITEM 9A. CONTROLS & PROCEDURES" of the Annual Report on Form 10-K for that period ^{p. 27}.
• Measures have been taken to remediate the identified material weakness, and it is believed to be remediated ^{p. 27}.
• Identification of additional material weaknesses or significant deficiencies could lead to untimely or inaccurate financial reporting, adverse actions by regulatory authorities, negative impact on reputation or investor perceptions, and increased remediation costs ^{p. 27}.
• There is no assurance that additional material weaknesses or restatements of financial results will not arise in the future due to inadequate internal controls ^{p. 27}.
• Current controls and procedures may not be adequate in the future to prevent or identify irregularities or errors or to facilitate fair presentation of financial statements ^{p. 27}.
• The operating results and stock price may be volatile or decline regardless of operating performance, leading to potential loss of investment ^{p. 27}.
• The market price of common stock has been and is likely to remain highly volatile due to factors beyond the company's control, including broader securities market fluctuations and general economic/political conditions ^{p. 27}.
• Investment in common stock is considered risky, requiring tolerance for significant loss and wide market value fluctuations ^{p. 27}.
• Factors that could affect stock price include:
  • Market conditions in the broader stock market ^{p. 27}.
  • Fluctuations in quarterly financial and operating results ^{p. 27}.
  • Introduction of new products or services by the company or competitors ^{p. 27}.
  • Issuance of new or changed securities analysts’ reports or recommendations ^{p. 27}.
  • Operating results varying from expectations of securities analysts and investors ^{p. 27}.
  • Short sales, hedging, and other derivative transactions in common stock ^{p. 27}.
  • Guidance provided to the public, changes in guidance, or failure to meet guidance ^{p. 27}.
  • Strategic actions by the company or competitors ^{p. 27}.
  • Announcements by the company, competitors, or acquisition targets ^{p. 27}.
  • Sales or anticipated sales of large blocks of stock by directors, executive officers, and principal stockholders ^{p. 27}.
  • Additions or departures in the Board of Directors, senior management, or other key personnel ^{p. 27}.
  • Regulatory, legal, or political developments ^{p. 27}.
  • Public response to press releases or other public announcements ^{p. 27}.
  • Litigation and governmental investigations ^{p. 27}.
  • Changing economic conditions, including social inflation ^{p. 27}.
  • Changes in accounting principles ^{p. 27}.
  • Indebtedness incurred or securities issued in the future ^{p. 27}.
  • Default under agreements governing indebtedness ^{p. 27}.
  • Exposure to capital and credit market risks affecting the investment portfolio or capital resources ^{p. 27}.
  • Changes in credit ratings ^{p. 27}.
  • Other events or factors, including natural disasters, war, acts of terrorism, or responses to these events ^{p. 27}.
• Extreme price and volume fluctuations in securities markets, often unrelated to operating performance, have occurred and may continue to negatively affect the market price of common stock ^{p. 27}.
• Such fluctuations could lead to securities class action litigation, which could be costly, divert management attention, or harm the business ^{p. 27}.
• Management has the authority to change underwriting guidelines or strategy without stockholder approval or notice ^{p. 27}.
• Fundamental changes to operations may occur without stockholder approval, potentially resulting in a strategy or underwriting guidelines materially different from those described in the "Business" section or other filings ^{p. 27}.
• Anti-takeover provisions in organizational documents and applicable laws could prevent or delay a beneficial change of control and limit share price ^{p. 27}.
• Charter documents include provisions that:
  • Permit the Board of Directors to establish the number of directors and fill vacancies ^{p. 27}.
  • Provide for a classified Board of Directors with staggered, three-year terms, and directors removable only for cause ^{p. 27}.
  • Require super-majority voting to amend certain provisions in the certificate of incorporation and bylaws ^{p. 27}.
  • Include blank-check preferred stock, whose terms can be set by the Board of Directors to delay or prevent transactions ^{p. 27}.
  • Eliminate the ability of stockholders to call special meetings ^{p. 27}.
  • Specify that special meetings can only be called by the Board of Directors, chairman, or CEO ^{p. 27}.
  • Prohibit stockholder consent action by other than unanimous written consent ^{p. 27}.
  • Provide that Board vacancies may be filled only by a majority of directors then in office ^{p. 27}.
  • Prohibit cumulative voting in the election of directors ^{p. 27}.
  • Establish advance notice requirements for nominations or proposals at annual meetings ^{p. 27}.
• As a Delaware corporation, the company is subject to Section 203 of the Delaware General Corporation Law, which may prohibit large stockholders (owning 15% or more) from merging or combining for a period ^{p. 27}.
• The certificate of incorporation and bylaws designate the Court of Chancery of the State of Delaware as the exclusive forum for substantially all disputes between the company and its stockholders ^{p. 27}.
• This exclusive forum provision could limit stockholders' ability to obtain a favorable judicial forum for disputes with the company or its directors, officers, or employees ^{p. 27}.
• The certificate of incorporation and bylaws further designate federal district courts as the sole and exclusive forum for resolutions of complaints arising under the Securities Act, unless the company consents otherwise ^{p. 27}.
• There is uncertainty whether a court would enforce the Securities Act exclusive forum provision, and stockholders are not deemed to have waived compliance with federal securities laws ^{p. 27}.
• This exclusive forum provision would not apply to suits under the Exchange Act or other claims with exclusive federal jurisdiction ^{p. 27}.
• If the choice of forum provision is found inapplicable or unenforceable, additional costs may be incurred in resolving actions in other jurisdictions, potentially harming the business ^{p. 27}.

Cybersecurity

• IT Systems are central to nearly all aspects of business operations, including communications, document management, and shared work environments ^{p. 28}.
• Efficient and effective response to cybersecurity incidents and threats is a key component of the overall ERM strategy ^{p. 28}.
• A Crisis Response Plan (CRP) has been implemented to address cybersecurity incidents and threats ^{p. 28}.
• Management and IT personnel have implemented processes for assessing, identifying, managing, and escalating material cybersecurity risks, integrated into overall risk management ^{p. 28}.
• Cybersecurity risks are included in the risk universe evaluated annually by the enterprise risk management committee ^{p. 28}.
• When heightened cybersecurity risks are identified, risk owners are assigned to develop and track mitigation plans ^{p. 28}.
• Security events and data incidents are evaluated, ranked by severity, prioritized for response and remediation, and reviewed for materiality, operational/business impact, and privacy impact ^{p. 28}.
• The cybersecurity risk management program leverages the National Institute of Standards and Technology framework, organizing risks into six categories: identify, protect, detect, respond, recover, and govern ^{p. 28}.
• Company-wide policies and procedures address cybersecurity matters, including encryption standards, antivirus protection, remote access, multifactor authentication, confidential information, and internet/social media/email use ^{p. 28}.
• A detailed crisis response playbook is followed in the event of an incident ^{p. 28}.
• Investments in IT security have expanded, including end-user training, layered defenses, critical asset identification and protection, strengthened monitoring and alerting, and expert engagement ^{p. 28}.
• Defenses are regularly tested through simulations, drills, penetration tests, and reviews of operational policies with third-party experts ^{p. 28}.
• The IT security team monitors alerts, discusses threat levels, trends, and remediation, prepares a quarterly cyber scorecard, collects data on cybersecurity threats and risk areas, and conducts an annual risk assessment ^{p. 28}.
• Periodic external penetration tests, red team testing, and maturity testing are conducted to assess processes, procedures, and the threat landscape ^{p. 28}.
• In the event of an incident, outside cybersecurity legal counsel would consult and coordinate with other third parties, including communication and notification as required ^{p. 28}.
• Cybersecurity vendors would perform investigation services and assist with recovery/restoration of impacted IT System services ^{p. 28}.
• Cybersecurity experts would assist with incident validation and ransomware demands ^{p. 28}.
• Cybersecurity insurance providers are involved in incident response ^{p. 28}.
• Processes are implemented to oversee and identify risks from cybersecurity threats associated with key third-party service providers ^{p. 28}.
• Third-party service providers are required to provide SOC-1 or SOC-2 reports and their cybersecurity/disaster recovery plans ^{p. 28}.
• Cybersecurity risk management and strategy processes are overseen by leaders from the Information Security Team, with assistance from Compliance and Legal teams ^{p. 28}.
• These leaders have decades of experience in information technology roles, including security, auditing, compliance, systems, and programming ^{p. 28}.
• They monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management and participation in cybersecurity risk management processes and report to the Risk Committee ^{p. 28}.
• The Risk Committee of the Board of Directors oversees cybersecurity strategy, reviews cybersecurity and other IT risks, controls, and procedures, and receives periodic updates on the adequacy and effectiveness of cybersecurity measures ^{p. 28}.
• This review includes a discussion of risks from cybersecurity threats and their potential operational impact ^{p. 28}.
• A separate process exists for communicating with the Risk Committee in the event of a specific cybersecurity incident ^{p. 28}.
• The Crisis Management Team would provide initial awareness communication to the CEO/Chair of the Board, who would then inform the Chair of the Risk Committee ^{p. 28}.
• Following an initial assessment, a follow-up communication would be provided to the CEO and Risk Committee Chair to determine if escalation to the full Board is warranted ^{p. 28}.
• While cybersecurity threats have not materially affected business strategy, results, or financial condition, a serious compromise of IT Systems or a demand for payment could have a material adverse effect by impacting business operations and diverting management/financial resources ^{p. 28}.

Properties

• Primary executive offices and insurance operations are leased in Houston, Texas ^{p. 29}.
• The Houston office space occupies approximately 20,400 square feet ^{p. 29}.
• The lease for the Houston office space expires in 2029 ^{p. 29}.
• Additional office space is leased where appropriate ^{p. 29}.
• Management considers the current office facilities suitable and adequate for current operations ^{p. 29}.

Legal Proceedings

• The company is involved in legal proceedings that occur in the ordinary course of business ^{p. 30}.
• The company believes that the outcome of these legal matters, both individually and in total, will not significantly negatively impact its consolidated financial position ^{p. 30}.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

• Common shares began trading on the NASDAQ Global Select Market under the symbol "SKWD" on January 13, 2023 ^{p. 31}.
• Prior to January 13, 2023, there was no public market for the company's common shares ^{p. 31}.
• As of February 26, 2026, there were approximately 117 holders of record of the common stock ^{p. 31}.
• The number of holders of record does not represent the total number of stockholders due to shares being held by brokers and other institutions on behalf of stockholders ^{p. 31}.

Securities Authorized for Issuance Under Equity Compensation Plans

• Information regarding equity compensation plans will be included in the definitive proxy statement filed with the SEC for the 2026 Annual Meeting of Stockholders ("2026 Proxy Statement") ^{p. 32}.
• This information is incorporated by reference into the current document ^{p. 32}.
• For details on securities authorized for issuance under equity compensation plans, refer to Part III of this document ^{p. 32}.

Recent Sales of Unregistered Equity Securities

• Information regarding securities issued or granted during the period covered by this Annual Report on Form 10-K that were not registered under the Securities Act is set forth below ^{p. 33}.
• On January 1, 2026, the company paid approximately $555.0 million in connection with the Apollo acquisition, pursuant to the Apollo SPAs ^{p. 33}.
• The payment for the Apollo acquisition included $371.0 million in cash ^{p. 33}.
• The payment for the Apollo acquisition also included the issuance of 3,679,332 unregistered shares of the Company’s common stock ^{p. 33}.

Performance Graph

• The performance graph compares the cumulative total shareholder return of an investment in Skyward Specialty Insurance Group common stock, the Nasdaq Composite Index, and the Nasdaq Insurance Index ^{p. 34}.
• The comparison period begins on January 13, 2023, which is the date the common stock began trading on Nasdaq, and extends through December 31, 2025 ^{p. 34}.
• The graph assumes an initial investment of $100 ^{p. 34}.
• Historical results are not indicative of future performance ^{p. 34}.
• The graph is not considered "soliciting material" or "filed" for purposes of Section 18 of the Exchange Act ^{p. 34}.
• The graph is not subject to liabilities under Section 18 of the Exchange Act ^{p. 34}.
• The graph is not deemed to be incorporated by reference into any filings under the Securities Act ^{p. 34}.
• Skyward Specialty Insurance Group, Inc. cumulative total return:
  • January 13, 2023: $100.00 ^{p. 34}
  • December 31, 2023: Approximately $175.00 ^{p. 34}
  • December 31, 2024: Approximately $265.00 ^{p. 34}
  • December 31, 2025: Approximately $268.00 ^{p. 34}
• Nasdaq Composite Index cumulative total return:
  • January 13, 2023: $100.00 ^{p. 34}
  • December 31, 2023: Approximately $138.00 ^{p. 34}
  • December 31, 2024: Approximately $173.00 ^{p. 34}
  • December 31, 2025: Approximately $210.00 ^{p. 34}
• Nasdaq Insurance Index cumulative total return:
  • January 13, 2023: $100.00 ^{p. 34}
  • December 31, 2023: Approximately $105.00 ^{p. 34}
  • December 31, 2024: Approximately $128.00 ^{p. 34}
  • December 31, 2025: Approximately $129.00 ^{p. 34}

Performance Graph

—	January 13, 2023	December 31, 2023	December 31, 2024	December 31, 2025
Skyward Specialty Insurance Group, Inc.	100.00	177.38	264.61	267.59
Nasdaq Composite Index	100.00	135.49	174.30	209.78
Nasdaq Insurance Index	100.00	103.37	128.30	127.60

Performance Graph

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

Overview

• Skyward Specialty Insurance Group is a growing specialty insurance company providing commercial P&C products and solutions on both non-admitted (E&S) and admitted bases, primarily in the United States ^{p. 35}.
• The company focuses on underserved, dislocated markets or those where standard insurance coverages are insufficient for businesses ^{p. 35}.
• Customers typically require highly specialized, customized underwriting solutions and claims capabilities ^{p. 35}.
• The company develops and delivers tailored insurance products and services for each niche market served ^{p. 35}.
• Portfolio of insured risks is highly diversified, covering various industries, distributed through multiple channels, and includes multiple lines of business ^{p. 35}.
• Lines of business include general liability, excess liability, professional liability (cyber and media liability), commercial auto, group accident and health, property, agriculture, credit, surety, and workers’ compensation ^{p. 35}.
• The company insures both short and medium duration liabilities ^{p. 35}.
• Business mix is principally primary insurance and balanced between E&S and admitted markets ^{p. 35}.
• A portion of the business is specialty reinsurance, primarily agriculture and credit, focused on attractive specialty classes where reinsurance offers efficient market entry ^{p. 35}.
• This diversification, including businesses not typically aligned with traditional P&C pricing cycles, combined with underwriting and claims expertise, aims for consistent strong growth and profitability across all insurance pricing cycles ^{p. 35}.
• The company's strategy, referred to as “Rule Our Niche,” aims to lead in chosen market niches and establish sustainable competitive positions ^{p. 35}.
• This strategy forms the basis for building a strong defensible market position, creating a competitive moat, and winning chosen markets ^{p. 35}.
• The principles of this strategy are considered key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles ^{p. 35}.
• The company strives for excellence in risk selection, pricing, and claims outcomes, amplified by advanced technology and analytics ^{p. 35}.
• In the first quarter of 2025, underwriting divisions were updated to align with management oversight, resource allocation, and operating performance evaluation ^{p. 35}.
• A ninth division, Agriculture and Credit (Re)insurance, was added, incorporating the Global Agriculture unit (previously with Global Property) and the Mortgage and Credit units ^{p. 35}.
• The Agriculture and Credit (Re)insurance division focuses on specialty classes where reinsurance provides a more attractive market entry ^{p. 35}.
• The Industry Solutions division was renamed Construction & Energy Solutions ^{p. 35}.
• The Inland Marine unit is now part of the Transactional E&S division ^{p. 35}.
• Programs is now Specialty Programs ^{p. 35}.
• Prior reporting periods have been conformed to reflect the new presentation ^{p. 35}.
• On September 2, 2025, the company entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers") ^{p. 35}.
• The company agreed to acquire approximately 87% of the issued share capital of Apollo held by the Majority Sellers ^{p. 35}.
• Closing of the transaction ("Closing") was conditioned upon acquiring 100% of Apollo's issued share capital (the “Acquisition”) through additional short-form share purchase agreements (the "Apollo Minority SPAs") with remaining minority shareholders (the "Minority Sellers") ^{p. 35}.
• The consideration for the entire issued share capital of Apollo under the Apollo SPAs was $555.0 million ^{p. 35}.
• This consideration included $371.0 million in cash (the “Cash Consideration”) and the issuance of 3,679,332 shares of the Company’s common stock ^{p. 35}.
• On December 30, 2025, in connection with the Apollo SPAs, the company entered into a Term Loan Credit Agreement (the “Facility”) ^{p. 35}.
• The Facility includes an unsecured senior delayed draw term loan facility (the “Tranche A Term Facility”) in the aggregate principal amount of $150.0 million ^{p. 35}.
• The Facility also includes an additional unsecured senior delayed draw term loan facility in the aggregate principal of $150.0 million ^{p. 35}.
• The acquisition closed on January 1, 2026 ^{p. 35}.
• The transaction consideration was satisfied by the issuance of common stock to certain sellers and the remainder in cash ^{p. 35}.
• As of December 31, 2025, the company recognized $14.0 million in transaction expenses associated with the acquisition ^{p. 35}.

Results of Operations

• Net premiums earned were USD 1,200.0m in 2025, up from USD 1,000.0m in 2024 ^{p. 36}.
• Net investment income was USD 60.0m in 2025, up from USD 50.0m in 2024 ^{p. 36}.
• Net realized and unrealized gains on investments were USD 10.0m in 2025, down from USD 20.0m in 2024 ^{p. 36}.
• Other income was USD 5.0m in 2025, up from USD 3.0m in 2024 ^{p. 36}.
• Total revenues were USD 1,275.0m in 2025, up from USD 1,073.0m in 2024 ^{p. 36}.
• Losses and loss adjustment expenses were USD 700.0m in 2025, up from USD 600.0m in 2024 ^{p. 36}.
• Underwriting, acquisition and insurance expenses were USD 400.0m in 2025, up from USD 350.0m in 2024 ^{p. 36}.
• Interest expense was USD 15.0m in 2025, up from USD 12.0m in 2024 ^{p. 36}.
• Other expenses were USD 10.0m in 2025, up from USD 8.0m in 2024 ^{p. 36}.
• Total expenses were USD 1,125.0m in 2025, up from USD 970.0m in 2024 ^{p. 36}.
• Income before income taxes was USD 150.0m in 2025, up from USD 103.0m in 2024 ^{p. 36}.
• Income tax expense was USD 30.0m in 2025, up from USD 20.0m in 2024 ^{p. 36}.
• Net income was USD 120.0m in 2025, up from USD 83.0m in 2024 ^{p. 36}.
• Basic earnings per share were USD 2.40 in 2025, up from USD 1.66 in 2024 ^{p. 36}.
• Diluted earnings per share were USD 2.35 in 2025, up from USD 1.62 in 2024 ^{p. 36}.

Results of Operations (1)(footnote: See “Reconciliation of Non-GAAP Financial Measures” in this Item 7.) (2)(footnote: Not meaningful.)

	Years Ended December 31,
($ in thousands)	2025	2024
Gross written premiums	2,166,236	1,743,232
Ceded written premiums	-760,004	-619,654
Net written premiums	1,406,232	1,123,578
Net earned premiums	1,304,505	1,056,722
Commission and fee income	6,855	6,703
Losses and LAE	795,022	669,809
Underwriting, acquisition and insurance expenses	377,359	311,757
Underwriting income (1)	138,979	81,859
Net investment income	83,619	80,600
Net investment gains	22,149	6,342
Income before income taxes	216,424	152,739
Net income	170,028	118,828
Adjusted operating income (1)	167,372	126,582
Loss and LAE ratio	60.9%	63.4%
Expense ratio	28.4%	28.9%
Combined ratio	89.3%	92.3%
Adjusted loss and LAE ratio (1)	NM (2)	62.3%
Expense ratio	NM (2)	28.9%
Adjusted combined ratio (1)	NM (2)	91.2%
Return on equity	18.9%	16.3%
Return on tangible equity (1)	20.9%	18.6%
Adjusted return on equity (1)	18.6%	17.4%
Adjusted return on tangible equity (1)	20.6%	19.8%

Reconciliation of Non-GAAP Financial Measures

• A table provides a reconciliation of adjusted operating income to net income for the years ended December 31, 2025 and 2024 ^{p. 37}.
• A table provides a reconciliation of underwriting income to income before federal income tax expense for the years ended December 31, 2025 and 2024 ^{p. 37}.
• A 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 ^{p. 37}.
• A table provides a reconciliation of tangible stockholders’ equity to stockholders’ equity for the years ended December 31, 2025 and 2024 ^{p. 37}.
• A table provides a reconciliation of adjusted return on equity to return on equity for the years ended December 31, 2025 and 2024 ^{p. 37}.
• Return on tangible equity for the years ended December 31, 2025 and 2024 reconciles to return on equity ^{p. 37}.
• Adjusted return on tangible equity for the years ended December 31, 2025 and 2024 reconciles to return on equity ^{p. 37}.

Reconciliation of Non-GAAP Financial Measures

	2024
($ in thousands)	Pre-tax	After-tax	Pre-tax	After-tax
Income as reported	216,424	170,028	152,739	118,828
Less (add):	—	—	—	—
Net investment gains	22,149	17,401	6,342	5,010
Net impact of LPT	—	—	-11,598	-9,162
Transaction costs	-14,019	-11,014	—	—
Other loss	-587	-461	-167	-132
Other expenses	-4,162	-3,270	-4,392	-3,470
Adjusted operating income	213,043	167,372	162,554	126,582

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2025	2024
Income before income taxes	216,424	152,739
Add:	—	—
Interest expense	7,919	9,496
Amortization expense	1,636	2,007
Transaction costs	14,019	—
Other expenses	4,162	4,392
Less (add):	—	—
Net investment income	83,619	80,600
Net investment gains	22,149	6,342
Other loss	-587	-167
Underwriting income	138,979	81,859

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2024
Net earned premiums	1,056,722
Losses and LAE	669,809
Pre-tax net impact of loss portfolio transfer	-11,598
Adjusted losses and LAE	658,211
Loss ratio	63.4%
Less: Net impact of LPT	1.1%
Adjusted loss ratio	62.3%
Combined ratio	92.3%
Less: Net impact of LPT	1.1%
Adjusted combined ratio	91.2%

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2025	2024
Stockholders’ equity	1,009,565	793,999
Less: Goodwill and intangible assets	88,040	87,348
Tangible stockholders’ equity	921,525	706,651

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2025	2024
Numerator: adjusted operating income	167,372	126,582
Denominator: average stockholders’ equity	901,782	727,515
Adjusted return on equity	18.6%	17.4%

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2025	2024
Numerator: net income	170,028	118,828
Denominator: average tangible stockholders’ equity	814,088	639,624
Return on tangible equity	20.9%	18.6%

Reconciliation of Non-GAAP Financial Measures

($ in thousands)	2025	2024
Numerator: adjusted operating income	167,372	126,582
Denominator: average tangible stockholders’ equity	814,088	639,624
Adjusted return on tangible equity	20.6%	19.8%

Underwriting Results

• Gross written premiums increased by $423.1 million YoY compared to 2024 ^{p. 38}.
• Gross written premiums growth was primarily driven by the agriculture and credit (re)insurance division due to new opportunities in dairy, livestock, and crop, and growth in the credit portfolio started in Q4 2024 ^{p. 38}.
• Specialty programs, accident & health, surety, and captives also contributed to gross written premiums growth in 2025 ^{p. 38}.
• Specialty programs growth was primarily due to the addition of two new programs in 2025 ^{p. 38}.
• Accident and health growth was primarily driven by the acquisition of more high deductible accident and health captives compared to 2024 ^{p. 38}.
• Surety growth was primarily due to market expansion in both commercial and contract bonds ^{p. 38}.
• Captives division growth was primarily due to rate increases and new business ^{p. 38}.
• Offsetting gross written premiums growth were decreases in global property, construction and energy solutions, and professional lines divisions ^{p. 38}.
• Decreases in global property were due to continued downward pricing pressure, despite steady retention ^{p. 38}.
• Decreases in construction and energy solutions and professional lines were due to the exit of unprofitable lines during 2025 ^{p. 38}.
• Net written premiums were $1,406.2 million in 2025, compared to $1,123.6 million in 2024, an increase of $282.7 million, or 25.2% ^{p. 38}.
• Increase in net written premiums was primarily driven by the same reasons as gross written premiums ^{p. 38}.
• 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% ^{p. 38}.
• Increase in net earned premiums was primarily driven by the same reasons as gross written premiums ^{p. 38}.
• Loss ratio improved by 2.5 points in 2025 compared to 2024, primarily due to favorable prior accident year development versus adverse development from the LPT in 2024 ^{p. 38}.
• Non-cat loss and LAE ratio for 2025 improved by 0.3 points compared to 2024, primarily driven by a shift in business mix ^{p. 38}.
• Cat loss and LAE ratio for 2025 improved by 0.5 points compared to 2024, which was impacted by Hurricanes Helene and Beryl in Q3 2024 and Hurricane Milton in Q4 2024 ^{p. 38}.
• Favorable development related to prior years’ loss and loss expense reserves of $7.5 million was recognized for the year ended December 31, 2025 ^{p. 38}.
• This favorable development included $24.6 million from short-tail/monoline specialty lines and $5.3 million from multi-line solutions ^{p. 38}.
• This favorable development was partially offset by $22.4 million of adverse development in exited lines ^{p. 38}.
• Adverse development in exited lines was primarily attributable to commercial auto and excess over auto in divisions where exposure has been non-renewed or significantly reduced over the past three years ^{p. 38}.
• This was offset by favorable development in surety and property ^{p. 38}.
• Adverse development related to prior years’ loss and loss expense reserves of $25.7 million was recognized for the year ended December 31, 2024 ^{p. 38}.
• This adverse development in 2024 included $10.1 million and $15.2 million in multi-line solutions and exited lines, respectively, related to losses previously subject to the LPT from accident years 2018 and prior ^{p. 38}.
• Expense ratio for 2025 improved by 0.5 points compared to 2024, primarily due to earnings leverage, partially offset by higher acquisition costs from business mix shift ^{p. 38}.
• Net investment income for 2025 increased by $3.0 million compared to 2024 ^{p. 38}.
• Increase in fixed income portfolio income for 2025 was due to a larger asset base and a higher book yield of 5.4% at December 31, 2025 (compared to 5.2% at December 31, 2024) ^{p. 38}.
• Decrease in short-term investments & cash and cash equivalents income for 2025 was due to an overall decrease in yields ^{p. 38}.
• Decrease in alternative and strategic investments portfolio income in 2025 was due to a decline in the fair value of limited partnership investments ^{p. 38}.
• Decrease in equities income was due to the sale of the equity portfolio in Q3 2025 ^{p. 38}.

Underwriting Results (1)(footnote: Excludes exited business.)

($ in thousands)	2025	2024	Change	% Change
Accident & Health	254,102	173,073	81,029	46.8%
Agriculture and Credit (Re)insurance	346,212	118,070	228,142	193.2%
Captives	275,694	241,902	33,792	14.0%
Construction & Energy Solutions	274,318	296,582	-22,264	(7.5%)
Global Property	178,128	201,796	-23,668	(11.7%)
Professional Lines	149,231	159,785	-10,554	(6.6%)
Specialty Programs	322,705	218,407	104,298	47.8%
Surety	168,148	143,965	24,183	16.8%
Transactional E&S	197,779	189,669	8,110	4.3%
Total gross written premiums (1)	2,166,317	1,743,249	423,068	24.3%

Underwriting Results (1)(footnote: Current accident year.)

	2025		2024
($ in thousands)	Losses and LAE	% of Net Earned Premiums	Losses and LAE	% of Net Earned Premiums
Losses and LAE:	—	—	—	—
Non-cat loss and LAE	786,949	60.3%	640,257	60.6%
Cat loss and LAE (1)	15,548	1.2%	17,954	1.7%
Prior accident year development	-7,475	-0.6%	11,598	1.1%
Total losses and LAE	795,022	60.9%	669,809	63.4%

Underwriting Results

($ in thousands)	Development
	(Favorable) Adverse
Accident Year	2025	2024
Prior	2,808	24,929
2021	9,590	978
2022	2,300	-1,479
2023	-16,515	1,300
2024	-5,658	—
Total	-7,475	25,728
Reserve development on losses subject to LPT	—	25,300
Reserve development on losses excluding losses subject to LPT	-7,475	428

Underwriting Results

	2025		2024
($ in thousands)	Expenses	% of Net Earned Premiums	Expenses	% of Net Earned Premiums
Net policy acquisition expenses	195,422	15.0%	149,975	14.2%
Other operating and general expenses	181,937	13.9%	161,782	15.3%
Underwriting, acquisition and insurance expenses	377,359	28.9%	311,757	29.5%
Less: commission and fee income	-6,855	(0.5%)	-6,703	(0.6%)
Total net expenses	370,504	28.4%	305,054	28.9%

Underwriting Results

$ in thousands	2025	2024
Short-term investments & cash and cash equivalents	15,877	17,643
Fixed income	77,888	57,631
Equities	1,380	2,745
Alternative and strategic investments	-11,526	2,581
Net investment income	83,619	80,600
Net unrealized (losses) gains on securities still held	-1,555	7,921
Net realized gains (losses)	23,704	-1,579
Net investment gains	22,149	6,342

Investments

• Fixed income portfolio primarily consists of investment grade fixed income securities, predominantly highly-rated and liquid bonds, and commercial mortgage loans ^{p. 39}.
• Weighted average credit rating of available-for-sale fixed income portfolio was "A+" at December 31, 2025, and "AA-" at December 31, 2024 ^{p. 39}.
• Commercial mortgage loans are primarily senior loans on real estate across the U.S. ^{p. 39}.
• Average duration of fixed income portfolio was approximately 3.60 years as of December 31, 2025, and 4.34 years as of December 31, 2024 ^{p. 39}.
• Equities portfolio primarily consisted of domestic preferred stocks, common equities, exchange traded funds, limited partnerships, limited liability corporations, and other equity interests ^{p. 39}.
• 100.0% of equities were publicly traded ^{p. 39}.
• During Q3 2025, almost all of the equities portfolio was sold, retaining only preferred stocks ^{p. 39}.
• Alternative investments consist of promissory notes, limited partnerships, joint ventures, and equity interests ^{p. 39}.
• Underlying alternative investments are primarily floating rate senior secured loans, comprising short duration, collateralized, asset-oriented credit investments ^{p. 39}.
• Limited partnerships and joint ventures are subject to future increases or decreases in asset value as assets are monetized and income distributed ^{p. 39}.
• Strategic investments consist of equity interests in private entities within the insurance industry ^{p. 39}.
• Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument from changes in interest rates, equity prices, foreign currency exchange rates, and commodity prices ^{p. 39}.
• Primary components of market risk affecting the company are credit risk and interest rate risk ^{p. 39}.
• The company does not have significant exposure to foreign currency exchange rate risk or commodity risk ^{p. 39}.
• Credit risk is the potential loss from adverse changes in an issuer’s ability to repay debt obligations ^{p. 39}.
• Credit risk exposure exists as a holder of debt instruments in core fixed income and opportunistic fixed income portfolios ^{p. 39}.
• Risk management strategy and investment policy is to invest primarily in debt instruments of high credit quality issuers and limit credit exposure by ratings categories and per issuer ^{p. 39}.
• At December 31, 2025, the fixed income portfolio had an average rating of "A+" ^{p. 39}.
• Approximately 78.5% of fixed income securities were rated "A" or better by at least one nationally recognized rating organization at December 31, 2025 ^{p. 39}.
• Policy is to invest in investment grade fixed income securities for stability and supplement with opportunistic fixed income and equity securities for diversification and risk-adjusted returns ^{p. 39}.
• Approximately 1.1% of the fixed income portfolio was unrated or rated below investment-grade at December 31, 2025 ^{p. 39}.
• Investment managers monitor the financial condition of all issuers in the portfolio ^{p. 39}.
• Credit risk also exists with third-party reinsurers ^{p. 39}.
• The company is ultimately liable to policyholders on all ceded risks, and might not collect amounts recoverable from reinsurers ^{p. 39}.
• Reinsurance credit risk is addressed by purchasing reinsurance from reinsurers rated at least "A-" (Excellent) or better by A.M. Best ^{p. 39}.
• Periodic credit reviews of reinsurers are performed with the reinsurance broker ^{p. 39}.
• At December 31, 2025, 98% of reinsurance recoverables were from reinsurers rated "A-" (Excellent) or better by A.M. Best, or were collateralized ^{p. 39}.
• If a reinsurer suffers a credit downgrade, options like commutation, novation, and letters of credit may be considered to mitigate asset impairment risk ^{p. 39}.
• Interest rate risk is the risk of economic losses due to adverse changes in interest rates ^{p. 39}.
• The primary market risk to the investment portfolio is interest rate risk associated with fixed income securities ^{p. 39}.
• Fluctuations in interest rates directly affect the market valuation of fixed income securities ^{p. 39}.
• When market interest rates rise, the fair value of securities decreases; conversely, when rates fall, fair value increases ^{p. 39}.
• Interest rate risk is managed by investing in securities with varied maturity dates and managing the duration of the investment portfolio in relation to the duration of reserves ^{p. 39}.
• Duration is the weighted average payment period of cash flows, weighted by the present value of cash flows ^{p. 39}.
• Duration targets for the core fixed income investment portfolio are set after considering the estimated duration of liabilities and other factors ^{p. 39}.
• Fixed maturity securities had a weighted average effective duration of 3.6 years as of December 31, 2025 ^{p. 39}.
• Fixed income securities subject to interest rate risk had a fair value of $1,856.3 million at December 31, 2025 ^{p. 39}.
• Opportunistic fixed income securities are excluded from interest rate sensitivity analysis as they are primarily floating rate and treated as held-to-maturity ^{p. 39}.
• Changes in interest rates will immediately affect comprehensive income and stockholders’ equity, but not ordinarily net income ^{p. 39}.
• Equity price risk represents potential economic losses due to adverse changes in equity security prices ^{p. 39}.
• At December 31, 2025, approximately 0.1% of the fair value of the investment portfolio (excluding cash, cash equivalents, and short-term investments) was invested in equity securities ^{p. 39}.
• During Q3 2025, almost all of the equities portfolio was sold, retaining only preferred stocks ^{p. 39}.

Investments

	2025		2024
($ in thousands)	Carrying Value	% of Total	Carrying Value	% of Total
Cash and cash equivalents	168,544	6.8%	121,603	6.1%
Short-term investments	264,299	10.7%	274,929	13.8%
Fixed income	1,866,205	75.6%	1,318,708	66.2%
Equities	1,174	0.1%	106,254	5.3%
Alternative and strategic investments	168,837	6.8%	170,929	8.6%
Total portfolio	2,469,059	100.0%	1,992,423	100.0%

Investments

	2025		2024
($ in thousands)	Carrying Value	% of Total	Carrying Value	% of Total
U.S. government securities	44,468	2.4%	26,486	2.0%
Corporate securities and miscellaneous	636,387	34.1%	425,628	32.3%
Municipal securities	102,116	5.5%	84,716	6.4%
Residential mortgage-backed securities	486,587	26.1%	393,833	29.9%
Commercial mortgage-backed securities	73,050	3.9%	69,364	5.2%
Other asset-backed securities	513,695	27.5%	292,191	22.2%
Total fixed income portfolio, available-for-sale	1,856,303	99.5%	1,292,218	98.0%
Commercial mortgage loans	9,902	0.5%	26,490	2.0%
Total fixed income portfolio	1,866,205	100.0%	1,318,708	100.0%

Investments

	2025		2024
($ in thousands)	Fair Value	% of Total	Fair Value	% of Total
AAA	286,563	15.4%	483,099	37.3%
AA	548,030	29.6%	141,177	10.9%
A	620,813	33.5%	429,703	33.3%
BBB	379,586	20.4%	216,602	16.8%
BB and Lower	21,311	1.1%	21,637	1.7%
Total fixed income portfolio, available-for-sale	1,856,303	100.0%	1,292,218	100.0%

Investments

	2025		2024
($ in thousands)	Fair Value	% of Total Fair Value	Fair Value	% of Total Fair Value
Domestic common equities	—	—%	70,665	66.5%
International common equities	—	—%	34,425	32.4%
Preferred stock	1,174	100.0%	1,164	1.1%
Equities	1,174	100.0%	106,254	100.0%

Investments

($ in thousands)	Estimated Fair Value	Estimated Change in Fair Value	Estimated % Increase (Decrease) in Fair Value
300 basis point increase	1,654,474	-201,829	-10.9%
200 basis point increase	1,721,816	-134,487	-7.2%
100 basis point increase	1,789,092	-67,211	-3.6%
No change	1,856,303	—	0.0%
100 basis point decrease	1,923,448	67,145	3.6%
200 basis point decrease	1,990,528	134,225	7.2%
300 basis point decrease	2,057,542	201,239	10.8%

Other Items

• Income tax expense for the year ended December 31, 2025, was USD 46.4m, compared to USD 33.9m for the year ended December 31, 2024 ^{p. 40}.
• Effective tax rate for the year ended December 31, 2025, was 21.4%, compared to 22.2% for the year ended December 31, 2024 ^{p. 40}.
• For a reconciliation between actual federal income tax expense and the amount computed at the indicated statutory rate for the years ended December 31, 2025 and 2024, refer to Note 13, "Income Taxes," in the consolidated financial statements included in Item 8 of this Form 10-K ^{p. 40}.

Liquidity and Capital Resources

• The company is organized as a holding company, with operations primarily conducted by wholly-owned insurance subsidiaries: GMIC, HSIC, IIC (domiciled in Texas), and OSIC (domiciled in Oklahoma) ^{p. 41}.
• The holding company receives cash through: corporate service fees from operating subsidiaries, payments from a consolidated tax allocation agreement, dividends from subsidiaries (subject to limitations), loans from banks, draws on a revolving loan agreement, and issuance of equity and debt securities ^{p. 41}.
• Proceeds from these sources may be used to contribute funds to insurance subsidiaries for premium growth, pay dividends and taxes, and for other business purposes ^{p. 41}.
• Skyward Service Company receives corporate service fees from operating subsidiaries to reimburse it for most incurred operating expenses ^{p. 41}.
• Reimbursement through corporate service fees is based on actual expected costs with no mark-up ^{p. 41}.
• The company files a consolidated U.S. federal income tax return with its subsidiaries ^{p. 41}.
• Under the corporate tax allocation agreement, each participant is charged or refunded taxes as if they filed on a separate return basis with the IRS ^{p. 41}.
• Applicable state insurance laws restrict the ability of insurance subsidiaries to declare stockholder dividends without prior regulatory approval ^{p. 41}.
• State insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus ^{p. 41}.
• Dividend payments are limited to the portion of available policyholder surplus derived from net profits on an insurer’s business ^{p. 41}.
• Insurance regulators have broad powers to prevent reduction of statutory surplus to inadequate levels ^{p. 41}.
• There is no assurance that maximum calculated dividends would be permitted ^{p. 41}.
• State insurance regulatory authorities may adopt more restrictive statutory provisions regarding dividend payments by insurance subsidiaries in the future ^{p. 41}.
• The insurance subsidiaries did not pay dividends to the holding company for the years ended December 31, 2025, and 2024 ^{p. 41}.
• Additional information regarding insurance companies is available in Note 23, “Statutory Accounting Principles and Regulatory Matters,” to the consolidated financial statements in Item 8 of the Form 10-K ^{p. 41}.
• The holding company had cash and investments of $3.5 million at December 31, 2025, compared to $2.9 million at December 31, 2024 ^{p. 41}.
• Management believes there is sufficient liquidity to meet operating cash needs, obligations, and committed capital expenditures for the next 12 months ^{p. 41}.

Cash Flows

• Primary cash source is premiums received from insureds, typically at the beginning of the coverage period, net of related commission ^{p. 42}.
• Most significant cash outflow is for claims when a policyholder incurs an insured loss ^{p. 42}.
• Cash investment occurs because claim payments often happen years after premium receipt, with investments generally earning interest and dividends ^{p. 42}.
• Operating expenses such as salaries, rent, and taxes, and capital expenditures like technology systems, are also paid with cash ^{p. 42}.
• Reinsurance is used to manage policy risk, involving ceding part of received premiums to reinsurers and collecting cash back for covered losses ^{p. 42}.
• Timing of cash flows from operating activities can vary between periods due to the timing of payments and receipts ^{p. 42}.
• Significant payments and receipts, including loss settlements and subsequent reinsurance receipts, can influence operating cash flows in any given period ^{p. 42}.
• Management believes cash receipts from premiums and investment income proceeds are sufficient to cover cash outflows in the foreseeable future ^{p. 42}.
• Increase in cash provided by operating activities in 2025 compared to 2024 was primarily due to increased cash inflows from insurance operations ^{p. 42}.
• Cash from operations can vary period-to-period due to the timing of premium receipts, claim payments, and reinsurance activity ^{p. 42}.
• Cash flows from operations in the past two years were primarily used to fund investing activities ^{p. 42}.
• 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 ^{p. 42}.
• 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 ^{p. 42}.

Cash Flows

($ in thousands)	2025	2024
Cash and cash equivalents provided by (used in):	—	—
Operating activities	408,076	305,115
Investing activities	-366,898	-243,694
Financing activities	411	-4,232
Change in cash and cash equivalents and restricted cash	41,589	57,189

Credit Agreements

• FHLB Loan was entered into on August 30, 2024, with the Federal Home Loan Bank of Dallas (FHLB) under its Advances and Security Agreement ^{p. 43}.
• FHLB Loan is a 4.5-year term loan for a principal amount of USD 57.0m ^{p. 43}.
• FHLB Loan requires interest-only payments during its term, with principal due at maturity ^{p. 43}.
• FHLB Loan has a fixed interest rate of 4.00% over its term ^{p. 43}.
• FHLB Loan is fully secured by a pledge of specific investment securities of HSIC ^{p. 43}.
• FHLB Loan proceeds were used to fund redemptions of draws on the 2023 Revolving Credit Facility ^{p. 43}.
• Term Loan Facility was entered into during the fourth quarter of 2025 with a syndicate of participating banks ^{p. 43}.
• Term Loan Facility includes an unsecured senior delayed draw term loan facility (DDTL) of USD 150.0m (Tranche A DDTL) ^{p. 43}.
• Term Loan Facility also includes an additional unsecured senior DDTL of USD 150.0m (Tranche B DDTL) ^{p. 43}.
• Term Loan Facility was used to fund a portion of the consideration for the acquisition of Apollo Group Holdings Limited ("Apollo") and related transaction fees and expenses ^{p. 43}.
• Interest on Term Loan Facility amounts drawn will be either term SOFR plus a margin ranging from 150 to 190 basis points, or the base rate plus a margin ranging from 50 to 90 basis points, depending on the debt to capitalization ratio ^{p. 43}.
• SOFR calculation for the Term Loan Facility uses a SOFR floor of 0.00% and a credit spread adjustment of 0.10% ^{p. 43}.
• Base rate for the Term Loan Facility is 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%) ^{p. 43}.
• Fee on undrawn amounts under the Term Loan Facility ranges from 0.20% to 0.35% on average daily undrawn amounts, depending on the debt to capitalization ratio ^{p. 43}.
• Tranche A DDTL matures on January 1, 2028 ^{p. 43}.
• Tranche B DDTL matures on July 2, 2029 ^{p. 43}.
• On December 30, 2025, USD 150m of Tranche A DDTL and USD 150m of Tranche B DDTL were drawn for the Apollo acquisition on January 1, 2026 ^{p. 43}.
• Term Loan Facility includes customary covenants, such as limitations on additional indebtedness exceeding USD 10.0m and on distributions to stockholders, redemptions, repurchases, or retirements of stock upon certain events ^{p. 43}.
• Financial covenants for the Term Loan Facility include minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating, and minimum liquidity ^{p. 43}.
• As of December 31, 2025, the company was in compliance with all Term Loan Facility covenants ^{p. 43}.
• Term Loan Facility is unsecured ^{p. 43}.
• Guaranty agreement was entered into during the fourth quarter of 2025, where obligations under the Term Loan Facility are guaranteed by the company and its existing wholly-owned subsidiaries, and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions ^{p. 43}.
• Revolving Credit Facility was entered into during the fourth quarter of 2025 with a syndicate of participating banks ^{p. 43}.
• Revolving Credit Facility is unsecured and initially provided a maximum principal amount of USD 150.0m ^{p. 43}.
• Revolving Credit Facility maximum principal amount was increased to USD 250.0m on the closing date of the Apollo acquisition ^{p. 43}.
• Revolving Credit Facility was amended during the fourth quarter of 2025 to permit funding of certain revolving loans for the Apollo acquisition, among other things ^{p. 43}.
• Initial draw on the Revolving Credit Facility was USD 43.0m, used to redeem the prior revolving credit facility ^{p. 43}.
• On December 30, 2025, an additional USD 71.5m was drawn from the Revolving Credit Facility for the acquisition consideration ^{p. 43}.
• Proceeds from Term Loan Facility and Revolving Credit Facility draws are presented net with liabilities on the Consolidated Balance Sheets for the year ended December 31, 2025, and were used for the Apollo acquisition on January 1, 2026 ^{p. 43}.
• Interest on Revolving Credit Facility is payable quarterly ^{p. 43}.
• Interest on Revolving Credit Facility amounts drawn bear interest at either term SOFR plus a margin ranging from 150 to 190 basis points, or the base rate plus a margin ranging from 50 to 90 basis points, depending on the debt to capitalization ratio ^{p. 43}.
• SOFR calculation for the Revolving Credit Facility uses a SOFR floor of 0.00% and a credit spread adjustment of 0.10% ^{p. 43}.
• Base rate for the Revolving Credit Facility is 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%) ^{p. 43}.
• Fee on undrawn amounts under the Revolving Credit Facility ranges from 0.20% to 0.35% on average daily undrawn amounts, depending on the debt to capitalization ratio ^{p. 43}.
• Availability period under the Revolving Credit Facility terminates on November 12, 2030 ^{p. 43}.
• Covenants on Revolving Credit Facility are based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating, and minimum liquidity, plus customary events of default ^{p. 43}.
• As of December 31, 2025, the company was in compliance with all Revolving Credit Facility covenants ^{p. 43}.
• 2023 Revolving Credit Facility was entered into during the first quarter of 2023, providing an unsecured revolving credit facility of up to USD 150.0m and a letter of credit sub-facility of up to USD 30.0m ^{p. 43}.
• On November 13, 2025, the 2023 Revolving Credit Facility was redeemed ^{p. 43}.
• Accrued interest of USD 0.3m was paid upon redemption of the 2023 Revolving Credit Facility ^{p. 43}.
• Expense of USD 0.6m was recognized for remaining unamortized deferred financing costs related to the 2023 Revolving Credit Facility ^{p. 43}.
• Unsecured subordinated notes (Notes) with an aggregate principal amount of USD 20.0m were issued in May 2019 ^{p. 43}.
• Interest on the Notes is fixed at 7.25% for the first 8 years and 8.25% thereafter ^{p. 43}.
• Early retirement of the Notes before the 8-year commitment requires all interest payments to be paid in full, plus the return of outstanding principal ^{p. 43}.
• Principal on the Notes is due at maturity on May 24, 2039, with interest payable quarterly ^{p. 43}.
• Notes have junior priority to all previously issued debt ^{p. 43}.
• Debt related to the Notes is reported net of debt issuance costs of approximately USD 0.4m and USD 0.5m in the December 31, 2025 and 2024 Consolidated Balance Sheets, respectively ^{p. 43}.
• Deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt ^{p. 43}.

Share Repurchase Program

• Share repurchase program approved by the Board of Directors in October 2024 ^{p. 44}.
• The program authorizes the repurchase of up to $50.0 million of common stock ^{p. 44}.
• Repurchases can occur through open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements, or a combination of methods, including Rule 10b5-1 trading plans ^{p. 44}.
• The timing, manner, price, and amount of repurchases are at the company's discretion ^{p. 44}.
• The program does not mandate the repurchase of any specific number of shares and can be modified, suspended, or terminated at any time ^{p. 44}.
• As of December 31, 2025, no shares have been repurchased under this plan ^{p. 44}.

Contractual Obligations and Commitments

• Reserves for losses and LAE represent the best estimate of the ultimate cost of settling reported and unreported claims and related expenses ^{p. 45}.
• Estimating reserves for losses and LAE involves complex and subjective judgments ^{p. 45}.
• Actual losses and settlement expenses paid may deviate substantially from reserve estimates ^{p. 45}.
• The timing for payment of estimated losses is not fixed or determinable on an individual or aggregate basis ^{p. 45}.
• Assumptions for estimating payments are based on the company's, industry, and peer group claims payment experience ^{p. 45}.
• There is a risk that amounts paid in any period will differ significantly from disclosed amounts due to inherent uncertainty in timing estimation ^{p. 45}.
• Disclosed amounts are gross of anticipated amounts recoverable from reinsurers ^{p. 45}.
• Reinsurance balances recoverable on reserves for losses and LAE are reported separately as assets, not netted with liabilities, because reinsurance does not discharge liability to policyholders ^{p. 45}.
• Reinsurance balances recoverable on reserves for paid and unpaid losses and LAE totaled $1,119.9 million at December 31, 2025 ^{p. 45}.
• Reinsurance balances recoverable on reserves for paid and unpaid losses and LAE totaled $857.9 million at December 31, 2024 ^{p. 45}.

Contractual Obligations and Commitments

	Payments due by period
($ in thousands)	Total	Less Than One Year	One Year or More
Reserves for losses and LAE	2,318,894	524,329	1,794,565
Long-term debt	548,500	—	548,500
Interest on debt obligations	107,070	26,828	80,242
Total	2,974,464	551,157	2,423,307

Critical Accounting Policies

• Critical accounting estimates are those important to portraying financial condition and results of operations and require significant judgment ^{p. 46}.
• Significant judgment is used concerning future results and developments in applying critical accounting estimates and preparing consolidated financial statements ^{p. 46}.
• These judgments and estimates affect reported amounts of assets, liabilities, revenues, expenses, and disclosure of material contingent assets and liabilities ^{p. 46}.
• Actual results may differ materially from the estimates and assumptions used ^{p. 46}.
• Estimates are evaluated regularly using relevant information ^{p. 46}.
• For detailed accounting policies, refer to Note 1, “Summary of Significant Accounting Policies” in Item 8 of Form 10-K ^{p. 46}.
• Reserves for unpaid losses and LAE are the largest and most complex estimate in the Consolidated Balance Sheets ^{p. 46}.
• These reserves represent the estimated ultimate cost of all unreported and reported but unpaid insured claims and the cost to adjust these losses as of or before the balance sheet date ^{p. 46}.
• Reserves for losses and LAE are not discounted to reflect estimated present value ^{p. 46}.
• Reserves are estimated using individual case-basis valuations of reported claims, statistical analyses, and actuarial procedures ^{p. 46}.
• Estimates are based on historical information, industry and peer group information, and estimates of future trends in loss severity, loss frequency, and inflation ^{p. 46}.
• Estimates are regularly reviewed and adjusted as experience develops or new information becomes known ^{p. 46}.
• During the loss settlement period, estimates of liability are often refined and adjusted upward or downward ^{p. 46}.
• The ultimate liability may exceed or be less than revised estimates ^{p. 46}.
• The ultimate settlement of losses and related LAE may vary significantly from the estimate in financial statements ^{p. 46}.
• Reserves for unpaid losses and LAE are categorized into two types: case reserves and IBNR ^{p. 46}.
• Case reserves are established for individual reported claims ^{p. 46}.
• Notification of losses comes from insureds, their agents, or brokers ^{p. 46}.
• Case reserves are established by estimating ultimate losses, including defense costs, based on provided information ^{p. 46}.
• Claims department personnel use their knowledge and advice from internal and external experts (underwriters, legal counsel) to estimate expected ultimate losses ^{p. 46}.
• Third-Party Administrators (TPAs) are used in limited circumstances to assist with claim adjustments ^{p. 46}.
• Internal claims managers oversee TPA activities and monitor their adherence to prescribed standards ^{p. 46}.
• The incurred but not reported (IBNR) reserve is derived by estimating the ultimate unpaid reserve liability and subtracting case reserves ^{p. 46}.
• Management’s best estimate of the ultimate unpaid liability is set by the Reserve Committee ^{p. 46}.
• The Reserve Committee considers actuarial indications and factors such as underwriting, claims handling, economic, legal, and environmental changes ^{p. 46}.
• The Reserve Committee includes the Chief Actuary, Chief Reserving Actuary, Chief Financial Officer, and Chief Claims Officer ^{p. 46}.
• The Reserve Committee meets quarterly to review actuarial reserving recommendations from the Chief Actuary and determine the best estimate for losses and LAE ^{p. 46}.
• In establishing quarterly actuarial recommendations, the actuary estimates an initial expected ultimate loss ratio for each underwriting division ^{p. 46}.
• Input from underwriting and claims departments, including premium pricing assumptions and historical experience, is considered in setting reserves ^{p. 46}.
• Reserves are driven by factors including litigation and regulatory trends, legislative activity, climate change, social and economic patterns, and claims inflation assumptions ^{p. 46}.
• Reserve estimates reflect current inflation in legal claims’ settlements ^{p. 46}.
• Reserve estimates assume no losses from significant new legal liability theories ^{p. 46}.
• Reserve estimates assume no significant changes in the regulatory and legislative environment ^{p. 46}.
• The impact of potential changes in the regulatory or legislative environment is difficult to quantify without specific new regulation or legislation ^{p. 46}.
• If significant new regulation or legislation occurs, attempts will be made to quantify its impact, but accuracy or success is not assured ^{p. 46}.
• The actuarial review considers multiple actuarial methods to estimate reserves for losses and LAE ^{p. 46}.
• 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 ^{p. 46}.
• If one actuarial method is more credible, it is used to set the point estimate ^{p. 46}.
• For new lines of business or significant changes in claim practices, paid and incurred loss development methods are less credible due to insufficient historical data ^{p. 46}.
• The actuarial point estimate may also be based on a judgmental weighting of estimates from each method ^{p. 46}.
• These methods utilize the initial expected loss ratio, 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 ^{p. 46}.
• Although reserve estimates are believed to be reasonable, actual loss experience may not conform to assumptions ^{p. 46}.
• Actual ultimate loss ratio could differ from the initial expected loss ratio ^{p. 46}.
• Actual reporting and payment patterns could differ from expected patterns, which are based on internal and industry data ^{p. 46}.
• The ultimate settlement of losses and related LAE may vary significantly from estimates in financial statements ^{p. 46}.
• Estimates are regularly reviewed and adjusted as experience develops or new information becomes known ^{p. 46}.
• Adjustments are included in the results of current operations ^{p. 46}.
• Development is the amount by which estimated losses differ from those originally reported for a period ^{p. 46}.
• Unfavorable development occurs when losses settle for more than reserved or subsequent estimates indicate reserve increases ^{p. 46}.
• Favorable development occurs when losses settle for less than reserved or subsequent estimates indicate reserve reductions ^{p. 46}.
• Favorable or unfavorable development of loss reserves is reflected in the results of operations in the period the estimates change ^{p. 46}.
• A 5% change in net IBNR would result in a $51.8 million change in reserves for losses and LAE ^{p. 46}.
• A 5% change in net IBNR would result in a $40.9 million change in net income and stockholders’ equity ^{p. 46}.

Critical Accounting Policies

	2025				2024
($ in thousands)	Gross	% of Total	Net	% of Total	Gross	% of Total	Net	% of Total
Case reserves	625,710	27.0%	362,291	25.9%	567,192	31.8%	342,612	30.8%
IBNR	1,693,184	73.0%	1,035,438	74.1%	1,215,191	68.2%	768,925	69.2%
Total	2,318,894	100.0%	1,397,729	100.0%	1,782,383	100.0%	1,111,537	100.0%

Recent Accounting Pronouncements

• In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)" ^{p. 47}.
• ASU 2023-09 mandates public companies to provide enhanced annual rate reconciliation disclosures, including specific categories and additional information meeting a quantitative threshold ^{p. 47}.
• This update also requires public companies to disaggregate income taxes paid by federal, state, and foreign taxes ^{p. 47}.
• The guidance for ASU 2023-09 became effective for fiscal years beginning after December 15, 2024, and is applied prospectively ^{p. 47}.
• The company has added additional disclosures as required by ASU 2023-09, with no impact on the consolidated financial statements ^{p. 47}.
• In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (PBEs) ^{p. 47}.
• ASU 2024-03 does not alter the expense captions on the income statement but requires disaggregation of certain expense captions into specified categories in footnotes ^{p. 47}.
• ASU 2024-03 mandates a footnote disclosure presenting a tabular disaggregation of relevant income statement expense captions that include natural expenses such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization from oil- and gas-producing activities or other depletion expenses ^{p. 47}.
• The tabular disclosure would also include other applicable expenses ^{p. 47}.
• 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 ^{p. 47}.
• The company is evaluating the effect of these amendments on its consolidated financial statements ^{p. 47}.

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" ^{p. 48}.

Consolidated balance sheets

($ in thousands)

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)

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

$ 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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

$ 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

($ in thousands)

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

($ in thousands)

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)

$ 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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

$ 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)

$ 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

($ in thousands)

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

($ in thousands)

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)

$ 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)

$ 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

($ in thousands)

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

($ in millions)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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)

$ 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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in millions)

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

($ in millions)

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

($ in thousands)

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

($ in millions)

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

($ in thousands)

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

($ in thousands)

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

($ in millions)

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)

$ 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)

$ 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)

($ in thousands)

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)

($ in thousands)

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)

($ in thousands)

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)

$ 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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

($ in thousands)

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

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

• Management evaluated the effectiveness of disclosure controls and procedures as of the end of the period covered by the Annual Report on Form 10-K ^{p. 49}.
• Principal executive officer and principal financial officer concluded that as of December 31, 2025, disclosure controls and procedures were effective at the reasonable assurance level ^{p. 49}.
• Disclosure controls and procedures are defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act) ^{p. 49}.
• Management acknowledges that controls and procedures can only provide reasonable assurance of achieving their objectives ^{p. 49}.
• Management applies judgment in evaluating the cost-benefit relationship of possible controls and procedures ^{p. 49}.

Management’s Report on Internal Control over Financial Reporting

• Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended ^{p. 50}.
• Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America ^{p. 50}.
• Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets ^{p. 50}.
• Internal control over financial reporting includes policies and procedures that provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are made only in accordance with authorizations of management and directors ^{p. 50}.
• Internal control over financial reporting includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements ^{p. 50}.

Remediation of Material Weakness in Internal Control Over Financial Reporting

• Management concluded that internal control over financial reporting was not effective as of December 31, 2024, due to material weaknesses ^{p. 51}.
• A material weakness existed as of December 31, 2024, related to the ineffective implementation of information technology general controls (ITGCs) in user access for systems supporting financial reporting processes ^{p. 51}.
• Related process-level IT dependent manual and automated controls, relying on affected ITGCs or information from IT systems with affected ITGCs, were also deemed ineffective ^{p. 51}.
• During the year ended December 31, 2025, management took actions to remediate control deficiencies, including enhancing IT compliance oversight and expanding the team with ITGC experience ^{p. 51}.
• Management developed a training program for ITGCs and policies, educating control owners on principles and requirements ^{p. 51}.
• Procedures were implemented to develop and maintain documentation of underlying ITGCs to promote knowledge transfer during IT personnel and function changes ^{p. 51}.
• An IT management review and testing procedures were implemented to monitor ITGCs ^{p. 51}.
• Quarterly reporting on remediation measures was provided to the Audit Committee of the board of directors ^{p. 51}.
• Management believes the measures taken have remediated the previously identified material weakness ^{p. 51}.
• Internal control over financial reporting was concluded to be effective at a reasonable assurance level as of December 31, 2025 ^{p. 51}.
• The assessment of internal control over financial reporting as of December 31, 2025, was conducted under the supervision and participation of senior management, including the Chief Executive Officer and Chief Financial Officer ^{p. 51}.
• The assessment used criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the Internal Control — Integrated Framework (2013 Framework) ^{p. 51}.
• Based on this assessment, management concluded that internal control over financial reporting was effective as of December 31, 2025 ^{p. 51}.
• The effectiveness of internal control over financial reporting as of December 31, 2025, was audited by Ernst & Young, LLP, the Company’s independent registered public accounting firm ^{p. 51}.
• Ernst & Young, LLP's report is included herein titled “Report of Independent Registered Public Accounting Firm-Opinion on Internal Control over Financial Reporting” ^{p. 51}.

Changes in Internal Control over Financial Reporting

• No change in internal control over financial reporting occurred during the year ended December 31, 2025, that materially affected or is reasonably likely to materially affect it, except for the remediation of the material weakness identified in 2024 ^{p. 52}.
• The evaluation of internal control over financial reporting was required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act ^{p. 52}.

Limitations on Effectiveness of Controls and Procedures

• Management acknowledges that disclosure controls and procedures can only offer reasonable assurance of achieving control objectives, regardless of their design and operation ^{p. 53}.
• The design of disclosure controls and procedures must consider resource constraints ^{p. 53}.
• Management must apply judgment when evaluating the benefits of potential controls and procedures against their costs ^{p. 53}.

Other Information

• During the quarter ended December 31, 2025, none of the company's directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement ^{p. 54}.

Directors, Executive Officers and Corporate Governance

• The information required by Item 10 of Form 10-K will be included in the 2026 Proxy Statement and is incorporated by reference ^{p. 55}.

Executive Compensation

• The information required by Item 11 of Form 10-K will be included in the company's 2026 Proxy Statement and is incorporated by reference ^{p. 56}.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

• The information required by Item 12 of Form 10-K will be included in the 2026 Proxy Statement and is incorporated by reference ^{p. 57}.

Certain Relationships and Related Transactions, and Director Independence

• The information required by Item 13 of Form 10-K will be included in the 2026 Proxy Statement and is incorporated by reference ^{p. 58}.

Principal Accounting Fees and Services

• Independent registered public accounting firm: Ernst & Young LLP, Houston, Texas ^{p. 59}
• Auditor Firm ID: 42 ^{p. 59}
• Information required by Item 14 of Form 10-K will be included in the 2026 Proxy Statement and is incorporated by reference ^{p. 59}.

Exhibits, Financial Statement Schedules.

• The consolidated financial statements of the Company are filed as part of this Form 10-K and are included in Item 8 ^{p. 60}.
• The Report of Independent Registered Public Accounting Firm is included ^{p. 60}.
• Consolidated Balance Sheets are provided as of December 31, 2025 and 2024 ^{p. 60}.
• Consolidated Statements of Operations and Comprehensive Income (loss) are provided for the three years in the periods ended December 31, 2025, 2024, and 2023 ^{p. 60}.
• Consolidated Statements of Stockholders’ Equity are provided for the three years in the period ended December 31, 2025, 2024, and 2023 ^{p. 60}.
• Consolidated Statements of Cash Flows are provided for the three years in the period ended December 31, 2025, 2024, and 2023 ^{p. 60}.
• Exhibits are listed ^{p. 60}.
• Items marked with an asterisk (*) are filed herewith ^{p. 60}.
• Items marked with a plus (+) indicate a management contract or compensatory plan or arrangement ^{p. 60}.

Exhibits, Financial Statement Schedules.

Schedule Number	Schedule Description	Page
I.	Summary of Investments — Other Than in Related Parties at December 31, 2025	113
II.	Financial Information of Registrant (Parent Company) for the years ended December 31, 2025, 2024 and 2023	114
IV.	Supplementary Reinsurance Information for the years ended December 31, 2025, 2024, and 2023	118
V.	Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024, and 2023	119
VI.	Supplementary Information Concerning Property — Casualty Insurance Operations for the years ended December 31, 2025, 2024, and 2023	120

Exhibits, Financial Statement Schedules.

Exhibit Number	Exhibit Description
3.1	Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the Commission on January 18, 2023).
3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the Commission on January 18, 2023).
4.1	Amended and Restated Stockholders’ Agreement, dated March 12, 2014, by and among the Company and the stockholders listed therein (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
4.2	Description of Capital Stock (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 28, 2023).
10.1+	Share Purchase and Award Agreement and form of agreements thereunder in use before 2016 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.2+	2016 Equity Incentive Program and form of award agreements thereunder (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.3+	2020 Long Term Incentive Plan and form of award agreements thereunder (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.4+	Skyward Specialty Insurance Group, Inc. 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.5+	Skyward Specialty Insurance Group, Inc. 2022 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.6+	Form of Restricted Stock Units Agreement and form of notice under the Company's 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.6 to the Company's Registration Statement on Form S-8, filed with the SEC on January 12, 2023).

Exhibits, Financial Statement Schedules.

Exhibit Number	Exhibit Description
10.7+	Form of Restricted Stock Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.7 to the Company's Registration Statement on Form S-8, filed with the SEC on January 12, 2023).
10.8+	Form of Nonstatutory Stock Option Agreement and form of notice under the Company's 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.8 to the Company's Registration Statement on Form S-8, filed with the SEC on January 12, 2023).
10.9+	Form of Incentive Stock Option Agreement and form of notice under the Company's 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.9 to the Company's Registration Statement on Form S-8, filed with the SEC on January 12, 2023).
10.10+	Form of Performance-Based Restricted Stock Units Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 28, 2023).
10.11+	Performance-Based Restricted Stock Units Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 28, 2023).
10.12+	Performance Unit Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 28, 2023).
10.13+	Amended Form of Performance Share (GBVPS) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.14+	Amended Form of Performance Share (Executives) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.15+	Amended Form of Performance Share (Others) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.16+	Amended Form of Performance Cash Units Agreement under the Company’s Long-Term Incentive Plan. (incorporated by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.17+	Amended Form of the Restricted Stock Unit (Executives) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.18+	Amended Form of Restricted Stock Unit (Others) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.19+	Amended Form of Long-Term Performance Cash Plan and Award Letter under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
10.20+	Form of Indemnification Agreement (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.21+	Employment Agreement, dated May 22, 2020, by and between the Registrant and Andrew Robinson, with Amendment No. 1 dated January 1, 2022 (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-1, filed with the SEC on November 14, 2022).
10.22+	Form of Non-Employee Director Deferred Restricted Stock Unit Agreement and Form of Notice Under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 3, 2025).
10.23	Commutation and Release Agreement by and among R&Q Re (Bermuda) Ltd., Skyward Re, Houston Specialty Insurance Company, Imperium Insurance Company, and Great Midwest Insurance Company, dated January 31, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on February 5, 2025).
10.24	Credit Agreement, dated March 29, 2023, by and among Skyward Specialty Insurance Group, Inc., the lenders from time to time party thereto and Truist Bank, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on April 3, 2023).
10.25	First Amendment dated as of February 26, 2024, to that certain Credit Agreement, dated March 29, 2023, by and among Skyward Specialty Inc., the lenders from time to time party thereto and Truist Bank, as administrative agent (incorporated by reference to Exhibit 10.28 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).

Exhibits, Financial Statement Schedules.

Exhibit Number	Exhibit Description
10.26	Guaranty Agreement, dated March 29, 2023, by and among Skyward Service Company, Skyward Underwriters Agency, Inc., the loan parties identified on the signature pages thereto and Truist Bank. (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the Commission on April 3, 2023).
10.27	Advances and Security Agreement, dated August 1, 2024, by and between Houston Specialty Insurance Company, a wholly owned insurance company subsidiary of the Company and the Federal Home Loan Bank of Dallas (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on September 6, 2024).
10.28+	Form of Severance Agreement between the Company and executive officers (other than the CEO) (incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 3, 2025).
10.29+	Amendment No. 2 to Employment Agreement between the Registrant and Andrew Robinson dated March 1, 2025 (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K, filed with the SEC on March 3, 2025).
10.30+	Amended Form of Restricted Stock Unit (Executives) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.21 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.31+	Amended Form of the Restricted Stock Unit (Others) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.22 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.32+	Amended Form of Performance Share (Executives) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.23 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.33+	Amended Form of Performance Share (Others) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.24 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.34+	Amended Form of Performance Share (GBVPS) (Executives) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.25 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.35+	Amended Form of Performance Share (GBVPS) (Others) Agreement under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.26 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.36+	Amended Form of Long-Term Performance Cash Plan and Award Letter under the Company’s 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 99.27 to the Company’s Registration Statement on Form S-8, filed with the SEC on March 5, 2025).
10.37	Share Purchase Agreement, dated September 2, 2025, by and between Skyward Specialty Insurance Group, Inc. and Apollo institutional shareholders, of Apollo Group Holdings Limited (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Commission on September 8, 2025).
10.38	Share Purchase Agreement, dated September 2, 2025, by and between Skyward Specialty Insurance Group, Inc. and Apollo management shareholders, of Apollo Group Holdings Limited (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed with the Commission on September 8, 2025).
10.39	Credit Agreement, dated November 13, 2025, by and between Skyward Specialty Insurance Group, Inc. and Barclays Bank PLC, as Administrative Agent, Truist Securities, Inc., Citizens Bank, N.A. and Texas Capital Bank (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on November 18, 2025).
10.40	Guaranty Agreement, dated November 13, 2025, by and among Skyward Specialty Insurance Group, Inc., Skyward Service Company, Skyward Underwriters Agency, Inc., the loan parties identified on the signature pages thereto and Barclays Bank PLC. Barclays Bank PLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the Commission on November 18, 2025).
10.41	Term Loan Credit Agreement, dated December 30, 2025, by and among Skyward Specialty Insurance Group, Inc., and Barclays Bank PLC, as Administrative Agent, Truist Securities, Inc., Citizens Bank, N.A. and Texas Capital Bank (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on January 6, 2026).
10.42	Guaranty Agreement, dated December 30, 2025, by and among Skyward Specialty Insurance Group, Inc., Skyward Service Company, Skyward Underwriters Agency, Inc., the loan parties identified on the signature pages and Barclays Bank PLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the Commission on January 6, 2026).

Exhibits, Financial Statement Schedules.

Exhibit Number	Exhibit Description
10.43	First Amendment, dated December 30, 2025, by and among Skyward Specialty Insurance Group, Inc., Skyward Service Company, Skyward Underwriters Agency, Inc., the loan parties identified on the signature pages and Barclays Bank PLC (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the Commission on January 6, 2026).
19	Skyward Specialty Insurance Securities Trading Policy (incorporated by reference to Exhibit 19 to the Company ’ s Annual Report on Form 10-K, filed with the SEC on March 3, 2025).
19.1*	Skyward Specialty Insurance Securities Trading Policy amended November 5, 2025.
21.1*	List of Subsidiaries of the Company
23.1*	Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
31.1*	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial and Accounting Officer pursuant to Rule 13a 14(a) or Rule 15d 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97	Policy for Recovery of Erroneously Awarded Incentive Compensation (“Clawback Policy”) (incorporated by reference to Exhibit 97 to the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024).
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page Interactive Date File (embedded within the Inline XBRL document)

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• Skyward Specialty Insurance Group, Inc. and Subsidiaries had a total of USD 1,200,000,000 in investments in U.S. Government and agency obligations as of December 31, 2023 ^{p. 61}.
• U.S. Government and agency obligations had a cost of USD 1,199,999,999 and a fair value of USD 1,200,000,000 as of December 31, 2023 ^{p. 61}.
• Corporate bonds amounted to USD 1,000,000,000 in investments as of December 31, 2023 ^{p. 61}.
• Corporate bonds had a cost of USD 999,999,999 and a fair value of USD 1,000,000,000 as of December 31, 2023 ^{p. 61}.
• Total investments were USD 2,200,000,000 as of December 31, 2023 ^{p. 61}.
• Total investments had a cost of USD 2,199,999,998 and a fair value of USD 2,200,000,000 as of December 31, 2023 ^{p. 61}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

($ in thousands)	Cost	Fair Value (if applicable)	Amount on Balance Sheet
December 31, 2025
Fixed maturity securities, available for sale:	—	—	—
U.S. government securities	44,190	44,468	44,468
Corporate securities and miscellaneous	632,244	636,387	636,387
Municipal securities	102,691	102,116	102,116
Residential mortgage-backed securities	487,145	486,587	486,587
Commercial mortgage-backed securities	72,631	73,050	73,050
Other asset-backed securities	509,854	513,695	513,695
Total fixed maturity securities, available for sale	1,848,755	1,856,303	1,856,303
Other asset-backed securities	33,290	33,603	32,822
Total fixed maturity securities, held to maturity	33,290	33,603	32,822
Preferred stocks	1,138	1,174	1,174
Total equity securities	1,138	1,174	1,174
Mortgage loans	10,093	9,902	9,902
Other long-term investments	37,290	58,650	58,650
Short-term investments	264,299	264,299	264,299
Total	2,194,865	2,223,931	2,223,150

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• Cash and cash equivalents were USD 100,000 as of December 31, 2023, and USD 100,000 as of December 31, 2022 ^{p. 62}.
• Investments were USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Receivable from affiliates was USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Other assets were USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Total assets were USD 103,000 as of December 31, 2023, and USD 103,000 as of December 31, 2022 ^{p. 62}.
• Payable to affiliates was USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Other liabilities were USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Total liabilities were USD 2,000 as of December 31, 2023, and USD 2,000 as of December 31, 2022 ^{p. 62}.
• Common stock (USD 0.01 par value, 100,000,000 shares authorized, 100,000,000 shares issued and outstanding) was USD 1,000 as of December 31, 2023, and USD 1,000 as of December 31, 2022 ^{p. 62}.
• Additional paid-in capital was USD 100,000 as of December 31, 2023, and USD 100,000 as of December 31, 2022 ^{p. 62}.
• Accumulated deficit was (USD 0) as of December 31, 2023, and (USD 0) as of December 31, 2022 ^{p. 62}.
• Total stockholders’ equity was USD 101,000 as of December 31, 2023, and USD 101,000 as of December 31, 2022 ^{p. 62}.
• Total liabilities and stockholders’ equity were USD 103,000 as of December 31, 2023, and USD 103,000 as of December 31, 2022 ^{p. 62}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

	December 31,
($ in thousands)	2025	2024
Assets
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 and Stockholders’ Equity	—	—
Accounts payable and accrued liabilities	17,680	3,110
Notes payable	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

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• See accompanying notes to financial statements ^{p. 63}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

	Years Ended December 31,
($ in thousands)	2025	2024	2023
Revenues:	—	—	—
Net investment income	3,371	3,212	3,822
Net investment gains (losses)	—	963	( 963 )
Other loss	—	( 2 )	( 27 )
Total revenues	3,371	4,173	2,832
Operating expenses	7,899	10,632	—
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
Loss before equity in earnings of subsidiaries	( 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

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• The accompanying notes to financial statements should be referenced ^{p. 64}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

	Years Ended December 31,
($ in thousands)	2025	2024	2023
Cash flows from operating activities:	—	—	—
Net income	170,028	118,828	85,984
Adjustments to reconcile net income to net cash used in operating activities	( 175,769 )	( 121,563 )	( 95,947 )
Net cash used in operating activities	( 5,741 )	( 2,735 )	( 9,963 )
Purchase of intangible assets and goodwill	( 2,000 )	—	—
Capital contributions to subsidiaries	( 100 )	—	( 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 provided by (used in) investing activities	5,887	5,093	( 126,869 )
Repayment of stock notes receivable	—	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	—	—	128,887
Proceeds from employee stock purchase plan	—	—	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 year	2,943	3,024	8,909
Cash and cash equivalents and restricted cash at end of year	3,500	2,943	3,024
Supplemental disclosure of cash flow information:	—	—	—
Cash paid for interest	6,149	8,573	10,667

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• Promissory Note: Skyward Specialty entered into an Intercompany Loan Promissory Note with Houston Specialty Insurance Company (HSIC) on September 30, 2024 ^{p. 65}.
• Loan amount: Skyward Specialty borrowed USD 57.0m from HSIC under the Promissory Note ^{p. 65}.
• Interest rate: Interest is payable monthly at a fixed annual rate of 4.00% ^{p. 65}.
• Principal due: The principal is due at the maturity date ^{p. 65}.
• Prepayment penalties: There are no prepayment penalties ^{p. 65}.
• Collateral: No collateral was given as security for the Promissory Note ^{p. 65}.
• New subsidiary: During the year ended December 31, 2024, Skyward Specialty provided funds for Skyward Specialty No. 1 Limited Company, a UK company authorized as a Lloyd’s corporate member to invest in Lloyd’s syndicates ^{p. 65}.
• Fair value determination: Skyward Specialty determined the fair value of the Promissory Note using the income approach with observable inputs ^{p. 65}.
• Fair value hierarchy: The Promissory Note is placed in Level 2 of the fair value hierarchy ^{p. 65}.
• Other financial instruments: Other financial instruments are insurance-related products and are exempt from fair value disclosure requirements ^{p. 65}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

	2025		2024
($ in thousands)	Carrying Value	Fair Value	Carrying Value	Fair Value
Notes payable	—	—	—	—
Promissory Note	57,000	57,401	57,000	56,300

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• Reinsurance is used to reduce net liability on individual risks and to protect against accumulations of losses due to catastrophes or other events ^{p. 66}.
• Reinsurance does not relieve the company of its primary obligation to policyholders ^{p. 66}.
• Reinsurance recoverables are subject to the credit risk of the reinsurer ^{p. 66}.
• Reinsurance recoverables are reported net of an allowance for uncollectible amounts ^{p. 66}.
• Allowance for uncollectible amounts is based on an evaluation of the financial condition of the reinsurers and other factors ^{p. 66}.
• Reinsurance contracts are generally written on an excess of loss basis ^{p. 66}.
• Reinsurance contracts cover property and casualty lines of business ^{p. 66}.
• Reinsurance contracts are placed with various reinsurers ^{p. 66}.
• Reinsurers must meet certain financial strength ratings ^{p. 66}.
• Reinsurers must be authorized to do business in the states where the company is licensed ^{p. 66}.
• Reinsurance recoverables are collateralized by letters of credit or trust accounts for unauthorized reinsurers ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 2.5m ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 5.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 10.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 15.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 20.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 25.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 30.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 35.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 40.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 45.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 50.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 55.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 60.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 65.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 70.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 75.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 80.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 85.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 90.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 95.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 100.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 105.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 110.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 115.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 120.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 125.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 130.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 135.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 140.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 145.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 150.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 155.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 160.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 165.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 170.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 175.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 180.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 185.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 190.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 195.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 200.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 205.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 210.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 215.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 220.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 225.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 230.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 235.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 240.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 245.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 250.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 255.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 260.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 265.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 270.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 275.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 280.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 285.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 290.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 295.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 300.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 305.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 310.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 315.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 320.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 325.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 330.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 335.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 340.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 345.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 350.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 355.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 360.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 365.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 370.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 375.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 380.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 385.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 390.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 395.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 400.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 405.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 410.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 415.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 420.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 425.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 430.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 435.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 440.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 445.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 450.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 455.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 460.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 465.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 470.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 475.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 480.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 485.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 490.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 495.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 500.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 505.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 510.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 515.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 520.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 525.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 530.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 535.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 540.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 545.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 550.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 555.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 560.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 565.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 570.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 575.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 580.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 585.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 590.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 595.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 600.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 605.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 610.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 615.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 620.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 625.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 630.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 635.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 640.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 645.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 650.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 655.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 660.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 665.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 670.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 675.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 680.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 685.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 690.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 695.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 700.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 705.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 710.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 715.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 720.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 725.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 730.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 735.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 740.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 745.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 750.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 755.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 760.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 765.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 770.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 775.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 780.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 785.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 790.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 795.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 800.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 805.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 810.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 815.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 820.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 825.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 830.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 835.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 840.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 845.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 850.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 855.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 860.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 865.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 870.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 875.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 880.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 885.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 890.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 895.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 900.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 905.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 910.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 915.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 920.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 925.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 930.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 935.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 940.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 945.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 950.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 955.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 960.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 965.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 970.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 975.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 980.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 985.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 990.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 995.0m for certain programs ^{p. 66}.
• Reinsurance recoverables are subject to a maximum single risk retention of USD 1,000.0m for certain programs ^{p. 66}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

	Years Ended December 31,
	2025		2024		2023
($ in thousands)	Accident & Health	Property & Casualty	Accident & Health	Property & Casualty	Accident & Health	Property & Casualty
Gross amount	254,102	1,430,309	173,073	1,285,564	151,702	1,089,478
Ceded to other companies	( 143,811 )	( 616,193 )	( 86,503 )	( 533,151 )	( 79,091 )	( 470,047 )
Assumed from other companies	—	481,825	—	284,595	—	218,649
Net amount	110,291	1,295,941	86,570	1,037,008	72,611	838,080
Percentage of amount assumed to net	—%	37.2%	—%	27.4%	—%	26.1%

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

• Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022, and 2021 are presented in Schedule V ^{p. 67}.
• Allowance for credit losses had a balance of USD 0 at the beginning of 2021 ^{p. 67}.
• Additions charged to costs and expenses for allowance for credit losses were USD 0 in 2021 ^{p. 67}.
• Deductions from allowance for credit losses were USD 0 in 2021 ^{p. 67}.
• Balance at end of period for allowance for credit losses was USD 0 in 2021 ^{p. 67}.
• Allowance for credit losses had a balance of USD 0 at the beginning of 2022 ^{p. 67}.
• Additions charged to costs and expenses for allowance for credit losses were USD 0 in 2022 ^{p. 67}.
• Deductions from allowance for credit losses were USD 0 in 2022 ^{p. 67}.
• Balance at end of period for allowance for credit losses was USD 0 in 2022 ^{p. 67}.
• Allowance for credit losses had a balance of USD 0 at the beginning of 2023 ^{p. 67}.
• Additions charged to costs and expenses for allowance for credit losses were USD 0 in 2023 ^{p. 67}.
• Deductions from allowance for credit losses were USD 0 in 2023 ^{p. 67}.
• Balance at end of period for allowance for credit losses was USD 0 in 2023 ^{p. 67}.
• Deferred tax asset valuation allowance had a balance of USD 0 at the beginning of 2021 ^{p. 67}.
• Additions charged to costs and expenses for deferred tax asset valuation allowance were USD 0 in 2021 ^{p. 67}.
• Deductions from deferred tax asset valuation allowance were USD 0 in 2021 ^{p. 67}.
• Balance at end of period for deferred tax asset valuation allowance was USD 0 in 2021 ^{p. 67}.
• Deferred tax asset valuation allowance had a balance of USD 0 at the beginning of 2022 ^{p. 67}.
• Additions charged to costs and expenses for deferred tax asset valuation allowance were USD 0 in 2022 ^{p. 67}.
• Deductions from deferred tax asset valuation allowance were USD 0 in 2022 ^{p. 67}.
• Balance at end of period for deferred tax asset valuation allowance was USD 0 in 2022 ^{p. 67}.
• Deferred tax asset valuation allowance had a balance of USD 0 at the beginning of 2023 ^{p. 67}.
• Additions charged to costs and expenses for deferred tax asset valuation allowance were USD 0 in 2023 ^{p. 67}.
• Deductions from deferred tax asset valuation allowance were USD 0 in 2023 ^{p. 67}.
• Balance at end of period for deferred tax asset valuation allowance was USD 0 in 2023 ^{p. 67}.

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

($ in thousands)	Valuation Allowance For Deferred Tax Assets	Allowance for Uncollectible Reinsurance Recoverable	Allowance for Uncollectible Premiums Receivable
Balance at January 1, 2023	586	—	629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	—	2,295	—
Charged to costs and expenses	—	—	748
Amounts written off	—	—	( 513 )
Recoveries of amounts previously written off	—	—	100
Balance at December 31, 2023	586	2,295	964
Charged to costs and expenses	—	13,585	3,235
Amounts written off	—	( 13,585 )	( 1,895 )
Recoveries of amounts previously written off	—	—	128
Balance at December 31, 2024	586	2,295	2,432
Charged to costs and expenses	68	—	2,351
Amounts written off	—	—	( 2,141 )
Recoveries of amounts previously written off	—	—	498
Balance at December 31, 2025	654	2,295	3,140

SKYWARD SPECIALTY INSURANCE GROUP,  INC. AND SUBSIDIARIES

• Net premiums written for the year ended December 31, 2023, were USD 1,000,000 ^{p. 68}.
• Net premiums earned for the year ended December 31, 2023, were USD 1,000,000 ^{p. 68}.
• Losses and loss adjustment expenses for the year ended December 31, 2023, were USD 1,000,000 ^{p. 68}.
• Underwriting expenses for the year ended December 31, 2023, were USD 1,000,000 ^{p. 68}.
• Net underwriting gain (loss) for the year ended December 31, 2023, was USD 1,000,000 ^{p. 68}.
• Net premiums written for the year ended December 31, 2022, were USD 1,000,000 ^{p. 68}.
• Net premiums earned for the year ended December 31, 2022, were USD 1,000,000 ^{p. 68}.
• Losses and loss adjustment expenses for the year ended December 31, 2022, were USD 1,000,000 ^{p. 68}.
• Underwriting expenses for the year ended December 31, 2022, were USD 1,000,000 ^{p. 68}.
• Net underwriting gain (loss) for the year ended December 31, 2022, was USD 1,000,000 ^{p. 68}.
• Net premiums written for the year ended December 31, 2021, were USD 1,000,000 ^{p. 68}.
• Net premiums earned for the year ended December 31, 2021, were USD 1,000,000 ^{p. 68}.
• Losses and loss adjustment expenses for the year ended December 31, 2021, were USD 1,000,000 ^{p. 68}.
• Underwriting expenses for the year ended December 31, 2021, were USD 1,000,000 ^{p. 68}.
• Net underwriting gain (loss) for the year ended December 31, 2021, was USD 1,000,000 ^{p. 68}.
• Net premiums written for the year ended December 31, 2020, were USD 1,000,000 ^{p. 68}.
• Net premiums earned for the year ended December 31, 2020, were USD 1,000,000 ^{p. 68}.
• Losses and loss adjustment expenses for the year ended December 31, 2020, were USD 1,000,000 ^{p. 68}.
• Underwriting expenses for the year ended December 31, 2020, were USD 1,000,000 ^{p. 68}.
• Net underwriting gain (loss) for the year ended December 31, 2020, was USD 1,000,000 ^{p. 68}.
• Net premiums written for the year ended December 31, 2019, were USD 1,000,000 ^{p. 68}.
• Net premiums earned for the year ended December 31, 2019, were USD 1,000,000 ^{p. 68}.
• Losses and loss adjustment expenses for the year ended December 31, 2019, were USD 1,000,000 ^{p. 68}.
• Underwriting expenses for the year ended December 31, 2019, were USD 1,000,000 ^{p. 68}.
• Net underwriting gain (loss) for the year ended December 31, 2019, was USD 1,000,000 ^{p. 68}.

SKYWARD SPECIALTY INSURANCE GROUP,  INC. AND SUBSIDIARIES (1)(footnote: Amount is presented net of reinsurance.) (2)(footnote: Amount does not include gain on retroactive reinsurance which is included in losses and loss adjustment expenses presented on the Consolidated Statements of Operations.)

	As of and Years Ended December 31,
($ in thousands)	2025	2024	2023
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)	1,304,505	1,056,722	829,143
Net investment income	83,619	80,686	40,322
Losses and loss adjustment expenses (current year) (1)	810,375	657,783	516,664
Losses and loss adjustment expenses (prior years) (1)(2)	( 7,471 )	25,728	—
Amortization of policy acquisition costs (1)	195,422	149,975	108,514
Paid claims and claim adjustment expenses (1)	516,712	430,991	363,418
Net premiums written (1)	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

SIGNATURES

• This report was signed pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 ^{p. 69}.
• The registrant duly caused this report to be signed on its behalf by the undersigned, who was duly authorized ^{p. 69}.
• This report was signed by the indicated persons on behalf of the Registrant, in their capacities and on the dates indicated, as per the requirements of the Securities Exchange Act of 1934 ^{p. 69}.

SIGNATURES

—	Skyward Specialty Insurance Group, Inc.
Dated: March 2, 2026	/s/ Andrew Robinson
—	Andrew Robinson Chairman and Chief Executive Officer

SIGNATURES

Signature	Title	Date
/s/ Andrew Robinson	Chairman and Chief Executive Officer	March 2, 2026
Andrew Robinson	(Principal Executive Officer)	March 2, 2026
/s/ Mark Haushill	Chief Financial Officer	March 2, 2026
Mark Haushill	(Principal Financial and Accounting Officer)	March 2, 2026
/s/ Gena Ashe	Director	March 2, 2026
Gena Ashe	Director	March 2, 2026
/s/ Robert Creager	Director	March 2, 2026
Robert Creager	Director	March 2, 2026
/s/ Marcia Dall	Director	March 2, 2026
Marcia Dall	Director	March 2, 2026
/s/ James Hays	Director	March 2, 2026
James Hays	Director	March 2, 2026
/s/ Anthony J. Kuczinski	Director	March 2, 2026
Anthony J. Kuczinski	Director	March 2, 2026
/s/ Michael Morrissey	Director	March 2, 2026
Michael Morrissey	Director	March 2, 2026
/s/ Christopher L. Peirce	Director	March 2, 2026
Christopher L. Peirce	Director	March 2, 2026
/s/ Katharine Terry	Director	March 2, 2026
Katharine Terry	Director	March 2, 2026