0001620459-26-000009 | 10-K | XBRL Viewer | James River Group Holdings INC

(336,938)

(178,818)

(197,360)

Sales

15,418

200,178

34,537

Maturities and calls

152,346

162,472

139,867

Equity Securities:

(8,488)

(11,319)

(11,869)

Sales and redemptions

22,438

56,852

12,625

Bank loan participations:

(133,282)

(109,103)

(72,580)

Sales

86,319

83,564

52,016

Maturities

32,212

36,628

27,605

Other invested assets:

Proceeds from sales and repayments

(33,841)

(5,075)

(13,775)

Return of capital

3,261

1,160

2,793

706

4,077

10,133

Securities receivable or payable, net

(8,468)

(169)

3,499

Short-term investments, net

97,074

(24,937)

35,675

Purchases of property and equipment

(4,801)

(4,890)

(6,434)

Net cash (used in) provided by investing activities

(116,044)

307,032

16,732

Financing activities

Senior debt issuances

25,000

Senior debt repayments

(21,500)

Enstar common stock investment (Note 13)

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(745)

(847)

(1,734)

Dividends on Series A preferred shares

(7,876)

(12,768)

(10,500)

Dividends on common stock

(1,998)

(6,231)

(7,746)

Payment of debt issuance costs

(1,179)

(1,135)

Net cash provided by (used in) financing activities

13,202

(28,846)

(21,115)

Change in cash, cash equivalents, and restricted cash equivalents

(121,628)

31,101

83,570

Cash, cash equivalents, and restricted cash equivalents at beginning of year

391,050

359,949

276,379

Cash, cash equivalents, and restricted cash equivalents at end of year

269,422

391,050

359,949

Supplemental information

U.S. federal income taxes (refunded) paid, net

(21,781)

25,104

45,330

U.S. state income taxes paid

289

546

367

Interest paid

25,689

28,740

30,697

Restricted cash equivalents at beginning of year

28,705

72,449

103,215

Restricted cash equivalents at end of year

8,481

28,705

72,449

Change in restricted cash equivalents

$ (20,224)

$ (43,744)

$ (30,766)

[1]

Cash provided by (used in) operating activities for the years ended December 31, 2025, 2024, and 2023 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash provided by (used in) operating activities was $1.4 million, $(203.3) million, and $118.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. The $203.3 million of cash used in operating activities for the year ended December 31, 2024 primarily reflects the $313.2 million and $52.8 million of reinsurance premium paid in 2024 related to the E&S ADC and E&S Top Up ADC (See Note 8).

Investments - Schedule of Available-for-Sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cost or Amortized Cost
One year or less	$ 34,093
After one year through five years	418,689
After five years through ten years	235,889
After ten years	152,498
Residential mortgage-backed	483,074
Commercial mortgage and asset-backed	124,507
Cost or Amortized Cost	1,448,750
Fair Value
One year or less	33,910
After one year through five years	413,159
After five years through ten years	228,537
After ten years	135,915
Residential mortgage-backed	472,718
Commercial mortgage and asset-backed	120,535
Total, Fair Value	$ 1,404,774	$ 1,189,733

Investments - Schedule of Net Realized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 467	$ 1,613	$ 0
Fixed maturity securities, gross realized losses	(393)	(2,891)	(339)
Fixed maturity securities	74	(1,278)	(339)
Equity securities, gross realized gains	1,016	11,061	1,845
Equity securities, gross realized losses	(2,987)	(1,439)	(320)
Changes in fair values of equity securities	2,374	(873)	3,722
Equity securities	403	8,749	5,247
Bank loan participations, gross realized gain	541	845	306
Bank loan participations, gross realized losses	(3,992)	(4,069)	(3,806)
Changes in fair values of bank loan participations	777	(620)	9,049
Bank loan participations	(2,674)	(3,844)	5,549
Short-term investments and other, gross realized gains	4	1	2
Short-term investments and other, gross realized losses	(2)	(2)	(18)
Changes in fair values of short-term investments and other	0	(1)	0
Short-term investments and other	2	(2)	(16)
Total	$ (2,195)	$ 3,625	$ 10,441

SCHEDULE IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,172,265	$ 1,429,791	$ 1,506,668
Ceded to Other Companies	603,504	850,918	814,759
Assumed from Other Companies	54	1,981	1,992
Net written premiums	$ 568,815	$ 580,854	$ 693,901
Percentage of Amount Assumed to Net	0.00%	0.30%	0.30%
Excess and Surplus Lines Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 963,035	$ 1,017,029	$ 1,007,351
Ceded to Other Companies	418,911	508,584	417,800
Assumed from Other Companies	0	0	0
Net written premiums	$ 544,124	$ 508,445	$ 589,551
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%
Specialty Admitted Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 209,230	$ 412,762	$ 499,317
Ceded to Other Companies	184,593	342,334	396,959
Assumed from Other Companies	54	1,981	1,992
Net written premiums	$ 24,691	$ 72,409	$ 104,350
Percentage of Amount Assumed to Net	0.20%	2.70%	1.90%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Balance at beginning of period	$	30,175	$	31,497	$	32,837
Policy acquisition costs deferred:
Commissions	50,084		43,720		47,665
Underwriting and other issue expenses	16,468		20,918		23,628
	66,552		64,638		71,293
Amortization of policy acquisition costs	(65,441)		(65,960)		(72,633)
Net change	1,111		(1,322)		(1,340)
Balance at end of period	$	31,286	$	30,175	$	31,497

Accounting Policies - Narrative (Details)	12 Months Ended
Accounting Policies - Narrative (Details)	Dec. 31, 2025 USD ($) insurance_company	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 153,638,000	$ 243,882,000
Allowance for credit losses	19,700,000	22,300,000
Credit loss expense	442,000	6,900,000	$ 2,800,000
Allowance for credit losses written off	3,000,000.0	2,500,000	1,200,000
Allowance for credit losses on reinsurance recoverables	1,600,000	1,200,000	660,000
Fee income	2,416,000	4,585,000	5,301,000
Deferred tax assets, valuation allowance	0	0
Investment in variable interest entities	7,300,000	7,700,000
Excess and Surplus Lines
Accounting Policies [Line Items]
Broker incentive income	3,300,000	5,400,000	1,300,000
Specialty Admitted Insurance
Accounting Policies [Line Items]
Fee income	$ 2,400,000	$ 4,600,000	$ 5,300,000
Stock Options, Restricted Stock Units and Convertible Preferred Stock
Accounting Policies [Line Items]
Number of securities excluded from the calculations of diluted (loss) earnings per share (in shares) \| shares		7,886,906	5,722,915
Minimum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	7 years
Property and equipment, estimated useful lives (in years)	3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	27 years 6 months
Property and equipment, estimated useful lives (in years)	10 years
Receivables greater than 90 days past due
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 17,000,000.0	$ 16,400,000
United States
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders' Equity

The Company has 200,000,000 shares of common stock authorized with $0.0002 par value per share. The following table presents a rollforward of changes in common shares issued and outstanding.


	Year Ended December 31,
	2025	2024

Issued and outstanding common shares, beginning of year	45,644,318	37,641,563
Conversion of Series A Preferred Shares to common stock	—	5,859,375
Enstar common stock investment	—	1,953,125
Vesting of RSU awards	324,266	190,255
Issued and outstanding common shares, end of year	45,968,584	45,644,318

On November 11, 2024, the Company amended the Certificate of Designations to, among other things, convert 37,500 outstanding Series A Preferred Shares with a liquidation value of $37.5 million to common shares at a per share price of $6.40, resulting in the issuance of 5,859,375 common shares. The difference between the $6.40 share price per the amended Certificate of Designations and the $6.62 closing price of the Company's shares on November 11, 2024 was considered a deemed dividend for accounting purposes, resulting in a $1.3 million charge to retained deficit.

On November 11, 2024, Enstar Group Limited ("Enstar"), through its subsidiary Cavello Bay Reinsurance Limited, entered into a subscription agreement to purchase $12.5 million of the Company’s common shares at a share price of $6.40. The Enstar investment closed on December 23, 2024, resulting in the issuance of 1,953,125 common shares. The difference between the $6.40 share price per the subscription agreement and the $4.66 closing price of the Company's shares on December 23, 2024 was considered a deemed contribution for accounting purposes, resulting in a $3.4 million increase in additional paid-in-capital.

The Company has 7,632,650 shares of common stock reserved for future issuance upon exercise or vesting of equity awards, as applicable, and 13,521,634 shares of common stock reserved for issuance upon conversion of the Series A Preferred Shares.

The Board of Directors declared the following cash dividends on common stock in 2025, 2024, and 2023:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2025
February 20, 2025	$0.01	March 10, 2025	March 31, 2025	$	477
April 24, 2025	$0.01	June 9, 2025	June 30, 2025	$	476
July 24, 2025	$0.01	September 15, 2025	September 30, 2025	$	476
October 23, 2025	$0.01	December 15, 2025	December 31, 2025	$	473
Total	$0.04			$	1,902
2024
February 15, 2024	$0.05	March 11, 2024	March 29, 2024	$	1,940
April 25, 2024	$0.05	June 10, 2024	June 28, 2024	$	1,939
July 25, 2024	$0.05	September 16, 2024	September 30, 2024	$	1,938
November 9, 2024	$0.01	December 16, 2024	December 31, 2024	$	446
Total	$0.16			$	6,263
2023
February 16, 2023	$0.05	March 13, 2023	March 31, 2023	$	1,922
April 27, 2023	$0.05	June 12, 2023	June 30, 2023	$	1,921
July 27, 2023	$0.05	September 11, 2023	September 29, 2023	$	1,922
October 26, 2023	$0.05	December 11, 2023	December 29, 2023	$	1,919
Total	$0.20			$	7,684

Included in the dividends are $65,000, $152,000 and $159,000 of dividend equivalents on RSUs, of which $127,000, $252,000 and $255,000 were payable as of December 31, 2025, 2024, and 2023, respectively.

The entire disclosure for equity.

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Segment Information - Schedule of Reconciliation of Underwriting Profit (Loss) of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	$ 53,779	$ (70,582)	$ 58,424
Other operating expenses of the Corporate and Other segment	(33,493)	(34,972)	(33,940)
Underwriting (loss) profit	20,286	(105,554)	24,484
Losses and loss adjustment expenses - retroactive reinsurance	(28,750)	(37,237)	(4,991)
Net investment income	83,440	93,089	84,046
Net realized and unrealized (losses) gains on investments	(2,195)	3,625	10,441
Other income	3,665	6,131	4,216
Other expenses	(2,002)	(6,145)	(3,792)
Interest expense	(23,538)	(24,666)	(24,627)
Amortization of intangible assets	(363)	(363)	(363)
Impairment of intangible assets	0	0	(2,500)
Income (loss) from continuing operations before income taxes	50,543	(71,120)	86,914
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	59,472	(77,455)	54,347
Amortization of intangible assets	(363)	(363)	(363)
Excess and Surplus Lines \| Commercial Auto LPT And E&S ADC
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	(28,750)	(37,237)	(4,991)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	(5,693)	6,873	4,077
Amortization of intangible assets	$ 0	$ 0	$ 0

Reinsurance - Schedule of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Written premiums:
Direct	$ 1,172,265	$ 1,429,791	$ 1,506,668
Assumed	54	1,981	1,992
Ceded	(603,504)	(850,918)	(814,759)
Net written premiums	568,815	580,854	693,901
Earned premiums:
Direct	1,296,243	1,445,652	1,496,708
Assumed	466	1,984	2,250
Ceded	(696,421)	(847,440)	(790,953)
Net earned premiums	600,288	600,196	708,005
Losses and loss adjustment expenses:
Direct	945,685	1,343,698	1,204,532
Assumed	1,049	730	2,032
Ceded	(519,530)	(790,054)	(706,407)
Net	$ 427,204	$ 554,374	$ 500,157

Discontinued Operations - Schedule of Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - Jrg Re - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Discontinued Operations
Net cash used in operating activities of discontinued operations	$ 0	$ (25,115)	$ (115,907)
Net cash provided by investing activities of discontinued operations	0	63,104	115,145
Net cash provided by (used in) discontinued operations	0	37,989	(762)
Interest paid by discontinued operations	$ 0	$ 1,388	$ 3,951

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations

12 Months Ended

Dec. 31, 2025

Supplementary Information Concerning Property Casualty Insurance Operations


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Deferred policy acquisition costs	$	31,286	$	30,175	$	31,497
Reserve for losses and loss adjustment expenses	3,099,418		3,084,406		2,606,107
Unearned premiums	447,644		572,034		587,899
Net earned premiums	600,288		600,196		708,005
Net investment income	83,440		93,089		84,046
Losses and loss adjustment expenses incurred:
Current year	400,003		441,058		463,530
Prior years - retroactive reinsurance	28,750		37,237		4,991
Prior years - excluding retroactive reinsurance	(1,549)		76,079		31,636
Total losses and loss adjustment expenses incurred	427,204		554,374		500,157
Amortization of policy acquisition costs	65,441		65,960		72,633
Paid losses and loss adjustment expenses, net of reinsurance	413,033		364,590		328,959
Net written premiums	568,815		580,854		693,901

Equity Awards - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share based compensation expense	$ 5,045	$ 6,631	$ 9,116
U.S. tax benefit on share based compensation expense	$ 891	$ 1,214	$ 1,690

Equity Awards - Schedule of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs
Shares
Unvested, beginning of year (in shares)	885,173	751,254	665,458
Granted (in shares)	1,370,167	541,520	388,517
Vested (in shares)	(471,091)	(276,428)	(250,793)
Forfeited (in shares)	(444,943)	(101,494)	(51,928)
Unvested, end of year (in shares)	1,299,644	885,173	751,254
Weighted- Average Grant Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 15.30	$ 23.48	$ 25.98
Granted (in dollars per share)	3.76	9.75	24.13
Vested (in dollars per share)	15.91	24.80	30.99
Forfeited (in dollars per share)	5.29	17.55	24.08
Unvested, end of year (in dollars per share)	$ 6.61	$ 15.30	$ 23.48
PRSU
Shares
Granted (in shares)	620,108	231,492	91,818
PRSU performance adjustment (in shares)	(39,662)	(29,679)	0
Weighted- Average Grant Date Fair Value
PRSU performance adjustment (in dollars per share)	$ 6.49	$ 24.83	$ 0

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups Operating Results

The operating results of JRG Re reported in discontinued operations were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Revenues:
Gross written premiums	$	—	$	1,137	$	17,357
Ceded written premiums	—		877		2,178
Net written premiums	—		2,014		19,535
Change in net unearned premiums	—		8,371		75,874
Net earned premiums	—		10,385		95,409
Net investment income	—		4,432		23,038
Net realized and unrealized (losses) gains on investments	—		(9,472)		(53,693)

Total revenues	—		5,345		64,754
Expenses:
Losses and loss adjustment expenses	—		13,157		120,294
Other operating expenses	—		5,039		27,983
Other expenses	—		—		1,402
Interest expense	—		732		3,568
Total expenses	—		18,928		153,247
Loss from discontinued operations	—		(13,583)		(88,493)
Loss on disposal of discontinued operations	(2,393)		(4,051)		(80,400)
Total loss from discontinued operations	(2,393)		(17,634)		(168,893)

Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Net cash used in operating activities of discontinued operations	$	—	$	(25,115)	$	(115,907)
Net cash provided by investing activities of discontinued operations	—		63,104		115,145
Net cash provided by (used in) discontinued operations	$	—	$	37,989	$	(762)
Interest paid by discontinued operations	$	—	$	1,388	$	3,951

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Schedule of Junior Subordinated Debt

Junior Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2025

Subordinated Borrowings [Abstract]

The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2025 (including the Company’s repurchases of a portion of these trust preferred securities):


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month SOFR plus 4.3%	Three-Month SOFR plus 3.7%	Three-Month SOFR plus 3.3%	Three-Month SOFR plus 3.4%	Three-Month SOFR plus 4.3%

Senior Debt (Details) - USD ($)	12 Months Ended
Senior Debt (Details) - USD ($)	Dec. 31, 2025	Jun. 12, 2025	Jun. 11, 2025	Jan. 27, 2025	Dec. 31, 2024	May 26, 2004
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	$ 225,800,000				$ 200,800,000
2013 Facility \| Unsecured
Line of Credit Facility [Line Items]
Total capacity			$ 212,500,000
Amount outstanding on line of credit				$ 25,000,000.0
2013 Facility \| Secured
Line of Credit Facility [Line Items]
Total capacity			$ 45,000,000.0
Credit Agreement \| Unsecured
Line of Credit Facility [Line Items]
Line of credit current capacity		$ 212,500,000
Unused facility fee on lender commitment	0.30%
Amount outstanding on line of credit	$ 210,800,000
Line of credit facility		$ 30,000,000.0
Credit Agreement \| Unsecured \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate	2.75%
James River Group Senior Debt
Line of Credit Facility [Line Items]
Principal amount of Junior Subordinated Debt						$ 15,000,000.0
James River Group Senior Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						3.85%
James River Group Senior Debt \| Secured Overnight Financing Rate (SOFR), Index Adjustment
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						0.26%

Statutory Matters - Schedule of Statutory Accounting (Details) - United States - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statutory Accounting Practices [Line Items]
Statutory net income	$ 75,164	$ 40,731	$ 90,469
Statutory capital and surplus	789,485	642,978	615,427
Minimum required statutory capital and surplus	$ 339,639	$ 286,392	$ 220,449

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On November 8, 2023, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Fleming Intermediate Holdings LLC, a Cayman Islands limited liability company (“Fleming”). Pursuant to the Stock Purchase Agreement, and on the terms and subject to the conditions therein, Fleming agreed to purchase from the Company all of the common shares of JRG Re. JRG Re comprised the remaining operations of the former Casualty Reinsurance segment, and the sale of JRG Re, which closed on April 16, 2024, resulted in the Company’s disposition of its casualty reinsurance business and related assets.

Pursuant to the terms of the Stock Purchase Agreement, the aggregate consideration received by the Company, after giving effect to estimated adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing, totaled approximately $291.4 million (the “Closing Date Purchase Price”). The aggregate Closing Date Purchase Price was comprised of (i) $152.4 million paid in cash by Fleming and (ii) an aggregate $139.0 million dividend and distribution from contributed surplus by JRG Re to the Company. In accordance with the Stock Purchase Agreement, the cash portion of the purchase price was calculated based on an estimated balance sheet of JRG Re as of the date of closing. The estimated balance sheet was subject to final post-closing adjustments, which resulted in the downward adjustment to the cash portion of the Closing Date Purchase Price discussed below.

As required by the Stock Purchase Agreement, the Company and Fleming engaged in a post-closing purchase price true-up process. The Company agreed with an initial $11.4 million downward adjustment to the Closing Date Purchase Price due to investment portfolio valuation losses from JRG Re’s operations between the date of the balance sheet used to produce the estimated closing statement and the date of closing, which downward adjustment was paid to Fleming on October 18, 2024. On April 18, 2025, the independent accounting firm appointed by the parties issued its final determination, concluding the post-closing purchase price true-up process. Pursuant to this final determination, the Company paid $522,789 to Fleming on April 29, 2025 comprised of a $483,625 final downward adjustment to the Closing Date Purchase Price and interest due according to the terms of the Stock Purchase Agreement.

The Company determined that the sale of JRG Re represented a strategic shift that had a major effect on its operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations for all periods presented in this Annual Report on Form 10-K.

The $139.0 million pre-closing dividend was completed in the first quarter of 2024. It included the forgiveness of $133.2 million owed from JRG Holdings to JRG Re and $5.8 million paid in cash to JRG Holdings. In the fourth quarter of 2023, after giving effect to the pre-closing dividend, the Company recorded an estimated loss on sale of $80.4 million to write down the carrying value of JRG Re to its estimated fair value based upon the estimated sales price of the transaction less costs to sell and other adjustments in accordance with the Stock Purchase Agreement. At December 31, 2024, the estimated loss on sale was revised to $78.3 million. The Company also recognized losses of $53.2 million for the year ended December 31, 2023 associated with JRG Re's fixed maturity securities as the Company no longer had the intent or ability to hold securities in an unrealized loss position until a recovery of their fair value could occur. The losses are included in net realized and unrealized (losses) gains on investments in the operating results presented below.

The loss on disposal for the year ended December 31, 2024 of $4.1 million includes the $2.1 million gain for the change in the estimated loss on sale and selling costs incurred of $6.2 million. For the year ended December 31, 2025, the loss on disposal of $2.4 million includes the $522,789 downward adjustment to the Closing Date Purchase Price plus interest and $1.9 million of additional selling costs incurred by the Company related to the sale of JRG Re.

The operating results of JRG Re reported in discontinued operations were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Revenues:
Gross written premiums	$	—	$	1,137	$	17,357
Ceded written premiums	—		877		2,178
Net written premiums	—		2,014		19,535
Change in net unearned premiums	—		8,371		75,874
Net earned premiums	—		10,385		95,409
Net investment income	—		4,432		23,038
Net realized and unrealized (losses) gains on investments	—		(9,472)		(53,693)

Total revenues	—		5,345		64,754
Expenses:
Losses and loss adjustment expenses	—		13,157		120,294
Other operating expenses	—		5,039		27,983
Other expenses	—		—		1,402
Interest expense	—		732		3,568
Total expenses	—		18,928		153,247
Loss from discontinued operations	—		(13,583)		(88,493)
Loss on disposal of discontinued operations	(2,393)		(4,051)		(80,400)
Total loss from discontinued operations	(2,393)		(17,634)		(168,893)

Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Net cash used in operating activities of discontinued operations	$	—	$	(25,115)	$	(115,907)
Net cash provided by investing activities of discontinued operations	—		63,104		115,145
Net cash provided by (used in) discontinued operations	$	—	$	37,989	$	(762)
Interest paid by discontinued operations	$	—	$	1,388	$	3,951

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Summary of Investments - Other than Investments in Related Parties

Summary of Investments—Other than Investments in Related Parties


Type of Investment	Cost or Amortized Cost		Fair Value		Amount at which shown on Balance Sheet(1)
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	237,366	$	219,477	$	219,477
Residential mortgage-backed	483,074		472,718		472,718
Corporate	589,477		577,754		577,754
Commercial mortgage and asset-backed	124,507		120,535		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,326		14,290		14,290

Total fixed maturity securities, available-for-sale	1,448,750		1,404,774		1,404,774

Equity securities:
Preferred Stock	64,363		70,601		70,601
Common Stock	2,553		2,491		2,491
Total equity securities	66,916		73,092		73,092
Bank loan participations	159,273		155,138		155,138
Short-term investments	—		—		—
Other invested assets					45,597
Total invested assets					$	1,678,601

(1) Differences between the amounts in this column and the amounts in the consolidated balance sheet are due to this schedule excluding investments in related parties.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 23, 2024	Nov. 11, 2024	Mar. 01, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				200,000,000	200,000,000
Common stock, par value (in dollars per share)				$ 0.0002	$ 0.0002
Conversion of shares					$ 37,500
Share price (in dollars per share)	$ 4.66	$ 6.62
Adjustments to additional paid in capital, deemed contribution	$ 3,400
Common stock reserved for future issuance (in shares)				7,632,650
Convertible preferred stock, shares reserved for future issuance (in shares)				13,521,634
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents				$ 65	152	$ 159
Dividends payable				$ 127	252	$ 255
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, consideration received on transaction		$ 12,500
Shares issued at a public offering price (in dollars per share)		$ 6.40
Number of common shares issued during period (in shares)	1,953,125
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares					$ 1
Conversion of Series A Preferred Shares to common stock (in shares)				0	5,859,375
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares					$ (1,289)
Deemed dividend		$ 1,300
Convertible Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of Series A Preferred Shares to common shares (in shares)		37,500
Conversion of shares		$ 37,500
Preferred stock, convertible, conversion price (in dollars per share)		$ 6.40		$ 8.32
Convertible Preferred Stock \| Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, consideration received on transaction			$ 150,000
Shares issued at a public offering price (in dollars per share)			$ 1,000

Reserve for Losses and Loss Adjustment Expenses - Schedule of IBNR Liabilities and Claims Frequency (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 427,204	$ 554,374	$ 500,157
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	151,612
IBNR before E&S ADC	4,913
IBNR net of E&S ADC	$ 994
Claims outstanding \| claim	3,440
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 158,714
IBNR before E&S ADC	6,707
IBNR net of E&S ADC	$ 1,615
Claims outstanding \| claim	3,436
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 180,931
IBNR before E&S ADC	11,383
IBNR net of E&S ADC	$ 2,726
Claims outstanding \| claim	5,056
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 237,568
IBNR before E&S ADC	19,165
IBNR net of E&S ADC	$ 4,556
Claims outstanding \| claim	6,758
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 296,540
IBNR before E&S ADC	41,965
IBNR net of E&S ADC	$ 13,168
Claims outstanding \| claim	6,938
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 321,722
IBNR before E&S ADC	75,267
IBNR net of E&S ADC	$ 17,342
Claims outstanding \| claim	5,526
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 342,533
IBNR before E&S ADC	111,556
IBNR net of E&S ADC	$ 24,177
Claims outstanding \| claim	5,308
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 335,617
IBNR before E&S ADC	168,378
IBNR net of E&S ADC	$ 35,606
Claims outstanding \| claim	4,663
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 345,686
IBNR before E&S ADC	264,885
IBNR net of E&S ADC	$ 264,885
Claims outstanding \| claim	3,462
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2025
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 351,985
IBNR before E&S ADC	328,296
IBNR net of E&S ADC	$ 328,296
Claims outstanding \| claim	2,105
Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 165,286
IBNR before E&S ADC	167
IBNR net of E&S ADC	$ 6
Claims outstanding \| claim	89,116
Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 374,566
IBNR before E&S ADC	349
IBNR net of E&S ADC	$ 29
Claims outstanding \| claim	134,150
Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 387,645
IBNR before E&S ADC	1,431
IBNR net of E&S ADC	$ 71
Claims outstanding \| claim	97,342
Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 413,077
IBNR before E&S ADC	4,282
IBNR net of E&S ADC	$ 37
Claims outstanding \| claim	71,494
Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 22,927
IBNR before E&S ADC	1,539
IBNR net of E&S ADC	$ 341
Claims outstanding \| claim	637
Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 20,774
IBNR before E&S ADC	2,396
IBNR net of E&S ADC	$ 512
Claims outstanding \| claim	792
Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 21,370
IBNR before E&S ADC	4,323
IBNR net of E&S ADC	$ 363
Claims outstanding \| claim	536
Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,879
IBNR before E&S ADC	3,927
IBNR net of E&S ADC	$ 794
Claims outstanding \| claim	321
Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,491
IBNR before E&S ADC	8,433
IBNR net of E&S ADC	$ 8,433
Claims outstanding \| claim	255
Commercial Auto \| Excess and Surplus Lines \| 2025
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,100
IBNR before E&S ADC	9,943
IBNR net of E&S ADC	$ 9,943
Claims outstanding \| claim	200
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,484
IBNR before E&S ADC	$ 1
Claims outstanding \| claim	836
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 15,311
IBNR before E&S ADC	$ 1
Claims outstanding \| claim	1,093
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,894
IBNR before E&S ADC	$ (2)
Claims outstanding \| claim	1,239
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 17,257
IBNR before E&S ADC	$ 30
Claims outstanding \| claim	1,555
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,235
IBNR before E&S ADC	$ 90
Claims outstanding \| claim	1,381
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,472
IBNR before E&S ADC	$ 219
Claims outstanding \| claim	1,302
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,439
IBNR before E&S ADC	$ 219
Claims outstanding \| claim	1,050
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,118
IBNR before E&S ADC	$ 349
Claims outstanding \| claim	910
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 9,760
IBNR before E&S ADC	$ 435
Claims outstanding \| claim	285
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2025
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 276
IBNR before E&S ADC	$ 275
Claims outstanding \| claim	0
Fronting and Programs \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 13,336
IBNR before E&S ADC	$ 71
Claims outstanding \| claim	2,825
Fronting and Programs \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 23,185
IBNR before E&S ADC	$ 363
Claims outstanding \| claim	6,809
Fronting and Programs \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,021
IBNR before E&S ADC	$ 726
Claims outstanding \| claim	7,423
Fronting and Programs \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,196
IBNR before E&S ADC	$ 793
Claims outstanding \| claim	8,180
Fronting and Programs \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 35,930
IBNR before E&S ADC	$ 2,089
Claims outstanding \| claim	9,254
Fronting and Programs \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 47,995
IBNR before E&S ADC	$ 4,322
Claims outstanding \| claim	11,027
Fronting and Programs \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 49,139
IBNR before E&S ADC	$ 7,030
Claims outstanding \| claim	10,370
Fronting and Programs \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 62,761
IBNR before E&S ADC	$ 12,661
Claims outstanding \| claim	10,389
Fronting and Programs \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 56,860
IBNR before E&S ADC	$ 18,204
Claims outstanding \| claim	9,200
Fronting and Programs \| Specialty Admitted Insurance \| 2025
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 35,490
IBNR before E&S ADC	$ 22,821
Claims outstanding \| claim	5,390

Equity Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 23, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 23, 2024	Nov. 11, 2024	Dec. 31, 2022	Jul. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares used in calculation of intrinsic values (in dollars per share)					$ 4.66	$ 6.62
Share based compensation expense		$ 5,045	$ 6,631	$ 9,116
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)								1
Vesting period (in years)		3 years
Payout for achievement, threshold								50.00%
Payout for achievement, target		100.00%						100.00%
Payout for achievement, maximum								200.00%
Number of awards granted (in shares)		620,108	231,492	91,818
Share based compensation expense		$ 104	$ 451
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				3 years
Options outstanding (in shares)		0	0	74,390			287,974
Contractual life of option (in years)				7 years
Options exercised (in shares)		0	0	0
Aggregate intrinsic value of options outstanding				$ 0
Fair value of shares used in calculation of intrinsic values (in dollars per share)				$ 9.24
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Total fair value of shares vested		$ 2,400	$ 2,700	$ 5,600
Number of awards granted (in shares)		1,370,167	541,520	388,517
Unrecognized share based compensation expense		$ 3,800
Weighted-average period of unrecognized share based compensation expense (in years)		1 year 9 months 18 days
RSUs \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
2014 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	1,650,000
Maximum number of shares available for issuance (in shares)		7,157,650
Number of shares available for grant (in shares)		2,530,314
2014 Non-Employee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	225,000
Maximum number of shares available for issuance (in shares)		475,000
Number of shares available for grant (in shares)		269,931

Segment Information - Schedule of Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total gross written premiums	$ 1,172,319	$ 1,431,772	$ 1,508,660
Excess and Surplus Lines \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	963,035	1,017,029	1,007,351
Excess and Surplus Lines \| Excess Casualty \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	324,507	325,017	339,870
Excess and Surplus Lines \| General Casualty \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	225,177	237,632	202,861
Excess and Surplus Lines \| Manufacturers and Contractors \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	157,082	176,494	180,074
Excess and Surplus Lines \| Excess Property \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	38,937	53,254	64,574
Excess and Surplus Lines \| Energy \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	43,885	46,405	51,593
Excess and Surplus Lines \| Small Business \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	39,563	39,946	38,561
Excess and Surplus Lines \| Allied Health \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	35,795	31,791	30,904
Excess and Surplus Lines \| Commercial Auto \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	27,947	27,819	29,379
Excess and Surplus Lines \| Life Sciences \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	24,166	25,642	27,595
Excess and Surplus Lines \| Sports and Entertainment \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	19,489	22,192	17,826
Excess and Surplus Lines \| Environmental \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	14,384	20,096	13,832
Excess and Surplus Lines \| Professional Liability \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	9,931	9,367	9,264
Excess and Surplus Lines \| Medical Professionals \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	679	870	955
Excess and Surplus Lines \| Management Liability \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	1,493	504	63
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total gross written premiums	174,800
Specialty Admitted Insurance \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	$ 209,284	$ 414,743	$ 501,309

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 20, 2026, the Board of Directors declared a cash dividend of $0.01 per share of common stock. The dividend is payable on March 31, 2026 to shareholders of record on March 13, 2026. On February 20, 2026, the Board of Directors declared a quarterly dividend on the Series A Preferred Shares. The dividend of up to $2.0 million will be payable in cash on March 31, 2026 to holders of record on March 15, 2026. On February 20, 2026, the Board of Directors approved awards under the 2014 LTIP and the 2014 Director Plan to the Company’s employees and directors with an aggregate fair value of $9.1 million and a grant date of March 4, 2026.

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Cash Flows (Parent Company) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities

Net income (loss)

$ 47,427

$ (81,120)

$ (107,684)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

Share based compensation expense

5,045

6,631

9,116

Deferred U.S. Federal income tax benefit

(13,098)

(11,205)

(5,972)

Net cash (used in) provided by operating activities

^[1]

(18,786)

(247,085)

87,953

Investing activities

Sale of JRG Re

96,412

Net cash (used in) provided by investing activities

(116,044)

307,032

16,732

Financing activities

Senior debt issuance

25,000

Senior debt repayments

(21,500)

Payment of debt issuance costs

(1,179)

(1,135)

Enstar common stock investment

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(745)

(847)

(1,734)

Dividends on Series A preferred shares

(7,876)

(12,768)

(10,500)

Dividends on common stock

(1,998)

(6,231)

(7,746)

Net cash provided by (used in) financing activities

13,202

(28,846)

(21,115)

Change in cash, cash equivalents, and restricted cash equivalents

(121,628)

31,101

83,570

Cash and cash equivalents at beginning of period

362,345

Cash and cash equivalents at end of period

260,941

362,345

Supplemental information

Interest paid

25,689

28,740

30,697

Parent Company

Operating activities

Net income (loss)

47,427

(81,120)

(107,684)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

Provision for depreciation and amortization

521

474

345

Share based compensation expense

5,045

6,631

9,116

Equity in undistributed earnings of subsidiaries

(51,569)

43,825

73,349

Deferred U.S. Federal income tax benefit

(14,386)

Changes in operating assets and liabilities

985

2,996

47,673

Net cash (used in) provided by operating activities

(11,977)

(27,194)

22,799

Investing activities

Sale of JRG Re

136,213

Dividends from subsidiaries

5,755

Net cash (used in) provided by investing activities

141,968

Financing activities

Senior debt issuance

25,000

Senior debt repayments

(21,500)

Contribution to subsidiary

(55,000)

(23,364)

Payment of debt issuance costs

(1,179)

(1,135)

Enstar common stock investment

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(745)

(847)

(1,734)

Dividends on Series A preferred shares

(7,876)

(12,768)

(10,500)

Dividends on common stock

(1,998)

(6,231)

(7,746)

Net cash provided by (used in) financing activities

(41,798)

(52,210)

(21,115)

Change in cash, cash equivalents, and restricted cash equivalents

(53,775)

62,564

1,684

Cash and cash equivalents at beginning of period

64,525

1,961

277

Cash and cash equivalents at end of period

10,750

64,525

1,961

Supplemental information

Interest paid

$ 16,675

$ 17,137

$ 16,949

[1]

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 28,664	$ 28,664
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	8,188	7,825
Total intangible assets, gross	$ 40,275	40,275
Broker relationships
Acquired Intangible Assets [Line Items]
Life (Years)	24 years 7 months 6 days
Identifiable intangible assets subject to amortization
Gross Carrying Amount	$ 11,611	11,611
Accumulated Amortization	8,188	7,825
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	19,700	19,700
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Difference Between Federal Income Tax Provision (Benefit) and Expected Tax Provision (Benefit)

A reconciliation of the difference between the Company’s total income tax provision and the expected tax provision using the U.S. Federal statutory tax rate of 21% is as follows:


	Year Ended December 31,
	2025				2024				2023
(Amounts in thousands)	Amount		%		Amount		%		Amount		%
Federal income tax expense (benefit) at statutory rate	$	10,614	21.0	%	$	(14,935)	21.0	%	$	18,252	21.0	%
Net U.S. state and local income tax expense	536		1.1	%	115		(0.2)	%	316		0.4	%
Bermuda and U.S. statutory tax rate difference	3,004		5.9	%	6,531		(9.2)	%	6,923		8.0	%
Research and development tax credits	(272)		(0.5)	%	(267)		0.4	%	(936)		(1.1)	%
Tax-exempt investment income	(218)		(0.4)	%	(216)		0.3	%	(230)		(0.3)	%
Dividends received deduction	(325)		(0.6)	%	(461)		0.7	%	(386)		(0.4)	%
Excess tax expense on share based compensation	984		1.9	%	740		(1.0)	%	449		0.5	%
Provision to return and amended tax returns	21		—	%	393		(0.6)	%	725		0.8	%
Excess §162(m) compensation	312		0.6	%	399		(0.6)	%	522		0.6	%
Business interest expense from Domestication	(14,078)		(27.9)	%	—		—	%	—		—	%
Other	145		0.3	%	67		(0.1)	%	70		0.1	%
Total income tax expense (benefit)	$	723	1.4	%	$	(7,634)	10.7	%	$	25,705	29.6	%

Schedule of Net Deferred Tax Asset

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2025 and 2024 are summarized as follows:


	December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,838	$	3,696
Reserve for losses and loss adjustment expenses	39,211		32,823
Unearned premiums	10,257		11,580
Share based compensation	1,042		1,543
Allowance for credit losses	4,731		4,496
Invested assets	—		1,124
Business interest expense	14,078		—
Net unrealized losses	8,806		18,595
Other	907		4,466
Total deferred tax assets	82,870		78,323
Deferred tax liabilities:
Intangible assets	6,686		6,709
Deferred policy acquisition costs	6,570		6,337
Invested assets	489		—
Equity method investments	2,813		2,792
Other	1,416		1,315
Total deferred tax liabilities	17,974		17,153
Net deferred tax assets	$	64,896	$	61,170

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		37,470,237
Beginning balance at Dec. 31, 2022	$ 553,766	$ 7	$ 0	$ 868,858	$ (152,055)	$ (163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(107,684)				(107,684)
Other comprehensive income (loss)	99,323					99,323
Vesting of RSUs (in shares)		171,326
Vesting of RSUs	(1,734)			(1,734)
Compensation expense under share incentive plans	9,116			9,116
Dividends on Series A preferred shares	(10,500)				(10,500)
Dividends on common stock	(7,666)				(7,666)
Ending balance (in shares) at Dec. 31, 2023		37,641,563
Ending balance at Dec. 31, 2023	534,621	$ 7	0	876,240	(277,905)	(63,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(81,120)				(81,120)
Other comprehensive income (loss)	(6,276)					(6,276)
Conversion of Series A Preferred Shares to common stock (Notes 12 and 13) (in shares)		5,859,375
Conversion of Series A Preferred Shares to common stock (Notes 12 and 13)	37,500	$ 1		38,788	(1,289)
Extinguishment of Series A Preferred Shares - deemed dividend (Note 12)	(25,717)				(25,717)
Enstar common stock investment (Note 13) (in shares)		1,953,125
Enstar common stock investment (Note 13)	12,500	$ 1		12,499
Vesting of RSUs (in shares)		190,255
Vesting of RSUs	(847)			(847)
Compensation expense under share incentive plans	6,631			6,631
Dividends on Series A preferred shares	(10,143)				(10,143)
Dividends on common stock	$ (6,234)				(6,234)
Ending balance (in shares) at Dec. 31, 2024	45,644,318	45,644,318
Ending balance at Dec. 31, 2024	$ 460,915	$ 9	0	933,311	(402,408)	(69,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	47,427				47,427
Other comprehensive income (loss)	35,256					35,256
Conversion of Series A Preferred Shares to common stock (Notes 12 and 13) (in shares)		0
Enstar common stock investment (Note 13) (in shares)		0
Vesting of RSUs (in shares)		324,266
Vesting of RSUs	(745)			(745)
Compensation expense under share incentive plans	5,045			5,045
Dividends on Series A preferred shares	(7,876)				(7,876)
Dividends on common stock	$ (1,869)				(1,869)
Ending balance (in shares) at Dec. 31, 2025	45,968,584	45,968,584
Ending balance at Dec. 31, 2025	$ 538,153	$ 9	$ 0	$ 937,611	$ (364,726)	$ (34,741)

Statutory Matters

12 Months Ended

Dec. 31, 2025

Statutory Matters [Abstract]

Statutory Matters

U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) the classification and carrying amounts of investments in certain securities are different under SAP and GAAP, and (d) the criteria for providing asset valuation allowances and the methodologies used to determine the amount thereof are different under SAP and GAAP.

Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2025, 2024, and 2023 and for the years then ended are summarized as follows:


	2025		2024		2023
	(in thousands)
Statutory net income	$	75,164	$	40,731	$	90,469
Statutory capital and surplus	789,485		642,978		615,427
Minimum required statutory capital and surplus	339,639		286,392		220,449

RBC requirements promulgated by the National Association of Insurance Commissioners require property-casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2025, the insurance subsidiaries’ adjusted capital and surplus exceeds their authorized control level RBC.

SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	$ 31,286	$ 30,175	$ 31,497
Reserve for Losses and Loss Adjustment Expenses	3,099,418	3,084,406	2,606,107
Unearned Premiums	447,644	572,034	587,899
Net Earned Premiums	600,288	600,196	708,005
Net Investment Income	83,440	93,089	84,046
Losses and Loss Adjustment Expenses	427,204	554,374	500,157
Amortization of Policy Acquisition Costs	65,441	65,960	72,633
Other Operating Expenses	183,964	193,198	193,656
Net Written Premiums	568,815	580,854	693,901
Excess and Surplus Lines
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	33,127	31,085	30,625
Reserve for Losses and Loss Adjustment Expenses	2,348,826	2,226,038	1,769,788
Unearned Premiums	398,155	447,711	428,570
Net Earned Premiums	559,490	512,237	609,566
Net Investment Income	65,291	73,341	69,325
Losses and Loss Adjustment Expenses	386,824	485,951	425,035
Amortization of Policy Acquisition Costs	73,122	69,704	75,890
Other Operating Expenses	141,944	140,978	135,175
Net Written Premiums	544,124	508,445	589,551
Specialty Admitted
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	(1,841)	(910)	872
Reserve for Losses and Loss Adjustment Expenses	750,592	858,368	836,319
Unearned Premiums	49,489	124,323	159,329
Net Earned Premiums	40,798	87,959	98,439
Net Investment Income	17,011	16,937	13,568
Losses and Loss Adjustment Expenses	40,380	68,423	75,122
Amortization of Policy Acquisition Costs	(7,681)	(3,744)	(3,257)
Other Operating Expenses	8,527	17,248	24,541
Net Written Premiums	24,691	72,409	104,350
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	0	0	0
Reserve for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Net Earned Premiums	0	0	0
Net Investment Income	1,138	2,811	1,153
Losses and Loss Adjustment Expenses	0	0	0
Amortization of Policy Acquisition Costs	0	0	0
Other Operating Expenses	33,493	34,972	33,940
Net Written Premiums	$ 0	$ 0	$ 0

SCHEDULE II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

Balance Sheets (Parent Company)


	December 31,
	2025		2024
	(in thousands)
Assets
Cash and cash equivalents	$	10,750	$	64,525
Investment in subsidiaries	874,105		732,285

Deferred tax assets, net	14,386		—
Income tax receivable	481		—
Other assets	3,557		31,775
Total assets	$	903,279	$	828,585
Liabilities and Shareholders’ equity
Liabilities:
Accrued expenses	$	1,045	$	1,716
Senior debt	210,800		185,800
Junior subordinated debt	15,928		15,928

Due to subsidiaries	4,079		863
Other liabilities	159		30,248
Total liabilities	232,011		234,555
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115		133,115
Shareholders’ equity:
Class A common shares	9		9
Additional paid-in capital	937,611		933,311
Retained deficit	(364,726)		(402,408)
Accumulated other comprehensive (loss) income	(34,741)		(69,997)
Total shareholders’ equity	538,153		460,915
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	903,279	$	828,585

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of Income (Loss) and Comprehensive Income (Loss) (Parent Company)


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Revenues:
Net investment income	$	861	$	1,860	$	—
Other income	80		90		88
Total revenues	941		1,950		88
Expenses:
Other operating expenses	740		14,142		14,689
Other expenses	3,819		9,619		4,049
Interest expense	15,391		15,484		15,685
Total expenses	19,950		39,245		34,423
Loss before equity in net income (loss) of subsidiaries	(19,009)		(37,295)		(34,335)
Equity in net income (loss) of subsidiaries (1)	51,569		(43,825)		(73,349)
Income (loss) before taxes	32,560		(81,120)		(107,684)
Income tax benefit	(14,867)		—		—
Net income (loss)	$	47,427	$	(81,120)	$	(107,684)
Other comprehensive income (loss):
Equity in other comprehensive earnings (losses) of subsidiaries	35,256		(6,276)		99,323
Total comprehensive income (loss)	$	82,683	$	(87,396)	$	(8,361)

(1) Includes amounts for JRG Re. The sale of JRG Re closed on April 16, 2024. Operating results of JRG Re are included in discontinued operations in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Note 2 - Discontinued Operations.

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of Cash Flows (Parent Company)


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Operating activities
Net income (loss)	$	47,427	$	(81,120)	$	(107,684)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for depreciation and amortization	521		474		345
Share based compensation expense	5,045		6,631		9,116
Equity in undistributed earnings of subsidiaries	(51,569)		43,825		73,349
Deferred U.S. Federal income tax benefit	(14,386)		—		—
Changes in operating assets and liabilities	985		2,996		47,673
Net cash (used in) provided by operating activities	(11,977)		(27,194)		22,799
Investing activities
Sale of JRG Re	—		136,213		—
Dividends from subsidiaries	—		5,755		—
Net cash provided by investing activities	—		141,968		—
Financing activities
Senior debt issuance	25,000		—		—
Senior debt repayments	—		(21,500)		—


Contribution to subsidiary	(55,000)		(23,364)		—
Payment of debt issuance costs	(1,179)		—		(1,135)

Enstar common stock investment	—		12,500		—

Payroll taxes withheld and remitted on net settlement of RSUs	(745)		(847)		(1,734)
Dividends on Series A preferred shares	(7,876)		(12,768)		(10,500)
Dividends on common shares	(1,998)		(6,231)		(7,746)
Net cash used in financing activities	(41,798)		(52,210)		(21,115)
Change in cash and cash equivalents	(53,775)		62,564		1,684
Cash and cash equivalents at beginning of period	64,525		1,961		277
Cash and cash equivalents at end of period	$	10,750	$	64,525	$	1,961
Supplemental information
Interest paid	$	16,675	$	17,137	$	16,949

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Notes to Condensed Financial Statements

1. Accounting Policies

Organization

Subsequent to the Domestication on November 7, 2025, James River Group Holdings, Inc. is a Delaware holding company organized for the purpose of acquiring and managing insurance entities. Prior to the Domestication, James River Group Holdings, Ltd. was an exempted holding company registered in Bermuda.

Basis of Presentation

The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Estimates and Assumptions

Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Adopted Accounting Standards

No accounting standards were adopted during the year ended December 31, 2025 that had a material impact on our financial statements.

Junior Subordinated Debt - Narrative (Details) - Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2025
Debt Instrument [Line Items]
Debt redemption percentage	100.00%
Deferred interest payment period (in years)	5 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 31,036	$ 26,665
Accumulated depreciation	(9,096)	(6,892)
Property and equipment, net	21,940	19,773
Electronic data processing hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	29,499	24,902
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 1,537	$ 1,763

Other Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Minority interest in partnership
Related Party Transaction [Line Items]
Operating costs under lease	$ 1.4	$ 2.1	$ 2.1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Gross written premiums	$ 1,172,319	$ 1,431,772	$ 1,508,660
Ceded written premiums	(603,504)	(850,918)	(814,759)
Net written premiums	568,815	580,854	693,901
Change in net unearned premiums	31,473	19,342	14,104
Net earned premiums	600,288	600,196	708,005
Net investment income	83,440	93,089	84,046
Net realized and unrealized gains (losses) on investments	(2,195)	3,625	10,441
Other income	6,081	10,716	9,517
Total revenues	687,614	707,626	812,009
Expenses:
Losses and loss adjustment expenses	427,204	554,374	500,157
Other operating expenses	183,964	193,198	193,656
Other expenses	2,002	6,145	3,792
Interest expense	23,538	24,666	24,627
Amortization of intangible assets	363	363	363
Impairment of intangible assets	0	0	2,500
Total expenses	637,071	778,746	725,095
Income (loss) from continuing operations before income taxes	50,543	(71,120)	86,914
Income tax expense (benefit) on continuing operations:
Current	13,821	3,562	31,677
Deferred	(13,098)	(11,196)	(5,972)
Total income tax expense (benefit)	723	(7,634)	25,705
Net income (loss) from continuing operations	49,820	(63,486)	61,209
Discontinued operations (Note 2):
Loss from discontinued operations	0	(13,583)	(88,493)
Loss on disposal of discontinued operations	(2,393)	(4,051)	(80,400)
Total loss from discontinued operations	(2,393)	(17,634)	(168,893)
Net income (loss)	47,427	(81,120)	(107,684)
Dividends on Series A preferred shares	(7,876)	(37,149)	(10,500)
Net income (loss) available to common shareholders	39,551	(118,269)	(118,184)
Other comprehensive income (loss):
Net unrealized gains (losses), net of taxes of $9,372 in 2025, $(1,668) in 2024, and $6,384 in 2023	35,256	(6,276)	99,323
Total comprehensive income (loss)	$ 82,683	$ (87,396)	$ (8,361)
Basic
Continuing operations (in dollars per share)	$ 0.91	$ (2.60)	$ 1.35
Discontinued operations (in dollars per share)	(0.05)	(0.46)	(4.49)
Basic (in dollars per share)	0.86	(3.06)	(3.14)
Diluted
Continuing operations (in dollars per share)	0.83	(2.60)	1.34
Discontinued operations (in dollars per share)	(0.04)	(0.46)	(4.47)
Diluted (in dollars per share)	0.79	(3.06)	(3.13)
Dividend declared per common share (in dollars per share)	$ 0.04	$ 0.16	$ 0.20
Weighted-average common shares outstanding:
Basic (in shares)	45,968,359	38,685,003	37,618,660
Diluted (in shares)	60,013,622	38,685,003	37,810,440

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company's investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets (e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2023.

The Company reviews fair value prices provided by its outside investment accounting service provider or investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for the investment manager that obtains fair values from independent pricing services.

Assets measured at fair value on a recurring basis as of December 31, 2025 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	219,477	$	—	$	219,477
Residential mortgage-backed	—		472,718		—		472,718
Corporate	—		577,754		—		577,754
Commercial mortgage and asset-backed	—		120,535		—		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,290		—		—		14,290

Total fixed maturity securities, available-for-sale	$	14,290	$	1,390,484	$	—	$	1,404,774
Equity securities:
Preferred stock	$	—	$	70,601	$	—	$	70,601
Common stock	—		2,487		4		2,491
Total equity securities	$	—	$	73,088	$	4	$	73,092
Bank loan participations	$	—	$	155,138	$	—	$	155,138

Short-term investments	$	—	$	—	$	—	$	—

Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	196,564	$	—	$	196,564
Residential mortgage-backed	—			326,227		—		326,227
Corporate	—			475,485		—		475,485
Commercial mortgage and asset-backed	—			170,458		—		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	20,999			—		—		20,999
Total fixed maturity securities, available-for-sale	$	20,999		$	1,168,734	$	—	$	1,189,733
Equity securities:
Preferred stock	$	—		$	71,245	$	—	$	71,245
Common stock	12,693			2,536		5		15,234
Total equity securities	$	12,693		$	73,781	$	5	$	86,479
Bank loan participations	$	—		$	142,410	$	—	$	142,410
Short-term investments	$	—		$	97,074	$	—	$	97,074

A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	5	$	11	$	7
Transfers in to Level 3	—		—		—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Sales	—		—		—
Maturities, calls and paydowns	—		—		—
Amortization of discount	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	(1)		(6)		4
Included in other comprehensive income	—		—		—
Ending balance	$	4	$	5	$	11

The Company held one equity security at December 31, 2025, December 31, 2024, and December 31, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair values for the equity security (disclosed above) were obtained from our asset manager, who used an internal model to value the security.

Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for which the Company was previously unable to obtain reliable prices. Transfers in to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes.

There were no transfers between Level 1 and Level 2 during 2025, 2024 or 2023. The Company recognizes transfers between levels at the beginning of the reporting period.

In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price.

Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. There were no investments for which external sources were unavailable to determine fair value as of December 31, 2025 and 2024.

The carrying values and fair values of financial instruments are summarized below:


	December 31,
	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,404,774	$	1,404,774	$	1,189,733	$	1,189,733
Equity securities	73,092		73,092		86,479		86,479

Bank loan participations	155,138		155,138		142,410		142,410
Cash and cash equivalents	260,941		260,941		362,345		362,345
Restricted cash equivalents	8,481		8,481		28,705		28,705
Short-term investments	—		—		97,074		97,074
Other invested assets – notes receivable	43,401		44,639		13,902		12,877
Liabilities
Senior debt	225,800		230,007		200,800		201,787
Junior subordinated debt	104,055		116,093		104,055		121,766

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity.

The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at December 31, 2025 and 2024 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at December 31, 2025 and 2024, respectively. The Company also utilized an internally developed valuation model based on the spread of a comparable market index to determine the fair value of certain other invested assets-notes receivable at December 31, 2025 and 2024.

The fair values of senior debt, junior subordinated debt, and invested assets-notes receivable, classified in other invested assets, at December 31, 2025 and 2024 were determined using inputs to the valuation methodology that are unobservable (Level 3).

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reserve for Losses and Loss Adjustment Expenses

Leases - Schedule of Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,010
2027	1,897
2028	1,546
2029	1,191
2030	1,059
Thereafter	88
Total lease payments	7,791
Less imputed interest	(771)
Total operating lease liabilities	$ 7,020	$ 5,600

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

In establishing the reserve for losses and loss adjustment expenses, the Company’s internal actuaries estimate an initial expected ultimate loss ratio for each of our lines of business by accident year. Input from the Company’s underwriting and claims departments, including premium pricing assumptions and historical experience, are considered by the Company’s internal actuaries in estimating the initial expected loss ratios. The Company’s internal actuaries generally utilize five primary actuarial methods in their estimation process for the reserve for losses and loss adjustment expenses. These primary methods are supplemented by additional actuarial methods as the Chief Actuary considers appropriate. For example, these supplemental methods can include frequency and severity methods that utilize claim count data to estimate ultimate losses and loss adjustment expenses. These methods utilize, to varying degrees, the initial expected loss ratio, detailed statistical analysis of past claims reporting and payment patterns, claims frequency and severity, paid loss experience, industry loss experience, and changes in market conditions and claims handling practices, policy forms, exclusions, and exposures.

In applying these methods to develop an estimate of the reserve for losses and loss adjustment expenses, our internal actuaries use judgment to determine three key parameters for each accident year and line of business: the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods to be used for each accident year and line of business. For the Excess and Surplus Lines segment, the internal actuaries perform a study on each of these parameters at least annually and make recommendations for the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods by accident year and line of business. Members of management’s Reserve Committee review and approve the parameter review actuarial recommendations, and absent any developments requiring an earlier review, these approved parameters are used in the reserve estimation process for the next four quarters at which time a new parameter study is performed. For the Specialty Admitted Insurance segment, expected loss ratios, loss development factors, and loss cost trends are reviewed and updated at least annually.

Different reserving methods are appropriate in different situations, and the Company’s internal actuaries use their judgment and experience to determine the weighting of the methods to use for each accident year and each line of business. For example, the current accident year has very little incurred and paid loss development data on which to base reserve projections. As a result, the Company relies heavily on the initial expected loss ratio in estimating reserves for the current accident year. The Company generally sets the initial expected loss ratio for the current accident year consistent with the internal actuaries’ pricing assumptions adjusted upward where warranted based on management's judgment in order to produce the best estimate. We

believe that this is a reasonable and appropriate reserving assumption for the current accident year since our pricing assumptions are actuarially driven and since the Company expects to make an acceptable return on the new business written. If actual loss emergence is better than our initial expected loss ratio assumptions, we will experience favorable development and if it is worse than our initial expected loss ratio assumptions, we will experience adverse development. Conversely, sufficient incurred and paid loss development data is available for the oldest accident years, so more weight is given to this development data and less weight is given to the initial expected loss ratio.

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $1.6 million, $1.2 million, and $660,000 at December 31, 2025, 2024, and 2023, respectively.


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,086,278	$	1,246,973	$	1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	400,003		441,058		463,530
Prior years - retroactive reinsurance	28,750		37,237		4,991
Prior years - excluding retroactive reinsurance	(1,549)		76,079		31,636
Total incurred losses and loss and adjustment expenses	427,204		554,374		500,157
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	17,842		31,313		32,410
Prior years	395,191		333,277		296,549
Total loss and loss adjustment expense payments	413,033		364,590		328,959
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	28,750		37,237		4,991
Deduct: Loss reserves ceded in E&S ADC	—		313,242		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,071,699		1,086,278		1,246,973
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,027,719		1,998,128		1,359,134
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,099,418	$	3,084,406	$	2,606,107

The foregoing reconciliation shows that $1.5 million of net favorable development was experienced in 2025 on the reserve for losses and loss adjustment expenses held at December 31, 2024 (excluding adverse prior year development subject to deferral under retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net favorable reserve development included $5.0 million of net favorable development in the Excess and Surplus Lines segment and $3.5 million of net adverse development in the Specialty Admitted Insurance segment. The $5.0 million of net favorable development in the Excess and Surplus Lines segment is net of $51.4 million ceded to the E&S Top Up ADC. The E&S Top Up ADC is not in a gain position, thus it is not subject to retroactive reinsurance accounting and there are no deferrals related to the E&S Top Up ADC in 2025. Accordingly, all cessions to the E&S Top Up ADC in 2025 reduce net incurred losses and loss adjustment expenses. Additionally, the net favorable development excludes $27.2 million of adverse development ceded to the Commercial Auto LPT and E&S ADC that was deferred under retroactive reinsurance accounting. The $27.2 million is included in net incurred losses and loss adjustment expenses on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

The foregoing reconciliation shows that $76.1 million of net adverse development was experienced in 2024 on the reserve for losses and loss adjustment expenses held at December 31, 2023 (excluding adverse prior year development subject to deferral under retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $76.7 million of net adverse development in the Excess and Surplus Lines segment, including a $52.2 million reserve charge upon execution of the E&S ADC (consideration paid in excess of initial reserves), and $607,000 of net favorable development in the Specialty Admitted Insurance segment.

The foregoing reconciliation shows that $31.6 million of net adverse development was experienced in 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $32.6 million of net adverse development in the Excess and Surplus Lines segment, with adverse development in accident years 2020 and prior exceeding favorable development on accident years 2022 and 2021, and $972,000 of net favorable development in the Specialty Admitted Insurance segment.

Loss Portfolio Transfers and Adverse Development Covers

Loss portfolio transfers and adverse development covers are forms of retroactive reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. This reinsurance can bring economic finality (up to the limit of such agreements, if applicable) on the subject risks when they no longer meet the Company's risk appetite or are no longer aligned with the Company's risk management guidelines.

Commercial Auto Loss Portfolio Transfer

On September 27, 2021, James River Insurance and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James River is not otherwise indemnified by Rasier. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions. The cumulative amounts ceded under the loss portfolio transfer were $451.4 million, $459.3 million and $456.2 million as of December 31, 2025, 2024, and 2023, respectively.

Combined Loss Portfolio Transfer and Adverse Development Cover

On July 2, 2024, James River entered into a Combined Loss Portfolio Transfer and Adverse Development Cover Reinsurance Contract (the “E&S ADC”) with State National Insurance Company, Inc. (“State National”). The transaction closed upon signing.

The E&S ADC was effective January 1, 2024 (the “Effective Date”) and applies to James River’s Excess & Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive), excluding, among others, losses related to commercial auto policies issued to a former large insured or its affiliates (the “Subject Business”). Pursuant to the E&S ADC, (a) State National reinsures 85% of losses paid on and after the Effective Date in respect of the Subject Business in excess of $716.6 million up to an aggregate limit of $467.1 million (with State National’s share of the aggregate limit being $397.0 million) in exchange for a reinsurance premium paid by James River equal to $313.2 million, and (b) James River continues to manage claims and to manage and collect the benefit of other existing third-party reinsurance on the Subject Business, which third-party reinsurance inures to the benefit of the E&S ADC. Additional adverse development of $35.0 million (net of the Company's 15% retention) recognized on the subject business of the E&S ADC in the year ended December 31, 2025 exhausted the remaining limit of the E&S ADC.

Adverse Development Cover

On November 11, 2024, Enstar, through its subsidiary Cavello Bay Reinsurance Limited (“Cavello Bay”), entered into an adverse development cover agreement with James River (“E&S Top Up ADC”), pursuant to which, in exchange for a premium of $52.8 million (less an amount equal to the federal excise tax payable on the premium), Cavello Bay reinsures, effective January 1, 2024, 100% of the losses associated with James River’s Excess and Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive). The E&S Top Up ADC excludes losses related to commercial auto policies issued to a former large insured or its affiliates and is subject to a retention by James River of $1,183.7 million (the limit of the E&S ADC executed on July 2, 2024) and up to an aggregate limit of $75.0 million. The E&S Top Up ADC closed on December 23, 2024. The Company recognized a $52.8 million reduction in pre-tax income in connection with the adverse development cover upon closing. In 2025, $51.4 million of adverse development was ceded to the E&S Top Up ADC, reducing the aggregate limit remaining on the E&S Top Up ADC to $23.6 million at December 31, 2025.

Retroactive Reinsurance Accounting

The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT, the E&S ADC, and the E&S Top Up ADC, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in

earnings in proportion to actual paid recoveries under the agreements using the recovery method. While the deferral of gains can introduce volatility in the Company's operating results in the short-term, over the life of the contract, we would expect no economic impact to the Company as long as the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of the Company's current and ongoing operations.

The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2025, 2024, and 2023. The E&S Top Up ADC was not subject to retroactive reinsurance accounting as it was not in a gain position as of December 31, 2025.


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Commercial Auto LPT
Deferred retroactive reinsurance gain at beginning of period	$	9,222	$	20,733	$	15,742
(Favorable) adverse prior year development on subject business	(7,848)		3,051		64,403
Retroactive reinsurance benefits under the recovery method	1,553		(14,562)		(59,412)
Deferred retroactive reinsurance gain at end of period	$	2,927	$	9,222	$	20,733

E&S ADC
Deferred retroactive reinsurance gain at beginning of period	$	48,748	$	—	$	—
Adverse prior year development ceded on subject business	35,045		48,748		—
Retroactive reinsurance benefits under the recovery method	—		—		—
Deferred retroactive reinsurance gain at end of period	$	83,793	$	48,748	$	—

Total
Deferred retroactive reinsurance gain at beginning of period	$	57,970	$	20,733	$	15,742
Adverse prior year development on subject business	27,197		51,799		64,403
Retroactive reinsurance benefits under the recovery method	1,553		(14,562)		(59,412)
Deferred retroactive reinsurance gain at end of period	$	86,720	$	57,970	$	20,733

The following tables present incurred and paid losses and loss adjustment expenses, net of reinsurance as of December 31, 2025 for: (1) the Excess and Surplus Lines segment split between all excess and surplus lines business excluding commercial auto, and separately, commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs. The tables present incurred and paid losses for accident years 2016-2025 before cessions to retrospective reinsurance contracts including the Commercial Auto LPT, the E&S ADC, and the E&S Top Up ADC. The impact of the Commercial Auto LPT and the E&S ADC is reflected in the reconciliation at the bottom of the paid losses and loss adjustment expense tables for "Excess and Surplus Lines - Excluding Commercial Auto" and "Excess and Surplus Lines - Commercial Auto" to arrive at total outstanding losses and loss adjustment expenses, net of reinsurance. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2024 and prior is presented as “unaudited” supplementary information.

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	138,507	$	125,093	$	126,050	$	126,971	$	125,097	$	132,235	$	135,491	$	141,242	$	148,400	$	151,612
2017			144,349		131,897		132,136		124,265		128,674		134,272		147,196		155,593		158,714
2018					167,004		158,458		146,633		150,687		151,563		167,237		173,186		180,931
2019							214,653		194,759		189,671		188,061		204,844		228,076		237,568
2020									239,897		211,732		207,210		231,658		273,883		296,540
2021											304,435		286,343		274,120		307,338		321,722
2022													340,436		293,402		320,146		342,533
2023															369,255		330,330		335,617
2024																	360,426		345,686
2025																			351,985
Total																			$	2,722,908


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	5,180	$	22,852	$	46,045	$	70,105	$	90,166	$	102,072	$	116,059	$	126,916	$	133,928	$	141,710
2017			5,290		22,956		42,764		64,924		81,303		102,866		120,229		132,182		141,347
2018					6,000		26,160		50,679		76,494		105,538		124,903		138,319		155,337
2019							8,235		31,346		62,227		103,836		136,289		166,472		191,455
2020									8,642		34,561		73,106		117,892		168,550		211,509
2021											11,693		55,070		100,649		154,168		204,642
2022													12,713		51,537		108,960		177,429
2023															10,927		49,094		109,278
2024																	11,096		48,871
2025																			8,824
Total																			$	1,390,402
Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC and E&S Top Up ADC																			$	1,332,506
Reinsurance recoverable for E&S ADC																			$	434,562
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (117 claims outstanding)																			$	16,282
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	914,226

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	74,340	$	109,286	$	126,791	$	147,122	$	157,712	$	164,399	$	164,046	$	165,744	$	165,121	$	165,286
2017			207,355		208,743		272,421		319,472		355,713		366,636		376,251		376,306		374,566
2018					255,881		230,220		283,408		349,067		371,637		389,244		389,261		387,645
2019							262,306		240,773		339,771		365,279		408,340		416,654		413,077
2020									19,133		10,899		12,324		19,009		22,062		22,927
2021											21,154		16,565		17,319		19,998		20,774
2022													26,126		19,921		19,730		21,370
2023															18,181		16,089		16,879
2024																	11,602		12,491
2025																			11,100
Total																			$	1,446,115


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	18,295	$	54,054	$	89,381	$	125,108	$	141,545	$	152,030	$	158,819	$	162,219	$	164,491	$	165,091
2017			41,467		107,377		192,961		252,169		309,860		344,235		364,501		369,931		373,717
2018					45,136		119,099		184,686		257,346		329,009		368,865		379,246		384,415
2019							44,225		107,182		192,982		285,725		358,920		393,141		402,253
2020									628		2,854		7,304		14,151		17,705		19,129
2021											2,810		4,313		10,325		12,936		17,072
2022													1,897		5,365		8,691		12,994
2023															2,066		5,341		10,195
2024																	319		1,165
2025																			553
Total																			$	1,386,584
Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT and E&S ADC																			$	59,531
Reinsurance recoverable for Commercial Auto LPT																			$	11,520
Reinsurance recoverable for E&S ADC and E&S Top Up ADC																			$	13,868
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (0 claims outstanding)																			$	113
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	34,256

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	21,678	$	20,299	$	18,050	$	15,800	$	14,050	$	13,069	$	12,790	$	12,510	$	12,502	$	12,484
2017			24,869		22,071		19,779		18,810		16,606		15,487		15,360		15,318		15,311
2018					16,432		16,288		16,038		14,200		12,139		11,829		11,793		11,894
2019							20,253		21,056		20,631		18,129		17,624		17,408		17,257
2020									20,137		22,240		19,389		18,934		18,617		18,235
2021											14,519		14,713		12,668		12,702		12,472
2022													14,507		11,828		11,096		11,439
2023															21,095		19,218		19,118
2024																	12,715		9,760
2025																			276
Total																			$	128,246


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	4,664	$	10,227	$	12,135	$	12,432	$	12,481	$	12,483	$	12,483	$	12,483	$	12,483	$	12,483
2017			6,546		12,782		14,285		15,195		15,210		15,236		15,279		15,286		15,295
2018					4,497		9,034		11,412		11,746		11,765		11,752		11,747		11,752
2019							5,473		13,776		16,254		16,909		17,154		17,179		17,224
2020									7,394		14,668		16,665		17,206		17,606		17,657
2021											5,874		10,780		11,679		11,865		12,085
2022													5,943		9,732		10,348		10,518
2023															6,126		12,764		15,610
2024																	4,998		7,977
2025																			2
Total																			$	120,603
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)																			$	376
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	2,198
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	10,217

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	11,542	$	15,670	$	14,682	$	15,522	$	14,468	$	15,090	$	14,304	$	13,289	$	13,133	$	13,336
2017			21,229		24,271		25,201		24,728		25,097		24,893		23,128		23,576		23,185
2018					21,758		20,677		19,822		20,158		19,268		19,193		19,129		19,021
2019							18,832		19,020		19,991		18,956		18,777		18,210		18,196
2020									25,433		28,131		31,555		34,705		34,650		35,930
2021											39,999		44,857		47,505		46,526		47,995
2022													47,262		51,101		50,544		49,139
2023															53,635		58,449		62,761
2024																	55,536		56,860
2025																			35,490
Total																			$	361,913


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	1,894	$	5,123	$	6,888	$	10,732	$	10,896	$	11,711	$	12,142	$	12,321	$	12,567	$	12,794
2017			1,223		6,682		13,065		15,854		18,219		20,655		20,770		21,752		22,268
2018					885		4,972		10,495		12,631		14,059		15,424		16,457		16,733
2019							4,358		5,125		9,958		13,007		14,914		15,740		16,203
2020									5,375		15,678		20,903		26,523		29,084		31,683
2021											8,347		18,106		27,156		34,120		39,295
2022													13,018		23,284		30,131		36,354
2023															13,145		26,983		38,368
2024																	14,745		28,812
2025																			8,359
Total																			$	250,869
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)																			$	92
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	1,864
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	113,000

The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2025 is as follows (in thousands):


E&S – excluding commercial auto	$	914,226
E&S – commercial auto	34,256
Specialty Admitted – individual risk workers’ compensation	10,217
Specialty Admitted – fronting and programs	113,000
Net reserve for losses and loss adjustment expenses	1,071,699
Reinsurance recoverables on unpaid losses (gross of $1.6 million allowance for credit losses on reinsurance recoverables)	2,027,719
Gross reserve for losses and loss adjustment expenses	$	3,099,418

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2025.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.2	%	11.1	%	14.5	%	16.2	%	14.3	%	11.9	%	9.5	%	8.0	%	5.2	%	5.1	%
E&S – commercial auto	9.0	%	14.7	%	21.8	%	20.2	%	16.2	%	8.1	%	3.6	%	1.6	%	1.2	%	0.4	%
Specialty Admitted – individual risk workers’ compensation	29.1	%	33.2	%	14.7	%	7.9	%	6.1	%	3.1	%	2.0	%	0.9	%	1.0	%	0.7	%
Specialty Admitted – fronting and programs	20.2	%	21.8	%	19.3	%	13.3	%	7.9	%	5.2	%	3.3	%	2.9	%	3.3	%	1.5	%

In determining the cumulative number of reported claims, the Company measures claim counts by individual claimant for individual risk workers’ compensation policies in the Specialty Admitted Insurance segment. In the Excess and Surplus Lines segment and for fronting and programs in the Specialty Admitted Insurance segment, the Company measures claim counts by claim event. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for losses and loss adjustment expenses).

The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs:

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before E&S ADC		IBNR net of E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2016	$	151,612	$	4,913	$	994	3,440
2017	158,714		6,707		1,615		3,436
2018	180,931		11,383		2,726		5,056
2019	237,568		19,165		4,556		6,758
2020	296,540		41,965		13,168		6,938
2021	321,722		75,267		17,342		5,526
2022	342,533		111,556		24,177		5,308
2023	335,617		168,378		35,606		4,663
2024	345,686		264,885		264,885		3,462
2025	351,985		328,296		328,296		2,105

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Commercial Auto LPT& E&S ADC		IBNR net of Commercial Auto LPT & E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2016	$	165,286	$	167	$	6	89,116
2017	374,566		349		29		134,150
2018	387,645		1,431		71		97,342
2019	413,077		4,282		37		71,494
2020	22,927		1,539		341		637
2021	20,774		2,396		512		792
2022	21,370		4,323		363		536
2023	16,879		3,927		794		321
2024	12,491		8,433		8,433		255
2025	11,100		9,943		9,943		200

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2016	$	12,484	$	1	836
2017	15,311		1		1,093
2018	11,894		(2)		1,239
2019	17,257		30		1,555
2020	18,235		90		1,381
2021	12,472		219		1,302
2022	11,439		219		1,050
2023	19,118		349		910
2024	9,760		435		285
2025	276		275		—

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2016	$	13,336	$	71	2,825
2017	23,185		363		6,809
2018	19,021		726		7,423
2019	18,196		793		8,180
2020	35,930		2,089		9,254
2021	47,995		4,322		11,027
2022	49,139		7,030		10,370
2023	62,761		12,661		10,389
2024	56,860		18,204		9,200
2025	35,490		22,821		5,390

The Company has not provided insurance coverage that could reasonably be expected to produce material levels of asbestos claims activity. In addition, management does not believe that the Company is exposed to environmental liability claims other than those which it has specifically underwritten and priced as an environmental exposure.

Income Taxes - Schedule of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accrued compensation expenses	$ 3,838	$ 3,696
Reserve for losses and loss adjustment expenses	39,211	32,823
Unearned premiums	10,257	11,580
Share based compensation	1,042	1,543
Allowance for credit losses	4,731	4,496
Invested assets	0	1,124
Business interest expense	14,078	0
Net unrealized losses	8,806	18,595
Other	907	4,466
Total deferred tax assets	82,870	78,323
Deferred tax liabilities:
Intangible assets	6,686	6,709
Deferred policy acquisition costs	6,570	6,337
Invested assets	489	0
Equity method investments	2,813	2,792
Other	1,416	1,315
Total deferred tax liabilities	17,974	17,153
Net deferred tax assets	$ 64,896	$ 61,170

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed maturity securities:
Cost or Amortized Cost	$ 1,448,750
Fair Value	1,404,774	$ 1,189,733
Fixed maturity securities
Fixed maturity securities:
Cost or Amortized Cost	1,448,750	1,278,337
Gross Unrealized Gains	10,079	2,102
Gross Unrealized Losses	(54,055)	(90,706)
Fair Value	1,404,774	1,189,733
State and municipal
Fixed maturity securities:
Cost or Amortized Cost	237,366	223,009
Gross Unrealized Gains	1,164	598
Gross Unrealized Losses	(19,053)	(27,043)
Fair Value	219,477	196,564
Residential mortgage-backed
Fixed maturity securities:
Cost or Amortized Cost	483,074	352,064
Gross Unrealized Gains	3,239	32
Gross Unrealized Losses	(13,595)	(25,869)
Fair Value	472,718	326,227
Corporate
Fixed maturity securities:
Cost or Amortized Cost	589,477	503,610
Gross Unrealized Gains	5,461	1,358
Gross Unrealized Losses	(17,184)	(29,483)
Fair Value	577,754	475,485
Commercial mortgage and asset-backed
Fixed maturity securities:
Cost or Amortized Cost	124,507	178,238
Gross Unrealized Gains	187	112
Gross Unrealized Losses	(4,159)	(7,892)
Fair Value	120,535	170,458
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities:
Cost or Amortized Cost	14,326	21,416
Gross Unrealized Gains	28	2
Gross Unrealized Losses	(64)	(419)
Fair Value	$ 14,290	$ 20,999

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Balance at beginning of period	$	30,175	$	31,497	$	32,837
Policy acquisition costs deferred:
Commissions	50,084		43,720		47,665
Underwriting and other issue expenses	16,468		20,918		23,628
	66,552		64,638		71,293
Amortization of policy acquisition costs	(65,441)		(65,960)		(72,633)
Net change	1,111		(1,322)		(1,340)
Balance at end of period	$	31,286	$	30,175	$	31,497

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of Available-for-Sale Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2025
Fixed maturity securities:
State and municipal	$	237,366	$	1,164	$	(19,053)	$	219,477
Residential mortgage-backed	483,074		3,239		(13,595)		472,718
Corporate	589,477		5,461		(17,184)		577,754
Commercial mortgage and asset-backed	124,507		187		(4,159)		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,326		28		(64)		14,290

Total fixed maturity securities, available-for-sale	$	1,448,750	$	10,079	$	(54,055)	$	1,404,774
December 31, 2024
Fixed maturity securities:
State and municipal	$	223,009	$	598	$	(27,043)	$	196,564
Residential mortgage-backed	352,064		32		(25,869)		326,227
Corporate	503,610		1,358		(29,483)		475,485
Commercial mortgage and asset-backed	178,238		112		(7,892)		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		2		(419)		20,999
Total fixed maturity securities, available-for-sale	$	1,278,337	$	2,102	$	(90,706)	$	1,189,733

Schedule of Available-for-Sale Investments by Contractual Maturity

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2025 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	34,093	$	33,910
After one year through five years	418,689		413,159
After five years through ten years	235,889		228,537
After ten years	152,498		135,915
Residential mortgage-backed	483,074		472,718
Commercial mortgage and asset-backed	124,507		120,535
Total	$	1,448,750	$	1,404,774

Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities

The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2025
Fixed maturity securities:
State and municipal	$	26,425	$	(369)	$	152,646	$	(18,684)	$	179,071	$	(19,053)
Residential mortgage-backed	63,405		(193)		171,993		(13,402)		235,398		(13,595)
Corporate	61,910		(243)		214,235		(16,941)		276,145		(17,184)
Commercial mortgage and asset-backed	7,662		(19)		78,130		(4,140)		85,792		(4,159)

U.S. Treasury securities and obligations guaranteed by the U.S. government	241		(2)		4,810		(62)		5,051		(64)

Total fixed maturity securities, available-for-sale	$	159,643	$	(826)	$	621,814	$	(53,229)	$	781,457	$	(54,055)
December 31, 2024
Fixed maturity securities:
State and municipal	$	35,979	$	(1,087)	$	146,547	$	(25,956)	$	182,526	$	(27,043)
Residential mortgage-backed	179,807		(5,285)		140,559		(20,584)		320,366		(25,869)
Corporate	149,149		(4,281)		220,743		(25,202)		369,892		(29,483)
Commercial mortgage and asset-backed	17,991		(65)		101,525		(7,827)		119,516		(7,892)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,653		(115)		12,412		(304)		20,065		(419)

Total fixed maturity securities, available-for-sale	$	390,579	$	(10,833)	$	621,786	$	(79,873)	$	1,012,365	$	(90,706)

Schedule of Major Categories of the Company' s Net Investment Income

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities	$	53,181	$	48,262	$	49,793
Bank loan participations	12,830		16,992		11,984
Equity securities	5,447		7,424		6,548
Other invested assets	3,229		4,855		5,049
Cash, cash equivalents, restricted cash equivalents, and short-term investments	12,418		19,249		13,703

Gross investment income	87,105		96,782		87,077
Investment expense	(3,665)		(3,693)		(3,031)
Net investment income	$	83,440	$	93,089	$	84,046

Schedule of Realized Gains and Losses

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	467	$	1,613	$	—
Gross realized losses	(393)		(2,891)		(339)
	74		(1,278)		(339)
Equity securities:
Gross realized gains	1,016		11,061		1,845
Gross realized losses	(2,987)		(1,439)		(320)
Changes in fair values of equity securities	2,374		(873)		3,722
	403		8,749		5,247
Bank loan participations:
Gross realized gains	541		845		306
Gross realized losses	(3,992)		(4,069)		(3,806)
Changes in fair values of bank loan participations	777		(620)		9,049
	(2,674)		(3,844)		5,549
Short-term investments and other:
Gross realized gains	4		1		2
Gross realized losses	(2)		(2)		(18)
Changes in fair values of short-term investments and other	—		(1)		—
	2		(2)		(16)
Total	$	(2,195)	$	3,625	$	10,441

Schedule of Net Realized Gains and Losses on Investments

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	467	$	1,613	$	—
Gross realized losses	(393)		(2,891)		(339)
	74		(1,278)		(339)
Equity securities:
Gross realized gains	1,016		11,061		1,845
Gross realized losses	(2,987)		(1,439)		(320)
Changes in fair values of equity securities	2,374		(873)		3,722
	403		8,749		5,247
Bank loan participations:
Gross realized gains	541		845		306
Gross realized losses	(3,992)		(4,069)		(3,806)
Changes in fair values of bank loan participations	777		(620)		9,049
	(2,674)		(3,844)		5,549
Short-term investments and other:
Gross realized gains	4		1		2
Gross realized losses	(2)		(2)		(18)
Changes in fair values of short-term investments and other	—		(1)		—
	2		(2)		(16)
Total	$	(2,195)	$	3,625	$	10,441

Schedule of Private Debt and Equity

The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in structured private credit, renewable energy, and limited partnerships.



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2025		2024		2025		2024		2023
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,274	$	7,690	$	(369)	$	1,447	$	2,375
Corporate & Other	—		—		—		293		524
	7,274		7,690		(369)		1,740		2,899
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		—		—		61		108
Corporate & Other	—		—		—		77		136
	—		—		—		138		244
Limited partnerships (c)
Excess and Surplus Lines	13,108		14,644		1,828		2,393		1,566
Corporate & Other	369		464		—		—		—
	13,477		15,108		1,828		2,393		1,566
Private Debt (d)
Excess and Surplus Lines	43,401		13,902		1,770		584		340
Corporate & Other	—		—		—		—		—
	43,401		13,902		1,770		584		340
Total other invested assets
Excess and Surplus Lines	63,783		36,236		3,229		4,485		4,389
Corporate & Other	369		464		—		370		660
	$	64,152	$	36,700	$	3,229	$	4,855	$	5,049

(a) The Company’s Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5.0% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Company’s former Non-Executive Chairman invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. The Company received proceeds of $3.6 million, comprised of $3.1 million in the Excess and Surplus Lines segment and $524,000 in the Corporate and Other segment during the year ended December 31, 2023. During the year ended December 31, 2024, the Company received additional proceeds from the sales of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment. The Company received cash distributions from all renewable energy investments totaling $48,000 and $439,000 for the years ended December 31, 2025 and 2024, respectively.

(b) The Company's Excess and Surplus Lines and Corporate and Other segments invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the year ended December 31, 2024, the Company received final principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively.

(c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the

partnerships is recognized under the equity method of accounting. During the year ended December 31, 2025, the Company redeemed its investment in one of the limited partnerships for $5.9 million in proceeds. At December 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $11.7 million in these limited partnerships.

(d) The Company's Excess and Surplus Lines segment holds ten notes receivable for structured private credit. Interest on two notes maturing in 2031 is fixed at 4.25% and 5.25%. Interest on two notes maturing in 2035 is fixed at 6.50% and 8.00%. Interest on three notes maturing in 2035 is fixed at 6.00%, 7.00%, and 8.00%. Interest on three notes maturing in 2064 is fixed at 6.79%, 8.04%, and 9.04%. At December 31, 2025, the Company's Excess and Surplus Lines segment has outstanding commitments to invest another $80.7 million in these notes.

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Share-Based Payment Arrangement [Abstract]

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of dividend withholding tax	5.00%	5.00%	5.00%
Dividend distributions to intermediate holding company	$ 0	$ 0	$ 0
Increase to deferred tax asset for additional discount						$ 8,800,000
Deferred tax liability						$ 8,800,000
Transition provision expense					$ 1,100,000
Income tax expense recognized over next six years				$ 5,700,000
Income tax expense recognized per year				$ 950,000
Business interest expense from Domestication	14,078,000	0	0
U.S. income (loss) before Federal income taxes	64,800,000	(40,000,000.0)	119,900,000
Federal income taxes	44,000	(7,700,000)	25,300,000
State income taxes	679,000	145,000	400,000
Foreign income taxes	(14,300,000)	(31,100,000)	(33,000,000.0)
Net operating loss carryforwards	0
Reserve for future tax contingencies	$ 0	0
Percentage of excise tax on reinsurance premiums paid	1.00%
Excise taxes paid	$ 714,000	$ 204,000	$ 194,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2025 – $1,448,750; 2024 – $1,278,337)	$ 1,404,774	$ 1,189,733
Equity securities, at fair value (cost: 2025 – $66,916; 2024 – $82,678)	73,092	86,479
Bank loan participations, at fair value	155,138	142,410
Short-term investments	0	97,074
Other invested assets	64,152	36,700
Total invested assets	1,697,156	1,552,396
Cash and cash equivalents	260,941	362,345
Restricted cash equivalents	8,481	28,705
Accrued investment income	12,744	10,534
Premiums receivable and agents’ balances, net	153,638	243,882
Reinsurance recoverable on unpaid losses, net	2,026,110	1,996,913
Reinsurance recoverable on paid losses	118,243	101,210
Prepaid reinsurance premiums	203,950	296,635
Deferred policy acquisition costs	31,286	30,175
Intangible assets, net	32,087	32,450
Goodwill	181,831	181,831
Deferred tax assets, net	64,896	61,170
Income taxes receivable	0	22,317
Other assets	68,567	86,513
Total assets	4,859,930	5,007,076
Liabilities:
Reserve for losses and loss adjustment expenses	3,099,418	3,084,406
Unearned premiums	447,644	572,034
Payables to reinsurers	68,459	132,922
Funds held	7,485	25,157
Deferred reinsurance gain	86,720	57,970
Senior debt	225,800	200,800
Junior subordinated debt	104,055	104,055
Accrued expenses	31,006	53,178
Income taxes payable	13,572	0
Other liabilities	104,503	182,524
Total liabilities	4,188,662	4,413,046
Commitments and contingent liabilities
Series A redeemable preferred shares – 2025 and 2024: 165,000 shares authorized; 112,500 shares issued and outstanding	133,115	133,115
Shareholders’ equity:
Common stock – 2025 and 2024: $0.0002 par value; 200,000,000 shares authorized; 45,968,584 and 45,644,318 shares issued and outstanding, respectively	9	9
Preferred stock – 2025 and 2024: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	937,611	933,311
Retained deficit	(364,726)	(402,408)
Accumulated other comprehensive loss	(34,741)	(69,997)
Total shareholders’ equity	538,153	460,915
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 4,859,930	$ 5,007,076

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance

The Company remains liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company’s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company’s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit. In fronting arrangements, which the Company conducts through its Specialty Admitted Insurance segment, the Company is subject to credit risk with regard to insurance companies who act as reinsurers for the Company in such arrangements. The Company customarily requires a collateral trust arrangement to secure the obligations of the insurance entity for whom it is fronting.

At December 31, 2025, the Company had reinsurance recoverables on unpaid losses of $2,026.1 million and reinsurance recoverables on paid losses of $118.2 million. All material reinsurance recoverables are from companies with A.M. Best Company ratings of “A-” (Excellent) or better, or are collateralized by the reinsurer for our benefit through letters of credit or trust agreements, or represent recoverables from a state residual market for automobile insurance.

At December 31, 2025, reinsurance recoverables on unpaid losses from the Company’s three largest reinsurers were $401.1 million, $341.5 million, and $194.2 million, representing 46.2% of the total balance.

At December 31, 2025, prepaid reinsurance premiums ceded to the three reinsurers with the largest amount of prepaid reinsurance premiums totaled $24.0 million, $20.2 million, and $15.7 million, representing 29.4% of the total balance.

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Written premiums:
Direct	$	1,172,265	$	1,429,791	$	1,506,668
Assumed	54		1,981		1,992
Ceded	(603,504)		(850,918)		(814,759)
Net	$	568,815	$	580,854	$	693,901
Earned premiums:
Direct	$	1,296,243	$	1,445,652	$	1,496,708
Assumed	466		1,984		2,250
Ceded	(696,421)		(847,440)		(790,953)
Net	$	600,288	$	600,196	$	708,005
Losses and loss adjustment expenses:
Direct	$	945,685	$	1,343,698	$	1,204,532
Assumed	1,049		730		2,032
Ceded	(519,530)		(790,054)		(706,407)
Net	$	427,204	$	554,374	$	500,157

Dividend Restrictions (Details)	12 Months Ended
Dividend Restrictions (Details)	Dec. 31, 2025 USD ($)
Statutory Accounting Practices [Line Items]
Maximum annual aggregate dividend payments	$ 20,000,000.0
United States
Statutory Accounting Practices [Line Items]
Dividend limitations percentage of statutory surplus	10.00%
Maximum amount of dividends available without regulatory approval	$ 96,100,000

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Legal Proceedings The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise in the ordinary course of business. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. On March 11, 2024, the Company filed a complaint in the Supreme Court of the State of New York, New York County, Commercial Division against Fleming relating to the Stock Purchase Agreement, pursuant to which Fleming agreed to purchase all of the outstanding common shares of JRG Re (the “Transaction”). The complaint alleges that Fleming breached the Stock Purchase Agreement by its refusal to close the Transaction on March 1, 2024 as required under the terms of the Stock Purchase Agreement, and seeks specific performance of Fleming’s obligation to complete the Transaction and an award of damages. The Company subsequently filed a motion for preliminary injunction to require Fleming to fulfill its contractual obligation to close the Transaction, and on April 6, 2024 the Court granted the Company’s motion and ordered Fleming to complete the Transaction on or prior to April 16, 2024. On April 8, 2024, Fleming filed a notice of appeal of the preliminary injunction, which Fleming withdrew on October 9, 2024. The Transaction closed on April 16, 2024. On April 19, 2024, Fleming filed a motion to dismiss the complaint. On May 9, 2024, the Company filed an amended complaint seeking, among other things, specific performance and damages suffered as a result of Fleming's breach of the Stock Purchase Agreement. On June 6, 2024, Fleming filed a motion to dismiss the amended complaint, on July 3, 2024 the Company filed an opposition to the motion to dismiss, on July 24, 2024 Fleming filed its reply to the opposition, and on October 29, 2024 the court heard oral argument on the motion to dismiss. On July 15, 2024, Fleming filed a lawsuit in the U.S. District Court, Southern District of New York against JRG Holdings and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, common law fraud, and breaches of contract, and seeking unspecified monetary damages, including compensatory, consequential and punitive damages, all associated with Fleming's purchase of JRG Re pursuant to the Stock Purchase Agreement. On July 31, 2024, Fleming filed an amended complaint, on September 13, 2024, the Company filed a motion to dismiss the amended complaint, and on October 18, 2024 Fleming filed a second amended complaint. On November 15, 2024, the Company filed a motion to dismiss the second amended complaint, on December 23, 2024 Fleming filed an opposition to the motion to dismiss, on January 17, 2025 the Company filed its reply to Fleming's opposition, on July 2, 2025 the court heard oral argument on the motion to dismiss, and on July 17, 2025 the court granted the Company's motion to dismiss. On August 14, 2025, Fleming filed a motion for reconsideration, on August 28, 2025 the Company filed its opposition to Fleming's motion for reconsideration, and on September 4, 2025, Fleming filed its reply to the Company's opposition. On December 2, 2025, the court denied Fleming's motion for reconsideration and on December 22, 2025 Fleming filed a notice of appeal. Fleming’s appeal brief is due to be filed on or prior to March 13, 2026. The Company believes that it has substantial defenses and intends to vigorously defend this lawsuit. Amounts Recoverable from Reinsurers The Company’s insurance segments remain liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. The Company establishes an allowance for credit losses for our current estimate of uncollectible reinsurance recoverables. At December 31, 2025, the allowance for credit losses on reinsurance recoverables was $1.6 million. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company generally seeks to purchase reinsurance from reinsurers with A.M. Best financial strength ratings of “A-” (Excellent) or better. The Company’s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company’s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit. In fronting arrangements, which the Company conducts through its Specialty Admitted Insurance segment, the Company is subject to credit risk with regard to insurance companies who act as reinsurers for us in such arrangements. The Company requires collateral, in the form of a trust arrangement or letter of credit, to secure the obligations of the insurance entity for whom it is fronting. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts (the “Rasier Commercial Auto Policies”) to Rasier under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. In addition, on September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Each of Rasier and Aleka are required to post collateral equal to 102% of James River's estimate of the respective party's obligations in trusts pursuant to the terms of the Indemnity Agreements and the Commercial Auto LPT, respectively. At December 31, 2025, the total balance of collateral securing Rasier's obligations under the Indemnity Agreements was $41.3 million and Aleka's obligations under the Commercial Auto LPT was $19.9 million. At December 31, 2025, the total reinsurance recoverables under the Commercial Auto LPT was $12.4 million. In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the trust account collateralizing the Indemnity Agreements (the “Indemnity Trust”), funds withdrawn from the trust account collateralizing Commercial Auto LPT (the “LPT Trust”), and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At December 31, 2025, the balance in the Loss Fund Trust was $8.5 million, including $5.3 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $2.2 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheet. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in the collateral balances. In addition, the Company has credit exposure if its estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of the Company's credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors its exposure compared to the collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that it has uncollateralized exposure.

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2025
Fixed maturity securities:
State and municipal	$	237,366	$	1,164	$	(19,053)	$	219,477
Residential mortgage-backed	483,074		3,239		(13,595)		472,718
Corporate	589,477		5,461		(17,184)		577,754
Commercial mortgage and asset-backed	124,507		187		(4,159)		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,326		28		(64)		14,290

Total fixed maturity securities, available-for-sale	$	1,448,750	$	10,079	$	(54,055)	$	1,404,774
December 31, 2024
Fixed maturity securities:
State and municipal	$	223,009	$	598	$	(27,043)	$	196,564
Residential mortgage-backed	352,064		32		(25,869)		326,227
Corporate	503,610		1,358		(29,483)		475,485
Commercial mortgage and asset-backed	178,238		112		(7,892)		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		2		(419)		20,999
Total fixed maturity securities, available-for-sale	$	1,278,337	$	2,102	$	(90,706)	$	1,189,733

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2025 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	34,093	$	33,910
After one year through five years	418,689		413,159
After five years through ten years	235,889		228,537
After ten years	152,498		135,915
Residential mortgage-backed	483,074		472,718
Commercial mortgage and asset-backed	124,507		120,535
Total	$	1,448,750	$	1,404,774

Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties.


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2025
Fixed maturity securities:
State and municipal	$	26,425	$	(369)	$	152,646	$	(18,684)	$	179,071	$	(19,053)
Residential mortgage-backed	63,405		(193)		171,993		(13,402)		235,398		(13,595)
Corporate	61,910		(243)		214,235		(16,941)		276,145		(17,184)
Commercial mortgage and asset-backed	7,662		(19)		78,130		(4,140)		85,792		(4,159)

U.S. Treasury securities and obligations guaranteed by the U.S. government	241		(2)		4,810		(62)		5,051		(64)

Total fixed maturity securities, available-for-sale	$	159,643	$	(826)	$	621,814	$	(53,229)	$	781,457	$	(54,055)
December 31, 2024
Fixed maturity securities:
State and municipal	$	35,979	$	(1,087)	$	146,547	$	(25,956)	$	182,526	$	(27,043)
Residential mortgage-backed	179,807		(5,285)		140,559		(20,584)		320,366		(25,869)
Corporate	149,149		(4,281)		220,743		(25,202)		369,892		(29,483)
Commercial mortgage and asset-backed	17,991		(65)		101,525		(7,827)		119,516		(7,892)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,653		(115)		12,412		(304)		20,065		(419)

Total fixed maturity securities, available-for-sale	$	390,579	$	(10,833)	$	621,786	$	(79,873)	$	1,012,365	$	(90,706)

At December 31, 2025, the Company held fixed maturity securities of 369 issuers that were in an unrealized loss position with a total fair value of $781.5 million and gross unrealized losses of $54.1 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At December 31, 2025, 100.0% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency.

The Company periodically reviews its available-for-sale fixed maturities to determine whether any unrealized losses exist that are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of expected cash flows equals or exceeds a security's amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturities at December 31, 2025 or December 31, 2024. During the year ended December 31, 2024, management recognized an impairment loss of $207,000 for one fixed maturity security due to the Company's inability to hold the security until a recovery in its value to the amortized cost basis. For the remainder of securities in an unrealized loss position, management does not intend to sell the securities and it is not "more likely than not" that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required.

At December 31, 2025, the Company's bank loan portfolio had an aggregate unpaid principal balance of $161.2 million and an aggregate fair value of $155.1 million. Investment income on bank loan participations included in net investment income was $12.8 million, $17.0 million, $12.0 million during the years ended December 31, 2025, 2024, and 2023, respectively. Net realized and unrealized gains (losses) on investments includes gains of $777,000, losses of $620,000, and gains of $9.0 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2025, 2024, and 2023, respectively. Management concluded that $203,000, $3.3 million, and $397,000 of the net realized and unrealized gains (losses) were due to credit-related impairments for the years ended December 31, 2025, 2024, and 2023, respectively. Losses due to credit-related impairments were determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Bank loan participations generally have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2025 or 2024.

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities	$	53,181	$	48,262	$	49,793
Bank loan participations	12,830		16,992		11,984
Equity securities	5,447		7,424		6,548
Other invested assets	3,229		4,855		5,049
Cash, cash equivalents, restricted cash equivalents, and short-term investments	12,418		19,249		13,703

Gross investment income	87,105		96,782		87,077
Investment expense	(3,665)		(3,693)		(3,031)
Net investment income	$	83,440	$	93,089	$	84,046

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	467	$	1,613	$	—
Gross realized losses	(393)		(2,891)		(339)
	74		(1,278)		(339)
Equity securities:
Gross realized gains	1,016		11,061		1,845
Gross realized losses	(2,987)		(1,439)		(320)
Changes in fair values of equity securities	2,374		(873)		3,722
	403		8,749		5,247
Bank loan participations:
Gross realized gains	541		845		306
Gross realized losses	(3,992)		(4,069)		(3,806)
Changes in fair values of bank loan participations	777		(620)		9,049
	(2,674)		(3,844)		5,549
Short-term investments and other:
Gross realized gains	4		1		2
Gross realized losses	(2)		(2)		(18)
Changes in fair values of short-term investments and other	—		(1)		—
	2		(2)		(16)
Total	$	(2,195)	$	3,625	$	10,441

The change in the Company’s available-for-sale fixed maturity gross unrealized net losses was $44.6 million, $(7.9) million and $30.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2025		2024		2025		2024		2023
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,274	$	7,690	$	(369)	$	1,447	$	2,375
Corporate & Other	—		—		—		293		524
	7,274		7,690		(369)		1,740		2,899
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		—		—		61		108
Corporate & Other	—		—		—		77		136
	—		—		—		138		244
Limited partnerships (c)
Excess and Surplus Lines	13,108		14,644		1,828		2,393		1,566
Corporate & Other	369		464		—		—		—
	13,477		15,108		1,828		2,393		1,566
Private Debt (d)
Excess and Surplus Lines	43,401		13,902		1,770		584		340
Corporate & Other	—		—		—		—		—
	43,401		13,902		1,770		584		340
Total other invested assets
Excess and Surplus Lines	63,783		36,236		3,229		4,485		4,389
Corporate & Other	369		464		—		370		660
	$	64,152	$	36,700	$	3,229	$	4,855	$	5,049

On April 10, 2025, the Company entered into an investment agreement with Sixth Street, the parent of Enstar Group Limited (“Enstar”). Pursuant to the agreement, the Company's Excess and Surplus Lines segment has invested $784,000 and $10.5 million within limited partnerships and collateralized notes receivable for structured private credit, respectively, at December 31, 2025. During the year ended December 31, 2025, the Company earned investment income of $498,000 from the investment and has outstanding commitments to invest another $63.5 million in the investment at December 31, 2025.

At December 31, 2025 and 2024 cash and investments with fair values of $73.8 million and $76.6 million, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

Reserve for Losses and Loss Adjustment Expenses - Schedule of Retroactive Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	$ 57,970
(Favorable) adverse prior year development on subject business	(1,549)	$ 76,079	$ 31,636
Deferred retroactive reinsurance gain at end of period	86,720	57,970
Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
(Favorable) adverse prior year development on subject business	(5,000)	76,700	32,600
Commercial Auto LPT And E&S ADC \| Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	57,970	20,733	15,742
(Favorable) adverse prior year development on subject business	27,197	51,799	64,403
Retroactive reinsurance benefits under the recovery method	1,553	(14,562)	(59,412)
Deferred retroactive reinsurance gain at end of period	86,720	57,970	20,733
Commercial Auto LPT \| Excess and Surplus Lines \| Commercial Auto LPT
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	9,222	20,733	15,742
(Favorable) adverse prior year development on subject business	(7,848)	3,051	64,403
Retroactive reinsurance benefits under the recovery method	1,553	(14,562)	(59,412)
Deferred retroactive reinsurance gain at end of period	2,927	9,222	20,733
E&S ADC \| Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	48,748	0	0
(Favorable) adverse prior year development on subject business	35,045	48,748	0
Retroactive reinsurance benefits under the recovery method	0	0	0
Deferred retroactive reinsurance gain at end of period	$ 83,793	$ 48,748	$ 0

Series A Preferred Shares	12 Months Ended
Series A Preferred Shares	Dec. 31, 2025
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares The Company has 112,500 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”) outstanding as of December 31, 2025 and December 31, 2024. The Series A Preferred Shares were issued on March 1, 2022 and are held by GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC. The Series A Preferred Shares rank senior to our common stock with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common stock immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common stock or in Series A Preferred Shares, at the Company’s election. On October 1, 2029, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S. treasury rate plus 5.2%, subject to a cap of 8.0%. Dividends accrue and are payable quarterly. Cash dividends of $7.9 million, $10.1 million, and $10.5 million were declared on the Series A Preferred Shares in the years ended December 31, 2025, 2024, and 2023, respectively. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common stock at a conversion price of $8.32, making the Series A Preferred Shares convertible into 13,521,634 shares of common stock. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common stock above specified levels. The Certificate of Designations setting forth the terms of the Series A Preferred Shares (the “Certificate of Designations”) limits the Company's ability to pay dividends to its common shareholders. If the Company pays cash dividends of more than $0.05 per share of common stock per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, the Company will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per share of common stock per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s insurance subsidiaries satisfy certain capital requirements. Share dividends payable on the common stock to the Company's shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. None of the triggers that would result in adjustments to the conversion price have been met at December 31, 2025. If at any time the volume-weighted average price (“VWAP”) per share of common stock is greater than 200% of the then applicable conversion price for at least twenty (20) consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into common stock. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of shares of common stock equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before March 1, 2027, all dividends that would have accrued from the date of the Mandatory Conversion to the later of March 1, 2027 or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in common stock, valued at the average of the daily VWAP of the Company’s common stock during the five (5) trading days immediately preceding the conversion. The holders of the Series A Preferred Shares may require the Company to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into common stock, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends plus, if the Fundamental Change repurchase occurs prior to March 1, 2027, all dividends that would have accrued up to such date, but that have not been paid. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares are classified as mezzanine equity in the Company's consolidated balance sheets and recognized at their determined fair value of $133.1 million. The Series A Preferred Shares were valued using a lattice method commonly applied to value preferred shares. The Series A Preferred Shares are classified as Level 3 in the valuation hierarchy due to the presence of significant unobservable inputs. The Certificate of Designations limits transfers of the Series A Preferred Shares without the Company’s consent if, after the transfer, the transferee would hold 9.9% or more of the voting equity of the Company or, in the event of an A.M. Best downgrade of James River Insurance Company below A- (Excellent), 19.9% of the voting equity. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners designated Matthew Botein as the Series A Designee, and Mr. Botein was approved by the Board as a director with a term that expired at the 2024 annual general meeting of the Company’s shareholders. Mr. Botein was re-elected as a director at each of the 2024 and 2025 annual meeting of shareholders for a term expiring at the following year's annual meeting. 2024 Amendment The Series A Preferred Shares were originally issued to GPC Partners for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement that closed on March 1, 2022. On November 11, 2024, the Company amended the Certificate of Designations held by GPC Partners to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common stock at a per share price of $6.40. The Company accounted for the amendment as an extinguishment of the pre-amendment Series A Preferred Shares due to the significance of quantitative and qualitative changes to the shares. The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance and classified the new Series A Preferred Shares as mezzanine equity. The redemption feature, which could require the Company to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, was not impacted by the amendment. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common stock issued through conversion of Series A Preferred Shares in the amendment. The new Series A Preferred Shares were valued at the time of the amendment using a lattice method commonly applied to value preferred shares. The new Series A Preferred Shares are classified as level 3 in the valuation hierarchy due to the presence of significant unobservable inputs.

Equity Awards (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Option Activity

There were no options granted in 2025, 2024, or 2023. The following table summarizes the option activity:


	Year Ended December 31,
	2025			2024			2023
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	—	$	—	74,390	$	42.17	287,974	$	35.26
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	—	$	—	—	$	—
Lapsed	—	$	—	(74,390)	$	42.17	(164,548)	$	32.07
Forfeited	—	$	—	—	$	—	(49,036)	$	35.50
End of year	—	$	—	—	$	—	74,390	$	42.17
Exercisable, end of year	—	$	—	—	$	—	74,390	$	42.17

Schedule of RSU Activity

The following table summarizes RSU activity:


	Year Ended December 31,
	2025			2024			2023
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	885,173	$	15.30	751,254	$	23.48	665,458	$	25.98
Granted	1,370,167	$	3.76	541,520	$	9.75	388,517	$	24.13
Vested	(471,091)	$	15.91	(276,428)	$	24.80	(250,793)	$	30.99
Forfeited	(444,943)	$	5.29	(101,494)	$	17.55	(51,928)	$	24.08
PRSU performance adjustment	(39,662)	$	6.49	(29,679)	$	24.83	—	$	—
Unvested, end of year	1,299,644	$	6.61	885,173	$	15.30	751,254	$	23.48

Schedule of Share Based Compensation Expense

Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Share based compensation expense	$	5,045	$	6,631	$	9,116
U.S. tax benefit on share based compensation expense	$	891	$	1,214	$	1,690

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2025		2024
	(in thousands)
Electronic data processing hardware and software	$	29,499	$	24,902
Furniture and equipment	1,537		1,763
Property and equipment, cost basis	31,036		26,665
Accumulated depreciation	(9,096)		(6,892)
Property and equipment, net	$	21,940	$	19,773

Investments - Narrative (Details) $ in Thousands	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) issuer	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 10, 2025 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available-for-sale	$ 1,404,774	$ 1,189,733
Unpaid principal balance	161,200
Bank loan participations	155,138	142,410
Gross investment income	87,105	96,782	$ 87,077
Unrealized gains (losses) on bank loan participations	777	(620)	9,000
Unrealized gains (losses) related impairments	203	3,300	397
Investments	1,697,156	1,552,396
Investment outstanding commitments	3,229	4,855	5,049
Investments on deposit with state insurance departments	73,800	76,600
Bank loan participations
Debt Securities, Available-for-sale [Line Items]
Gross investment income	12,830	16,992	11,984
Enstar Group Limited
Debt Securities, Available-for-sale [Line Items]
Investments				$ 784
Investment collateralized notes receivable				$ 10,500
Investment outstanding commitments	498
Commitment to invest in notes receivable	$ 63,500
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Number of issuers \| issuer	369
Total fair value	$ 781,457	1,012,365
Gross unrealized losses	54,055	90,706
Fixed maturity securities, available-for-sale	1,404,774	1,189,733
Impairment loss		207
Available-for-sale securities, change in gross unrealized losses	$ 44,600	$ (7,900)	$ 30,400
Fixed maturity securities \| BBB- or better
Debt Securities, Available-for-sale [Line Items]
Percentage of available for sale securities	100.00%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Written premiums:
Direct	$	1,172,265	$	1,429,791	$	1,506,668
Assumed	54		1,981		1,992
Ceded	(603,504)		(850,918)		(814,759)
Net	$	568,815	$	580,854	$	693,901
Earned premiums:
Direct	$	1,296,243	$	1,445,652	$	1,496,708
Assumed	466		1,984		2,250
Ceded	(696,421)		(847,440)		(790,953)
Net	$	600,288	$	600,196	$	708,005
Losses and loss adjustment expenses:
Direct	$	945,685	$	1,343,698	$	1,204,532
Assumed	1,049		730		2,032
Ceded	(519,530)		(790,054)		(706,407)
Net	$	427,204	$	554,374	$	500,157

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has entered into operating leases for office space in North Carolina, Virginia, Arizona, and Georgia. The present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheets as lease liabilities and right-of-use lease assets. For leases with terms of 12 months or less, lease payments are recognized in other operating expenses on a straight-line basis over the lease term.

Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company elected the practical expedient to account for lease components and any associated non-lease components as a single lease component, and therefore allocates all of the expected lease payments to the lease component.

The lease liability, which represents the Company’s obligation to make lease payments arising from the lease, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and right-of-use assets are included in other liabilities and other assets, respectively, on the Company's consolidated balance sheets.

At December 31, 2025, lease liabilities and right-of-use assets associated with the Company's operating leases were $7.0 million and $6.8 million, respectively ($5.6 million and $5.3 million at December 31, 2024, respectively). The weighted-

average discount rate and weighted average remaining lease term for operating leases was 4.9% and 4.2 years, respectively, as of December 31, 2025.

The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2025, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets:


Years ending December 31,	(in thousands)
2026	$	2,010
2027	1,897
2028	1,546
2029	1,191
2030	1,059
Thereafter	88
Total lease payments	7,791
Less imputed interest	(771)
Total operating lease liabilities	$	7,020

Operating lease liabilities include $4.6 million associated with office space in a building that is owned by a partnership in which the Company has a minority interest.

Operating lease costs were $3.4 million, $4.1 million, and $4.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of income (loss) and comprehensive income (loss).

Reserve for Losses and Loss Adjustment Expenses - Schedule of Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 1,071,699	$ 1,086,278	$ 1,246,973	$ 1,080,766
Allowance for credit losses on reinsurance recoverables	1,600	1,200	660
Reinsurance recoverables on unpaid losses (gross of $1.6 million allowance for credit losses on reinsurance recoverables)	2,027,719	1,998,128	1,359,134
Gross reserve for losses and loss adjustment expenses	3,099,418	$ 3,084,406	$ 2,606,107
E&S – excluding commercial auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	914,226
E&S – commercial auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	34,256
Specialty Admitted – individual risk workers’ compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	10,217
Specialty Admitted – fronting and programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 113,000

Fair Value Measurements - Schedule of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Available-for-sale fixed maturity securities and equity securities - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5	$ 11	$ 7
Transfers in to Level 3	0	0	0
Transfers out of Level 3	0	0	0
Purchases	0	0	0
Sales	0	0	0
Maturities, calls and paydowns	0	0	0
Amortization of discount	0	0	0
Total gains or losses (realized/unrealized) - Included in earnings	(1)	(6)	4
Total gains or losses (realized/unrealized) - Included in other comprehensive income	0	0	0
Ending balance	$ 4	$ 5	$ 11

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Identification & Mitigation Cyber risk is incorporated into the Company’s larger enterprise risk management practices, which include efforts to identify, assess, rank, treat, monitor and review risks. Cyber risks are assessed no less than annually by the CIO and CISO. Significant findings from these internal assessments are presented to management for incorporation into the enterprise risk management framework, and appropriate measures to mitigate and monitor the identified risks are developed and implemented. Strategic and emergent cyber-related efforts are shared with the wider information technology team and other stakeholders within the business for both informational and execution purposes. The Company assesses and monitors third-party risks and closely tracks cyber threats such as ransomware and emergent web-based vulnerabilities. A variety of controls exist to minimize the impact of these risks and ensure each is managed within organizational tolerances, which controls are monitored by management for effectiveness. In addition, James River’s Information Security Office conducts cybersecurity risk reviews on new and existing third-party vendors and business partners, which are presented to management so that either appropriate risk mitigation controls can be established with respect to such third-party or the Company can avoid engaging third parties deemed to present an unacceptable level of risk. Independent cybersecurity testing is performed by outside parties on at least an annual basis to identify opportunities for cyber control strengthening in the face of applicable threats. The results of these evaluations are reviewed and prioritized by the CIO and CISO based on their applicability and urgency to address gaps and drive continuous improvement. These findings, along with resultant enhancement and remediation efforts, are communicated with the Company’s Board of Directors. Training The Information Security Office conducts company-wide cybersecurity training, including through an annually required course of online training modules and a continuous email phishing test campaign. In addition, the CISO leads periodic cybersecurity tabletop exercises with company leadership to continually improve the organization’s preparedness for cyber incidents. These exercises consider real-world events that could impact the business and seek to fine-tune response activities in an effort to minimize future cybersecurity incident impacts. See Item 1A. Risk Factors — General Risk Factors "We rely on our systems and employees, and those of certain third-party vendors and service providers in conducting our operations, and failures of these systems, controls or personnel could materially adversely affect our operations" for additional discussion.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company utilizes widely-recognized frameworks based on practices believed to be effective for managing cybersecurity risk, including the development of an organizational understanding of systems, assets, data and capabilities, and the development and implementation of safeguards and processes designed to ensure delivery of services and to detect, respond to and recover from cybersecurity events. Significant time and resources are devoted to the protection of the Company’s systems and data, including the staffing of an experienced internal cybersecurity team, the use of a variety of preventative, detective and recovery tools, and engagement with external service providers to bolster the Company’s cyber defense and response capabilities.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Oversight The Company’s Board of Directors provides oversight of the Company’s cybersecurity risks through its Audit Committee. Four of the eight members of the Board of Directors, three of whom are Audit Committee members, possess skills related to information technology and cybersecurity. The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Board of Directors provides oversight of the Company’s cybersecurity risks through its Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Role of Management [Text Block]	Cyber risks are assessed no less than annually by the CIO and CISO. Significant findings from these internal assessments are presented to management for incorporation into the enterprise risk management framework, and appropriate measures to mitigate and monitor the identified risks are developed and implemented. Strategic and emergent cyber-related efforts are shared with the wider information technology team and other stakeholders within the business for both informational and execution purposes. The Company assesses and monitors third-party risks and closely tracks cyber threats such as ransomware and emergent web-based vulnerabilities. A variety of controls exist to minimize the impact of these risks and ensure each is managed within organizational tolerances, which controls are monitored by management for effectiveness. In addition, James River’s Information Security Office conducts cybersecurity risk reviews on new and existing third-party vendors and business partners, which are presented to management so that either appropriate risk mitigation controls can be established with respect to such third-party or the Company can avoid engaging third parties deemed to present an unacceptable level of risk. Independent cybersecurity testing is performed by outside parties on at least an annual basis to identify opportunities for cyber control strengthening in the face of applicable threats. The results of these evaluations are reviewed and prioritized by the CIO and CISO based on their applicability and urgency to address gaps and drive continuous improvement. These findings, along with resultant enhancement and remediation efforts, are communicated with the Company’s Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Information Security Office conducts company-wide cybersecurity training, including through an annually required course of online training modules and a continuous email phishing test campaign. In addition, the CISO leads periodic cybersecurity tabletop exercises with company leadership to continually improve the organization’s preparedness for cyber incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer (CIO) has more than 20 years of information technology and cybersecurity experience and our Chief Information Security Officer (CISO) has more than 15 years of direct cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee reviews the Internal Audit team’s cyber-related control audits to confirm that cyber risks are being appropriately managed and also reviews a periodic report produced by the CIO and CISO on the performance of the Company’s cybersecurity program. In addition, the CIO and CISO present a comprehensive cybersecurity update to the full Board of Directors on at least an annual basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2025 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 1,678,601
Fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	1,448,750
Fair Value	1,404,774
Amount at which shown on Balance Sheet	1,404,774
State and municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	237,366
Fair Value	219,477
Amount at which shown on Balance Sheet	219,477
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	483,074
Fair Value	472,718
Amount at which shown on Balance Sheet	472,718
Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	589,477
Fair Value	577,754
Amount at which shown on Balance Sheet	577,754
Commercial mortgage and asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	124,507
Fair Value	120,535
Amount at which shown on Balance Sheet	120,535
U.S. Treasury securities and obligations guaranteed by the U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	14,326
Fair Value	14,290
Amount at which shown on Balance Sheet	14,290
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	66,916
Fair Value	73,092
Amount at which shown on Balance Sheet	73,092
Preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	64,363
Fair Value	70,601
Amount at which shown on Balance Sheet	70,601
Common stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	2,553
Fair Value	2,491
Amount at which shown on Balance Sheet	2,491
Bank loan participations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	159,273
Fair Value	155,138
Amount at which shown on Balance Sheet	155,138
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	0
Fair Value	0
Amount at which shown on Balance Sheet	0
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 45,597

Investments - Schedule of Private Debt and Equity (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 project	Dec. 31, 2025 USD ($) note	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 11, 2025 note
Net Investment Income [Line Items]
Carrying Value		$ 64,152	$ 36,700
Investment Income		1,673	4,133	$ 4,881
Investment Income		3,229	4,855	5,049
Cash distributions from LLCs		4,095	405	43
Proceeds from limited partnership investments redeemed		5,900
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,274	7,690
Investment Income		(369)	1,740	2,899
Number of underlying projects sold \| project	2
Proceeds from sale of equity method investments				3,600
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		0	138	244
Limited partnerships
Net Investment Income [Line Items]
Carrying Value		13,477	15,108
Investment Income		1,828	2,393	1,566
Private Debt
Net Investment Income [Line Items]
Carrying Value		43,401	13,902
Investment Income		1,770	584	340
Enstar Group Limited
Net Investment Income [Line Items]
Investment Income		498
Commitment to invest in notes receivable		63,500
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value		63,783	36,236
Investment Income		3,229	4,485	4,389
Excess and Surplus Lines \| Sixth Street
Net Investment Income [Line Items]
Number of notes maturing \| note					3
Excess and Surplus Lines \| Notes Receivable One \| Sixth Street
Net Investment Income [Line Items]
Rate of interest					6.79%
Excess and Surplus Lines \| Notes Receivable Two \| Sixth Street
Net Investment Income [Line Items]
Rate of interest					8.04%
Excess and Surplus Lines \| Notes Receivable Three \| Sixth Street
Net Investment Income [Line Items]
Rate of interest					9.04%
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,274	7,690
Investment Income		(369)	1,447	2,375
Proceeds from sale of equity method investments			1,700	3,100
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs		$ 48	439
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage		3.60%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage		5.00%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		$ 0	0
Investment Income		$ 0	61	108
Number of notes issued \| note		2
Rate of interest		12.00%
Total principal balance received			608
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value		$ 13,108	14,644
Investment Income		1,828	2,393	1,566
Outstanding commitments to invest		11,700
Excess and Surplus Lines \| Private Debt
Net Investment Income [Line Items]
Carrying Value		43,401	13,902
Investment Income		$ 1,770	584	340
Excess and Surplus Lines \| Private Speciality Credit
Net Investment Income [Line Items]
Number of notes issued \| note		10
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable One
Net Investment Income [Line Items]
Rate of interest		4.25%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Two
Net Investment Income [Line Items]
Rate of interest		5.25%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Three
Net Investment Income [Line Items]
Rate of interest		6.50%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Four
Net Investment Income [Line Items]
Rate of interest		8.00%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Five
Net Investment Income [Line Items]
Rate of interest		6.00%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Six
Net Investment Income [Line Items]
Rate of interest		7.00%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Seven
Net Investment Income [Line Items]
Rate of interest		8.00%
Excess and Surplus Lines \| Private Specialty Credit
Net Investment Income [Line Items]
Commitment to invest in notes receivable		$ 80,700
Corporate and Other
Net Investment Income [Line Items]
Carrying Value		369	464
Investment Income		0	370	660
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		0	293	524
Proceeds from sale of equity method investments			293	524
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		$ 0	77	136
Number of notes issued \| note		2
Rate of interest		12.00%
Total principal balance received			761
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value		$ 369	464
Investment Income		0	0	0
Corporate and Other \| Private Debt
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		$ 0	$ 0	$ 0

Other Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) arising during the period, before U.S. income taxes	$ 44,702	$ (9,222)	$ 105,368
U.S. income taxes	(9,387)	1,937	(6,313)
Unrealized gains (losses) arising during the period, net of U.S. income taxes	35,315	(7,285)	99,055
Less reclassification adjustment:
Net realized investment gains (losses)	74	(1,278)	(339)
U.S. income taxes	(15)	269	71
Reclassification adjustment for investment gains (losses) realized in net income	59	(1,009)	(268)
Other comprehensive income (loss)	$ 35,256	$ (6,276)	$ 99,323

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended												12 Months Ended
	Feb. 20, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividend declared per common share (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.04	$ 0.16	$ 0.20
Dividends on Series A preferred shares														$ 7,876	$ 10,143	$ 10,500
Subsequent Event
Subsequent Event [Line Items]
Dividend declared per common share (in dollars per share)	$ 0.01
Value of awards granted	$ 9,100
Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends on Series A preferred shares														$ 7,900	$ 10,100	$ 10,500
Convertible Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends on Series A preferred shares	$ 2,000
O 2026 Q1 Dividends \| Subsequent Event
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2026
Dividend payable, record date	Mar. 13, 2026
O 2026 Q1 Dividends \| Convertible Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2026
Dividend payable, record date	Mar. 15, 2026

SCHEDULE V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 23,542	$ 18,576	$ 16,828
Additions Amounts Charged to Expense	835	7,460	2,906
Deductions Amounts Written Off or Disposals	(3,036)	(2,494)	(1,158)
Balance at End of Period	21,341	23,542	18,576
Allowance for Credit Losses on Premiums Receivable and Agents' Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	22,327	17,916	16,248
Additions Amounts Charged to Expense	441	6,905	2,826
Deductions Amounts Written Off or Disposals	(3,036)	(2,494)	(1,158)
Balance at End of Period	19,732	22,327	17,916
Allowance for Credit Losses on Reinsurance Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,215	660	580
Additions Amounts Charged to Expense	394	555	80
Deductions Amounts Written Off or Disposals	0	0	0
Balance at End of Period	$ 1,609	$ 1,215	$ 660

Senior Debt	12 Months Ended
Senior Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Senior Debt	Senior Debt On June 12, 2025, the Company entered into a Credit Agreement (the “Credit Agreement”). The Credit Agreement replaced the Company’s Previous Credit Agreement, which provided for a $212.5 million unsecured revolving credit facility and a $45.0 million secured revolving credit facility. The Credit Agreement provides for a $212.5 million unsecured revolving credit facility available for general corporate purposes and matures on June 12, 2028. Following the sale of JRG Re, the Company no longer had a need for the secured revolving credit facility provided by the Previous Credit Agreement. The interest rates applicable to the loans under the Credit Agreement are generally based on the Secured Overnight Financing Rate (“SOFR”) plus a specified margin (2.75% at December 31, 2025) based on the Company’s Leverage Ratio (as defined in the Credit Agreement). In addition, the Company will pay an unused facility fee on each lender’s commitment (0.3% at December 31, 2025). At December 31, 2025, the Company had a drawn balance of $210.8 million outstanding under the Credit Agreement, including $25.0 million previously borrowed on January 27, 2025 under the Previous Credit Agreement which was contributed to our regulated insurance entities. The Credit Agreement provides for an accordion feature that permits the Company to request that one or more lenders (without the consent of the other lenders) or new financial institutions (with the consent of the Administrative Agent) provide it with increases in the credit facility of up to an aggregate of $30.0 million, subject to satisfaction of certain conditions. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. The Credit Agreement also includes financial covenants, including a maximum leverage ratio and minimum consolidated net worth, risk-based capital ratio and financial strength rating requirements with which the Company was in compliance at December 31, 2025. In connection with the Credit Agreement, James River Group entered into a Continuing Guaranty of Payment dated June 12, 2025 pursuant to which James River Group guarantees the payment and performance of the Company’s obligations under the Credit Agreement and other loan documents. On May 26, 2004, James River Group issued $15.0 million of unsecured, floating rate senior debentures (the “Senior Debt”), due April 29, 2034 unless accelerated earlier, through an indenture. The Senior Debt is not redeemable by the holder and is not subject to sinking fund requirements. Interest accrues quarterly and is payable in arrears at a per annum rate of the three-month SOFR on the Determination Date (as defined in the indenture) plus a spread adjustment of 0.26% and a margin of 3.85%. The Senior Debt is redeemable prior to its stated maturity in whole or in part, at the option of James River Group. The terms of the indenture generally provide that so long as the Senior Debt is outstanding, neither James River Group nor any of its subsidiaries may: • assume or permit to exist any indebtedness that is secured by any encumbrance on the capital stock of James River Group or any of its subsidiaries which is senior to the Senior Debt; or • issue, sell, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, capital stock of any subsidiary. The terms of the Senior Debt contain certain covenants, with which the Company was in compliance at December 31, 2025, and which, among other things, restrict our ability to assume senior indebtedness secured by our U.S. holding company's common stock or its subsidiaries' capital stock or to issue shares of its subsidiaries' capital stock. Interest payable is included in “accrued expenses” in the accompanying consolidated balance sheets.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

On November 7, 2025, James River Group Holdings, Ltd. changed its jurisdiction of incorporation from Bermuda to Delaware, and we refer to this change as the “Domestication”. On the effective date of the Domestication, our common shares issued and outstanding immediately prior to the effective time of the Domestication automatically converted by operation of law into an equivalent number of shares of common stock of James River Group Holdings, Inc., a Delaware corporation. Subsequent to the Domestication, the Company, along with its U.S. subsidiaries, are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. Beginning in 2025, the Company will file a consolidated U.S. federal income tax return with its U.S.-domiciled subsidiaries.

Prior to the Domestication, James River Group Holdings, Ltd. was not (and its former Bermuda-based subsidiary, JRG Re, prior to its disposition was not) subject to income or capital tax. Effective for tax years beginning on or after January 1, 2025, Bermuda introduced the Corporate Income Tax Act 2023 ("CIT Act") where a Bermuda Constituent Entity group (BCE) that is part of an “in scope Multi-National Enterprise group” (MNE) will be subject to a 15% corporate income tax.

A MNE group with a limited international footprint is not an in scope MNE, thus not subject to CIT. The limited international footprint exception is a year-by-year test and expires after tax year 2029. James River Group Holdings, Ltd. meets the criteria of the limited international footprint exception, and as such is not subject to tax under the CIT act.

Distributions from the Company’s U.S. subsidiaries to its previous U.K. intermediate holding company, James River UK, were generally subject to a 5% dividend withholding tax. No distributions occurred in 2025, 2024 or 2023.

The Company’s U.S.-based subsidiaries are generally no longer subject to income tax examination by U.S. income tax authorities for the tax years ending before January 1, 2022.

During 2018, the IRS published factors that allowed the Company to adjust its current and deferred tax liabilities based on the provisions of the Tax Act. The Tax Act has specific transition provisions associated with reserve discounting. The initial impact of the proposed regulations in 2018 was an increase to our deferred tax asset for the additional discount as of December 31, 2017 of $8.8 million offset by an increase to our deferred tax liability of $8.8 million representing the 8 year transition provision required by the Tax Act. During 2018, $1.1 million of this transition provision was recognized in our current provision and adjusted out of our deferred tax liability. The regulations were finalized in 2019, and the remaining reserve adjustment at December 31, 2019 based on these final regulations was $5.7 million recognized over the six years 2020 - 2025 at $950,000 per year.

In 2025, the Company recognized a one-time deferred tax benefit of $14.1 million associated with the effects of Domestication on the business interest expense deduction. The one-time tax benefit lowered the effective tax rate in 2025 and is expected to be utilized in future tax years. The carryforward period for this tax benefit is unlimited and does not expire.

The expected income tax provision computed from pre-tax income has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by the applicable U.S. Federal statutory tax rate of 21%. The U.S. income (loss) before income taxes was $64.8 million, $(40.0) million, and $119.9 million for the years ending December 31, 2025, 2024, and 2023, respectively. The total income tax provision included U.S. federal income taxes of $44,000, $(7.7) million, and $25.3 million and state income taxes of $679,000, $145,000, and $400,000 for the years ending December 31, 2025, 2024, and 2023, respectively. Foreign income (loss) before income taxes was $(14.3) million, $(31.1) million and $(33.0) million in 2025, 2024 and 2023, respectively. The Company was not subject to tax on its foreign sourced income and no tax was included in the total income tax provision.

A reconciliation of the difference between the Company’s total income tax provision and the expected tax provision using the U.S. Federal statutory tax rate of 21% is as follows:


	Year Ended December 31,
	2025				2024				2023
(Amounts in thousands)	Amount		%		Amount		%		Amount		%
Federal income tax expense (benefit) at statutory rate	$	10,614	21.0	%	$	(14,935)	21.0	%	$	18,252	21.0	%
Net U.S. state and local income tax expense	536		1.1	%	115		(0.2)	%	316		0.4	%
Bermuda and U.S. statutory tax rate difference	3,004		5.9	%	6,531		(9.2)	%	6,923		8.0	%
Research and development tax credits	(272)		(0.5)	%	(267)		0.4	%	(936)		(1.1)	%
Tax-exempt investment income	(218)		(0.4)	%	(216)		0.3	%	(230)		(0.3)	%
Dividends received deduction	(325)		(0.6)	%	(461)		0.7	%	(386)		(0.4)	%
Excess tax expense on share based compensation	984		1.9	%	740		(1.0)	%	449		0.5	%
Provision to return and amended tax returns	21		—	%	393		(0.6)	%	725		0.8	%
Excess §162(m) compensation	312		0.6	%	399		(0.6)	%	522		0.6	%
Business interest expense from Domestication	(14,078)		(27.9)	%	—		—	%	—		—	%
Other	145		0.3	%	67		(0.1)	%	70		0.1	%
Total income tax expense (benefit)	$	723	1.4	%	$	(7,634)	10.7	%	$	25,705	29.6	%

State taxes in Virginia make up greater than 50 percent of the tax effect in the net U.S. state and local income tax expense reconciliation difference.

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2025 and 2024 are summarized as follows:


	December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,838	$	3,696
Reserve for losses and loss adjustment expenses	39,211		32,823
Unearned premiums	10,257		11,580
Share based compensation	1,042		1,543
Allowance for credit losses	4,731		4,496
Invested assets	—		1,124
Business interest expense	14,078		—
Net unrealized losses	8,806		18,595
Other	907		4,466
Total deferred tax assets	82,870		78,323
Deferred tax liabilities:
Intangible assets	6,686		6,709
Deferred policy acquisition costs	6,570		6,337
Invested assets	489		—
Equity method investments	2,813		2,792
Other	1,416		1,315
Total deferred tax liabilities	17,974		17,153
Net deferred tax assets	$	64,896	$	61,170

The Company is considered a mixed company for net operating loss carryforward rules. A 20-year carryforward without an annual income limitation is applicable for insurance companies. The carryforward period for non-insurance companies is unlimited but limited to 80% of the current year taxable income. At December 31, 2025, the Company has no net operating loss carryforwards.

The Company had no reserve for future tax contingencies or liabilities (“unrecognized tax benefits”) at December 31, 2025 or 2024.

The U.S. imposes a 1% excise tax on reinsurance premiums paid to non-U.S. reinsurers with respect to risks located in the U.S. The rates of tax are established based on the nature of the risk, unless reduced by an applicable U.S. tax treaty. The Company paid excise taxes of $714,000, $204,000, and $194,000 for the years ended December 31, 2025, 2024, and 2023, respectively, on written premiums assumed from third-party insurers with respect to risks located in the U.S. These excise taxes are reflected as “other operating expenses” in the Company’s Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Property, Plant and Equipment [Abstract]

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The Company and its subsidiaries offer savings plans (the “Savings Plans”) which qualify under Section 401(k) of the U.S. Internal Revenue Code. Participants may contribute certain percentages of their pre-tax salary to the Savings Plans subject to statutory limitations. The Company and its subsidiaries match employee contributions at various rates up to a maximum contribution of 6.0% of the participant’s earnings subject to certain statutory limits. For the years ended December 31, 2025, 2024, and 2023, the expense associated with the Savings Plans totaled $4.1 million, $4.2 million, and $4.1 million, respectively.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2025		2024
	(in thousands)
Electronic data processing hardware and software	$	29,499	$	24,902
Furniture and equipment	1,537		1,763
Property and equipment, cost basis	31,036		26,665
Accumulated depreciation	(9,096)		(6,892)
Property and equipment, net	$	21,940	$	19,773

Discontinued Operations - Schedule of Disposal Groups Operating Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Expenses:
Loss from discontinued operations	$ 0	$ 13,583	$ 88,493
Loss on disposal of discontinued operations	(2,393)	(4,051)	(80,400)
Total loss from discontinued operations	(2,393)	(17,634)	(168,893)
Discontinued Operations, Disposed of by Sale \| Jrg Re
Revenues:
Gross written premiums	0	1,137	17,357
Ceded written premiums	0	877	2,178
Net written premiums	0	2,014	19,535
Change in net unearned premiums	0	8,371	75,874
Net earned premiums	0	10,385	95,409
Net investment income	0	4,432	23,038
Net realized and unrealized (losses) gains on investments	0	(9,472)	(53,693)
Total revenues	0	5,345	64,754
Expenses:
Losses and loss adjustment expenses	0	13,157	120,294
Other operating expenses	0	5,039	27,983
Other expenses	0	0	1,402
Interest expense	0	732	3,568
Total expenses	0	18,928	153,247
Loss from discontinued operations	0	13,583	88,493
Loss on disposal of discontinued operations	(2,393)	(4,051)	(80,400)
Total loss from discontinued operations	$ (2,393)	$ (17,634)	$ (168,893)

Accounting Policies - Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Net income (loss) from continuing operations	$ 49,820	$ (63,486)	$ 61,209
Less: Dividends on Series A preferred shares	(7,876)	(37,149)	(10,500)
Income (loss) from continuing operations available to common shareholders	41,944	(100,635)	50,709
Loss from discontinued operations	(2,393)	(17,634)	(168,893)
Net income (loss) available to common shareholders	$ 39,551	$ (118,269)	$ (118,184)
Weighted average common shares outstanding:
Basic (in shares)	45,968,359	38,685,003	37,618,660
Dilutive potential common shares (in shares)	14,045,263	0	191,780
Diluted (in shares)	60,013,622	38,685,003	37,810,440
Basic
Continuing operations (in dollars per share)	$ 0.91	$ (2.60)	$ 1.35
Discontinued operations (in dollars per share)	(0.05)	(0.46)	(4.49)
Basic (in dollars per share)	0.86	(3.06)	(3.14)
Diluted
Continuing operations (in dollars per share)	0.83	(2.60)	1.34
Discontinued operations (in dollars per share)	(0.04)	(0.46)	(4.47)
Diluted (in dollars per share)	$ 0.79	$ (3.06)	$ (3.13)

Investments - Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 159,643	$ 390,579
Fixed maturity securities, less than 12 months, gross unrealized losses	(826)	(10,833)
Fixed maturity securities, 12 months or more, fair value	621,814	621,786
Fixed maturity securities, 12 months or more, gross unrealized losses	(53,229)	(79,873)
Fixed maturity securities, fair value	781,457	1,012,365
Fixed maturity securities, gross unrealized losses	(54,055)	(90,706)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	26,425	35,979
Fixed maturity securities, less than 12 months, gross unrealized losses	(369)	(1,087)
Fixed maturity securities, 12 months or more, fair value	152,646	146,547
Fixed maturity securities, 12 months or more, gross unrealized losses	(18,684)	(25,956)
Fixed maturity securities, fair value	179,071	182,526
Fixed maturity securities, gross unrealized losses	(19,053)	(27,043)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	63,405	179,807
Fixed maturity securities, less than 12 months, gross unrealized losses	(193)	(5,285)
Fixed maturity securities, 12 months or more, fair value	171,993	140,559
Fixed maturity securities, 12 months or more, gross unrealized losses	(13,402)	(20,584)
Fixed maturity securities, fair value	235,398	320,366
Fixed maturity securities, gross unrealized losses	(13,595)	(25,869)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	61,910	149,149
Fixed maturity securities, less than 12 months, gross unrealized losses	(243)	(4,281)
Fixed maturity securities, 12 months or more, fair value	214,235	220,743
Fixed maturity securities, 12 months or more, gross unrealized losses	(16,941)	(25,202)
Fixed maturity securities, fair value	276,145	369,892
Fixed maturity securities, gross unrealized losses	(17,184)	(29,483)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	7,662	17,991
Fixed maturity securities, less than 12 months, gross unrealized losses	(19)	(65)
Fixed maturity securities, 12 months or more, fair value	78,130	101,525
Fixed maturity securities, 12 months or more, gross unrealized losses	(4,140)	(7,827)
Fixed maturity securities, fair value	85,792	119,516
Fixed maturity securities, gross unrealized losses	(4,159)	(7,892)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	241	7,653
Fixed maturity securities, less than 12 months, gross unrealized losses	(2)	(115)
Fixed maturity securities, 12 months or more, fair value	4,810	12,412
Fixed maturity securities, 12 months or more, gross unrealized losses	(62)	(304)
Fixed maturity securities, fair value	5,051	20,065
Fixed maturity securities, gross unrealized losses	$ (64)	$ (419)

Fair Value Measurements - Schedule of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturity securities, available-for-sale	$ 1,404,774	$ 1,189,733
Equity securities	73,092	86,479
Bank loan participations	155,138	142,410
Cash and cash equivalents	260,941	362,345
Restricted cash equivalents	8,481	28,705	$ 72,449	$ 103,215
Short-term investments	0	97,074
Liabilities
Senior debt	225,800	200,800
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,404,774	1,189,733
Equity securities	73,092	86,479
Bank loan participations	155,138	142,410
Cash and cash equivalents	260,941	362,345
Restricted cash equivalents	8,481	28,705
Short-term investments	0	97,074
Other invested assets – notes receivable	43,401	13,902
Liabilities
Senior debt	225,800	200,800
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,404,774	1,189,733
Equity securities	73,092	86,479
Bank loan participations	155,138	142,410
Cash and cash equivalents	260,941	362,345
Restricted cash equivalents	8,481	28,705
Short-term investments	0	97,074
Other invested assets – notes receivable	44,639	12,877
Liabilities
Senior debt	230,007	201,787
Junior subordinated debt	$ 116,093	$ 121,766

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contingent Liabilities [Line Items]
Allowance for credit losses on reinsurance recoverables	$ 1,600	$ 1,200	$ 660
Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement	2,200
Rasier \| Excess and Surplus Lines \| Commercial Auto LPT \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement	41,300
Rasier \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement	5,300
Rasier And Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement	8,500
Commercial Auto LPT \| Aleka \| Excess and Surplus Lines \| Commercial Auto LPT
Contingent Liabilities [Line Items]
Reinsurance recoverables	12,400
Commercial Auto LPT \| Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement	$ 19,900
Commercial Auto LPT \| Rasier And Aleka \| Excess and Surplus Lines \| Commercial Auto LPT
Contingent Liabilities [Line Items]
Required collateral percentage	102.00%

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss):


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes	$	44,702	$	(9,222)	$	105,368
U.S. income taxes	(9,387)		1,937		(6,313)
Unrealized gains (losses) arising during the period, net of U.S. income taxes	35,315		(7,285)		99,055
Less reclassification adjustment:
Net realized investment gains (losses)	74		(1,278)		(339)
U.S. income taxes	(15)		269		71
Reclassification adjustment for investment gains (losses) realized in net income	59		(1,009)		(268)
Other comprehensive income (loss)	$	35,256	$	(6,276)	$	99,323

SCHEDULE V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts


	Balance at Beginning of Period		Additions Amounts Charged to Expense		Deductions Amounts Written Off or Disposals		Balance at End of Period
	(in thousands)
Year Ended December 31, 2025
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	22,327	$	441	$	(3,036)	$	19,732
Allowance for Credit Losses on Reinsurance Balances	1,215		394		—		1,609

Total	$	23,542	$	835	$	(3,036)	$	21,341
Year Ended December 31, 2024
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	17,916	$	6,905	$	(2,494)	$	22,327
Allowance for Credit Losses on Reinsurance Balances	660		555		—		1,215

Total	$	18,576	$	7,460	$	(2,494)	$	23,542
Year Ended December 31, 2023
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	16,248	$	2,826	$	(1,158)	$	17,916
Allowance for Credit Losses on Reinsurance Balances	580		80		—		660

Total	$	16,828	$	2,906	$	(1,158)	$	18,576

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Apr. 29, 2025	Apr. 16, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment					$ 0	$ 96,412	$ 0
Loss on disposal					2,393	4,051	80,400
Discontinued Operations, Disposed of by Sale \| Jrg Re
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated transaction value		$ 291,400
Cash payment		152,400
Pre close dividend		139,000	$ 139,000
Downward adjustment	$ 483,625	$ 11,400			522,789
Downward adjustment paid	$ 522,789
Pre close dividend, forgiveness			133,200
Cash paid to JRGH			$ 5,800
Estimated loss on sale				$ 80,400		78,300
Loss on fixed maturity securities							53,200
Loss on disposal					2,393	4,051	$ 80,400
Gain for change in estimated loss on sale						2,100
Selling costs incurred					$ 1,900	$ 6,200

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations (Details) - 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	$ 31,286	$ 30,175	$ 31,497
Reserve for losses and loss adjustment expenses	3,099,418	3,084,406	2,606,107
Unearned premiums	447,644	572,034	587,899
Net earned premiums	600,288	600,196	708,005
Net investment income	83,440	93,089	84,046
Current year	400,003	441,058	463,530
Prior years - retroactive reinsurance	28,750	37,237	4,991
Prior years - excluding retroactive reinsurance	(1,549)	76,079	31,636
Total incurred losses and loss and adjustment expenses	427,204	554,374	500,157
Amortization of policy acquisition costs	65,441	65,960	72,633
Paid losses and loss adjustment expenses, net of reinsurance	413,033	364,590	328,959
Net written premiums	$ 568,815	$ 580,854	$ 693,901

Reserve for Losses and Loss Adjustment Expenses - Schedule of Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 1,086,278	$ 1,246,973	$ 1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	400,003	441,058	463,530
Prior years - retroactive reinsurance	28,750	37,237	4,991
Prior years - excluding retroactive reinsurance	(1,549)	76,079	31,636
Total incurred losses and loss and adjustment expenses	427,204	554,374	500,157
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	17,842	31,313	32,410
Prior years	395,191	333,277	296,549
Total loss and loss adjustment expense payments	413,033	364,590	328,959
Deduct: Loss reserves ceded in E&S ADC	2,026,110	1,996,913
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,071,699	1,086,278	1,246,973
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,027,719	1,998,128	1,359,134
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	3,099,418	3,084,406	2,606,107
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	(5,000)	76,700	32,600
Commercial Auto LPT And E&S ADC \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	28,750	37,237	4,991
Prior years - excluding retroactive reinsurance	27,197	51,799	64,403
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	28,750	37,237	4,991
E&S ADC \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	35,045	48,748	0
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in E&S ADC	$ 0	$ 313,242	$ 0

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

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company's continuing operations are comprised of three reportable segments, two of which are separately managed business units and the third (“Corporate and Other”) includes the Company’s remaining operations. The Excess and Surplus Lines segment primarily offers commercial excess and surplus lines liability and excess property insurance products. The Specialty Admitted Insurance segment offers specialty admitted fronting and program business and, prior to the sale of the Company's renewal rights in 2023, workers’ compensation insurance coverage. The Corporate and Other segment consists of certain management and treasury activities of James River Group and JRG Holdings including public company expenses, expenses for our Board of Directors, long-term incentive compensation for the full Company, interest expense associated with senior debt and Junior Subordinated Debt, and investment income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Prior to entering into a definitive agreement to sell JRG Re on November 8, 2023, JRG Re was considered a reportable segment (the “Casualty Reinsurance” segment). After entering into the agreement to sell JRG Re, the Company no longer considers Casualty Reinsurance to be a reportable segment, but instead it is reported as discontinued operations. The segment information below excludes discontinued operations for all periods presented.

Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting (see Retroactive Reinsurance Accounting in Note 8 - Reserve for Losses and Loss Adjustment Expenses) and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Other operating expenses for the Corporate and Other segment include personnel costs associated with the holding companies, professional fees, long-term incentive compensation (including share-based compensation) for the full Company, public company expenses and various other corporate expenses. Net commissions in the table below are net of amounts deferred as deferred policy acquisition costs. Employee compensation includes both cash and share-based compensation, as well as employer expenses related to payroll taxes and benefits, and is net of amounts allocated to losses and loss adjustment expenses and amounts deferred. All other operating expenses include, amongst other expenses, costs for insurance, outside professional fees including legal, audit, and consulting, office rent, bad debt expense, and taxes, licenses and fees on business written. Segment results are reported prior to the effects of intercompany pooling agreements and intercompany reinsurance agreements. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds. Segment revenues for each reportable segment include net earned premiums, net investment income, and realized and unrealized (losses) gains on investments.

The Company's Chief Executive Officer (“CEO”) has final authority over segment resource allocation decisions and performance assessment, and consequently, is identified as the Chief Operating Decision Maker (“CODM”). The CEO

considers segment underwriting profit (loss) in the annual budget and forecasting process, and in monthly financial reviews of actual segment results compared to budget and prior year periods in order to assess segment performance and make strategic operating decisions regarding the business written by the segments, the allocation of capital and personnel to the segments, and compensation for segment employees. The segment information presented below aligns with the information that is presented regularly to the CEO.


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2025
Gross written premiums	$	963,035	$	209,284	$	—	$	1,172,319
Net earned premiums	559,490		40,798		—		600,288
Fee income	—		2,416		—		2,416
Losses and loss adjustment expenses	386,824		40,380		—		427,204
Less: losses and loss adjustment expense - retroactive reinsurance	28,750		—		—		28,750
Losses and loss adjustment expenses excluding retroactive reinsurance	358,074		40,380		—		398,454
Other operating expenses:
Net commissions	59,633		(11,183)		—		48,450
Employee compensation	61,257		9,774		23,005		94,036
All other operating expenses	21,054		9,936		10,488		41,478
	141,944		8,527		33,493		183,964
Underwriting (loss) profit	59,472		(5,693)		(33,493)		20,286
Segment revenues	625,505		60,286		1,823		687,614
Net investment income	65,291		17,011		1,138		83,440
Interest expense	—		—		23,538		23,538
Segment goodwill	181,831		—		—		181,831
Segment assets	3,652,130		1,134,689		73,111		4,859,930


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2024
Gross written premiums	$	1,017,029	$	414,743	$	—	$	1,431,772
Net earned premiums	512,237		87,959		—		600,196
Fee income	—		4,585		—		4,585
Losses and loss adjustment expenses	485,951		68,423		—		554,374
Less: losses and loss adjustment expense - retroactive reinsurance	37,237		—		—		37,237
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714		68,423		—		517,137
Other operating expenses:
Net commissions	56,186		(11,243)		—		44,943
Employee compensation	62,176		14,115		23,804		100,095
All other operating expenses	22,616		14,376		11,168		48,160
	140,978		17,248		34,972		193,198
Underwriting (loss) profit	(77,455)		6,873		(34,972)		(105,554)
Segment revenues	594,433		109,472		3,721		707,626
Net investment income	73,341		16,937		2,811		93,089
Interest expense	—		—		24,666		24,666
Segment goodwill	181,831		—		—		181,831
Segment assets	3,516,399		1,390,894		99,783		5,007,076


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2023
Gross written premiums	$	1,007,351	$	501,309	$	—	$	1,508,660
Net earned premiums	609,566		98,439		—		708,005
Fee income	—		5,301		—		5,301
Losses and loss adjustment expenses	425,035		75,122		—		500,157
Less: losses and loss adjustment expense - retroactive reinsurance	4,991		—		—		4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	420,044		75,122		—		495,166
Other operating expenses:
Net commissions	61,542		(12,809)		—		48,733
Employee compensation	57,436		18,492		22,502		98,430
All other operating expenses	16,197		18,858		11,438		46,493
	135,175		24,541		33,940		193,656
Underwriting profit (loss)	54,347		4,077		(33,940)		24,484
Segment revenues	690,388		119,777		1,844		812,009
Net investment income	69,325		13,568		1,153		84,046
Interest expense	—		—		24,627		24,627
Segment goodwill	181,831		—		—		181,831
Segment assets	3,083,798		1,387,020		63,039		4,533,857

The following table reconciles the underwriting profit (loss) of operating segments by individual segment to consolidated income (loss) from continuing operations before income taxes:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	59,472	$	(77,455)	$	54,347
Specialty Admitted Insurance	(5,693)		6,873		4,077

Total underwriting profit (loss) of operating segments	53,779		(70,582)		58,424
Other operating expenses of the Corporate and Other segment	(33,493)		(34,972)		(33,940)
Underwriting profit (loss)	20,286		(105,554)		24,484
Losses and loss adjustment expenses - retroactive reinsurance	(28,750)		(37,237)		(4,991)
Net investment income	83,440		93,089		84,046
Net realized and unrealized (losses) gains on investments	(2,195)		3,625		10,441
Other income	3,665		6,131		4,216
Other expenses	(2,002)		(6,145)		(3,792)
Interest expense	(23,538)		(24,666)		(24,627)
Amortization of intangible assets	(363)		(363)		(363)
Impairment of intangible assets	—		—		(2,500)
Income (loss) from continuing operations before income taxes	$	50,543	$	(71,120)	$	86,914

The Company currently has 15 underwriting divisions, including 14 in the Excess and Surplus Lines segment, and one in the Specialty Admitted Insurance segment. Each underwriting division focuses on a specific industry group or coverage.

Gross written premiums by segment and underwriting division are presented below:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Excess Casualty	$	324,507	$	325,017	$	339,870
General Casualty	225,177		237,632		202,861
Manufacturers and Contractors	157,082		176,494		180,074
Excess Property	38,937		53,254		64,574
Energy	43,885		46,405		51,593
Small Business	39,563		39,946		38,561
Allied Health	35,795		31,791		30,904
Commercial Auto	27,947		27,819		29,379
Life Sciences	24,166		25,642		27,595
Sports and Entertainment	19,489		22,192		17,826
Environmental	14,384		20,096		13,832
Professional Liability	9,931		9,367		9,264
Medical Professionals	679		870		955
Management Liability	1,493		504		63
Total Excess and Surplus Lines segment	963,035		1,017,029		1,007,351
Specialty Admitted Insurance segment	209,284		414,743		501,309

Total	$	1,172,319	$	1,431,772	$	1,508,660

The Company does business with three brokers that generated $338.8 million, $221.2 million and $129.4 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025, representing 28.9%, 18.9%

and 11.0% of consolidated gross written premiums and 35.2%, 23.0% and 13.4% of the Excess and Surplus Lines segment’s gross written premiums, respectively. The Company has agency contracts with various branches within the aforementioned brokers. No other broker generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025. No individual insured generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025.

The Specialty Admitted Insurance segment accepts applications for insurance from a variety of sources, including program administrators and managing general agents (“MGAs”). The Company does business with five agencies that together generated $174.8 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2025, representing 14.9% of consolidated gross written premiums and 83.5% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. Individually the agencies represented between 1.8% and 6.2% of consolidated gross written premiums and between 10.4% and 34.9% of the Specialty Admitted Insurance segment’s gross written premiums. No other agency generated 10.0% or more of the gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2025.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Income (Loss) and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Net investment income	$ 83,440	$ 93,089	$ 84,046
Other income	6,081	10,716	9,517
Total revenues	687,614	707,626	812,009
Expenses:
Other operating expenses	183,964	193,198	193,656
Other expenses	2,002	6,145	3,792
Interest expense	23,538	24,666	24,627
Total expenses	637,071	778,746	725,095
Equity in net (loss) income of subsidiaries	1,673	4,133	4,881
Income tax benefit	723	(7,634)	25,705
Net income (loss)	47,427	(81,120)	(107,684)
Other comprehensive income (loss):
Total comprehensive income (loss)	82,683	(87,396)	(8,361)
Parent Company
Revenues:
Net investment income	861	1,860	0
Other income	80	90	88
Total revenues	941	1,950	88
Expenses:
Other operating expenses	740	14,142	14,689
Other expenses	3,819	9,619	4,049
Interest expense	15,391	15,484	15,685
Total expenses	19,950	39,245	34,423
Loss before equity in net income (loss) of subsidiaries	(19,009)	(37,295)	(34,335)
Equity in net (loss) income of subsidiaries	51,569	(43,825)	(73,349)
Income (loss) from continuing operations before income taxes	32,560	(81,120)	(107,684)
Income tax benefit	(14,867)	0	0
Net income (loss)	47,427	(81,120)	(107,684)
Other comprehensive income (loss):
Equity in other comprehensive earnings (losses) of subsidiaries	35,256	(6,276)	99,323
Total comprehensive income (loss)	$ 82,683	$ (87,396)	$ (8,361)

Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Accounting Policies

Organization

James River Group Holdings, Inc. (referred to as “JRG Holdings” or, with its subsidiaries, the “Company”) is a Delaware holding company organized for the purpose of acquiring and managing insurance entities.

The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches as described below:

• James River Group is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations.

• James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia.

• Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), an Ohio domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National primarily writes specialty admitted fronting and program business.

The Company previously owned JRG Reinsurance Company Ltd. (“JRG Re”), a Bermuda domiciled reinsurer, which comprised the former Casualty Reinsurance segment, and which, prior to the suspension of its underwriting activities in 2023, primarily provided non-catastrophe casualty reinsurance to U.S. third parties. On November 8, 2023, the Company entered into an agreement to sell JRG Re. The sale closed on April 16, 2024 and resulted in the Company’s disposition of its casualty reinsurance business and related assets. See Discontinued Operations below and Note 2 for additional disclosure.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.

Discontinued Operations

The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company determined that the sale of JRG Re, which closed on April 16, 2024, represented a strategic shift that had a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations for all periods presented in this Annual Report on Form 10-K. See Note 2 for additional disclosure.

Estimates and Assumptions

Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Fixed Maturity and Equity Securities

Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”.

Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace.

Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of

such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method.

Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date.

The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

Bank Loan Participations

Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) as net realized and unrealized gains (losses) on investments.

Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method.

Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2025 or 2024.

Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

Other Invested Assets

Other invested assets at December 31, 2025 and 2024 include the Company’s interests in private debt and equity investments. The investments are primarily focused in structured private credit, renewable energy, and limited partnerships. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.

Short-Term Investments

Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.

Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents.

Direct Written Premiums

Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Premiums Receivable and Agents’ Balances, Net

Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $17.0 million and $16.4 million at December 31, 2025 and 2024, respectively. The allowance for credit losses was $19.7 million and $22.3 million at December 31, 2025 and 2024, respectively. Credit loss expense was $442,000 for the year ended December 31, 2025, $6.9 million for the year ended December 31, 2024, and $2.8 million for the year ended December 31, 2023. Receivables written off against the allowance for credit losses totaled $3.0 million for the year ended December 31, 2025, $2.5 million for the year ended December 31, 2024, and $1.2 million for the year ended December 31, 2023. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Deferred Policy Acquisition Costs

Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.

Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts

Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth.

Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2025 and 2024 was $1.6 million and $1.2 million, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses.

Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts.

The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the

loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts.

Other Income

Other income is principally comprised of broker incentive income in the Excess and Surplus Lines segment ($3.3 million, $5.4 million, and $1.3 million for the years ended December 31, 2025, 2024, and 2023, respectively) and fee income in the Specialty Admitted Insurance segment earned on policies for which the segment has no exposure to underwriting risk. Fee income of $2.4 million, $4.6 million, and $5.3 million is included in other income for the years ended December 31, 2025, 2024, and 2023, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Income Taxes

Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2025 or 2024.

Goodwill

Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.

Intangible Assets, Net

Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives.

Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying

amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.

Property and Equipment, Net

Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.

Reserve for Losses and Loss Adjustment Expenses

The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency.

The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business.

Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims.

Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Retroactive Reinsurance Accounting

Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business for losses that have already occurred ("retroactive"), as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to

retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method.

Share Based Compensation

The Company expenses the fair value of stock equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted stock units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of income (loss) and comprehensive income (loss).

Variable Interest Entities

Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.

The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $7.3 million and $7.7 million as of December 31, 2025 and 2024, respectively, representing the Company’s maximum exposure to loss.

Earnings (Loss) Per Share

Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these potential common shares.

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computations contained in the consolidated financial statements.


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except share and per share amounts)
Net income (loss) from continuing operations	$	49,820	$	(63,486)	$	61,209
Less: Dividends on Series A preferred shares	(7,876)		(37,149)		(10,500)
Income (loss) from continuing operations available to common shareholders	$	41,944	$	(100,635)	$	50,709
Loss from discontinued operations	(2,393)		(17,634)		(168,893)
Net income (loss) available to common shareholders	$	39,551	$	(118,269)	$	(118,184)

Weighted average common shares outstanding:
Basic	45,968,359		38,685,003		37,618,660
Dilutive potential common shares	14,045,263		—		191,780
Diluted	60,013,622		38,685,003		37,810,440

Net income (loss) per common share:
Basic
Continuing operations	$	0.91	$	(2.60)	$	1.35
Discontinued operations	$	(0.05)	$	(0.46)	$	(4.49)
	$	0.86	$	(3.06)	$	(3.14)
Diluted
Continuing operations	$	0.83	$	(2.60)	$	1.34
Discontinued operations	$	(0.04)	$	(0.46)	$	(4.47)
	$	0.79	$	(3.06)	$	(3.13)

For the year ended December 31, 2025, all potential common shares were dilutive and included in the calculation of diluted earnings (loss) per common share. For the years ended December 31, 2024, and 2023, potential common shares of 7,886,906, and 5,722,915, respectively, were excluded from the calculation of diluted earnings (loss) per common share as their effects were anti-dilutive.

The Company amended the Series A Preferred Shares on November 11, 2024, which, among other things, reduced the voluntary conversion price (see Note 12). The lower conversion price results in a higher number of potential shares of common stock under an assumed conversion when the Series A Preferred Shares are determined to be dilutive in the earnings per share calculation. In applying the if-converted method in the calculation of diluted earnings per share from continuing operations when the Series A Preferred Shares are dilutive, the dividends on the Series A Preferred Shares are added back to income from continuing operations available to common shareholders in the numerator of the calculation and the additional shares of common stock from an assumed conversion of the Series A Preferred Shares are added in the denominator of the calculation.

Adopted Accounting Standards

The guidance in ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional disclosures in Note 15. The new standard did not have a material impact on the Company's financial statements.

No other accounting standards were adopted during the year ended December 31, 2025 that had a material impact on our financial statements.

Prospective Accounting Standards

The guidance in ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements.

The guidance in ASU 2025-06, Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal -Use Software removes the concept of project stages and requires the capitalization of software costs when management has committed to funding the software project and it is probable that the project will be completed. This ASU is effective for fiscal years beginning after December 15, 2027, but early adoption is permitted as of the beginning of an annual reporting period. The Company is evaluating the impact of adopting this new guidance, but does not expect that the standard will have a material impact on our financial statements.

There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2025.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 11, 2007
Business Combination [Line Items]
Goodwill impairment		$ 0	$ 0	$ 0
Goodwill		181,831,000	181,831,000	181,831,000
Accumulated goodwill impairment losses		99,600,000	99,600,000
Impairment of intangible assets		0	0	2,500,000
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines
Business Combination [Line Items]
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines \| Trademarks
Business Combination [Line Items]
Amortization of intangible assets		0	0
Specialty Admitted Insurance
Business Combination [Line Items]
Amortization of intangible assets		$ 0	$ 0	$ 0
Specialty Admitted Insurance \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Individual Risk Workers' Compensation \| Trademarks
Business Combination [Line Items]
Impairment of intangible assets	$ 2,500,000
James River Group, Inc.
Business Combination [Line Items]
Percentage of outstanding shares acquired					100.00%

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 01, 2029	Nov. 11, 2024 USD ($) $ / shares	Mar. 01, 2022 USD ($) $ / shares	Dec. 31, 2025 USD ($) d $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares				112,500	112,500
Dividends on Series A preferred shares				$ 7,876	$ 10,143	$ 10,500
Conversion of shares					37,500
Deemed dividend					25,717
Carrying value				133,115	133,115
Common stock
Temporary Equity [Line Items]
Conversion of shares					1
Retained Earnings
Temporary Equity [Line Items]
Dividends on Series A preferred shares				$ 7,876	10,143	10,500
Conversion of shares					(1,289)
Deemed dividend					$ 25,717
Private Placement
Temporary Equity [Line Items]
Sale of stock, consideration received on transaction		$ 12,500
Per share price (in dollars per share) \| $ / shares		$ 6.40
Convertible Preferred Stock
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares				112,500	112,500
Preferred stock, dividend rate, percentage				7.00%
Series A convertible preferred shares (in dollars per share) \| $ / shares				$ 0.00125	$ 0.00125
Liquidation preference (in dollars per share) \| $ / shares				$ 1,000
Dividends on Series A preferred shares				$ 7,900	$ 10,100	$ 10,500
Convertible preferred stock, shares issued upon conversion \| shares				13,521,634
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares		$ 6.40		$ 8.32
Percentage of then-applicable conversion price threshold				200.00%
Number of trading days \| d				20
Preferred stock, discount rate, percentage				3.50%
Number of trading days immediately preceding Mandatory Conversion \| d				5
Preferred stock, value		$ 133,100		$ 133,100
Voting equity percentage				9.90%
Conversion of shares		37,500
Carrying value		144,900
Convertible Preferred Stock \| Forecast
Temporary Equity [Line Items]
Preferred stock, dividend rate, percentage	8.00%
Preferred stock, dividend term	5 years
Preferred stock, dividend payment rate, variable spread	5.20%
Convertible Preferred Stock \| AM Best, Below A- Rating
Temporary Equity [Line Items]
Voting equity percentage				19.90%
Convertible Preferred Stock \| Common stock
Temporary Equity [Line Items]
Common stock, covenant, threshold, cash paid (in dollars per share) \| $ / shares				$ 0.05
Cash dividend declared (in dollars per share) \| $ / shares				$ 0.10
Convertible Preferred Stock \| Retained Earnings
Temporary Equity [Line Items]
Deemed dividend		$ 25,700
Convertible Preferred Stock \| Private Placement
Temporary Equity [Line Items]
Sale of stock, consideration received on transaction			$ 150,000
Per share price (in dollars per share) \| $ / shares			$ 1,000

Fair Value Measurements - Narrative (Details) - security	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Number of equity securities held	1	1	1

Junior Subordinated Debt

12 Months Ended

Dec. 31, 2025

Subordinated Borrowings [Abstract]

Junior Subordinated Debt

The Company issued trust preferred securities (“Trust Preferred Securities”) through James River Capital Trust I, James River Capital Trust II, James River Capital Trust III, James River Capital Trust IV, and Franklin Holdings II (Bermuda) Capital Trust I, (each, a “Trust”; collectively, the “Trusts”). These Delaware statutory trusts are sponsored and wholly-owned by the Company. Each Trust was created solely for the purpose of issuing the Trust Preferred Securities.

Each Trust used proceeds from the sale of its Trust Preferred Securities to purchase the Company’s floating rate junior subordinated debentures (the “Junior Subordinated Debt”) issued to the Trust under an indenture (each, an “Indenture”; collectively, the “Indentures”). The Junior Subordinated Debt is the sole asset of each Trust, and the Trust Preferred Securities are the sole liabilities of each Trust. The Company purchased all of the outstanding common stock of the Trusts, and the investment in the Trusts is included in “other assets” in the accompanying consolidated balance sheets.


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month SOFR plus 4.3%	Three-Month SOFR plus 3.7%	Three-Month SOFR plus 3.3%	Three-Month SOFR plus 3.4%	Three-Month SOFR plus 4.3%

All of the Junior Subordinated Debt is currently redeemable at 100.0% of the unpaid principal amount at the Company’s option. Interest on the Trust Preferred Securities and interest paid to the Trusts on the Junior Subordinated Debt is payable quarterly in arrears at a per annum rate as described in the table above. The Company has the right to defer interest payments on the Junior Subordinated Debt for up to five years without triggering an event of default.

The Trust Preferred Securities are subject to mandatory redemption in a like amount (a) upon repayment of all of the Junior Subordinated Debt on the stated maturity date, (b) contemporaneously with the optional prepayment of all of the Junior Subordinated Debt in conjunction with a special event (as defined), and (c) five years or more after the issue date,

contemporaneously with the optional prepayment, in whole or in part, of the Junior Subordinated Debt. The Indentures contain certain covenants which the Company is in compliance with as of December 31, 2025.

Interest payable is included in “accrued expenses” on the accompanying consolidated balance sheets.

Segment Information - Schedule of Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gross written premiums	$ 1,172,319	$ 1,431,772	$ 1,508,660
Net earned premiums	600,288	600,196	708,005
Fee income	2,416	4,585	5,301
Total incurred losses and loss and adjustment expenses	427,204	554,374	500,157
Less: losses and loss adjustment expense - retroactive reinsurance	28,750	37,237	4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	398,454	517,137	495,166
Other operating expenses:
Net commissions	48,450	44,943	48,733
Employee compensation	94,036	100,095	98,430
All other operating expenses	41,478	48,160	46,493
Total	183,964	193,198	193,656
Underwriting loss (profit)	20,286	(105,554)	24,484
Segment revenues	687,614	707,626	812,009
Net investment income	83,440	93,089	84,046
Interest expense	23,538	24,666	24,627
Segment goodwill	181,831	181,831	181,831
Segment assets	4,859,930	5,007,076
Segment assets			4,533,857
Excess and Surplus Lines \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	963,035	1,017,029	1,007,351
Net earned premiums	559,490	512,237	609,566
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	386,824	485,951	425,035
Less: losses and loss adjustment expense - retroactive reinsurance	28,750	37,237	4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	358,074	448,714	420,044
Other operating expenses:
Net commissions	59,633	56,186	61,542
Employee compensation	61,257	62,176	57,436
All other operating expenses	21,054	22,616	16,197
Total	141,944	140,978	135,175
Underwriting loss (profit)	59,472	(77,455)	54,347
Segment revenues	625,505	594,433	690,388
Net investment income	65,291	73,341	69,325
Interest expense	0	0	0
Segment goodwill	181,831	181,831	181,831
Segment assets	3,652,130	3,516,399
Segment assets			3,083,798
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	174,800
Fee income	2,400	4,600	5,300
Specialty Admitted Insurance \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	209,284	414,743	501,309
Net earned premiums	40,798	87,959	98,439
Fee income	2,416	4,585	5,301
Total incurred losses and loss and adjustment expenses	40,380	68,423	75,122
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	40,380	68,423	75,122
Other operating expenses:
Net commissions	(11,183)	(11,243)	(12,809)
Employee compensation	9,774	14,115	18,492
All other operating expenses	9,936	14,376	18,858
Total	8,527	17,248	24,541
Underwriting loss (profit)	(5,693)	6,873	4,077
Segment revenues	60,286	109,472	119,777
Net investment income	17,011	16,937	13,568
Interest expense	0	0	0
Segment goodwill	0	0	0
Segment assets	1,134,689	1,390,894
Segment assets			1,387,020
Corporate and Other \| Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0
Net earned premiums	0	0	0
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	0	0	0
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	0	0	0
Other operating expenses:
Net commissions	0	0	0
Employee compensation	23,005	23,804	22,502
All other operating expenses	10,488	11,168	11,438
Total	33,493	34,972	33,940
Underwriting loss (profit)	(33,493)	(34,972)	(33,940)
Segment revenues	1,823	3,721	1,844
Net investment income	1,138	2,811	1,153
Interest expense	23,538	24,666	24,627
Segment goodwill	0	0	0
Segment assets	$ 73,111	$ 99,783
Segment assets			$ 63,039

Shareholders' Equity - Schedule of Rollforward of Changes in Common Shares Issued and Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued and outstanding common shares, beginning of year (in shares)	45,644,318
Beginning balance (in shares)	45,644,318
Issued and outstanding common shares, end of year (in shares)	45,968,584	45,644,318
Ending balance (in shares)	45,968,584	45,644,318
Common Shares
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued and outstanding common shares, beginning of year (in shares)	45,644,318	37,641,563
Beginning balance (in shares)	45,644,318	37,641,563	37,470,237
Conversion of Series A Preferred Shares to common stock (in shares)	0	5,859,375
Enstar common stock investment (in shares)	0	1,953,125
Vesting of RSU awards (in shares)	324,266	190,255	171,326
Issued and outstanding common shares, end of year (in shares)	45,968,584	45,644,318	37,641,563
Ending balance (in shares)	45,968,584	45,644,318	37,641,563

Equity Awards - Schedule of Option Activity (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Beginning of period (in shares)	0	74,390	287,974
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	0
Lapsed (in shares)	0	(74,390)	(164,548)
Forfeited (in shares)	0	0	(49,036)
End of period (in shares)	0	0	74,390
Exercisable, end of period (in shares)	0	0	74,390
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 0	$ 42.17	$ 35.26
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Lapsed (in dollars per share)	0	42.17	32.07
Forfeited (in dollars per share)	0	0	35.50
End of period (in dollars per share)	0	0	42.17
Exercisable, end of period (in dollars per share)	$ 0	$ 0	$ 42.17

SCHEDULE IV - Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance


	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
	(in thousands)
Year Ended December 31, 2025
Excess and Surplus Lines Written Premiums	$	963,035	$	418,911	$	—	$	544,124	—
Specialty Admitted Written Premiums	209,230		184,593		54		24,691		0.2	%

Total Written Premiums	$	1,172,265	$	603,504	$	54	$	568,815	—	%
Year Ended December 31, 2024
Excess and Surplus Lines Written Premiums	$	1,017,029	$	508,584	$	—	$	508,445	—
Specialty Admitted Written Premiums	412,762		342,334		1,981		72,409		2.7	%

Total Written Premiums	$	1,429,791	$	850,918	$	1,981	$	580,854	0.3	%
Year Ended December 31, 2023
Excess and Surplus Lines Written Premiums	$	1,007,351	$	417,800	$	—	$	589,551	—
Specialty Admitted Written Premiums	499,317		396,959		1,992		104,350		1.9	%

Total Written Premiums	$	1,506,668	$	814,759	$	1,992	$	693,901	0.3	%

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,086,278	$	1,246,973	$	1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	400,003		441,058		463,530
Prior years - retroactive reinsurance	28,750		37,237		4,991
Prior years - excluding retroactive reinsurance	(1,549)		76,079		31,636
Total incurred losses and loss and adjustment expenses	427,204		554,374		500,157
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	17,842		31,313		32,410
Prior years	395,191		333,277		296,549
Total loss and loss adjustment expense payments	413,033		364,590		328,959
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	28,750		37,237		4,991
Deduct: Loss reserves ceded in E&S ADC	—		313,242		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,071,699		1,086,278		1,246,973
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,027,719		1,998,128		1,359,134
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,099,418	$	3,084,406	$	2,606,107

Schedule of Retroactive Reinsurance


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Commercial Auto LPT
Deferred retroactive reinsurance gain at beginning of period	$	9,222	$	20,733	$	15,742
(Favorable) adverse prior year development on subject business	(7,848)		3,051		64,403
Retroactive reinsurance benefits under the recovery method	1,553		(14,562)		(59,412)
Deferred retroactive reinsurance gain at end of period	$	2,927	$	9,222	$	20,733

E&S ADC
Deferred retroactive reinsurance gain at beginning of period	$	48,748	$	—	$	—
Adverse prior year development ceded on subject business	35,045		48,748		—
Retroactive reinsurance benefits under the recovery method	—		—		—
Deferred retroactive reinsurance gain at end of period	$	83,793	$	48,748	$	—

Total
Deferred retroactive reinsurance gain at beginning of period	$	57,970	$	20,733	$	15,742
Adverse prior year development on subject business	27,197		51,799		64,403
Retroactive reinsurance benefits under the recovery method	1,553		(14,562)		(59,412)
Deferred retroactive reinsurance gain at end of period	$	86,720	$	57,970	$	20,733

Schedule of Incurred and Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	138,507	$	125,093	$	126,050	$	126,971	$	125,097	$	132,235	$	135,491	$	141,242	$	148,400	$	151,612
2017			144,349		131,897		132,136		124,265		128,674		134,272		147,196		155,593		158,714
2018					167,004		158,458		146,633		150,687		151,563		167,237		173,186		180,931
2019							214,653		194,759		189,671		188,061		204,844		228,076		237,568
2020									239,897		211,732		207,210		231,658		273,883		296,540
2021											304,435		286,343		274,120		307,338		321,722
2022													340,436		293,402		320,146		342,533
2023															369,255		330,330		335,617
2024																	360,426		345,686
2025																			351,985
Total																			$	2,722,908


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	5,180	$	22,852	$	46,045	$	70,105	$	90,166	$	102,072	$	116,059	$	126,916	$	133,928	$	141,710
2017			5,290		22,956		42,764		64,924		81,303		102,866		120,229		132,182		141,347
2018					6,000		26,160		50,679		76,494		105,538		124,903		138,319		155,337
2019							8,235		31,346		62,227		103,836		136,289		166,472		191,455
2020									8,642		34,561		73,106		117,892		168,550		211,509
2021											11,693		55,070		100,649		154,168		204,642
2022													12,713		51,537		108,960		177,429
2023															10,927		49,094		109,278
2024																	11,096		48,871
2025																			8,824
Total																			$	1,390,402
Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC and E&S Top Up ADC																			$	1,332,506
Reinsurance recoverable for E&S ADC																			$	434,562
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (117 claims outstanding)																			$	16,282
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	914,226

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	74,340	$	109,286	$	126,791	$	147,122	$	157,712	$	164,399	$	164,046	$	165,744	$	165,121	$	165,286
2017			207,355		208,743		272,421		319,472		355,713		366,636		376,251		376,306		374,566
2018					255,881		230,220		283,408		349,067		371,637		389,244		389,261		387,645
2019							262,306		240,773		339,771		365,279		408,340		416,654		413,077
2020									19,133		10,899		12,324		19,009		22,062		22,927
2021											21,154		16,565		17,319		19,998		20,774
2022													26,126		19,921		19,730		21,370
2023															18,181		16,089		16,879
2024																	11,602		12,491
2025																			11,100
Total																			$	1,446,115


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	18,295	$	54,054	$	89,381	$	125,108	$	141,545	$	152,030	$	158,819	$	162,219	$	164,491	$	165,091
2017			41,467		107,377		192,961		252,169		309,860		344,235		364,501		369,931		373,717
2018					45,136		119,099		184,686		257,346		329,009		368,865		379,246		384,415
2019							44,225		107,182		192,982		285,725		358,920		393,141		402,253
2020									628		2,854		7,304		14,151		17,705		19,129
2021											2,810		4,313		10,325		12,936		17,072
2022													1,897		5,365		8,691		12,994
2023															2,066		5,341		10,195
2024																	319		1,165
2025																			553
Total																			$	1,386,584
Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT and E&S ADC																			$	59,531
Reinsurance recoverable for Commercial Auto LPT																			$	11,520
Reinsurance recoverable for E&S ADC and E&S Top Up ADC																			$	13,868
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (0 claims outstanding)																			$	113
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	34,256

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	21,678	$	20,299	$	18,050	$	15,800	$	14,050	$	13,069	$	12,790	$	12,510	$	12,502	$	12,484
2017			24,869		22,071		19,779		18,810		16,606		15,487		15,360		15,318		15,311
2018					16,432		16,288		16,038		14,200		12,139		11,829		11,793		11,894
2019							20,253		21,056		20,631		18,129		17,624		17,408		17,257
2020									20,137		22,240		19,389		18,934		18,617		18,235
2021											14,519		14,713		12,668		12,702		12,472
2022													14,507		11,828		11,096		11,439
2023															21,095		19,218		19,118
2024																	12,715		9,760
2025																			276
Total																			$	128,246


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	4,664	$	10,227	$	12,135	$	12,432	$	12,481	$	12,483	$	12,483	$	12,483	$	12,483	$	12,483
2017			6,546		12,782		14,285		15,195		15,210		15,236		15,279		15,286		15,295
2018					4,497		9,034		11,412		11,746		11,765		11,752		11,747		11,752
2019							5,473		13,776		16,254		16,909		17,154		17,179		17,224
2020									7,394		14,668		16,665		17,206		17,606		17,657
2021											5,874		10,780		11,679		11,865		12,085
2022													5,943		9,732		10,348		10,518
2023															6,126		12,764		15,610
2024																	4,998		7,977
2025																			2
Total																			$	120,603
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)																			$	376
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	2,198
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	10,217

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	11,542	$	15,670	$	14,682	$	15,522	$	14,468	$	15,090	$	14,304	$	13,289	$	13,133	$	13,336
2017			21,229		24,271		25,201		24,728		25,097		24,893		23,128		23,576		23,185
2018					21,758		20,677		19,822		20,158		19,268		19,193		19,129		19,021
2019							18,832		19,020		19,991		18,956		18,777		18,210		18,196
2020									25,433		28,131		31,555		34,705		34,650		35,930
2021											39,999		44,857		47,505		46,526		47,995
2022													47,262		51,101		50,544		49,139
2023															53,635		58,449		62,761
2024																	55,536		56,860
2025																			35,490
Total																			$	361,913


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	1,894	$	5,123	$	6,888	$	10,732	$	10,896	$	11,711	$	12,142	$	12,321	$	12,567	$	12,794
2017			1,223		6,682		13,065		15,854		18,219		20,655		20,770		21,752		22,268
2018					885		4,972		10,495		12,631		14,059		15,424		16,457		16,733
2019							4,358		5,125		9,958		13,007		14,914		15,740		16,203
2020									5,375		15,678		20,903		26,523		29,084		31,683
2021											8,347		18,106		27,156		34,120		39,295
2022													13,018		23,284		30,131		36,354
2023															13,145		26,983		38,368
2024																	14,745		28,812
2025																			8,359
Total																			$	250,869
All outstanding losses and loss adjustment expenses prior to 2016, net of reinsurance (2 claims outstanding)																			$	92
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	1,864
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	113,000

Schedule of Reserve for Losses and Loss Adjustment Expenses


E&S – excluding commercial auto	$	914,226
E&S – commercial auto	34,256
Specialty Admitted – individual risk workers’ compensation	10,217
Specialty Admitted – fronting and programs	113,000
Net reserve for losses and loss adjustment expenses	1,071,699
Reinsurance recoverables on unpaid losses (gross of $1.6 million allowance for credit losses on reinsurance recoverables)	2,027,719
Gross reserve for losses and loss adjustment expenses	$	3,099,418

Schedule of Average Annual Percentage Payouts of Incurred Claims by Age, Net of Reinsurance

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2025.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.2	%	11.1	%	14.5	%	16.2	%	14.3	%	11.9	%	9.5	%	8.0	%	5.2	%	5.1	%
E&S – commercial auto	9.0	%	14.7	%	21.8	%	20.2	%	16.2	%	8.1	%	3.6	%	1.6	%	1.2	%	0.4	%
Specialty Admitted – individual risk workers’ compensation	29.1	%	33.2	%	14.7	%	7.9	%	6.1	%	3.1	%	2.0	%	0.9	%	1.0	%	0.7	%
Specialty Admitted – fronting and programs	20.2	%	21.8	%	19.3	%	13.3	%	7.9	%	5.2	%	3.3	%	2.9	%	3.3	%	1.5	%

Schedule of IBNR Liabilities and Claims Frequency

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before E&S ADC		IBNR net of E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2016	$	151,612	$	4,913	$	994	3,440
2017	158,714		6,707		1,615		3,436
2018	180,931		11,383		2,726		5,056
2019	237,568		19,165		4,556		6,758
2020	296,540		41,965		13,168		6,938
2021	321,722		75,267		17,342		5,526
2022	342,533		111,556		24,177		5,308
2023	335,617		168,378		35,606		4,663
2024	345,686		264,885		264,885		3,462
2025	351,985		328,296		328,296		2,105

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Commercial Auto LPT& E&S ADC		IBNR net of Commercial Auto LPT & E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2016	$	165,286	$	167	$	6	89,116
2017	374,566		349		29		134,150
2018	387,645		1,431		71		97,342
2019	413,077		4,282		37		71,494
2020	22,927		1,539		341		637
2021	20,774		2,396		512		792
2022	21,370		4,323		363		536
2023	16,879		3,927		794		321
2024	12,491		8,433		8,433		255
2025	11,100		9,943		9,943		200

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2016	$	12,484	$	1	836
2017	15,311		1		1,093
2018	11,894		(2)		1,239
2019	17,257		30		1,555
2020	18,235		90		1,381
2021	12,472		219		1,302
2022	11,439		219		1,050
2023	19,118		349		910
2024	9,760		435		285
2025	276		275		—

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2016	$	13,336	$	71	2,825
2017	23,185		363		6,809
2018	19,021		726		7,423
2019	18,196		793		8,180
2020	35,930		2,089		9,254
2021	47,995		4,322		11,027
2022	49,139		7,030		10,370
2023	62,761		12,661		10,389
2024	56,860		18,204		9,200
2025	35,490		22,821		5,390

Other Related Party Transactions	12 Months Ended
Other Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company leases a commercial office building which houses the Company’s Richmond, Virginia operations under the terms of a non-cancelable lease from an entity with which it is affiliated. The term of the lease, which has been amended from time to time, runs through 2031. Operating costs under the lease were $1.4 million for the year ended December 31, 2025 and $2.1 million for each of the years ended December 31, 2024, and 2023, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 65,441	$ 65,960	$ 72,633
Other underwriting expenses of the insurance segments	85,030	92,266	87,083
Other operating expenses of the Corporate and Other segment	33,493	34,972	33,940
Total	183,964	193,198	193,656
Other expenses	$ 2,002	$ 6,145	$ 3,792

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479868/944-20-45-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets

On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction.

All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2025, 2024 and 2023 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2025 and 2024 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2025 and 2024. The most recent goodwill impairment losses occurred in 2010.

Specifically identifiable intangible assets were acquired in the Merger. In September, 2023, the Company sold the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. Upon closing of the transaction, the Company recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. During the fourth quarters of 2025, 2024 and 2023, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no additional impairments recognized in 2025, 2024, or 2023.

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		December 31,
		2025				2024
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		8,188		11,611		7,825
Identifiable intangible assets subject to amortization		11,611		8,188		11,611		7,825
		$	40,275	$	8,188	$	40,275	$	7,825

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2025 is as follows (in thousands):


2026	$	363
2027	363
2028	363
2029	363
2030	363
Thereafter	1,608
Total	$	3,423

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2025:


	December 31, 2024						December 31, 2025
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	3,785		(363)		—		3,422
	28,385		(363)		—		28,022
Specialty Admitted Insurance

Insurance licenses and authorities	4,065		—		—		4,065

	4,065		—		—		4,065
Total identifiable intangible assets	$	32,450	$	(363)	$	—	$	32,087

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024:


	December 31, 2023						December 31, 2024
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,148		(363)		—		3,785
	28,748		(363)		—		28,385
Specialty Admitted Insurance

Insurance licenses and authorities	4,065		—		—		4,065

	4,065		—		—		4,065
Total identifiable intangible assets	$	32,813	$	(363)	$	—	$	32,450

Amortization of intangible assets was $363,000 for the Excess and Surplus Lines segment and $0 for the Specialty Admitted Insurance segment for the year ended December 31, 2023.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The segment information presented below aligns with the information that is presented regularly to the CEO.


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2025
Gross written premiums	$	963,035	$	209,284	$	—	$	1,172,319
Net earned premiums	559,490		40,798		—		600,288
Fee income	—		2,416		—		2,416
Losses and loss adjustment expenses	386,824		40,380		—		427,204
Less: losses and loss adjustment expense - retroactive reinsurance	28,750		—		—		28,750
Losses and loss adjustment expenses excluding retroactive reinsurance	358,074		40,380		—		398,454
Other operating expenses:
Net commissions	59,633		(11,183)		—		48,450
Employee compensation	61,257		9,774		23,005		94,036
All other operating expenses	21,054		9,936		10,488		41,478
	141,944		8,527		33,493		183,964
Underwriting (loss) profit	59,472		(5,693)		(33,493)		20,286
Segment revenues	625,505		60,286		1,823		687,614
Net investment income	65,291		17,011		1,138		83,440
Interest expense	—		—		23,538		23,538
Segment goodwill	181,831		—		—		181,831
Segment assets	3,652,130		1,134,689		73,111		4,859,930


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2024
Gross written premiums	$	1,017,029	$	414,743	$	—	$	1,431,772
Net earned premiums	512,237		87,959		—		600,196
Fee income	—		4,585		—		4,585
Losses and loss adjustment expenses	485,951		68,423		—		554,374
Less: losses and loss adjustment expense - retroactive reinsurance	37,237		—		—		37,237
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714		68,423		—		517,137
Other operating expenses:
Net commissions	56,186		(11,243)		—		44,943
Employee compensation	62,176		14,115		23,804		100,095
All other operating expenses	22,616		14,376		11,168		48,160
	140,978		17,248		34,972		193,198
Underwriting (loss) profit	(77,455)		6,873		(34,972)		(105,554)
Segment revenues	594,433		109,472		3,721		707,626
Net investment income	73,341		16,937		2,811		93,089
Interest expense	—		—		24,666		24,666
Segment goodwill	181,831		—		—		181,831
Segment assets	3,516,399		1,390,894		99,783		5,007,076


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2023
Gross written premiums	$	1,007,351	$	501,309	$	—	$	1,508,660
Net earned premiums	609,566		98,439		—		708,005
Fee income	—		5,301		—		5,301
Losses and loss adjustment expenses	425,035		75,122		—		500,157
Less: losses and loss adjustment expense - retroactive reinsurance	4,991		—		—		4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	420,044		75,122		—		495,166
Other operating expenses:
Net commissions	61,542		(12,809)		—		48,733
Employee compensation	57,436		18,492		22,502		98,430
All other operating expenses	16,197		18,858		11,438		46,493
	135,175		24,541		33,940		193,656
Underwriting profit (loss)	54,347		4,077		(33,940)		24,484
Segment revenues	690,388		119,777		1,844		812,009
Net investment income	69,325		13,568		1,153		84,046
Interest expense	—		—		24,627		24,627
Segment goodwill	181,831		—		—		181,831
Segment assets	3,083,798		1,387,020		63,039		4,533,857

Schedule of Reconciliation of Underwriting Profit (Loss) of Operating Segments by Individual Segment

The following table reconciles the underwriting profit (loss) of operating segments by individual segment to consolidated income (loss) from continuing operations before income taxes:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	59,472	$	(77,455)	$	54,347
Specialty Admitted Insurance	(5,693)		6,873		4,077

Total underwriting profit (loss) of operating segments	53,779		(70,582)		58,424
Other operating expenses of the Corporate and Other segment	(33,493)		(34,972)		(33,940)
Underwriting profit (loss)	20,286		(105,554)		24,484
Losses and loss adjustment expenses - retroactive reinsurance	(28,750)		(37,237)		(4,991)
Net investment income	83,440		93,089		84,046
Net realized and unrealized (losses) gains on investments	(2,195)		3,625		10,441
Other income	3,665		6,131		4,216
Other expenses	(2,002)		(6,145)		(3,792)
Interest expense	(23,538)		(24,666)		(24,627)
Amortization of intangible assets	(363)		(363)		(363)
Impairment of intangible assets	—		—		(2,500)
Income (loss) from continuing operations before income taxes	$	50,543	$	(71,120)	$	86,914

Schedule of Gross Written Premiums by Segment and Underwriting Division

Gross written premiums by segment and underwriting division are presented below:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Excess Casualty	$	324,507	$	325,017	$	339,870
General Casualty	225,177		237,632		202,861
Manufacturers and Contractors	157,082		176,494		180,074
Excess Property	38,937		53,254		64,574
Energy	43,885		46,405		51,593
Small Business	39,563		39,946		38,561
Allied Health	35,795		31,791		30,904
Commercial Auto	27,947		27,819		29,379
Life Sciences	24,166		25,642		27,595
Sports and Entertainment	19,489		22,192		17,826
Environmental	14,384		20,096		13,832
Professional Liability	9,931		9,367		9,264
Medical Professionals	679		870		955
Management Liability	1,493		504		63
Total Excess and Surplus Lines segment	963,035		1,017,029		1,007,351
Specialty Admitted Insurance segment	209,284		414,743		501,309

Total	$	1,172,319	$	1,431,772	$	1,508,660

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted (Loss) Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computations contained in the consolidated financial statements.


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except share and per share amounts)
Net income (loss) from continuing operations	$	49,820	$	(63,486)	$	61,209
Less: Dividends on Series A preferred shares	(7,876)		(37,149)		(10,500)
Income (loss) from continuing operations available to common shareholders	$	41,944	$	(100,635)	$	50,709
Loss from discontinued operations	(2,393)		(17,634)		(168,893)
Net income (loss) available to common shareholders	$	39,551	$	(118,269)	$	(118,184)

Weighted average common shares outstanding:
Basic	45,968,359		38,685,003		37,618,660
Dilutive potential common shares	14,045,263		—		191,780
Diluted	60,013,622		38,685,003		37,810,440

Net income (loss) per common share:
Basic
Continuing operations	$	0.91	$	(2.60)	$	1.35
Discontinued operations	$	(0.05)	$	(0.46)	$	(4.49)
	$	0.86	$	(3.06)	$	(3.14)
Diluted
Continuing operations	$	0.83	$	(2.60)	$	1.34
Discontinued operations	$	(0.04)	$	(0.46)	$	(4.47)
	$	0.79	$	(3.06)	$	(3.13)

Investments - Schedule of Major Categories of the Company' s Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Gross investment income	$ 87,105	$ 96,782	$ 87,077
Investment expense	(3,665)	(3,693)	(3,031)
Net investment income	83,440	93,089	84,046
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	53,181	48,262	49,793
Bank loan participations
Net Investment Income [Line Items]
Gross investment income	12,830	16,992	11,984
Equity securities
Net Investment Income [Line Items]
Gross investment income	5,447	7,424	6,548
Other invested assets
Net Investment Income [Line Items]
Gross investment income	3,229	4,855	5,049
Cash, cash equivalents, restricted cash equivalents, and short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 12,418	$ 19,249	$ 13,703

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment underwriting_division broker agency	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Number of underwriting divisions \| underwriting_division	15
Gross written premiums	$ 1,172,319	$ 1,431,772	$ 1,508,660
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Number of underwriting divisions \| underwriting_division	14
Number of brokers \| broker	3
Excess and Surplus Lines \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 338,800
Consolidated gross written premiums percentage	28.90%
Gross written premiums percentage	35.20%
Excess and Surplus Lines \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 221,200
Consolidated gross written premiums percentage	18.90%
Gross written premiums percentage	23.00%
Excess and Surplus Lines \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 129,400
Consolidated gross written premiums percentage	11.00%
Gross written premiums percentage	13.40%
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Number of underwriting divisions \| underwriting_division	1
Gross written premiums	$ 174,800
Consolidated gross written premiums percentage	14.90%
Gross written premiums percentage	83.50%
Number of agencies \| agency	5
Specialty Admitted Insurance \| Minimum
Segment Reporting Information [Line Items]
Consolidated gross written premiums percentage	1.80%
Gross written premiums percentage	10.40%
Specialty Admitted Insurance \| Maximum
Segment Reporting Information [Line Items]
Consolidated gross written premiums percentage	6.20%
Gross written premiums percentage	34.90%

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,448,750
Equity securities, at cost	$ 66,916	$ 82,678
Series A redeemable preferred shares, authorized (in shares)	165,000	165,000
Series A redeemable preferred shares, issued (in shares)	112,500	112,500
Series A redeemable preferred shares, outstanding (in shares)	112,500	112,500
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	45,968,584	45,644,318
Common stock, shares outstanding (in shares)	45,968,584	45,644,318
Preferred stock, par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized (in shares)	19,835,000	19,835,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,448,750	$ 1,278,337

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 2,026,110	$ 1,996,913
Reinsurance recoverable on paid losses	$ 118,243	101,210
Percentage of reinsurance recoverables on unpaid losses for 3 largest reinsurers	46.20%
Prepaid reinsurance premiums ceded	$ 203,950	$ 296,635
Percentage of prepaid reinsurance premiums ceded for 3 largest reinsurers	29.40%
Largest reinsurer one
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 401,100
Prepaid reinsurance premiums ceded	24,000
Largest reinsurer two
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	341,500
Prepaid reinsurance premiums ceded	20,200
Largest reinsurer three
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	194,200
Prepaid reinsurance premiums ceded	$ 15,700

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 7,020	$ 5,600
Right-of-use assets	$ 6,800	5,300
Weighted average discount rate	4.90%
Weighted average remaining lease term	4 years 2 months 12 days
Operating lease costs	$ 3,400	$ 4,100	$ 4,600
Minority interest in partnership
Related Party Transaction [Line Items]
Lease liabilities	$ 4,600

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Assets Measured at Fair Value on a Recurring Basis

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Assets measured at fair value on a recurring basis as of December 31, 2025 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	219,477	$	—	$	219,477
Residential mortgage-backed	—		472,718		—		472,718
Corporate	—		577,754		—		577,754
Commercial mortgage and asset-backed	—		120,535		—		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,290		—		—		14,290

Total fixed maturity securities, available-for-sale	$	14,290	$	1,390,484	$	—	$	1,404,774
Equity securities:
Preferred stock	$	—	$	70,601	$	—	$	70,601
Common stock	—		2,487		4		2,491
Total equity securities	$	—	$	73,088	$	4	$	73,092
Bank loan participations	$	—	$	155,138	$	—	$	155,138

Short-term investments	$	—	$	—	$	—	$	—

Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	196,564	$	—	$	196,564
Residential mortgage-backed	—			326,227		—		326,227
Corporate	—			475,485		—		475,485
Commercial mortgage and asset-backed	—			170,458		—		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	20,999			—		—		20,999
Total fixed maturity securities, available-for-sale	$	20,999		$	1,168,734	$	—	$	1,189,733
Equity securities:
Preferred stock	$	—		$	71,245	$	—	$	71,245
Common stock	12,693			2,536		5		15,234
Total equity securities	$	12,693		$	73,781	$	5	$	86,479
Bank loan participations	$	—		$	142,410	$	—	$	142,410
Short-term investments	$	—		$	97,074	$	—	$	97,074

Schedule of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	5	$	11	$	7
Transfers in to Level 3	—		—		—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Sales	—		—		—
Maturities, calls and paydowns	—		—		—
Amortization of discount	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	(1)		(6)		4
Included in other comprehensive income	—		—		—
Ending balance	$	4	$	5	$	11

Schedule of the Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of financial instruments are summarized below:


	December 31,
	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,404,774	$	1,404,774	$	1,189,733	$	1,189,733
Equity securities	73,092		73,092		86,479		86,479

Bank loan participations	155,138		155,138		142,410		142,410
Cash and cash equivalents	260,941		260,941		362,345		362,345
Restricted cash equivalents	8,481		8,481		28,705		28,705
Short-term investments	—		—		97,074		97,074
Other invested assets – notes receivable	43,401		44,639		13,902		12,877
Liabilities
Senior debt	225,800		230,007		200,800		201,787
Junior subordinated debt	104,055		116,093		104,055		121,766

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Schedule of Operating Lease Liabilities Maturities

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 363
2027	363
2028	363
2029	363
2030	363
Thereafter	1,608
Total	$ 3,423

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.
Discontinued Operations	Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company determined that the sale of JRG Re, which closed on April 16, 2024, represented a strategic shift that had a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations for all periods presented in this Annual Report on Form 10-K.
Estimates and Assumptions	Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Fixed Maturity and Equity Securities	Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost.
Bank Loan Participations	Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2025 or 2024. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Other Invested Assets	Other Invested Assets Other invested assets at December 31, 2025 and 2024 include the Company’s interests in private debt and equity investments. The investments are primarily focused in structured private credit, renewable energy, and limited partnerships. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.
Short-Term Investments	Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.
Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash Equivalents	Restricted Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents.
Direct Written Premiums	Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Premiums Receivable and Agents' Balances, Net	Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $17.0 million and $16.4 million at December 31, 2025 and 2024, respectively. The allowance for credit losses was $19.7 million and $22.3 million at December 31, 2025 and 2024, respectively. Credit loss expense was $442,000 for the year ended December 31, 2025, $6.9 million for the year ended December 31, 2024, and $2.8 million for the year ended December 31, 2023. Receivables written off against the allowance for credit losses totaled $3.0 million for the year ended December 31, 2025, $2.5 million for the year ended December 31, 2024, and $1.2 million for the year ended December 31, 2023. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.
Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts and Retroactive Reinsurance Accounting	Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2025 and 2024 was $1.6 million and $1.2 million, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts. Retroactive Reinsurance Accounting Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business for losses that have already occurred ("retroactive"), as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method.
Other Income	Other Income Other income is principally comprised of broker incentive income in the Excess and Surplus Lines segment ($3.3 million, $5.4 million, and $1.3 million for the years ended December 31, 2025, 2024, and 2023, respectively) and fee income in the Specialty Admitted Insurance segment earned on policies for which the segment has no exposure to underwriting risk. Fee income of $2.4 million, $4.6 million, and $5.3 million is included in other income for the years ended December 31, 2025, 2024, and 2023, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Income Taxes	Income Taxes Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized.
Goodwill	Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business. Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Stock Based Compensation	Share Based Compensation The Company expenses the fair value of stock equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted stock units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of income (loss) and comprehensive income (loss).
Variable Interest Entities	Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these potential common shares.
Adopted and Prospective Accounting Standards	Adopted Accounting Standards The guidance in ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional disclosures in Note 15. The new standard did not have a material impact on the Company's financial statements. No other accounting standards were adopted during the year ended December 31, 2025 that had a material impact on our financial statements. Prospective Accounting Standards The guidance in ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements. The guidance in ASU 2025-06, Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal -Use Software removes the concept of project stages and requires the capitalization of software costs when management has committed to funding the software project and it is probable that the project will be completed. This ASU is effective for fiscal years beginning after December 15, 2027, but early adoption is permitted as of the beginning of an annual reporting period. The Company is evaluating the impact of adopting this new guidance, but does not expect that the standard will have a material impact on our financial statements. There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2025.
Leases	Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of income (loss) and comprehensive income (loss).

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal income tax expense (benefit) at statutory rate	$ 10,614	$ (14,935)	$ 18,252
Net U.S. state and local income tax expense	536	115	316
Research and development tax credits	(272)	(267)	(936)
Tax-exempt investment income	(218)	(216)	(230)
Dividends received deduction	(325)	(461)	(386)
Excess tax expense on share based compensation	984	740	449
Provision to return and amended tax returns	21	393	725
Excess §162(m) compensation	312	399	522
Business interest expense from Domestication	(14,078)	0	0
Other	145	67	70
Total income tax expense (benefit)	$ 723	$ (7,634)	$ 25,705
%
Federal income tax expense (benefit) at statutory rate	21.00%	21.00%	21.00%
Net U.S. state and local income tax expense	1.10%	(0.20%)	0.40%
Research and development tax credits	(0.50%)	0.40%	(1.10%)
Tax-exempt investment income	(0.40%)	0.30%	(0.30%)
Dividends received deduction	(0.60%)	0.70%	(0.40%)
Excess tax expense on share based compensation	1.90%	(1.00%)	0.50%
Provision to return and amended tax returns	0	(0.006)	0.008
Excess §162(m) compensation	0.006	(0.006)	0.006
Business interest expense from Domestication	(0.279)	0	0
Other	0.30%	(0.10%)	0.10%
Total income tax expense (benefit)	1.40%	10.70%	29.60%
Bermuda
Amount
Bermuda and U.S. statutory tax rate difference	$ 3,004	$ 6,531	$ 6,923
%
Bermuda and U.S. statutory tax rate difference	5.90%	(9.20%)	8.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]


Years ending December 31,	(in thousands)
2026	$	2,010
2027	1,897
2028	1,546
2029	1,191
2030	1,059
Thereafter	88
Total lease payments	7,791
Less imputed interest	(771)
Total operating lease liabilities	$	7,020

SCHEDULE III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Supplementary Insurance Information

(in thousands)


	Deferred Policy Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premiums		Net Earned Premiums		Net Investment Income		Losses and Loss Adjustment Expenses		Amortization of Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
December 31, 2025
Excess and Surplus Lines	$	33,127	$	2,348,826	$	398,155	$	559,490	$	65,291	$	386,824	$	73,122	$	141,944	$	544,124
Specialty Admitted	(1,841)		750,592		49,489		40,798		17,011		40,380		(7,681)		8,527		24,691

Corporate and Other	—		—		—		—		1,138		—		—		33,493		—
Total	$	31,286	$	3,099,418	$	447,644	$	600,288	$	83,440	$	427,204	$	65,441	$	183,964	$	568,815
December 31, 2024
Excess and Surplus Lines	$	31,085	$	2,226,038	$	447,711	$	512,237	$	73,341	$	485,951	$	69,704	$	140,978	$	508,445
Specialty Admitted	(910)		858,368		124,323		87,959		16,937		68,423		(3,744)		17,248		72,409

Corporate and Other	—		—		—		—		2,811		—		—		34,972		—
Total	$	30,175	$	3,084,406	$	572,034	$	600,196	$	93,089	$	554,374	$	65,960	$	193,198	$	580,854
December 31, 2023
Excess and Surplus Lines	$	30,625	$	1,769,788	$	428,570	$	609,566	$	69,325	$	425,035	$	75,890	$	135,175	$	589,551
Specialty Admitted	872		836,319		159,329		98,439		13,568		75,122		(3,257)		24,541		104,350

Corporate and Other	—		—		—		—		1,153		—		—		33,940		—
Total	$	31,497	$	2,606,107	$	587,899	$	708,005	$	84,046	$	500,157	$	72,633	$	193,656	$	693,901

Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
E&S – excluding commercial auto \| Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 2,722,908
All outstanding losses and loss adjustment expenses, net of reinsurance	16,282
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	151,612	$ 148,400	$ 141,242	$ 135,491	$ 132,235	$ 125,097	$ 126,971	$ 126,050	$ 125,093	$ 138,507
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	158,714	155,593	147,196	134,272	128,674	124,265	132,136	131,897	144,349
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	180,931	173,186	167,237	151,563	150,687	146,633	158,458	167,004
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	237,568	228,076	204,844	188,061	189,671	194,759	214,653
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	296,540	273,883	231,658	207,210	211,732	239,897
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	321,722	307,338	274,120	286,343	304,435
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	342,533	320,146	293,402	340,436
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	335,617	330,330	369,255
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	345,686	360,426
E&S – excluding commercial auto \| Excess and Surplus Lines \| 2025
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	351,985
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	1,446,115
All outstanding losses and loss adjustment expenses, net of reinsurance	113
Commercial Auto \| Excess and Surplus Lines \| Commercial Auto LPT
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	59,531
Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	165,286	165,121	165,744	164,046	164,399	157,712	147,122	126,791	109,286	74,340
Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	374,566	376,306	376,251	366,636	355,713	319,472	272,421	208,743	207,355
Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	387,645	389,261	389,244	371,637	349,067	283,408	230,220	255,881
Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	413,077	416,654	408,340	365,279	339,771	240,773	262,306
Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	22,927	22,062	19,009	12,324	10,899	19,133
Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	20,774	19,998	17,319	16,565	21,154
Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	21,370	19,730	19,921	26,126
Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	16,879	16,089	18,181
Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,491	11,602
Commercial Auto \| Excess and Surplus Lines \| 2025
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,100
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	128,246
All outstanding losses and loss adjustment expenses, net of reinsurance	376
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,484	12,502	12,510	12,790	13,069	14,050	15,800	18,050	20,299	21,678
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	15,311	15,318	15,360	15,487	16,606	18,810	19,779	22,071	24,869
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,894	11,793	11,829	12,139	14,200	16,038	16,288	16,432
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	17,257	17,408	17,624	18,129	20,631	21,056	20,253
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,235	18,617	18,934	19,389	22,240	20,137
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,472	12,702	12,668	14,713	14,519
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,439	11,096	11,828	14,507
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,118	19,218	21,095
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	9,760	12,715
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2025
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	276
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	361,913
All outstanding losses and loss adjustment expenses, net of reinsurance	92
Fronting and Programs \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	13,336	13,133	13,289	14,304	15,090	14,468	15,522	14,682	15,670	$ 11,542
Fronting and Programs \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	23,185	23,576	23,128	24,893	25,097	24,728	25,201	24,271	$ 21,229
Fronting and Programs \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,021	19,129	19,193	19,268	20,158	19,822	20,677	$ 21,758
Fronting and Programs \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,196	18,210	18,777	18,956	19,991	19,020	$ 18,832
Fronting and Programs \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	35,930	34,650	34,705	31,555	28,131	$ 25,433
Fronting and Programs \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	47,995	46,526	47,505	44,857	$ 39,999
Fronting and Programs \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	49,139	50,544	51,101	$ 47,262
Fronting and Programs \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	62,761	58,449	$ 53,635
Fronting and Programs \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	56,860	$ 55,536
Fronting and Programs \| Specialty Admitted Insurance \| 2025
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 35,490

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss):


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes	$	44,702	$	(9,222)	$	105,368
U.S. income taxes	(9,387)		1,937		(6,313)
Unrealized gains (losses) arising during the period, net of U.S. income taxes	35,315		(7,285)		99,055
Less reclassification adjustment:
Net realized investment gains (losses)	74		(1,278)		(339)
U.S. income taxes	(15)		269		71
Reclassification adjustment for investment gains (losses) realized in net income	59		(1,009)		(268)
Other comprehensive income (loss)	$	35,256	$	(6,276)	$	99,323

In addition to the net realized investment gains (losses) on available-for-sale fixed maturities disclosed above, the Company also recognized net realized and unrealized investment gains (losses) on its investments in bank loan participations and equity securities in the respective periods. Refer to Note 3 for disclosure of these amounts.

SCHEDULE II - Condensed Financial Information of Registrant - Balance Sheets (Parent Company) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 260,941	$ 362,345
Deferred tax assets, net	64,896	61,170
Income taxes receivable	0	22,317
Other assets	68,567	86,513
Total assets	4,859,930	5,007,076
Liabilities:
Accrued expenses	31,006	53,178
Senior debt	225,800	200,800
Junior subordinated debt	104,055	104,055
Other liabilities	104,503	182,524
Total liabilities	4,188,662	4,413,046
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	133,115
Shareholders’ equity:
Additional paid-in capital	937,611	933,311
Retained deficit	(364,726)	(402,408)
Accumulated other comprehensive (loss) income	(34,741)	(69,997)
Total shareholders’ equity	538,153	460,915	$ 534,621	$ 553,766
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	4,859,930	5,007,076
Parent Company
Assets
Cash and cash equivalents	10,750	64,525	$ 1,961	$ 277
Investment in subsidiaries	874,105	732,285
Deferred tax assets, net	14,386	0
Income taxes receivable	481	0
Other assets	3,557	31,775
Total assets	903,279	828,585
Liabilities:
Accrued expenses	1,045	1,716
Senior debt	210,800	185,800
Junior subordinated debt	15,928	15,928
Due to subsidiaries	4,079	863
Other liabilities	159	30,248
Total liabilities	232,011	234,555
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	133,115
Shareholders’ equity:
Class A common shares	9	9
Additional paid-in capital	937,611	933,311
Retained deficit	(364,726)	(402,408)
Accumulated other comprehensive (loss) income	(34,741)	(69,997)
Total shareholders’ equity	538,153	460,915
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 903,279	$ 828,585

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 30,175	$ 31,497	$ 32,837
Policy acquisition costs deferred:
Commissions	50,084	43,720	47,665
Underwriting and other issue expenses	16,468	20,918	23,628
Policy acquisition costs deferred	66,552	64,638	71,293
Amortization of policy acquisition costs	(65,441)	(65,960)	(72,633)
Net change	1,111	(1,322)	(1,340)
Balance at end of period	$ 31,286	$ 30,175	$ 31,497

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Amount of deferred policy acquisition cost capitalized on contract remaining in force.

Schedule of Statutory Accounting

Goodwill and Intangible Assets - Schedule of Changes in Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets [Roll Forward]
Net Carrying Value	$ 32,450	$ 32,813
Amortization	(363)	(363)	$ (363)
Impairment Losses	0	0
Net Carrying Value	32,087	$ 32,450	32,813
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment of intangible assets
Excess and Surplus Lines
Intangible Assets [Roll Forward]
Net Carrying Value	28,385	$ 28,748
Amortization	(363)	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	28,022	28,385	28,748
Excess and Surplus Lines \| Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	3,785	4,148
Amortization	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	3,422	3,785	4,148
Excess and Surplus Lines \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	19,700	19,700
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	19,700	19,700	19,700
Excess and Surplus Lines \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,900	4,900
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,900	4,900	4,900
Specialty Admitted Insurance
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	4,065
Amortization	0	0	0
Impairment Losses	0	0
Net Carrying Value	4,065	4,065	4,065
Specialty Admitted Insurance \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	4,065
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	$ 4,065	$ 4,065	$ 4,065

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2025

Statutory Matters [Abstract]


	2025		2024		2023
	(in thousands)
Statutory net income	$	75,164	$	40,731	$	90,469
Statutory capital and surplus	789,485		642,978		615,427
Minimum required statutory capital and surplus	339,639		286,392		220,449

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.