0001193125-26-083277 | 10-K | XBRL Viewer | Slide Insurance Holdings INC

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Fixed-Maturity Securities Available-For-Sale (Additional Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Number	Dec. 31, 2024 USD ($) Number
Credit loss expense related to fixed-maturity securities	$ 0	$ 0
Proceeds from maturities, and redemptions of fixed-maturities securities	84,869	40,024
Realized gross gains on sale of fixed-maturities securities	$ 13	$ 10
Number of Securities had Unrealized Losses \| Number	61	125
Restricted cash and cash equivalents	$ 480,972	$ 295,802
VIE Primary Beneficiary [Member]
Restricted cash and cash equivalents	$ 481,758	$ 296,433

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Various lawsuits against the Company have arisen in the course of the Company’s business. Management does not consider contingent liabilities arising from litigation and other matters material in relation to the financial position of the Company.

Nature of Business and Significant Accounting Policies	12 Months Ended
Nature of Business and Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	1. Nature of Business and Significant Accounting Policies Nature of Business Slide Insurance Holdings, Inc. (“SIH” or the “Company”) is a Delaware holding company incorporated on March 2, 2021. The Company was organized for the purpose of holding investments in operating subsidiaries engaged in property and casualty insurance activities. Subsidiaries include: Slide Insurance Company (“SIC”) – a wholly owned property casualty insurance company currently writing homeowners insurance policies in Florida and South Carolina. Slide MGA, LLC (“SMGA”) – a wholly owned managing general agent that performs policy processing and claims administration for SIC. Stat Claims Company (“STAT”) – a wholly owned claims administrator. Trusted Mitigation Contractors (“TMC”) – a wholly owned broker of contractors and loss mitigation service providers. Slide Reinsurance Holdings, LLC (“Slide Re”) – a wholly owned reinsurance company and owner of the segregated cell (White Rock Insurance, Ltd., account T104). Slide Technologies, LLC (“Slide Tech”) – a wholly owned subsidiary that will license software developed by the Company. This entity has not begun operations. SJIG Target, LLC (“SJIG”) – a wholly owned non operating entity that holds contractual renewal rights to a portion of the policies issued by SIC. Clegg Insurance Advisors, LLC (“Homefront”) – a wholly owned insurance agency acquired by the Company during 2022. SIH Technologies, LLP (“Slide India”) – a wholly owned non-operating entity that is in the process of being dissolved. Slide Specialty Insurance Company (f/k/a Pawtucket Insurance Company) (“Slide Specialty”) – a wholly owned property casualty insurance company licensed in New York, New Jersey, Rhode Island and South Carolina. Slide Specialty was acquired in February 2025 and had no assets, liabilities or capital and had not written any insurance policies. The license for Slide Specialty was acquired in 2021, and the Company recorded the associated intangible assets in 2021. The Rhode Island Department of Business Regulation; Division of Insurance approved the acquisition in February of 2025, which is when Slide Specialty legally became a wholly owned subsidiary of the Company. On July 24, 2025, the Company changed the name of Slide Specialty from Pawtucket Insurance Company to Slide Specialty Insurance Company. SIC is domiciled in the state of Florida and is a wholly owned subsidiary of SIH. The insurance subsidiary was incorporated on February 17, 2022, and commenced operations on March 1, 2022, after receiving its Certificate of Authority from the Florida Department of Financial Services, Office of Insurance Regulation (the “FLOIR”). SIC provides homeowners insurance coverage to policyholders in Florida and South Carolina, with Florida policyholders representing 99% of direct written premiums written during 2025. SIC is subject to the broad administrative powers of the FLOIR, which include, but are not limited to, limitation of dividends distributable, modification of management services and tax-sharing agreements, limitations on new and renewal business, and requirements for capital and surplus. SIH filed its original certificate of incorporation with the Secretary of State of the State of Delaware on March 2, 2021, and was authorized to issue 40.0 million shares of common stock at par value of $0.01 per share and 20.0 million shares of preferred stock at par value of $0.01 per share. The Company issued and had outstanding 10.2 million shares of common stock as of December 31, 2024. The Company issued and had outstanding 9.3 million shares of preferred stock as of December 31, 2024, pre stock split. The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of December 31, 2025, there were 123.9 million shares of common stock outstanding and 0 shares of preferred stock outstanding. Stock Split On June 18, 2025, the Company effected a 5.5-for-1 stock split of the common stock and preferred stock, respectively. All common stock and preferred stock and per share information included in the accompanying condensed consolidated financial statements and footnotes has been retroactively adjusted to reflect this stock split for all periods presented. Completion of Initial Public Offering On June 18, 2025, the Company closed its initial public offering ("IPO") of 24.0 million shares of its common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at an initial public offering price of $17.00 per share for gross proceeds of $408.0 million. The Company received net proceeds of approximately $263.5 million, net of approximately $19.8 million of underwriting discounts and commissions. The Company did not receive any proceeds from the sale of shares of its common stock by selling stockholders. The Company recorded the transaction within common stock and additional paid-in capital in the consolidated balance sheets as of December 31, 2025. All preferred stock was converted to common stock upon the completion of the IPO. On June 25, 2025, the underwriters fully exercised their option to purchase an additional 3.6 million shares of common stock from certain selling stockholders of the Company. The purchase of the additional shares brought the gross proceeds from the IPO to $469.2 million. The Company did not receive any proceeds from the sale by such selling stockholders of the additional shares. Stock Repurchase Program On August 26, 2025, the Company's Board of Directors ("Board") authorized the 2025 Stock Repurchase Program ("repurchase program"), which allows the Company to repurchase, from time to time, up to $75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. On November 4, 2025, the Board authorized an increase to the repurchase program to purchase an additional $45.0 million of common stock. The Company has repurchased 2,627,532 shares of common stock for $40.0 million as of December 31, 2025. Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board. Assumed Business From time to time, the Company may participate in a “take-out program” through which the Company assumes insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the state’s risk exposure by encouraging private companies to assume policies from Citizens. During 2025, the Company was approved by the Florida Department of Financial Services, Office of Insurance Regulation (“FLOIR”) to assume a total of 457,150 policies. The approval date noted is based on actual takeout date and not the date the Company received approval to participate from the FLOIR. The Company assumed approximately 191,850 policies, representing $595.0 million in annualized gross premiums. During 2024, the Company was approved by the FLOIR to assume a total of 275,600 policies from Citizens. In 2024, approximately 136,000 policies were assumed from Citizens, representing approximately $484.1 million in annualized gross written premiums related to these transactions. Basis of Presentation The consolidated financial statements include the accounts of SIH and its wholly-owned subsidiaries, as well as variable interest entities (“VIE) in which the Company is determined to be the primary beneficiary, and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which, for SIC, may vary in some respects from statutory accounting principles, which are prescribed or permitted by the FLOIR. All intercompany accounts and transactions have been eliminated in consolidation. The significant accounting policies followed by the Company are summarized below. Adoption of New Accounting Standard In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01 Leases (Topic 842): Common Control Arrangements. For public entities, this update amends the required amortization period for leasehold improvements associated with common control leases to be over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the asset through a lease. In addition, if the lessor is sub-leasing the asset while simultaneously leasing the asset from an entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group. Once the lessee no longer controls the use of the asset, the asset will be accounted for as a transfer between entities under common control through an adjustment to equity. ASU 2023-01 was adopted by the Company effective January 1, 2024 and did not have a material impact on its financial position. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosures by requiring public entities to report income tax expense disaggregated by federal, state and foreign taxes, with further detail on specific jurisdictions over a quantitative threshold. In addition, public entities must also separately disclose reconciling items equal to or greater than five percent of pretax income from operations by the applicable federal statutory rate. ASU 2023-09 is effective for all public entities for fiscal years beginning after December 15, 2024. ASU 2023-09 was adopted by the Company effective December 31, 2025 and applied the disclosure requirements retroactively. See Note 10 Income Taxes in the accompanying notes to the consolidated financial statements for further details. Consolidation Policy The Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and VIEs in which the Company is determined to be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued, and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision-making ability and its ability to influence activities that significantly affect the economic performance of the VIE. Allowance for Credit Losses Allowance for credit losses represents an estimation of potential losses that the Company may experience due to credit risk. The allowance for credit losses account is a contra account of a financial asset to reflect the net amount expected to be collected. Any increase or decrease in the allowance for credit losses related to investments is recognized and reflected as credit losses on investments in the Company’s consolidated statement of income. For all other financial assets, credit loss expense is included in other operating expenses. When the risk of credit loss becomes certain, the allowance for credit losses account will be written off against the financial asset. Under the CECL model, the Company measures all expected credit losses related to relevant financial assets based on historical experience, current conditions, and reasonable and supportable forecasts which incorporate forward-looking information. The Company primarily uses a discounted cash flow method and a rating-based method in estimating credit losses at a reporting date for financial assets under the scope of the CECL model. The discounted cash flow method is a valuation method used to estimate the value of a financial asset based on its future cash flows. The Company uses this method to determine the expected credit losses for available-for-sale fixed-maturity securities. In addition, the Company elected not to measure an allowance for credit losses for accrued interest receivable as any uncollectible amount is adjusted to interest income on a monthly basis. As of December 31, 2025, the exposure to credit losses for certain financial assets related to non-insurance business is considered immaterial to the Company’s financial position. For certain financial assets related to insurance business such as reinsurance recoverable and reinsurance receivable for premium refund, the Company uses a rating-based method, which is a modified version of the probability of default method. It requires two key inputs: a) the liquidation rate and b) the amount of loss exposure. The liquidation rate, which is published annually, is the ratio of impaired insurance companies that were eventually liquidated to the group of insurance companies considered by A.M. Best in its study. The amount of loss exposure represents the future billing balance, net of any collateral, spread over the projected periods that are based on the Company’s historical claim payment pattern. The rating-based method measures credit losses by multiplying the future billings grouped by insurance rating over the projected periods by their corresponding liquidation rates by insurance rating. On paid losses reinsurance recoverable which is due within 90 days after billing, the Company will rely heavily on each reinsurer’s credit rating, recent financial condition, and historical collection problems, if any, in determining the expected credit loss. For risk attributable to disagreements between an insurer and reinsurer regarding a difference in interpretation of provisions in a reinsurance agreement (“dispute risk”), the Company will continue to use an incurred loss method to estimate losses. At December 31, 2025, there was no dispute risk associated with the reinsurance recoverable balance. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits, and investments with maturities of three months or less from the date of acquisition. Outstanding checks issued in excess of bank balances (“book overdrafts”) if any are reported as a liability and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. However, in the event of a failure of the financial institution, there is a chance we may be unable to access such funds and may incur a loss to the extent such balance exceeds the FDIC insurance limits, which could have a negative impact on our liquidity and financial condition. Restricted Cash Restricted cash represents funds in the Company’s sole ownership held by certain states in which the Company’s insurance subsidiary conducts business to meet regulatory requirements and which are not available for immediate business use. Restricted cash also includes funds held in trust by the VIE where the Company is the primary beneficiary. Fixed-Maturity Securities Available-for-Sale All of the Company’s fixed-maturity securities are classified as available-for-sale and are carried at estimated fair value. Changes in unrealized gains and losses, net of taxes, are charged or credited to accumulated other comprehensive income in shareholders’ equity. Amortization of premiums and discounts on investments in fixed-maturity securities are reflected in earnings over the contractual terms of the investments in a manner that produces a constant effective yield. Realized gains and losses on the sale of investments are recognized in the consolidated statement of operations using the specific identification basis. Other Investments Other investments consists of preferred interest limited partnership agreements carried at amortized cost, which approximates fair value. Impairment losses on other investments are recognized in the Consolidated Statements of Operations in the period when evidence indicates a decrease in the value of the investment has occurred that is other than temporary. Premiums Receivable Premiums receivable are uncollateralized policyholder obligations due under normal policy terms, requiring payment within a specified period from the invoice date and are reflected net of allowances in the accompanying Consolidated Balance Sheets. As of December 31, 2025 and 2024, allowances for uncollectible premiums were $3,294 and $2,295, respectively. The increase in allowances for uncollectible premiums during 2024 resulted in a $45 decrease in unearned premiums during the year ended December 31, 2025. Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization, which is included in the Statement of Operations in Other operating expenses. Depreciation is calculated on a straight-line basis over the estimated useful lives. Replacements and maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. The Company capitalizes external costs for internally developed software during the application development stage. During the preliminary project and post-implementation stage, internal-use software development costs are expensed as incurred. Capitalized software costs are depreciated on a straight-line basis over the estimated useful life of three to seven years. Deferred Policy Acquisition Costs The Company incurs policy acquisition costs that vary with, and are directly related to, the production of new business. Policy acquisition costs consist of commissions paid to outside agents at the time of policy issuance and premium taxes. The Company capitalizes policy acquisition costs to the extent recoverable, then the Company amortizes those costs over the contract period of the related policies. Goodwill The Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment Accounting Standards Codification (“ASC”) 350, which changed the guidance on goodwill impairment. Under the guidance, the qualitative assessment of the recoverability of goodwill remains the same, but the second step of the two-step quantitative test, which required calculation of the implied fair value of goodwill, has been eliminated. Instead, an impairment charge is recognized when the carrying value of a reporting unit exceeds its fair value. Any excess of carrying value over fair value is written down as an impairment. This evaluation is performed annually, on May 1 or more frequently if facts and circumstances warrant. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the fair value. The Company has completed the analysis and determined there was no impairment of goodwill as of December 31, 2025 or 2024. Intangible Assets The Company reviews Intangibles for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. If an intangible is considered to have a definite life, such as renewal rights of policies, then the value of the intangible is amortized over the expected life. The Company has completed the analysis as of December 31 and ascertained if any facts or circumstances would indicate impairment through the end of the year and concluded there was no impairment of Intangibles as of December 31, 2025 or 2024. Loss and Loss Adjustment Expense Reserves Loss and loss adjustment expenses (“LAE”) reserves are determined by establishing liabilities in amounts estimated to cover incurred losses and LAE. Such reserves are determined based on the assessment of claims reported and the development of pending claims. These reserves are based on individual case estimates for the reported losses and LAE and estimates of such amounts that are incurred but not reported. Changes in the estimated liability are charged or credited to income as the losses and LAE are settled. Salvage and subrogation are deducted from the reserve for claims and claims expense on a cash basis. The estimates of unpaid loss and LAE are subject to trends in claim severity and frequency and are continually reviewed. As part of the process, the Company reviews historical data and considers various factors, including known and anticipated regulatory and legal developments, changes in social attitudes, inflation and economic conditions. As experience develops and other data becomes available, these estimates are revised, as required, resulting in increases or decreases to the existing unpaid loss and LAE reserves. Adjustments are reflected in the Consolidated Statement of Operations in the period in which they are made and the liabilities may deviate substantially from prior estimates. Loss and LAE reserves ceded to or recovered from reinsurers are recorded as a reduction to loss and LAE reserves on the Consolidated Statements of Operations. These liabilities have been stated gross of reinsurance amounts recoverable from other insurance companies, and have been reduced by $0.0 for estimated salvage and subrogation recoverables at December 31, 2025 and 2024. Advance Premiums Premium payments received prior to the policy effective date are recorded as Advance premiums. Once the policy is in force, the premiums are recorded as described under “Revenue Recognition” below. Leases The Company leases office equipment and office space from non-affiliates under terms ranging from one month up to eight years. In assessing whether a contract is or contains a lease, the Company first determines whether there is an identified asset in the contract. The Company then determines whether the contract conveys the right to obtain substantially all of the economic benefits from use of the identified asset or the right to direct the use of the identified asset. The Company elects not to record any lease with a term of 12 months or less on the consolidated balance sheet. For such short-term leases, the Company recognizes the lease payments in expense on a straight-line basis over the lease term. If the contract is or contains a lease and the Company has the right to control the use of the identified asset, the right-of-use (“ROU”) asset and the lease liability is measured from the lease component of the contract and recognized on the consolidated balance sheet. In measuring the lease liability, the Company uses its incremental borrowing rate for a loan secured by a similar asset that has a term similar to the lease term to discount the lease payments. The contract is further evaluated to determine the classification of the lease as to whether it is finance or operating. If the lease is a finance lease, the ROU asset is depreciated to depreciation expense over the shorter of the useful life of the asset or the lease term. Interest expense is recorded in connection with the lease liability using the effective interest method. If the lease is an operating lease, the ROU asset is amortized to lease expense on a straight-line basis over the lease term. For the presentation of finance leases on the Company’s consolidated balance sheets, ROU assets and corresponding lease liabilities are included with property and equipment, net, and long-term debt, respectively. For the presentation of operating leases on the Company’s Consolidated Balance Sheets, ROU assets are presented as right-of-use assets – operating leases and corresponding lease liabilities are reflected as lease liabilities – operating leases. Interest rate swap The Company accounts for swaps as either assets or liabilities and carries them at fair value. Interest rate swaps are adjusted to fair value by charges or credits in the Consolidated Statements of Operations and included as a component of interest expense. Long-term debt Long-term debt includes debt instruments. A debt instrument is generally classified as a liability and carried at amortized cost, net of any issuance costs. Debt issuance costs are capitalized and amortized to interest expense over the expected life of the debt instrument using the straight-line method. Common and Preferred Stock Warrants For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition provisions of GAAP which require the measurement and recognition of compensation for all stock-based awards made to employees, non-employee directors (see Note 23 – “Stock-Based Compensation”), and third-party award recipients based on estimated fair values. In accordance with GAAP, the fair value of stock-based awards granted to employees and non-employee directors is generally recognized as compensation expense over the requisite service period, which is defined as the period during which a recipient is required to provide service in exchange for an award. Forfeitures of the Company’s stock-based awards are accounted for on a total future estimated basis. The Company uses a straight-line attribution method for all awards that include only a service-based vesting condition. The Company recognizes expense from performance-based conditions when the events to recognize the performance condition is probable. Compensation expense related to all awards granted to employees and non-employee directors is included in General and administrative expenses in the Consolidated Statement of Operations. The Company receives a windfall tax benefit for certain stock option exercises if these options vest at a higher value than the value used to recognize compensation expense. In the event the stock-based awards vest at a lower value than the value used to recognize compensation expense, the Company experiences a tax shortfall. The Company recognizes tax windfalls and shortfalls in the Consolidated Statement of Operations. Basic and Diluted Earnings Per Share Basic net earnings per share is computed by dividing Net income by the weighted average number of common shares outstanding during the reporting period. Diluted net earnings per share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the reported period. Common equivalent shares include incremental shares from diluted vested and unvested shares of common stock-based awards, convertible preferred stock and preferred share warrants outstanding during the period based on the “if converted” method under the guidance of ASU 2020-06. During loss periods, common stock equivalents such as stock options and convertible debt are excluded from the calculation of diluted loss per share, as the inclusion would have an anti-dilutive effect. Insurance Guaranty Association Assessments The Company’s insurance subsidiaries may be assessed by state associations such as the Florida Insurance Guaranty Association. The assessments are intended to be used for the payment of covered claims of insolvent insurance entities. The assessments are generally based on a percentage of premiums written during or following the year of insolvency. Liabilities are recognized when the assessments are probable to be imposed on the premiums on which they are expected to be based and the amounts can be reasonably estimated. An insurer is generally permitted to recover the entire amount of assessments from in-force and future policyholders through policy surcharges. GAAP provides that the Company should record an asset based on the amount of written or obligated-to-write premiums and limited to the amounts recoverable over the life of the in-force policies. Income Taxes The Company files consolidated federal and state income tax returns and allocates taxes among its subsidiaries in accordance with a written tax-allocation agreement. The Company accounts for income taxes in accordance with GAAP, resulting in two components of income tax expense and benefit: current and deferred. Current income tax expense and benefit reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense and benefit results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than fifty percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of both positive and negative evidence available including recent operating results, available tax planning strategies, and projected future taxable income, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Revenue Recognition Direct and assumed premiums written are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Unearned premium liabilities are established for the unexpired portion of premiums written or assumed. Such unearned premiums are computed on a daily pro rata method for direct and assumed business. At each reporting date, the Company determines whether it has a premium deficiency. A premium deficiency would result if the sum of the Company’s expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded the Company’s related unearned premiums plus investment income. Should the Company determine that a premium deficiency exists, the Company would write off the unrecoverable portion of Deferred policy acquisition cost. At December 31, 2025 and 2024, the Company has recorded no premium deficiency reserve. The Company considered the Citizens assumed policies as reinsurance accounting as indicated by the ASC 944-20-20 definition of reinsurance includes “assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity’s liability to the policyholder”. Further, guidance at ASC 944-20-15-37a. indicates reinsurance accounting applies to any “transaction... whose individual terms indemnify an insurer against loss or liability relating to insurance risk. That is, all contracts, including contracts that may not be structured or described as reinsurance, shall be accounted for as reinsurance if those conditions are met.” The Citizens policies assumed and the policies acquired from St. Johns Insurance Company in 2022 and United Property Casualty Company in 2023 are short-duration contracts under ASC 944 as the original and remaining policy periods are one year or less. The Company meets the conditions of ASC 944-20-15-41 as it completely assumes the insurance risk of the policy going forward with the policyholder, and as such the Company has risk of significant loss as it has assumed all aspects of the policy going forward. ASC 944 is generally silent on the accounting for an assumed reinsurance contract. ASC 944-20-05-3 simply notes: “Four methods of premium revenue and contract liability recognition for insurance contracts have developed: short-duration contract accounting and three methods of long duration contract accounting.... Generally, the four methods reflect the nature of the insurance entity’s obligations and policyholder rights under the provisions of the contract.” The Company views assuming insurance risk from another insurer or from non-insurers is economically the same and thus would follow the same short-duration contract accounting as its direct written premiums. The Company accounts for the unearned premium pro rata over the remaining policy period similar to direct written premiums. The Company believes its treatment is reasonable based on analogy to the following guidance: • ASC 944-30-35-52 provides the following for contract modifications: “Similar to traditional long-duration contracts as discussed beginning in paragraph 944-30-35-46 a revision to a short-duration contract is viewed as a prospective revision with future recognition of unearned premium and amortization of unamortized deferred acquisition costs adjusted, accordingly, on a prospective basis.” This is consistent with the Company’s accounting for the Citizens assumed premiums, noting there are no deferred acquisition costs or payments by the Company to Citizens to amortize. • ASC 944-30-35-53 similarly provides: “Consistent with the guidance in paragraphs 944-30-35-1A and 944-605-25-1, unearned premium is recognized as revenue over the period of the contract in proportion to the amount of insurance protection provided, amortization of deferred acquisition costs continues to be recognized in proportion to the premium recognized.” • ASC 944-605-35-8 for ceding entities provides: “Prepaid reinsurance premiums recognized under paragraph 944-605-25-20 shall be amortized over the remaining contract period in proportion to the amount of insurance protection provided.” The Company believes it is reasonable that as the assuming entity, it would similarly recognize the unearned premiums assumed in a similar manner. Policy Fees Policy fees, which represents fees paid by policyholders to the MGA on all new and renewal insurance policies, are generally recognized as income upon policy inception in accordance with ASC 606, which coincides with the completion of our service obligation of issuing the policy. Reinsurance In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events by reinsuring certain levels of risk in various areas of exposure with other insurance enterprises or reinsurers. The Company contracts with a number of reinsurers to secure its annual reinsurance coverage, which generally becomes effective June 1st of each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. Amounts recoverable from reinsurers are estimated in a manner consistent with the applicable reinsurance contract or contracts. Premiums ceded to other companies are reported as a reduction of Gross premiums earned to arrive at Net premiums earned. Prepaid reinsurance premiums represent the unexpired portion of premiums ceded to reinsurers. The Company may recover reinsurance in advance of paying direct losses. The Company may recover reinsurance in advance of paying direct losses. The Company reports these advance amounts as advanced recoveries on reinsurance. Risks and Uncertainties The Company primarily writes homeowners coverage in the state of Florida. The Company’s business could be impacted by negative effects of economic and political forces in Florida, continuing price pressure on new and renewal business, the ability to effectively manage expenses, market competition, and federal and state legislation or governmental regulations of insurance companies. Also, SIC is subject to regulatory requirements, as discussed in Note 17, Regulatory Matters. The Company insures an area that is exposed to damage from, among other events, hurricanes, wind, tornadoes, hail, sinkholes, and severe thunderstorms. The Company attempts to mitigate its exposure to losses from storms by avoiding geographic concentrations of policies and by purchasing catastrophe reinsurance coverage, further discussed in Note 11, Reinsurance. However, a severe storm, depending on its path and intensity, could result in losses to the Company exceeding its reinsurance protection, and could have a material adverse effect on the consolidated financial position and results of operations of the Company. There are a number of risks and uncertainties inherent in the process of monitoring impairments relating to invested assets, and determining if an underlying credit event either has or could happen in the future. These risks and uncertainties include the risk that the economic outlook will be worse than expected or have more of an impact on the issuer than anticipated, the risk that the Company’s assessment of an issuer’s ability to meet all of its contractual obligations will change based on changes in the characteristics of that issuer, the risk that information obtained by the Company or changes in other facts and circumstances lead management to change its intent to hold the security to maturity or until it recovers in value, and the risk that management is making decisions based on misstated information in the consolidated financial statements provided by issuers. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Segment Information The insurance segment derives revenues from direct and assumed premiums written which revenues are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Revenue is earned from policies from homeowners, which are annual policies. The accounting policies of the insurance segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) assesses performance for the insurance segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income and EBITDA. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income and EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the insurance segment or into other parts of the entity, such as for acquisitions. The significant expenses reviewed by the CODM, which are used to assess performance of the Company, are not disaggregated at a level lower than the captions disclosed within the Consolidated Statement of Operations. Net income is used to monitor budget versus actual results. The CODM also uses net income and EBITDA in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company has one reportable segment: insurance. The insurance segment provides residential homeowners insurance. The Company derives all revenue in the United States of America and manages the business activities on a consolidated basis. The Company’s CODM is the Chief Executive Officer. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The update modifies the accounting for internal-use software development costs by eliminating the stage-based model and establishing new capitalization criteria that apply once a project is authorized, funded, and it is probable the software will be completed and used as intended. The new guidance also introduces the concept of significant development uncertainty to help entities determine the appropriate timing of capitalization and integrates prior website development guidance into Accounting Standards Codification (“ASC”) 350-40. The update is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this guidance and does not expect the adoption to have a material effect on its financial position or results of operations. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. The Company does not believe any of these accounting pronouncements have or will have a material impact on its consolidated financial statements.

Goodwill and Intangible Assets - Schedule of Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 99
Total	$ 99	$ 7,692

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Feb. 27, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001886428
Document Transition Report	false
Entity File Number	001-42707
Entity Registrant Name	Slide Insurance Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1554861
Entity Address, Address Line One	4221 W. Boy Scout Blvd.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	813
Local Phone Number	748-2030
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SLDE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Ex Transition Period	false
Entity Public Float			$ 1,568,646,159
Entity Common Stock, Shares Outstanding		124,319,406
Entity Shell Company	false
Documents Incorporated by Reference [Text Block]	Portions of the Registrant’s definitive proxy statement for its 2026 annual meeting of stockholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2025, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheets of Slide Insurance Holdings, Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in shareholders’ equity, and cash flows, for each of the years in the two-year period ended December 31, 2025, and the related notes to consolidated financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Auditor Firm ID	686
Auditor Location	Charlotte, North Carolina
Auditor Name	Forvis Mazars, LLP

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
EDP equipment and software	$ 19,306	$ 16,449
Less accumulated depreciation and amortization	7,721	2,871
Property, Plant and Equipment, Net, Total	$ 11,585	$ 13,578

Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Components of Other Comprehensive Income or Loss

The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows:


	Year ended December 31, 2025
	Before Tax		Income Tax Effect		Net of Tax
Net unrealized losses	$	9,217	$	2,337	$	6,880
Total other comprehensive loss	$	9,217	$	2,337	$	6,880


	Year ended December 31, 2024
	Before Tax			Income Tax Effect			Net of Tax
Net unrealized gains	$	(3,091	)	$	(784	)	$	(2,307	)
Total other comprehensive income	$	(3,091	)	$	(784	)	$	(2,307	)

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 29,229	$ 29,229
Accumulated Amortization	(29,130)	(21,537)
Net Carrying Value	99	7,692
Renewal Rights - SJIG Target LLC
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	25,000	25,000
Accumulated Amortization	(25,000)	(18,478)
Net Carrying Value	$ 0	$ 6,522
Useful Life	46 months	46 months
Data - Company 2
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 732	$ 732
Accumulated Amortization	(732)	(732)
Net Carrying Value	$ 0	$ 0
Useful Life	3 years	3 years
Renewal Rights - Clegg
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,118	$ 1,118
Accumulated Amortization	(1,019)	(740)
Net Carrying Value	$ 99	$ 378
Useful Life	4 years	4 years	4 years
Data - Company 1
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,379	$ 2,379
Accumulated Amortization	(2,379)	(1,587)
Net Carrying Value	$ 0	$ 792
Useful Life	3 years	3 years

- Definition

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.

+ References

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+ Details

Revolving Credit Facility (Additional Information) (Details) - USD ($)	Jun. 25, 2024	Dec. 31, 2025	Mar. 20, 2025
Delayed Draw Term Loan (DDTL) [Member]
Line of Credit Facility [Line Items]
Borrowing capacity		$ 125,000,000
Borrowings outstanding		0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing capacity		45,000,000
Borrowings outstanding		$ 0
Revolving Credit Facility [Member] \| Regions Bank [Member]
Line of Credit Facility [Line Items]
Borrowing capacity	$ 10,000,000
Expiration date	Jun. 25, 2029
Amended borrowing capacity			$ 45,000,000
Principal amount	$ 40,000,000
Unused line fee rate	0.50%
Revolving Credit Facility [Member] \| Delayed Draw Term Loan (DDTL) [Member] \| Regions Bank [Member]
Line of Credit Facility [Line Items]
Principal amount	$ 125,000,000

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Carried at Estimated Fair Value Measured on a Recurring Basis

The following tables present by level the financial assets carried at estimated fair value measured on a recurring basis as of December 31. The tables do not include assets which are measured at historical cost or any basis other than estimated fair value.


	December 31, 2025
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,201,210	$	1,201,210	$	—	$	—	$	1,201,210
Restricted cash		786		786		—		—	$	786
Restricted cash - variable interest entity		480,972		480,972		—		—	$	480,972
Fixed-maturity securities		580,122		317,620		272,100		—	$	589,720
	$	2,263,090	$	2,000,588	$	272,100	$	—	$	2,272,688
Liabilities:
Interest rate swap	$	62	$	—	$	—	$	62	$	62


	December 31, 2024
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	493,409	$	493,409	$	—	$	—	$	493,409
Restricted cash		631		631		—		—		631
Restricted cash - variable interest entity		295,802		295,802		—		—		295,802
Fixed-maturity securities		464,585		323,749		141,217		—		464,966
	$	1,254,427	$	1,113,591	$	141,217	$	—	$	1,254,808
Liabilities:
Interest rate swap	$	117	$	—	$	—	$	117	$	117

Schedule of Long-Term Debt and Methods and Estimating Fair Values

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:


	Maturity Date	Valuation Methodology
Promissory Notes, 0.00%	2027	Discounted cash flow method, Level 3 inputs
Commercial Loan, variable rate of interest	2029	Discounted cash flow method, Level 3 inputs

Schedule of Fair Value Information for Liabilities Carried Balance Sheets

The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of December 31, 2025 and 2024:


	Fair Value Measurements Using
As of December 31, 2025	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	2,500		$	—	$	—	$	2,775		$	2,775
Commercial Loan		34,000			—		—		30,088			30,088
Less: unamortized issuance costs		(2,813	)		—		—		(2,813	)		(2,813	)
	$	33,687		$	—	$	—	$	30,050		$	30,050


	Fair Value Measurements Using
As of December 31, 2024	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	4,500		$	—	$	—	$	3,992		$	3,992
Commercial Loan		38,000			—		—		37,192			37,192
Less: unamortized issuance costs		(3,310	)		—		—		(3,310	)		(3,310	)
	$	39,190		$	—	$	—	$	37,874		$	37,874

Stock-based Compensation - Summary of Activity of Unvested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Beginning of year \| shares	2,127	0
Granted \| shares	119	2,127
Vested \| shares	1,005	0
Forfeited or expired \| shares	143	0
Nonvested, Ending of year \| shares	1,098	2,127
Nonvested, beginning of year \| Weighted Average Exercise Price	$ 10.64	$ 0
Granted \| Weighted Average Exercise Price	16.73	10.64
Vested \| Weighted Average Exercise Price	10.64	0
Forfeited or expired \| Weighted Average Exercise Price	10.64	0
Nonvested, Ending of year \| Weighted Average Exercise Price	$ 11.28	$ 10.64

Fair Value of Financial Assets and Liabilities - Long-Term debt and Methods (Parenthetical) (Details)	Dec. 31, 2025
0.00%, Promissory Notes
Debt Instrument [Line Items]
Promissory notes	0.00%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Basic and Diluted Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share (shares reported in thousands)


	2025		2024
Basic earnings per share:
Net income attributable to common stockholders	$	443,958	$	201,125
Weighted average shares outstanding		93,373		56,224
Basic earnings per share	$	4.75	$	3.58
Diluted earnings per share:
Net income attributable to common stockholders	$	443,958	$	201,125
Weighted average shares outstanding		93,373		56,224
Add effect of dilutive securities
Impact of convertible preferred stock		23,646		50,961
Impact of vested and unvested common stock options		1,843		13,375
Impact of RSU awards		13,096		87
Impact of convertible preferred stock warrants		—		490
Diluted weighted average common shares outstanding		131,958		121,137
Diluted earnings per share	$	3.36	$	1.66

The Company had 0 anti-dilutive shares for the years ended December 31, 2025 and 2024, respectively.

Loss and Loss Adjustment Expenses - Summary of Activity related to the loss and LAE reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Balances, beginning of period	$ 595,487	$ 249,567
Less reinsurance recoverables	341,051	105,092
Beginning balance	254,436	144,475
Incurred related to:
Current year	317,310	362,262
Prior years	(81,848)	(22,969)
Total incurred	235,462	339,293
Paid related to:
Paid related Current year	113,853	168,990
Paid related to Prior years	82,458	60,342
Total paid	196,311	229,332
Ending balance	293,587	254,436
Plus reinsurance recoverables	146,128	341,051
Balances at December 31	$ 439,715	$ 595,487

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Valuation Hierarchy

The FASB established a valuation hierarchy for disclosure of the inputs used to measure estimated fair value. This hierarchy categorizes the inputs into three broad levels as follows:

•

Level 1 inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2 inputs to the valuation methodology are quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

•

Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the entity’s assumptions about the assumptions that market participants would use in pricing the asset or liability.


	December 31, 2025
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,201,210	$	1,201,210	$	—	$	—	$	1,201,210
Restricted cash		786		786		—		—	$	786
Restricted cash - variable interest entity		480,972		480,972		—		—	$	480,972
Fixed-maturity securities		580,122		317,620		272,100		—	$	589,720
	$	2,263,090	$	2,000,588	$	272,100	$	—	$	2,272,688
Liabilities:
Interest rate swap	$	62	$	—	$	—	$	62	$	62


	December 31, 2024
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	493,409	$	493,409	$	—	$	—	$	493,409
Restricted cash		631		631		—		—		631
Restricted cash - variable interest entity		295,802		295,802		—		—		295,802
Fixed-maturity securities		464,585		323,749		141,217		—		464,966
	$	1,254,427	$	1,113,591	$	141,217	$	—	$	1,254,808
Liabilities:
Interest rate swap	$	117	$	—	$	—	$	117	$	117

A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the estimated fair value measurement; consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level within which any significant input falls.

The Level 1 category includes cash and cash equivalents, restricted cash, money market securities, certificates of deposit, U.S. treasury bonds, and corporate bonds.

The Level 2 category generally includes municipal bonds and asset-backed securities. The estimated fair value of fixed-maturity investments included in the Level 2 category was based on the market values obtained from pricing services.

When observable inputs are not available, the market standard valuation methodologies for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market, or which cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference or market activity. Generally, these investments are classified as Level 3.

Other Financial Instruments

The Company uses various financial instruments in the normal course of its business. In the measurement of the estimated fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, excluded from the scope of financial instruments are certain financial instruments, including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.

In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:

Cash and Cash equivalents

The carrying amount is a reasonable estimate of fair value, due to the short-term maturity of these investments. These assets are considered to be Level 1 assets.

Restricted cash

Restricted cash represents cash held by state authorities and the carrying value approximates fair value. Restricted cash also includes cash held in trust by the VIE where the Company is the primary beneficiary and the carrying value approximates fair value.

Fixed-Maturity Securities

Fixed-Maturity securities represent investments held at fair value in U.S. government and agencies, municipalities and political subdivisions, corporate bonds, states, and asset-backed securities. U.S. government and agencies bonds and corporate bonds are considered to be Level 1 assets due to readily available pricing. Municipalities and political subdivisions, corporate bonds, states, and asset-backed securities are considered to be Level 2 assets due to valuations based on observable inputs.

Long-Term Debt

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:


	Maturity Date	Valuation Methodology
Promissory Notes, 0.00%	2027	Discounted cash flow method, Level 3 inputs
Commercial Loan, variable rate of interest	2029	Discounted cash flow method, Level 3 inputs

The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of December 31, 2025 and 2024:


	Fair Value Measurements Using
As of December 31, 2025	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	2,500		$	—	$	—	$	2,775		$	2,775
Commercial Loan		34,000			—		—		30,088			30,088
Less: unamortized issuance costs		(2,813	)		—		—		(2,813	)		(2,813	)
	$	33,687		$	—	$	—	$	30,050		$	30,050


	Fair Value Measurements Using
As of December 31, 2024	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	4,500		$	—	$	—	$	3,992		$	3,992
Commercial Loan		38,000			—		—		37,192			37,192
Less: unamortized issuance costs		(3,310	)		—		—		(3,310	)		(3,310	)
	$	39,190		$	—	$	—	$	37,874		$	37,874

- Definition

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.

+ References

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+ Details

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. We rely on digital technology to conduct our businesses and interact with customers, policyholders, agents, and vendors. With this reliance on technology comes the associated security risks from using today’s communication technology and networks. Risk Management and Strategy The goal of our cybersecurity risk management strategy is to protect the privacy, integrity, and availability of our critical systems and information. Our processes identify, assess, and manage material risk from cybersecurity threats as part of our entity-wide risk management efforts. To safeguard our data and the data of our customers, management utilizes a multi-layered approach consisting first of an external security operations center company that specializes in the detection and containment of cyber-attacks. For protection of endpoint devices connected to our network, we use the tailored security software of a third-party consultant company for managed detection and response. Perimeter defense technology is used to filter e-mail for threats from malware viruses and e-mail phishing attempts. We also detect threats through the use of our firewalls that monitor incoming and outgoing network traffic. Tools utilized to prevent threats include multifactor authentication, e-mail security services, mobile e-mail security policies, virtual private networks, third-party security experts, and timely applied software patches, among others. We engage in annual penetration testing, disaster recovery testing, internal and external audits of our cybersecurity controls and simulated cyberattack scenarios to gauge our preparedness for these situations. In addition, employees are required to pass a mandatory cybersecurity training course annually and receive periodic phishing simulations to facilitate recognizing phishing attempts. We carry cyber insurance which provides us access to relevant security expertise. Management of cybersecurity also extends to third-party service providers we use for specialized purposes such as payroll processing, investment tracking, regulatory financial reporting, and equity compensation plan administration. Our communication with these providers is protected by the safeguards within our security operation center. We respond to cybersecurity events in accordance with our Slide Incident Response Plan (IRP), which defines procedures for incident logging, assessment, investigation, response, mitigation, and required regulatory reporting to minimize business impact. This follows the guidance of the National Institute of Standards and Technology Cybersecurity Framework and provides for assessment, mitigation, and if necessary, remediation of any effects of a system breach. We also conduct annual breach simulations with internal information technology teams to test each step of our IRP. There have been no cybersecurity incidents in the past that have materially affected the Company’s business strategy, results of operations, or financial condition. Although we believe our defenses against cyber-intrusions are sufficient, we continue to update our prevention programs to respond to sophisticated and rapidly evolving attempts to overcome our security measures. Such continuing threats could have a variety of adverse business impacts. See Item 1A – “Risk Factors” above for additional information on risks to our business from cybersecurity incidents and related matters. Governance Cybersecurity is a critical component of our overall risk management process. Our Board of Directors oversees our cybersecurity efforts as delegated to and performed by senior management which is responsible for the identification and assessment of material risks from cybersecurity incidents. The members of management responsible for managing cybersecurity threats are the Company's Chief Information Officer (“CIO”) and, Chief Information Security Officer (“CISO”). The CIO and CISO have over 20 years of experience in managing information systems including the defense of computer networks against cyber intrusions. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The CISO, in particular, is dedicated to overseeing our multi-layered cybersecurity defenses and leads periodic security meetings. Our Board receives periodic reports from management on cybersecurity risks and any material cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The goal of our cybersecurity risk management strategy is to protect the privacy, integrity, and availability of our critical systems and information. Our processes identify, assess, and manage material risk from cybersecurity threats as part of our entity-wide risk management efforts.
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]	Governance Cybersecurity is a critical component of our overall risk management process. Our Board of Directors oversees our cybersecurity efforts as delegated to and performed by senior management which is responsible for the identification and assessment of material risks from cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors oversees our cybersecurity efforts as delegated to and performed by senior management which is responsible for the identification and assessment of material risks from cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The members of management responsible for managing cybersecurity threats are the Company's Chief Information Officer (“CIO”) and, Chief Information Security Officer (“CISO”). The CIO and CISO have over 20 years of experience in managing information systems including the defense of computer networks against cyber intrusions. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The CISO, in particular, is dedicated to overseeing our multi-layered cybersecurity defenses and leads periodic security meetings.
Cybersecurity Risk Role of Management [Text Block]	The members of management responsible for managing cybersecurity threats are the Company's Chief Information Officer (“CIO”) and, Chief Information Security Officer (“CISO”). The CIO and CISO have over 20 years of experience in managing information systems including the defense of computer networks against cyber intrusions. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The CISO, in particular, is dedicated to overseeing our multi-layered cybersecurity defenses and leads periodic security meetings. Our Board receives periodic reports from management on cybersecurity risks and any material cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The members of management responsible for managing cybersecurity threats are the Company's Chief Information Officer (“CIO”) and, Chief Information Security Officer (“CISO”)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO and CISO have over 20 years of experience in managing information systems including the defense of computer networks against cyber intrusions.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO, in particular, is dedicated to overseeing our multi-layered cybersecurity defenses and leads periodic security meetings.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

13.

Long-Term Debt

On March 31, 2022, in connection with the acquisition of SJIG Target LLC, the Company issued $10 million of 5-year promissory notes at 0% interest to the former owners of SJIG Target LLC.

On May 3, 2023, the Company entered into a $30 million 3-year commercial loan agreement with a commercial bank. The loan is fully collateralized by assets of the Company. The Company may make voluntary prepayments of principal at any time, in whole or in part. Under the terms of the Credit Agreement, borrowings bear interest at an annual rate equal to the one or three month Secured Overnight Financing Rate (“SOFR”) plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on last business day of each quarter. The Credit Agreement contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants. The Company repaid this loan in full in June 2024 when the Company issued new debt.

On May 3, 2023, in connection with the issuance of the credit facility, the Company incurred loan costs of $847. The Company amortizes these costs over the life of the facility using the straight-line method. Amortization of deferred loan costs is included in Interest expense in the Consolidated Statements of Operations.

In June 2023, to mitigate cash flow effects of the $30 million commercial loan discussed above, the Company entered into an interest rate swap contract (the “Swap Contract”) with Regions Bank, as swap counterparty for an original notional amount of $30 million in loan principal that covers the period from June 30, 2023 through March 31, 2026. Under the Swap Transaction, the Company pays interest at a fixed rate of 4.46% and the swap counterparty pays interest on the notional principal portion for any portion of the floating interest rate that is greater than those rates. As of December 31, 2025 and 2024, the Swap Contract

had a fair value of ($62) and ($117), respectively, and is recorded as a liability in the accompanying Consolidated Balance Sheets. The mark-to-market loss of $55 and $179, respectively is recorded in the accompanying Consolidated Statements of Operations for the year ended December 31, 2025 and 2024, as a component of Interest expense in the Consolidated Statements of Operations. For the years ended December 31, 2025 and 2024, interest expense was $3,631 and $3,754, including $497 and $1,042 of amortization of deferred loan costs, respectively.

On June 25, 2024, the Company entered into a $40 million 5-year commercial loan agreement with a commercial bank. The loan is fully collateralized by assets of the Company. The Company may make voluntary prepayments of principal at any time, in whole or in part. Under the terms of the Credit Agreement, borrowings bear interest at an annual rate equal to the one or three month Secured Overnight Financing Rate (“SOFR”) plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Agreement contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants. At December 31, 2025, the Company was in compliance with all covenants.

On June 25, 2024, in connection with the issuance of the credit facility, the Company incurred loan costs and debt discount of $3,692. The Company amortizes these costs over the life of the facility using the interest method. Amortization of deferred loan costs is included in Interest expense in the Consolidated Statements of Operations. In connection with the issuance of the credit facility, the Company refinanced the credit facility that was issued on May 3, 2023, including the remaining term loan balance of $27,750 that was repaid in full. The Company recognized an extinguishment loss within interest expense on the statement of operations of the remaining deferred loan costs associated with the refinanced credit facility totaling $589 in June 2024.


	Issue Date	Interest Rate			Original Principal		Outstanding Principal at December 31, 2025			Outstanding Principal at December 31, 2024
Promissory Notes	3/31/2022		0.00	%	$	10,000	$	2,500		$	4,500
Commercial Loan 4	6/25/2024	Variable				40,000		34,000			38,000
Less: Deferred loan costs and debt discount								(2,813	)		(3,310	)
							$	33,687		$	39,190

The following summarizes future maturities of long-term debt principal as December 31, 2025:


	Promissory Notes		Commercial Term Loan		Total
2026		2,000		4,000		6,000
2027		500		4,000		4,500
2028		—		4,000		4,000
2029		—		22,000		22,000
	$	2,500	$	34,000	$	36,500

Long-Term Debt - Schedule Schedule of Deferred Loan Costs and Debt Discount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Less: Deferred Loan Costs and Debt Discount	$ (2,813)	$ (3,310)
Long-term debt	$ 33,687	39,190
Commercial Loan 4
Debt Instrument [Line Items]
Issue Date	Jun. 25, 2024
Original Principal	$ 40,000
Long-term debt	$ 34,000	38,000	$ 30,000
Promissory Notes
Debt Instrument [Line Items]
Issue Date	Mar. 31, 2022
Interest Rate	0.00%
Original Principal	$ 10,000
Long-term debt	$ 2,500	$ 4,500

- Definition

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.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Basic and Diluted Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Basic earnings per share:
Net income attributable to common stockholders	$ 443,958	$ 201,125
Weighted average shares outstanding (in thousands) - Basic	93,373	56,224
Basic earnings per share	$ 4.75	$ 3.58
Impact of convertible preferred stock	23,646	50,961
Impact of vested and unvested common stock options	1,843	13,375
Impact of RSU awards	13,096	87
Impact of convertible preferred stock warrants	0	490
Weighted average shares outstanding (in thousands) - Diluted	131,958	121,137
Diluted weighted average common shares outstanding	93,373	56,224
Diluted earnings per share	$ 3.36	$ 1.66

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

As of December 31, 2025 and 2024, goodwill was $2,603 and $2,603, respectively.


	2025		2024
Goodwill balance, beginning of year	$	2,603	$	2,603
Goodwill acquired		—		—
Goodwill balance, end of year	$	2,603	$	2,603

Schedule of finite-lived intangible assets

The table below details the finite-lived intangible assets, net as of December 31, 2025 and the indefinite and finite-lived intangible assets for December 31, 2024, respectively:


	For the year ended December 31, 2025
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life
Renewal Rights - SJIG Target LLC	$	25,000	$	(25,000	)	$	—	46 months
Data - Company 2		732		(732	)		—	3 years
Renewal Rights - Clegg		1,118		(1,019	)		99	4 years
Data - Company 1		2,379		(2,379	)		—	3 years
	$	29,229	$	(29,130	)	$	99


	For the year ended December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life
Renewal Rights - SJIG Target LLC	$	25,000	$	(18,478	)	$	6,522	46 months
Data - Company 2		732		(732	)		—	3 years
Renewal Rights - Clegg		1,118		(740	)		378	4 years
Data - Company 1		2,379		(1,587	)		792	3 years
	$	29,229	$	(21,537	)	$	7,692

Schedule of Amortization expense for intangible assets

As of December 31, 2025 and 2024, intangible assets were $99 and $7,692, respectively. Amortization expense for intangible assets after December 31, 2025 is as follows:


	Estimated Amortization
2026		99
	$	99

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Fixed-Maturity Securities Available-For-Sale - Schedule of Major Categories of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income:
Total investment income	$ 67,369	$ 47,989
Investment expenses	952	928
Total Net investment income	66,417	47,061
Available-for-sale fixed-maturity securities
Income:
Total investment income	22,601	19,562
Cash and cash equivalents
Income:
Total investment income	44,328	27,823
Other investments
Income:
Total investment income	$ 440	$ 604

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 443,958	$ 201,125
Other comprehensive income:
Unrealized gains (losses) on securities during the year	9,217	(3,091)
Other comprehensive income (loss), before tax	9,217	(3,091)
Income tax expense (benefit) related to unrealized gains (losses) on investments arising during the year	2,337	(784)
Income tax expense (benefit) on other comprehensive income (loss)	2,337	(784)
Other comprehensive income (loss)	6,880	(2,307)
Comprehensive income	$ 450,838	$ 198,818

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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+ Details

Leases - Summary of Weighted-average lease term and discount rate for our operating lease (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term Operating lease	4 years 3 months 29 days	5 years 3 months 29 days
Weighted-average discount rate Operating lease	5.51%	5.08%

Stock-based Compensation - Summary of Status of The Nonvested Share (Details) - Nonvested Shares [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Beginning of year \| shares	4,268	10,621
Granted \| shares	0	0
Vested \| shares	2,514	5,877
Forfeited or expired \| shares	125	476
Nonvested, Ending of year \| shares	1,629	4,268
Nonvested, beginning of year \| Weighted Average Exercise Price	$ 1.36	$ 1.08
Granted \| Weighted Average Exercise Price	0	0
Vested \| Weighted Average Exercise Price	1.46	0.93
Forfeited or expired \| Weighted Average Exercise Price	0.82	1.36
Nonvested, Ending of year \| Weighted Average Exercise Price	$ 1.3	$ 1.36

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

22.

Shareholders’ Equity

Prior to June 18, 2025, the Company was authorized to issue one class of common stock (par value of $0.01 per share) to its shareholders. The Company had 40.0 million shares of common stock authorized at December 31, 2024, of which 10.2 million shares were issued and outstanding at December 31, 2024, respectively, pre stock split.

The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of December 31, 2025, there were 123.9 million shares of common stock outstanding.

Prior to June 18, 2025, the Company was authorized to issue one class of preferred stock (par value of $0.01 per share) to its shareholders. The Company had 20.0 million shares of preferred stock authorized as of December 31, 2024, of which 9.3 million shares were issued and outstanding at December 31, 2024 pre stock split. All preferred shares had a liquidation preference equal to $13.64 per share and were convertible into shares of common stock at the election of the holder on a one-for-one basis at a price of $13.64 (subject to adjustment if the Company issued shares of common stock at a price less than $13.64). At December 31, 2024, the conversion price remained $13.64 per share. The preferred stock were automatically converted to common stock of the Company in connection with the Company's IPO.

The Company had issued 120,334 preferred stock warrants with a strike price of $0.01 which were all exercised in 2024.

On June 18, 2025, the company completed its IPO in which it issued and sold 24.0 million shares of common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at a par value of $0.01, at a public offering price of $17.00 per share.

In connection with the IPO, the company effectuated an approximately 5.5-for-one stock split of its common stock, preferred stock, vested and unvested stock options and vested and unvested restricted share units. Subsequent to the stock split, and prior to the completion of the IPO, all shares of preferred stock, 9.3 million shares, were converted into common stock at a price of $2.48.

No distributions or dividends were declared or paid during the period ended December 31, 2025 or 2024.

- Definition

The entire disclosure for equity.

+ References

+ Details

Information About Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations Of Credit Risk (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Cash, FDIC Insured Amount	$ 250	$ 250

Fixed-Maturity Securities Available-For-Sale (Tables)

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

Schedule of Estimated Fair Value of Investments in Fixed-Maturity Securities Available-for-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at December 31, are as follows:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	155,600	$	2,011	$	(36	)	$	157,575
States, municipalities and political subdivisions		203,485		3,948		(159	)	$	207,274
Corporate Bonds		171,501		3,689		(183	)	$	175,007
Asset-Backed Securities		49,536		333		(5	)	$	49,864
	$	580,122	$	9,981	$	(383	)	$	589,720


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	166,641	$	418	$	(776	)	$	166,283
U.S. states, territories and possessions		17,344		71		(193	)		17,222
Industrial and miscellaneous		149,104		1,350		(429	)		150,025
Special Revenue		106,681		527		(622	)		106,586
Political subdivisions		23,061		187		(151	)		23,097
Hybrid securities		1,754		—		(1	)		1,753
	$	464,585	$	2,553	$	(2,172	)	$	464,966

Schedule of Amortized Cost and Estimated Fair Value of Investments in Fixed-Maturity Securities

The amortized cost and estimated fair value of investments in fixed-maturity securities at December 31, 2025, by contractual maturity, are shown below.


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
In one year or less	$	48,155	$	48,353	$	56,574	$	56,666
After one year through five years		303,205		309,550		286,584		287,703
After five years through ten years		165,622		168,346		112,702		112,117
After ten years		63,140		63,471		8,725		8,480
	$	580,122	$	589,720	$	464,585	$	464,966

Schedule of Company's Investments Estimated Fair Value and Gross Unrealized Losses

The following tables show the Company’s investments estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025.


	December 31, 2025
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	15,712	$	(28	)	$	1,733	$	(8	)	$	17,445	$	(36	)
States, municipalities and political subdivisions		26,538		(133	)		2,518		(26	)	$	29,056	$	(159	)
Corporate Bonds		38,937		(180	)		1,241		(3	)	$	40,178	$	(183	)
Asset-Backed Securities		2,439		(5	)		—		—		$	2,439	$	(5	)
	$	83,626	$	(346	)	$	5,492	$	(37	)	$	89,118	$	(383	)


	December 31, 2024
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	93,063	$	(729	)	$	2,975	$	(47	)	$	96,038	$	(776	)
U.S. states, territories and possess		9,169		(193	)		502		—			9,671		(193	)
Industrial and miscellaneous		69,745		(389	)		3,417		(40	)		73,162		(429	)
Special revenue		43,829		(604	)		2,693		(17	)		46,522		(621	)
Political subdivisions		4,477		(151	)		503		(1	)		4,980		(152	)
Hybrid securities		1,754		(1	)		—		—			1,754		(1	)
	$	222,037	$	(2,067	)	$	10,090	$	(105	)	$	232,127	$	(2,172	)

Schedule of Major Categories of Net Investment Income

Major categories of net investment income, excluding realized gains, are summarized as follows:


	2025		2024
Income:
Available-for-sale fixed-maturity securities	$	22,601	$	19,562
Cash and short-term investments		44,328		27,823
Other investments		440		604
Total investment income	$	67,369	$	47,989
Investment expenses		952		928
Net investment income	$	66,417	$	47,061

- Definition

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

+ References

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
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-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
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-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
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-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
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-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

+ Details

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$ 2,347	$ 1,766

Income Taxes - Schedule of Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal	$ 50,173	$ 58,156
Foreign	0	0
State and local	32,950	15,811
Total	83,123	73,967
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	63,044	(4,240)
Foreign	0	0
State and local	(886)	(877)
Total Deferred:	62,158	(5,117)
Total	$ 145,281	$ 68,850

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property Plant And Equipment

Property and equipment are summarized as follows:


	2025		2024
EDP equipment and software	$	19,306	$	16,449
Less accumulated depreciation and amortization		7,721		2,871
Property and equipment, net	$	11,585	$	13,578

Stock-based Compensation - Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Deferred tax benefits recognized	$ 2,976	$ 680
Tax benefits realized for vested stock	3,542	1,628
Fair value of vested stock	$ 225,397	$ 112,349

Loss and Loss Adjustment Expenses (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss and Loss Adjustment Expenses [Abstract]
Prior Year Development Changes	$ 81,848	$ 22,968

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 443,958	$ 201,125

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalent [Abstract]
Cash and cash equivalents	$ 1,201,210	$ 493,409
Restricted cash	786	631
Restricted cash - variable interest entity	480,972	295,802
Total	$ 1,682,968	$ 789,842	$ 442,362

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred policy acquisition costs consist of amounts paid for commissions and premium taxes that relate directly to and vary directly with the production of new and renewal business.

The policy acquisition costs that the Company has capitalized and is amortizing over the effective periods of the related policies are as follows for the year ended December 31, 2025 and 2024:


	2025			2024
Beginning balance	$	65,046		$	42,995
Policy acquisition costs deferred		168,057			108,021
Less: Amortization		(139,375	)		(85,970	)
Ending balance	$	93,728		$	65,046

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues:
Gross premiums written	$ 1,795,516	$ 1,333,864
Change in unearned premiums	(304,301)	(236,564)
Gross premiums earned	1,491,215	1,097,300
Ceded premiums earned	(411,687)	(304,861)
Net premiums earned	1,079,528	792,439
Net investment income	66,417	47,061
Policy fees	8,243	6,550
Other income	1,713	764
Total revenue	1,155,901	846,814
Expenses:
Losses and loss adjustment expenses incurred, net	235,462	339,293
Policy acquisition and other underwriting expenses	139,375	85,970
General and administrative expenses	175,750	137,507
Interest expense	3,631	3,754
Depreciation	4,850	2,447
Amortization expense	7,594	7,868
Total expenses	566,662	576,839
Net income before income tax expense	589,239	269,975
Effective income tax rate	145,281	68,850
Net income	$ 443,958	$ 201,125
Weighted average shares outstanding (in thousands) - Basic	93,373	56,224
Weighted average shares outstanding (in thousands) - Diluted	131,958	121,137
Earnings per share - Basic	$ 4.75	$ 3.58
Earnings per share - Diluted	$ 3.36	$ 1.66

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

26.

Subsequent Events

The Company performed an evaluation of subsequent events through February 27, 2026, the date the consolidated financial statements were issued, and determined there were no recognized or unrecognized subsequent events, other than those listed below, that would require an adjustment or additional disclosure in the consolidated financial statements as of December 31, 2025.

On November 20, 2025, the Company was approved to assume approximately 100,000 residential policies from Citizens through its depopulation program across the first half of 2026. The Company assumed approximately 24,000 policies in February 2026. The policies maintained their original expiration date and totaled approximately $58.7 million of assumed premiums written.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Data – Company 1

During the fourth quarter of 2021, the Company entered into a cross-license agreement with an independent third-party insurance company (“Company 1”) whereby the Company would receive historical data, refreshed on a periodic basis, in exchange for a license to use the Company’s proprietary software (once development is complete), common stock, and common stock warrants. The Company recorded deferred revenue of $90 for the promised software license to Company 1. This data is of significant value to the Company in development of its proprietary software. The Company determined a fair value of $2,379 for this data. In March 2023, the Company entered into an amended and restated agreement with Company 1 to sunset the data refresh provisions of the contract. Based on this change in contractual terms, the Company determined that the value of the data was not impaired and that the useful lives of the intangible data asset should be changed from indefinite to three years and began amortization in 2023. Amortization totaled $792 and $795 for 2025 and 2024, respectively.

Data – Company 2

During the fourth quarter of 2021, the Company entered into a cross-license agreement with an independent third-party insurance company (“Company 2”) whereby the Company would receive historical data, refreshed on a periodic basis, in exchange for a license to use the Company’s proprietary software (once development is complete), and common stock warrants. This data is of significant value to the Company in development of its proprietary software. The Company determined a fair value of $821 for this data. During 2022, Company 2 was placed into receivership by the FLOIR and data refreshes were discontinued. As a result, the Company determined the value of the data was not impaired and that the useful lives of the intangible data asset should be changed from indefinite to three years. The Company recorded deferred revenue of $90 in 2021 for the promised software license to Company 2. Due to the receivership and discontinued operations of Company 2 in 2022, the Company has written off deferred revenue of $90 in 2022. As a result of this writeoff, the carrying value of the intangible asset was reduced from $821 to $732. Amortization totaled $0 and $271 for 2025 and 2024, respectively.

Renewal Rights – SJIG Target LLC

In the first quarter of 2022, the Company acquired the renewal rights for over 60,000 policies via the acquisition of SJIG for $25 million. The purchase price included $15 million of cash and $10 million of notes issued to the former owners of SJIG, maturing in 2027. The acquired renewal rights were determined to have a useful life of 46 months, ending December 31, 2025. In 2025 and 2024, amortization of the renewal rights totaled $6,522 and $6,521, respectively.

Renewal Rights – Clegg

During the second quarter of 2022, the Company acquired 100% of the stock and ownership interests of Clegg Insurance Group, Inc. and Clegg Insurance Advisors, LLC (collectively, “Clegg”). The Company acquired renewal rights, initially valued at $1,553, which were estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. The renewal rights were determined to have a useful life of four years. In December of 2023, the Company sold the commercial book of business of Clegg, which resulted in a decrease to the intangible asset of $435. In 2025 and 2024, amortization of the renewal rights totaled $279 and $281, respectively.

Clegg Goodwill

During the second quarter of 2022, the Company acquired 100% of the stock and ownership interests of Clegg. The Company paid cash and other consideration in excess of net assets totaling $2,603. This excess was allocated as Goodwill.

As of December 31, 2025 and 2024, goodwill was $2,603 and $2,603, respectively.


	2025		2024
Goodwill balance, beginning of year	$	2,603	$	2,603
Goodwill acquired		—		—
Goodwill balance, end of year	$	2,603	$	2,603

The table below details the finite-lived intangible assets, net as of December 31, 2025 and the indefinite and finite-lived intangible assets for December 31, 2024, respectively:


	For the year ended December 31, 2025
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life
Renewal Rights - SJIG Target LLC	$	25,000	$	(25,000	)	$	—	46 months
Data - Company 2		732		(732	)		—	3 years
Renewal Rights - Clegg		1,118		(1,019	)		99	4 years
Data - Company 1		2,379		(2,379	)		—	3 years
	$	29,229	$	(29,130	)	$	99


	For the year ended December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life
Renewal Rights - SJIG Target LLC	$	25,000	$	(18,478	)	$	6,522	46 months
Data - Company 2		732		(732	)		—	3 years
Renewal Rights - Clegg		1,118		(740	)		378	4 years
Data - Company 1		2,379		(1,587	)		792	3 years
	$	29,229	$	(21,537	)	$	7,692

As of December 31, 2025 and 2024, intangible assets were $99 and $7,692, respectively. Amortization expense for intangible assets after December 31, 2025 is as follows:


	Estimated Amortization
2026		99
	$	99

Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) and other comprehensive income or loss, which for the Company includes changes in unrealized gains or losses of investments carried at fair value and changes to any credit losses related to these investments. Reclassification adjustments for realized (gains) losses are reflected in net realized investment gains (losses)

on the consolidated statements of income. The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows:


	Year ended December 31, 2025
	Before Tax		Income Tax Effect		Net of Tax
Net unrealized losses	$	9,217	$	2,337	$	6,880
Total other comprehensive loss	$	9,217	$	2,337	$	6,880


	Year ended December 31, 2024
	Before Tax			Income Tax Effect			Net of Tax
Net unrealized gains	$	(3,091	)	$	(784	)	$	(2,307	)
Total other comprehensive income	$	(3,091	)	$	(784	)	$	(2,307	)

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Retirement Plan	20. Retirement Plan The Company’s full-time employees are eligible to participate in the Company’s 401(k) plan. Management of the Company can elect to make discretionary contributions. The Company made discretionary contributions for the benefit of the Company’s employees of $1,129 and $653 for the years ended December 31, 2025, and 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Income Taxes - Schedule of Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

U.S. federal statutory tax rate

$ 123,740

$ 56,944

U.S. federal statutory tax rate Percent

21.00%

State and local income taxes, net of federal income tax effect

^[1]

$ 25,145

$ 11,613

State and local income taxes, net of federal income tax effect Percent

^[1]

4.27%

4.30%

Tax credits, Amount

$ (2,546)

$ 0

Tax credits

(0.43%)

0.00%

Changes in valuation allowances

$ 0

Changes in valuation allowances Percent

0.00%

Nontaxable or nondeductible items

Stock Compensation Expense

$ (5,680)

$ 0

Stock Compensation Expense Percent

(0.97%)

0.00%

162 Amount

$ 2,584

$ 0

162 Percent

0.44%

0.00%

Other

$ 1,114

$ 241

Other Percent

0.19%

0.10%

Other Adjustments

$ 924

$ 52

Other Adjustments Percent

0.16%

0.01%

Changes in unrecognized tax benefits

$ 0

Total

$ 145,281

$ 68,850

Effective Income Tax Rate Reconciliation, Percent, Total

24.66%

25.41%

Tax Jurisdiction of Domicile [Extensible Enumeration]

us-gaap:DomesticCountryMember

[1]	The state that contributes to the majority (greater than 50%) of the tax effect in this category includes Florida for 2025 and Florida for 2024.

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property Plant And Equipment

15.

Property and Equipment

Property and equipment are summarized as follows:


	2025		2024
EDP equipment and software	$	19,306	$	16,449
Less accumulated depreciation and amortization		7,721		2,871
Property and equipment, net	$	11,585	$	13,578

Depreciation expense was $4,850 and $2,447 for the year ended December 31, 2025, and 2024, respectively. These assets relate to the development and configuration of an enterprise data warehouse placed in service in 2025, the Company’s policy and claims administration platforms placed in service in August 2024 and June 2024, respectively, and a policy administration platform placed in service in September 2023.

Long-Term Debt - Schedule of Future Maturities of Long-Term Debt Principal (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 6,000
2027	4,500
2028	4,000
2029	22,000
Total	36,500
Commercial Term Loan
Debt Instrument [Line Items]
2026	4,000
2027	4,000
2028	4,000
2029	22,000
Total	34,000
Promissory Notes
Debt Instrument [Line Items]
2026	2,000
2027	500
2028	0
2029	0
Total	$ 2,500

- Definition

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.

+ References

+ Details

Nature of Business and Significant Accounting Policies (Additional Information) (Details)			12 Months Ended
	Jun. 25, 2025 USD ($) shares	Jun. 18, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) Number $ / shares shares	Dec. 31, 2024 USD ($) Number $ / shares shares	Nov. 04, 2025 USD ($)	Aug. 26, 2025 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares authorized			1,500,000,000	1,500,000,000
Common stock, Par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Common stock, Shares issued			123,889,446	56,224,168
Common stock, Shares outstanding			123,889,446	56,224,168
Preferred stock, Shares authorized			150,000,000	150,000,000
Preferred stock, Par value \| $ / shares			$ 0.01	$ 0.01
Preferred stock, Shares issued			0	51,374,125
Preferred stock, Shares outstanding			0	51,374,125
Common stock, Sale of Stock, Number of Shares Issued in Transaction		7,300,000
Public Offering price \| $ / shares		$ 0.01
Number Of Policies Assumed \| Number			191,850	136,000
Annualized Gross Premiums \| $			$ 1,795,516,000	$ 1,333,864,000
Assumed Premiums Written \| $			595,000,000	484,100,000
Proceeds from issuance of common stock \| $			1,687,000	0
Premiums receivable, Net of allowance for credit loss \| $			3,294,000	2,295,000
Increase in allowances for uncollectible premiums \| $				45,000
Gross of reinsurance amounts recoverable \| $			$ 0	$ 0
Number Of Reportable Segments \| Number			1
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares authorized		1,500,000,000	1,500,000,000	40,000,000
Common stock, Par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Common stock, Shares issued				10,200,000
Common stock, Shares outstanding				10,200,000
Share Repurchase Program, Authorized, Amount \| $			$ 40,000,000		$ 45,000,000	$ 75,000,000
Share repurchase program, authorized, number of shares			2,627,532
Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Preferred stock, Shares authorized		150,000,000	150,000,000	20,000,000
Preferred stock, Par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Preferred stock, Shares issued				9,300,000
Preferred stock, Shares outstanding				9,300,000
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares issued	3,600,000	24,000,000
Common stock, Sale of Stock, Number of Shares Issued in Transaction		16,700,000
Public Offering price \| $ / shares		$ 17
Gross proceeds from sale of equity \| $	$ 469,200,000	$ 408,000,000
Proceeds net of underwriting dicsounts received \| $		263,500,000
Proceeds of commissions received \| $		19,800,000
Proceeds from issuance of common stock \| $		$ 0
IPO [Member] \| Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Sale of Stock, Number of Shares Issued in Transaction		24,000,000
Stockholders [Member] \| IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Sale of Stock, Number of Shares Issued in Transaction		7,300,000
FLOIR [Member]
Subsidiary, Sale of Stock [Line Items]
Number Of Policies Assumed \| Number			457,150	275,600

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Summary of Deferred Policy Acquisition Costs

The policy acquisition costs that the Company has capitalized and is amortizing over the effective periods of the related policies are as follows for the year ended December 31, 2025 and 2024:


	2025			2024
Beginning balance	$	65,046		$	42,995
Policy acquisition costs deferred		168,057			108,021
Less: Amortization		(139,375	)		(85,970	)
Ending balance	$	93,728		$	65,046

Cash, Cash Equivalents, and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2025

Restricted Cash and Cash Equivalent [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	December 31,
	2025		2024
Cash and cash equivalents	$	1,201,210	$	493,409
Restricted cash	$	786	$	631
Restricted cash - variable interest entity	$	480,972	$	295,802
Total	$	1,682,968	$	789,842

Leases - Schedule of Future Lease Payments For The Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,273
2027	2,467
2028	2,537
2029	2,608
Thereafter	1,028
Total lease payments	10,913
Less: imputed interest	1,264
Present value of lease liability	$ 9,649	$ 9,063

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of variable interest entities

The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented.


	December 31,
	2025		2024
Restricted cash and cash equivalents	$	480,972	$	295,802

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

16.

Leases

The Company has entered into operating leases primarily for real estate. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to eight years, and often include one or more options to renew. These renewal terms can extend the lease term from two to ten years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing our right-of-use assets and lease obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Because the rate implicit in each operating lease is not readily determinable, the Company uses its incremental borrowing rate to determine present value of the lease payments.

The components of lease costs were as follows for the respective years:


	2025		2024
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$	2,347	$	1,766

Right-of-use asset and Lease liability was as follows:


Right of use asset	8,476	8,390
Lease liability	9,649	9,063

Supplemental cash flow information related to our operating leases as follows:


Right of use asset	(86	)	1,849
Lease liability	586		1,844

Weighted-average lease term and discount rate for our operating lease was as follows:


Weighted-average remaining lease term Operating lease	4.33 years			5.33 years
Weighted-average discount rate Operating lease		5.51	%		5.08	%

Future lease payments for our operating lease were as follows as of December 31, 2024:


2026		2,273
2027		2,467
2028		2,537
2029		2,608
Thereafter		1,028
Total lease payments		10,913
Less: imputed interest		1,264
Present value of lease liability	$	9,649

Income Taxes - Schedule of Cash Paid for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal	$ 70,360	$ 45,800
State	28,525	12,706
Foreign	0	0
Total	$ 98,885	$ 58,506

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of components of lease costs

The components of lease costs were as follows for the respective years:


	2025		2024
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$	2,347	$	1,766

Summary of Right-of-use asset and Lease liability

Right-of-use asset and Lease liability was as follows:


Right of use asset	8,476	8,390
Lease liability	9,649	9,063

Summary of Supplemental cash flow information related operating leases

Supplemental cash flow information related to our operating leases as follows:


Right of use asset	(86	)	1,849
Lease liability	586		1,844

Summary of Weighted-Average Lease Term and Discount Rate for Operating lease

Weighted-average lease term and discount rate for our operating lease was as follows:


Weighted-average remaining lease term Operating lease	4.33 years			5.33 years
Weighted-average discount rate Operating lease		5.51	%		5.08	%

Schedule of future lease payments, operating lease

Future lease payments for our operating lease were as follows as of December 31, 2024:


2026		2,273
2027		2,467
2028		2,537
2029		2,608
Thereafter		1,028
Total lease payments		10,913
Less: imputed interest		1,264
Present value of lease liability	$	9,649

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Deferred tax assets:
Unearned premiums	$ 42,113		$ 28,244
Section 174 amortization	2,054		4,402
Right of use liability	2,445		2,297
Loss reserve discount	3,617		3,286
Other assets	1,536		2,795
Total deferred tax assets	51,765		41,024
Deferred tax liabilities:
Deferred acquisition costs	(23,755)		(16,486)
Right of use asset	(2,148)		(2,126)
Depreciation expense	(2,571)		(3,027)
Net unrealized investment gains	(2,336)		(97)
Net accretion of discount on securities	(1,272)		(958)
Prepaid expenses	(1,122)		(564)
Other	(229)		(395)
Total deferred tax liabilities	(33,433)	$ (65,400)	(23,653)
Net deferred tax asset	$ 18,332		$ 17,371

Subsequent Events (Additional Information) (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2026 USD ($) Number	Jun. 30, 2026 Number	Dec. 31, 2025 USD ($) Number	Dec. 31, 2024 USD ($) Number
Subsequent Event [Line Items]
Number Of Policies Assumed \| Number			191,850	136,000
Assumed Premiums Written \| $			$ 595.0	$ 484.1
Subsequent Event [Member]
Subsequent Event [Line Items]
Number Of Policies Assumed \| Number	24,000	100,000
Assumed Premiums Written \| $	$ 58.7

Guaranty Fund and Other Assessments - (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Guarantees [Abstract]
Guaranty fund assessments	$ 3,106	$ 2,148

Information About Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations Of Credit Risk

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Information About Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations Of Credit Risk

19.

Information About Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations Of Credit Risk

The Company is exposed to credit-related losses in the event that a bond issuer may default on its obligation. The Company mitigates its exposure to these credit-related losses by maintaining bonds with high credit ratings.

The Company also is exposed to credit-related losses in the event that a reinsurer is unable to honor its liabilities to the Company. The Company mitigates its exposure to losses from insolvent reinsurers by continuously monitoring the credit ratings of all of the Company’s reinsurers.

The Company is generally exposed to credit risk of cash deposits in excess of federally insured limits of $250. The Company mitigates its exposure to losses from these cash deposits by monitoring the financial stability of the financial institutions involved.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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+ Details

Fixed-Maturity Securities Available-For-Sale - Schedule of Company's Investments Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	$ 83,626	$ 222,037
Unrealized Losses Less than 12 months	(346)	(2,067)
Estimated Fair Value More than 12 months	5,492	10,090
Unrealized Losses More than 12 months	(37)	(105)
Total Estimated Fair Value	89,118	232,127
Total Unrealized Losses	(383)	(2,172)
U.S. government and agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	15,712	93,063
Unrealized Losses Less than 12 months	(28)	(729)
Estimated Fair Value More than 12 months	1,733	2,975
Unrealized Losses More than 12 months	(8)	(47)
Total Estimated Fair Value	17,445	96,038
Total Unrealized Losses	(36)	(776)
States, municipalities and political subdivisions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	26,538
Unrealized Losses Less than 12 months	(133)
Estimated Fair Value More than 12 months	2,518
Unrealized Losses More than 12 months	(26)
Total Estimated Fair Value	29,056
Total Unrealized Losses	(159)
Corporate Bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	38,937
Unrealized Losses Less than 12 months	(180)
Estimated Fair Value More than 12 months	1,241
Unrealized Losses More than 12 months	(3)
Total Estimated Fair Value	40,178
Total Unrealized Losses	(183)
Asset-Backed Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	2,439
Unrealized Losses Less than 12 months	(5)
Estimated Fair Value More than 12 months	0
Unrealized Losses More than 12 months	0
Total Estimated Fair Value	2,439
Total Unrealized Losses	$ (5)
U.S. states, territories and possessions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months		9,169
Unrealized Losses Less than 12 months		(193)
Estimated Fair Value More than 12 months		502
Unrealized Losses More than 12 months		0
Total Estimated Fair Value		9,671
Total Unrealized Losses		(193)
Industrial and miscellaneous
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months		69,745
Unrealized Losses Less than 12 months		(389)
Estimated Fair Value More than 12 months		3,417
Unrealized Losses More than 12 months		(40)
Total Estimated Fair Value		73,162
Total Unrealized Losses		(429)
Special Revenue
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months		43,829
Unrealized Losses Less than 12 months		(604)
Estimated Fair Value More than 12 months		2,693
Unrealized Losses More than 12 months		(17)
Total Estimated Fair Value		46,522
Total Unrealized Losses		(621)
Political subdivisions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months		4,477
Unrealized Losses Less than 12 months		(151)
Estimated Fair Value More than 12 months		503
Unrealized Losses More than 12 months		(1)
Total Estimated Fair Value		4,980
Total Unrealized Losses		(152)
Hybrid securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months		1,754
Unrealized Losses Less than 12 months		(1)
Estimated Fair Value More than 12 months		0
Unrealized Losses More than 12 months		0
Total Estimated Fair Value		1,754
Total Unrealized Losses		$ (1)

Long-Term Debt (Additional Information) (Details) - USD ($) $ in Thousands				12 Months Ended
	Jun. 25, 2024	May 03, 2023	Mar. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Company Incurred Loan Costs and Debt Discount		$ 847
Commercial Loan				$ 33,687	$ 39,190
Debt Instrument Market Loss				55	179
Interest expense				3,631	3,754
Deferred loan cost amount				497	1,042
SJIG Target LLC
Debt Instrument [Line Items]
Loan Against Collateralized			$ 10,000
Debt Instrument, Collateral Period			5 years
Promissory note interest rate percentage			0.00%
Commercial Term Loan
Debt Instrument [Line Items]
Commercial Loan				$ 34,000	38,000	$ 30,000
Issuing Date of Refinanced Credit Facility				Jun. 25, 2024
Swap
Debt Instrument [Line Items]
Notional Amount						$ 30,000
Debt Instrument Fixed Interest Rate Percentage						4.46%
Fair Value Liability				$ 62	$ 117
Commercial Loan Agreement
Debt Instrument [Line Items]
Loan Against Collateralized	$ 40,000	$ 30,000
Debt Instrument, Collateral Period	5 years	3 years
Company Incurred Loan Costs and Debt Discount	$ 3,692
Deferred loan cost amount	589
Debt instrument remaining balance	$ 27,750
Issuing Date of Refinanced Credit Facility	May 03, 2023

Reinsurance - Schedule of Effects of Reinsurance on Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Direct premiums written	$ 1,795,516	$ 1,333,864
Ceded premiums Written Off	(463,180)	(368,467)
Net premiums written	1,332,336	965,397
Direct premiums earned	1,491,215	1,097,300
Ceded premiums earned	(411,687)	(304,861)
Net premiums earned	$ 1,079,528	$ 792,439

- Definition

Amount of earned premiums ceded to other entities.

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- Definition

Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Affiliate Transactions (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Amounts Of Transaction	$ 0	$ 0

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

23.

Stock-based Compensation

On December 31, 2025 and 2024, the Company has two share-based compensation plans and one share-based compensation plan, respectively.

2021 Equity Compensation Plan (“The Stock Plan”): The compensation cost that has been charged against income for those plans was $12,070 and $2,282 for 2025 and 2024, respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $2,976 and $680 for 2025 and 2024, respectively.

The Stock Plan permitted the awarding of common stock share options to its employees and strategic advisors for up to 16,985,293 shares. Option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on three- to five-year vesting schedules. The fair value of each option award is estimated on the grant date using a Black-Scholes model. The compensation expense for the shares is recognized over the requisite service period for the employee. There were no options granted during the year ended December 31, 2025 and 2024.

As part of the IPO, the Company issued the 2025 Omnibus Incentive Plan (the “2025 Plan”), effective as of June 18, 2025. The principal purpose of the 2025 Plan is to attract, retain and motivate selected employees, consultants and directors through the grant of equity-based and cash-based incentive awards to employees, consultants, service providers and non-employee directors of the Company and its affiliates. The 2025 Plan permits for the awarding of common stock share options and restricted stock units for up to 12.0 million shares. There have been 119.3 restricted shares issued as of December 31, 2025.

A summary of option activity under the Stock Plan as of December 31, 2025 and 2024, respectively, and changes during the year then ended is presented below:


Options	(shares in thousands) Shares		Weighted- Average Exercise Price		Weighted- Average remaining contractual term		Aggregate Intrinsic Value
Outstanding at January 1, 2025		14,828	$	1.19
Granted		—
Exercised		1,595		0.95
Forfeited or expired		125		0.82
Outstanding at December 31, 2025		13,108	$	1.23		6.70	$	259,021
Vested or expected to vest at December 31, 2025		13,027	$	1.27		6.62	$	223,025
Exercisable at December 31, 2025		11,419	$	1.34		6.62	$	223,025


Options	(shares in thousands) Shares		Weighted- Average Exercise Price		Weighted- Average remaining contractual term		Aggregate Intrinsic Value
Outstanding at January 1, 2024		15,400	$	1.16
Granted		—
Exercised		—
Forfeited or expired		572		0.79
Outstanding at December 31, 2024		14,828	$	1.19		7.70	$	145,262
Vested or expected to vest at December 31, 2024		10,559	$	1.38		7.60	$	103,456
Exercisable at December 31, 2024		10,559	$	1.38		7.60	$	103,456

A summary of the status of the Company’s nonvested shares as of December 31, 2025 and 2024, and changes during the year ended December 31, 2025, is presented below:


Nonvested Shares	(shares in thousands) Shares		Weighted- Average Grant-Date
Nonvested at January 1, 2025		4,268	1.36
Granted		—		—
Vested		2,514	1.46
Forfeited or expired		125	0.82
Nonvested at December 31, 2025		1,629		1.30

Nonvested at January 1, 2024		10,621	1.08
Granted		—		—
Vested		5,877	0.93
Forfeited or expired		476	1.36
Nonvested at December 31, 2024		4,268	1.36

As of December 31, 2025 and 2024, there was $454 and $1,956 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Stock Plan, respectively. The total value of shares vested during the year ended December 31, 2025 and 2024 was $1,727 and $4,465, respectively.

Included in the tables above are 1.1 million shares of performance-based option shares issued by the Company during 2023. These shares vest based upon performance conditions including the date the board approves that the Company has achieved specific revenue and EBITDA targets. During the years ended 2025 and 2024, 6.1 million shares and 5.2 million shares vested or were expected to vest based on the achievement of the specified performance conditions, respectively. The total fair value of the performance shares vested or expected to vest during 2025 and 2024 were $4,255 and $3,673, respectively. As of December 31, 2025 and 2024, 0.6 million and 1.4 million of the performance-based options were unvested and the performance conditions had not yet been met, with a total value of $485 and $1,067, respectively. The Company has recorded compensation expense, included in General and administrative expense in the Consolidated Statements of Operations and Additional paid-in capital in the Consolidated Balance Sheets, several of the revenue and EBITDA performance conditions as vested for the year ended December 31, 2025 and 2024. The Company believes that it is probable these performance conditions will be met based upon Company performance.

Restricted Stock Awards

From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grant include service conditions. The determination of fair value with respect to the awards containing only service-based

conditions is based on the option pricing method of determining the fair value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2025, and 2024 is as follows:


Nonvested Shares	(shares in thousands) Shares		Weighted- Average Grant-Date
Nonvested at January 1, 2025		2,127		10.64
Granted		119		16.73
Vested		1,005		10.64
Forfeited or expired		143		10.64
Nonvested at December 31, 2025		1,098		11.28

Nonvested at January 1, 2024		—		—
Granted		2,127		10.64
Vested		—		—
Forfeited or expired		—		—
Nonvested at December 31, 2024		2,127		10.64

The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $10,572 and $$431 for the years ended December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, there was approximately $11,653 and $22,204, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1 year.

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to Stock-Based compensation for the year ended December 31, 2025 and 2024.


	2025		2024
Deferred tax benefits recognized	$	2,976	$	680
Tax benefits realized for vested stock		3,542		1,628
Fair value of vested stock		225,397		112,349

Regulatory Matters

12 Months Ended

Dec. 31, 2025

Regulatory Matters [Abstract]

Regulatory Matters

17.

Regulatory Matters

The Company has no restrictions on the payment of dividends to its shareholders except those restrictions imposed by the General Corporation Law of the State of Delaware and those restrictions imposed by insurance statutes and regulations applicable to the Company’s insurance subsidiaries.

SIC and Slide Specialty can only pay dividends to SIH out of its available and accumulated surplus funds, which are derived from realized net operating profits on its business and net unrealized capital gains. Dividend payments without prior written approval of the FLOIR shall not exceed the greater of:

•

The lesser of ten percent of surplus or net income, not including realized capital gains, plus a two-year carryforward;

•

Ten percent of surplus, with dividends payable constrained to unassigned funds, minus 25% of unrealized capital gains;

•

The lesser of 10% of surplus or net investment income plus a three-year carryforward with dividends payable constrained to unassigned funds minus 25% of unrealized capital gains; or

In lieu of the above computations, the maximum dividend allowed by the SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or SIC's entire net operating profits and net realized capital gains from the immediately preceding calendar year, provided that SIC will have at least to 115% of minimum required surplus after any such dividend.

No dividends were paid by SIC or Slide Specialty in 2025 and 2024. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10% of the Company’s total liabilities, or $15,000. Based on this requirement, SIC was required to maintain capital and surplus of $113,922 and $70,837 as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, SIC’s statutory-basis surplus totaled $417,940 and $207,967, meeting the minimum surplus requirements.

SIC and Slide Specialty are required to comply with the NAIC risk-based capital (“RBC”) requirements. RBC is a method of measuring the amount of capital appropriate for an insurance company to support its overall business operations in light of its size and risk profile. At December 31, 2025 and 2024 SIC and Slide Specialty’s total adjusted capital exceeded the RBC company-action level.

U.S. GAAP differs in certain respects from the accounting practices prescribed or permitted by insurance regulatory authorities (statutory-basis). These entities’ statutory-basis financial statements are presented on the basis of accounting practices prescribed or permitted by the FLOIR. The FLOIR has adopted the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures Manual as the basis of its statutory accounting practices. Statutory-basis surplus differs from shareholders’ equity reported in accordance with U.S. GAAP primarily because policy acquisition costs are expensed when incurred, and different timing of recognizing the brokerage income for reinsurance recoverables. In addition, the recognition of deferred tax assets is based on different recoverability assumptions and material differences may also arise from the differing treatment of non-admitted assets and unrealized gains and losses from investments.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Revolving Credit Facility

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Revolving Credit Facility

12.

Revolving Credit Facility

On June 25, 2024, the Company entered into an amended and restated credit agreement ("the Credit Agreement") with Regions Bank for (i) $10.0 million revolving credit facility, which was amended to a $45 million revolving credit facility on March 20, 2025, (ii) a term loan in an aggregate principal amount of $40.0 million and (iii) one or more delayed draw term loans in an aggregate principal amount not to exceed $125.0 million (together, the “Credit Facility”). Under the terms of the Credit Facility, borrowings bear interest at an annual rate equal to the three month Secured Overnight Financing Rate (“SOFR”) based on the consolidated leverage ratio as defined in the agreement. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Facility contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants and agree to pay a fee equal to the product of the unused line fee rate and the average of the daily unused available credit balances of the revolving credit facility. The unused line fee rate is 0.5%. The Credit Facility matures on June 25, 2029.

At December 31, 2025, the Company had no borrowings outstanding under the revolving credit facility. At December 31, 2025, the Company was in compliance with all required covenants and had available borrowing capacity of $45 million.

At December 31, 2025, the Company had no borrowings outstanding under the delayed draw term loan credit facility. At December 31, 2025, the Company was in compliance with all required covenants and had available borrowing capacity of $125

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Various lawsuits description	Various lawsuits against the Company have arisen in the course of the Company’s business. Management does not consider contingent liabilities arising from litigation and other matters material in relation to the financial position of the Company.

Income Taxes (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rates Percent	24.66%	25.41%
Income Taxes Paid Percent	50.00%	50.00%
Federal Operating Loss Carry Forwards	$ 0
State Operating Loss Carry Forwards	0
Changes in unrecognized tax benefits	0	$ 0
Total deferred tax liabilities	33,433,000	23,653,000	$ 65,400,000
Production tax credits		600	$ 67,900,000
Federal	$ 50,173,000	$ 58,156,000

Leases - Summary of Right-of-use asset and Lease liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Right of use asset	$ 8,476	$ 8,390
Lease liability	$ 9,649	$ 9,063

Reinsurance (Additional Information) (Details) $ in Thousands			12 Months Ended
	Oct. 29, 2024 USD ($)	Jun. 01, 2024 USD ($)	May 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Nov. 01, 2025 USD ($)	May 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 01, 2025 USD ($)
Effects of Reinsurance [Line Items]
Retaining on Property Business	$ 1,000	$ 700	$ 700		$ 1,000
Loss on Property Risk Ceding	$ 9,000	4,300			9,000
Percentage of Treaties Cover	100.00%		100.00%
Reinsurance Contract Coverage Amount	$ 50,000	7,000			$ 65,000			$ 7,000
The Reinsurer Total Liability Capped		$ 14,000						14,000
Effective Period of Treaties				May 31, 2025	Nov. 01, 2026
Percentage of Loss From Catastrophe		1
Estimated Premium Coverage Amount				$ 34,290		$ 71,345	$ 10,284
Ceded Losses And Loss Adjustment Expenses				50			318,889
Credit loss expense				0			$ 0
Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe						0.90
Loss From Catastrophe						$ 791,700
Estimated Premium Coverage Amount						60,077
Maximum Payout Amount				$ 943,100		$ 712,500
Forecast [Member]
Effects of Reinsurance [Line Items]
Retaining on Property Business			$ 4,300
Percentage of Treaties Cover			100.00%
Effective Period of Treaties			May 31, 2026
Forecast [Member] \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe			0.90
Loss From Catastrophe			$ 1,047,900
Catastrophe \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe				0.90		0.90
Maximum \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe				0.90		0.90
Minimum
Effects of Reinsurance [Line Items]
Reinsurance Contract Coverage Amount	$ 10,000	$ 5,000			$ 10,000			$ 5,000
Minimum \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Loss From Catastrophe				$ 557,200		$ 379,300
Maximum Payout Amount				$ 557,200		$ 379,300
Minimum \| Catastrophe \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe				0.10		0.10

Affiliate Transactions	12 Months Ended
Affiliate Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Affiliate Transactions	14. Affiliate Transactions The Company had no transactions with affiliates in the years ended December 31, 2025 and 2024.

- Definition

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.

+ References

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
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance, Shares at Dec. 31, 2023		56,224,168	50,833,288
Beginning Balance, Value at Dec. 31, 2023	$ 237,598,000	$ 562,000	$ 508,000	$ 125,870,000	$ 108,066,000	$ 2,592,000
Other financing activities	(5,600,000)			(5,600,000)
Stock-based compensation	2,882,000			2,882,000
Repurchase and retirement of common stock	(540,000)		$ 121,000	(540,000)
Issuance of preferred capital stock, Share			661,837
Issuance of preferred capital stock, Value	1,000		$ 6,000	(5,000)
Net income	201,125,000				201,125,000
Other comprehensive income (loss)	(2,307,000)					(2,307,000)
Ending Balance, Value at Dec. 31, 2024	433,159,000	$ 562,000	$ 514,000	122,607,000	309,191,000	285,000
Ending Balance, Shares at Dec. 31, 2024		56,224,168	51,374,125
Exercise of vested common stock options, Shares		1,583,384
Exercise of vested common stock options, Value	1,688,000	$ 16,000		1,672,000
Other financing activities	(2,463,000)			(2,463,000)
Vesting of RSUs, Shares		1,005,294
Vesting of RSUs		$ 9,000		(9,000)
Stock-based compensation	12,070,000			12,070,000
Repurchase and retirement of common stock	(40,000,000)	$ (26,000)		(39,974,000)
Repurchase and retirement of common stock, Shares		(2,627,532)
Conversion of Preferred Stock to Common Stock as part of IPO, Shares		51,374,125	(51,374,125)
Conversion of Preferred Stock to Common Stock as part of IPO, Value		$ 514,000	$ (514,000)
Initial Public Offering, Shares		16,666,667
Initial Public Offering, Value	263,500,000	$ 167,000		263,333,000
Shares withheld for taxes (net share settlement), Share		(336,660)
Shares withheld for taxes (net share settlement), Value	(5,551,000)	$ (3,000)		(5,548,000)
Net income	443,958,000				443,958,000
Other comprehensive income (loss)	6,880,000					6,880,000
Ending Balance, Value at Dec. 31, 2025	$ 1,113,241,000	$ 1,239,000		$ 351,688,000	$ 753,149,000	$ 7,165,000
Ending Balance, Shares at Dec. 31, 2025		123,889,446	0

Fair Value of Financial Assets and Liabilities - Fair Value Information for Liabilities that are Carried on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Estimated Fair Value
Long-Term debt:
Total long-term debt	$ 30,050	$ 37,874
Less: unamortized issuance costs	(2,813)	(3,310)
Estimated Fair Value \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	2,775	3,992
Estimated Fair Value \| Commercial Term Loan
Long-Term debt:
Total long-term debt	30,088	37,192
Estimated Fair Value \| Level 1
Long-Term debt:
Total long-term debt	0	0
Less: unamortized issuance costs	0	0
Estimated Fair Value \| Level 1 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 1 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 2
Long-Term debt:
Total long-term debt	0	0
Less: unamortized issuance costs	0	0
Estimated Fair Value \| Level 2 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 2 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 3
Long-Term debt:
Total long-term debt	30,050	37,874
Less: unamortized issuance costs	(2,813)	(3,310)
Estimated Fair Value \| Level 3 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	2,775	3,992
Estimated Fair Value \| Level 3 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	30,088	37,192
Carrying Value
Long-Term debt:
Long-term debt	33,687	39,190
Less: unamortized issuance costs	(2,813)	(3,310)
Carrying Value \| 0.00%, Promissory Notes
Long-Term debt:
Long-term debt	2,500	4,500
Carrying Value \| Commercial Term Loan
Long-Term debt:
Long-term debt	$ 34,000	$ 38,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost	$ 580,122	$ 464,585
Available for sale securities allowance for credit losses	0	0
Premiums receivable, Net of allowance for credit loss	3,294	2,295
Reinsurance recoverable, Allowance for credit loss	$ 0	$ 0
Common stock, Par value	$ 0.01	$ 0.01
Common stock, Shares authorized	1,500,000,000	1,500,000,000
Common stock, Shares issued	123,889,446	56,224,168
Common stock, Shares outstanding	123,889,446	56,224,168
Preferred stock, Par value	$ 0.01	$ 0.01
Preferred stock, Shares authorized	150,000,000	150,000,000
Preferred stock, Shares issued	0	51,374,125
Preferred stock, Shares outstanding	0	51,374,125

Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Loss and Loss Adjustment Expenses

The Company establishes reserves for the estimated total unpaid costs of Loss and loss adjustment expenses (“LAE”). Loss and LAE reserves reflect management’s best estimate of the total cost of (i) claims that have been incurred, but not yet paid in full, and (ii) claims that have been incurred but not yet reported to the Company (“IBNR”). Reserves established by management represent an estimate of the outcome of future events and, as such, cannot be considered an exact calculation of our liability. Rather, loss and LAE reserves represent management’s best estimate of the Company’s liability based on the application of actuarial techniques and other projection methodologies and taking into consideration other facts and circumstances known at the balance sheet date. The process of establishing loss and LAE reserves is complex and inherently imprecise, as it involves the estimation of the outcome of future uncertain events. The impact of both internal and external variables on ultimate losses and LAE costs is difficult to estimate. In determining loss and LAE reserves, the Company gives careful consideration to all available data and actuarial analyses.

When a claim is reported to the Company, the claims personnel establish a “case reserve” for the estimated amount of the ultimate amount payable to settle the claim. This estimate reflects an informed judgment based upon general insurance reserving practices and on the experience and knowledge of the claims adjuster. The individual estimating the reserve considers the nature and value of the specific claim, the severity of injury or damage, location, and the policy provisions relating to the type of loss. Case reserves are adjusted as more information becomes available. It is the Company’s policy to settle each claim as expeditiously as possible.

Reserves are closely monitored and are recalculated periodically using the most recent information on reported claims and a variety of actuarial techniques. Specifically, claims management personnel complete weekly and ongoing reviews of existing case reserves, new claims, changes to existing case reserves, and paid losses with respect to the current and prior years. As the Company continues to expand historical data regarding paid and incurred losses, the data is used to develop expected ultimate loss and LAE ratios, then these expected loss and LAE ratios are applied to earned premium to derive a reserve level for each

line of business. In connection with the determination of these reserves, other specific factors such as recent weather-related losses, trends in historical reported and paid losses, and litigation and judicial trends regarding liability will also be considered. Therefore, the expected loss ratio method, among other methods, is used to project an ultimate loss expectation, and then the related loss history must be regularly evaluated and loss expectations updated, with the possibility of variability from the initial estimate of ultimate losses.

The Company maintains IBNR reserves to provide for claims that have been incurred but have not been reported and subsequent development on reported claims. The IBNR reserve is determined by estimating the Company’s ultimate net liability for both reported and unreported claims and then subtracting the case reserves and payments made to date for reported claims.

For all accident years, the following estimation and analysis methods are principally used by the Company’s actuaries to estimate the ultimate cost of losses and LAE. These estimation and analysis methods are typically referred to as conventional actuarial methods.

•

Reported Development Method

•

Paid Development Method

•

Expected Loss Method

•

Reported Bornhuetter-Ferguson (B-F) Method

•

Paid Bornhuetter-Ferguson Method

Selected reserves are based on a review of the indications from these methods as well as other considerations such as emergence since the most recent evaluation and number of open claims for a given accident period. There have been no significant changes in the actuarial methods and assumptions used during the years ended December 31, 2025 and 2024, from those previously employed.

Currently, the estimated ultimate liability is calculated using the principles and procedures described above, which are applied to the lines of business written. However, because the establishment of loss and LAE reserves is an inherently uncertain process, ultimate losses and LAE may exceed the established loss and LAE reserves and have a material, adverse effect on our results of operations and financial condition. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made.

The Company’s reported results, financial position and liquidity would be affected by likely changes in key assumptions that determine the net loss reserves. However, it is believed that a reasonably likely increase or decrease in the severity of claims could impact our net loss reserves.

Activity related to the loss and LAE reserves are summarized as follows:


	2025			2024
Balances at January 1	$	595,487		$	249,567
Less reinsurance recoverables	$	341,051			105,092
Net balances at January 1		254,436			144,475
Incurred related to:
Current year		317,310			362,262
Prior years		(81,848	)		(22,969	)
Total incurred	$	235,462		$	339,293
Paid related to:
Current year		113,853			168,990
Prior years		82,458			60,342
Total paid	$	196,311		$	229,332
Net balances at December 31		293,587			254,436
Plus reinsurance recoverables		146,128			341,051
Balances at December 31	$	439,715		$	595,487

The establishment of loss and LAE reserves is an inherently uncertain process and changes in loss and LAE reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are adjusted. During the year ended December 31, 2025, the Company recognized favorable development of losses related to prior years of approximately $81,848 primarily to reduce non-catastrophe reserves in response to lower than expected payments. During the year ended December 31, 2024, the Company recognized favorable development of losses related to prior years of approximately $22,968 primarily to reduce non-catastrophe reserves in response to lower than expected payments.

The following is supplementary information about incurred and paid losses and LAE development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the net incurred losses and LAE amounts. The information about incurred and paid losses and LAE development for the years ended December 31, 2024, 2023, and 2022 is presented as supplementary information and is unaudited. The information about incurred and paid losses and LAE development for the years ended December 31, 2020 to December 31, 2021, is presented for illustration purposes as the Company did not have any premiums or losses in those accident years.


	Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31,												Total of IBNR Plus Expected Development On		Cumulative Number of Reported
Accident Year	2020		2021		2022		2023		2024		2025		Reported Claims		Claims (a)
2020		—		—		—		—		—		—
2021		—		—		—		—		—		—
2022		—		—		133,488		127,236		133,538		129,961		4,234		17,189
2023		—		—		—		199,518		170,247		149,737		13,261		9,337
2024		—		—		—		—		362,261		304,500		61,341		24,772
2025		—		—		—		—		—		317,310		158,395		15,932
									Total		$	901,508

(a)

The cumulative number of reported claims is measured as the number of per-policyholder, per-event claims for all coverages regardless of whether the claim results in loss or expense to the Company.


	Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31,
Accident Year	2020		2021		2022		2023		2024		2025
2020		—		—		—		—		—		—
2021		—		—		—		—		—		—
2022		—		—		72,376		104,197		122,295		125,900
2023		—		—		—		78,083		120,327		130,097
2024		—		—		—		—		168,989		238,072
2025		—		—		—		—		—		113,853
									Total		$	607,922
	All outstanding reserves before 2020, net of reinsurance											—
	Reserve for loss and loss adjustment expenses, net of reinsurance										$	293,587

The following is supplementary and unaudited information about average historical claims duration as of December 31, 2025:


Average Annual Percentage Payout of Incurred Claims by Age Net of Reinsurance as of December 31, 2025
Accident Year	Year 1			Year 2			Year 3			Year 4			Year 5
Percentage		42.8	%		34.1	%		12.3	%		7.8	%		—

Stock-based Compensation - (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 2,976	$ 680
Unrecognized compensation cost related to nonvested share-based compensation	454	1,956
Stock options vested, total fair value	1,727	4,465
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	223,025	103,456
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	225,397	112,349
Stock based compensation	$ 12,070	$ 2,882
Share based compensation weighted-average period	6 years 7 months 13 days	7 years 7 months 6 days
Performance Shares [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unvested performance awards shares	1,100,000
Vested \| shares	6,100,000	5,200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 485	$ 1,067
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 4,255	$ 3,673
Number of shares unvested	600,000	1,400,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost related to nonvested share-based compensation	$ 11,653	$ 22,204
Stock based compensation	$ 10,572	431
Share based compensation weighted-average period	1 year
2021 Equity Compensation Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost	$ 12,070	2,282
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 2,976	$ 680
Number of stock option granted	0	0
2021 Equity Compensation Plan \| Maximum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan	16,985,293
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	5 years
2021 Equity Compensation Plan \| Minimum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	3 years
2025 Omnibus Incentive Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued	119,300,000
2025 Omnibus Incentive Plan \| Restricted stock units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awarding of restricted stock units	12,000,000

Property and Equipment (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation	$ 4,850	$ 2,447

Stock-based Compensation - Summary of Option Activity Under The Employee Share Option Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Outstanding, beginning of year \| shares	14,828	15,400
Granted \| shares	0	0
Exercised \| shares	1,595	0
Forfeited or expired \| shares	125	572
Outstanding, end of year \| shares	13,108	14,828
Vested or expected to vest at end of year \| shares	13,027	10,559
Exercisable at end of year \| shares	11,419	10,559
Outstanding, beginning of year \| Weighted Average Exercise Price	$ 1.19	$ 1.16
Exercised \| Weighted Average Exercise Price	0.95
Forfeited or expired \| Weighted Average Exercise Price	0.82	0.79
Outstanding, end of year \| Weighted Average Exercise Price	1.23	1.19
Vested or expected to vest at end of year \| Weighted Average Exercise Price	1.27	1.38
Exercisable at end of year\| Weighted Average Exercise Price	$ 1.34	$ 1.38
Outstanding, end of year \| Weighted Average remaining contractual term	6 years 8 months 12 days	7 years 8 months 12 days
Vested or expected to vest at the end of year \| Weighted Average remaining contractual term	6 years 7 months 13 days	7 years 7 months 6 days
Exercisable at end of year, Weighted Average remaining contractual term	6 years 7 months 13 days	7 years 7 months 6 days
Outstanding, end of year, Aggregate Intrinsic Value	$ 259,021	$ 145,262
Vested or expected to vest at the end of year \| Aggregate Intrinsic Value	223,025	103,456
Exercisable at end of year, Aggregate Intrinsic Value	$ 223,025	$ 103,456

Fixed-Maturity Securities Available-For-Sale

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

Fixed-Maturity Securities Available-For-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at December 31, are as follows:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	155,600	$	2,011	$	(36	)	$	157,575
States, municipalities and political subdivisions		203,485		3,948		(159	)	$	207,274
Corporate Bonds		171,501		3,689		(183	)	$	175,007
Asset-Backed Securities		49,536		333		(5	)	$	49,864
	$	580,122	$	9,981	$	(383	)	$	589,720


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	166,641	$	418	$	(776	)	$	166,283
U.S. states, territories and possessions		17,344		71		(193	)		17,222
Industrial and miscellaneous		149,104		1,350		(429	)		150,025
Special Revenue		106,681		527		(622	)		106,586
Political subdivisions		23,061		187		(151	)		23,097
Hybrid securities		1,754		—		(1	)		1,753
	$	464,585	$	2,553	$	(2,172	)	$	464,966

The amortized cost and estimated fair value of investments in fixed-maturity securities at December 31, 2025, by contractual maturity, are shown below.


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
In one year or less	$	48,155	$	48,353	$	56,574	$	56,666
After one year through five years		303,205		309,550		286,584		287,703
After five years through ten years		165,622		168,346		112,702		112,117
After ten years		63,140		63,471		8,725		8,480
	$	580,122	$	589,720	$	464,585	$	464,966

Actual maturities may differ from contractual maturities, as the issuers of the securities may have the right to call or prepay obligations with or without penalty.


	December 31, 2025
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	15,712	$	(28	)	$	1,733	$	(8	)	$	17,445	$	(36	)
States, municipalities and political subdivisions		26,538		(133	)		2,518		(26	)	$	29,056	$	(159	)
Corporate Bonds		38,937		(180	)		1,241		(3	)	$	40,178	$	(183	)
Asset-Backed Securities		2,439		(5	)		—		—		$	2,439	$	(5	)
	$	83,626	$	(346	)	$	5,492	$	(37	)	$	89,118	$	(383	)

A total of 61 securities had unrealized losses at December 31, 2025. The Company’s unrealized losses relate to its portfolio of fixed-maturity securities. The Company’s unrealized losses on its fixed-maturity securities were caused by interest rate changes. The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including:

•

the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;

•

the extent to which the market value of the security has been below its cost or amortized cost;

•

general market conditions and industry or sector specific factors and other qualitative factors;

•

nonpayment by the issuer of its contractually obligated interest and principal payments; and

•

the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.


	December 31, 2024
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	93,063	$	(729	)	$	2,975	$	(47	)	$	96,038	$	(776	)
U.S. states, territories and possess		9,169		(193	)		502		—			9,671		(193	)
Industrial and miscellaneous		69,745		(389	)		3,417		(40	)		73,162		(429	)
Special revenue		43,829		(604	)		2,693		(17	)		46,522		(621	)
Political subdivisions		4,477		(151	)		503		(1	)		4,980		(152	)
Hybrid securities		1,754		(1	)		—		—			1,754		(1	)
	$	222,037	$	(2,067	)	$	10,090	$	(105	)	$	232,127	$	(2,172	)

A total of 125 securities had unrealized losses at December 31, 2024. The Company’s unrealized losses relate to its portfolio of fixed-maturity securities. The Company’s unrealized losses on its fixed-maturity securities were caused by interest rate changes. Since the declines in estimated fair value are attributable to changes in interest rates and not credit quality, and the Company has the intent and ability to hold these securities through a recovery of unrealized losses, even if until maturity of the individual

securities, the Company does not consider these investments to need a credit impairment reserve under CECL. The Company realized no credit loss on investments in 2024.

For the years ended December 31, 2025 and 2024, the Company recognized $0 credit loss expense related to fixed-maturity securities in the consolidated statements of income.

Proceeds from maturities, and redemptions of fixed-maturities securities were $84,869 and $40,024 in 2025 and 2024, respectively, with realized gross losses of $13 and $10 on these sales, maturities, and redemptions.

At December 31, 2025 and 2024, SIH had restricted cash of $481,758 and $296,433, respectively, consisting of funds on deposit with regulatory authorities, as required by law and funds held in trust by the VIE where the Company is the primary beneficiary.

Major categories of net investment income, excluding realized gains, are summarized as follows:


	2025		2024
Income:
Available-for-sale fixed-maturity securities	$	22,601	$	19,562
Cash and short-term investments		44,328		27,823
Other investments		440		604
Total investment income	$	67,369	$	47,989
Investment expenses		952		928
Net investment income	$	66,417	$	47,061

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Invested Assets [Abstract]
Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $580,122 and $464,585, respectively and allowance for credit losses: $0 and $0 respectively)	$ 589,720	$ 464,966
Other investments, net	4,000	4,548
Total invested assets	593,720	469,514
Cash and cash equivalents	1,201,210	493,409
Restricted cash	786	631
Restricted cash - variable interest entity	480,972	295,802
Accrued interest income	7,281	5,569
Assumed premiums receivable	34,290	10,284
Premiums receivable, net of allowance for credit loss of $3,294 and $2,295, respectively	90,576	47,642
Reinsurance recoverable on paid losses, net of allowance for credit loss: $0 and $0, respectively	16,183	0
Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $0 and $0, respectively	146,128	341,051
Prepaid reinsurance premiums	202,748	148,288
Deferred tax assets	18,332	17,371
Deferred policy acquisition costs	93,728	65,046
Property and equipment, net	11,585	13,578
Right-of-use lease asset, operating	8,476	8,390
Intangibles, net	99	7,692
Goodwill	2,603	2,603
Prepaid expenses	8,932	4,192
Other assets	816	865
Total assets	2,918,465	1,931,927
Liabilities:
Loss and loss adjustment expense reserves	439,715	595,487
Unearned premiums	1,000,611	696,310
Commissions payable	9,049	8,254
Advanced recoveries on reinsurance	0	4,844
Deferred revenue	90	90
Reinsurance premiums payable	160,330	70,452
Long-term debt	33,687	39,190
Interest rate swap liability	62	117
Income taxes payable	93,555	43,943
Advanced premiums	30,518	12,051
Premium tax liabilities	5,075	1,206
Accounts payable and accrued expenses	19,768	13,858
Lease liability, operating	9,649	9,063
Other liabilities	3,115	3,903
Total liabilities	1,805,224	1,498,768
Shareholders' equity:
Common Stock (par value $0.01, 1,500,000,000 shares authorized, 123,889,446 and 56,224,168 issued and outstanding at December 31, 2025 and December 31, 2024 respectively)	1,239	562
Preferred stock (par value $0.01, 150,000,000 shares authorized, 0 and 51,374,125 issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	0	514
Additional paid-in capital	351,688	122,607
Accumulated other comprehensive income (loss), net of taxes	7,165	285
Retained earnings	753,149	309,191
Total shareholders' equity	1,113,241	433,159
Total liabilities and shareholders' equity	$ 2,918,465	$ 1,931,927

Comprehensive Income (Loss) - Schedule of Reclassification Adjustments for Realized (Gains) Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Net unrealized losses (gains), Before Tax	$ 9,217	$ (3,091)
Net unrealized losses (gains),Tax Effect	2,337	(784)
Net unrealized losses (gains), Net of Tax	6,880	(2,307)
Other comprehensive income (loss), before tax	9,217	(3,091)
Income tax expense (benefit) related to unrealized gains (losses) on investments arising during the year	2,337	(784)
Other comprehensive income (loss)	$ 6,880	$ (2,307)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of option activity under the Stock Plan as of December 31, 2025 and 2024, respectively, and changes during the year then ended is presented below:


Options	(shares in thousands) Shares		Weighted- Average Exercise Price		Weighted- Average remaining contractual term		Aggregate Intrinsic Value
Outstanding at January 1, 2025		14,828	$	1.19
Granted		—
Exercised		1,595		0.95
Forfeited or expired		125		0.82
Outstanding at December 31, 2025		13,108	$	1.23		6.70	$	259,021
Vested or expected to vest at December 31, 2025		13,027	$	1.27		6.62	$	223,025
Exercisable at December 31, 2025		11,419	$	1.34		6.62	$	223,025


Options	(shares in thousands) Shares		Weighted- Average Exercise Price		Weighted- Average remaining contractual term		Aggregate Intrinsic Value
Outstanding at January 1, 2024		15,400	$	1.16
Granted		—
Exercised		—
Forfeited or expired		572		0.79
Outstanding at December 31, 2024		14,828	$	1.19		7.70	$	145,262
Vested or expected to vest at December 31, 2024		10,559	$	1.38		7.60	$	103,456
Exercisable at December 31, 2024		10,559	$	1.38		7.60	$	103,456

Summary of Nonvested Shares

A summary of the status of the Company’s nonvested shares as of December 31, 2025 and 2024, and changes during the year ended December 31, 2025, is presented below:


Nonvested Shares	(shares in thousands) Shares		Weighted- Average Grant-Date
Nonvested at January 1, 2025		4,268	1.36
Granted		—		—
Vested		2,514	1.46
Forfeited or expired		125	0.82
Nonvested at December 31, 2025		1,629		1.30

Nonvested at January 1, 2024		10,621	1.08
Granted		—		—
Vested		5,877	0.93
Forfeited or expired		476	1.36
Nonvested at December 31, 2024		4,268	1.36

Summary of Unvested Restricted Stock Unit Activity

Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2025, and 2024 is as follows:


Nonvested Shares	(shares in thousands) Shares		Weighted- Average Grant-Date
Nonvested at January 1, 2025		2,127		10.64
Granted		119		16.73
Vested		1,005		10.64
Forfeited or expired		143		10.64
Nonvested at December 31, 2025		1,098		11.28

Nonvested at January 1, 2024		—		—
Granted		2,127		10.64
Vested		—		—
Forfeited or expired		—		—
Nonvested at December 31, 2024		2,127		10.64

Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized Related to Stock-Based Compensation

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to Stock-Based compensation for the year ended December 31, 2025 and 2024.


	2025		2024
Deferred tax benefits recognized	$	2,976	$	680
Tax benefits realized for vested stock		3,542		1,628
Fair value of vested stock		225,397		112,349

Basic and Diluted Earnings Per Share (Additional Information) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Anti dilutive shares	0	0

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-26

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 44
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-44

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 51
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-51

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 52
-Publisher FASB
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+ Details

Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ 145,281	$ 68,850
Foreign	0	0
Total	145,281	68,850
Total	$ 83,123	$ 73,967

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Effects of Reinsurance [Line Items]

Scedule Effects of Reinsurance on Premiums Written and Earned

The effects of reinsurance on premiums written and earned are as follows:


	2025						2024
	Written			Earned			Written			Earned
Direct premiums	$	1,795,516		$	1,491,215		$	1,333,864		$	1,097,300
Ceded premiums		(463,180	)		(411,687	)		(368,467	)		(304,861	)
Net premiums	$	1,332,336		$	1,079,528		$	965,397		$	792,439

Cash, Cash Equivalents, and Restricted Cash

12 Months Ended

Dec. 31, 2025

Restricted Cash and Cash Equivalent [Abstract]

Cash, Cash Equivalents, and Restricted Cash


	December 31,
	2025		2024
Cash and cash equivalents	$	1,201,210	$	493,409
Restricted cash	$	786	$	631
Restricted cash - variable interest entity	$	480,972	$	295,802
Total	$	1,682,968	$	789,842

At December 31, 2025, $81,042 or 4.8% of the Company’s cash and cash equivalents were deposited at one national bank and included $69,145 with four custodians. At December 31, 2024, $98,850 or 12.5% of the Company’s cash and cash equivalents were deposited at one national bank and included $83,687 with four custodians. At December 31, 2025 and 2024, the Company’s cash deposits at any one bank generally exceed the Federal Deposit Insurance Corporation’s $250 coverage limit for insured deposit accounts. For those banks where the Company’s deposits exceed $250, the Company regularly reviews the financials reports and credit ratings of the banks for any indication of financial stress. The Company determined that no indication of financial stress was evident in any bank where Company deposits exceeded $250 at December 31, 2025 and 2024.

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

(a)

None of the Company's directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of SEC Regulation S-K) during the quarter ended December 31, 2025, except as described in the table below:

       Name and Title

       Date Adopted or Terminated

       Type of Trading Arrangement(1)

       Nature of Trading Arrangement

       Duration of Trading Arrangement

       Aggregate Number of Securities

Robert D. Gries, Jr. (GRM Family Limited Partnership), Board Director

12/12/2025

Rule 10b5-1 trading arrangement

Sale

11/3/2026

507,816

Bruce Lucas (IIM Holdings II, LLC), CEO

11/21/2025

Rule 10b5-1 trading arrangement

Sale

9/16/2026

10,000,000

Shannon Lucas (Securus Risk Management), President and COO

11/21/2025

Rule 10b5-1 trading arrangement

Sale

9/16/2026

1,000,000

(1) The trading arrangement marked as a “Rule 10b5-1 trading arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

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

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

Robert D. Gries

Trading Arrangements, by Individual

Name

Robert D. Gries

Title

Jr. (GRM Family Limited Partnership), Board Director

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

12/12/2025

11/3/2026

326 days

507,816

Trading Arrangements, by Individual

Name

Bruce Lucas

Title

IIM Holdings II, LLC), CEO

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

11/21/2025

9/16/2026

300 days

10,000,000

Trading Arrangements, by Individual

Name

Shannon Lucas

Title

Securus Risk Management), President and COO

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

11/21/2025

9/16/2026

300 days

1,000,000

Loss and Loss Adjustment Expenses - Summary of Average Historical Claims (Details)	Dec. 31, 2025
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Accident Year 1, Percentage	42.80%
Accidnt Year 2, Percentage	34.10%
Accident Year 3, Percentage	12.30%
Accident Year 4, Percentage	7.80%
Accident Year 5, Percentage	0.00%

Reinsurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reinsurance

11.

Reinsurance

Certain premiums and losses are ceded to other insurance companies under various excess of loss reinsurance agreements. The ceded reinsurance agreements are intended to provide the Company with the ability to maintain its exposure to losses within its capital resources.

These reinsurance agreements do not relieve the Company from its primary obligation to policyholders, as it remains liable to its policyholders to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under reinsurance contracts. Therefore, the Company is subject to credit risk with respect to the obligations of its reinsurers, and any failure on the part of these reinsurers could have a material adverse effect on the Company’s business, financial condition and results of operations.

Effective June 1, 2025, the Company entered into a per risk excess of loss treaty for its personal residential property business retaining $0.7 million on each property risk and ceding the next $4.3 million of loss. The per risk excess of loss treaties cover 100% of all losses except those related to named storms. These treaties are effective until May 31, 2026.

Effective June 1, 2025, the Company entered into a facultative excess of loss reinsurance contract for its personal residential property business which provides $7 million of coverage in excess of $5 million for each loss, each risk. The reinsurer’s total liability is capped at $14 million.

Effective October 29, 2025, the Company entered into a per risk excess of loss treaty for its commercial residential property business retaining $1 million on each risk and ceding the next $9 million of loss. The per risk excess of loss treaties cover 100% of all losses except those related to named storms. These treaties are effective until November 1, 2026.

Effective November 1, 2025, the Company entered into a facultative excess of loss reinsurance contract for its commercial residential property business which provides $65 million of coverage in excess of $10 million for each loss, each risk. Like the per risk treaty, the facultative contract does not cover losses related to named storms.

To minimize the Company’s exposure to losses from catastrophes, primarily hurricanes, the Company has entered into a catastrophe excess of loss agreement, as well as the mandatory participation in the Florida Hurricane Catastrophe Fund (“FHCF”).

The catastrophe excess of loss agreement has a corridor through it, whereby the FHCF picks up 90% of losses and the catastrophe layers pick up the remaining 10%. The mandatory FHCF layer is estimated to be 90% of $1,047.9 million, excess of $557.2 million. Premium for this coverage is estimated to be $71,345. The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90% of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is estimated to be $943.1 million, with a retention of $557.2 million.

Effective June 1, 2024, the Company entered into a per risk excess of loss treaty retaining $0.7 million on each property risk and ceding the next $4.3 million of loss. The per risk excess of loss treaties cover 100% of all losses except those related to named storms. These treaties are effective until May 31, 2025.

Effective June 1, 2024, the Company entered into a facultative excess of loss reinsurance contract which provides $7 million of coverage in excess of $5 million for each loss, each risk. The reinsurer’s total liability is capped at $14 million.

The catastrophic excess of loss agreement has a corridor through it, whereby the FHCF picks up 90% of losses and the catastrophe layers pick up the remaining 10%. The mandatory FHCF layer is 90% of $791.7 million, excess of $379.3 million. Premium for this coverage is $60,077. The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90% of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is $712.5 million, with a retention of $379.3 million.

Effective October 29, 2024, the Company entered into a per risk excess of loss treaty for its commercial residential property business retaining $1 million on each risk and ceding the next $9 million of loss. The per risk excess of loss treaties cover 100% of all losses except those related to named storms.

Effective October 29, 2024, the Company entered into a facultative excess of loss reinsurance contract for its commercial residential property business which provides $50 million of coverage in excess of $10 million for each loss, each risk. Like the per risk treaty, the facultative contract does not cover losses related to named storms.

The effects of reinsurance on premiums written and earned are as follows:


	2025						2024
	Written			Earned			Written			Earned
Direct premiums	$	1,795,516		$	1,491,215		$	1,333,864		$	1,097,300
Ceded premiums		(463,180	)		(411,687	)		(368,467	)		(304,861	)
Net premiums	$	1,332,336		$	1,079,528		$	965,397		$	792,439

SIH ceded losses and loss adjustment expenses of $50 and $318,889 in 2025 and 2024, respectively. Based on all available information considered in the rating based method described in Note 1 — “Summary of Significant Accounting Policies,” the Company recognized a credit loss expense of $0 and $0 for the year ended December 31, 2025 and 2024 respectively.

Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Summary of Activity related to the loss and LAE reserves

Activity related to the loss and LAE reserves are summarized as follows:


	2025			2024
Balances at January 1	$	595,487		$	249,567
Less reinsurance recoverables	$	341,051			105,092
Net balances at January 1		254,436			144,475
Incurred related to:
Current year		317,310			362,262
Prior years		(81,848	)		(22,969	)
Total incurred	$	235,462		$	339,293
Paid related to:
Current year		113,853			168,990
Prior years		82,458			60,342
Total paid	$	196,311		$	229,332
Net balances at December 31		293,587			254,436
Plus reinsurance recoverables		146,128			341,051
Balances at December 31	$	439,715		$	595,487

Summary of Activity related to the Loss and Loss Adjustment Expenses

The information about incurred and paid losses and LAE development for the years ended December 31, 2020 to December 31, 2021, is presented for illustration purposes as the Company did not have any premiums or losses in those accident years.


	Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31,												Total of IBNR Plus Expected Development On		Cumulative Number of Reported
Accident Year	2020		2021		2022		2023		2024		2025		Reported Claims		Claims (a)
2020		—		—		—		—		—		—
2021		—		—		—		—		—		—
2022		—		—		133,488		127,236		133,538		129,961		4,234		17,189
2023		—		—		—		199,518		170,247		149,737		13,261		9,337
2024		—		—		—		—		362,261		304,500		61,341		24,772
2025		—		—		—		—		—		317,310		158,395		15,932
									Total		$	901,508

(a)

The cumulative number of reported claims is measured as the number of per-policyholder, per-event claims for all coverages regardless of whether the claim results in loss or expense to the Company.


	Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31,
Accident Year	2020		2021		2022		2023		2024		2025
2020		—		—		—		—		—		—
2021		—		—		—		—		—		—
2022		—		—		72,376		104,197		122,295		125,900
2023		—		—		—		78,083		120,327		130,097
2024		—		—		—		—		168,989		238,072
2025		—		—		—		—		—		113,853
									Total		$	607,922
	All outstanding reserves before 2020, net of reinsurance											—
	Reserve for loss and loss adjustment expenses, net of reinsurance										$	293,587

Summary of Average Historical Claims

The following is supplementary and unaudited information about average historical claims duration as of December 31, 2025:


Average Annual Percentage Payout of Incurred Claims by Age Net of Reinsurance as of December 31, 2025
Accident Year	Year 1			Year 2			Year 3			Year 4			Year 5
Percentage		42.8	%		34.1	%		12.3	%		7.8	%		—

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Instrument [Line Items]

Schedule of Deferred Loan Costs and Debt Discount


	Issue Date	Interest Rate			Original Principal		Outstanding Principal at December 31, 2025			Outstanding Principal at December 31, 2024
Promissory Notes	3/31/2022		0.00	%	$	10,000	$	2,500		$	4,500
Commercial Loan 4	6/25/2024	Variable				40,000		34,000			38,000
Less: Deferred loan costs and debt discount								(2,813	)		(3,310	)
							$	33,687		$	39,190

Schedule of Future Maturities of Long-Term Debt Principal

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:


	Maturity Date	Valuation Methodology
Promissory Notes, 0.00%	2027	Discounted cash flow method, Level 3 inputs
Commercial Loan, variable rate of interest	2029	Discounted cash flow method, Level 3 inputs

Long Term Debt

Debt Instrument [Line Items]

Schedule of Future Maturities of Long-Term Debt Principal

The following summarizes future maturities of long-term debt principal as December 31, 2025:


	Promissory Notes		Commercial Term Loan		Total
2026		2,000		4,000		6,000
2027		500		4,000		4,500
2028		—		4,000		4,000
2029		—		22,000		22,000
	$	2,500	$	34,000	$	36,500

- Definition

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.

+ References

+ Details

Deferred Policy Acquisition Costs - Summary of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Beginning balance	$ 65,046	$ 42,995
Policy acquisition costs deferred	168,057	108,021
Less: Amortization	(139,375)	(85,970)
Ending balance	$ 93,728	$ 65,046

- Definition

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

+ References

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+ Details

- Definition

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

+ References + Details

Leases - Summary of Supplemental cash flow information related to our operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use asset	$ (86)	$ 1,849
Lease liability	$ 586	$ 1,844

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net Income (Loss)	$ 443,958	$ 201,125
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization	12,443	10,315
Provision for deferred income taxes	(3,299)	(5,118)
Stock based compensation	12,070	2,882
Amortization of deferred loan costs	793	372
Gain on sale of investments	(13)	(10)
Net amortization of premiums on investments in fixed-maturity securities	(2,648)	(3,258)
Change in value of interest rate swap	(55)	(179)
Purchase of transferable tax credits	(65,360)	0
Change in operating assets and liabilities:
Accrued interest income	(1,712)	(3,178)
Premiums receivable	(66,940)	13,139
Reinsurance recoverable on paid losses	(21,027)	14,720
Reinsurance recoverable on unpaid losses	194,923	(235,959)
Prepaid reinsurance premiums	(54,460)	(65,875)
Prepaid expenses	(4,740)	(2,518)
Deferred policy acquisition costs	(28,682)	(22,051)
Other assets	49	325
Loss and loss adjustment expense reserves	(155,772)	345,920
Unearned premiums	304,301	236,564
Advanced premiums	18,467	1,069
Income taxes payable	114,972	16,633
Premium taxes payable	3,869	1,309
Commissions payable	795	3,469
Reinsurance premiums payable	89,878	42,759
Accounts payable and accrued expenses	5,910	3,857
Net lease liability, net	500	(5)
Other liabilities	(788)	(2,421)
Net cash provided by operating activities	797,432	553,886
Cash flows from investing activities:
Purchase of fixed-maturity securities available-for-sale	(197,743)	(234,603)
Proceeds from maturities and redemptions of fixed-maturity securities available -for-sale	84,869	40,024
Proceeds from redemption of other investments	548	672
Purchase of property and equipment	(2,857)	(10,088)
Net cash used in investing activities	(115,183)	(203,995)
Cash flows from financing activities:
Proceeds from issuance of common stock	1,687	0
Repurchase and retirement of common stock	(40,000)	0
Issuance of long term debt	0	40,000
Repayment of long-term debt	(6,000)	(32,580)
Payment of debt issuance costs	(296)	(3,692)
Repurchase and retirement of preferred stock	0	(540)
Other financing costs	(2,463)	(5,600)
Proceeds from issuance of initial public offering	263,500
Shares withheld for taxes (net share settlement)	(5,551)
Proceeds from the issuance of preferred capital stock	0	1
Net cash provided by financing activities	210,877	(2,411)
Net increase in cash, cash equivalents and restricted cash	893,126	347,480
Cash, cash equivalents and restricted cash, beginning of period	789,842	442,362
Cash, cash equivalents and restricted cash, end of period	1,682,968	789,842
Cash paid during the year for:
Interest paid	1,787	3,699
Income taxes paid	$ 33,525	$ 58,506

Retirement Plan - (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Employer Discretionary Contribution Amount	$ 1,129	$ 653

Guaranty Fund and Other Assessments

12 Months Ended

Dec. 31, 2025

Guarantees [Abstract]

Guaranty Fund and Other Assessments

21.

Guaranty Fund and Other Assessments

SIC is subject to guaranty fund and other assessments in both Florida and in South Carolina, states in which the SIC underwrites policies. Guaranty fund assessments should be accrued when (i) an assessment has been imposed or information available prior to issuance of the statutory-basis financial statements indicates that it is probable that an assessment will be imposed; (ii) the event obligating an entity to pay an imposed or probable assessment has occurred on or before the date of the consolidated financial statements; and (iii) the amount of the assessment can be reasonably estimated at the time of the event triggering the accrual.

SIC is subject to assessments by guaranty funds in the states in which it conducts business, a residual market pool, and a state catastrophe reinsurance pool. The activities of these funds and pools include collecting funds from solvent insurance companies to cover losses resulting from the insolvency or rehabilitation of other insurance companies, or deficits generated by Citizens Property Insurance Corporation, and the FHCF. SIC is allowed to recover these assessments through premiums collected from policyholders. As of December 31, 2025, and 2024, SIC had payables relating to these assessments totaling $3,106 and $2,148, respectively. The payable is included within other liabilities on the balance sheet.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)(4)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

+ Details

Fixed-Maturity Securities Available-For-Sale - Schedule of Estimated Fair Value of Investments in Fixed-Maturity Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 580,122	$ 464,585
Gross Unrealized Gains	9,981	2,553
Gross Unrealized Losses	(383)	(2,172)
Estimated Fair Value	589,720	464,966
U.S. government and agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	155,600	166,641
Gross Unrealized Gains	2,011	418
Gross Unrealized Losses	(36)	(776)
Estimated Fair Value	157,575	166,283
States, municipalities and political subdivisions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	203,485
Gross Unrealized Gains	3,948
Gross Unrealized Losses	(159)
Estimated Fair Value	207,274
Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	171,501
Gross Unrealized Gains	3,689
Gross Unrealized Losses	(183)
Estimated Fair Value	175,007
Asset-Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	49,536
Gross Unrealized Gains	333
Gross Unrealized Losses	(5)
Estimated Fair Value	$ 49,864
U.S. states, territories and possessions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		17,344
Gross Unrealized Gains		71
Gross Unrealized Losses		(193)
Estimated Fair Value		17,222
Industrial and miscellaneous
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		149,104
Gross Unrealized Gains		1,350
Gross Unrealized Losses		(429)
Estimated Fair Value		150,025
Special Revenue
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		106,681
Gross Unrealized Gains		527
Gross Unrealized Losses		(622)
Estimated Fair Value		106,586
Political subdivisions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		23,061
Gross Unrealized Gains		187
Gross Unrealized Losses		(151)
Estimated Fair Value		23,097
Hybrid securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		1,754
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Estimated Fair Value		$ 1,753

Shareholders' Equity - (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 18, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 25, 2025
Common stock, Par value	$ 0.01	$ 0.01	$ 0.01
Common stock, Shares authorized		1,500,000,000	1,500,000,000
Common stock, Shares issued		123,889,446	56,224,168
Common stock, Shares outstanding		123,889,446	56,224,168
Preferred stock, Par value		$ 0.01	$ 0.01
Preferred stock, Shares authorized		150,000,000	150,000,000
Preferred stock, Shares issued		0	51,374,125
Preferred stock, Shares outstanding		0	51,374,125
Liquidation preference per share		$ 13.64
Preferred stock conversion price			$ 13.64
Shares issued and sold	7,300,000
Sale of stock price per share	$ 0.01
Public offering price per share	17
Stock split		5.5
Dividends declared		$ 0	$ 0
Convertible Preferred Stock [Member]
Price per share issue		$ 2.48
Shares converted		9,300,000
Common Stock [Member]
Common stock, Par value	$ 0.01	$ 0.01	$ 0.01
Common stock, Shares authorized	1,500,000,000	1,500,000,000	40,000,000
Common stock, Shares issued			10,200,000
Common stock, Shares outstanding			10,200,000
Common Stock [Member] \| Minimum [Member]
Common stock conversion price decrease		$ 13.64
Preferred Stock [Member]
Preferred stock, Par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, Shares authorized	150,000,000	150,000,000	20,000,000
Preferred stock, Shares issued			9,300,000
Preferred stock, Shares outstanding			9,300,000
Preferred Stock Warrant [Member]
Preferred stock, Shares issued			120,334
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.01
IPO [Member]
Common stock, Shares issued	24,000,000			3,600,000
Sale of stock description	On June 18, 2025, the company completed its IPO in which it issued and sold 24.0 million shares of common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at a par value of $0.01, at a public offering price of $17.00 per share.
Shares issued and sold	16,700,000
Sale of stock price per share	$ 17
IPO [Member] \| Common Stock [Member]
Shares issued and sold	24,000,000

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 2,603	$ 2,603
Goodwill acquired	0	0
Goodwill, Ending Balance	$ 2,603	$ 2,603

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

10.

Income Taxes

The Company files a consolidated federal income tax return. The effective income tax rate for 2025 and 2024 differs from the statutory federal income tax rate primarily due to state income taxes and permanent items, including nondeductible expenses.

The components of income before provision for income taxes are as follows for December 31, 2025 and 2024 :


	2025		2024
Domestic	$	145,281	$	68,850
Foreign	-		-
Total	$	145,281	$	68,850

We calculate our provision for federal and state income taxes based on current law. The following is a summary of our net provision for income taxes for December 31, 2025 and 2024 :


	2025			2024
Current:
Federal	$	50,173		$	58,156
Foreign		-			-
State and local		32,950			15,811
Total Current:	$	83,123		$	73,967
Deferred:
Federal		63,044			(4,240	)
Foreign		-			-
State and local		(886	)		(877	)
Total Deferred:	$	62,158		$	(5,117	)
Total Income tax provision	$	145,281		$	68,850

Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	2025			2024
Deferred tax assets:
Unearned premiums		42,113			28,244
Section 174 amortization		2,054			4,402
Right of use liability		2,445			2,297
Loss reserve discount		3,617			3,286
Other assets		1,536			2,795
Total deferred tax assets	$	51,765		$	41,024
Deferred tax liabilities:
Deferred acquisition costs		(23,755	)		(16,486	)
Right of use asset		(2,148	)		(2,126	)
Depreciation expense		(2,571	)		(3,027	)
Net unrealized investment gains		(2,336	)		(97	)
Net accretion of discount on securities		(1,272	)		(958	)
Prepaid expenses		(1,122	)		(564	)
Other		(229	)		(395	)
Total deferred tax liabilities	$	(33,433	)	$	(23,653	)
Net deferred tax asset	$	18,332		$	17,371

A valuation allowance must be established for deferred tax assets when it is more likely than not that the deferred tax assets will not be realized based on available evidence both positive and negative, including recent operating results, available tax planning strategies, and projected future taxable income. As of December 31, 2025 and 2024, management concluded, based on the evaluation of the positive and negative evidence, that it is more likely than not that the deferred tax assets will be realized and therefore no valuation allowance on the Company’s deferred tax assets is required.

A reconciliation of the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 retroactively, is as follows:


	2025			Effective Tax Rate			2024		Effective Tax Rate
U.S. federal statutory tax rate	$	123,740			21.00	%	$	56,944		21.00	%
State and local income taxes, net of federal income tax effect(1)		25,145			4.27	%		11,613		4.30	%
Tax credits		(2,546	)		(0.43	)%		-		—
Changes in valuation allowances		-			—
Nontaxable or nondeductible items
Stock Compensation Expense		(5,680	)		(0.97	)%		-		—
162m		2,584			0.44	%		-		—
Other		1,114			0.19	%		241		0.10	%
Changes in unrecognized tax benefits		-
Other adjustments
Other		924			0.16	%		52		0.01	%
Effective income tax rate	$	145,281			24.66	%	$	68,850		25.41	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category includes Florida for 2025 and Florida for 2024.

The effective income tax rate for 2025 was 24.66% compared to 25.41% for 2024. The decrease in the effective income tax rate was primarily due to the favorable treatment of stock options. The increase in the provision for income taxes was primarily due to the increase in income before income taxes in the current period.

Cash paid for income taxes consisted of the following for December 31, 2025 and 2024 :


	2025		2024
Federal	$	70,360	$	45,800
State		28,525		12,706
Foreign	-		-
Total	$	98,885	$	58,506

In 2025, the individual jurisdiction with cash taxes paid that equaled or exceeded 50% of total income taxes paid was Florida. In 2024, the individual jurisdiction with cash taxes paid that equaled or exceeded 50% of total income taxes paid was Florida. Transferable energy credit purchases are included as part of Federal income taxes paid during the current period.

As of December 31, 2025, all entities within the Company's legal structure are treated as U.S. Corporations.

The Company has no uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rates for the year ended December 31, 2025 and 2024. The tax returns filed for the years ending December 31, 2024 and 2023 remain subject to examination by the Company’s major taxing jurisdictions.

The Company does not have any federal net operating loss carryforwards available as of December 31, 2025. The Company has zero state net operating loss carryforwards available as of December 31, 2025.

The Company and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is not currently under audit by the IRS or state jurisdictions for open tax years.

In September of 2025, the Company purchased $67.9 million of transferable Section 45x advanced manufacturing production tax credits for $65.4 million to reduce our federal tax liability. All tax credits other than approximately $0.6 have been applied to prior year tax returns.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”), which, among other provisions, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense under §163(j) to be based on taxable income before interest, amortization, and depreciation. Based on preliminary analysis, management expects OBBBA to reduce U.S. cash income-tax payments. There is not expected to be any impact on the effective tax rate. The Company is continuing to evaluate the Act’s impacts, including potential effects on deferred-tax balances, and will refine these estimates as additional guidance becomes available.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
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-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

+ Details

Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Deferred revenue			$ 90	$ 90
Intangible Assets, Net (Excluding Goodwill)			99	7,692
Goodwill			2,603	2,603		$ 2,603
Ownership Percentage [Member]
Finite-Lived Intangible Assets [Line Items]
Ownership interests percentage	100.00%
Data - Company 1
Finite-Lived Intangible Assets [Line Items]
Deferred revenue							$ 90
Fair value of Intangible Asset							2,379
Amortization of Intangible Assets			$ 792	$ 795
Finite-Lived Intangible Asset, Useful Life			3 years	3 years
Data - Company 2
Finite-Lived Intangible Assets [Line Items]
Deferred revenue							90
Fair value of Intangible Asset					$ 821		$ 821
Amortization of Intangible Assets			$ 0	$ 271
Deferred Revenue Writeoff					90
Intangible Assets, Net (Excluding Goodwill)					$ 732
Finite-Lived Intangible Asset, Useful Life			3 years	3 years
Renewal Rights - SJIG Target LLC
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			$ 6,522	$ 6,521
Finite-Lived Intangible Asset, Useful Life			46 months	46 months
Purchase price of acquisition		$ 15,000
Notes issued		$ 10,000
Renewal Rights - Clegg
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			$ 279	$ 281
Intangible Assets, Net (Excluding Goodwill)						$ 435
Finite-Lived Intangible Assets Acquired	$ 1,553
Finite-Lived Intangible Asset, Useful Life	4 years		4 years	4 years
Clegg Goodwill
Finite-Lived Intangible Assets [Line Items]
Payments to Acquire Intangible Assets	$ 2,603
Clegg Goodwill \| Ownership Percentage [Member]
Finite-Lived Intangible Assets [Line Items]
Ownership interests percentage	100.00%

Basic and Diluted Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted


	2025		2024
Basic earnings per share:
Net income attributable to common stockholders	$	443,958	$	201,125
Weighted average shares outstanding		93,373		56,224
Basic earnings per share	$	4.75	$	3.58
Diluted earnings per share:
Net income attributable to common stockholders	$	443,958	$	201,125
Weighted average shares outstanding		93,373		56,224
Add effect of dilutive securities
Impact of convertible preferred stock		23,646		50,961
Impact of vested and unvested common stock options		1,843		13,375
Impact of RSU awards		13,096		87
Impact of convertible preferred stock warrants		—		490
Diluted weighted average common shares outstanding		131,958		121,137
Diluted earnings per share	$	3.36	$	1.66

Fixed-Maturity Securities Available-For-Sale - Schedule of Amortized Cost and Estimated Fair Value of Investments in Fixed-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]
In One year or less Amortized Cost	$ 48,155	$ 56,574
After one year through five years Amortized Cost	303,205	286,584
After five years through 10 years Amortized Cost	165,622	112,702
After 10 years Amortized Cost	63,140	8,725
Total Amortized Cost	580,122	464,585
In one year or less Fair Value	48,353	56,666
After one year through five years Fair Value	309,550	287,703
After five years through 10 years Fair Value	168,346	112,117
After 10 years Fair Value	63,471	8,480
Total Estimated Fair Value	$ 589,720	$ 464,966

Fair Value of Financial Assets and Liabilities - Long-Term Debt and Methods (Details)	12 Months Ended
	Dec. 31, 2025
0.00%, Promissory Notes
Debt Instrument [Line Items]
Maturity Date	2027
Valuation Methodology	Discounted cash flow method, Level 3 inputs
Commercial Loan, Variable Rate of Interest
Debt Instrument [Line Items]
Maturity Date	2029
Valuation Methodology	Discounted cash flow method, Level 3 inputs

- Definition

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.

+ References

+ Details

Nature of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of SIH and its wholly-owned subsidiaries, as well as variable interest entities (“VIE) in which the Company is determined to be the primary beneficiary, and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which, for SIC, may vary in some respects from statutory accounting principles, which are prescribed or permitted by the FLOIR. All intercompany accounts and transactions have been eliminated in consolidation. The significant accounting policies followed by the Company are summarized below.
Nature of Business	Nature of Business Slide Insurance Holdings, Inc. (“SIH” or the “Company”) is a Delaware holding company incorporated on March 2, 2021. The Company was organized for the purpose of holding investments in operating subsidiaries engaged in property and casualty insurance activities. Subsidiaries include: Slide Insurance Company (“SIC”) – a wholly owned property casualty insurance company currently writing homeowners insurance policies in Florida and South Carolina. Slide MGA, LLC (“SMGA”) – a wholly owned managing general agent that performs policy processing and claims administration for SIC. Stat Claims Company (“STAT”) – a wholly owned claims administrator. Trusted Mitigation Contractors (“TMC”) – a wholly owned broker of contractors and loss mitigation service providers. Slide Reinsurance Holdings, LLC (“Slide Re”) – a wholly owned reinsurance company and owner of the segregated cell (White Rock Insurance, Ltd., account T104). Slide Technologies, LLC (“Slide Tech”) – a wholly owned subsidiary that will license software developed by the Company. This entity has not begun operations. SJIG Target, LLC (“SJIG”) – a wholly owned non operating entity that holds contractual renewal rights to a portion of the policies issued by SIC. Clegg Insurance Advisors, LLC (“Homefront”) – a wholly owned insurance agency acquired by the Company during 2022. SIH Technologies, LLP (“Slide India”) – a wholly owned non-operating entity that is in the process of being dissolved. Slide Specialty Insurance Company (f/k/a Pawtucket Insurance Company) (“Slide Specialty”) – a wholly owned property casualty insurance company licensed in New York, New Jersey, Rhode Island and South Carolina. Slide Specialty was acquired in February 2025 and had no assets, liabilities or capital and had not written any insurance policies. The license for Slide Specialty was acquired in 2021, and the Company recorded the associated intangible assets in 2021. The Rhode Island Department of Business Regulation; Division of Insurance approved the acquisition in February of 2025, which is when Slide Specialty legally became a wholly owned subsidiary of the Company. On July 24, 2025, the Company changed the name of Slide Specialty from Pawtucket Insurance Company to Slide Specialty Insurance Company. SIC is domiciled in the state of Florida and is a wholly owned subsidiary of SIH. The insurance subsidiary was incorporated on February 17, 2022, and commenced operations on March 1, 2022, after receiving its Certificate of Authority from the Florida Department of Financial Services, Office of Insurance Regulation (the “FLOIR”). SIC provides homeowners insurance coverage to policyholders in Florida and South Carolina, with Florida policyholders representing 99% of direct written premiums written during 2025. SIC is subject to the broad administrative powers of the FLOIR, which include, but are not limited to, limitation of dividends distributable, modification of management services and tax-sharing agreements, limitations on new and renewal business, and requirements for capital and surplus. SIH filed its original certificate of incorporation with the Secretary of State of the State of Delaware on March 2, 2021, and was authorized to issue 40.0 million shares of common stock at par value of $0.01 per share and 20.0 million shares of preferred stock at par value of $0.01 per share. The Company issued and had outstanding 10.2 million shares of common stock as of December 31, 2024. The Company issued and had outstanding 9.3 million shares of preferred stock as of December 31, 2024, pre stock split. The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of December 31, 2025, there were 123.9 million shares of common stock outstanding and 0 shares of preferred stock outstanding.
Stock Split	Stock Split On June 18, 2025, the Company effected a 5.5-for-1 stock split of the common stock and preferred stock, respectively. All common stock and preferred stock and per share information included in the accompanying condensed consolidated financial statements and footnotes has been retroactively adjusted to reflect this stock split for all periods presented.
Completion of Initial Public Offering	Completion of Initial Public Offering On June 18, 2025, the Company closed its initial public offering ("IPO") of 24.0 million shares of its common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at an initial public offering price of $17.00 per share for gross proceeds of $408.0 million. The Company received net proceeds of approximately $263.5 million, net of approximately $19.8 million of underwriting discounts and commissions. The Company did not receive any proceeds from the sale of shares of its common stock by selling stockholders. The Company recorded the transaction within common stock and additional paid-in capital in the consolidated balance sheets as of December 31, 2025. All preferred stock was converted to common stock upon the completion of the IPO. On June 25, 2025, the underwriters fully exercised their option to purchase an additional 3.6 million shares of common stock from certain selling stockholders of the Company. The purchase of the additional shares brought the gross proceeds from the IPO to $469.2 million. The Company did not receive any proceeds from the sale by such selling stockholders of the additional shares.
Stock Repurchase Program	Stock Repurchase Program On August 26, 2025, the Company's Board of Directors ("Board") authorized the 2025 Stock Repurchase Program ("repurchase program"), which allows the Company to repurchase, from time to time, up to $75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. On November 4, 2025, the Board authorized an increase to the repurchase program to purchase an additional $45.0 million of common stock. The Company has repurchased 2,627,532 shares of common stock for $40.0 million as of December 31, 2025. Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board.
Assumed Business	Assumed Business From time to time, the Company may participate in a “take-out program” through which the Company assumes insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the state’s risk exposure by encouraging private companies to assume policies from Citizens. During 2025, the Company was approved by the Florida Department of Financial Services, Office of Insurance Regulation (“FLOIR”) to assume a total of 457,150 policies. The approval date noted is based on actual takeout date and not the date the Company received approval to participate from the FLOIR. The Company assumed approximately 191,850 policies, representing $595.0 million in annualized gross premiums. During 2024, the Company was approved by the FLOIR to assume a total of 275,600 policies from Citizens. In 2024, approximately 136,000 policies were assumed from Citizens, representing approximately $484.1 million in annualized gross written premiums related to these transactions.
Adoption of New Accounting Standard	Adoption of New Accounting Standard In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01 Leases (Topic 842): Common Control Arrangements. For public entities, this update amends the required amortization period for leasehold improvements associated with common control leases to be over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the asset through a lease. In addition, if the lessor is sub-leasing the asset while simultaneously leasing the asset from an entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group. Once the lessee no longer controls the use of the asset, the asset will be accounted for as a transfer between entities under common control through an adjustment to equity. ASU 2023-01 was adopted by the Company effective January 1, 2024 and did not have a material impact on its financial position. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosures by requiring public entities to report income tax expense disaggregated by federal, state and foreign taxes, with further detail on specific jurisdictions over a quantitative threshold. In addition, public entities must also separately disclose reconciling items equal to or greater than five percent of pretax income from operations by the applicable federal statutory rate. ASU 2023-09 is effective for all public entities for fiscal years beginning after December 15, 2024. ASU 2023-09 was adopted by the Company effective December 31, 2025 and applied the disclosure requirements retroactively. See Note 10 Income Taxes in the accompanying notes to the consolidated financial statements for further details.
Consolidation Policy	Consolidation Policy The Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and VIEs in which the Company is determined to be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued, and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision-making ability and its ability to influence activities that significantly affect the economic performance of the VIE.
Allowance for Credit Losses	Allowance for Credit Losses Allowance for credit losses represents an estimation of potential losses that the Company may experience due to credit risk. The allowance for credit losses account is a contra account of a financial asset to reflect the net amount expected to be collected. Any increase or decrease in the allowance for credit losses related to investments is recognized and reflected as credit losses on investments in the Company’s consolidated statement of income. For all other financial assets, credit loss expense is included in other operating expenses. When the risk of credit loss becomes certain, the allowance for credit losses account will be written off against the financial asset. Under the CECL model, the Company measures all expected credit losses related to relevant financial assets based on historical experience, current conditions, and reasonable and supportable forecasts which incorporate forward-looking information. The Company primarily uses a discounted cash flow method and a rating-based method in estimating credit losses at a reporting date for financial assets under the scope of the CECL model. The discounted cash flow method is a valuation method used to estimate the value of a financial asset based on its future cash flows. The Company uses this method to determine the expected credit losses for available-for-sale fixed-maturity securities. In addition, the Company elected not to measure an allowance for credit losses for accrued interest receivable as any uncollectible amount is adjusted to interest income on a monthly basis. As of December 31, 2025, the exposure to credit losses for certain financial assets related to non-insurance business is considered immaterial to the Company’s financial position. For certain financial assets related to insurance business such as reinsurance recoverable and reinsurance receivable for premium refund, the Company uses a rating-based method, which is a modified version of the probability of default method. It requires two key inputs: a) the liquidation rate and b) the amount of loss exposure. The liquidation rate, which is published annually, is the ratio of impaired insurance companies that were eventually liquidated to the group of insurance companies considered by A.M. Best in its study. The amount of loss exposure represents the future billing balance, net of any collateral, spread over the projected periods that are based on the Company’s historical claim payment pattern. The rating-based method measures credit losses by multiplying the future billings grouped by insurance rating over the projected periods by their corresponding liquidation rates by insurance rating. On paid losses reinsurance recoverable which is due within 90 days after billing, the Company will rely heavily on each reinsurer’s credit rating, recent financial condition, and historical collection problems, if any, in determining the expected credit loss. For risk attributable to disagreements between an insurer and reinsurer regarding a difference in interpretation of provisions in a reinsurance agreement (“dispute risk”), the Company will continue to use an incurred loss method to estimate losses. At December 31, 2025, there was no dispute risk associated with the reinsurance recoverable balance.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits, and investments with maturities of three months or less from the date of acquisition. Outstanding checks issued in excess of bank balances (“book overdrafts”) if any are reported as a liability and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. However, in the event of a failure of the financial institution, there is a chance we may be unable to access such funds and may incur a loss to the extent such balance exceeds the FDIC insurance limits, which could have a negative impact on our liquidity and financial condition.
Restricted Cash	Restricted Cash Restricted cash represents funds in the Company’s sole ownership held by certain states in which the Company’s insurance subsidiary conducts business to meet regulatory requirements and which are not available for immediate business use. Restricted cash also includes funds held in trust by the VIE where the Company is the primary beneficiary.
Fixed-Maturity Securities Available-for-Sale	Fixed-Maturity Securities Available-for-Sale All of the Company’s fixed-maturity securities are classified as available-for-sale and are carried at estimated fair value. Changes in unrealized gains and losses, net of taxes, are charged or credited to accumulated other comprehensive income in shareholders’ equity. Amortization of premiums and discounts on investments in fixed-maturity securities are reflected in earnings over the contractual terms of the investments in a manner that produces a constant effective yield. Realized gains and losses on the sale of investments are recognized in the consolidated statement of operations using the specific identification basis.
Other Investments	Other Investments Other investments consists of preferred interest limited partnership agreements carried at amortized cost, which approximates fair value. Impairment losses on other investments are recognized in the Consolidated Statements of Operations in the period when evidence indicates a decrease in the value of the investment has occurred that is other than temporary.
Premiums Receivable	Premiums Receivable Premiums receivable are uncollateralized policyholder obligations due under normal policy terms, requiring payment within a specified period from the invoice date and are reflected net of allowances in the accompanying Consolidated Balance Sheets. As of December 31, 2025 and 2024, allowances for uncollectible premiums were $3,294 and $2,295, respectively. The increase in allowances for uncollectible premiums during 2024 resulted in a $45 decrease in unearned premiums during the year ended December 31, 2025.
Property and Equipment	Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization, which is included in the Statement of Operations in Other operating expenses. Depreciation is calculated on a straight-line basis over the estimated useful lives. Replacements and maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. The Company capitalizes external costs for internally developed software during the application development stage. During the preliminary project and post-implementation stage, internal-use software development costs are expensed as incurred. Capitalized software costs are depreciated on a straight-line basis over the estimated useful life of three to seven years.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs The Company incurs policy acquisition costs that vary with, and are directly related to, the production of new business. Policy acquisition costs consist of commissions paid to outside agents at the time of policy issuance and premium taxes. The Company capitalizes policy acquisition costs to the extent recoverable, then the Company amortizes those costs over the contract period of the related policies.
Goodwill	Goodwill The Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment Accounting Standards Codification (“ASC”) 350, which changed the guidance on goodwill impairment. Under the guidance, the qualitative assessment of the recoverability of goodwill remains the same, but the second step of the two-step quantitative test, which required calculation of the implied fair value of goodwill, has been eliminated. Instead, an impairment charge is recognized when the carrying value of a reporting unit exceeds its fair value. Any excess of carrying value over fair value is written down as an impairment. This evaluation is performed annually, on May 1 or more frequently if facts and circumstances warrant. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the fair value. The Company has completed the analysis and determined there was no impairment of goodwill as of December 31, 2025 or 2024.
Intangible Assets	Intangible Assets The Company reviews Intangibles for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. If an intangible is considered to have a definite life, such as renewal rights of policies, then the value of the intangible is amortized over the expected life. The Company has completed the analysis as of December 31 and ascertained if any facts or circumstances would indicate impairment through the end of the year and concluded there was no impairment of Intangibles as of December 31, 2025 or 2024.
Loss and Loss Adjustment Expense Reserves	Loss and Loss Adjustment Expense Reserves Loss and loss adjustment expenses (“LAE”) reserves are determined by establishing liabilities in amounts estimated to cover incurred losses and LAE. Such reserves are determined based on the assessment of claims reported and the development of pending claims. These reserves are based on individual case estimates for the reported losses and LAE and estimates of such amounts that are incurred but not reported. Changes in the estimated liability are charged or credited to income as the losses and LAE are settled. Salvage and subrogation are deducted from the reserve for claims and claims expense on a cash basis. The estimates of unpaid loss and LAE are subject to trends in claim severity and frequency and are continually reviewed. As part of the process, the Company reviews historical data and considers various factors, including known and anticipated regulatory and legal developments, changes in social attitudes, inflation and economic conditions. As experience develops and other data becomes available, these estimates are revised, as required, resulting in increases or decreases to the existing unpaid loss and LAE reserves. Adjustments are reflected in the Consolidated Statement of Operations in the period in which they are made and the liabilities may deviate substantially from prior estimates. Loss and LAE reserves ceded to or recovered from reinsurers are recorded as a reduction to loss and LAE reserves on the Consolidated Statements of Operations. These liabilities have been stated gross of reinsurance amounts recoverable from other insurance companies, and have been reduced by $0.0 for estimated salvage and subrogation recoverables at December 31, 2025 and 2024.
Advance Premiums	Advance Premiums Premium payments received prior to the policy effective date are recorded as Advance premiums. Once the policy is in force, the premiums are recorded as described under “Revenue Recognition” below.
Leases	Leases The Company leases office equipment and office space from non-affiliates under terms ranging from one month up to eight years. In assessing whether a contract is or contains a lease, the Company first determines whether there is an identified asset in the contract. The Company then determines whether the contract conveys the right to obtain substantially all of the economic benefits from use of the identified asset or the right to direct the use of the identified asset. The Company elects not to record any lease with a term of 12 months or less on the consolidated balance sheet. For such short-term leases, the Company recognizes the lease payments in expense on a straight-line basis over the lease term. If the contract is or contains a lease and the Company has the right to control the use of the identified asset, the right-of-use (“ROU”) asset and the lease liability is measured from the lease component of the contract and recognized on the consolidated balance sheet. In measuring the lease liability, the Company uses its incremental borrowing rate for a loan secured by a similar asset that has a term similar to the lease term to discount the lease payments. The contract is further evaluated to determine the classification of the lease as to whether it is finance or operating. If the lease is a finance lease, the ROU asset is depreciated to depreciation expense over the shorter of the useful life of the asset or the lease term. Interest expense is recorded in connection with the lease liability using the effective interest method. If the lease is an operating lease, the ROU asset is amortized to lease expense on a straight-line basis over the lease term. For the presentation of finance leases on the Company’s consolidated balance sheets, ROU assets and corresponding lease liabilities are included with property and equipment, net, and long-term debt, respectively. For the presentation of operating leases on the Company’s Consolidated Balance Sheets, ROU assets are presented as right-of-use assets – operating leases and corresponding lease liabilities are reflected as lease liabilities – operating leases.
Interest rate swap	Interest rate swap The Company accounts for swaps as either assets or liabilities and carries them at fair value. Interest rate swaps are adjusted to fair value by charges or credits in the Consolidated Statements of Operations and included as a component of interest expense.
Long-term debt	Long-term debt Long-term debt includes debt instruments. A debt instrument is generally classified as a liability and carried at amortized cost, net of any issuance costs. Debt issuance costs are capitalized and amortized to interest expense over the expected life of the debt instrument using the straight-line method.
Common and Preferred Stock Warrants	Common and Preferred Stock Warrants For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition provisions of GAAP which require the measurement and recognition of compensation for all stock-based awards made to employees, non-employee directors (see Note 23 – “Stock-Based Compensation”), and third-party award recipients based on estimated fair values. In accordance with GAAP, the fair value of stock-based awards granted to employees and non-employee directors is generally recognized as compensation expense over the requisite service period, which is defined as the period during which a recipient is required to provide service in exchange for an award. Forfeitures of the Company’s stock-based awards are accounted for on a total future estimated basis. The Company uses a straight-line attribution method for all awards that include only a service-based vesting condition. The Company recognizes expense from performance-based conditions when the events to recognize the performance condition is probable. Compensation expense related to all awards granted to employees and non-employee directors is included in General and administrative expenses in the Consolidated Statement of Operations. The Company receives a windfall tax benefit for certain stock option exercises if these options vest at a higher value than the value used to recognize compensation expense. In the event the stock-based awards vest at a lower value than the value used to recognize compensation expense, the Company experiences a tax shortfall. The Company recognizes tax windfalls and shortfalls in the Consolidated Statement of Operations.
Basic and Diluted Earnings Per Share	Basic and Diluted Earnings Per Share Basic net earnings per share is computed by dividing Net income by the weighted average number of common shares outstanding during the reporting period. Diluted net earnings per share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the reported period. Common equivalent shares include incremental shares from diluted vested and unvested shares of common stock-based awards, convertible preferred stock and preferred share warrants outstanding during the period based on the “if converted” method under the guidance of ASU 2020-06. During loss periods, common stock equivalents such as stock options and convertible debt are excluded from the calculation of diluted loss per share, as the inclusion would have an anti-dilutive effect.
Insurance Guaranty Association Assessments	Insurance Guaranty Association Assessments The Company’s insurance subsidiaries may be assessed by state associations such as the Florida Insurance Guaranty Association. The assessments are intended to be used for the payment of covered claims of insolvent insurance entities. The assessments are generally based on a percentage of premiums written during or following the year of insolvency. Liabilities are recognized when the assessments are probable to be imposed on the premiums on which they are expected to be based and the amounts can be reasonably estimated. An insurer is generally permitted to recover the entire amount of assessments from in-force and future policyholders through policy surcharges. GAAP provides that the Company should record an asset based on the amount of written or obligated-to-write premiums and limited to the amounts recoverable over the life of the in-force policies.
Income Taxes	Income Taxes The Company files consolidated federal and state income tax returns and allocates taxes among its subsidiaries in accordance with a written tax-allocation agreement. The Company accounts for income taxes in accordance with GAAP, resulting in two components of income tax expense and benefit: current and deferred. Current income tax expense and benefit reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense and benefit results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than fifty percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of both positive and negative evidence available including recent operating results, available tax planning strategies, and projected future taxable income, it is more likely than not that some portion or all of a deferred tax asset will not be realized.
Revenue Recognition	Revenue Recognition Direct and assumed premiums written are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Unearned premium liabilities are established for the unexpired portion of premiums written or assumed. Such unearned premiums are computed on a daily pro rata method for direct and assumed business. At each reporting date, the Company determines whether it has a premium deficiency. A premium deficiency would result if the sum of the Company’s expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded the Company’s related unearned premiums plus investment income. Should the Company determine that a premium deficiency exists, the Company would write off the unrecoverable portion of Deferred policy acquisition cost. At December 31, 2025 and 2024, the Company has recorded no premium deficiency reserve. The Company considered the Citizens assumed policies as reinsurance accounting as indicated by the ASC 944-20-20 definition of reinsurance includes “assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity’s liability to the policyholder”. Further, guidance at ASC 944-20-15-37a. indicates reinsurance accounting applies to any “transaction... whose individual terms indemnify an insurer against loss or liability relating to insurance risk. That is, all contracts, including contracts that may not be structured or described as reinsurance, shall be accounted for as reinsurance if those conditions are met.” The Citizens policies assumed and the policies acquired from St. Johns Insurance Company in 2022 and United Property Casualty Company in 2023 are short-duration contracts under ASC 944 as the original and remaining policy periods are one year or less. The Company meets the conditions of ASC 944-20-15-41 as it completely assumes the insurance risk of the policy going forward with the policyholder, and as such the Company has risk of significant loss as it has assumed all aspects of the policy going forward. ASC 944 is generally silent on the accounting for an assumed reinsurance contract. ASC 944-20-05-3 simply notes: “Four methods of premium revenue and contract liability recognition for insurance contracts have developed: short-duration contract accounting and three methods of long duration contract accounting.... Generally, the four methods reflect the nature of the insurance entity’s obligations and policyholder rights under the provisions of the contract.” The Company views assuming insurance risk from another insurer or from non-insurers is economically the same and thus would follow the same short-duration contract accounting as its direct written premiums. The Company accounts for the unearned premium pro rata over the remaining policy period similar to direct written premiums. The Company believes its treatment is reasonable based on analogy to the following guidance: • ASC 944-30-35-52 provides the following for contract modifications: “Similar to traditional long-duration contracts as discussed beginning in paragraph 944-30-35-46 a revision to a short-duration contract is viewed as a prospective revision with future recognition of unearned premium and amortization of unamortized deferred acquisition costs adjusted, accordingly, on a prospective basis.” This is consistent with the Company’s accounting for the Citizens assumed premiums, noting there are no deferred acquisition costs or payments by the Company to Citizens to amortize. • ASC 944-30-35-53 similarly provides: “Consistent with the guidance in paragraphs 944-30-35-1A and 944-605-25-1, unearned premium is recognized as revenue over the period of the contract in proportion to the amount of insurance protection provided, amortization of deferred acquisition costs continues to be recognized in proportion to the premium recognized.” ASC 944-605-35-8 for ceding entities provides: “Prepaid reinsurance premiums recognized under paragraph 944-605-25-20 shall be amortized over the remaining contract period in proportion to the amount of insurance protection provided.” The Company believes it is reasonable that as the assuming entity, it would similarly recognize the unearned premiums assumed in a similar manner.
Policy Fees	Policy Fees Policy fees, which represents fees paid by policyholders to the MGA on all new and renewal insurance policies, are generally recognized as income upon policy inception in accordance with ASC 606, which coincides with the completion of our service obligation of issuing the policy.
Reinsurance	Reinsurance In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events by reinsuring certain levels of risk in various areas of exposure with other insurance enterprises or reinsurers. The Company contracts with a number of reinsurers to secure its annual reinsurance coverage, which generally becomes effective June 1st of each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. Amounts recoverable from reinsurers are estimated in a manner consistent with the applicable reinsurance contract or contracts. Premiums ceded to other companies are reported as a reduction of Gross premiums earned to arrive at Net premiums earned. Prepaid reinsurance premiums represent the unexpired portion of premiums ceded to reinsurers. The Company may recover reinsurance in advance of paying direct losses. The Company may recover reinsurance in advance of paying direct losses. The Company reports these advance amounts as advanced recoveries on reinsurance.
Risks and Uncertainties	Risks and Uncertainties The Company primarily writes homeowners coverage in the state of Florida. The Company’s business could be impacted by negative effects of economic and political forces in Florida, continuing price pressure on new and renewal business, the ability to effectively manage expenses, market competition, and federal and state legislation or governmental regulations of insurance companies. Also, SIC is subject to regulatory requirements, as discussed in Note 17, Regulatory Matters. The Company insures an area that is exposed to damage from, among other events, hurricanes, wind, tornadoes, hail, sinkholes, and severe thunderstorms. The Company attempts to mitigate its exposure to losses from storms by avoiding geographic concentrations of policies and by purchasing catastrophe reinsurance coverage, further discussed in Note 11, Reinsurance. However, a severe storm, depending on its path and intensity, could result in losses to the Company exceeding its reinsurance protection, and could have a material adverse effect on the consolidated financial position and results of operations of the Company. There are a number of risks and uncertainties inherent in the process of monitoring impairments relating to invested assets, and determining if an underlying credit event either has or could happen in the future. These risks and uncertainties include the risk that the economic outlook will be worse than expected or have more of an impact on the issuer than anticipated, the risk that the Company’s assessment of an issuer’s ability to meet all of its contractual obligations will change based on changes in the characteristics of that issuer, the risk that information obtained by the Company or changes in other facts and circumstances lead management to change its intent to hold the security to maturity or until it recovers in value, and the risk that management is making decisions based on misstated information in the consolidated financial statements provided by issuers.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
Segment Information	Segment Information The insurance segment derives revenues from direct and assumed premiums written which revenues are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Revenue is earned from policies from homeowners, which are annual policies. The accounting policies of the insurance segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) assesses performance for the insurance segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income and EBITDA. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income and EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the insurance segment or into other parts of the entity, such as for acquisitions. The significant expenses reviewed by the CODM, which are used to assess performance of the Company, are not disaggregated at a level lower than the captions disclosed within the Consolidated Statement of Operations. Net income is used to monitor budget versus actual results. The CODM also uses net income and EBITDA in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company has one reportable segment: insurance. The insurance segment provides residential homeowners insurance. The Company derives all revenue in the United States of America and manages the business activities on a consolidated basis. The Company’s CODM is the Chief Executive Officer.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The update modifies the accounting for internal-use software development costs by eliminating the stage-based model and establishing new capitalization criteria that apply once a project is authorized, funded, and it is probable the software will be completed and used as intended. The new guidance also introduces the concept of significant development uncertainty to help entities determine the appropriate timing of capitalization and integrates prior website development guidance into Accounting Standards Codification (“ASC”) 350-40. The update is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this guidance and does not expect the adoption to have a material effect on its financial position or results of operations. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. The Company does not believe any of these accounting pronouncements have or will have a material impact on its consolidated financial statements.

Regulatory Matters (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Regulatory Matters [Abstract]
Percentage of unrealized capital gains	25.00%
Dividend Payment Description	the maximum dividend allowed by the SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or SIC's entire net operating profits and net realized capital gains from the immediately preceding calendar year, provided that SIC will have at least to 115% of minimum required surplus after any such dividend.
Percentage of minimum level of surplus	10.00%
Dividends	$ 0	$ 0
Regulatory Assets And Liabilities	15,000
Total liabilities	1,805,224	1,498,768
Capital and surplus	113,922	70,837
Statutory-basis surplus totaled	$ 417,940	$ 207,967

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

Fair Value of Financial Assets and Liabilities - Fair Value Information for Liabilities Carried on Consolidated Balance Sheets (Parenthetical) (Details) - 0.00%, Promissory Notes	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Promissory notes	0.00%
Carrying Value
Debt Instrument [Line Items]
Promissory notes	0.00%	0.00%

- Definition

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.

+ References

+ Details

Loss and Loss Adjustment Expenses - Summary of Activity related to the Loss and Loss Adjustment Expenses (Details)
$ in Thousands

Dec. 31, 2025

USD ($)

Claims

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

$ 901,508

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

607,922

All outstanding reserves before 2020, net of reinsurance

Reserve for loss and loss adjustment expenses, net of reinsurance

293,587

Accident Year 2020 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

$ 0

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

Accident Year 2021 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

Accident Year 2022 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

129,961

133,538

127,236

133,488

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

$ 125,900

122,295

104,197

72,376

Short-Duration Insurance Contract, Cumulative Number of Reported Claims | Claims

^[1]

17,189

Total of IBNR Reported Claims | Claims

4,234

Accident Year 2023 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

$ 149,737

170,247

199,518

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

$ 130,097

120,327

78,083

Short-Duration Insurance Contract, Cumulative Number of Reported Claims | Claims

^[1]

9,337

Total of IBNR Reported Claims | Claims

13,261

Accident Year 2024 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

$ 304,500

362,261

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

$ 238,072

168,989

Short-Duration Insurance Contract, Cumulative Number of Reported Claims | Claims

^[1]

24,772

Total of IBNR Reported Claims | Claims

61,341

Accident Year 2025 [Member]

Claims Development [Line Items]

Incurred Loss and Loss Adjustment Expenses, Net of Reinsurance.

$ 317,310

Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

$ 113,853

$ 0

Short-Duration Insurance Contract, Cumulative Number of Reported Claims | Claims

^[1]

15,932

Total of IBNR Reported Claims | Claims

158,395

[1]	The cumulative number of reported claims is measured as the number of per-policyholder, per-event claims for all coverages regardless of whether the claim results in loss or expense to the Company.

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash and cash equivalents	$ 480,972	$ 295,802

Cash, Cash Equivalents, and Restricted Cash (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Cash and cash equivalents were deposited	$ 81,042	$ 98,850
Federal Deposit Insurance Corporation	$ 250	$ 250
Cash Deposited At Single Bank Percentage	4.80%	12.50%
Cash held with custodians	$ 69,145	$ 83,687
Deposits exceed amount	250	$ 250
Cash Equivalents [Member]
Restricted Cash and Cash Equivalent Item [Line Items]
Deposits exceed amount	$ 250

Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

24.

Variable Interest Entities

The Company entered into a reinsurance captive arrangement with White Rock Insurance (SAC) Ltd. acting in respect of “Separate Account T104 – Slide,” a VIE in the normal course of business and consolidated the VIE since the Company is the primary beneficiary. See “Note 1 (Nature of Business and Significant Accounting Policies — Consolidation Policy)” for more information about the methodology and significant inputs used to consider whether to consolidate a VIE.

In 2023, SIC entered into reinsurance transactions whereby the VIE provided quota share and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2023 through May 31, 2024.

In 2024, SIC entered into reinsurance transactions whereby the VIE provided quota share and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2024 through May 31, 2025.

In 2025, SIC entered into reinsurance transactions whereby the VIE provided quota share, per risk and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2025 through May 31, 2026.


	December 31,
	2025		2024
Restricted cash and cash equivalents	$	480,972	$	295,802

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before provision for income taxes are as follows for December 31, 2025 and 2024 :


	2025		2024
Domestic	$	145,281	$	68,850
Foreign	-		-
Total	$	145,281	$	68,850

Schedule of Provision for Federal and State Income Taxes

We calculate our provision for federal and state income taxes based on current law. The following is a summary of our net provision for income taxes for December 31, 2025 and 2024 :


	2025			2024
Current:
Federal	$	50,173		$	58,156
Foreign		-			-
State and local		32,950			15,811
Total Current:	$	83,123		$	73,967
Deferred:
Federal		63,044			(4,240	)
Foreign		-			-
State and local		(886	)		(877	)
Total Deferred:	$	62,158		$	(5,117	)
Total Income tax provision	$	145,281		$	68,850

Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]


	2025			2024
Deferred tax assets:
Unearned premiums		42,113			28,244
Section 174 amortization		2,054			4,402
Right of use liability		2,445			2,297
Loss reserve discount		3,617			3,286
Other assets		1,536			2,795
Total deferred tax assets	$	51,765		$	41,024
Deferred tax liabilities:
Deferred acquisition costs		(23,755	)		(16,486	)
Right of use asset		(2,148	)		(2,126	)
Depreciation expense		(2,571	)		(3,027	)
Net unrealized investment gains		(2,336	)		(97	)
Net accretion of discount on securities		(1,272	)		(958	)
Prepaid expenses		(1,122	)		(564	)
Other		(229	)		(395	)
Total deferred tax liabilities	$	(33,433	)	$	(23,653	)
Net deferred tax asset	$	18,332		$	17,371

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 retroactively, is as follows:


	2025			Effective Tax Rate			2024		Effective Tax Rate
U.S. federal statutory tax rate	$	123,740			21.00	%	$	56,944		21.00	%
State and local income taxes, net of federal income tax effect(1)		25,145			4.27	%		11,613		4.30	%
Tax credits		(2,546	)		(0.43	)%		-		—
Changes in valuation allowances		-			—
Nontaxable or nondeductible items
Stock Compensation Expense		(5,680	)		(0.97	)%		-		—
162m		2,584			0.44	%		-		—
Other		1,114			0.19	%		241		0.10	%
Changes in unrecognized tax benefits		-
Other adjustments
Other		924			0.16	%		52		0.01	%
Effective income tax rate	$	145,281			24.66	%	$	68,850		25.41	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category includes Florida for 2025 and Florida for 2024.

Schedule of Cash Paid for Income Taxes

Cash paid for income taxes consisted of the following for December 31, 2025 and 2024 :


	2025		2024
Federal	$	70,360	$	45,800
State		28,525		12,706
Foreign	-		-
Total	$	98,885	$	58,506

Fair Value of Financial Assets and Liabilities - Financial Assets Carried at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	$ 2,272,688
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	62
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	786
Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	480,972
Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	589,720
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	2,000,588
Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	0
Level 1 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	786
Level 1 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	480,972
Level 1 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	317,620
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	272,100
Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	0
Level 2 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Level 2 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Level 2 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	272,100
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Level 3 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	62
Level 3 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Level 3 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Level 3 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	2,263,090
Reported Value Measurement [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	62
Reported Value Measurement [Member] \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	786
Reported Value Measurement [Member] \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	480,972
Reported Value Measurement [Member] \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	580,122
Fair Value Measurements Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		$ 1,254,808
Fair Value Measurements Recurring \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities		117
Fair Value Measurements Recurring \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	1,201,210	493,409
Fair Value Measurements Recurring \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		631
Fair Value Measurements Recurring \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		295,802
Fair Value Measurements Recurring \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		464,966
Fair Value Measurements Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		1,113,591
Fair Value Measurements Recurring \| Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities		0
Fair Value Measurements Recurring \| Level 1 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	1,201,210	493,409
Fair Value Measurements Recurring \| Level 1 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		631
Fair Value Measurements Recurring \| Level 1 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		295,802
Fair Value Measurements Recurring \| Level 1 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		323,749
Fair Value Measurements Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		141,217
Fair Value Measurements Recurring \| Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities		0
Fair Value Measurements Recurring \| Level 2 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Fair Value Measurements Recurring \| Level 2 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Level 2 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Level 2 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		141,217
Fair Value Measurements Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Level 3 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities		117
Fair Value Measurements Recurring \| Level 3 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Fair Value Measurements Recurring \| Level 3 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Level 3 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Level 3 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		0
Fair Value Measurements Recurring \| Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		1,254,427
Fair Value Measurements Recurring \| Reported Value Measurement [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities		117
Fair Value Measurements Recurring \| Reported Value Measurement [Member] \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	$ 1,201,210	493,409
Fair Value Measurements Recurring \| Reported Value Measurement [Member] \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		631
Fair Value Measurements Recurring \| Reported Value Measurement [Member] \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		295,802
Fair Value Measurements Recurring \| Reported Value Measurement [Member] \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets		$ 464,585