0001628280-26-072710 | 10-Q | XBRL Viewer | Orion180 Insurance Group INC

Print Document

Investments -Amortized Cost and Estimated Fair Value of Held- to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 26,263	$ 32,722
Allowance for Credit Loss	(24)	(28)
Gross Unrealized Gains	8	108
Gross Unrealized Losses	(207)	(7)
Estimated Fair Value	26,064	32,823
U.S. Treasury and U.S. government agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	14,743	14,602
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	41
Gross Unrealized Losses	(154)	(6)
Estimated Fair Value	14,589	14,637
Industrial and miscellaneous
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	10,026	16,626
Allowance for Credit Loss	(6)	(8)
Gross Unrealized Gains	0	57
Gross Unrealized Losses	(53)	(1)
Estimated Fair Value	9,973	16,682
Asset-Backed Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	1,494	1,494
Allowance for Credit Loss	(18)	(20)
Gross Unrealized Gains	8	10
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 1,502	$ 1,504

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

+ Details

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

+ Details

Deferred Policy Acquisition Costs, Net of Ceding Commissions (Tables)

9 Months Ended

Sep. 30, 2026

Insurance [Abstract]

Activity in Deferred Policy Acquisition Costs, Net of Ceding Commissions

The following tables present the activity in deferred policy acquisition costs, net of ceding commissions (“DPAC”):


	Nine Months Ended September 30, 2026
	DPAC, excluding unearned ceding commission		Unearned ceding commission		Total
DPAC, beginning of period	$	28,546	$	(37,716)	$	(9,170)
Policy acquisition costs deferred during period:
Producer commissions	72,806		—		72,806
Premium taxes	2,532		—		2,532
Brokerage commission	850		—		850
Ceding commissions	—		(120,226)		(120,226)
Total policy acquisition costs	76,188		(120,226)		(44,038)
Amortization	(60,410)		86,282		25,872
DPAC, end of period	$	44,324	$	(71,660)	$	(27,336)


	Nine Months Ended September 30, 2025
	DPAC, excluding unearned ceding commission		Unearned ceding commission		Total
DPAC, beginning of period	$	13,723	$	(17,197)	$	(3,474)
Policy acquisition costs deferred during period:
Producer commissions	42,848		—		42,848
Premium taxes	3,062		—		3,062
Ceding commissions	—		(57,998)		(57,998)
Total policy acquisition costs	45,910		(57,998)		(12,088)
Amortization	(33,220)		40,208		6,988
DPAC, end of period	$	26,413	$	(34,987)	$	(8,574)

The following table presents the components of policy acquisition costs:


	Nine Months Ended September 30
	2026		2025
Amortization of DPAC, excluding unearned ceding commission	$	60,410	$	33,220
Amortization of unearned ceding commission	(86,282)		(40,208)
Agent incentives	3,742		307
Reinsurance brokerage	(505)		—
Profit commissions, net	(4,197)		(1,875)
Policy acquisition expenses	$	(26,832)	$	(8,556)

Variable Interest Entity (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

Any cash and cash equivalents, restricted cash or invested assets held in the segregated account not actively being used to settle activity under the reinsurance agreement can only be paid to the Company by dividend based upon underwriting results of the segregated account or by expiration or termination of the reinsurance agreement.


September 30, 2026	SAA		Other entities		Consolidated
Cash and cash equivalents	$	20	$	165,653	$	165,673
Restricted cash	$	7,373	$	342	$	7,715


December 31, 2025	SAA		Other entities		Consolidated
Cash and cash equivalents	$	—	$	47,853	$	47,853
Restricted cash	$	7,961	$	338	$	8,299

- 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

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Sep. 30, 2026 USD ($) $ / shares shares
Statement [Line Items]
Fixed maturities, available-for-sale, amortized cost \| $	$ 59,821
Fixed maturities, held-to-maturity, fair value \| $	$ 26,064
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par value (in usd per share) \| $ / shares	$ 0.00
Common stock, shares authorized (in shares)	0
Common stock, shares issued (in shares)	0
Common Class A
Statement [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares)	400,000,000
Common stock, shares issued (in shares)	39,122,933
Common Class B
Statement [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares)	100,000,000
Common stock, shares issued (in shares)	59,935,260
Common stock shares outstanding (in shares)	0

Investments -Amortized Cost and Estimated Fair Value, Available for Sale Securities Contractual Maturity (Details) - Government and corporate securities: $ in Thousands	Sep. 30, 2026 USD ($)
Amortized Cost
Due in one year or less	$ 23,142
Due after one year through five years	36,679
Total	59,821
Estimated Fair Value
Due in one year or less	23,062
Due after one year through five years	36,122
Estimated Fair Value	$ 59,184

Shareholders’ Equity	9 Months Ended
Shareholders’ Equity	Sep. 30, 2026
Equity [Abstract]
Shareholders’ Equity	11. Shareholders’ Equity On May 14, 2026, the Company entered into a share repurchase agreement with Acrisure - SI Vehicles, LLC, the existing holder of preferred stock to redeem all of the issued and outstanding preferred shares for the original issue price plus accrued dividends. On May 14, 2026, the Company declared and paid a $151.0 million dividend to its common shareholders which was financed by the remaining proceeds from the New Credit Facility. On September 3, 2026, the Company declared and paid a $55.0 million dividend to its common shareholders. On September 4, 2026, the Company filed a Certificate of Amendment to its Certificate of Incorporation to, among other things, effect a 5-for-2 reverse stock split of the issued and outstanding shares of common stock. As a result of the reverse stock split, every 5 shares of common stock issued and outstanding were automatically combined into 2 shares of common stock. Fractional shares resulting from the split were rounded to the nearest whole share. All share and per-share amounts in the condensed consolidated financial statements have been retroactively restated to give effect to the reverse stock split for all periods presented. The Certificate of Amendment adjusted the authorized capital stock to consist of 400,000,000 shares of Class A Common stock (“Class A Common Stock”), 100,000,000 shares of Class B Common stock (“Class B Common Stock”) and 50,000,000 shares of Preferred Stock, respectively. Par value of each class of capital stock was set to $0.001 per share. Initial Public Offering On September 21, 2026, the Company closed its initial public offering (the “IPO”) with the sale of 20,000,000 shares of Class A Common Stock at a price to the public of $12.00 per share. After underwriter discounts, commissions and offering expenses, net proceeds to the Company from the IPO were $219.3 million. In connection with and preceding the IPO, the Company approved an exchange agreement (the “Exchange Agreement”) which established the holder of each share of Class A Common Stock is entitled to one vote, while the holder of each share of Class B Common Stock is entitled to ten votes. Under the Exchange Agreement, all common stock held by the Chief Executive Officer was converted to 59,935,260 shares of Class B Common Stock. All other holders of common stock were converted to 19,122,933 of Class A Common Stock. Deferred offering costs, which consisted of direct incremental accounting, consulting, exchange, filing, listing, and other fees related to the sale of the Company’s Class A Common Stock in the IPO, were initially capitalized within Other assets on the Condensed Consolidated Balance Sheets. Upon completion of the IPO, the Company incurred $5.1 million of deferred offering costs, which were recorded as a reduction of Additional paid-in capital on the Condensed Consolidated Balance Sheets. See Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit) for the change in number of common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: 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 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Deferred Policy Acquisition Costs, Net of Ceding Commissions

9 Months Ended

Sep. 30, 2026

Insurance [Abstract]

Deferred Policy Acquisition Costs, Net of Ceding Commissions

7. Deferred Policy Acquisition Costs, Net of Ceding Commissions

The following tables present the activity in deferred policy acquisition costs, net of ceding commissions (“DPAC”):


	Nine Months Ended September 30, 2026
	DPAC, excluding unearned ceding commission		Unearned ceding commission		Total
DPAC, beginning of period	$	28,546	$	(37,716)	$	(9,170)
Policy acquisition costs deferred during period:
Producer commissions	72,806		—		72,806
Premium taxes	2,532		—		2,532
Brokerage commission	850		—		850
Ceding commissions	—		(120,226)		(120,226)
Total policy acquisition costs	76,188		(120,226)		(44,038)
Amortization	(60,410)		86,282		25,872
DPAC, end of period	$	44,324	$	(71,660)	$	(27,336)


	Nine Months Ended September 30, 2025
	DPAC, excluding unearned ceding commission		Unearned ceding commission		Total
DPAC, beginning of period	$	13,723	$	(17,197)	$	(3,474)
Policy acquisition costs deferred during period:
Producer commissions	42,848		—		42,848
Premium taxes	3,062		—		3,062
Ceding commissions	—		(57,998)		(57,998)
Total policy acquisition costs	45,910		(57,998)		(12,088)
Amortization	(33,220)		40,208		6,988
DPAC, end of period	$	26,413	$	(34,987)	$	(8,574)

The following table presents the components of policy acquisition costs:


	Nine Months Ended September 30
	2026		2025
Amortization of DPAC, excluding unearned ceding commission	$	60,410	$	33,220
Amortization of unearned ceding commission	(86,282)		(40,208)
Agent incentives	3,742		307
Reinsurance brokerage	(505)		—
Profit commissions, net	(4,197)		(1,875)
Policy acquisition expenses	$	(26,832)	$	(8,556)

Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Carrying Value \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value/Estimated Fair Value	$ 0	$ 63,000
Carrying Value \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value/Estimated Fair Value	57,143	0
Fair Value \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value/Estimated Fair Value	0	64,710
Fair Value \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value/Estimated Fair Value	$ 57,143	$ 0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

Debt

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Long-term Debt

10. Long-term Debt

The following table presents the components of long-term debt:


	September 30, 2026		December 31, 2025
Term loan	$	—	$	63,000
Delayed draw term loan ($5,000 capacity)	—		—
Revolving credit facility ($20,000 capacity)	—		—
New Term Loan	—		—
New Revolver ($100,000 capacity)	57,143		—
Total principal	57,143		63,000
Unamortized issuance costs	(1,181)		(2,045)
Debt, net of unamortized issuance costs	$	55,962	$	60,955

2024 Credit Facility

The Company's long-term debt consisted of borrowings under its credit agreement dated December 26, 2024, which provides for a term loan, a revolving credit facility, and a delayed draw term loan maturing in December 2029 (collectively, the “2024 Credit Facility”). The cost of issuance has been capitalized and is being amortized over the lifetime of the term of the loan. The credit agreement requires OIG to repay interest at a rate of SOFR plus a base rate, and $1.8 million in principal per quarter. The shares of the Company’s subsidiaries excluding OIC and OSI were pledged to the issuer of the loan.

New Credit Facility

On May 14, 2026, the Company entered into a credit agreement establishing a $200.0 million term loan (“New Term Loan”) and a $100.0 million revolver (“New Revolver”) (collectively, the “New Credit Facility”), both maturing May 14, 2031. The New Credit Facility replaced the existing term loan, revolving credit facility and delayed draw term loan from the credit agreement dated December 26, 2024. The Company recognized a $1.9 million loss on debt extinguishment and legal fees from the termination of the 2024 Credit Facility, presented within Other expenses on the Condensed Consolidated Statement of Operations. The new credit agreement requires OIG repay interest at a rate of SOFR plus an applicable margin. The shares of OIS, CITON and OTX were pledged to the issuer of the New Credit Facility.

On September 29, 2026, the Company fully extinguished the New Term Loan using a portion of the net proceeds received from the IPO. In connection with this payoff, the Company paid $200.0 million to the lenders and recognized a $2.5 million loss on debt extinguishment. The loss on debt extinguishment consists of unamortized debt issuance costs and was recognized within Other expenses on the Condensed Consolidated Statements of Operations during the three months ended September 30, 2026.

The Company used the remaining net proceeds received from the IPO, after extinguishing the New Term Loan, and repaid $24.4 million of the outstanding borrowings under its New Revolver.

Interest Rate Swap

During 2023 and 2025, the Company entered into two interest rate swap agreements with a total notional amount of $39.0 million. The Company has paid a fixed amount to receive a floating interest rate tied to 1‑month CME Term SOFR. One interest rate swap agreement matured on March 15, 2026 and the other was to mature on December 26, 2029. The interest rate swap agreements were not designated as cash flow hedges and, as a result, changes in the fair value of the interest rate swaps were reported in Interest expense within the Company’s Condensed Consolidated Statements of Operations. The changes in interest rate swaps are non-cash adjustments reported within Unrealized (gain) loss on interest rate swaps within the Condensed Consolidated Statements of Cash Flows. As a part of the termination of the 2024 Credit Facility, the Company terminated the existing interest rate swap.

The following table presents future maturities of long-term debt as of September 30, 2026:


	Long-term debt
2026 (remainder)	$	—
2027	—
2028	—
2029	—
2030	—
Thereafter	57,143
Total	$	57,143

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: 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 14: 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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Deferred Policy Acquisition Costs, Net of Ceding Commissions - Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Deferred Policy Acquisition Cost [Line Items]
Amortization of DPAC, excluding unearned ceding commission			$ 60,410	$ 33,220
Amortization of unearned ceding commission			(86,282)	(40,208)
Agent incentives			3,742	307
Policy acquisition expenses	$ (14,486)	$ (4,405)	(26,832)	(8,556)
Reinsurance brokerage
Deferred Policy Acquisition Cost [Line Items]
Reinsurance brokerage and profit commissions, net			(505)	0
Profit commissions, net
Deferred Policy Acquisition Cost [Line Items]
Reinsurance brokerage and profit commissions, net			$ (4,197)	$ (1,875)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479868/944-20-45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479401/944-30-55-2

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(7)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (u)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Changes to Significant Accounting Policies There have been no changes to significant accounting policies as reported in the audited consolidated financial statements of the Company for the year ended December 31, 2025 included in the Prospectus. Recently Issued And Adopted Accounting Pronouncements Financial Instruments - Credit Losses In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Estimated Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update allows entities to elect a practical expedient when developing reasonable and supportable forecasts as part of estimating expected credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This update is effective for annual periods beginning after December 15, 2025, and for interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this guidance on January 1, 2026 and it did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued But Not Adopted Accounting Pronouncements Business Combinations and Consolidation In March 2025, the FASB issued ASU 2025‑03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a VIE Acquisition. The ASU clarifies that, in a business combination primarily effected by exchanging equity interests in which a VIE is acquired, the Company must determine the accounting acquirer by considering the factors in ASC 805‑10‑55‑12 through 55‑15, rather than defaulting to the primary beneficiary of the legal acquiree that is a VIE. For public business entities, the ASU is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, and early adoption is permitted. The amendments are applied prospectively to business combinations occurring after the initial adoption date. The Company is currently evaluating the impact of adoption on its consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This update requires public business entities to expand disclosures about specific expense categories in the notes to the financial statements, including inventory, employee compensation, depreciation, and intangible asset amortization, among others. This update is effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of the adoption of this update on its consolidated financial statements. Intangibles - Goodwill and Other - Internal Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This update is effective for annual periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The Company is evaluating the impact of the adoption of this update on its consolidated financial statements.

Reinsurance - Effects (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Reinsurance - Effects (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Premiums Written, Net [Abstract]
Direct premiums	$ 203,815	$ 127,181	$ 558,199	$ 324,754
Change in gross unearned premiums	(136,476)	(66,621)	(551,431)	(312,192)
Gross premiums earned	67,339	60,560	6,768	12,562
Premiums Earned, Net [Abstract]
Direct premiums	159,931	91,822	412,976	236,784
Ceded premiums earned	(129,996)	(72,174)	(340,770)	(187,714)
Net premiums earned	$ 29,935	$ 19,648	$ 72,206	$ 49,070

- Definition

Amount of earned premiums ceded to other entities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-15

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478832/944-605-45-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478832/944-605-45-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-15

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-15

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(c))
-SubTopic 220
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(1))
-SubTopic 220
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

+ Details

Nature of Operations and Basis of Presentation	9 Months Ended
Nature of Operations and Basis of Presentation	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	1. Nature of Operations and Basis of Presentation Organization and Description of the Company Orion180 Insurance Group Inc. and Subsidiaries (“OIG”, and together with its wholly-owned subsidiaries, the “Company”), is organized as a Texas corporation. OIG re-domiciled from Florida to Texas on April 8, 2026. OIG and its wholly-owned subsidiaries are a data and technology focused insurance group engaged in delivering property and casualty insurance solutions. The Company specializes in underwriting homeowners’ insurance with a presence in 14 states. The Company’s subsidiaries include: •Orion180 Insurance Company (“OIC”), an Indiana-domiciled insurance company writing non-admitted homeowners’ and flood insurance beginning in December 2022; •Orion180 Select Insurance Company (“OSI”), an Indiana-domiciled insurance company writing admitted homeowners’ insurance beginning in September 2023; •Orion180 Insurance Services LLC (“OIS”), a managing general agency that markets and performs underwriting services for the Company’s homeowners’ insurance products; •CITON Claims Solutions LLC (“CITON”), a claims administration company that administers claims on behalf of the insurance subsidiaries and third parties; •Orion180 Technologies LLC (“OTX”), a subsidiary responsible for the development, operation, and maintenance of proprietary technology infrastructure; •Orion180 Ltd (“LTD”), a registered Bermuda entity; and •SA Aqualaris ("SAA"), a segregated account reinsurance captive controlled by the Company. The Company’s property and casualty insurance is currently offered in Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Massachusetts, Mississippi, North Carolina, Ohio, South Carolina, and Texas. Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2025 included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933 (the “Prospectus”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in these financial statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements include the accounts of OIG and its wholly-owned subsidiaries, as well as variable interest entities (“VIEs”) in which the Company is determined to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act permits an EGC to elect to use the extended transition period for complying with new or revised accounting standards issued subsequent to the enactment of the JOBS Act that have different effective dates for public and private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Consolidated Financial Statements may or may not be comparable to companies that comply with new or revised accounting pronouncements as of public companies’ effective dates. Use of Estimates The preparation of Condensed Consolidated Financial Statements (hereinafter, “financial statements”) in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from those estimates. Management evaluates estimates on an ongoing basis when updated information related to such estimates becomes available. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (“LAE”), reinsurance recoverable on paid and unpaid losses, net deferred income taxes and valuation of investments. Initial Public Offering On September 21, 2026, the Company closed its initial public offering (the “IPO”). For additional information regarding the related net proceeds, equity impact, use of proceeds and expenses associated with the debt payoff, and the Company’s equity award plans, refer to Note 10—“Long-term Debt”, Note 11—“Shareholders' Equity”, and Note 12—“Share-Ba se d C omp ensat ion .” Reverse Stock Split In connection with preparing for its IPO, the Company effected a 5-for-2 reverse split for each outstanding share of common stock, par value $0.00 per share which became effective on September 4, 2026. As a result of the reverse stock split, 196,980,100 shares of common stock issued and outstanding were decreased to 78,792,040 shares issued and outstanding, without any change in the par value per share. All share, per share and related information presented in the condensed consolidated financial statements and accompanying notes for all periods presented have been retroactively adjusted, where applicable, to reflect the impact of the reverse stock split. Refer to Note 11—“Shareholders' Equity” for more information.

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options

The options issued are as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	999,898	$	2.88	2.3	$	5,074

Exercised	(208,674)	$	2.88		$	1,059
Forfeited	(43,474)	$	2.88

Outstanding as of September 30, 2026	747,750	$	2.88	1.8	$	5,059
Exercisable as of September 30, 2026	60,864	$	2.88	0.9	$	412

Summary of Changes In Restricted Stock Unit

The following table presents a summary of the changes in RSUs:


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	—	$	—
Granted	1,443,340	$	8.95
Vested	(94,340)	$	7.95


Unvested as of September 30, 2026	1,349,000	$	9.02

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Retained Earnings / (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss), Net of Taxes

Beginning balance (in shares) at Dec. 31, 2024

300,000

Beginning balance at Dec. 31, 2024

$ 7,875

Preferred Stock

Preferred stock dividend accrual

$ 94

Ending balance (in shares) at Mar. 31, 2025

300,000

Ending balance at Mar. 31, 2025

$ 7,969

Beginning balance (in shares) at Dec. 31, 2024

^[1]

78,792,040

Beginning balance at Dec. 31, 2024

7,048

$ 0

^[1]

$ 2,170

$ 4,878

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock dividend accrual

(94)

Share-based compensation

150

Net income

(3,119)

Ending balance (in shares) at Mar. 31, 2025

^[1]

78,792,040

Ending balance at Mar. 31, 2025

$ 3,985

$ 0

^[1]

2,320

1,665

Beginning balance (in shares) at Dec. 31, 2024

300,000

Beginning balance at Dec. 31, 2024

$ 7,875

Ending balance (in shares) at Sep. 30, 2025

600,000

Ending balance at Sep. 30, 2025

$ 15,095

Beginning balance (in shares) at Dec. 31, 2024

^[1]

78,792,040

Beginning balance at Dec. 31, 2024

7,048

$ 0

^[1]

2,170

4,878

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

5,623

Other comprehensive income (loss)

Ending balance (in shares) at Sep. 30, 2025

^[1]

78,792,040

Ending balance at Sep. 30, 2025

$ 1,451

$ 0

^[1]

2,620

(1,219)

Beginning balance (in shares) at Mar. 31, 2025

300,000

Beginning balance at Mar. 31, 2025

$ 7,969

Preferred Stock

Issuance of preferred stock (in shares)

300,000

Issuance of preferred stock

$ 7,500

Preferred stock dividend accrual

$ 168

Ending balance (in shares) at Jun. 30, 2025

600,000

Ending balance at Jun. 30, 2025

$ 15,637

Beginning balance (in shares) at Mar. 31, 2025

^[1]

78,792,040

Beginning balance at Mar. 31, 2025

3,985

$ 0

^[1]

2,320

1,665

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock dividend accrual

168

Share-based compensation

150

Net income

Other comprehensive income (loss)

Ending balance (in shares) at Jun. 30, 2025

^[1]

78,792,040

Ending balance at Jun. 30, 2025

4,115

$ 0

^[1]

2,470

1,574

Preferred Stock

Preferred stock dividend distribution

(730)

Preferred stock dividend accrual

$ 188

Ending balance (in shares) at Sep. 30, 2025

600,000

Ending balance at Sep. 30, 2025

$ 15,095

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock dividend accrual

(188)

Common stock dividend distribution

(11,270)

Share-based compensation

150

Net income

8,665

Other comprehensive income (loss)

(21)

Ending balance (in shares) at Sep. 30, 2025

^[1]

78,792,040

Ending balance at Sep. 30, 2025

$ 1,451

$ 0

^[1]

2,620

(1,219)

Beginning balance (in shares) at Dec. 31, 2025

600,000

Beginning balance at Dec. 31, 2025

$ 15,283

Preferred Stock

Preferred stock dividend distribution

(562)

Preferred stock dividend accrual

$ 187

Ending balance (in shares) at Mar. 31, 2026

600,000

Ending balance at Mar. 31, 2026

$ 15,470

Beginning balance (in shares) at Dec. 31, 2025

78,792,040

Beginning balance at Dec. 31, 2025

$ 12,108

$ 0

^[1]

2,770

9,284

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock dividend accrual

(187)

Share-based compensation

226

Net income

3,805

Other comprehensive income (loss)

(203)

Ending balance (in shares) at Mar. 31, 2026

^[1]

78,792,040

Ending balance at Mar. 31, 2026

$ 15,749

$ 0

^[1]

2,996

12,902

(149)

Beginning balance (in shares) at Dec. 31, 2025

600,000

Beginning balance at Dec. 31, 2025

$ 15,283

Ending balance (in shares) at Sep. 30, 2026

Ending balance at Sep. 30, 2026

$ 0

Beginning balance (in shares) at Dec. 31, 2025

78,792,040

Beginning balance at Dec. 31, 2025

$ 12,108

$ 0

^[1]

2,770

9,284

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

208,674

Net income

$ 25,013

Other comprehensive income (loss)

(564)

Ending balance (in shares) at Sep. 30, 2026

^[1]

99,058,193

Ending balance at Sep. 30, 2026

$ 52,341

$ 99

^[1]

224,702

(171,950)

(510)

Beginning balance (in shares) at Mar. 31, 2026

600,000

Beginning balance at Mar. 31, 2026

$ 15,470

Preferred Stock

Repurchase of preferred stock (in shares)

(600,000)

Repurchase of preferred stock

$ (15,000)

Preferred stock dividend accrual

$ 92

Ending balance (in shares) at Jun. 30, 2026

Ending balance at Jun. 30, 2026

$ 0

Beginning balance (in shares) at Mar. 31, 2026

^[1]

78,792,040

Beginning balance at Mar. 31, 2026

15,749

$ 0

^[1]

2,996

12,902

(149)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock dividend accrual

(92)

Common stock dividend distribution

(150,968)

Share-based compensation

695

Net income

9,742

Other comprehensive income (loss)

(137)

Ending balance (in shares) at Jun. 30, 2026

^[1]

78,792,040

Ending balance at Jun. 30, 2026

$ (125,011)

$ 0

3,691

(128,416)

(286)

Ending balance (in shares) at Sep. 30, 2026

Ending balance at Sep. 30, 2026

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock dividend distribution

(55,000)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

208,674

Issuance of common stock upon exercise of stock options

600

Vesting of restricted stock units, net of shares withheld for taxes (in shares)

^[1]

57,479

Exchanges of Common stock to Class A and Class B common stock

$ 79

^[1]

(79)

Issuance of Class A common stock upon initial public offering, net of underwriting costs (in shares)

^[1]

20,000,000

Issuance of Class A common stock upon initial public offering, net of underwriting costs

224,400

$ 20

^[1]

224,380

Deferred offering costs

(5,134)

Share-based compensation

1,244

Net income

11,466

Other comprehensive income (loss)

(224)

Ending balance (in shares) at Sep. 30, 2026

^[1]

99,058,193

Ending balance at Sep. 30, 2026

$ 52,341

$ 99

^[1]

$ 224,702

$ (171,950)

$ (510)

[1]

The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of the Company’s initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 11—“Shareholders' Equity” for more information.

Reinsurance

9 Months Ended

Sep. 30, 2026

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

Reinsurance

9. Reinsurance

In order to limit the Company’s potential exposure to individual risks and catastrophic events, the Company purchases reinsurance from third-party reinsurers through various types of ceding arrangements including catastrophe excess of loss and quota share treaties. The Company purchases reinsurance from various authorized and domestic reinsurers. All reinsurers with an unsecured recoverable have an A.M. Best Company, Inc. rating of “A-” or better or were fully collateralized.

The Company remains contingently liable in the event the reinsuring companies do not meet their obligations under these reinsurance contracts. Given the quality of the reinsuring companies, management believes this possibility to be remote. See Note 8—“Liability For Unpaid Losses and Loss Adjustment Expenses” for recoveries due from reinsurers relating to paid and unpaid losses and LAE under these treaties.

The Company entered into various treaties covering the period June 1, 2026 through May 31, 2027 (“2026 Treaty Year”), and the following is a summary of the 2026 Treaty Year reinsurance program:

Catastrophe Excess of Loss Reinsurance

The 2026 Treaty Year reinsurance program provides first event coverage on ultimate net losses up to $1,150.0 million in excess of $40.0 million. SAA reinsurance supplements our 2026 Treaty Year reinsurance program, which when combined with our quota share reinsurance, results in a first event ultimate net loss retention of $1.0 million for OIC and OSI.

Reinstatement Premium Protection

The Company enters into reinstatement premium protection treaties each year including the 2026 Treaty Year. Reinstatement premiums are either prepaid or paid in the period we elect to reinstate coverage after an event. The 2026 Treaty Year reinstatement premium provides second event coverage on ultimate net losses up to $540.0 million in excess of $40.0 million.

Net Quota Share Reinsurance

The 2026 Treaty Year reinsurance program includes various quota share agreements providing proportional reinsurance. The treaties include per-occurrence and aggregate loss limitations, loss retention corridors, and also provide for ceding commissions and excess of loss reinsurance allowance. The Company’s agreements generally provide coverage for 85.0% of all losses across all reinsurers with a gross occurrence limit of $40.0 million for catastrophe losses.

Effect of Reinsurance

The following table presents the effects of reinsurance on premiums written and earned:


	Three Months Ended September 30,
	2026				2025
	Written		Earned		Written		Earned
Direct premiums	$	203,815	$	159,931	$	127,181	$	91,822
Ceded premiums	(136,476)		(129,996)		(66,621)		(72,174)
Net premiums	$	67,339	$	29,935	$	60,560	$	19,648


	Nine Months Ended September 30,
	2026				2025
	Written		Earned		Written		Earned
Direct premiums	$	558,199	$	412,976	$	324,754	$	236,784
Ceded premiums	(551,431)		(340,770)		(312,192)		(187,714)
Net premiums	$	6,768	$	72,206	$	12,562	$	49,070

The following table presents the impact of reinsurance arrangements on certain items within the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Ceded premiums earned	$	(129,996)	$	(72,174)	$	(340,770)	$	(187,714)
Ceded losses and loss adjustment expenses incurred	$	39,714	$	15,755	$	107,299	$	41,610
Ceded policy acquisition expenses	$	35,461	$	17,591	$	86,282	$	40,208

Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

3. Segment Reporting

Operating segments are defined as components of a company that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”). The Company identifies its operating segments based on managerial emphasis and organizational structure.

The Company has two reportable segments: Services and Underwriting. The Services segment includes technology-enabled policy servicing operations, which include intercompany revenue earned through service arrangements in place between the Services segment and the Underwriting segment. The Underwriting segment includes a conventional, regulated insurance model focused on risk selection, pricing, and statutory capital management. The segment also includes a segregated account designed to assume reinsurance risk. See Note 4—“Variable Interest Entity” for details.

For the purpose of allocating the Company’s resources and assessing its operating performance, the Company’s Chief Executive Officer serves as the CODM, evaluating each segment’s financial and operating performance based on Segment Revenue and Segment Adjusted EBITDA. Segment Adjusted EBITDA of each operating segment represents net income before interest expense, income tax expense, depreciation, software amortization, litigation and settlement, sponsorship fees and other non-recurring costs.

The following tables present Segment Revenue and Segment Adjusted EBITDA reconciled to the Company’s Condensed Consolidated Statements of Operations. Intersegment transactions are included within individual segment results to reflect operational performance of each segment as evaluated by management. However, these transactions are eliminated in consolidation to arrive at the Company’s consolidated results below.


Three Months Ended September 30, 2026	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	203,815	$	—	$	—	$	203,815
Change in gross unearned premiums	(43,884)		—		—		(43,884)
Gross premiums earned	159,931		—		—		159,931
Ceded premiums earned	(129,996)		—		—		(129,996)
Net premiums earned	29,935		—		—		29,935
Policy fee income	—		17,166		—		17,166
Commission income	—		54,520		(50,952)		3,568
Service fee income	—		3,379		(2,819)		560
Other income*	2,156		513		—		2,669
Total segment revenues	$	32,091	$	75,578	$	(53,771)	$	53,898
Expenses:
Losses and loss adjustment expenses, net(1)	12,808		371		(2,127)		11,052
Policy acquisition expenses	3,897		27,626		(46,009)		(14,486)
Salaries and software development costs	—		15,348		—		15,348

Capitalization of salaries and software development costs	—		(3,712)		—		(3,712)

Other general and administrative expenses	3,897		17,360		(690)		20,567
Total segment expenses	$	20,602	$	56,993	$	(48,826)	$	28,769
Segment Adjusted EBITDA	$	11,489	$	18,585	$	(4,945)	$	25,129
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(4,637)
Income tax expense							(4,035)
Depreciation							(7)
Software amortization							(1,366)
Litigation and settlement(2)							105
Sponsorship fees(3)							(875)
Other non-recurring costs(4)							(2,848)
Net income							$	11,466

* Other income consists of net investment income and realized gain / (loss) on investments.

(1)Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.

(2)Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.

(3)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

(4)Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.


Three Months Ended September 30, 2025	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	127,181	$	—	$	—	$	127,181
Change in gross unearned premiums	(35,359)		—		—		(35,359)
Gross premiums earned	91,822		—		—		91,822
Ceded premiums earned	(72,174)		—		—		(72,174)
Net premiums earned	19,648		—		—		19,648
Policy fee income	—		10,077		—		10,077
Commission income	—		34,647		(32,294)		2,353
Service fee income	—		949		(949)		—
Other income*	1,850		194		—		2,044
Total segment revenues	$	21,498	$	45,867	$	(33,243)	$	34,122
Expenses:
Losses and loss adjustment expenses, net	9,332		—		(1,178)		8,154
Policy acquisition expenses	7,214		16,792		(28,411)		(4,405)
Salaries and software development costs	—		7,786		—		7,786

Capitalization of salaries and software development costs	—		(1,422)		—		(1,422)

Other general and administrative expenses	2,280		6,734		(272)		8,742
Total segment expenses	$	18,826	$	29,890	$	(29,861)	$	18,855
Segment Adjusted EBITDA	$	2,672	$	15,977	$	(3,382)	$	15,267
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(1,637)
Income tax expense							(2,904)
Depreciation							(3)
Software amortization							(991)
Litigation and settlement(1)							(192)
Sponsorship fees(2)							(875)

Net income							$	8,665

* Other income consists of net investment income and realized gain / (loss) on investments.

(1)Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.

(2)Sponsorship fees are associated with our Formula 1 sponsorship agreement.


Nine Months Ended September 30, 2026	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	558,199	$	—	$	—	$	558,199
Change in gross unearned premiums	(145,223)		—		—		(145,223)
Gross premiums earned	412,976		—		—		412,976
Ceded premiums earned	(340,770)		—		—		(340,770)
Net premiums earned	72,206		—		—		72,206
Policy fee income	—		45,082		—		45,082
Commission income	—		148,230		(139,548)		8,682
Service fee income	—		9,802		(8,253)		1,549
Other income*	5,488		968		—		6,456
Total segment revenues	$	77,694	$	204,082	$	(147,801)	$	133,975
Expenses:
Losses and loss adjustment expenses, net(1)	42,229		1,080		(6,540)		36,769
Policy acquisition expenses	21,330		76,550		(124,712)		(26,832)
Salaries and software development costs	—		36,346		—		36,346

Capitalization of salaries and software development costs	—		(8,540)		—		(8,540)

Other general and administrative expenses	9,761		37,670		(1,712)		45,719
Total segment expenses	$	73,320	$	143,106	$	(132,964)	$	83,462
Segment Adjusted EBITDA	$	4,374	$	60,976	$	(14,837)	$	50,513
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(8,436)
Income tax expense							(9,661)
Depreciation							(13)

Software amortization							(4,000)
Litigation and settlement(2)							5,657
Sponsorship fees(3)							(2,625)
Other non-recurring costs(4)							(6,422)
Net income							$	25,013

*Other income consists of net investment income and realized gain / (loss) on investments.

(1)Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.

(3)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

(4)Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.


Nine Months Ended September 30, 2025	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	324,754	$	—	$	—	$	324,754
Change in gross unearned premiums	(87,970)		—		—		(87,970)
Gross premiums earned	236,784		—		—		236,784
Ceded premiums earned	(187,714)		—		—		(187,714)
Net premiums earned	49,070		—		—		49,070
Policy fee income	—		24,737		—		24,737
Commission income	—		86,685		(81,667)		5,018
Service fee income	—		3,436		(3,436)		—
Other income*	5,111		602		—		5,713
Total segment revenues	$	54,181	$	115,460	$	(85,103)	$	84,538
Expenses:
Losses and loss adjustment expenses, net	38,211		—		(3,436)		34,775
Policy acquisition expenses	21,811		43,159		(73,526)		(8,556)
Salaries and software development costs	—		21,584		—		21,584

Capitalization of salaries and software development costs	—		(5,284)		—		(5,284)

Other general and administrative expenses	5,420		17,934		(502)		22,852
Total segment expenses	$	65,442	$	77,393	$	(77,464)	$	65,371
Segment Adjusted EBITDA	$	(11,261)	$	38,067	$	(7,639)	$	19,167
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(5,067)
Income tax expense							(2,092)
Depreciation							(5)
Software amortization							(2,681)
Litigation and settlement(1)							(879)
Sponsorship fees(2)							(2,625)
Other non-recurring costs (3)							(195)
Net income							$	5,623

*Other income consists of net investment income and realized gain / (loss) on investments.

(2)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

(3)Other non-recurring costs consist of non-recurring consulting and audit expenses for discontinued capital raises, actuarial consulting fees incurred for the establishment of the carrier business, and one-time costs for the Dallas and Melbourne office spaces.

The Company does not have revenue from transactions with a single customer amounting to 10% or more of its revenues. The Company does not report balance sheet information by segment since it is not reviewed by its CODM.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025
Statement of Stockholders' Equity [Abstract]
Preferred stock dividend distribution (in usd per share)		$ 1.25	$ 1.25
Common stock dividend distribution (in usd per share)	$ 0.6980	$ 1.9160	$ 0.1430

Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 59,821	$ 33,817
Allowance for Credit Loss	(11)	0
Gross Unrealized Gains	0	(59)
Gross Unrealized Losses	(626)	0
Estimated Fair Value	59,184	33,876
U.S. Treasury and U.S. government agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	36,678	19,766
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	(34)
Gross Unrealized Losses	(516)	0
Estimated Fair Value	36,162	19,800
Industrial and miscellaneous
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	23,143	14,051
Allowance for Credit Loss	(11)	0
Gross Unrealized Gains	0	(25)
Gross Unrealized Losses	(110)	0
Estimated Fair Value	$ 23,022	$ 14,076

- 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 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-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 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-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 24: http://www.xbrl.org/2003/role/disclosureRef
-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 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-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 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-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 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-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

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The tables below present information about the Company’s financial assets measured at fair value on a recurring basis:


	September 30, 2026
	Total		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	36,162	$	36,162	$	—	$	—
Industrial and miscellaneous	23,022		—		23,022		—

Short-term investments	20,147		1,746		18,401		—

Total	$	79,331	$	37,908	$	41,423	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	19,800	$	19,800	$	—	$	—
Industrial and miscellaneous	14,076		—		14,076		—

Short-term investments	39,364		16,260		23,104		—
Interest Rate Swaps	(550)		—		(550)		—
Total	$	72,690	$	36,060	$	36,630	$	—

The Company classifies its available-for-sale U.S. Treasury bonds and government agencies within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. Available-for-sale industrial and miscellaneous securities, asset-backed securities, and interest rate swaps categorized as Level 2 were valued using a market approach. Valuations were based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets, or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data. Available-for-sale short-term investments are classified across Level 1 and Level 2.

The interest rate swaps were classified as Level 2 within the fair value hierarchy. The significant inputs used to determine the fair value of the interest rate swaps, such as the Secured Overnight Financing Rate (“SOFR”) forward curve, are considered observable market inputs.

The following tables summarize the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value as of the date presented:

Held-to-maturity securities


	September 30, 2026
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	14,743	$	14,589	$	14,589	$	—	$	—
Industrial and miscellaneous	10,020		9,973		—		9,973		—

Asset-backed securities	1,476		1,502		—		1,502		—
Total	$	26,239	$	26,064	$	14,589	$	11,475	$	—


	December 31, 2025
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	14,602	$	14,637	$	14,637	$	—	$	—
Industrial and miscellaneous	16,618		16,682		—		16,682		—

Asset-backed securities	1,474		1,504		—		1,504		—
Total	$	32,694	$	32,823	$	14,637	$	18,186	$	—

Held-to-maturity investments are classified across Level 1 and Level 2 for estimates of fair value. Held-to-maturity industrial and miscellaneous securities and asset-backed securities categorized as Level 2 were valued using a market approach. Valuations were based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets, or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

Long-term debt

The Company estimates the fair value of its long-term debt utilizing the discounted cash flow method. The term loan was valued using the Company's discount rate and classified as Level 3. The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates and classified as Level 2. See Note 10—“Long-term Debt” for further details.


	September 30, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term loan	$	—	$	—	$	63,000	$	64,710
New Revolver	$	57,143	$	57,143	$	—	$	—

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 11,466	$ 9,742	$ 3,805	$ 8,665	$ 77	$ (3,119)	$ 25,013	$ 5,623
Less: Dividends on preferred stock	0			188			279	450
Net income available to common shareholders	11,466			8,477			24,734	5,173
Net income available to common shareholders	$ 11,466			$ 8,477			$ 24,734	$ 5,173
Weighted average number of common shares outstanding - basic (in shares)	81,717,917			78,792,040			79,778,050	78,792,040
Incremental dilutive shares for share-based compensation awards (in shares)	659,204			0			531,406	0
Weighted average number of common shares outstanding - diluted (in shares)	82,377,121			78,792,040			80,309,456	78,792,040
Basic earnings per common share (in dollars per share)	$ 0.14			$ 0.11			$ 0.31	$ 0.07
Diluted earnings per common share (in dollars per share)	$ 0.14			$ 0.11			$ 0.31	$ 0.07

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

The holders of the Company’s Class A Common Stock and Class B Common Stock have identical liquidation and dividend rights but different voting rights. Accordingly, the earnings per share for Class A Common Stock and Class B Common Stock are presented together.

Basic earnings per share is computed by dividing net income available to shareholders by the weighted-average number of shares outstanding during the period.

The following table presents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations in thousands, except for share and per share amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025


Net income	$	11,466	$	8,665	$	25,013	$	5,623
Less: Dividends on preferred stock	—		188		279		450
Net income available to common shareholders	$	11,466	$	8,477	$	24,734	$	5,173


Weighted average number of common shares outstanding – basic	81,717,917		78,792,040		79,778,050		78,792,040
Incremental dilutive shares for share-based compensation awards	659,204		—		531,406		—
Weighted average number of common shares outstanding - diluted	82,377,121		78,792,040		80,309,456		78,792,040
Basic earnings per common share	$	0.14	$	0.11	$	0.31	$	0.07
Diluted earnings per common share	$	0.14	$	0.11	$	0.31	$	0.07

Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities

The following table presents amortized cost and estimated fair value of held-to-maturity securities:


	September 30, 2026
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,743	$	—	$	—	$	(154)	$	14,589
Industrial and miscellaneous	10,026		(6)		—		(53)		9,973
Asset-backed securities	1,494		(18)		8		—		1,502
Total held-to-maturity investments	$	26,263	$	(24)	$	8	$	(207)	$	26,064


	December 31, 2025
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,602	$	—	$	41	$	(6)	$	14,637
Industrial and miscellaneous	16,626		(8)		57		(1)		16,682
Asset-backed securities	1,494		(20)		10		—		1,504
Total held-to-maturity investments	$	32,722	$	(28)	$	108	$	(7)	$	32,823

The following table presents a summary of the aggregate estimated fair values of held-to-maturity securities with unrealized losses segregated by time period in an unrealized loss position:


	September 30, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	13,105	$	(125)	$	1,168	$	(29)	$	14,273	$	(154)
Industrial and miscellaneous	7,740		(50)		547		(3)		8,287		(53)

Total	$	20,845	$	(175)	$	1,715	$	(32)	$	22,560	$	(207)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	992	$	(6)	$	—	$	—	$	992	$	(6)
Industrial and miscellaneous	677		(1)		500		—		1,177		(1)

Total	$	1,669	$	(7)	$	500	$	—	$	2,169	$	(7)

Held-to-Maturity Securities With Unrealized Losses

The following table presents amortized cost and estimated fair value of held-to-maturity securities:


	September 30, 2026
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,743	$	—	$	—	$	(154)	$	14,589
Industrial and miscellaneous	10,026		(6)		—		(53)		9,973
Asset-backed securities	1,494		(18)		8		—		1,502
Total held-to-maturity investments	$	26,263	$	(24)	$	8	$	(207)	$	26,064


	December 31, 2025
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,602	$	—	$	41	$	(6)	$	14,637
Industrial and miscellaneous	16,626		(8)		57		(1)		16,682
Asset-backed securities	1,494		(20)		10		—		1,504
Total held-to-maturity investments	$	32,722	$	(28)	$	108	$	(7)	$	32,823

The following table presents a summary of the aggregate estimated fair values of held-to-maturity securities with unrealized losses segregated by time period in an unrealized loss position:


	September 30, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	13,105	$	(125)	$	1,168	$	(29)	$	14,273	$	(154)
Industrial and miscellaneous	7,740		(50)		547		(3)		8,287		(53)

Total	$	20,845	$	(175)	$	1,715	$	(32)	$	22,560	$	(207)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	992	$	(6)	$	—	$	—	$	992	$	(6)
Industrial and miscellaneous	677		(1)		500		—		1,177		(1)

Total	$	1,669	$	(7)	$	500	$	—	$	2,169	$	(7)

Investments Classified by Contractual Maturity Date

The following table presents a summary of the amortized cost and estimated fair value of held-to-maturity securities at September 30, 2026, by contractual maturity:


	Amortized Cost		Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$	11,994	$	11,955
Due after one year through five years	12,775		12,607


Other securities, which provide for periodic payments:
Asset-backed securities	1,494		1,502
Total	$	26,263	$	26,064

The following table presents a summary of the amortized cost and estimated fair value of available-for-sale securities at September 30, 2026, by contractual maturity:


	Amortized Cost		Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$	23,142	$	23,062
Due after one year through five years	36,679		36,122




Total	$	59,821	$	59,184

Available-for-Sale Securities Amortized Cost and Estimated Fair Value

The following table presents amortized cost and estimated fair value of available-for-sale securities:


	September 30, 2026
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	36,678	$	—	$	—	$	(516)	$	36,162
Industrial and miscellaneous	23,143		(11)		—		(110)		23,022


Total available-for-sale investments	$	59,821	$	(11)	$	—	$	(626)	$	59,184


	December 31, 2025
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	19,766	$	—	$	34	$	—	$	19,800
Industrial and miscellaneous	14,051		—		25		—		14,076


Total available-for-sale investments	$	33,817	$	—	$	59	$	—	$	33,876

Available-for-Sale, Unrealized Loss Position

The following table presents a summary of the aggregate estimated fair values of available-for-sale securities with unrealized losses segregated by time period in an unrealized loss position:


	September 30, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	36,162	$	(516)	$	—	$	—	$	36,162	$	(516)
Industrial and miscellaneous	23,022		(110)		—		—		23,022		(110)


Total	$	59,184	$	(626)	$	—	$	—	$	59,184	$	(626)

Investment Income

The following table presents components of the Company's net investment income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Fixed maturities, available-for-sale	$	591	$	119	$	1,569	$	138
Fixed maturities, held-to-maturity	282		349		929		1,079
Short-term investments, available-for-sale	164		393		623		811
Cash and cash equivalents	1,686		1,228		3,496		4,053
Gross investment income	2,723		2,089		6,617		6,081
Investment expenses	(58)		(45)		(170)		(127)
Net investment income	$	2,665	$	2,044	$	6,447	$	5,954

- 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 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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

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

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

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

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

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

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

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

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

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

+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

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

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

+ Details

Reinsurance - Narrative (Details) $ in Thousands	9 Months Ended
Reinsurance - Narrative (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Catastrophe Excess of Loss Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amount reinsured per event	$ 1,150,000
Reinsurance retained, per event	40,000
Net loss retention	1,000
Reinstatement Premium Protection
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amount reinsured per event	540,000
Reinsurance retained, per event	40,000
Net Quota Share Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amount reinsured per event	$ 40,000
Reinsured risk	85.00%

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

+ Details

Fair Value Measurements -Schedule of Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 26,239	$ 32,694
Estimated Fair Value	26,064	32,823
Asset-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,502	1,504
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	26,239	32,694
Carrying Value \| U.S. Treasury and U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	14,743	14,602
Carrying Value \| Industrial and miscellaneous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	10,020	16,618
Carrying Value \| Asset-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	1,476	1,474
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	26,064	32,823
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	14,589	14,637
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	11,475	18,186
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| U.S. Treasury and U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	14,589	14,637
Fair Value \| U.S. Treasury and U.S. government agencies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	14,589	14,637
Fair Value \| U.S. Treasury and U.S. government agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| U.S. Treasury and U.S. government agencies \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| Industrial and miscellaneous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	9,973	16,682
Fair Value \| Industrial and miscellaneous \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| Industrial and miscellaneous \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	9,973	16,682
Fair Value \| Industrial and miscellaneous \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| Asset-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,502	1,504
Fair Value \| Asset-Backed Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value \| Asset-Backed Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,502	1,504
Fair Value \| Asset-Backed Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 0	$ 0

Commitment and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 6,250
Settled Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 6,300
Settlement recovery		$ 6,000
Insurance settlements receivable		$ 6,000

- 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/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
Investments - Narrative (Details)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 swap	Sep. 30, 2026 security	Dec. 31, 2025 USD ($)
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities in an unrealized loss position					89	53
Custodial accounts held with states	$ 2,900,000		$ 2,900,000				$ 2,900,000
Sale of fixed maturity available-for-sale	0	$ 0	0	$ 0
Sale of short-term investments	$ 0	$ 0	$ 0	$ 0

Investments -Available-for-Sale Securities Continuous Loss Position (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 59,184
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(626)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-Sale, Unrealized Loss Position	59,184
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	(626)
U.S. Treasury and U.S. government agencies
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	36,162
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(516)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-Sale, Unrealized Loss Position	36,162
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	(516)
Industrial and miscellaneous
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	23,022
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(110)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-Sale, Unrealized Loss Position	23,022
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	$ (110)

- 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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $59,821 and $33,817)	$ 59,184	$ 33,876
Fixed maturities, held-to-maturity, at amortized cost, net of credit loss allowance (fair value of $26,064 and $32,823)	26,239	32,694
Short-term investments	20,147	39,362
Total invested assets	105,570	105,932
Cash and cash equivalents	165,673	47,853
Restricted cash	7,715	8,299
Accrued investment income	775	806
Commission and service fee income receivable	5,753	4,338
Premiums and other receivables, net	41,817	25,902
Reinsurance recoverable on paid and unpaid losses, net	95,840	42,159
Prepaid reinsurance premiums	468,688	258,027
Capitalized software, net	18,312	13,773
Other assets	26,729	10,743
Total assets	936,872	517,832
Liabilities:
Unpaid losses and loss adjustment expenses	57,516	23,352
Unearned premiums	385,250	240,206
Other policyholders' funds	3,098	834
Reinsurance payable	283,300	112,633
Deferred policy acquisition costs, net of ceding commissions	27,336	9,170
Accounts payable and other liabilities	69,549	39,504
Income taxes payable	2,520	3,787
Debt, net of unamortized issuance costs	55,962	60,955
Total liabilities	884,531	490,441
Commitments and contingencies
Mezzanine equity:
Preferred stock ($0.001 and $0.00 par value, 50,000,000 and 1,000,000 shares authorized, 0 and 600,000 shares issued and outstanding)	0	15,283
Shareholders’ equity:
Class A common stock, $0.001 par value; 400,000,000 shares authorized; 39,122,933 and 0 shares issued and outstanding. Class B common stock, $0.001 par value; 100,000,000 shares authorized, 59,935,260 and 0 shares issued and outstanding. Common stock, $0.00 par value; 0 and 120,000,000 shares authorized, 0 and 78,792,040 shares issued and outstanding.	99	0
Additional paid-in capital	224,702	2,770
Accumulated other comprehensive income (loss), net of taxes	(510)	54
Retained earnings (Accumulated deficit)	(171,950)	9,284
Total shareholders’ equity	52,341	12,108
Total liabilities, mezzanine equity and shareholders’ equity	$ 936,872	$ 517,832

Share-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	999,898
Exercised (in shares) \| shares	(208,674)
Forfeited (in shares) \| shares	(43,474)
Outstanding at end of period (in shares) \| shares	747,750	999,898
Exercisable at end of period (in shares) \| shares	60,864
Weighted-Average Exercise Price per Share
Outstanding at beginning of period (in usd per share) \| $ / shares	$ 2.88	$ 2.88
Exercised (in usd per share) \| $ / shares	2.88
Forfeited (in usd per share) \| $ / shares	2.88
Outstanding at end of period (in usd per share) \| $ / shares	2.88	$ 2.88
Exercisable at end of period (in usd per share) \| $ / shares	$ 2.88
Stock Options, Additional Disclosures [Abstract]
Outstanding, weighted-average remaining contractual life at beginning of period	1 year 9 months 18 days	2 years 3 months 18 days
Outstanding, weighted-average remaining contractual life at end of period	1 year 9 months 18 days	2 years 3 months 18 days
Exercisable, weighted-average remaining contractual life at end of period	10 months 24 days
Outstanding, aggregate intrinsic value at beginning of period \| $	$ 5,074
Aggregate intrinsic value, exercised \| $	1,059
Outstanding, aggregate intrinsic value at end of period \| $	5,059	$ 5,074
Exercisable, aggregate intrinsic value at end of period \| $	$ 412

Investments - Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Net Investment Income [Line Items]
Investment income	$ 2,723	$ 2,089	$ 6,617	$ 6,081
Investment expenses	(58)	(45)	(170)	(127)
Net investment income	2,665	2,044	6,447	5,954
Fixed maturities, available-for-sale
Net Investment Income [Line Items]
Investment income	591	119	1,569	138
Fixed maturities, held-to-maturity
Net Investment Income [Line Items]
Investment income	282	349	929	1,079
Short-term investments
Net Investment Income [Line Items]
Investment income	164	393	623	811
Cash and cash equivalents
Net Investment Income [Line Items]
Investment income	$ 1,686	$ 1,228	$ 3,496	$ 4,053

- Definition

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

+ References + Details

Variable Interest Entity

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

4. Variable Interest Entity

As part of the annual catastrophe excess of loss reinsurance placements which incepted on June 1, 2026 and 2025, OIC and OSI ("insurance subsidiaries") entered into a reinsurance agreement with SAA (also referred to as the "captive"). The captive is a segregated account operated by Wyndham Insurance Company Ltd. (“Wyndham”), a Bermuda Licensed Segregated Accounts Company that sponsors the captive. SAA is controlled by the Company and provides a layer of catastrophe reinsurance. See Note 9—“Reinsurance” for details.

The Company has determined that SAA is a variable interest entity and consolidates SAA because the Company has the power to direct the activities that most significantly affect SAA's economic performance and has the obligation to absorb losses and the right to receive benefits that could potentially be significant.

The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash and invested assets held in the segregated account, which are used to settle reinsurance obligations of SAA as of the dates presented. Cash and cash equivalents, restricted cash, and invested assets held in the segregated account are required to be held in a trust account solely for the benefit of the Company and can be used to settle activity under the reinsurance agreement. Any cash and cash equivalents, restricted cash or invested assets held in the segregated account not actively being used to settle activity under the reinsurance agreement can only be paid to the Company by dividend based upon underwriting results of the segregated account or by expiration or termination of the reinsurance agreement.


September 30, 2026	SAA		Other entities		Consolidated
Cash and cash equivalents	$	20	$	165,653	$	165,673
Restricted cash	$	7,373	$	342	$	7,715


December 31, 2025	SAA		Other entities		Consolidated
Cash and cash equivalents	$	—	$	47,853	$	47,853
Restricted cash	$	7,961	$	338	$	8,299

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations in thousands, except for share and per share amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025


Net income	$	11,466	$	8,665	$	25,013	$	5,623
Less: Dividends on preferred stock	—		188		279		450
Net income available to common shareholders	$	11,466	$	8,477	$	24,734	$	5,173


Weighted average number of common shares outstanding – basic	81,717,917		78,792,040		79,778,050		78,792,040
Incremental dilutive shares for share-based compensation awards	659,204		—		531,406		—
Weighted average number of common shares outstanding - diluted	82,377,121		78,792,040		80,309,456		78,792,040
Basic earnings per common share	$	0.14	$	0.11	$	0.31	$	0.07
Diluted earnings per common share	$	0.14	$	0.11	$	0.31	$	0.07

Debt - Narrative (Details)			9 Months Ended
Debt - Narrative (Details)	Sep. 29, 2026 USD ($)	May 14, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) swap
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (4,333,000)	$ 0
Payments on debt			287,400,000	$ 5,250,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative agreemens \| swap					2
Derivative notional amount					$ 39,000,000.0
December 2024 Credit Agreement
Debt Instrument [Line Items]
Principal payment, quarterly			1,800,000
Loss on extinguishment of debt		$ (1,900,000)
December 2024 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			$ 20,000,000
May 2026 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt face amount		200,000,000.0
Credit facility maximum borrowing capacity		$ 100,000,000
Payments on debt	$ 24,400,000
May 2026 Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Loss on extinguishment of debt	2,500,000
Extinguishment of debt, amount	$ 200,000,000.0

Investments - Held To Maturity Continuous Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Estimated Fair Value	$ 20,845	$ 1,669
Less than 12 Months, Unrealized losses	(175)	(7)
12 Months or greater, Estimated Fair Value	1,715	500
12 Months or greater, Unrealized losses	(32)	0
Total Estimated Fair Value	22,560	2,169
Unrealized losses	(207)	(7)
U.S. Treasury and U.S. government agencies
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Estimated Fair Value	13,105	992
Less than 12 Months, Unrealized losses	(125)	(6)
12 Months or greater, Estimated Fair Value	1,168	0
12 Months or greater, Unrealized losses	(29)	0
Total Estimated Fair Value	14,273	992
Unrealized losses	(154)	(6)
Industrial and miscellaneous
Schedule of Held-to-Maturity Securities [Line Items]
Less than 12 months, Estimated Fair Value	7,740	677
Less than 12 Months, Unrealized losses	(50)	(1)
12 Months or greater, Estimated Fair Value	547	500
12 Months or greater, Unrealized losses	(3)	0
Total Estimated Fair Value	8,287	1,177
Unrealized losses	$ (53)	$ (1)

- 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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The tables below present information about the Company’s financial assets measured at fair value on a recurring basis:


	September 30, 2026
	Total		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	36,162	$	36,162	$	—	$	—
Industrial and miscellaneous	23,022		—		23,022		—

Short-term investments	20,147		1,746		18,401		—

Total	$	79,331	$	37,908	$	41,423	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	19,800	$	19,800	$	—	$	—
Industrial and miscellaneous	14,076		—		14,076		—

Short-term investments	39,364		16,260		23,104		—
Interest Rate Swaps	(550)		—		(550)		—
Total	$	72,690	$	36,060	$	36,630	$	—

Schedule of Financial Instruments Not Carried At Fair Value

The following tables summarize the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value as of the date presented:

Held-to-maturity securities


	September 30, 2026
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	14,743	$	14,589	$	14,589	$	—	$	—
Industrial and miscellaneous	10,020		9,973		—		9,973		—

Asset-backed securities	1,476		1,502		—		1,502		—
Total	$	26,239	$	26,064	$	14,589	$	11,475	$	—


	December 31, 2025
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
U.S. Treasury and U.S. government agencies	$	14,602	$	14,637	$	14,637	$	—	$	—
Industrial and miscellaneous	16,618		16,682		—		16,682		—

Asset-backed securities	1,474		1,504		—		1,504		—
Total	$	32,694	$	32,823	$	14,637	$	18,186	$	—

Fair Value, by Balance Sheet Grouping

The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates and classified as Level 2. See Note 10—“Long-term Debt” for further details.


	September 30, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Term loan	$	—	$	—	$	63,000	$	64,710
New Revolver	$	57,143	$	57,143	$	—	$	—

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 20,147	$ 39,364
Total	79,331	72,690
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps		(550)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,746	16,260
Total	37,908	36,060
Level 1 \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	18,401	23,104
Total	41,423	36,630
Level 2 \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps		(550)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Total	0	0
Level 3 \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps		0
U.S. Treasury and U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	36,162	19,800
U.S. Treasury and U.S. government agencies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	36,162	19,800
U.S. Treasury and U.S. government agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	0	0
U.S. Treasury and U.S. government agencies \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	0	0
Industrial and miscellaneous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	23,022	14,076
Industrial and miscellaneous \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	0	0
Industrial and miscellaneous \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	23,022	14,076
Industrial and miscellaneous \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	$ 0	$ 0

Debt (Details) - USD ($)	Sep. 30, 2026	May 14, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal	$ 57,143,000		$ 63,000,000
Unamortized issuance costs	(1,181,000)		(2,045,000)
Debt, net of unamortized issuance costs	55,962,000		60,955,000
December 2024 Credit Agreement \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Total principal	0		63,000,000
December 2024 Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit
Debt Instrument [Line Items]
Debt face amount	5,000,000
Total principal	0		0
December 2024 Credit Agreement \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	20,000,000
Total principal	0		0
May 2026 Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit
Debt Instrument [Line Items]
Total principal	0		0
May 2026 Credit Agreement \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt face amount		$ 200,000,000.0
Credit facility maximum borrowing capacity		$ 100,000,000
Total principal	$ 57,143,000		$ 0

Nature of Operations and Basis of Presentation (Details)	Sep. 04, 2026 $ / shares shares	Sep. 30, 2026 state $ / shares shares	Sep. 03, 2026 shares	Dec. 31, 2025 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which Company has a presence \| state		14
Reverse stock split conversion ratio	0.4
Common stock, par value (in usd per share) \| $ / shares	$ 0.00	$ 0.00
Common stock, shares issued (in shares)	78,792,040	0	196,980,100
Common stock shares outstanding (in shares)	78,792,040		196,980,100	78,792,040

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Liability For Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Insurance [Abstract]
Unfavorable development	$ 3,769	$ 160

Leases -Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases -Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Leases [Abstract]
Operating lease cost	$ 454	$ 393	$ 1,342	$ 767

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2026

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

Effects of Reinsurance

The following table presents the effects of reinsurance on premiums written and earned:


	Three Months Ended September 30,
	2026				2025
	Written		Earned		Written		Earned
Direct premiums	$	203,815	$	159,931	$	127,181	$	91,822
Ceded premiums	(136,476)		(129,996)		(66,621)		(72,174)
Net premiums	$	67,339	$	29,935	$	60,560	$	19,648


	Nine Months Ended September 30,
	2026				2025
	Written		Earned		Written		Earned
Direct premiums	$	558,199	$	412,976	$	324,754	$	236,784
Ceded premiums	(551,431)		(340,770)		(312,192)		(187,714)
Net premiums	$	6,768	$	72,206	$	12,562	$	49,070

The following table presents the impact of reinsurance arrangements on certain items within the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Ceded premiums earned	$	(129,996)	$	(72,174)	$	(340,770)	$	(187,714)
Ceded losses and loss adjustment expenses incurred	$	39,714	$	15,755	$	107,299	$	41,610
Ceded policy acquisition expenses	$	35,461	$	17,591	$	86,282	$	40,208

Investments - Held To Maturity Rolling Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Amortized Cost
Total	$ 26,263	$ 32,722
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Estimated Fair Value	26,064	32,823
Government And Corporate Securities
Amortized Cost
Due in one year or less	11,994
Due after one year through five years	12,775
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Due in one year or less	11,955
Due after one year through five years	12,607
Asset-Backed Securities
Amortized Cost
Other securities, which provide for periodic payments:	1,494
Total	1,494	1,494
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Other securities, which provide for periodic payments:	1,502
Estimated Fair Value	$ 1,502	$ 1,504

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 21, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense		$ 1.1		$ 1.8
Unrecognized compensation expense, options		0.6		0.6
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense		0.2	$ 0.2	$ 0.4	$ 0.5
Unrecognized compensation expense period for recognition				10 months 28 days
Employee Stock Option \| Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						12 months
Employee Stock Option \| Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						36 months
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	357,000			1,443,340
Unrecognized compensation expense period for recognition				2 years 8 months 4 days
Share-based compensation arrangements service period				3 years
Unrecognized compensation expense		$ 11.1		$ 11.1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Organization and Description of the Company	Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2025 included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933 (the “Prospectus”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in these financial statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year.
Basis of Presentation and Principles of Consolidation	The unaudited condensed consolidated financial statements include the accounts of OIG and its wholly-owned subsidiaries, as well as variable interest entities (“VIEs”) in which the Company is determined to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Emerging Growth Company	Emerging Growth Company The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act permits an EGC to elect to use the extended transition period for complying with new or revised accounting standards issued subsequent to the enactment of the JOBS Act that have different effective dates for public and private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Consolidated Financial Statements may or may not be comparable to companies that comply with new or revised accounting pronouncements as of public companies’ effective dates.
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements (hereinafter, “financial statements”) in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from those estimates. Management evaluates estimates on an ongoing basis when updated information related to such estimates becomes available. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (“LAE”), reinsurance recoverable on paid and unpaid losses, net deferred income taxes and valuation of investments.
Recently Issued And Adopted Accounting Pronouncements	Recently Issued And Adopted Accounting Pronouncements Financial Instruments - Credit Losses In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Estimated Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update allows entities to elect a practical expedient when developing reasonable and supportable forecasts as part of estimating expected credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This update is effective for annual periods beginning after December 15, 2025, and for interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted this guidance on January 1, 2026 and it did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued But Not Adopted Accounting Pronouncements Business Combinations and Consolidation In March 2025, the FASB issued ASU 2025‑03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a VIE Acquisition. The ASU clarifies that, in a business combination primarily effected by exchanging equity interests in which a VIE is acquired, the Company must determine the accounting acquirer by considering the factors in ASC 805‑10‑55‑12 through 55‑15, rather than defaulting to the primary beneficiary of the legal acquiree that is a VIE. For public business entities, the ASU is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, and early adoption is permitted. The amendments are applied prospectively to business combinations occurring after the initial adoption date. The Company is currently evaluating the impact of adoption on its consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This update requires public business entities to expand disclosures about specific expense categories in the notes to the financial statements, including inventory, employee compensation, depreciation, and intangible asset amortization, among others. This update is effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of the adoption of this update on its consolidated financial statements. Intangibles - Goodwill and Other - Internal Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This update is effective for annual periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The Company is evaluating the impact of the adoption of this update on its consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Liability For Unpaid Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2026

Insurance [Abstract]

Liability For Unpaid Losses and Loss Adjustment Expenses

8. Liability For Unpaid Losses and Loss Adjustment Expenses

The liability for unpaid losses and LAE includes an amount determined from loss reports and individual cases and an amount, based on past experience, for losses incurred but not yet reported.

The following table presents a reconciliation of changes in the liability for unpaid losses and LAE:


	Nine Months Ended September 30,
	2026		2025
Unpaid Loss and LAE at beginning of period	$	23,352	$	16,344
Less: Reinsurance recoverables on unpaid losses and LAE	15,187		7,265
Net unpaid loss and LAE at beginning of period	8,165		9,079
Add: Losses and LAE, net of reinsurance, incurred related to:
Current year	33,000		34,615
Prior years	3,769		160
Total net losses and LAE incurred	36,769		34,775
Less: Losses and LAE paid, net of reinsurance, related to:
Current year	20,107		26,209
Prior years	8,584		8,225
Total net paid losses and LAE	28,691		34,434
Unpaid loss and LAE, net of reinsurance, at end of period	16,243		9,420
Add: Reinsurance recoverables on unpaid losses and LAE	41,273		12,030
Unpaid loss and LAE at end of period	$	57,516	$	21,450

Prior period development includes changes in estimated losses and LAE for all events occurring in prior periods. Net loss and LAE incurred for the nine months ended September 30, 2026 reflected unfavorable development of $3.8 million, primarily due to higher than expected late reported wind and hail claims. Net loss and LAE incurred for the nine months ended September 30, 2025 reflected unfavorable development of $0.2 million, primarily driven by higher than expected late reported wind and hail claims and increased severity of water damage claims.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Share-Based Compensation - Summary of Changes in RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares		9 Months Ended
	Sep. 21, 2026	Sep. 30, 2026
Number of Units
Unvested at beginning of period (in shares)		0
Granted (in shares)	357,000	1,443,340
Vested (in shares)		(94,340)
Unvested at end of period (in shares)		1,349,000
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in usd per share)		$ 0
Granted (in usd per share)		8.95
Vested (in usd per share)		7.95
Unvested at end of period (in usd per share)		$ 9.02

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Statement of Cash Flows [Abstract]
Net income	$ 25,013	$ 5,623
Adjustments to reconcile net income to net cash from operating activities:
Amortization and depreciation	3,527	2,441
Deferred income taxes	(2,186)	(604)
Share-based compensation expense	2,165	450
Credit loss expense	362	(228)
Realized (gain) loss on investments	(9)	241
Unrealized (gain) loss on interest rate swaps	(550)	509
Loss on extinguishment of debt	4,333	0
Changes in operating assets and liabilities:
Accrued investment income	31	(168)
Commission and service fee income receivable	(1,415)	(218)
Premiums and other receivables	(16,220)	(2,926)
Reinsurance recoverable on paid and unpaid losses	(53,730)	(17,276)
Prepaid reinsurance premiums	(210,661)	(124,479)
Other assets	(9,268)	(5,998)
Unpaid losses and loss adjustment expenses	34,164	5,106
Unearned premiums	145,044	87,970
Other policyholders' funds	2,264	237
Reinsurance payable	170,667	85,745
Deferred policy acquisition costs, net of ceding commissions	18,166	5,100
Accounts payable and other liabilities	26,847	8,771
Income taxes payable	(1,267)	(744)
Net cash from operating activities	137,277	49,552
Investing activities
Purchases of fixed maturities held-to-maturity	(9,790)	(15,263)
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities	16,543	17,015
Purchases of fixed maturities available-for-sale	(33,954)	(17,217)
Proceeds from sales and maturities of fixed maturities available-for-sale	8,376	365
Purchases of short-term investments	(20,250)	(48,504)
Proceeds from sales and maturities of short-term investments	39,580	10,591
Purchases of fixed assets	(4,375)	(71)
Capitalized software expenditures	(8,540)	(5,310)
Proceeds from disposal of investment in non-affiliate	0	172
Net cash used in investing activities	(12,410)	(58,222)
Net cash used in financing activities
Proceeds from issuance of common stock, net of underwriting costs	224,400	0
Payments of deferred offering costs	(1,386)	0
Dividends paid	(206,530)	(12,000)
Proceeds from debt	281,543	0
Debt issuance costs	(3,858)	(452)
Payments on debt	(287,400)	(5,250)
Stock option exercises	600	0
Repurchase of preferred stock	(15,000)	0
Proceeds from issuance of preferred stock	0	7,500
Net cash used in financing activities	(7,631)	(10,202)
Change in cash, cash equivalents and restricted cash	117,236	(18,872)
Cash, cash equivalents and restricted cash at beginning of period	56,152	109,630
Cash, cash equivalents and restricted cash at end of period	173,388	90,758
Supplemental disclosures of cash flow information
Interest paid	8,385	4,103
Income taxes paid	12,839	3,057
Noncash financing activities
Deferred offering costs in accounts payable and other liabilities	3,748	0
The following tables present a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s Condensed Consolidated Balance Sheets:
Cash and cash equivalents	165,673	90,053
Restricted cash	7,715	705
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$ 173,388	$ 90,758

Share Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share Based Compensation

12. Share-Based Compensation

Equity Incentive Plan

During August 2024, the board of directors approved an Equity Incentive Plan of OIG, wherein certain employees could be awarded non-qualified stock options allowing the recipient to purchase common stock at the stated exercise price. All of the awards issued during 2024 vest between 12 and 36 months from the date of issue.

In connection with the IPO, the Company adopted the 2026 Equity Incentive Plan, which serves as successor to the previous plan. Under the 2026 Equity Incentive Plan and in connection with the IPO, the Company granted 357,000 restricted stock units (“RSU”) to employees.

Non-Qualified Stock Options

The awards were valued using assumptions related to the Company’s estimated fair value, volatility, expected term and risk-free interest rates. The options issued are as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	999,898	$	2.88	2.3	$	5,074

Exercised	(208,674)	$	2.88		$	1,059
Forfeited	(43,474)	$	2.88

Outstanding as of September 30, 2026	747,750	$	2.88	1.8	$	5,059
Exercisable as of September 30, 2026	60,864	$	2.88	0.9	$	412

Share-based compensation expenses related to the options are recognized pro rata over the vesting period, and are recognized in the “General and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. During the three months ended September 30, 2026 and 2025, compensation expense related to the options was $0.2 million and $0.2 million, respectively. During the nine months ended September 30, 2026 and 2025, compensation expense related to the options was $0.4 million and $0.5 million, respectively. Unrecognized compensation expense related to the options was $0.6 million as of September 30, 2026, which is expected to be recognized over a weighted-average period of 0.91 years.

Restricted Stock Units

During the nine months ended September 30, 2026 and in connection with the IPO, the Company granted RSUs that cliff vest at the end of a 3 year service period. Certain of these awards were promised to grantees prior to the IPO and were valued using a weighted average between an income approach and market approach. Under the income approach, enterprise value was estimated using a discounted cash flow method based on forecasted unlevered free cash flows. Under the market approach, enterprise value was estimated using a guideline public company method based on revenue multiples from public filers. A discount for lack of marketability was applied using an option pricing model. The awards granted concurrent with the IPO were valued at the IPO price. The following table presents a summary of the changes in RSUs:


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	—	$	—
Granted	1,443,340	$	8.95
Vested	(94,340)	$	7.95


Unvested as of September 30, 2026	1,349,000	$	9.02

Share-based compensation expenses related to RSUs, which were recognized in the “General and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations, were $1.1 million and $1.8 million for the three and nine months ended September 30, 2026, respectively. Unrecognized compensation expense related to the RSUs was $11.1 million as of September 30, 2026, which is expected to be recognized over a weighted-average period of 2.68 years.

Liability For Unpaid Losses and Loss Adjustment Expenses - Reconciliation of Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid Loss and LAE at beginning of period			$ 23,352	$ 16,344
Less: Reinsurance recoverables on unpaid losses and LAE	$ 41,273	$ 12,030	41,273	12,030	$ 15,187	$ 7,265
Unpaid loss and LAE, net of reinsurance	16,243	9,420	16,243	9,420	8,165	9,079
Add: Losses and LAE, net of reinsurance, incurred related to:
Current year			33,000	34,615
Prior years			3,769	160
Total net losses and LAE incurred	11,052	8,154	36,769	34,775
Less: Losses and LAE paid, net of reinsurance, related to:
Current year			20,107	26,209
Prior years			8,584	8,225
Total net paid losses and LAE			28,691	34,434
Add: Reinsurance recoverables on unpaid losses and LAE	41,273	12,030	41,273	12,030	$ 15,187	$ 7,265
Unpaid loss and LAE at end of period	$ 57,516	$ 21,450	$ 57,516	$ 21,450

Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents the components of long-term debt:


	September 30, 2026		December 31, 2025
Term loan	$	—	$	63,000
Delayed draw term loan ($5,000 capacity)	—		—
Revolving credit facility ($20,000 capacity)	—		—
New Term Loan	—		—
New Revolver ($100,000 capacity)	57,143		—
Total principal	57,143		63,000
Unamortized issuance costs	(1,181)		(2,045)
Debt, net of unamortized issuance costs	$	55,962	$	60,955

Schedule of Maturities of Long-Term Debt

The following table presents future maturities of long-term debt as of September 30, 2026:


	Long-term debt
2026 (remainder)	$	—
2027	—
2028	—
2029	—
2030	—
Thereafter	57,143
Total	$	57,143

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-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 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Lease Cost

The following table presents the operating lease cost which was included in the General and administrative expenses on the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	454	$	393	$	1,342	$	767

Supplemental Balance Sheet Infomation

The following table presents supplemental balance sheet information about the Company’s leases:


	September 30, 2026			December 31, 2025
Operating leases:
Right-of-use assets	$	9,225		$	4,441
Lease liability	$	10,309		$	4,808
Weighted-average remaining lease term:
Operating leases	6.39 years			7.47 years
Weighted-average discount rate:
Operating leases	7.75		%	8.05		%

Supplemental Cash Flow Infomation

The following table presents supplemental cash flow information related to leases:


	Nine Months Ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	982	$	493
Non-cash activity:
ROU assets obtained in exchange for operating lease liabilities	$	5,610	$	666

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Nov. 03, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-43475
Registrant Name	ORION180 INSURANCE GROUP INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	88-0901536
Entity Address, Address Line One	505 N. John Rodes Blvd.,
Entity Address, City or Town	Melbourne,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32934
City Area Code	321
Local Phone Number	213-6222
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	OIG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Central Index Key	0002124472
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,122,933
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,935,260

Variable Interest Entity (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 165,673	$ 47,853	$ 90,053	$ 109,149
Restricted cash	7,715	8,299
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	165,673	47,853
Restricted cash	7,715	8,299
SAA
Variable Interest Entity [Line Items]
Cash and cash equivalents	20	0
Restricted cash	7,373	7,961
Other entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	165,653	47,853
Restricted cash	$ 342	$ 338

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Shareholders’ Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Sep. 21, 2026 USD ($) vote $ / shares shares	Sep. 04, 2026 $ / shares shares	Sep. 03, 2026 USD ($)	May 14, 2026 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Dividends declared and paid \| $			$ 55,000	$ 150,968		$ 11,270
Reverse stock split conversion ratio		0.4
Common stock, shares authorized (in shares)					0		120,000,000
Preferred stock, shares authorized (in shares)		50,000,000			50,000,000		1,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.00			$ 0.00
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.001			$ 0.001		$ 0.00
Deferred offering costs \| $					$ (5,134)
Additional Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Deferred offering costs \| $					$ (5,134)
IPO \| Additional Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Deferred offering costs \| $	$ (5,100)
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		400,000,000			400,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.001			$ 0.001
Common Class A \| IPO
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued (in shares)	20,000,000
Sale of stock, price per share (in usd per share) \| $ / shares	$ 12.00
Proceeds from sale of stock, net \| $	$ 219,300
Exchange agreement, number of votes \| vote	1
Stock converted, shares issued (in shares)	19,122,933
Common Class B
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		100,000,000			100,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.001			$ 0.001
Common Class B \| IPO
Equity, Class of Treasury Stock [Line Items]
Exchange agreement, number of votes \| vote	10
Stock converted, shares issued (in shares)	59,935,260

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Revenue and Segment Adjusted EBITDA Reconciled to the Company’s Condensed Consolidated Statements of Operations


Three Months Ended September 30, 2026	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	203,815	$	—	$	—	$	203,815
Change in gross unearned premiums	(43,884)		—		—		(43,884)
Gross premiums earned	159,931		—		—		159,931
Ceded premiums earned	(129,996)		—		—		(129,996)
Net premiums earned	29,935		—		—		29,935
Policy fee income	—		17,166		—		17,166
Commission income	—		54,520		(50,952)		3,568
Service fee income	—		3,379		(2,819)		560
Other income*	2,156		513		—		2,669
Total segment revenues	$	32,091	$	75,578	$	(53,771)	$	53,898
Expenses:
Losses and loss adjustment expenses, net(1)	12,808		371		(2,127)		11,052
Policy acquisition expenses	3,897		27,626		(46,009)		(14,486)
Salaries and software development costs	—		15,348		—		15,348

Capitalization of salaries and software development costs	—		(3,712)		—		(3,712)

Other general and administrative expenses	3,897		17,360		(690)		20,567
Total segment expenses	$	20,602	$	56,993	$	(48,826)	$	28,769
Segment Adjusted EBITDA	$	11,489	$	18,585	$	(4,945)	$	25,129
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(4,637)
Income tax expense							(4,035)
Depreciation							(7)
Software amortization							(1,366)
Litigation and settlement(2)							105
Sponsorship fees(3)							(875)
Other non-recurring costs(4)							(2,848)
Net income							$	11,466

* Other income consists of net investment income and realized gain / (loss) on investments.

(1)Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.

(3)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

(4)Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.


Three Months Ended September 30, 2025	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	127,181	$	—	$	—	$	127,181
Change in gross unearned premiums	(35,359)		—		—		(35,359)
Gross premiums earned	91,822		—		—		91,822
Ceded premiums earned	(72,174)		—		—		(72,174)
Net premiums earned	19,648		—		—		19,648
Policy fee income	—		10,077		—		10,077
Commission income	—		34,647		(32,294)		2,353
Service fee income	—		949		(949)		—
Other income*	1,850		194		—		2,044
Total segment revenues	$	21,498	$	45,867	$	(33,243)	$	34,122
Expenses:
Losses and loss adjustment expenses, net	9,332		—		(1,178)		8,154
Policy acquisition expenses	7,214		16,792		(28,411)		(4,405)
Salaries and software development costs	—		7,786		—		7,786

Capitalization of salaries and software development costs	—		(1,422)		—		(1,422)

Other general and administrative expenses	2,280		6,734		(272)		8,742
Total segment expenses	$	18,826	$	29,890	$	(29,861)	$	18,855
Segment Adjusted EBITDA	$	2,672	$	15,977	$	(3,382)	$	15,267
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(1,637)
Income tax expense							(2,904)
Depreciation							(3)
Software amortization							(991)
Litigation and settlement(1)							(192)
Sponsorship fees(2)							(875)

Net income							$	8,665

* Other income consists of net investment income and realized gain / (loss) on investments.

(2)Sponsorship fees are associated with our Formula 1 sponsorship agreement.


Nine Months Ended September 30, 2026	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	558,199	$	—	$	—	$	558,199
Change in gross unearned premiums	(145,223)		—		—		(145,223)
Gross premiums earned	412,976		—		—		412,976
Ceded premiums earned	(340,770)		—		—		(340,770)
Net premiums earned	72,206		—		—		72,206
Policy fee income	—		45,082		—		45,082
Commission income	—		148,230		(139,548)		8,682
Service fee income	—		9,802		(8,253)		1,549
Other income*	5,488		968		—		6,456
Total segment revenues	$	77,694	$	204,082	$	(147,801)	$	133,975
Expenses:
Losses and loss adjustment expenses, net(1)	42,229		1,080		(6,540)		36,769
Policy acquisition expenses	21,330		76,550		(124,712)		(26,832)
Salaries and software development costs	—		36,346		—		36,346

Capitalization of salaries and software development costs	—		(8,540)		—		(8,540)

Other general and administrative expenses	9,761		37,670		(1,712)		45,719
Total segment expenses	$	73,320	$	143,106	$	(132,964)	$	83,462
Segment Adjusted EBITDA	$	4,374	$	60,976	$	(14,837)	$	50,513
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(8,436)
Income tax expense							(9,661)
Depreciation							(13)

Software amortization							(4,000)
Litigation and settlement(2)							5,657
Sponsorship fees(3)							(2,625)
Other non-recurring costs(4)							(6,422)
Net income							$	25,013

*Other income consists of net investment income and realized gain / (loss) on investments.

(1)Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.

(3)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

(4)Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.


Nine Months Ended September 30, 2025	Underwriting		Services		Elimination		Consolidated
Revenues:
Gross premiums written	$	324,754	$	—	$	—	$	324,754
Change in gross unearned premiums	(87,970)		—		—		(87,970)
Gross premiums earned	236,784		—		—		236,784
Ceded premiums earned	(187,714)		—		—		(187,714)
Net premiums earned	49,070		—		—		49,070
Policy fee income	—		24,737		—		24,737
Commission income	—		86,685		(81,667)		5,018
Service fee income	—		3,436		(3,436)		—
Other income*	5,111		602		—		5,713
Total segment revenues	$	54,181	$	115,460	$	(85,103)	$	84,538
Expenses:
Losses and loss adjustment expenses, net	38,211		—		(3,436)		34,775
Policy acquisition expenses	21,811		43,159		(73,526)		(8,556)
Salaries and software development costs	—		21,584		—		21,584

Capitalization of salaries and software development costs	—		(5,284)		—		(5,284)

Other general and administrative expenses	5,420		17,934		(502)		22,852
Total segment expenses	$	65,442	$	77,393	$	(77,464)	$	65,371
Segment Adjusted EBITDA	$	(11,261)	$	38,067	$	(7,639)	$	19,167
Reconciliation of Segment Adjusted EBITDA:
Interest expense							(5,067)
Income tax expense							(2,092)
Depreciation							(5)
Software amortization							(2,681)
Litigation and settlement(1)							(879)
Sponsorship fees(2)							(2,625)
Other non-recurring costs (3)							(195)
Net income							$	5,623

*Other income consists of net investment income and realized gain / (loss) on investments.

(2)Sponsorship fees are associated with our Formula 1 sponsorship agreement.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Debt - Future Maturities Of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
2026 (remainder)	$ 0
2027	0
2028	0
2029	0
2030	0
Thereafter	57,143
Total	$ 57,143	$ 63,000

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	15. Commitments and Contingencies Litigation Lawsuits and other legal proceedings are filed against the Company from time to time. Many of these legal proceedings involve claims under insurance policies that the Company underwrites. The Company is also involved in various other legal proceedings and litigation unrelated to claims under the Company’s contracts, which arise in the ordinary course of business. The Company accrues amounts resulting from claim-related legal proceedings in unpaid losses and loss adjustment expenses during the period it determines an unfavorable outcome becomes probable and amounts can be estimated. As previously disclosed in the audited consolidated financial statements of the Company for the year ended December 31, 2025 included in the Prospectus, the Company was named as a defendant in a lawsuit with an unrelated fronting carrier for a breach of contract and agreed to a $6.3 million settlement (the “Settlement”) with a previous unrelated fronting partner. In June 2026, the Company's insurer acknowledged a $6.0 million Settlement recovery. Since the contingency was resolved and collectability was assured, the Company recognized an insurance recovery receivable of $6.0 million within Other assets and a gain contingency within General and administrative expenses on the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations, respectively. The Company collected the Settlement recovery during the third quarter of 2026.

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Revenues:
Gross premiums written	$ 203,815			$ 127,181			$ 558,199	$ 324,754
Change in gross unearned premiums	(43,884)			(35,359)			(145,223)	(87,970)
Gross premiums earned	159,931			91,822			412,976	236,784
Ceded premiums earned	(129,996)			(72,174)			(340,770)	(187,714)
Net premiums earned	29,935			19,648			72,206	49,070
Policy fee income	17,166			10,077			45,082	24,737
Commission income	3,568			2,353			8,682	5,018
Service fee income	560			0			1,549	0
Other income	2,669			2,044			6,456	5,713
Total revenues	53,898			34,122			133,975	84,538
Expenses:
Losses and loss adjustment expenses, net	11,052			8,154			36,769	34,775
Policy acquisition expenses	(14,486)			(4,405)			(26,832)	(8,556)
Salaries and software development costs	15,348			7,786			36,346	21,584
Capitalization of salaries and software development costs	(3,712)			(1,422)			(8,540)	(5,284)
Other general and administrative expenses	20,567			8,742			45,719	22,852
Total expenses	28,769			18,855			83,462	65,371
Segment Adjusted EBITDA	25,129			15,267			50,513	19,167
Interest expense	(4,637)			(1,637)			(8,436)	(5,067)
Income tax expense	(4,035)			(2,904)			(9,661)	(2,092)
Net income	11,466	$ 9,742	$ 3,805	8,665	$ 77	$ (3,119)	25,013	5,623
Litigation settlement, amount awarded to other party									$ 6,250
Settlement recovery							6,000		$ 6,000
Operating segments \| Underwriting
Revenues:
Gross premiums written	203,815			127,181			558,199	324,754
Change in gross unearned premiums	(43,884)			(35,359)			(145,223)	(87,970)
Gross premiums earned	159,931			91,822			412,976	236,784
Ceded premiums earned	(129,996)			(72,174)			(340,770)	(187,714)
Net premiums earned	29,935			19,648			72,206	49,070
Policy fee income	0			0			0	0
Commission income	0			0			0	0
Service fee income	0			0			0	0
Other income	2,156			1,850			5,488	5,111
Total revenues	32,091			21,498			77,694	54,181
Expenses:
Losses and loss adjustment expenses, net	12,808			9,332			42,229	38,211
Policy acquisition expenses	3,897			7,214			21,330	21,811
Salaries and software development costs	0			0			0	0
Capitalization of salaries and software development costs	0			0			0	0
Other general and administrative expenses	3,897			2,280			9,761	5,420
Total expenses	20,602			18,826			73,320	65,442
Segment Adjusted EBITDA	11,489			2,672			4,374	(11,261)
Operating segments \| Services
Revenues:
Gross premiums written	0			0			0	0
Change in gross unearned premiums	0			0			0	0
Gross premiums earned	0			0			0	0
Ceded premiums earned	0			0			0	0
Net premiums earned	0			0			0	0
Policy fee income	17,166			10,077			45,082	24,737
Commission income	54,520			34,647			148,230	86,685
Service fee income	3,379			949			9,802	3,436
Other income	513			194			968	602
Total revenues	75,578			45,867			204,082	115,460
Expenses:
Losses and loss adjustment expenses, net	371			0			1,080	0
Policy acquisition expenses	27,626			16,792			76,550	43,159
Salaries and software development costs	15,348			7,786			36,346	21,584
Capitalization of salaries and software development costs	(3,712)			(1,422)			(8,540)	(5,284)
Other general and administrative expenses	17,360			6,734			37,670	17,934
Total expenses	56,993			29,890			143,106	77,393
Segment Adjusted EBITDA	18,585			15,977			60,976	38,067
Elimination
Revenues:
Gross premiums written	0			0			0	0
Change in gross unearned premiums	0			0			0	0
Gross premiums earned	0			0			0	0
Ceded premiums earned	0			0			0	0
Net premiums earned	0			0			0	0
Policy fee income	0			0			0	0
Commission income	(50,952)			(32,294)			(139,548)	(81,667)
Service fee income	(2,819)			(949)			(8,253)	(3,436)
Other income	0			0			0	0
Total revenues	(53,771)			(33,243)			(147,801)	(85,103)
Expenses:
Losses and loss adjustment expenses, net	(2,127)			(1,178)			(6,540)	(3,436)
Policy acquisition expenses	(46,009)			(28,411)			(124,712)	(73,526)
Salaries and software development costs	0			0			0	0
Capitalization of salaries and software development costs	0			0			0	0
Other general and administrative expenses	(690)			(272)			(1,712)	(502)
Total expenses	(48,826)			(29,861)			(132,964)	(77,464)
Segment Adjusted EBITDA	(4,945)			(3,382)			(14,837)	(7,639)
Reconciling item
Expenses:
Depreciation	(7)			(3)			(13)	(5)
Software amortization	(1,366)			(991)			(4,000)	(2,681)
Litigation and settlement	105			(192)			5,657	(879)
Sponsorship fees	(875)			$ (875)			(2,625)	(2,625)
Other non-recurring costs	$ (2,848)						$ (6,422)	$ (195)

Liability For Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2026

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table presents a reconciliation of changes in the liability for unpaid losses and LAE:


	Nine Months Ended September 30,
	2026		2025
Unpaid Loss and LAE at beginning of period	$	23,352	$	16,344
Less: Reinsurance recoverables on unpaid losses and LAE	15,187		7,265
Net unpaid loss and LAE at beginning of period	8,165		9,079
Add: Losses and LAE, net of reinsurance, incurred related to:
Current year	33,000		34,615
Prior years	3,769		160
Total net losses and LAE incurred	36,769		34,775
Less: Losses and LAE paid, net of reinsurance, related to:
Current year	20,107		26,209
Prior years	8,584		8,225
Total net paid losses and LAE	28,691		34,434
Unpaid loss and LAE, net of reinsurance, at end of period	16,243		9,420
Add: Reinsurance recoverables on unpaid losses and LAE	41,273		12,030
Unpaid loss and LAE at end of period	$	57,516	$	21,450

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company uses the estimated annual effective tax rate method for calculating the tax provision during interim periods which reflects the best estimate of the effective tax rate expected for the full year. Discrete items are recognized in the period in which they occur. The difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was primarily the result of state taxes and permanent differences for disallowed stock-based compensation pursuant to Internal Revenue Code Section 162(m).

- 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
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Leases [Abstract]
Operating cash flows from operating leases	$ 982	$ 493
ROU assets obtained in exchange for operating lease liabilities	$ 5,610	$ 666

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Net premiums earned	$ 29,935	$ 19,648	$ 72,206	$ 49,070
Policy fee income	17,166	10,077	45,082	24,737
Commission and service fee income	4,128	2,353	10,231	5,018
Net investment income	2,665	2,044	6,447	5,954
Realized gain (loss) on investments	4	0	9	(241)
Total revenues	53,898	34,122	133,975	84,538
Expenses:
Losses and loss adjustment expenses, net	11,052	8,154	36,769	34,775
General and administrative expenses	32,392	16,140	70,170	42,797
Policy acquisition expenses	(14,486)	(4,405)	(26,832)	(8,556)
Interest expense	4,637	1,637	8,436	5,067
Other expenses	4,802	1,027	10,758	2,740
Total expenses	38,397	22,553	99,301	76,823
Income before income taxes	15,501	11,569	34,674	7,715
Income tax expense	4,035	2,904	9,661	2,092
Net income	11,466	8,665	25,013	5,623
Other comprehensive income (loss):
Unrealized holding gain (loss) on available-for-sale securities, net of taxes	(224)	(21)	(564)	50
Total other comprehensive income (loss)	(224)	(21)	(564)	50
Comprehensive income	$ 11,242	$ 8,644	$ 24,449	$ 5,673
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.14	$ 0.11	$ 0.31	$ 0.07
Diluted earnings per common share (in dollars per share)	$ 0.14	$ 0.11	$ 0.31	$ 0.07
Weighted average number of common shares outstanding - basic (in shares)	81,717,917	78,792,040	79,778,050	78,792,040
Weighted average number of common shares outstanding - diluted (in shares)	82,377,121	78,792,040	80,309,456	78,792,040

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

16. Leases

The following table presents the operating lease cost which was included in the General and administrative expenses on the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	454	$	393	$	1,342	$	767

The following table presents supplemental balance sheet information about the Company’s leases:


	September 30, 2026			December 31, 2025
Operating leases:
Right-of-use assets	$	9,225		$	4,441
Lease liability	$	10,309		$	4,808
Weighted-average remaining lease term:
Operating leases	6.39 years			7.47 years
Weighted-average discount rate:
Operating leases	7.75		%	8.05		%

The following table presents supplemental cash flow information related to leases:


	Nine Months Ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	982	$	493
Non-cash activity:
ROU assets obtained in exchange for operating lease liabilities	$	5,610	$	666

Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

Held-to-Maturity Securities

The following table presents amortized cost and estimated fair value of held-to-maturity securities:


	September 30, 2026
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,743	$	—	$	—	$	(154)	$	14,589
Industrial and miscellaneous	10,026		(6)		—		(53)		9,973
Asset-backed securities	1,494		(18)		8		—		1,502
Total held-to-maturity investments	$	26,263	$	(24)	$	8	$	(207)	$	26,064


	December 31, 2025
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	14,602	$	—	$	41	$	(6)	$	14,637
Industrial and miscellaneous	16,626		(8)		57		(1)		16,682
Asset-backed securities	1,494		(20)		10		—		1,504
Total held-to-maturity investments	$	32,722	$	(28)	$	108	$	(7)	$	32,823

At September 30, 2026, 89 lots of held-to-maturity securities were in an unrealized loss position. The following table presents a summary of the aggregate estimated fair values of held-to-maturity securities with unrealized losses segregated by time period in an unrealized loss position:


	September 30, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	13,105	$	(125)	$	1,168	$	(29)	$	14,273	$	(154)
Industrial and miscellaneous	7,740		(50)		547		(3)		8,287		(53)

Total	$	20,845	$	(175)	$	1,715	$	(32)	$	22,560	$	(207)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	992	$	(6)	$	—	$	—	$	992	$	(6)
Industrial and miscellaneous	677		(1)		500		—		1,177		(1)

Total	$	1,669	$	(7)	$	500	$	—	$	2,169	$	(7)

The following table presents a summary of the amortized cost and estimated fair value of held-to-maturity securities at September 30, 2026, by contractual maturity:


	Amortized Cost		Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$	11,994	$	11,955
Due after one year through five years	12,775		12,607


Other securities, which provide for periodic payments:
Asset-backed securities	1,494		1,502
Total	$	26,263	$	26,064

The expected maturities may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Available-for-Sale Securities

The following table presents amortized cost and estimated fair value of available-for-sale securities:


	September 30, 2026
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	36,678	$	—	$	—	$	(516)	$	36,162
Industrial and miscellaneous	23,143		(11)		—		(110)		23,022


Total available-for-sale investments	$	59,821	$	(11)	$	—	$	(626)	$	59,184


	December 31, 2025
	Amortized Cost		Allowance for Credit Loss		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	19,766	$	—	$	34	$	—	$	19,800
Industrial and miscellaneous	14,051		—		25		—		14,076


Total available-for-sale investments	$	33,817	$	—	$	59	$	—	$	33,876

At September 30, 2026, 53 lots of available-for-sale securities were in an unrealized loss position. The following table presents a summary of the aggregate estimated fair values of available-for-sale securities with unrealized losses segregated by time period in an unrealized loss position:


	September 30, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses		Estimated Fair Value		Unrealized losses
U.S. Treasury and U.S. government agencies	$	36,162	$	(516)	$	—	$	—	$	36,162	$	(516)
Industrial and miscellaneous	23,022		(110)		—		—		23,022		(110)


Total	$	59,184	$	(626)	$	—	$	—	$	59,184	$	(626)

The following table presents a summary of the amortized cost and estimated fair value of available-for-sale securities at September 30, 2026, by contractual maturity:


	Amortized Cost		Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$	23,142	$	23,062
Due after one year through five years	36,679		36,122




Total	$	59,821	$	59,184

The expected maturities may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

The Company is required to maintain joint custodial accounts with the States of Indiana, North Carolina, and Florida to help secure the payment of claims pursuant to Indiana, North Carolina, and Florida statutes. The carrying value of deposits held on behalf of states totaled $2.9 million and $2.9 million as of September 30, 2026 and December 31, 2025, respectively.

The following table presents components of the Company's net investment income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Fixed maturities, available-for-sale	$	591	$	119	$	1,569	$	138
Fixed maturities, held-to-maturity	282		349		929		1,079
Short-term investments, available-for-sale	164		393		623		811
Cash and cash equivalents	1,686		1,228		3,496		4,053
Gross investment income	2,723		2,089		6,617		6,081
Investment expenses	(58)		(45)		(170)		(127)
Net investment income	$	2,665	$	2,044	$	6,447	$	5,954

There were no sales of fixed maturities available-for-sale for the three and nine months ended September 30, 2026 and 2025.

There were no sales of short-term investments for the three and nine months ended September 30, 2026 and 2025.

Deferred Policy Acquisition Costs, Net of Ceding Commissions - Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
DPAC, excluding unearned ceding commission
DPAC, beginning of period	$ 28,546	$ 13,723
Total policy acquisition costs	76,188	45,910
Amortization	(60,410)	(33,220)
DPAC, end of period	44,324	26,413
Unearned ceding commission
DPAC, beginning of period	(37,716)	(17,197)
Ceding commissions	(120,226)	(57,998)
Total policy acquisition costs	(120,226)	(57,998)
Amortization	86,282	40,208
DPAC, end of period	(71,660)	(34,987)
Total
DPAC, beginning of period	(9,170)	(3,474)
Ceding commissions	(120,226)	(57,998)
Total policy acquisition costs	(44,038)	(12,088)
Amortization	25,872	(6,988)
DPAC, end of period	(27,336)	(8,574)
Producer commissions
DPAC, excluding unearned ceding commission
Additions	72,806	42,848
Total
Additions	72,806	42,848
Premium taxes
DPAC, excluding unearned ceding commission
Additions	2,532	3,062
Total
Additions	2,532	$ 3,062
Brokerage commission
DPAC, excluding unearned ceding commission
Additions	850
Total
Additions	$ 850

Reinsurance - Impact of Reinsurance Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Ceded premiums earned	$ (129,996)	$ (72,174)	$ (340,770)	$ (187,714)
Ceded losses and loss adjustment expenses incurred	39,714	15,755	107,299	41,610
Ceded policy acquisition expenses	$ 35,461	$ 17,591	$ 86,282	$ 40,208

- Definition

Amount of earned premiums ceded to other entities.

+ References

+ Details

Leases -Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Operating leases:
Right-of-use assets	$ 9,225	$ 4,441
Lease liability	$ 10,309	$ 4,808
Weighted-average remaining lease term:
Operating leases	6 years 4 months 20 days	7 years 5 months 19 days
Weighted Average Discount Rate [Abstract]
Operating leases	7.75%	8.05%