0001193125-26-197194 | 10-Q | XBRL Viewer | Slide Insurance Holdings INC

Leases

3 Months Ended

Mar. 31, 2026

12.

Leases

The Company has entered into operating leases primarily for real estate. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to eight years, and often include one or more options to renew. These renewal terms can extend the lease term from two to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing our right-of-use assets and lease obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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

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


	March 31, 2026			March 31, 2025
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$	604		$	376
Right-of-use lease asset and Lease liability was as follows:
Right-of-use asset		8,050			8,047
Lease liability		9,294			8,727
Supplemental cash flow information related to our operating leases as follows:
Right-of-use asset		425			343
Lease liability		(354	)		(336	)
Weighted-average lease term and discount rate for our operating lease was as follows:
Weighted-average remaining lease term
Operating lease	4.33 years			5.08 years
Weighted-average discount rate
Operating lease		5.50	%		5.08	%

Future lease payments for the operating lease were as follows as of March 31, 2026:


2026 (remaining)		1,638
2027		2,462
2028		2,531
2029		2,602
Thereafter		1,219
Total lease payments		10,452
Less: imputed interest		1,158
Present value of lease liability	$	9,294

Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

The following table presents by level the financial assets carried at estimated fair value measured on a recurring basis as of March 31, 2026 and December 31, 2025. The table does not include assets which are measured at historical cost or any basis other than estimated fair value.


	March 31, 2026
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,217,558	$	1,217,558	$	—	$	—	$	1,217,558
Restricted cash		793		793		—		—		793
Restricted cash - variable interest entity		482,050		482,050		—		—		482,050
Fixed-maturity securities		714,152		394,742		321,295		—		716,037
	$	2,414,553	$	2,095,143	$	321,295	$	—	$	2,416,438
Liabilities:
Interest rate swap	$	16	$	—	$	—	$	16	$	16


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

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

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


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

Schedule of Fair Value Information for Liabilities Carried Balance Sheets

The following tables present fair value information for liabilities that are carried on the condensed consolidated balance sheets at amounts other than fair value as of March 31, 2026 and December 31, 2025:


	Fair Value Measurements Using
As of March 31, 2026	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	2,000		$	—	$	—	$	2,335		$	2,335
Commercial Loan		33,000			—		—		28,437			28,437
Less: unamortized issuance costs		(2,614	)		—		—		(2,614	)		(2,614	)
	$	32,386		$	—	$	—	$	28,158		$	28,158


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

Long-Term Debt (Additional Information) (Details) - Commercial Loan Agreement $ in Thousands	Jun. 25, 2024 USD ($)
Debt Instrument [Line Items]
Loan Against Collateralized	$ 40,000
Debt Instrument, Collateral Period	5 years
Company Incurred Loan Costs and Debt Discount	$ 3,692
Debt instrument remaining balance	27,750
Deferred loan cost amount	$ 589
Issuing Date of Refinanced Credit Facility	May 03, 2023

- 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.

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+ Details

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of option activity under the Stock Plan as of March 31, 2026 and March 31, 2025, respectively, and changes during the year then ended is presented below:


Options	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2026		13,108	$	1.23
Granted		—		—
Exercised		1,318		0.98
Forfeited or expired		28		1.38
Outstanding at March 31, 2026		11,762	$	0.79		6.44	$	202,398
Vested or expected to vest at March 31, 2026		13,865	$	0.83		6.44	$	233,005
Exercisable at March 31, 2026		10,541	$	0.74		6.40	$	223,864



Outstanding at January 1, 2025		14,828	$	1.19
Granted		—		—
Exercised		671		0.97
Forfeited or expired		55		1.06
Outstanding at March 31, 2025		14,102	$	0.84		7.45	$	136,256
Vested or expected to vest at March 31, 2025		9,823	$	0.74		7.35	$	97,226
Exercisable at March 31, 2025		9,823	$	0.74		7.35	$	97,226

Summary of Nonvested Shares

A summary of the status of the Company’s nonvested shares as of March 31, 2026 and 2025, and changes during the three months ended March 31, 2026, is presented below:


Nonvested Shares	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2026		1,629		0.77
Granted		—		—
Vested		413		0.76
Forfeited or expired		28		1.38
Nonvested at March 31, 2026		1,188		0.76

Nonvested at January 1, 2025		4,268		1.36
Granted		—		—
Vested		392		1.19
Forfeited or expired		61		1.06
Nonvested at March 31, 2025		3,815		0.68

Summary of Unvested Restricted Stock Unit Activity

Information with respect to the activity of unvested restricted stock awards during the three months ended March 31, 2026 and March 31, 2025 is as follows:


Nonvested Restricted Stock	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2026		1,098		11.28
Granted		335		16.47
Vested		137		10.64
Forfeited or expired		41		10.64
Nonvested at March 31, 2026		1,254		12.76

Nonvested at January 1, 2025		2,127		10.64
Granted		—		—
Vested		6		10.64
Forfeited or expired		—		—
Nonvested at March 31, 2025		2,121		10.64

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

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to stock-based compensation for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Deferred tax benefits recognized	$	765	$	764
Tax benefits realized for vested stock		137		300
Fair value of vested stock		208,234		44,669

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001886428
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-42707
Entity Registrant Name	Slide Insurance Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1554861
Entity Address, Address Line One	4221 W. Boy Scout Blvd.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	813
Local Phone Number	748-2030
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SLDE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		114,559,246
Entity Shell Company	false

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

18.

Variable Interest Entities

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

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

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

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


	March 31, 2026		December 31, 2025
Restricted cash and cash equivalents	$	482,050	$	480,972

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Various lawsuits against the Company have arisen in the course of the Company’s business. Management does not consider contingent liabilities arising from litigation and other matters material in relation to the financial position of the Company.

Leases - Schedule of Future Lease Payments For The Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Leases [Abstract]
2026 (remaining)	$ 1,638
2027	2,462
2028	2,531
2029	2,602
Thereafter	1,219
Total lease payments	10,452
Less: imputed interest	1,158
Present value of lease liability	$ 9,294	$ 9,649	$ 8,727

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

10.

Long-Term Debt

On June 25, 2024, the Company entered into a $40 million 5-year commercial loan agreement with a commercial bank. The loan is fully collateralized by assets of the Company. The Company may make voluntary prepayments of principal at any time, in whole or in part. Under the terms of the Credit Agreement, borrowings bear interest at an annual rate equal to the one- or three-month SOFR plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Agreement contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants. At March 31, 2026, the Company was in compliance with all covenants.

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


	Issue Date	Interest Rate			Original Principal		Outstanding Principal at March 31, 2026			Outstanding Principal at December 31, 2025
Promissory Notes	3/31/2022		0.00	%	$	10,000	$	2,000		$	2,500
Commercial Loan 4	6/25/2024	Variable				40,000		33,000			34,000
Less: Deferred loan costs and debt discount								(2,614	)		(2,813	)
							$	32,386		$	33,687

The following summarizes future maturities of long-term debt principal as March 31, 2026:


	Promissory Notes		Commercial Term Loan		Total
2026		1,500		3,000	$	4,500
2027		500		4,000	$	4,500
2028		—		4,000	$	4,000
2029		—		22,000	$	22,000
	$	2,000	$	33,000	$	35,000

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - Common Stock [Member] - USD ($)		1 Months Ended
	Apr. 28, 2026	Apr. 30, 2026
Subsequent Event [Line Items]
Repurchase of shares		2,997,980
Stock repurchased	$ 100
Weighted average share price		$ 17.95

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Long-Term Debt - Schedule Schedule of Deferred Loan Costs and Debt Discount (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: Deferred Loan Costs and Debt Discount	$ (2,614)	$ (2,813)
Long-term debt, net	$ 32,386	33,687
Commercial Loan 4
Debt Instrument [Line Items]
Issue Date	Jun. 25, 2024
Original Principal	$ 40,000
Long-term debt, net	$ 33,000	34,000
Promissory Notes
Debt Instrument [Line Items]
Issue Date	Mar. 31, 2022
Interest Rate	0.00%
Original Principal	$ 10,000
Long-term debt, net	$ 2,000	$ 2,500

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Loss and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2026

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

Loss and Loss Adjustment Expenses

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

The Company primarily writes insurance in states which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter.

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


	Three Months Ended March 31,
	2026		2025
Balances, beginning of period	$	439,715	$	595,487
Less reinsurance recoverables		146,128		341,051
Net balances, beginning of period		293,587		254,436
Incurred related to:
Current year		111,073		91,018
Prior years		—		(7,257	)
Total incurred	$	111,073	$	83,761
Paid related to:
Current year		23,810		5,119
Prior years		35,591		45,853
Total paid	$	59,401	$	50,972
Net balances, end of period		345,259		287,225
Plus reinsurance recoverables		130,999		283,955
Balances at March 31	$	476,258	$	571,180

The establishment of loss and LAE reserves is an inherently uncertain process and changes in loss and LAE reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are adjusted. During the three months ended March 31, 2026, the Company did not experience any prior year development. During the three months ended March 31, 2025, the Company recognized $7,257 of favorable loss development primarily to reduce non-catastrophe reserves in response to lower than expected payments.

Commitments and Contingencies (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Various lawsuits description	Various lawsuits against the Company have arisen in the course of the Company’s business. Management does not consider contingent liabilities arising from litigation and other matters material in relation to the financial position of the Company

Revolving Credit Facility

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Revolving Credit Facility

On June 25, 2024, the Company entered into an amended and restated credit agreement ("the Credit Agreement") with Regions Bank for (i) $10 million revolving credit facility, which was amended to a $45 million revolving credit facility on March 20, 2025, (ii) term loan in an aggregate principal amount of $40 million and (iii) one or more delayed draw term loans in an

aggregate principal amount not to exceed $125 million (together, the “Credit Facility”). Under the terms of the Credit Facility, borrowings bear interest at an annual rate equal to the three-month Secured Overnight Financing Rate (“SOFR”) based on the consolidated leverage ratio as defined in the agreement. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Facility contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants and agree to pay a fee equal to the product of the unused line fee rate and the average of the daily unused available credit balances of the revolving credit facility. The unused line fee rate is 0.5%. The Credit Facility matures on June 25, 2029.

At March 31, 2026, the Company had no borrowings outstanding under the revolving credit facility. At March 31, 2026, the Company was in compliance with all required covenants and had available borrowing capacity of $45 million.

At March 31, 2026, the Company had no borrowings outstanding under the delayed draw term loan credit facility. At March 31, 2026, the Company was in compliance with all required covenants and had available borrowing capacity of $125 million.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Affiliate Transactions (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transactions [Abstract]
Amounts Of Transaction	$ 0	$ 0

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases [Abstract]
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$ 604	$ 376
Right-of-use lease asset and Lease liability was as follows:
Right-of-use asset	8,050	8,047	$ 8,476
Lease liability	9,294	8,727	$ 9,649
Supplemental cash flow information related to our operating leases as follows:
Right-of-use asset	425	343
Lease liability	$ (354)	$ (336)
Weighted-average lease term and discount rate for our operating lease was as follows:
Operating lease	4 years 3 months 29 days	5 years 29 days
Weighted-average discount rate
Operating lease	5.50%	5.08%

Nature of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. As of March 31, 2026, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report for the year ended December 31, 2025. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2025. In preparing these interim financial statements, management has made judgments and estimates about the future, including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
Nature of Business	Nature of Business Slide Insurance Holdings, Inc. (“SIH” or the “Company”) is a Delaware holding company incorporated on March 2, 2021. The Company was organized for the purpose of holding investments in operating subsidiaries engaged in property and casualty insurance activities. Subsidiaries include: Slide Insurance Company (“SIC”) – a wholly owned property casualty insurance company currently writing homeowners insurance policies in Florida and South Carolina. Slide MGA, LLC (“SMGA”) – a wholly owned managing general agent that performs policy processing and claims administration for SIC. Stat Claims Company (“STAT”) – a wholly owned claims administrator. Trusted Mitigation Contractors (“TMC”) – a wholly owned broker of contractors and loss mitigation service providers. Slide Reinsurance Holdings, LLC (“Slide Re”) – a wholly owned reinsurance company and owner of the segregated cell (White Rock Insurance, Ltd., account T104). Slide Technologies, LLC (“Slide Tech”) – a wholly owned subsidiary that will license software developed by the Company. This entity has not begun operations. SJIG Target, LLC (“SJIG”) – a wholly owned non-operating entity that holds contractual renewal rights to a portion of the policies issued by SIC. Clegg Insurance Advisors, LLC (“Homefront”) – a wholly owned insurance agency acquired by the Company during 2022. SIH Technologies, LLP (“Slide India”) – a wholly owned non-operating entity that is in the process of being dissolved. Slide Specialty Insurance Company (“Slide Specialty”) – a wholly owned property casualty insurance company licensed in New York, New Jersey, Rhode Island and South Carolina. The Law Offices of Jonathan Hall, PLLC ("LOJH") - a wholly owned law firm. SIC is domiciled in the state of Florida and is a wholly owned subsidiary of SIH. SIC was incorporated on February 17, 2022, and commenced operations on March 1, 2022, after receiving its Certificate of Authority from the Florida Department of Financial Services, Office of Insurance Regulation (the “FLOIR”). SIC provides homeowners insurance coverage to policyholders in Florida and South Carolina, with Florida policyholders representing 97% of direct written premiums written for the three months ended March 31, 2026. SIC is subject to the broad administrative powers of the FLOIR, which include, but are not limited to, limitation of dividends distributable, modification of management services and tax-sharing agreements, limitations on new and renewal business, and requirements for capital and surplus. SIH filed its original certificate of incorporation with the Secretary of State of the State of Delaware on March 2, 2021, and was authorized to issue 40.0 million shares of common stock at par value of $0.01 per share and 20.0 million shares of preferred stock at par value of $0.01 per share, pre stock split. The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of March 31, 2026 and December 31, 2025, there were 117.6 million and 123.9 million shares of common stock outstanding, respectively, and 0 shares of preferred stock outstanding.
Stock Split	Stock Split On June 18, 2025, the Company effected a 5.5-for-1 stock split of its common stock and preferred stock. All common stock and preferred stock and per share information included in the accompanying condensed consolidated financial statements and footnotes has been retroactively adjusted to reflect this unit split for all periods presented.
Completion of Initial Public Offering	Completion of Initial Public Offering On June 18, 2025, the Company closed its initial public offering ("IPO") of 24.0 million shares of its common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at an initial public offering price of $17.00 per share for gross proceeds of $408.0 million. The Company received net proceeds of approximately $263.5 million, net of approximately $19.8 million of underwriting discounts and commissions. The Company did not receive any proceeds from the sale of shares of its common stock by selling stockholders. The Company recorded the transaction within common stock and additional paid-in capital in the condensed consolidated balance sheets as of December 31, 2025. All preferred stock was converted to common stock upon the completion of the IPO. On June 25, 2025, the underwriters fully exercised their option to purchase an additional 3.6 million shares of common stock from certain selling stockholders of the Company. The purchase of the additional shares brought the gross proceeds from the IPO to $469.2 million. The Company did not receive any proceeds from the sale by such selling stockholders of the additional shares.
Stock Repurchase Program	Stock Repurchase Program On August 26, 2025, the Company's Board of Directors ("Board") authorized the 2025 Stock Repurchase Program ("repurchase program"), which allowed the Company to repurchase, from time to time, up to $75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. On November 4, 2025, the Board authorized an increase to the repurchase program to purchase an additional $45.0 million of common stock. On March 23, 2026, the Company completed the repurchase of the $120 million shares of common stock under the repurchase program. On March 23, 2026, the Board authorized a new stock repurchase plan, which allowed the Company to repurchase, from time to time, up to $125.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. For the three months ended March 31, 2026, under the repurchase program and the new stock repurchase program, the Company repurchased 7,724,240 shares of common stock for $137.1 million. Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board.
Assumed Business	Assumed Business From time to time, the Company may participate in a “take-out program” through which the Company assumes insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the state’s risk exposure by encouraging private companies to assume policies from Citizens. For the three months ended March 31, 2026, the Company was approved by the FLOIR to assume a total of 101,600 policies. The approval date noted is based on the actual take-out date and not the date the Company received approval to participate from the FLOIR. For the three months ended March 31, 2026, the Company assumed approximately 28,783 policies, representing $92.3 million in annualized gross premiums. For the three months ended March 31, 2025, the Company was approved by the FLOIR to assume a total of 176,050 policies. The approval date noted is based on the actual take-out date and not the date the Company received approval to participate from the FLOIR. For the three months ended March 31, 2025, the Company assumed approximately 12,159 policies, representing $52.5 million in annualized gross premiums. For the year ended December 31, 2025, the Company was approved by the FLOIR to assume a total of 457,150 policies from Citizens. In 2025, approximately 191,850 policies were assumed from Citizens, representing approximately $595.0 million in annualized gross written premiums related to these transactions.
Adoption of New Accounting Standard	Adoption of New Accounting Standard In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosures by requiring public entities to report income tax expense disaggregated by federal, state and foreign taxes, with further detail on specific jurisdictions over a quantitative threshold. In addition, public entities must also separately disclose reconciling items equal to or greater than five percent of pretax income from operations by the applicable federal statutory rate. ASU 2023-09 is effective for all public entities for fiscal years beginning after December 15, 2024. ASU 2023-09 was adopted by the Company effective December 31, 2025 and applied the disclosure requirements retroactively. See Note 7 Income Taxes in the accompanying notes to the condensed consolidated financial statements for further details.
Consolidation Policy	Consolidation Policy The Financial Statements include the accounts of the Company, its wholly owned subsidiaries and Variable Interest Entities (“VIEs”) in which the Company is determined to be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued, and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision making ability and its ability to influence activities that significantly affect the economic performance of the VIE.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
Segment Information	Segment Information The insurance segment derives revenues from direct and assumed premiums written and premiums are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Revenue is earned from policies from homeowners, which are annual policies. The accounting policies of the insurance segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) assesses performance for the insurance segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income and EBITDA. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income and EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the insurance segment or into other parts of the entity, such as for acquisitions. The significant expenses reviewed by the CODM, which are used to assess performance of the company, are not disaggregated at a level lower than the captions disclosed within the Consolidated Statement of Operations. Net income is used to monitor budget versus actual results. The CODM also uses net income and EBITDA in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company has one reportable segment: insurance. The insurance segment provides residential homeowners insurance. The Company derives all revenue in the United States of America and manages the business activities on a consolidated basis. The Company’s CODM is the Chief Executive Officer.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In September 2025, the FASB issued Accounting Standards Update ("ASU") 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The update modifies the accounting for internal-use software development costs by eliminating the stage-based model and establishing new capitalization criteria that apply once a project is authorized, funded, and it is probable the software will be completed and used as intended. The new guidance also introduces the concept of significant development uncertainty to help entities determine the appropriate timing of capitalization and integrates prior website development guidance into Accounting Standards Codification (“ASC”) 350-40. The update is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this guidance and does not expect the adoption to have a material effect on its financial position or results of operations. In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements", which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. The Company does not believe any of these accounting pronouncements have or will have a material impact on its condensed consolidated financial statements.

Stock-based Compensation - Summary of Option Activity Under The Employee Share Option Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Outstanding, beginning of year \| shares	13,108	14,828
Granted \| shares	0	0
Exercised \| shares	1,318	671
Forfeited or expired \| shares	28	55
Outstanding, end of year \| shares	11,762	14,102
Vested or expected to vest at end of year \| shares	13,865	9,823
Exercisable at end of year \| shares	10,541	9,823
Outstanding, beginning of year \| Weighted Average Exercise Price	$ 1.23	$ 1.19
Granted \| Weighted Average Exercise Price	0	0
Exercised \| Weighted Average Exercise Price	0.98	0.97
Forfeited or expired \| Weighted Average Exercise Price	1.38	1.06
Outstanding, end of year \| Weighted Average Exercise Price	0.79	0.84
Vested or expected to vest at end of year \| Weighted Average Exercise Price	0.83	0.74
Exercisable at end of year\| Weighted Average Exercise Price	$ 0.74	$ 0.74
Outstanding, end of year \| Weighted Average remaining contractual term	6 years 5 months 8 days	7 years 5 months 12 days
Vested or expected to vest at the end of year \| Weighted Average remaining contractual term	6 years 5 months 8 days	7 years 4 months 6 days
Exercisable, Weighted Average remaining contractual term	6 years 4 months 24 days	7 years 4 months 6 days
Outstanding, end of year, Aggregate Intrinsic Value	$ 202,398	$ 136,256
Vested or expected to vest at the end of year \| Aggregate Intrinsic Value	233,005	97,226
Exercisable , Aggregate Intrinsic Value	$ 223,864	$ 97,226

Nature of Business and Significant Accounting Policies (Additional Information) (Details) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended
	Jun. 25, 2025 USD ($) shares	Jun. 18, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) Segment Number $ / shares shares	Mar. 31, 2025 USD ($) Number	Dec. 31, 2025 USD ($) Number $ / shares shares	Mar. 23, 2026 USD ($) shares	Nov. 04, 2025 USD ($)	Aug. 26, 2025 USD ($)	Dec. 31, 2024 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares authorized			1,500,000,000		1,500,000,000
Common stock, Par value \| $ / shares		$ 0.01	$ 0.01		$ 0.01
Common stock, Shares issued			117,565,731		123,889,446
Common stock, Shares outstanding			117,565,731		123,889,446
Preferred stock, Shares outstanding			0		0
Common stock, Sale of Stock, Number of Shares Issued in Transaction		7,300,000
Share Repurchase Program, Authorized, Amount \| $						$ 125,000
Number Of Policies Assumed \| Number			28,783	12,159	191,850
Annualized Gross Premiums \| $			$ 414,792	$ 278,249
Assumed Premiums Written \| $			92,300	52,500	$ 595,000
Proceeds from issuance of common stock \| $			$ 1,287	$ 651
Number of reportable segments \| Segment			1
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares authorized		1,500,000,000	1,500,000,000						40,000,000
Common stock, Par value \| $ / shares		$ 0.01	$ 0.01						$ 0.01
Share Repurchase Program, Authorized, Amount \| $			$ 137,100				$ 45,000	$ 75,000
Share Repurchase Program, Authorized, Number of Shares			7,724,240			120,000,000
Preferred Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Preferred stock, Shares authorized		150,000,000	20,000,000						20,000,000
Preferred stock, Par value \| $ / shares		$ 0.01	$ 0.01						$ 0.01
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Shares issued	3,600,000	24,000,000
Common stock, Sale of Stock, Number of Shares Issued in Transaction		16,700,000
Public Offering price \| $ / shares		$ 17
Gross proceeds from sale of equity \| $	$ 469,200	$ 408,000
Proceeds net of underwriting dicsounts received \| $		263,500
Proceeds of commissions received \| $		19,800
Proceeds from issuance of common stock \| $		$ 0
IPO [Member] \| Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Sale of Stock, Number of Shares Issued in Transaction		24,000,000
Stockholders [Member] \| IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, Sale of Stock, Number of Shares Issued in Transaction		7,300,000
FLOIR [Member]
Subsidiary, Sale of Stock [Line Items]
Number Of Policies Assumed \| Number			101,600	176,050	457,150

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash and cash equivalents	$ 482,050	$ 480,972

Loss and Loss Adjustment Expenses (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loss and Loss Adjustment Expenses [Abstract]
Prior Year Development Changes	$ 0	$ 7,257

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock [Member]

Preferred Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Income [Member]

Beginning Balance, Shares at Dec. 31, 2024

^[1]

56,224,168

51,374,125

Beginning Balance, Value at Dec. 31, 2024

$ 433,159

$ 562

^[1]

$ 514

^[1]

$ 122,607

^[1]

$ 309,191

$ 285

Exercise of vested common stock options, Shares

^[1]

662,541

Exercise of vested common stock options, Value

653

$ 7

^[1]

646

^[1]

Other financing activities

(355)

^[1]

Vesting of RSUs, Shares

^[1]

6,584

Stock-based compensation

3,014

^[1]

Net income

92,503

Other comprehensive gain (loss)

3,475

Ending Balance, Value at Mar. 31, 2025

532,449

$ 569

^[1]

$ 514

^[1]

125,912

^[1]

401,694

3,760

Ending Balance, Shares at Mar. 31, 2025

^[1]

56,893,293

51,374,125

Beginning Balance, Shares at Dec. 31, 2025

^[1]

123,889,446

Beginning Balance, Value at Dec. 31, 2025

1,113,241

$ 1,239

^[1]

351,688

^[1]

753,149

7,165

Exercise of vested common stock options, Shares

^[1]

1,317,848

Exercise of vested common stock options, Value

1,287

$ 13

^[1]

1,274

^[1]

Vesting of RSUs, Shares

^[1]

137,512

Vesting of RSUs

^[1]

$ 1

(1)

Stock-based compensation

3,079

^[1]

Repurchase and retirement of common stock

(137,109)

$ (77)

^[1]

(137,032)

^[1]

Repurchase and retirement of common stock, Shares

^[1]

(7,724,240)

Shares withheld for taxes (net share settlement), Share

^[1]

(54,835)

Shares withheld for taxes (net share settlement), Value

(666)

^[1]

Net income

139,527

Other comprehensive gain (loss)

(5,747)

Ending Balance, Value at Mar. 31, 2026

$ 1,113,612

$ 1,176

^[1]

$ 218,342

^[1]

$ 892,676

$ 1,418

Ending Balance, Shares at Mar. 31, 2026

^[1]

117,565,731

[1]	All Common Stock share and related dollar information, all Preferred Stock share and related dollar information and Additional Paid-in Capital has been adjusted to reflect the 5.5-for-1 stock split effective June 18, 2025 as discussed in Note 1.

Affiliate Transactions	3 Months Ended
Affiliate Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Affiliate Transactions	11. Affiliate Transactions The Company had no transactions with affiliates that have not been fully eliminated in consolidation in the three months ended March 31, 2026 and 2025.

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Deferred Policy Acquisition Costs - Summary of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Deferred Policy Acquisition Costs Disclosures [Abstract]
Beginning balance	$ 93,728	$ 65,046
Policy acquisition costs deferred	38,688	24,276
Less: Amortization	(44,125)	(28,572)
Ending balance	$ 88,291	$ 60,750

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (u)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

+ Details

- Definition

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

+ References + Details

Basic and Diluted Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted


	Three Months Ended March 31,
	2026		2025
Basic earnings per share:
Net income attributable to common stockholders	$	139,527	$	92,503
Weighted average shares outstanding		123,342		56,600
Basic earnings per share	$	1.13	$	1.63
Diluted earnings per share:
Net income attributable to common stockholders	$	139,527	$	92,503
Weighted average shares outstanding		123,342		56,600
Add effect of dilutive securities
Impact of convertible preferred stock		—		51,374
Impact of vested and unvested common stock options		12,053		13,024
Impact of RSU awards		1,193		2,125
Diluted weighted average common shares outstanding		136,588		123,123
Diluted earnings per share	$	1.02	$	0.75

Fixed-Maturity Securities Available-For-Sale - Schedule of Estimated Fair Value of Investments in Fixed-Maturity Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 714,152	$ 580,122
Gross Unrealized Gains	5,756	9,981
Gross Unrealized Losses	(3,871)	(383)
Estimated Fair Value	716,037	589,720
U.S. government and agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	172,630	155,600
Gross Unrealized Gains	1,075	2,011
Gross Unrealized Losses	(297)	(36)
Estimated Fair Value	173,408	157,575
States, municipalities and political subdivisions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	223,641	203,485
Gross Unrealized Gains	2,431	3,948
Gross Unrealized Losses	(890)	(159)
Estimated Fair Value	225,182	207,274
Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	241,109	171,501
Gross Unrealized Gains	2,169	3,689
Gross Unrealized Losses	(2,127)	(183)
Estimated Fair Value	241,151	175,007
Asset-Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	76,772	49,536
Gross Unrealized Gains	81	333
Gross Unrealized Losses	(557)	(5)
Estimated Fair Value	$ 76,296	$ 49,864

- Definition

Fair value of investment in security owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ 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
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-Name Accounting Standards Codification
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+ Details

Stock-based Compensation - Summary of Status of The Nonvested Share (Details) - Nonvested Shares [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Beginning of year \| shares	1,629	4,268
Granted \| shares	0	0
Vested \| shares	413	392
Forfeited or expired \| shares	28	61
Nonvested, Ending of year \| shares	1,188	3,815
Nonvested, beginning of year \| Weighted Average Exercise Price	$ 0.77	$ 1.36
Granted \| Weighted Average Exercise Price	0	0
Vested \| Weighted Average Exercise Price	0.76	1.19
Forfeited or expired \| Weighted Average Exercise Price	1.38	1.06
Nonvested, Ending of year \| Weighted Average Exercise Price	$ 0.76	$ 0.68

Revolving Credit Facility (Additional Information) (Details) - USD ($) $ in Millions	Jun. 25, 2024	Mar. 31, 2026	Mar. 20, 2025
Delayed Draw Term Loan (DDTL) [Member]
Line of Credit Facility [Line Items]
Borrowing capacity		$ 125
Borrowings outstanding		0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing capacity		45
Borrowings outstanding		$ 0
Revolving Credit Facility [Member] \| Regions Bank [Member]
Line of Credit Facility [Line Items]
Borrowing capacity	$ 10
Expiration date	Jun. 25, 2029
Amended borrowing capacity			$ 45
Principal amount	$ 40
Unused line fee rate	0.50%
Revolving Credit Facility [Member] \| Delayed Draw Term Loan (DDTL) [Member] \| Regions Bank [Member]
Line of Credit Facility [Line Items]
Principal amount	$ 125

Loss and Loss Adjustment Expenses - Summary of Activity related to the loss and LAE reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Balances, beginning of period	$ 439,715	$ 595,487
Less reinsurance recoverables	146,128	341,051
Net balances, beginning of period	293,587	254,436
Incurred related to:
Current year	111,073	91,018
Prior years	0	(7,257)
Total incurred	111,073	83,761
Paid related to:
Current year	23,810	5,119
Prior years	35,591	45,853
Total paid	59,401	50,972
Net balances, end of period	345,259	287,225
Plus reinsurance recoverables	130,999	283,955
Balances at March 31	$ 476,258	$ 571,180

Basic and Diluted Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
	2026		2025
Basic earnings per share:
Net income attributable to common stockholders	$	139,527	$	92,503
Weighted average shares outstanding		123,342		56,600
Basic earnings per share	$	1.13	$	1.63
Diluted earnings per share:
Net income attributable to common stockholders	$	139,527	$	92,503
Weighted average shares outstanding		123,342		56,600
Add effect of dilutive securities
Impact of convertible preferred stock		—		51,374
Impact of vested and unvested common stock options		12,053		13,024
Impact of RSU awards		1,193		2,125
Diluted weighted average common shares outstanding		136,588		123,123
Diluted earnings per share	$	1.02	$	0.75

The Company does not have any anti-dilutive shares for the three months ended March 31, 2026 and 2025, respectively.

Fixed-Maturity Securities Available-For-Sale - Schedule of Amortized Cost and Estimated Fair Value of Investments in Fixed-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Abstract]
In One year or less Amortized Cost	$ 49,006	$ 48,155
After one year through five years Amortized Cost	324,938	303,205
After five years through 10 years Amortized Cost	239,871	165,622
After 10 years Amortized Cost	100,337	63,140
Total Amortized Cost	714,152	580,122
In one year or less Fair Value	49,166	48,353
After one year through five years Fair Value	328,561	309,550
After five years through 10 years Fair Value	238,817	168,346
After 10 years Fair Value	99,493	63,471
Total Estimated Fair Value	$ 716,037	$ 589,720

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

3 Months Ended

Mar. 31, 2026

Debt Securities, Available-for-Sale [Abstract]

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

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	172,630	$	1,075	$	(297	)	$	173,408
States, municipalities and political subdivisions		223,641		2,431		(890	)	$	225,182
Corporate Bonds		241,109		2,169		(2,127	)	$	241,151
Asset-Backed Securities		76,772		81		(557	)	$	76,296
	$	714,152	$	5,756	$	(3,871	)	$	716,037


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

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

The amortized cost and estimated fair value of investments in fixed-maturity securities at March 31, 2026 and December 31, 2025, by contractual maturity, are shown below.


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
In one year or less	$	49,006	$	49,166	$	48,155	$	48,353
After one year through five years		324,938		328,561		303,205		309,550
After five years through 10 years		239,871		238,817		165,622		168,346
After 10 years		100,337		99,493		63,140		63,471
	$	714,152	$	716,037	$	580,122	$	589,720

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

The following tables show the estimated fair value and gross unrealized losses of the Company's investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026.


	March 31, 2026
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	42,309	$	(287	)	$	1,235	$	(10	)	$	43,544	$	(297	)
States, municipalities and political subdivisions		63,701		(829	)		2,482		(61	)		66,183		(890	)
Corporate Bonds		126,179		(2,124	)		746		(3	)		126,925		(2,127	)
Asset-Backed Securities		62,303		(557	)		—		—			62,303		(557	)
	$	294,492	$	(3,797	)	$	4,463	$	(74	)	$	298,955	$	(3,871	)


	December 31, 2025
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	15,712	$	(28	)	$	1,733	$	(8	)	$	17,445	$	(36	)
States, municipalities and political subdivisions		26,538		(133	)		2,518		(26	)		29,056		(159	)
Corporate Bonds		38,937		(180	)		1,241		(3	)		40,178		(183	)
Asset-Backed Securities		2,439		(5	)		—		0			2,439		(5	)
	$	83,626	$	(346	)	$	5,492	$	(37	)	$	89,118	$	(383	)

Schedule of Major Categories of Net Investment Income

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


	Three Months Ended March 31,
	2026		2025
Income:
Available-for-sale fixed-maturity securities	$	8,027	$	5,503
Cash and cash equivalents		12,316		8,398
Other investments		100		120
Total investment income	$	20,443	$	14,021
Investment expenses		325		214
Net investment income	$	20,118	$	13,807

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

17.

Stock-based Compensation

On March 31, 2026 and 2025, the Company has two share-based compensation plans, the 2021 Equity Compensation Plan (the “Stock Plan”) and the 2025 Omnibus Incentive Plan (the “2025 Plan”), and one share-based compensation plan, the Stock Plan, respectively.

The compensation cost that has been charged against income for the plans was $3,079 for the three months ended March 31, 2026, and $3,014 for the three months ended March 31, 2025, respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $765 for the three months ended March 31, 2026, and $764 for the three months ended March 31, 2025.

The Stock Plan permits the awarding of common stock share options to its employees and strategic advisors for up to 16,985,293 shares. Option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant and vest based on three- to five-year vesting schedules. The fair value of each option award is estimated on the grant date using a Black-Scholes model. The compensation expense for the shares is recognized over the requisite service period for the employee. There were no options granted during the three months ended March 31, 2026 and 2025.

As part of the IPO, the Company adopted the 2025 Plan, effective as of June 18, 2025. The 2025 Plan permits the awarding of common stock share options and restricted stock units for up to 12.0 million shares. There have been 460.4 thousand restricted shares issued as of March 31, 2026.

A summary of option activity under the Stock Plan as of March 31, 2026 and March 31, 2025, respectively, and changes during the year then ended is presented below:


Options	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2026		13,108	$	1.23
Granted		—		—
Exercised		1,318		0.98
Forfeited or expired		28		1.38
Outstanding at March 31, 2026		11,762	$	0.79		6.44	$	202,398
Vested or expected to vest at March 31, 2026		13,865	$	0.83		6.44	$	233,005
Exercisable at March 31, 2026		10,541	$	0.74		6.40	$	223,864



Outstanding at January 1, 2025		14,828	$	1.19
Granted		—		—
Exercised		671		0.97
Forfeited or expired		55		1.06
Outstanding at March 31, 2025		14,102	$	0.84		7.45	$	136,256
Vested or expected to vest at March 31, 2025		9,823	$	0.74		7.35	$	97,226
Exercisable at March 31, 2025		9,823	$	0.74		7.35	$	97,226

A summary of the status of the Company’s nonvested shares as of March 31, 2026 and 2025, and changes during the three months ended March 31, 2026, is presented below:


Nonvested Shares	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2026		1,629		0.77
Granted		—		—
Vested		413		0.76
Forfeited or expired		28		1.38
Nonvested at March 31, 2026		1,188		0.76

Nonvested at January 1, 2025		4,268		1.36
Granted		—		—
Vested		392		1.19
Forfeited or expired		61		1.06
Nonvested at March 31, 2025		3,815		0.68

For the three months ended March 31, 2026 and 2025, there was $325 and $1,711 of total unrecognized compensation cost related to nonvested share-based compensation arrangement granted under the Stock Plan, respectively. The total value of shares vested during the three months ended March 31, 2026 and 2025 was $314 and $467, respectively.

Included in the tables above are 4.4 million shares of performance-based option shares and 2.2 million shares of performance-based option shares issued by the Company during 2023 and 2021, respectively. These shares vest based upon performance conditions including achievement of specific revenue and EBITDA targets. During the three months ended March 31, 2026 and 2025, 6.05 million and 5.2 million shares, respectively, vested or were expected to vest from the performance-based shares based on achievement of the specified performance conditions, respectively. The total fair value of the performance shares vested or

expected to vest during the months ended March 31, 2026 and 2025 were $4,255 and $1,067, respectively. As of March 31, 2026 and 2025, 550 thousand and 1.4 million of the performance-based options were unvested and had not yet had performance conditions met, with a total value of $485 and $1,067, respectively. The Company has recorded compensation expense, included in general and administrative expense in the Consolidated Statements of Operations and additional paid-in capital in the Consolidated Balance Sheets. The Company believes that it is probable this amount will be paid out, based upon Company performance.

Restricted Stock Awards

From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grant include service conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the option pricing method of determining the fair value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the three months ended March 31, 2026 and March 31, 2025 is as follows:


Nonvested Restricted Stock	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2026		1,098		11.28
Granted		335		16.47
Vested		137		10.64
Forfeited or expired		41		10.64
Nonvested at March 31, 2026		1,254		12.76

Nonvested at January 1, 2025		2,127		10.64
Granted		—		—
Vested		6		10.64
Forfeited or expired		—		—
Nonvested at March 31, 2025		2,121		10.64

The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $2,950 for the three months ended March 31, 2026, and $2,711 for the three months ended March 31, 2025, respectively. At March 31, 2026 and March 31, 2025, there was approximately $14,213 and $19,433, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1.1 years.

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to stock-based compensation for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Deferred tax benefits recognized	$	765	$	764
Tax benefits realized for vested stock		137		300
Fair value of vested stock		208,234		44,669

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Instrument [Line Items]

Schedule of Deferred Loan Costs and Debt Discount


	Issue Date	Interest Rate			Original Principal		Outstanding Principal at March 31, 2026			Outstanding Principal at December 31, 2025
Promissory Notes	3/31/2022		0.00	%	$	10,000	$	2,000		$	2,500
Commercial Loan 4	6/25/2024	Variable				40,000		33,000			34,000
Less: Deferred loan costs and debt discount								(2,614	)		(2,813	)
							$	32,386		$	33,687

Schedule of Future Maturities of Long-Term Debt Principal

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


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

Long Term Debt

Debt Instrument [Line Items]

Schedule of Future Maturities of Long-Term Debt Principal

The following summarizes future maturities of long-term debt principal as March 31, 2026:


	Promissory Notes		Commercial Term Loan		Total
2026		1,500		3,000	$	4,500
2027		500		4,000	$	4,500
2028		—		4,000	$	4,000
2029		—		22,000	$	22,000
	$	2,000	$	33,000	$	35,000

- 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

+ Details

Regulatory Matters

3 Months Ended

Mar. 31, 2026

Regulatory Matters [Abstract]

Regulatory Matters

13.

Regulatory Matters

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

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

•

The lesser of 10% of surplus or net income, not including realized capital gains, plus a two-year carryforward;

•

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

•

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

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

No dividends were paid by SIC or Slide Specialty in 2026 and 2025. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10% of the Company’s total liabilities, or $15,000. Based on this requirement, SIC was required to maintain capital and surplus of $124,070 and $113,922 as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, SIC’s statutory-basis surplus totaled $484,093 and $417,940, meeting the minimum surplus requirements.

SIC and Slide Specialty are required to comply with the NAIC risk-based capital (“RBC”) requirements. RBC is a method of measuring the amount of capital appropriate for an insurance company to support its overall business operations in light of its size and risk profile. At March 31, 2026 and December 31, 2025, SIC and Slide Specialty’s total adjusted capital exceeded the RBC company-action level.

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

- Definition

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

+ References + Details

Fair Value of Financial Assets and Liabilities - Financial Assets Carried at Estimated Fair Value Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	$ 2,416,438	$ 2,272,688
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	16	62
Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	1,217,558	1,201,210
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	793	786
Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	482,050	480,972
Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	716,037	589,720
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	2,095,143	2,000,588
Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	0	0
Level 1 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	1,217,558	1,201,210
Level 1 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	793	786
Level 1 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	482,050	480,972
Level 1 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	394,742	317,620
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	321,295	272,100
Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	0	0
Level 2 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 2 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 2 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 2 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	321,295	272,100
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 3 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	16	62
Level 3 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 3 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 3 \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Level 3 \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	0	0
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	2,414,553	2,263,090
Reported Value Measurement [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of liabilities	16	62
Reported Value Measurement [Member] \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	1,217,558	1,201,210
Reported Value Measurement [Member] \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	793	786
Reported Value Measurement [Member] \| Restricted cash - variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	482,050	480,972
Reported Value Measurement [Member] \| Fixed-maturity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of assets	$ 714,152	$ 580,122

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The Company recorded income tax expense of $46,149 and $31,404 for the three months ended March 31, 2026 and 2025, respectively. The income tax expense resulted in an effective tax rate of 24.9% and 25.3% for the three months ended March 31, 2026 and 2025, respectively. The decrease in the effective income tax rate was primarily due to the favorable treatment of stock options. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state income taxes as well as certain nondeductible and tax-exempt items.

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

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”), which, among other provisions, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense under §163(j) to be based on taxable income before interest, amortization, and depreciation. Based on preliminary analysis, management expects OBBBA to reduce U.S. cash income-tax payments. There is not expected to be any impact on the effective tax rate.

- 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
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-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
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-Section S99
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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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

Basic and Diluted Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic earnings per share:
Net income attributable to common stockholders	$ 139,527	$ 92,503
Weighted average shares outstanding - Basic	123,342	56,600
Basic earnings per share	$ 1.13	$ 1.63
Impact of convertible preferred stock	0	51,374
Impact of vested and unvested common stock options	12,053	13,024
Impact of RSU awards	1,193	2,125
Weighted average shares outstanding - Diluted	136,588	123,123
Diluted weighted average common shares outstanding	123,342	56,600
Diluted earnings per share	$ 1.02	$ 0.75

Fixed-Maturity Securities Available-For-Sale - Schedule of Major Categories of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income:
Total investment income	$ 20,443	$ 14,021
Investment expenses	325	214
Net investment income	20,118	13,807
Available-for-sale fixed-maturity securities
Income:
Total investment income	8,027	5,503
Cash and cash equivalents
Income:
Total investment income	12,316	8,398
Other investments
Income:
Total investment income	$ 100	$ 120

Stock-based Compensation - Summary of Activity of Unvested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Beginning of year \| shares	1,098	2,127
Granted \| shares	335	0
Vested \| shares	137	6
Forfeited or expired \| shares	41	0
Nonvested, Ending of year \| shares	1,254	2,121
Nonvested, beginning of year \| Weighted Average Exercise Price	$ 11.28	$ 10.64
Granted \| Weighted Average Exercise Price	16.47	0
Vested \| Weighted Average Exercise Price	10.64	10.64
Forfeited or expired \| Weighted Average Exercise Price	10.64	0
Nonvested, Ending of year \| Weighted Average Exercise Price	$ 12.76	$ 10.64

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

19.

Subsequent Events

The Company performed an evaluation of subsequent events through April 30, 2026, the date the consolidated financial statements were issued, and determined there were no recognized or unrecognized subsequent events, other than those listed below, that would require an adjustment or additional disclosure in the consolidated financial statements as of March 31, 2026.

On April 28, 2026, the Board authorized a new stock repurchase program which allows the Company to repurchase, from time to time, up to $100.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. The authorization is effective immediately, has no time limit, and may be modified, suspended or discontinued at any time. Through April 30, 2026, the Company has repurchased 2,997,980 shares of common stock at a weighted average share price of $17.95 under the new stock repurchase program.

Reinsurance

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Reinsurance

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

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

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

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

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

Effective November 1, 2025, the Company entered into a facultative excess of loss reinsurance contract for its commercial residential property business which provides $65 million of coverage in excess of $10 million for each loss, each risk. Like the per risk treaty, the facultative contract does not cover losses related to named storms. These treaties are effective until November 1, 2026.

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

The catastrophe excess of loss agreement has a corridor through it, whereby the FHCF picks up 90% of losses and the catastrophe layers pick up the remaining 10%. The mandatory FHCF layer is estimated to be 90% of $1,047.9 million, excess of $557.2 million. Premium for this coverage is estimated to be $71.3 million. The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90% of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is estimated to be $943.1 million, with a retention of $557.2 million.

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

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

The catastrophic excess of loss agreement has a corridor through it, whereby the FHCF picks up 90% of losses and the catastrophe layers pick up the remaining 10%. The mandatory FHCF layer is 90% of $791.7 million, excess of $379.3 million. Premium for this coverage is $60.1 million. The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90% of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is $712.5 million, with a retention of $379.3 million.

Effective October 29, 2024, the Company entered into a per risk excess of loss treaty for its commercial residential property business retaining $1 million on each risk and ceding the next $9 million of loss. The per risk excess of loss treaties cover 100% of all losses except those related to named storms. These treaties expired on November 1, 2025.

Effective October 29, 2024, the Company entered into a facultative excess of loss reinsurance contract for its commercial residential property business which provides $50 million of coverage in excess of $10 million for each loss, each risk. Like the per risk treaty, the facultative contract does not cover losses related to named storms. These treaties expired on November 1, 2025.

Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Valuation Hierarchy

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

•

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

•

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

•

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


	March 31, 2026
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,217,558	$	1,217,558	$	—	$	—	$	1,217,558
Restricted cash		793		793		—		—		793
Restricted cash - variable interest entity		482,050		482,050		—		—		482,050
Fixed-maturity securities		714,152		394,742		321,295		—		716,037
	$	2,414,553	$	2,095,143	$	321,295	$	—	$	2,416,438
Liabilities:
Interest rate swap	$	16	$	—	$	—	$	16	$	16


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

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

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

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

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

Other Financial Instruments

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

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

Cash and Cash equivalents

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

Restricted cash

Restricted cash represents cash held by state authorities and the carrying value approximates fair value. Restricted cash also includes cash held in trust by the VIE where the Company is the primary beneficiary and the carrying value approximates fair value. These assets are considered to be Level 1 assets.

Fixed-Maturity Securities

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

Long-Term Debt

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


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


	Fair Value Measurements Using
As of March 31, 2026	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes	$	2,000		$	—	$	—	$	2,335		$	2,335
Commercial Loan		33,000			—		—		28,437			28,437
Less: unamortized issuance costs		(2,614	)		—		—		(2,614	)		(2,614	)
	$	32,386		$	—	$	—	$	28,158		$	28,158


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

- 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

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Gross premiums written	$ 414,792	$ 278,249
Change in unearned premiums	66,194	72,642
Gross premiums earned	480,986	350,891
Ceded premiums earned	(115,103)	(84,850)
Net premiums earned	365,883	266,041
Net investment income	20,118	13,807
Policy fees	2,590	1,534
Other income	692	211
Total revenue	389,283	281,593
Expenses:
Losses and loss adjustment expenses incurred, net	111,073	83,761
Policy acquisition and other underwriting expenses	44,125	28,572
General and administrative expenses	46,173	41,378
Interest expense	852	934
Depreciation expense	1,315	1,146
Amortization expense	69	1,895
Total expenses	203,607	157,686
Net income before income tax expense	185,676	123,907
Income tax expense	46,149	31,404
Net income	$ 139,527	$ 92,503
Weighted average shares outstanding - Basic	123,342	56,600
Weighted average shares outstanding - Diluted	136,588	123,123
Earnings per share - Basic	$ 1.13	$ 1.63
Earnings per share - Diluted	$ 1.02	$ 0.75

Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2026

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

Summary of Activity Related Loss Text Block

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


	Three Months Ended March 31,
	2026		2025
Balances, beginning of period	$	439,715	$	595,487
Less reinsurance recoverables		146,128		341,051
Net balances, beginning of period		293,587		254,436
Incurred related to:
Current year		111,073		91,018
Prior years		—		(7,257	)
Total incurred	$	111,073	$	83,761
Paid related to:
Current year		23,810		5,119
Prior years		35,591		45,853
Total paid	$	59,401	$	50,972
Net balances, end of period		345,259		287,225
Plus reinsurance recoverables		130,999		283,955
Balances at March 31	$	476,258	$	571,180

Fair Value of Financial Assets and Liabilities - Fair Value Information for Liabilities Carried on Consolidated Balance Sheets (Parenthetical) (Details) - 0.00%, Promissory Notes	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Promissory notes	0.00%
Carrying Value
Debt Instrument [Line Items]
Promissory notes	0.00%	0.00%

- Definition

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

+ References

+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Item 5. Other Information.

None of the Company's directors or officers (as defined in Rule 16a-1(f)) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of SEC Regulation S-K) during the quarter ended March 31, 2026, except as described in the table below:

       Name and Title

       Date Adopted or Terminated

       Type of Trading Arrangement(1)

       Nature of Trading Arrangement

       Duration of Trading Arrangement

       Aggregate Number of Securities

Andrew Wright (MAOV Slide, LLC), Director

3/13/2026

Rule 10b5-1 trading arrangement

Sale

7/1/2026

61,002

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

Andrew Wright [Member]

Trading Arrangements, by Individual

Name

Andrew Wright

Title

(MAOV Slide, LLC), Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

3/13/2026

Rule 10b5-1 Arrangement Terminated

true

Termination Date

3/13/2026

Expiration Date

7/1/2026

Aggregate Available

61,002

Deferred Policy Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Policy Acquisition Costs Disclosures [Abstract]

Summary of Deferred Policy Acquisition Costs

The policy acquisition costs that the Company has capitalized and is amortizing over the effective periods of the related policies are as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	March 31, 2026			March 31, 2025
Beginning balance	$	93,728		$	65,046
Policy acquisition costs deferred		38,688			24,276
Less: Amortization		(44,125	)		(28,572	)
Ending balance	$	88,291		$	60,750

Fixed-Maturity Securities Available-For-Sale - Schedule of Company's Investments Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	$ 294,492	$ 83,626
Unrealized Losses Less than 12 months	(3,797)	(346)
Estimated Fair Value More than 12 months	4,463	5,492
Unrealized Losses More than 12 months	(74)	(37)
Total Estimated Fair Value	298,955	89,118
Total Unrealized Losses	(3,871)	(383)
U.S. government and agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	42,309	15,712
Unrealized Losses Less than 12 months	(287)	(28)
Estimated Fair Value More than 12 months	1,235	1,733
Unrealized Losses More than 12 months	(10)	(8)
Total Estimated Fair Value	43,544	17,445
Total Unrealized Losses	(297)	(36)
States, municipalities and political subdivisions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	63,701	26,538
Unrealized Losses Less than 12 months	(829)	(133)
Estimated Fair Value More than 12 months	2,482	2,518
Unrealized Losses More than 12 months	(61)	(26)
Total Estimated Fair Value	66,183	29,056
Total Unrealized Losses	(890)	(159)
Corporate Bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	126,179	38,937
Unrealized Losses Less than 12 months	(2,124)	(180)
Estimated Fair Value More than 12 months	746	1,241
Unrealized Losses More than 12 months	(3)	(3)
Total Estimated Fair Value	126,925	40,178
Total Unrealized Losses	(2,127)	(183)
Asset-Backed Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Estimated Fair Value Less than 12 months	62,303	2,439
Unrealized Losses Less than 12 months	(557)	(5)
Estimated Fair Value More than 12 months	0	0
Unrealized Losses More than 12 months	0	0
Total Estimated Fair Value	62,303	2,439
Total Unrealized Losses	$ (557)	$ (5)

Guaranty Fund and Other Assessments

3 Months Ended

Mar. 31, 2026

Guarantees [Abstract]

Guaranty Fund and Other Assessments

15.

Guaranty Fund and Other Assessments

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

SIC is subject to assessments by guaranty funds in the states in which it conducts business, a residual market pool, and a state catastrophe reinsurance pool. The activities of these funds and pools include collecting funds from solvent insurance companies to cover losses resulting from the insolvency or rehabilitation of other insurance companies, or deficits generated by Citizens, and the FHCF. SIC is allowed to recover these assessments through premiums collected from policyholders. As of March 31, 2026, and December 31, 2025, SIC had payables relating to these assessments totaling $3,123 and $3,106, respectively. The payable is included within other liabilities on the balance sheet.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-URI https://asc.fasb.org/460/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

+ Details

Fixed-Maturity Securities Available-For-Sale

3 Months Ended

Mar. 31, 2026

Debt Securities, Available-for-Sale [Abstract]

Fixed-Maturity Securities Available-For-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	172,630	$	1,075	$	(297	)	$	173,408
States, municipalities and political subdivisions		223,641		2,431		(890	)	$	225,182
Corporate Bonds		241,109		2,169		(2,127	)	$	241,151
Asset-Backed Securities		76,772		81		(557	)	$	76,296
	$	714,152	$	5,756	$	(3,871	)	$	716,037


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

The amortized cost and estimated fair value of investments in fixed-maturity securities at March 31, 2026 and December 31, 2025, by contractual maturity, are shown below.


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
In one year or less	$	49,006	$	49,166	$	48,155	$	48,353
After one year through five years		324,938		328,561		303,205		309,550
After five years through 10 years		239,871		238,817		165,622		168,346
After 10 years		100,337		99,493		63,140		63,471
	$	714,152	$	716,037	$	580,122	$	589,720

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


	March 31, 2026
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	42,309	$	(287	)	$	1,235	$	(10	)	$	43,544	$	(297	)
States, municipalities and political subdivisions		63,701		(829	)		2,482		(61	)		66,183		(890	)
Corporate Bonds		126,179		(2,124	)		746		(3	)		126,925		(2,127	)
Asset-Backed Securities		62,303		(557	)		—		—			62,303		(557	)
	$	294,492	$	(3,797	)	$	4,463	$	(74	)	$	298,955	$	(3,871	)

A total of 139 securities had unrealized losses at March 31, 2026. The Company’s unrealized losses relate to its portfolio of fixed-maturity securities. The Company’s unrealized losses on its fixed maturity securities were caused by interest rate changes. The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including:

•

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

•

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

•

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

•

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

•

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

For the three months ended March 31, 2026, the Company did not recognize a credit loss expense related to fixed-maturity securities in the consolidated statements of income.


	December 31, 2025
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	15,712	$	(28	)	$	1,733	$	(8	)	$	17,445	$	(36	)
States, municipalities and political subdivisions		26,538		(133	)		2,518		(26	)		29,056		(159	)
Corporate Bonds		38,937		(180	)		1,241		(3	)		40,178		(183	)
Asset-Backed Securities		2,439		(5	)		—		0			2,439		(5	)
	$	83,626	$	(346	)	$	5,492	$	(37	)	$	89,118	$	(383	)

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

•

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

•

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

•

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

•

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

•

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

For the year ended December 31, 2025, the Company did not recognize a credit loss expense related to fixed-maturity securities in the consolidated statements of income.

Proceeds from maturities, and redemptions of fixed-maturities securities were $17,723 and $20,035 for the three months ended March 31, 2026 and 2025, respectively, with realized gross gains of $0 and $4 on these sales, maturities, and redemptions respectively.

At March 31, 2026 and December 31, 2025, the Company had restricted cash of $485,359 and $481,758, respectively, consisting of funds on deposit with regulatory authorities, as required by law and funds held in trust by the VIE where the Company is the primary beneficiary.

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


	Three Months Ended March 31,
	2026		2025
Income:
Available-for-sale fixed-maturity securities	$	8,027	$	5,503
Cash and cash equivalents		12,316		8,398
Other investments		100		120
Total investment income	$	20,443	$	14,021
Investment expenses		325		214
Net investment income	$	20,118	$	13,807

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Shareholders' Equity

16.

Shareholders’ Equity

Prior to June 18, 2025, the Company was authorized to issue one class of common stock (par value of $0.01 per share) to its shareholders.

The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of March 31, 2026, there were 117.6 million shares of common stock outstanding.

Prior to June 18, 2025, the Company was authorized to issue one class of preferred stock (par value of $0.01 per share) to its shareholders and had 20.0 million shares of preferred stock authorized pre stock split. All preferred shares had a liquidation preference equal to $13.64 per share and were convertible to common shares at the election of the holder on a one-for-one basis. The preferred stock were automatically converted to common stock of the Company in connection with the Company's IPO.

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

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

No distributions or dividends were declared or paid during the period ended March 31, 2026 or December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

+ Details

Shareholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 18, 2025	Mar. 31, 2026	Dec. 31, 2025	Jun. 25, 2025	Dec. 31, 2024
Common stock, Par value	$ 0.01	$ 0.01	$ 0.01
Common stock, Shares authorized		1,500,000,000	1,500,000,000
Common stock, Shares issued		117,565,731	123,889,446
Common stock, Shares outstanding		117,565,731	123,889,446
Preferred stock, Shares outstanding		0	0
Liquidation preference per share		$ 13.64
Shares issued and sold	7,300,000
Public offering price per share	$ 17
Stock split		5.5
Dividends declared		$ 0	$ 0
Convertible Preferred Stock [Member]
Preferred stock conversion price		$ 2.48
Shares converted		9,300,000
Common Stock [Member]
Common stock, Par value	$ 0.01	$ 0.01			$ 0.01
Common stock, Shares authorized	1,500,000,000	1,500,000,000			40,000,000
Preferred Stock [Member]
Preferred stock, Par value	$ 0.01	$ 0.01			$ 0.01
Preferred stock, Shares authorized	150,000,000	20,000,000			20,000,000
IPO [Member]
Common stock, Shares issued	24,000,000			3,600,000
Sale of stock description	On June 18, 2025, the company completed its IPO in which it issued and sold 24.0 million shares of common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at a public offering price of $17.00 per share.
Shares issued and sold	16,700,000
Sale of stock price per share	$ 17
IPO [Member] \| Common Stock [Member]
Shares issued and sold	24,000,000

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 139,527	$ 92,503
Other comprehensive income:
Unrealized gains (losses) on securities	(7,713)	4,638
Other comprehensive gain (loss), before tax	(7,713)	4,638
Income tax expense on other comprehensive gain (loss) on investments	(1,966)	1,163
Income tax expense on other comprehensive gain (loss)	(1,966)	1,163
Other comprehensive gain (loss)	(5,747)	3,475
Comprehensive income	$ 133,780	$ 95,978

- Definition

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

+ References + Details

- Definition

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

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of components of lease costs

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


	March 31, 2026			March 31, 2025
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$	604		$	376
Right-of-use lease asset and Lease liability was as follows:
Right-of-use asset		8,050			8,047
Lease liability		9,294			8,727
Supplemental cash flow information related to our operating leases as follows:
Right-of-use asset		425			343
Lease liability		(354	)		(336	)
Weighted-average lease term and discount rate for our operating lease was as follows:
Weighted-average remaining lease term
Operating lease	4.33 years			5.08 years
Weighted-average discount rate
Operating lease		5.50	%		5.08	%

Schedule of future lease payments, operating lease

Future lease payments for the operating lease were as follows as of March 31, 2026:


2026 (remaining)		1,638
2027		2,462
2028		2,531
2029		2,602
Thereafter		1,219
Total lease payments		10,452
Less: imputed interest		1,158
Present value of lease liability	$	9,294

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost	$ 714,152	$ 580,122
Available for sale securities allowance for credit losses	0	0
Premiums receivable, Net of allowance for credit loss	2,723	3,294
Reinsurance recoverable, Allowance for credit loss	$ 0	$ 0
Common stock, Par value	$ 0.01	$ 0.01
Common stock, Shares authorized	1,500,000,000	1,500,000,000
Common stock, Shares issued	117,565,731	123,889,446
Common stock, Shares outstanding	117,565,731	123,889,446
Preferred stock, Shares outstanding	0	0

Nature of Business and Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. As of March 31, 2026, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report for the year ended December 31, 2025. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2025.

In preparing these interim financial statements, management has made judgments and estimates about the future, including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Nature of Business

Slide Insurance Holdings, Inc. (“SIH” or the “Company”) is a Delaware holding company incorporated on March 2, 2021. The Company was organized for the purpose of holding investments in operating subsidiaries engaged in property and casualty insurance activities. Subsidiaries include:

Slide Insurance Company (“SIC”) – a wholly owned property casualty insurance company currently writing homeowners insurance policies in Florida and South Carolina.

Slide MGA, LLC (“SMGA”) – a wholly owned managing general agent that performs policy processing and claims administration for SIC.

Stat Claims Company (“STAT”) – a wholly owned claims administrator.

Trusted Mitigation Contractors (“TMC”) – a wholly owned broker of contractors and loss mitigation service providers.

Slide Reinsurance Holdings, LLC (“Slide Re”) – a wholly owned reinsurance company and owner of the segregated cell (White Rock Insurance, Ltd., account T104).

Slide Technologies, LLC (“Slide Tech”) – a wholly owned subsidiary that will license software developed by the Company. This entity has not begun operations.

SJIG Target, LLC (“SJIG”) – a wholly owned non-operating entity that holds contractual renewal rights to a portion of the policies issued by SIC.

Clegg Insurance Advisors, LLC (“Homefront”) – a wholly owned insurance agency acquired by the Company during 2022.

SIH Technologies, LLP (“Slide India”) – a wholly owned non-operating entity that is in the process of being dissolved.

Slide Specialty Insurance Company (“Slide Specialty”) – a wholly owned property casualty insurance company licensed in New York, New Jersey, Rhode Island and South Carolina.

The Law Offices of Jonathan Hall, PLLC ("LOJH") - a wholly owned law firm.

SIC is domiciled in the state of Florida and is a wholly owned subsidiary of SIH. SIC was incorporated on February 17, 2022, and commenced operations on March 1, 2022, after receiving its Certificate of Authority from the Florida Department of Financial Services, Office of Insurance Regulation (the “FLOIR”). SIC provides homeowners insurance coverage to

policyholders in Florida and South Carolina, with Florida policyholders representing 97% of direct written premiums written for the three months ended March 31, 2026.

SIC is subject to the broad administrative powers of the FLOIR, which include, but are not limited to, limitation of dividends distributable, modification of management services and tax-sharing agreements, limitations on new and renewal business, and requirements for capital and surplus.

SIH filed its original certificate of incorporation with the Secretary of State of the State of Delaware on March 2, 2021, and was authorized to issue 40.0 million shares of common stock at par value of $0.01 per share and 20.0 million shares of preferred stock at par value of $0.01 per share, pre stock split.

The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $0.01 per share, and 150.0 million shares of preferred stock, par value $0.01 per share. As of March 31, 2026 and December 31, 2025, there were 117.6 million and 123.9 million shares of common stock outstanding, respectively, and 0 shares of preferred stock outstanding.

Stock Split

On June 18, 2025, the Company effected a 5.5-for-1 stock split of its common stock and preferred stock. All common stock and preferred stock and per share information included in the accompanying condensed consolidated financial statements and footnotes has been retroactively adjusted to reflect this unit split for all periods presented.

Completion of Initial Public Offering

On June 18, 2025, the Company closed its initial public offering ("IPO") of 24.0 million shares of its common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at an initial public offering price of $17.00 per share for gross proceeds of $408.0 million. The Company received net proceeds of approximately $263.5 million, net of approximately $19.8 million of underwriting discounts and commissions. The Company did not receive any proceeds from the sale of shares of its common stock by selling stockholders. The Company recorded the transaction within common stock and additional paid-in capital in the condensed consolidated balance sheets as of December 31, 2025. All preferred stock was converted to common stock upon the completion of the IPO.

On June 25, 2025, the underwriters fully exercised their option to purchase an additional 3.6 million shares of common stock from certain selling stockholders of the Company. The purchase of the additional shares brought the gross proceeds from the IPO to $469.2 million. The Company did not receive any proceeds from the sale by such selling stockholders of the additional shares.

Stock Repurchase Program

On August 26, 2025, the Company's Board of Directors ("Board") authorized the 2025 Stock Repurchase Program ("repurchase program"), which allowed the Company to repurchase, from time to time, up to $75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. On November 4, 2025, the Board authorized an increase to the repurchase program to purchase an additional $45.0 million of common stock. On March 23, 2026, the Company completed the repurchase of the $120 million shares of common stock under the repurchase program.

On March 23, 2026, the Board authorized a new stock repurchase plan, which allowed the Company to repurchase, from time to time, up to $125.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors.

For the three months ended March 31, 2026, under the repurchase program and the new stock repurchase program, the Company repurchased 7,724,240 shares of common stock for $137.1 million.

Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board.

Assumed Business

From time to time, the Company may participate in a “take-out program” through which the Company assumes insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the state’s risk exposure by encouraging private companies to assume policies from Citizens. For the three months ended March 31, 2026, the Company was approved by the FLOIR to assume a total of 101,600 policies. The approval date noted is based on the actual take-out date and not the date the Company received approval to participate from the FLOIR. For the three months ended March 31, 2026, the Company assumed approximately 28,783 policies, representing $92.3 million in annualized gross premiums.

For the three months ended March 31, 2025, the Company was approved by the FLOIR to assume a total of 176,050 policies. The approval date noted is based on the actual take-out date and not the date the Company received approval to participate from the FLOIR. For the three months ended March 31, 2025, the Company assumed approximately 12,159 policies, representing $52.5 million in annualized gross premiums. For the year ended December 31, 2025, the Company was approved by the FLOIR to assume a total of 457,150 policies from Citizens. In 2025, approximately 191,850 policies were assumed from Citizens, representing approximately $595.0 million in annualized gross written premiums related to these transactions.

Adoption of New Accounting Standard

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosures by requiring public entities to report income tax expense disaggregated by federal, state and foreign taxes, with further detail on specific jurisdictions over a quantitative threshold. In addition, public entities must also separately disclose reconciling items equal to or greater than five percent of pretax income from operations by the applicable federal statutory rate. ASU 2023-09 is effective for all public entities for fiscal years beginning after December 15, 2024. ASU 2023-09 was adopted by the Company effective December 31, 2025 and applied the disclosure requirements retroactively. See Note 7 Income Taxes in the accompanying notes to the condensed consolidated financial statements for further details.

Consolidation Policy

The Financial Statements include the accounts of the Company, its wholly owned subsidiaries and Variable Interest Entities (“VIEs”) in which the Company is determined to be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued, and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision making ability and its ability to influence activities that significantly affect the economic performance of the VIE.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

Segment Information

The insurance segment derives revenues from direct and assumed premiums written and premiums are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Revenue is earned from policies from homeowners, which are annual policies. The accounting policies of the insurance segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) assesses performance for the insurance segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income and EBITDA. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income and EBITDA to evaluate income generated from segment assets (return on

assets) in deciding whether to reinvest profits into the insurance segment or into other parts of the entity, such as for acquisitions. The significant expenses reviewed by the CODM, which are used to assess performance of the company, are not disaggregated at a level lower than the captions disclosed within the Consolidated Statement of Operations. Net income is used to monitor budget versus actual results. The CODM also uses net income and EBITDA in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company has one reportable segment: insurance. The insurance segment provides residential homeowners insurance. The Company derives all revenue in the United States of America and manages the business activities on a consolidated basis. The Company’s CODM is the Chief Executive Officer.

Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In September 2025, the FASB issued Accounting Standards Update ("ASU") 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The update modifies the accounting for internal-use software development costs by eliminating the stage-based model and establishing new capitalization criteria that apply once a project is authorized, funded, and it is probable the software will be completed and used as intended. The new guidance also introduces the concept of significant development uncertainty to help entities determine the appropriate timing of capitalization and integrates prior website development guidance into Accounting Standards Codification (“ASC”) 350-40. The update is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this guidance and does not expect the adoption to have a material effect on its financial position or results of operations.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements", which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.

The Company does not believe any of these accounting pronouncements have or will have a material impact on its condensed consolidated financial statements.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 139,527	$ 92,503

- Definition

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

+ References

+ Details

Reinsurance (Additional Information) (Details)	3 Months Ended	12 Months Ended
Reinsurance (Additional Information) (Details)	Mar. 31, 2026 USD ($)	Nov. 01, 2026	Nov. 01, 2026 USD ($)	May 31, 2026	Nov. 01, 2025 USD ($)	May 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 01, 2025 USD ($)	Oct. 29, 2024 USD ($)	Jun. 01, 2024 USD ($)
Effects of Reinsurance [Line Items]
Retaining on Property Business	$ 700,000		$ 1,000,000		$ 1,000,000	$ 700,000
Loss on Property Risk Ceding	$ 4,300,000		$ 9,000,000		$ 9,000,000	$ 4,300,000
Percentage of Treaties Cover			100.00%		100.00%
Reinsurance Contract Coverage Amount					$ 65,000,000			$ 7,000,000	$ 50,000,000	$ 7,000,000
The Reinsurer Total Liability Capped								14,000,000		14,000,000
Effective Period of Treaties	May 31, 2026	Nov. 01, 2026	Nov. 01, 2026		Nov. 01, 2025	May 31, 2025
Percentage of Loss From Catastrophe						1
Estimated Premium Coverage Amount	$ 9,124,000						$ 34,290,000
Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe	0.90					0.90
Loss From Catastrophe	$ 1,047,900,000					$ 791,700,000
Estimated Premium Coverage Amount	71,300,000					60,100,000
Maximum Payout Amount	$ 943,100,000					$ 712,500,000
Catastrophe \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe	0.90					0.90
Forecast [Member]
Effects of Reinsurance [Line Items]
Percentage of Treaties Cover				100.00%
Maximum \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe	0.90					0.90
Loss From Catastrophe	$ 557,200,000
Minimum
Effects of Reinsurance [Line Items]
Reinsurance Contract Coverage Amount					$ 10,000,000			$ 5,000,000	$ 10,000,000	$ 5,000,000
Minimum \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Loss From Catastrophe						$ 379,300,000
Maximum Payout Amount	$ 557.2					$ 379,300,000
Minimum \| Catastrophe \| Florida Hurricane Catastrophe Fund (FHCF)
Effects of Reinsurance [Line Items]
Percentage of Loss From Catastrophe	0.10					0.10

Fixed-Maturity Securities Available-For-Sale (Additional Information) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) Number	Mar. 31, 2025 USD ($) Number	Dec. 31, 2025 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Credit loss expense related to fixed-maturity securities			$ 0
Proceeds from maturities, and redemptions of fixed-maturities securities	$ 17,723	$ 20,035
Realized gross gains on sale of fixed-maturities securities	$ 0	$ 4
Number of Securities had Unrealized Losses \| Number	139	61
Restricted cash and cash equivalents	$ 482,050		$ 480,972
VIE Primary Beneficiary [Member]
Debt Securities, Available-for-Sale [Line Items]
Restricted cash and cash equivalents	$ 485,359	$ 481,758

- 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

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of variable interest entities


	March 31, 2026		December 31, 2025
Restricted cash and cash equivalents	$	482,050	$	480,972

- 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

Stock-based Compensation (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 765	$ 764
Unrecognized compensation cost related to nonvested share-based compensation	325	1,711
Stock options vested, total fair value	$ 314	$ 467
Unvested performance awards shares	2,200,000
Vested \| shares	6,050,000.00	5,200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 233,005	$ 97,226
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	208,234	44,669
Stock based compensation	$ 3,079	$ 3,014
Share based compensation weighted-average period	6 years 4 months 24 days	7 years 4 months 6 days
Performance Shares [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unvested performance awards shares	4,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 485	$ 1,067
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 4,255	$ 1,067
Number of shares unvested	550,000	1,400,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost related to nonvested share-based compensation	$ 14,213	$ 19,433
Stock based compensation	$ 2,950	2,711
Share based compensation weighted-average period	1 year 1 month 6 days
2021 Equity Compensation Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost	$ 3,079	3,014
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 765	$ 764
Number of stock option granted	0	0
2021 Equity Compensation Plan \| Maximum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan	16,985,293
2025 Omnibus Incentive Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost	$ 3,079	$ 3,014
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 765	$ 764
Number of stock option granted	0	0
Shares issued	460,400
2025 Omnibus Incentive Plan \| Restricted stock units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awarding of restricted stock units	12,000,000
2025 Omnibus Incentive Plan \| Maximum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan	16,985,293

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net Income (Loss)	$ 139,527	$ 92,503
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization	1,384	3,041
Deferred income tax expense	(513)	(7,921)
Stock based compensation	3,079	3,014
Amortization of deferred loan costs	199	184
Gain on sale of investments	0	(4)
Net amortization of premiums on investments in fixed-maturity securities	(643)	(794)
Change in value of interest rate swap	(46)	22
Change in operating assets and liabilities:
Accrued interest income	(1,803)	(544)
Premiums receivable	46,194	(13,527)
Reinsurance recoverable on paid losses	1,404	(28,294)
Reinsurance recoverable on unpaid losses	15,129	57,096
Prepaid reinsurance premiums	120,256	90,515
Prepaid expenses	(2,493)	(767)
Deferred policy acquisition costs	5,437	4,296
Other assets	(2,920)	153
Loss and loss adjustment expense reserves	36,543	(24,307)
Unearned premiums	(66,197)	(72,642)
Advanced premiums	35,840	7,831
Income taxes payable	23,648	39,337
Premium taxes payable	7,026	(1,032)
Commissions payable	3,357	1,546
Reinsurance premiums payable	(91,399)	(58,195)
Accounts payable and accrued expenses	3,395	4,946
Net lease liability, net	71	7
Other liabilities	13,013	348
Net cash provided by operating activities	289,488	96,812
Cash flows from investing activities:
Purchase of fixed-maturity securities available-for-sale	(151,111)	(7,847)
Proceeds from maturities and redemptions of fixed-maturity securities available -for-sale	17,723	20,035
Proceeds from redemption of other investments	0	168
Purchase of property and equipment	(679)	(588)
Net cash used in (provided by) investing activities	(134,067)	11,768
Cash flows from financing activities:
Proceeds from issuance of common stock	1,287	651
Other financing costs	0	(355)
Payment of debt issuance costs	0	(295)
Repayment of long-term debt	(1,500)	(1,500)
Repurchase and retirement of common stock	(137,109)	0
Shares withheld for taxes (net share settlement)	(666)	0
Net cash used in financing activities	(137,988)	(1,499)
Net increase in cash, cash equivalents and restricted cash	17,433	107,081
Cash, cash equivalents and restricted cash, beginning of period	1,682,968	789,842
Cash, cash equivalents and restricted cash, end of period	1,700,401	896,923
Cash paid during the year for:
Interest paid	170	720
Income taxes paid	$ 22,512	$ 0

Deferred Policy Acquisition Costs

3 Months Ended

Mar. 31, 2026

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

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

The policy acquisition costs that the Company has capitalized and is amortizing over the effective periods of the related policies are as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	March 31, 2026			March 31, 2025
Beginning balance	$	93,728		$	65,046
Policy acquisition costs deferred		38,688			24,276
Less: Amortization		(44,125	)		(28,572	)
Ending balance	$	88,291		$	60,750

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense		$ 46,149	$ 31,404
Effective tax rates		24.90%	25.30%
Production tax credits	$ 67,900
Reduction in federal tax liability	$ 65,400

Stock-based Compensation - Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Deferred tax benefits recognized	$ 765	$ 764
Tax benefits realized for vested stock	137	300
Fair value of vested stock	$ 208,234	$ 44,669

Guaranty Fund and Other Assessments (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Guarantees [Abstract]
Guaranty fund assessments	$ 3,123	$ 3,106

Fair Value of Financial Assets and Liabilities - Long-Term Debt and Methods (Details)	3 Months Ended
	Mar. 31, 2026
0.00%, Promissory Notes
Debt Instrument [Line Items]
Maturity Date	2027
Valuation Methodology	Discounted cash flow method, Level 3 inputs
Commercial Loan, Variable Rate of Interest
Debt Instrument [Line Items]
Maturity Date	2029
Valuation Methodology	Discounted cash flow method, Level 3 inputs

- Definition

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

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Fair Value of Financial Assets and Liabilities - Long-Term debt and Methods (Parenthetical) (Details)	Mar. 31, 2026
0.00%, Promissory Notes
Debt Instrument [Line Items]
Promissory notes	0.00%

- Definition

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

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Regulatory Matters (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Regulatory Matters [Abstract]
Percentage of unrealized capital gains	25.00%
Dividend Payment Description	the maximum dividend allowed by SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or SIC's entire net operating profits and net realized capital gains from the immediately preceding calendar year, provided that SIC will have at least 115% of minimum required surplus after any such dividend.
Percentage of minimum level of surplus	10.00%
Dividends	$ 0	$ 0
Regulatory Assets And Liabilities	15,000
Capital and surplus	124,070		$ 113,922
Statutory-basis surplus totaled	$ 484,093		$ 417,940

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Invested Assets [Abstract]
Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $714,152 and $580,122, respectively and allowance for credit losses: $0 and $0 respectively)	$ 716,037	$ 589,720
Other investments, net	4,000	4,000
Total invested assets	720,037	593,720
Cash and cash equivalents	1,217,558	1,201,210
Restricted cash	793	786
Restricted cash - variable interest entity	482,050	480,972
Accrued interest income	9,084	7,281
Assumed premiums receivable	9,124	34,290
Premiums receivable, net of allowance for credit loss of $2,723 and $3,294, respectively	69,548	90,576
Reinsurance recoverable on paid losses, net of allowance for credit loss: $0 and $0, respectively	14,779	16,183
Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $0 and $0, respectively	130,999	146,128
Prepaid reinsurance premiums	82,492	202,748
Deferred income tax assets, net	20,813	18,332
Deferred policy acquisition costs	88,291	93,728
Property and equipment, net	10,948	11,585
Right-of-use lease asset, operating	8,050	8,476
Intangibles, net	30	99
Goodwill	2,603	2,603
Prepaid expenses	11,425	8,932
Other assets	3,736	816
Total assets	2,882,360	2,918,465
Liabilities:
Loss and loss adjustment expense reserves	476,258	439,715
Unearned premiums	934,414	1,000,611
Commissions payable	12,406	9,049
Deferred revenue	90	90
Reinsurance premiums payable	68,931	160,330
Long-term debt, net	32,386	33,687
Interest rate swap liability	16	62
Income taxes payable	117,203	93,555
Advanced premiums	66,358	30,518
Premium tax liabilities	12,101	5,075
Accounts payable and accrued expenses	23,163	19,768
Lease liability, operating	9,294	9,649
Other liabilities	16,128	3,115
Total liabilities	1,768,748	1,805,224
Shareholders' equity:
Common Stock (par value $0.01, 1,500,000,000 shares authorized, 117,565,731 and 123,889,446 issued and outstading at March 31, 2026 and December 31,2025, respectively)	1,176	1,239
Additional paid-in capital	218,342	351,688
Accumulated other comprehensive income, net of taxes	1,418	7,165
Retained earnings	892,676	753,149
Total shareholders' equity	1,113,612	1,113,241
Total liabilities and shareholders' equity	$ 2,882,360	$ 2,918,465

Fair Value of Financial Assets and Liabilities - Fair Value Information for Liabilities that are Carried on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Estimated Fair Value
Long-Term debt:
Total long-term debt	$ 28,158	$ 30,050
Less: unamortized issuance costs	(2,614)	(2,813)
Estimated Fair Value \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	2,335	2,775
Estimated Fair Value \| Commercial Term Loan
Long-Term debt:
Total long-term debt	28,437	30,088
Estimated Fair Value \| Level 1
Long-Term debt:
Total long-term debt	0	0
Less: unamortized issuance costs	0	0
Estimated Fair Value \| Level 1 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 1 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 2
Long-Term debt:
Total long-term debt	0	0
Less: unamortized issuance costs	0	0
Estimated Fair Value \| Level 2 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 2 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	0	0
Estimated Fair Value \| Level 3
Long-Term debt:
Total long-term debt	28,158	30,050
Less: unamortized issuance costs	(2,614)	(2,813)
Estimated Fair Value \| Level 3 \| 0.00%, Promissory Notes
Long-Term debt:
Total long-term debt	2,335	2,775
Estimated Fair Value \| Level 3 \| Commercial Term Loan
Long-Term debt:
Total long-term debt	28,437	30,088
Carrying Value
Long-Term debt:
Long-term debt	32,386	33,687
Less: unamortized issuance costs	(2,614)	(2,813)
Carrying Value \| 0.00%, Promissory Notes
Long-Term debt:
Long-term debt	2,000	2,500
Carrying Value \| Commercial Term Loan
Long-Term debt:
Long-term debt	$ 33,000	$ 34,000

Long-Term Debt - Schedule of Future Maturities of Long-Term Debt Principal (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
2026	$ 4,500
2027	4,500
2028	4,000
2029	22,000
Total	35,000
Commercial Term Loan
Debt Instrument [Line Items]
2026	3,000
2027	4,000
2028	4,000
2029	22,000
Total	33,000
Promissory Notes
Debt Instrument [Line Items]
2026	1,500
2027	500
2028	0
2029	0
Total	$ 2,000

- 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

+ Details