SegmentThe Company has one reportable segment through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The segment is made up of nine distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer.
The accounting policies of the segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” of this Form 10-K. The CODM assesses performance for the segment and decides how to allocate resources based on gross written premiums by net underwriting division, underwriting income, and income before income taxes that also is reported on the Consolidated Statements of Operations as consolidated income before income taxes. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.
Gross written premiums by underwriting division, net underwriting income, and consolidated net income are used to monitor budget versus actual results. The chief operating decision maker also uses net underwriting income, annualized return on equity and growth in book value per share 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 following table presents gross written premiums by underwriting division for the years ended December 31, 2025, 2024 and 2023:
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| ($ in thousands) | | | | | | 2025 | | 2024 | | 2023 |
| Accident & Health | | | | | | $ | 254,102 | | | $ | 173,073 | | | $ | 151,701 | |
| Agriculture and Credit (Re)insurance | | | | | | 346,212 | | | 118,070 | | | 30,598 | |
| Captives | | | | | | 275,694 | | | 241,902 | | | 167,624 | |
| Construction & Energy Solutions | | | | | | 274,318 | | | 296,582 | | | 299,748 | |
| Global Property | | | | | | 178,128 | | | 201,796 | | | 242,593 | |
| Professional Lines | | | | | | 149,231 | | | 159,785 | | | 154,565 | |
| Specialty Programs | | | | | | 322,705 | | | 218,407 | | | 178,726 | |
| Surety | | | | | | 168,148 | | | 143,965 | | | 106,056 | |
| Transactional E&S | | | | | | 197,779 | | | 189,669 | | | 128,236 | |
| Total continuing business | | | | | | 2,166,317 | | | 1,743,249 | | | $ | 1,459,847 | |
| Exited business | | | | | | (81) | | | (17) | | | (18) | |
| Total gross written premiums | | | | | | $ | 2,166,236 | | | $ | 1,743,232 | | | $ | 1,459,829 | |
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The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the years ended December 31, 2025, 2024 and 2023:
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| ($ in thousands) | | | | | | 2025 | | 2024 | | 2023 |
| Underwriting income | | | | | | | | | | |
| Revenues: | | | | | | | | | | |
| Net earned premiums | | | | | | $ | 1,304,505 | | | $ | 1,056,722 | | | $ | 829,143 | |
| Commission and fee income | | | | | | 6,855 | | | 6,703 | | | 6,064 | |
| Total underwriting revenues | | | | | | 1,311,360 | | | 1,063,425 | | | 835,207 | |
| Expenses: | | | | | | | | | | |
| Losses and LAE | | | | | | 795,022 | | | 669,809 | | | 515,237 | |
| Amortization of policy acquisition costs | | | | | | 195,422 | | | 149,975 | | | 108,514 | |
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| Other operating and general expenses | | | | | | 181,937 | | | 161,782 | | | 134,930 | |
| Total underwriting expenses | | | | | | 1,172,381 | | | 981,566 | | | 758,681 | |
| Net underwriting income | | | | | | $ | 138,979 | | | $ | 81,859 | | | $ | 76,526 | |
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| Reconciliation of net underwriting income to net income: | | | | | | | | |
| Net underwriting income | | | | | | $ | 138,979 | | | $ | 81,859 | | | $ | 76,526 | |
| Add: | | | | | | | | | | |
| Net investment income | | | | | | 83,619 | | | 80,600 | | | 40,340 | |
| Net investment gains | | | | | | 22,149 | | | 6,342 | | | 11,054 | |
| Other loss | | | | | | (587) | | | (167) | | | (632) | |
| Less: | | | | | | | | | | |
| Transaction costs | | | | | | 14,019 | | | — | | | — | |
| Interest expense | | | | | | 7,919 | | | 9,496 | | | 10,024 | |
| Amortization expense | | | | | | 1,636 | | | 2,007 | | | 1,798 | |
| Other expenses | | | | | | 4,162 | | | 4,392 | | | 5,364 | |
| Income before income taxes | | | | | | 216,424 | | | 152,739 | | | 110,102 | |
| Income tax expense | | | | | | 46,396 | | | 33,911 | | | 24,118 | |
| Net income | | | | | | $ | 170,028 | | | $ | 118,828 | | | $ | 85,984 | |
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The following table presents return on equity and book value per share for the years ended December 31, 2025, 2024 and 2023:
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| | | | | | 2025 | | 2024 | | 2023 |
| Return on equity | | | | | | 18.9 | % | | 16.3 | % | | 15.9 | % |
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| Book value per share | | | | | | $ | 24.92 | | $ | 19.79 | | $ | 16.72 |
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.