{"id":989723,"date":"2026-08-04T21:02:31","date_gmt":"2026-08-05T01:02:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/palomar-holdings-inc-reports-second-quarter-2026-results\/"},"modified":"2026-08-04T21:02:31","modified_gmt":"2026-08-05T01:02:31","slug":"palomar-holdings-inc-reports-second-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/palomar-holdings-inc-reports-second-quarter-2026-results\/","title":{"rendered":"Palomar Holdings, Inc. Reports Second Quarter 2026 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">LA JOLLA, Calif., Aug.  04, 2026  (GLOBE NEWSWIRE) &#8212; Palomar Holdings, Inc. (NASDAQ:PLMR) (\u201cPalomar\u201d or \u201cCompany\u201d) reported net income of $52.6 million, or $1.94 per diluted share, for the second quarter of 2026 compared to net income of $46.5 million, or $1.68 per diluted share, for the second quarter of 2025. Adjusted net income<sup>(1)<\/sup> was $63.8 million, or $2.36 per diluted share, for the second quarter of 2026 as compared to $48.5 million, or $1.76 per diluted share, for the second quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Second Quarter 2026 Highlights <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>Gross written premiums increased by 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025<\/li>\n<li>Net income increased 13.0% to $52.6 million compared to $46.5 million in the second quarter of 2025<\/li>\n<li>Adjusted net income<sup>(1)<\/sup> increased 31.4% to $63.8 million compared to $48.5 million in the second quarter of 2025<\/li>\n<li>Diluted earnings per share increased by 15.5% to $1.94 compared to $1.68 in the second quarter of 2025<\/li>\n<li>Diluted adjusted earnings per share<sup>(1)<\/sup> increased by 34.1% to $2.36 compared to $1.76 in the second quarter of 2025<\/li>\n<li>Total loss ratio of 34.5% compared to 25.7% in the second quarter of 2025<\/li>\n<li>Combined ratio of 83.3% compared to 78.8% in the second quarter of 2025<\/li>\n<li>Adjusted combined ratio<sup>(1)<\/sup> of 76.7% compared to 73.1%, in the second quarter of 2025<\/li>\n<li>Annualized return on equity of 21.7% compared to 22.7% in the second quarter of 2025<\/li>\n<li>Annualized adjusted return on equity<sup>(1)<\/sup> of 26.3% compared to 23.7% in the second quarter of 2025<\/li>\n<\/ul>\n<p align=\"justify\">\n        <em>(1)<\/em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <em>See discussion of <\/em>\u201c<em>Non-GAAP and Key Performance Indicators<\/em>\u201d<em> below.<\/em><\/p>\n<p align=\"justify\">Mac Armstrong, Chairman\u00a0and Chief Executive Officer, commented, \u201cThe second quarter of 2026 was another strong one for Palomar;\u00a0highlighted by record adjusted net income, our 15<sup>th<\/sup> consecutive earnings beat and the third increase to our full-year adjusted net income guidance.\u00a0Gross written premium increased 27% year-over-year, adjusted net income grew 31%, adjusted earnings per share grew 34%, adjusted combined ratio was 77% and our adjusted return on equity was 26%\u00a0&#8211; all\u00a0outstanding results.\u00a0Bolstering our financial\u00a0performance\u00a0were several operational achievements including the launch of\u00a0the\u00a0PLMR.Farm, our innovative crop policy administration system, and\u00a0exceptional\u00a0new\u00a0additions to our team.\u00a0These results demonstrate our ability to execute in a dynamic insurance market while maintaining discipline in underwriting and capital allocation.<\/p>\n<p align=\"justify\">Mr. Armstrong continued, \u201cOur strong\u00a0and consistent\u00a0earnings, attractive returns\u00a0and\u00a0healthy\u00a0balance sheet provide\u00a0ample\u00a0capacity\u00a0to not only invest in the businesses\u00a0driving our Palomar 2X strategy\u00a0but also return capital to shareholders.\u00a0As\u00a0such\u00a0our Board authorized the introduction of a quarterly dividend of\u00a0$0.45\u00a0per share.\u00a0Importantly, the dividend does not change our growth strategy or\u00a0the\u00a0execution of\u00a0Palomar 2X; it only enhances our ability to create shareholder value.\u201d\u00a0<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Underwriting Results<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">Gross written premiums increased 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025, while net earned premiums increased 59.5% compared to the prior year\u2019s second quarter.<\/p>\n<p align=\"justify\">Losses and loss adjustment expenses for the second quarter were $99.0 million, comprised of $99.4 million of attritional losses, offset by $0.4 million of favorable development on catastrophe events. The loss ratio for the quarter was 34.5%, comprised of an attritional loss ratio of 34.6% and a catastrophe loss ratio<sup>(1)<\/sup> of -0.1% compared to a loss ratio of 25.7% during the same period last year comprised entirely of attritional losses. Additionally, our second quarter results include $14.1 million of attritional and $0.2 million of catastrophe loss favorable prior year development. The majority of the attritional loss prior year favorability related to Inland Marine and Property lines and previous years\u2019 Crop results.<\/p>\n<p align=\"justify\">Underwriting income<sup>(1)<\/sup> for the second quarter was $48.0 million resulting in a combined ratio of 83.3% compared to underwriting income of $38.3 million resulting in a combined ratio of 78.8% during the same period last year. The Company\u2019s adjusted underwriting income<sup>(1)<\/sup> was $67.0 million, an increase of 38.4%, resulting in an adjusted combined ratio<sup>(1)<\/sup> of 76.7% in the second quarter compared to adjusted underwriting income<sup>(1) <\/sup>of $48.4 million and an adjusted combined ratio<sup>(1)<\/sup> of 73.1% during the same period last year. The Company\u2019s adjusted combined ratio excluding catastrophe losses<sup>(1)<\/sup> was 76.8% compared to 73.1% during the same period last year.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Investment Results<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Net investment income increased by 49.2% to $20.0 million compared to $13.4 million in the prior year\u2019s second quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended June 30, 2026 due to cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.33 years at June 30, 2026. Cash and invested assets totaled $1.7 billion at June 30, 2026. During the second quarter, the Company recorded $6.8 million net realized and unrealized gains related to its investment portfolio as compared to net realized and unrealized gains of $8.3 million during the same period last year.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Tax Rate<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>The effective tax rate for the three months ended June 30, 2026 was 24.7% compared to 22.3% for the three months ended June 30, 2025. For the current quarter, the Company\u2019s income tax rate differed from the statutory rate of 21% due primarily to the non-deductible executive compensation expense.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Stockholders<\/u><br \/>\n        <\/strong><br \/>\n        <u>\u2019<\/u><br \/>\n        <strong><br \/>\n          <u> Equity and Capital Matters<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Stockholders\u2019 equity was $980.9 million at June 30, 2026, compared to $847.2 million at June 30, 2025. For the three months ended June 30, 2026, the Company\u2019s annualized return on equity was 21.7% compared to 22.7% for the same period in the prior year while adjusted return on equity<sup>(1)<\/sup> was 26.3% compared to 23.7% for the same period in the prior year.<\/p>\n<p align=\"justify\">During the current quarter, the Company repurchased 368,719 shares of its common stock for $41.0 million.<\/p>\n<p align=\"justify\">On July 30, 2026, the Company\u2019s Board of Directors declared an initial quarterly cash dividend of $0.45 per share of common stock, payable on September 2, 2026, to stockholders of record as of August 19, 2026.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Full Year 2026 Outlook<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>For the full year 2026, the Company expects to achieve adjusted net income of $270 million to $280 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Conference Call<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>As previously announced, Palomar will host a conference call on Wednesday, August 5, 2026, to discuss its second quarter 2026 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Second Quarter 2026 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on August 5, 2026, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13761138. The replay will be available until 11:59 p.m. (Eastern Time) on August 19, 2026.<\/p>\n<p align=\"justify\">Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company\u2019s website at http:\/\/ir.palomarspecialty.com\/. The online replay will remain available for a limited time beginning immediately following the call.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>About Palomar Holdings, Inc.<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (\u201cPSIC\u201d), Palomar Specialty Reinsurance Company Bermuda Ltd. (\u201cPSRE\u201d), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (\u201cPESIC\u201d), Palomar Underwriters Exchange Organization, Inc. (\u201cPUEO\u201d), First Indemnity of America Insurance Co. (\u201cFIA\u201d), Palomar Crop Insurance Services, Inc. (\u201cPCIS\u201d), and Palomar Casualty and Surety Company (\u201cPCSC\u201d). Palomar\u2019s consolidated results also include Laulima Exchange (\u201cLaulima\u201d), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Property, Casualty, Surety &amp; Credit, and Crop. Palomar\u2019s insurance subsidiaries, PSIC, PSRE, PESIC, and FIA have a financial strength rating of \u201cA\u201d (Excellent) from A.M. Best and PCSC has a financial strength rating of \u201cA-\u201d (Excellent) from A.M. Best.<\/p>\n<p align=\"justify\">To learn more, visit PLMR.com.<\/p>\n<p align=\"justify\">\n        <strong>Non-GAAP and Key Performance Indicators<\/strong>\n      <\/p>\n<p align=\"justify\">Palomar discusses certain key performance indicators, described below, which provide useful information about the Company\u2019s business and the operational factors underlying the Company\u2019s financial performance. Management uses these non-GAAP measures internally to evaluate the Company\u2019s underlying business performance and operating results, and to make resource allocation and strategic decisions. Management believes that disclosure of these measures provides investors with the same insight used internally to assess the Company\u2019s operating performance.<\/p>\n<p align=\"justify\">\n        <em>Underwriting revenue<\/em> is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.<\/p>\n<p align=\"justify\">\n        <em>Underwriting income<\/em> is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.<\/p>\n<p align=\"justify\">\n        <em>Adjusted net income<\/em> is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company\u2019s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.<\/p>\n<p align=\"justify\">\n        <em>Annualized Return on equity<\/em> is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders\u2019 equity during the period.<\/p>\n<p align=\"justify\">\n        <em>Annualized adjusted return on equity<\/em> is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders\u2019 equity during the period. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.<\/p>\n<p align=\"justify\">\n        <em>Loss ratio<\/em>, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.<\/p>\n<p align=\"justify\">\n        <em>Expense ratio,<\/em> expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.<\/p>\n<p align=\"justify\">\n        <em>Combined ratio<\/em> is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.<\/p>\n<p align=\"justify\">\n        <em>Adjusted combined ratio<\/em> is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.<\/p>\n<p align=\"justify\">\n        <em>Diluted adjusted earnings per share<\/em> is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.<\/p>\n<p align=\"justify\">\n        <em>Catastrophe loss ratio<\/em> is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.<\/p>\n<p align=\"justify\">\n        <em>Adjusted combined ratio excluding catastrophe losses<\/em> is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.<\/p>\n<p align=\"justify\">\n        <em>Adjusted underwriting income<\/em> is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.<\/p>\n<p align=\"justify\">\n        <em>Tangible stockholders<\/em>\u2019<em> equity<\/em> is a non-GAAP financial measure defined as stockholders\u2019 equity less goodwill and intangible assets. See \u201cReconciliation of Non-GAAP Financial Measures\u201d for a reconciliation of stockholders\u2019 equity calculated in accordance with GAAP to tangible stockholders\u2019 equity.<\/p>\n<p align=\"justify\">\n        <strong>Safe Harbor Statement<\/strong><br \/>\n        <br \/>Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company\u2019s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company\u2019s business. The forward-looking statements are typically, but not always, identified through use of the words \u201cbelieve,\u201d \u201cexpect,\u201d \u201cenable,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cintends,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cprobable,\u201d \u201cpotential,\u201d \u201cpossible,\u201d \u201cshould,\u201d \u201ccontinue,\u201d and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company\u2019s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.<\/p>\n<p>\n        <strong>Contact<\/strong><br \/>\n        <br \/>Media Inquiries <br \/>Lindsay Conner <br \/>1-551-206-6217 <br \/>lconner@plmr.com<\/p>\n<p>Investor Relations<br \/>Jamie Lillis<br \/>1-203-428-3223<br \/>investors@plmr.com<br \/>Source: Palomar Holdings, Inc.<\/p>\n<p>\n        <em>Summary of Operating Results<\/em>:<\/p>\n<p>The following tables summarize the Company\u2019s results for the three and six months ended June 30, 2026 and 2025:<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except per share data)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:50%;width:50%;min-width:50%;vertical-align: bottom\">Gross written premiums<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">630,456<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">496,288<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">134,168<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">27.0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Ceded written premiums<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(305,279<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(266,506<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(38,773<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net written premiums<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">325,177<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">229,782<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">95,395<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">41.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net earned premiums<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">106,993<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Commission and other income<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">769<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,677<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(908<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(54.1<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total underwriting revenue<sup>(1)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">287,720<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">181,635<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">106,085<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">58.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">98,988<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">46,183<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">52,805<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">114.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Acquisition expenses, net of ceding commissions and fronting fees<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">71,256<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51,637<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,619<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Other underwriting expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">69,429<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,525<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">23,904<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">52.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Underwriting income<sup>(1)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,047<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">38,290<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,757<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Interest expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,947<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(86<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,861<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net investment income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,950<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,370<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,580<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">49.2<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,753<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,306<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,553<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(18.7<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income before income taxes<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">69,803<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">59,880<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,923<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16.6<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Income tax expense<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">17,211<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,352<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,859<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">28.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Net income<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">52,592<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,528<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,064<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">Adjustments:<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(6,753<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8,306<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,553<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(18.7<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">754<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(748<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(99.2<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,438<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,347<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,091<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">39.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,180<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,346<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,834<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(331<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(12.4<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Tax impact<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">202<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,227<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Adjusted net income<\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">63,768<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,532<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">15,236<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">31.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">Key Financial and Operating Metrics<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Annualized return on equity<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Annualized adjusted return on equity<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Loss ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Expense ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">48.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">53.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Combined ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">83.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">78.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Adjusted combined ratio<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Diluted earnings per share<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.94<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.68<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Diluted adjusted earnings per share<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.36<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.76<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Catastrophe losses<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(418<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(22<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Catastrophe loss ratio<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">-0.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Adjusted combined ratio excluding catastrophe losses<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Adjusted underwriting income<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">67,001<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">48,398<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,603<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">NM &#8211; not meaningful<\/td>\n<\/tr>\n<\/table>\n<p>____________________<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:2%;width:2.06093%;min-width:2%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:98%;width:97.9391%;min-width:98%;vertical-align: top\">\u00a0 Indicates Non-GAAP financial measure &#8211; see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:2%;width:100%;min-width:2%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except per share data)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: bottom\">Gross written premiums<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260,284<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">938,452<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">321,832<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">34.3<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Ceded written premiums<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(597,192<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(497,251<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(99,941<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net written premiums<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">663,092<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">441,201<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">221,891<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">50.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net earned premiums<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">204,360<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Commission and other income<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,178<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,507<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(329<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(13.1<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total underwriting revenue<sup>(1)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">550,567<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">346,536<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">204,031<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">58.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">186,085<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">84,927<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">101,158<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">119.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition expenses, net of ceding commissions and fronting fees<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">141,571<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,996<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">43,575<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">44.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other underwriting expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">134,336<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">81,258<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">53,078<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">65.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Underwriting income<sup>(1)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">88,575<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">82,355<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,220<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7.6<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8,105<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(171<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,934<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net investment income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">37,934<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,441<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,493<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">49.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,860<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,968<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,108<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(18.6<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income before income taxes<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">123,264<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">113,593<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,671<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income tax expense<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,725<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24,143<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,582<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Net income<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">95,539<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">89,450<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,089<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"vertical-align: bottom\">Adjustments:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,860<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,968<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,108<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(18.6<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,412<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,841<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,571<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">160.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,224<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,092<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,132<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">15,235<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,054<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,181<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(331<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(12.4<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Tax impact<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,976<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,293<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,683<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">284.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Adjusted net income<\/strong><br \/>\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">126,904<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99,837<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,067<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"vertical-align: bottom\">Key Financial and Operating Metrics<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Annualized return on equity<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Annualized adjusted return on equity<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loss ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24.7<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expense ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">49.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Combined ratio<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">83.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted combined ratio<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">70.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted earnings per share<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.51<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.24<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted adjusted earnings per share<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.66<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.62<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Catastrophe losses<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(149<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(565<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Catastrophe loss ratio<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">-0.2<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted combined ratio excluding catastrophe losses<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">71.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted underwriting income<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">129,776<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">100,003<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29,773<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"vertical-align: bottom\">NM &#8211; not meaningful<\/td>\n<\/tr>\n<\/table>\n<p>____________________<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:4%;width:4.03226%;min-width:4%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:96%;width:95.9677%;min-width:96%;vertical-align: top\">Indicates Non-GAAP financial measure &#8211; see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:4%;width:100%;min-width:4%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Condensed Consolidated Balance sheets<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Palomar Holdings,<\/strong><br \/>\n            <strong>Inc. and Subsidiaries<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Condensed Consolidated Balance Sheets (unaudited)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except shares and par value data)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\n            <strong>Assets<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">Investments:<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:75%;width:75%;min-width:75%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Fixed maturity securities available for sale, at fair value (amortized cost: $1,523,005 in 2026; $1,227,605 in 2025)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,502,860<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,224,187<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Equity securities, at fair value (cost: $109,595 in 2026; $81,772 in 2025)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">129,515<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">99,333<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other investments<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,877<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">28,503<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total investments<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,678,252<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,352,023<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62,689<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">106,875<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Restricted cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">15<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accrued investment income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,742<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,545<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Premiums receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">655,876<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">452,908<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred policy acquisition costs, net of ceding commissions and fronting fees<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">153,824<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">127,718<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Reinsurance recoverable on paid losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62,237<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">56,428<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Reinsurance recoverable on unpaid losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">523,790<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">412,273<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Ceded unearned premiums<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">445,449<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">355,918<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Prepaid expenses and other assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">127,870<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">110,896<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred tax assets, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">761<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Property and equipment, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,665<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,551<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Goodwill and intangible assets, net<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">236,756<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">61,054<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total assets<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,964,165<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,050,967<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\n            <strong>Liabilities and stockholders\u2019 equity<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">Liabilities:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accounts payable and other accrued liabilities<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">159,331<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">115,663<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Reserve for losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">944,737<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">688,231<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Unearned premiums<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,226,105<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">988,143<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Ceded premium payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">295,430<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">271,413<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Funds held under reinsurance treaty<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">50,910<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">44,850<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Term loan<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">295,773<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred tax liabilities, net<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,937<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total liabilities<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,983,223<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,108,300<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">Stockholders\u2019 equity:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,186,979 and 26,520,417 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">542,662<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">523,168<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accumulated other comprehensive loss<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(15,159<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,506<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Retained earnings<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">453,436<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">422,002<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">980,942<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">942,667<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total liabilities and stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,964,165<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,050,967<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>Condensed Consolidated Income Statement<\/em>\u00a0\u00a0<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"16\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Palomar Holdings,<\/strong><br \/>\n            <strong>Inc. and Subsidiaries<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Condensed Consolidated Statements of<\/strong><br \/>\n            <strong>Income and Comprehensive Income (Unaudited)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except shares and per share data)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\n            <strong>Revenues:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Gross written premiums<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">630,456<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">496,288<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260,284<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">938,452<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Ceded written premiums<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(305,279<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(266,506<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(597,192<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(497,251<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net written premiums<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">325,177<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">229,782<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">663,092<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">441,201<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Change in unearned premiums<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(38,226<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(49,824<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(114,703<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,172<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net investment income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,950<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,370<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">37,934<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,441<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,753<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,306<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,860<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,968<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Commission and other income<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">769<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,677<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,178<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,507<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total revenues<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">314,423<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">203,311<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">593,361<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">377,945<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\n            <strong>Expenses:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Losses and loss adjustment expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">98,988<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">46,183<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">186,085<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">84,927<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition expenses, net of ceding commissions and fronting fees<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">71,256<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51,637<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">141,571<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,996<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other underwriting expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69,429<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,525<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">134,336<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">81,258<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest expense<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,947<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">86<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,105<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">171<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total expenses<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">244,620<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">143,431<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">470,097<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">264,352<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income before income taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69,803<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59,880<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">123,264<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">113,593<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income tax expense<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">17,211<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,352<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,725<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24,143<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">52,592<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,528<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">95,539<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">89,450<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\n            <strong>Other comprehensive income, net:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net unrealized gains (losses) on securities available for sale<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,294<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,009<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,653<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,213<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net comprehensive income<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">53,886<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">49,537<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">82,886<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">102,663<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\n            <strong>Per Share Data:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Basic earnings per share<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.00<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.74<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.61<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.35<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted earnings per share<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.94<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.68<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.51<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.24<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">Weighted-average common shares outstanding:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Basic<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,346,887<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,756,095<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,458,904<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,707,371<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,056,554<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,628,733<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,208,113<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,568,913<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>Underwriting Segment Data<\/em>\n      <\/p>\n<p>The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (\u201cGWP\u201d) by product, location and company are presented below:<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three\u00a0Months\u00a0Ended\u00a0June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"vertical-align: bottom\">\n            <strong>Product(1)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:28%;width:28%;min-width:28%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Casualty<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">197,494<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">31.3<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">144,388<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">29.1<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">53,106<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">36.8<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Inland Marine and Property<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">169,728<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">153,040<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">30.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,688<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Earthquake<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">146,648<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">147,709<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,061<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.7<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Crop<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">77,368<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">39,464<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">37,904<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">96.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Surety &amp; Credit<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">39,218<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6.2<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,687<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.3<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,531<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">235.6<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total gross written premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">630,456<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">496,288<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">134,168<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27.0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p>____________________<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:4%;width:4%;min-width:4%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Beginning in 2026, the Company has updated the categorization of its products to align with management\u2019s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"12\" style=\"width:45.6989%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:21.9534%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:22.7599%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"width:21.8638%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:21.9534%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"12\" style=\"width:45.6989%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:21.9534%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.724%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.96057%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.7527%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:10.0358%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.7527%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.1254%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.724%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.96057%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.7527%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:10.0358%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.7527%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.1254%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"width:99.8208%;vertical-align: bottom\">\n            <strong>Product(1)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Casualty<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.1111%;text-align: right;vertical-align: middle;vertical-align: bottom\">403,793<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">32.0<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">277,490<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">29.6<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">126,303<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;text-align: right;vertical-align: middle;vertical-align: bottom\">45.5<\/td>\n<td style=\"width:2.32975%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Inland Marine and Property<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1111%;text-align: right;vertical-align: middle;vertical-align: bottom\">336,291<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">26.7<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">266,366<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">28.4<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">69,925<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;text-align: right;vertical-align: middle;vertical-align: bottom\">26.3<\/td>\n<td style=\"width:2.32975%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Earthquake<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1111%;text-align: right;vertical-align: middle;vertical-align: bottom\">283,964<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">22.5<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">281,405<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">30.0<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,559<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;text-align: right;vertical-align: middle;vertical-align: bottom\">0.9<\/td>\n<td style=\"width:2.32975%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Crop<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1111%;text-align: right;vertical-align: middle;vertical-align: bottom\">165,142<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">13.1<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">87,683<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;text-align: right;vertical-align: middle;vertical-align: bottom\">9.3<\/td>\n<td style=\"width:2.41935%;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;text-align: right;vertical-align: middle;vertical-align: bottom\">77,459<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;text-align: right;vertical-align: middle;vertical-align: bottom\">88.3<\/td>\n<td style=\"width:2.32975%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Surety &amp; Credit<\/td>\n<td style=\"width:1.6129%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1111%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">71,094<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.7<\/td>\n<td style=\"width:2.41935%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25,508<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.7<\/td>\n<td style=\"width:2.41935%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.13978%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,586<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">178.7<\/td>\n<td style=\"width:2.32975%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:31.0932%;vertical-align: bottom\">Total gross written premiums<\/td>\n<td style=\"width:1.6129%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.1111%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260,284<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:2.41935%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.13978%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">938,452<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.07527%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.54122%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:2.41935%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.6129%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.13978%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">321,832<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.7957%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.3<\/td>\n<td style=\"width:2.32975%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p>____________________<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:4%;width:4%;min-width:4%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Beginning in 2026, the Company has updated the categorization of its products to align with management\u2019s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:36.7384%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three\u00a0Months\u00a0Ended\u00a0June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:37.9928%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.9211%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.9211%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:19.4444%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.6523%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:36.7384%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:37.9928%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.3047%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.97491%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.3047%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.97491%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"24\" style=\"width:100%;vertical-align: bottom\">\n            <strong>State<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">California<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">165,306<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">26.2<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">163,814<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">33.0<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">322,925<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">25.6<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">303,536<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">32.3<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Texas<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">61,497<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">9.7<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">35,708<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">7.2<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">125,081<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">9.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">80,699<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">8.6<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Florida<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">34,462<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.5<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">23,979<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.8<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">64,350<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.1<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">42,621<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.5<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Hawaii<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">27,259<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.3<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">24,544<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">50,104<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.0<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">44,901<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.8<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">New York<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">26,971<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.3<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">17,462<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.5<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">51,454<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.1<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">32,857<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.5<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Washington<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">18,207<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">17,188<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.5<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">37,406<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.0<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">32,059<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.4<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Illinois<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">18,179<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">13,048<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.7<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">25,271<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.0<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">18,637<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Minnesota<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">15,644<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.5<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">12,004<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.4<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">17,656<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">1.4<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">13,042<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">1.4<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">262,931<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41.7<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">188,541<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">38.0<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">566,037<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">44.9<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">370,100<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">39.5<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">Total gross written premiums<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">630,456<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">496,288<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.96057%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260,284<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">938,452<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"24\" style=\"width:100%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:36.7384%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three\u00a0Months\u00a0Ended\u00a0June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:37.9928%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.9211%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.9211%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:19.4444%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.6523%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:36.7384%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"11\" style=\"width:37.9928%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.3047%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.97491%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.3047%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.24373%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Amount<\/strong>\n          <\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.97491%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>GWP<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"24\" style=\"width:100%;vertical-align: bottom\">\n            <strong>Subsidiary<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">PESIC<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">304,276<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">48.3<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">237,943<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">47.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">574,346<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">45.6<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">428,730<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">45.7<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">PSIC<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">278,176<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">44.1<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">232,983<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">46.9<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">601,929<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">47.8<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">463,900<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">49.4<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Laulima<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">23,407<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.7<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">20,134<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.1<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">42,078<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.3<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">36,171<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.9<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">PCSC<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">21,558<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.4<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;text-align: right;vertical-align: middle;vertical-align: bottom\">33,979<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.7<\/td>\n<td style=\"width:1.97133%;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FIA<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,039<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,228<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.1<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.96057%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,952<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.6<\/td>\n<td style=\"width:1.97133%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.43728%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,651<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:24.3728%;vertical-align: bottom\">Total gross written premiums<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">630,456<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">496,288<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.96057%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260,284<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.97133%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.43728%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">938,452<\/td>\n<td style=\"width:0.896057%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:6.2724%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"24\" style=\"width:100%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Gross and net earned premiums<\/em>\n      <\/p>\n<p>The table below shows the amount of premiums the Company earned on a gross and net basis and the Company\u2019s net earned premiums as a percentage of gross earned premiums for each period presented:<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:21%;width:21%;min-width:21%;vertical-align: bottom\">Gross earned premiums<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">552,859<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">408,764<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">144,095<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">35.3<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,056,731<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">784,540<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">272,191<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">34.7<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Ceded earned premiums<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(265,908<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(228,806<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,102<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16.2<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(508,342<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(440,511<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(67,831<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">15.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">106,993<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59.5<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">204,360<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"32\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net earned premium ratio<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">44.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">43.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"32\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Loss detail<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% Change<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:21%;width:21%;min-width:21%;vertical-align: bottom\">Catastrophe losses<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">(418<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">(22<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">(396<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">(149<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;vertical-align: bottom\">(565<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;vertical-align: bottom\">416<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;vertical-align: bottom\">(73.6<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Non-catastrophe losses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99,406<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,205<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">53,201<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">115.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186,234<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">85,492<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100,742<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">117.8<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total losses and loss adjustment expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">98,988<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,183<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">52,805<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">114.3<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186,085<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">84,927<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">101,158<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">119.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"30\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Catastrophe loss ratio<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">-0.1<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.2<\/td>\n<td style=\"vertical-align: bottom\">)%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" rowspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Non-catastrophe loss ratio<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.6<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25.7<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33.9<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24.9<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total loss ratio<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.5<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33.9<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"30\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three\u00a0Months\u00a0Ended\u00a0June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Reserve for losses and LAE net of reinsurance recoverables at beginning of period<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">341,016<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">182,661<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">275,959<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">155,299<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Add: Balances acquired<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22,178<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,788<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Add: Incurred losses and LAE, net of reinsurance, related to:<sup>(2)<\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Current year<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">113,312<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">52,698<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">210,741<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">95,757<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Prior years<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,324<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,515<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(24,656<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,830<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total incurred<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">98,988<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,183<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186,085<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">84,927<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deduct: Loss and LAE payments, net of reinsurance, related to:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Current year<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,262<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17,659<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,980<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22,657<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Prior years<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,795<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,000<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35,295<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25,172<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total payments<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19,057<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">29,659<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">63,275<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">47,829<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Reserve for losses and LAE net of reinsurance recoverables at end of period<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">420,947<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">199,185<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">420,947<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">199,185<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Add: Reinsurance recoverables on unpaid losses and LAE at end of period<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">523,790<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">399,471<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">523,790<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">399,471<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">944,737<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">598,656<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">944,737<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">598,656<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>____________________<br \/><\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:4%;width:4%;min-width:4%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of The Gray Casualty and Surety Company (\u201cGray Surety\u201d) and FIA on 1\/31\/2026 and 1\/1\/2025, respectively, in accordance with ASC 805, Business Combinations. See Note 23 of the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K and Note 14 of our June 30, 2026 Quarterly Report on Form 10-Q for additional information regarding the acquisitions.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(2)<\/td>\n<td style=\"vertical-align: top\">Losses for the three months ended June 30, 2026 and 2025 include $6.2 million and an insignificant amount, respectively, of losses on derivative instruments. Losses for the six months ended June 30, 2026 and 2025 include $18.5 million and an insignificant amount, respectively, of losses on derivative instruments.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Reconciliation of Non-GAAP Financial Measures<\/em>\n      <\/p>\n<p>For the three and six months ended June 30, 2026 and 2025, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:<\/p>\n<p align=\"justify\">\n        <em>Underwriting revenue<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">Total revenue<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">314,423<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">203,311<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">593,361<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">377,945<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">Net investment income<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(19,950<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,370<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,934<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(25,441<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,753<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,306<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,860<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,968<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.9104%;vertical-align: bottom\">Underwriting revenue<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">287,720<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">181,635<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">550,567<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">346,536<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"width:100%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Underwriting<\/em><br \/>\n        <em>income and adjusted underwriting income<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.1039%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.1039%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.4695%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.3799%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.1039%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.4624%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Income before income taxes<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">69,803<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">59,880<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">123,264<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">113,593<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Net investment income<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">(19,950<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,370<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,934<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(25,441<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,753<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,306<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,860<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,968<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Interest expense<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,947<\/td>\n<td style=\"width:1.25448%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">86<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,105<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">171<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Underwriting income<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,047<\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">38,290<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">88,575<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">82,355<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"width:1.70251%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"width:1.25448%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">754<\/td>\n<td style=\"width:1.16487%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,412<\/td>\n<td style=\"width:1.16487%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,841<\/td>\n<td style=\"width:1.16487%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">7,438<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,347<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">16,224<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,092<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">9,180<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,346<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">15,235<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,054<\/td>\n<td style=\"width:1.16487%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"width:1.25448%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.51254%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.78136%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"width:1.16487%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.2688%;vertical-align: bottom\">Adjusted underwriting income<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">67,001<\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.51254%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,398<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">129,776<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.16487%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.78136%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100,003<\/td>\n<td style=\"width:1.16487%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"width:100%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Adjusted net income<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.552%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:23.4767%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.552%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:23.4767%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.6487%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.5591%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:11.828%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:10.3943%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:24.552%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:23.4767%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Net income<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">52,592<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">46,528<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">95,539<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">89,450<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"width:100%;vertical-align: bottom\">Adjustments:<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Net realized and unrealized gains on investments<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,753<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,306<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,860<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,968<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">754<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">7,412<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,841<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">7,438<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,347<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">16,224<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,092<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">9,180<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,346<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">15,235<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,054<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"width:1.34409%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,330<\/td>\n<td style=\"width:1.25448%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;text-align: right;vertical-align: middle;vertical-align: bottom\">2,661<\/td>\n<td style=\"width:1.07527%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Tax impact<\/td>\n<td style=\"width:1.88172%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,025<\/td>\n<td style=\"width:1.34409%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.42294%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">202<\/td>\n<td style=\"width:1.25448%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:8.87097%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,976<\/td>\n<td style=\"width:1.25448%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.61649%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,293<\/td>\n<td style=\"width:1.07527%;border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:50.7168%;vertical-align: bottom\">Adjusted net income<\/td>\n<td style=\"width:1.88172%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.42294%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">63,768<\/td>\n<td style=\"width:1.34409%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.34409%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.88172%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.42294%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,532<\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:8.87097%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">126,904<\/td>\n<td style=\"width:1.25448%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.25448%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.70251%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:7.61649%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99,837<\/td>\n<td style=\"width:1.07527%;border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"width:100%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0\u00a0 <br \/><em>Annualized adjusted return on equity<\/em><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Annualized adjusted net income<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">255,072<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">194,128<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">253,808<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">199,674<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Average stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">969,991<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">818,823<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">961,805<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">788,114<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Annualized adjusted return on equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">26.3<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">23.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">26.4<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25.3<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Adjusted combined ratio<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">238,904<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">141,668<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">459,814<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">261,674<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator: Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Combined ratio<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">83.3<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">78.8<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">83.8<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">Adjustments to numerator:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(6<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(754<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,412<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,841<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,438<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,347<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(16,224<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,092<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(9,180<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,346<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(15,235<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,054<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,330<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,661<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,330<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,661<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted combined ratio<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">73.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.3<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">70.9<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Diluted adjusted earnings per share<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except per share data)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(in thousands, except per share data)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Adjusted net income<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">63,768<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,532<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">126,904<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99,837<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted-average common shares outstanding, diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,056,554<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,628,733<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,208,113<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">27,568,913<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted adjusted earnings per share<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.36<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.76<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.66<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.62<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Catastrophe loss ratio<\/em><br \/>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Numerator: Losses and loss adjustment expenses<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">98,988<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46,183<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186,085<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">84,927<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator: Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loss ratio<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.5<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33.9<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator: Catastrophe losses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(418<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(22<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(149<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(565<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator: Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Catastrophe loss ratio<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">-0.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">-0.2<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Adjusted combined ratio excluding catastrophe losses<\/em>\n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Six Months Ended<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">238,904<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">141,668<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">459,814<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">261,674<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator: Net earned premiums<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,951<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">179,958<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">548,389<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,029<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Combined ratio<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">83.3<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">78.8<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">83.8<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">Adjustments to numerator:<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with transactions<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(6<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(754<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,412<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,841<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Stock-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,438<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,347<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(16,224<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,092<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangibles<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(9,180<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,346<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(15,235<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,054<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses associated with catastrophe bond<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,330<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,661<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,330<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,661<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Catastrophe losses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">418<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">22<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">149<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">565<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted combined ratio excluding catastrophe losses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.8<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">73.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76.4<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">71.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>Tangible Stockholders<\/em>\u2019<em> equity<\/em><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>($ in thousands)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:71%;width:71%;min-width:71%;vertical-align: bottom\">Stockholders\u2019 equity<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">980,942<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">942,667<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Goodwill and intangible assets<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(236,756<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(61,054<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Tangible stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">744,186<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">881,613<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgwMzU5OCM3NzU3MTM3IzIxNTY5MDY=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YzJlNGQyODQtMTg4Zi00MWY3LTkxNWYtNDhhY2JlNjY0ZDE0LTExNjg0NzctMjAyNi0wOC0wNC1lbg==\/tiny\/Palomar-Holdings-Inc.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LA JOLLA, Calif., Aug. 04, 2026 (GLOBE NEWSWIRE) &#8212; Palomar Holdings, Inc. (NASDAQ:PLMR) (\u201cPalomar\u201d or \u201cCompany\u201d) reported net income of $52.6 million, or $1.94 per diluted share, for the second quarter of 2026 compared to net income of $46.5 million, or $1.68 per diluted share, for the second quarter of 2025. Adjusted net income(1) was $63.8 million, or $2.36 per diluted share, for the second quarter of 2026 as compared to $48.5 million, or $1.76 per diluted share, for the second quarter of 2025. Second Quarter 2026 Highlights Gross written premiums increased by 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025 Net income increased 13.0% to $52.6 million compared to $46.5 million in the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/palomar-holdings-inc-reports-second-quarter-2026-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Palomar Holdings, Inc. Reports Second Quarter 2026 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-989723","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Palomar Holdings, Inc. 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Adjusted net income(1) was $63.8 million, or $2.36 per diluted share, for the second quarter of 2026 as compared to $48.5 million, or $1.76 per diluted share, for the second quarter of 2025. Second Quarter 2026 Highlights Gross written premiums increased by 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025 Net income increased 13.0% to $52.6 million compared to $46.5 million in the &hellip; Continue reading &quot;Palomar Holdings, Inc. 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Adjusted net income(1) was $63.8 million, or $2.36 per diluted share, for the second quarter of 2026 as compared to $48.5 million, or $1.76 per diluted share, for the second quarter of 2025. Second Quarter 2026 Highlights Gross written premiums increased by 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025 Net income increased 13.0% to $52.6 million compared to $46.5 million in the &hellip; Continue reading \"Palomar Holdings, Inc. 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