Slide Insurance Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
SLDE$25.94-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0000950170-25-107317
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-267339
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 220 previous paragraphs and 214 current paragraphs.
150 unchanged; 57 reworded; 6 added; 12 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 18 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Net premiums earned. Net premiums earned increased from $184.8 million for the three months ended September 30, 2024 to $243.1 million for the three months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.
Current report
24.5% for the respective periods. The decrease is due to the purchase of transferable Section 45x advanced manufacturing credits in the current period.
Current report
Return on equity. Our return on equity increased from 4.9% for the three months ended September 30, 2024 to 12.1 % for the three months ended September 30, 2025 as a result of an increase in earnings in the quarter due to reduction in losses incurred.
Current report
Net premiums earned. Net premiums earned increased from $567.8 million for the nine months ended September 30, 2024 to $753.0 million for the nine months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Current report
Other income. Other income for increased from $1.0 million for the nine months ended September 30, 2024 to $1.6 million for the nine months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premiums produced for other insurance companies.
Current report
Interest expense. Interest expense decreased from $2.9 million for the nine months ended September 30, 2024 to $2.7 million for the nine months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.
Removed paragraphs (12)
Previous report
Combined ratio, excluding catastrophic losses & prior year claims development is a non-GAAP financial measure. We define the combined ratio, excluding catastrophic losses & prior year claims development as the sum of the loss ratio, excluding losses associated with catastrophic losses and prior year claims development, and the expense ratio. We use the combined ratio, excluding catastrophic losses & prior year claims development as an internal performance measure in the management of our operations because trends in our business may be obscured by current year catastrophe losses and prior year claims development. Current year catastrophe losses cause our loss trends to vary significantly between periods as a result of their frequency of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year claims development is caused by unexpected loss development on historical reserves. See “Results of Operations-Non-GAAP Financial Measures” for a reconciliation of the combined ratio, excluding catastrophic losses & prior year claims development to the combined ratio, the most directly comparable U.S. GAAP measure.
Previous report
Non-GAAP financial measure. See “Results of Operations – Non-GAAP Financial Measures”for a reconciliation of the combined ratio, excluding catastrophic losses & prior year claims development to the combined ratio, the most directly comparable GAAP measure.
Previous report
Net premiums earned. Net premiums earned increased from $195.0 million for the three months ended June 30, 2024 to $243.9 million for the three months ended June 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Previous report
Non-GAAP financial measure. See “Results of Operations – Non-GAAP Financial Measures”for a reconciliation of the combined ratio, excluding catastrophic losses & prior year claims development to the combined ratio, the most directly comparable GAAP measure.
Previous report
Net premiums earned. Net premiums earned increased from $383.1 million for the six months ended June 30, 2024 to $509.9 million for the six months ended June 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Previous report
Other income. Other income for both the six months ended June 30, 2025 and 2024 was $0.5 million.
Previous report
Interest expense. Interest expense increased from $1.6 million for the six months ended June 30, 2024 to $1.8 million for the six months ended June 30, 2025. The increase was due primarily to the increase in outstanding debt.
Previous report
Combined Ratio, excluding catastrophic losses & prior year claims development
Previous report
The following table sets forth a reconciliation of combined ratio, excluding catastrophic losses & prior year claims development to combined ratio, the most directly comparable GAAP measure:
Previous report
Combined ratio, excluding catastrophic losses & prior year claims development. Our combined ratio, excluding catastrophic losses & prior year claims development increased from 54.1% for the three months ended June 30, 2024 to 70.8% for the three months ended June 30, 2025, primarily as a result of a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition and reinsurance costs.
Previous report
Combined ratio, excluding catastrophic losses & prior year claims development. Our combined ratio, excluding catastrophic losses & prior year claims development increased from 55.4% for the six months ended June 30, 2024 to 65.3% for the six months ended June 30, 2025, a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition and reinsurance costs.
Previous report
Return on tangible equity. Our return on tangible equity decreased from 39.5% for the six months ended June 30, 2024 to 25.3% for the six months ended June 30, 2025 as a result of growth in equity due to an increase in retained earnings and the IPO proceeds.
Reworded paragraphs (57)
Previous wording
We have one reportable segment. See the below table for a summary of gross premiums written, policy fees, total revenue, consolidated combined ratio, return on equity, and return on tangible equity(2) for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024, and the total assets, shareholders' equity and tangible shareholders' equity(2) as of June 30, 2025 and December 31, 2024.
Current wording
We have one reportable segment. See the below table for a summary of gross premiums written, policy fees, total revenue, consolidated combined ratio, return on equity, and return on tangible equity(1) for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, and the total assets, shareholders' equity and tangible shareholders' equity(1) as of September 30, 2025 and December 31, 2024.
Previous wording
All of our policies acquired during the three months ended June 30, 2024 were a result of our participation in the Citizens take-out program. Our policies acquired during the three months ended June 30, 2025 decreased by 1,818 policies, or 11.1%, compared to the prior year as a result of a decrease in policies acquired from Citizens during the period. Our policies written during the three months ended June 30, 2025 decreased by 10,440 policies, or 64.9%, as a result of the completion of offers under the Farmers renewal rights agreement in February 2025. In addition, for the three months ended June 30, 2025, our policy renewals increased by 14,560, or 23.7%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024 and organic policy renewals. For the three months ended June 30, 2025, our policy renewal rate was 87.9%, a decrease from 88.1% for the same period in 2024. Our average premium per residential policy decreased from $3,991 at June 30, 2024 to $3,964 at June 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was 110,575 at June 30, 2025.
Current wording
Our policies acquired during the three months ended September 30, 2025 increased by 13,771 policies, or 100%, compared to the prior year as a result of no policies acquired during the three months ended September 30, 2024. Our policies written during the three months ended September 30, 2025 decreased by 6,766 policies, or 46.5%, as a result of the completion of offers under the Farmers renewal rights agreement entered into February 2025. In addition, for the three months ended September 30, 2025, our policy renewals increased by 22,301 , or 32.6%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024 and organic policy renewals. For the three months ended September 30, 2025, our policy renewal rate was 88.0%, a decrease from 88.1% for the same period in 2024 on a higher number of policies in force. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.
Previous wording
Gross premiums earned. Gross premiums earned increased from $260.6 million for the three months ended June 30, 2024 to $338.7 million for the three months ended June 30, 2025. Our policies in force as of June 30, 2024 and June 30, 2025 were approximately 275,178 and 348,439 respectively, and this increase had a favorable impact on our gross premiums earned.
Current wording
Gross premiums earned. Gross premiums earned increased from $275.2 million for the three months ended September 30, 2024 to $359.4 million for the three months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase in policies in force had a favorable impact on our gross premiums earned.
Previous wording
Ceded premiums earned. Ceded premiums for the three months ended June 30, 2024 and 2025 were approximately $65.6 million and $94.8 million, respectively, representing 25.2% and 28.0%, respectively, of gross premiums earned. The $29.2 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Current wording
Ceded premiums earned. Ceded premiums for the three months ended September 30, 2024 and 2025 were approximately $90.4 million and $116.3 million, respectively, representing 32.8% and 32.4%, respectively, of gross premiums earned. The $25.9 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Previous wording
Net investment income. Net investment income, inclusive of realized investment losses, increased from $12.2 million for the three months ended June 30, 2024 to $15.0 million for the three months ended June 30, 2025. Our average investable assets increased from $948 million for the three months ended June 30, 2024 to $1,538 million for the three months ended June 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Current wording
Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $12.8 million for the three months ended September 30, 2024 to $19.1 million for the three months ended September 30, 2025. Our average investable assets increased from $1,053 million for the three months ended September 30, 2024 to $1,874 million for the three months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Previous wording
Policy fees. Policy fees increased from $2.0 million for the three months ended June 30, 2024 to $2.5 million for the three months ended June 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Current wording
Policy fees. Policy fees increased from $2.1 million for the three months ended September 30, 2024 to $2.4 million for the three months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Previous wording
Other income. Other income increased from $0.0 million for the three months ended June 30, 2024 to $0.2 million for the three months ended June 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premium produced for other insurance companies.
Current wording
Other income. Other income increased from $0.4 million for the three months ended September 30, 2024 to $1.1 million for the three months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premium produced for other insurance companies.
Previous wording
Total revenue. Total revenue increased from $408.3 million for the six months ended June 30, 2024 to $543.2 million for the six months ended June 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Current wording
Total revenue. Total revenue increased from $200.1 million for the three months ended September 30, 2024 to $265.7 million for the three months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.
Previous wording
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased from $168.5 million (inclusive of catastrophe losses from non-hurricane weather events of $50.1 million) for the six months ended June 30, 2024 to $175.1 million (inclusive of catastrophe losses from non-hurricane weather events of $8.3 million) for the six months ended June 30, 2025. The increase in losses and loss adjustment expenses incurred, net resulted primarily from the growth in policies in force. Losses and loss adjustment expenses incurred, net for the six months ended June 30, 2024 included losses paid of $98.0 million and a $38.5 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $27.2 million of IBNR reserves. As of June 30, 2025, we reported $331.6 million in unpaid losses and loss adjustment expenses incurred, net, which included $275.8 million attributable to IBNR, or 83.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Current wording
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $111.7 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the three months ended September 30, 2024 to $33.2 million (there were no incurred losses from named storms during the period) for the three months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserves in the current quarter due to lower than expected payments on losses incurred in earlier quarters of current and prior years. Losses and loss adjustment expenses incurred, net for the three months ended September 30, 2025 included losses paid of $48.8 million and a $15.6 million decrease in unpaid losses and loss adjustment expenses incurred, net, including the reduction of $19.3 million of IBNR reserves. As of September 30, 2025 we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Previous wording
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended June 30, 2024 and 2025 were approximately $17.8 million and $32.1 million, respectively, representing 9.1% and 13.2%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens policies in their assumption period, which had reduced policy acquisition costs in 2024.
Current wording
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended September 30, 2024 and 2025 were approximately $22.0 million and $36.4 million, respectively, representing 11.9% and 15.2%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.
Previous wording
General and administrative expenses. General and administrative expenses for the three months ended June 30, 2024 and 2025 were approximately $26.8 million and $37.9 million, respectively, representing 13.7% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $13.1 million to $20.0 million for the three months ended June 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service in force policies. Personnel count increased from 228 at April 1, 2024 to 277 at June 30, 2024 and from 392 at April 1, 2025 to 422 at June 30, 2025. Software and IT infrastructure expenses increased from $6.1 million to $9.6 million for the three months ended June 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses increased from $2.1 million to $2.3 million for the three months ended June 30, 2024 and 2025 respectively. This increase is attributed to increased costs from third parties in servicing policies in force.
Current wording
General and administrative expenses. General and administrative expenses for the three months ended September 30, 2024 and 2025 were approximately $38.0 million and $45.0 million, respectively, representing 20.6% and 18.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $18.4 million to $21.3 million for the three months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 227 at July 1, 2024 to 309 at September 30, 2024 and from 422 at July 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $9.5 million to $9.9 million for the three months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $3.6 million to $3.1 million for the three months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.
Previous wording
Interest expense. Interest expense decreased from $1.3 million for the three months ended June 30, 2024 to $0.9 million for the three months ended June 30, 2025. The decrease was due primarily to the decrease in outstanding debt.
Current wording
Interest expense. Interest expense decreased from $1.4 million for the three months ended September 30, 2024 to $0.9 million for the three months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.
Previous wording
Depreciation expense. Depreciation expense for the three months ended June 30, 2024 and 2025 were $0.3 and $1.1 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Current wording
Depreciation expense. Depreciation expense for the three months ended September 30, 2024 and 2025 were $0.7 and $1.1 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Previous wording
Amortization expense. Amortization expense for the three months ended June 30, 2024 and 2025 were $2.0 million and $1.9 million, respectively, representing 1.0% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Current wording
Amortization expense. Amortization expense for the three months ended September 30, 2024 and 2025 were $2.0 million and $1.9 million, respectively, representing 1.1% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Previous wording
Income tax expense. Income tax expense was $17.7 million and $26.2 million for the three months ended June 30, 2024 and 2025, respectively. Our effective tax rate for the three months ended June 30, 2024 and 2025 was 24.8% and 27.2% for the respective periods. The change in tax rate was due primarily to due to recording the IRC Section 162(m) permanent difference in the current period.
Current wording
Income tax expense. Income tax expense was $6.8 million and $36.0 million for the three months ended September 30, 2024 and 2025, respectively. Our effective tax rate for the three months ended September 30, 2024 and 2025 was 27.9% and
Previous wording
Loss ratio. Our loss ratio decreased from 44.0% for the six months ended June 30, 2024 to 34.3% for the six months ended June 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Current wording
Loss ratio. Our loss ratio decreased from 60.4% for the three months ended September 30, 2024 to 13.7% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.
Previous wording
Expense ratio. Our expense ratio increased from 24.0% for the three months ended June 30, 2024 to 30.0% for the three months ended June 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs from 2024.
Current wording
Expense ratio. Our expense ratio increased from 33.9% for the three months ended September 30, 2024 to 34.8% for the three months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs from 2024.
Previous wording
Combined ratio. Our combined ratio decreased from 68.3% for the six months ended June 30, 2024 to 62.9% for the six months ended June 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Current wording
Combined ratio. Our combined ratio decreased from 94.3% for the three months ended September 30, 2024 to 48.5% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.
Previous wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 9.1% for the three months ended June 30, 2024 to 13.2% for the three months ended June 30, 2025, primarily as a result of a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs.
Current wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 11.9% for the three months ended September 30, 2024 to 15.0% for the three months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.
Previous wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 11.0% for the three months ended June 30, 2024 to 4.0% for the three months ended June 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
Current wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 9.9% for the three months ended September 30, 2024 to 3.5% for the three months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
Previous wording
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:
Previous wording
Gross premiums written. Gross premiums written increased from $593.0 million for the six months ended June 30, 2024 to $713.6 million for the six months ended June 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers Insurance Company, Inc. (“Farmers”). We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions.
Current wording
Gross premiums written. Gross premiums written increased from $939.3 million for the nine months ended September 30, 2024 to $1,177.0 million for the nine months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers. We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions.
Previous wording
All of our policies acquired during the six months ended June 30, 2024 were a result of our participation in the Citizens take-out program. Our policies acquired during the six months ended June 30, 2025 decreased by 38,215 policies, or 59.2%, compared to the prior year as a result of a decrease in policies acquired from Citizens during the period. Our policies written during the six months ended June 30, 2024 decreased by 12,179 policies, or 51.6%, as a result of fewer Farmers and organic policies written. In addition, for the six months ended June 30, 2025 and 2024, our policy renewals increased by 35,166, or 38.2%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024 and organic policy renewals. For the six months ended June 30, 2025, our policy renewal rate was 88.3%, an increase from 88.2% for the same period in 2024. Our average premium per residential policy decreased from $3,991 at June 30, 2024 to $3,964 at June 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was 110,575 at June 30, 2025.
Current wording
Our policies acquired during the nine months ended September 30, 2025 decreased by 24,504 policies, or 37.9%, compared to the prior year as a result of a decrease in policies acquired from Citizens during the current period. Our policies written during the nine months ended September 30, 2024 decreased by 19,026 policies, or 49.9%, as a result of fewer Farmers and organic policies written. In addition, for the nine months ended September 30, 2025 and 2024, our policy renewals increased by 77,908, or 48.5%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024, Farmers policy renewals and organic policy renewals. For the nine months ended September 30, 2025, our policy renewal rate was 88.5%, an increase from 88.1% for the same period in 2024. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.
Previous wording
Gross premiums earned. Gross premiums earned increased from $497.9 million for the six months ended June 30, 2024 to $689.5 million for the six months ended June 30, 2025. Our policies in force as of June 30, 2024 and June 30, 2025 were approximately 275,178 and 348,439 respectively, and this increase had a favorable impact on our gross premiums earned.
Current wording
Gross premiums earned. Gross premiums earned increased from $773.1 million for the nine months ended September 30, 2024 to $1,048.9 million for the nine months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase had a favorable impact on our gross premiums earned.
Previous wording
Ceded premiums earned. Ceded premiums for the six months ended June 30, 2024 and 2025 were approximately $114.8 million and $179.6 million, respectively, representing 23.1% and 26.1%, respectively, of gross premiums earned. The $64.8 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Current wording
Ceded premiums earned. Ceded premiums for the nine months ended September 30, 2024 and 2025 were approximately $205.2 million and $296.0 million, respectively, representing 26.6% and 28.2%, respectively, of gross premiums earned. The $90.8 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.
Previous wording
Net investment income. Net investment income, inclusive of realized investment losses, increased from $21.7 million for the six months ended June 30, 2024 to $28.8 million for the six months ended June 30, 2025. Our average investable assets increased from $856 million for the six months ended June 30, 2024 to $1,538 million for the six months ended June 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Current wording
Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $34.5 million for the nine months ended September 30, 2024 to $47.9 million for the nine months ended September 30, 2025. Our average investable assets increased from $918 million for the nine months ended September 30, 2024 to $1,568 million for the nine months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.
Previous wording
Policy fees. Policy fees increased from $2.9 million for the six months ended June 30, 2024 to $4.0 million for the six months ended June 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Current wording
Policy fees. Policy fees increased from $5.1 million for the nine months ended September 30, 2024 to $6.4 million for the nine months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.
Previous wording
Total revenue. Total revenue increased from $209.1 million for the three months ended June 30, 2024 to $261.6 million for the three months ended June 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Current wording
Total revenue. Total revenue increased from $608.4 million for the nine months ended September 30, 2024 to $808.9 million for the nine months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.
Previous wording
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net increased from $89.5 million (inclusive of catastrophe losses from non-hurricane weather events of $29.9 million) for the three months ended June 30, 2024 to $91.4 million (inclusive of catastrophe losses from non-hurricane weather events of $6.1 million) for the three months ended June 30, 2025. The increase in losses and loss adjustment expenses incurred, net resulted primarily from the growth in policies in force. Losses and loss adjustment expenses incurred, net for the three months ended June 30, 2024 included losses paid of $47.0 million and a $33.7 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $14.3 million of IBNR reserves. As of June 30, 2025 we reported $331.6 million in unpaid losses and loss adjustment expenses incurred, net, which included $275.8 million attributable to IBNR, or 83.1% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Current wording
Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $280.2 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the nine months ended September 30, 2024 to $208.4 million (there were no incurred losses from named storms during the period) for the nine months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserve due to lower than expected payments. Losses and loss adjustment expenses incurred, net for the nine months ended September 30, 2025 included losses paid of $146.8 million and a $61.6 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $60.7 million of IBNR reserves. As of September 30, 2025, we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.
Previous wording
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the six months ended June 30, 2024 and 2025 were approximately $34.9 million and $60.7 million, respectively, representing 9.1% and 11.9%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens policies in their assumption period, which had reduced policy acquisition costs in 2024.
Current wording
Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the nine months ended September 30, 2024 and 2025 were approximately $56.9 million and $97.1 million, respectively, representing 10.0% and 13.0%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.
Previous wording
General and administrative expenses. General and administrative expenses for the six months ended June 30, 2024 and 2025 were approximately $53.8 million and $79.3 million, respectively, representing 14.1% and 15.6%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $24.9 million to $38.6 million for the six months ended June 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service in force policies. Personnel count increased from 204 at January 1, 2024 to 277 at June 30, 2024 and from 346 at January 1, 2025 to 422 at June 30, 2025. Software and IT infrastructure expenses increased from $9.3 million to $21.7 million for the six months ended June 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $8.2 million to $4.4 million for the six months ended June 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.
Current wording
General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2024 and 2025 were approximately $91.8 million and $124.3 million, respectively, representing 16.2% and 16.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $43.3 million to $59.9 million for the nine months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 204 at January 1, 2024 to 309 at September 30, 2024 and from 346 at January 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $18.8 million to $31.7 million for the nine months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $11.8 million to $7.6 million for the nine months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.
Previous wording
Depreciation expense. Depreciation expense for the six months ended June 30, 2024 and 2025 were $0.7 and $2.3 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Current wording
Depreciation expense. Depreciation expense for the nine months ended September 30, 2024 and 2025 were $1.3 and $3.5 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.
Previous wording
Amortization expense. Amortization expense for the six months ended June 30, 2024 and 2025 were $3.9 million and $3.7 million, respectively, representing 1.0% and 0.7%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Current wording
Amortization expense. Amortization expense for the nine months ended September 30, 2024 and 2025 were $5.9 million and $5.7 million, respectively, representing 1.0% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.
Previous wording
Income tax expense. Income tax expense was $36.4 million and $57.6 million for the six months ended June 30, 2024 and 2025, respectively. Our effective tax rate for the six months ended June 30, 2024 and 2025 was 25.1% and 26.2% respectively. The change in tax rate was due primarily to due to recording the IRC Section 162(m) permanent difference in the current period.
Current wording
Income tax expense. Income tax expense was $43.1 million and $93.6 million for the nine months ended September 30, 2024 and 2025, respectively. Our effective tax rate for each of the nine months ended September 30, 2024 and 2025 was 25.5%.
Previous wording
Loss ratio. Our loss ratio decreased from 45.9% for the three months ended June 30, 2024 to 37.4% for the three months ended June 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Current wording
Loss ratio. Our loss ratio decreased from 49.3% for the nine months ended September 30, 2024 to 27.7% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Previous wording
Expense ratio. Our expense ratio increased from 24.3% for the six months ended June 30, 2024 to 28.6% for the six months ended June 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs in 2024.
Current wording
Expense ratio. Our expense ratio increased from 27.5% for the nine months ended September 30, 2024 to 30.6% for the nine months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs in 2024.
Previous wording
Combined ratio. Our combined ratio decreased from 69.9% for the three months ended June 30, 2024 to 67.4% for the three months ended June 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Current wording
Combined ratio. Our combined ratio decreased from 76.8% for the nine months ended September 30, 2024 to 58.3% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.
Previous wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 9.1% for the six months ended June 30, 2024 to 11.9% for the six months ended June 30, 2025, primarily as a result of a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs.
Current wording
Policy acquisition expense ratio. Our policy acquisition expense ratio increased from 10.0% for the nine months ended September 30, 2024 to 12.9% for the nine months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.
Previous wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 11.0% for the six months ended June 30, 2024 to 4.0% for the six months ended June 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
Current wording
Debt to capitalization ratio. Our debt to capitalization ratio decreased from 9.9% for the nine months ended September 30, 2024 to 3.5% for the nine months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Gross premiums written. Gross premiums written increased from $346.3 million for the three months ended September 30, 2024 to $463.4 million for the three months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers Insurance Company, Inc. ("Farmers"). We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions. The following table summarizes the sources of our written policies in force as of September 30, 2024 and 2025:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Gross premiums written. Gross premiums written increased from $348.3 million for the three months ended June 30, 2024 to $435.4 million for the three months ended June 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies. The following table summarizes the sources of our written policies in force as of June 30, 2024 and 2025: