ADDED
As of January 30, 2026, the registrant had outstanding 60,081,960 shares of common stock.
Management s Discussion and Analysis of Financial Condition and Results of Operations 37 Forward-looking Statements 37 Introduction 37 Critical Accounting Policies and Estimates 38 Financial Highlights of Results for Years Ended December 31, 2025, 2024, and 2023 46 Results of Operations and Related Information by Segment 48 Income Taxes 63 Liquidity and Capital Resources 64 Item 7A.
("Parent") is a New Jersey insurance holding company incorporated in 1977.
It owns ten property and casualty insurance subsidiaries ("Insurance Subsidiaries") that sell products and services only in the United States ("U.S.") and exclusively through independent insurance agents and wholesale brokers.
Nine of our Insurance Subsidiaries are licensed by various state insurance departments as admitted carriers, allowing them to write specific property and casualty lines in the standard market.
The tenth subsidiary is authorized as a non-admitted carrier to write property and casualty insurance in the excess and surplus ("E S") lines market.
Specific terms related to the property and casualty industry are defined in a glossary attached as Exhibit 99.1 to this Form 10-K.
We have a long and successful history in the property and casualty insurance industry dating back to our 1926 founding.
Property/Casualty Writers" list based on 2024 net premiums written ("NPW").
We believe our five key sustainable competitive advantages are: A unique operating model that places empowered decision-makers alongside our customers and distribution partners.
REMOVED
As of January 31, 2025, the registrant had outstanding 60,805,019 shares of common stock.
Management s Discussion and Analysis of Financial Condition and Results of Operations 37 Forward-looking Statements 37 Introduction 37 Critical Accounting Policies and Estimates 38 Financial Highlights of Results for Years Ended December 31, 202 4 , 2023, and 2022 46 Results of Operations and Related Information by Segment 48 Federal Income Taxes 64 Liquidity and Capital Resources 65 Item 7A.
("Parent") is a New Jersey insurance holding company incorporated in 1977 that owns ten property and casualty insurance subsidiaries ("Insurance Subsidiaries").
The Insurance Subsidiaries sell products and services only in the United States ("U.S.") and exclusively through independent insurance agents and wholesale brokers.
Various state insurance departments (i) license nine of our subsidiaries as admitted carriers to write specific property and casualty lines in the standard market and (ii) authorize the tenth subsidiary as a non-admitted carrier to write property and casualty insurance in the excess and surplus ("E S") lines market.
We also use specific property and casualty industry-related terms defined in a glossary attached as Exhibit 99.1 to this Form 10-K.
Property/Casualty Writers" list based on 2023 net premiums written ("NPW").
We have a long and successful history in the property and casualty insurance industry since our 1926 founding.
We have five key sustainable competitive advantages: A unique operating model that places empowered decision-makers alongside our customers and distribution partners.
A franchise-value distribution model, defined by our meaningful and close business relationships with a group of high-quality distribution partners.