We present our expenses in four major captions, loss and loss adjustment expenses, policy acquisition costs, general and administrative expenses and interest expense. We have presented the disaggregation of our general and administrative expenses below for the years ended December 31, 2025, 2024, and 2023 to enhance disclosure regarding our recast general and administrative expenses.


	Year Ended December 31,
	2025			2024			2023
General and Administrative Expenses
Employee compensation(1)	$	14,980		$	15,139		$	13,617
Depreciation and amortization		4,131			5,185			1,832
Association fees		3,876			3,473			2,570
Professional services		3,736			4,472			4,275
Software & equipment costs		3,341			4,117			4,434
Intangible asset amortization		2,437			2,640			3,247
Audit fees		1,619			2,412			1,347
Liability insurance		1,536			1,908			1,633
Legal fees		815			1,657			1,038
Operating lease expense		438			220			723
Loss on disposal of indefinite life intangible assets		—			—			200
Provision for (reversal of) expected credit losses		(71	)		(44	)		(219	)
Other general and administrative(2)		3,625			3,577			2,862
Total general and administrative expenses	$	40,463		$	44,756		$	37,559

(1) For the year ended December 31, 2025, employee compensation includes $4.5 million, in one-time employee retention tax credit refunds.

(2) For the years ended December 31, 2025, 2024, and 2023, other general and administrative expenses were comprised primarily of regulatory fees, director fees, franchise fees and overhead.