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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
 
The Company has two operating segments: Open Market and Innovations.

Open Market

In the Open Market segment, the Company underwrites reinsurance business, sourced through the brokerage distribution channels and Lloyd’s. The Company writes mostly treaty reinsurance, on a proportional and non-proportional basis. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline, Property and Specialty.

Innovations

In the Innovations segment, the Company provides reinsurance capacity to startup companies and MGAs based globally, sourced mainly through direct placements with its strategic partners (see Note 4). This segment also includes business written by Syndicate 3456. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline and Specialty.

The Company’s reportable segments each have executive leadership who are responsible for their performance and who are directly accountable to the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer. The CODM reviews the financial performance of the reportable segment to assess the achievement of strategic initiatives, the efficiency of the deployed capital, and how to allocate resources to the reportable segments based on the segment’s financial performance.

The table below provides information about the Company’s reportable segments, including the reconciliation to net income as reported under U.S. GAAP. Comparatives have been recast to conform with the current reportable segments.
Three months ended March 31, 2025:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$220,709 $27,466 $(230)$247,945 
Net premiums written$195,609 $23,971 $(183)$219,397 
Net premiums earned$149,641 $19,005 $(183)$168,463 
Net loss and LAE incurred
(112,763)(10,346)225 (122,884)
Acquisition costs(40,881)(6,033)48 (46,866)
Other underwriting expenses(4,797)(1,561)— (6,358)
Deposit interest expense, net
(149)— — (149)
Underwriting income (loss)(8,949)1,065 90 (7,794)
Reconciliation to income before income taxes:
Net investment income5,771 448 2,068 8,287 
Corporate and other expenses— (572)(4,100)(4,672)
Income from investment in Solasglas32,197 32,197 
Foreign exchange gains (losses)4,355 4,355 
Interest expense(1,464)(1,464)
Income (loss) before income taxes
$(3,178)$941 $33,146 $30,909 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(80,852)$(10,913)$114 $(91,651)
  CAT losses(27,015)— — (27,015)
  Prior year adverse (favorable) loss development(4,896)567 111 (4,218)
Total net loss and LAE incurred$(112,763)$(10,346)$225 $(122,884)
Total allocated assets (1)
$459,549 $145,402 $1,547,145 $2,152,096 

(1) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
Three months ended March 31, 2024:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$187,061 $30,068 $129 $217,258 
Net premiums written$167,716 $26,244 $117 $194,077 
Net premiums earned$131,610 $20,197 $9,729 $161,536 
Net loss and LAE incurred
(86,700)(13,127)(9,499)(109,326)
Acquisition costs(33,579)(6,053)(1,978)(41,610)
Other underwriting expenses(5,478)(861)— (6,339)
Deposit interest expense, net
(876)— — (876)
Underwriting income (loss)4,977 156 (1,748)3,385 
Reconciliation to income before income taxes:
Net investment income12,616 (183)745 13,178 
Corporate and other expenses— (590)(3,785)(4,375)
Income from investment in Solasglas18,248 18,248 
Foreign exchange gains (losses)(1,649)(1,649)
Interest expense(1,249)(1,249)
Income (loss) before income taxes$17,593 $(617)$10,562 $27,538 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(72,790)$(13,128)$(5,570)$(91,488)
  CAT losses(12,437)— — (12,437)
  Prior year adverse (favorable) loss development(1,473)1 (3,929)(5,401)
Total net loss and LAE incurred$(86,700)$(13,127)$(9,499)$(109,326)
Total allocated assets (1)
$479,820 $92,939 $1,304,210 $1,876,969 
(1) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.