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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Gross Premiums Written by Line of Business

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 Market						Innovations						Corporate						Total 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 income			5,771						448						2,068						8,287
Corporate and other expenses			—						(572)						(4,100)						(4,672)
Income from investment in Solasglas															32,197						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 Market						Innovations						Corporate						Total 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 income			12,616						(183)						745						13,178
Corporate and other expenses			—						(590)						(3,785)						(4,375)
Income from investment in Solasglas															18,248						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.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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