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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 June 30, 2025:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,333 $27,596 $(301)$179,628 
Net premiums written$142,111 $22,716 $(300)$164,527 
Net premiums earned$140,554 $21,386 $(299)$161,641 
Net loss and LAE incurred
(83,475)(15,244)(1,360)(100,079)
Acquisition costs(40,900)(6,012)64 (46,848)
Other underwriting expenses(4,861)(1,620)— (6,481)
Deposit interest expense, net
(124)— — (124)
Underwriting income (loss)11,194 (1,490)(1,595)8,109 
Reconciliation to income before income taxes:
Net investment income5,629 431 4,410 10,470 
Corporate and other expenses— (602)(4,153)(4,755)
Income (loss) from investment in Solasglas
(18,276)(18,276)
Foreign exchange gains (losses)6,271 6,271 
Interest expense(1,144)(1,144)
Income (loss) before income taxes
$16,823 $(1,661)$(14,487)$675 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(78,017)$(12,713)$97 $(90,633)
  Large event losses
(6,399)— — (6,399)
  CAT event losses
— — — — 
  Prior year favorable (adverse) loss development
941 (2,531)(1,457)(3,047)
Total net loss and LAE incurred$(83,475)$(15,244)$(1,360)$(100,079)
Total allocated assets (1)
$485,330 $146,198 $1,556,496 $2,188,024 

(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 June 30, 2024:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$143,311 $25,319 $345 $168,975 
Net premiums written$131,585 $22,212 $346 $154,143 
Net premiums earned$125,865 $25,348 $7,185 $158,398 
Net loss and LAE incurred
(73,403)(13,634)(14,996)(102,033)
Acquisition costs(40,511)(8,406)(1,537)(50,454)
Other underwriting expenses(4,816)(995)— (5,811)
Deposit interest expense, net
233 — — 233 
Underwriting income (loss)7,368 2,313 (9,348)333 
Reconciliation to income before income taxes:
Net investment income9,782 366 800 10,948 
Corporate and other expenses— (810)(3,896)(4,706)
Income from investment in Solasglas4,330 4,330 
Foreign exchange gains (losses)(932)(932)
Interest expense(1,560)(1,560)
Income (loss) before income taxes$17,150 $1,869 $(10,606)$8,413 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(67,763)$(15,275)$(6,382)$(89,420)
  Large event losses
(5,580)— — (5,580)
  CAT event losses
— — (7,722)(7,722)
  Prior year favorable (adverse) loss development
(60)1,641 (892)689 
Total net loss and LAE incurred$(73,403)$(13,634)$(14,996)$(102,033)
Total allocated assets (1)
$402,186 $140,253 $1,357,509 $1,899,948 

(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.
Six months ended June 30, 2025:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$373,042 $55,062 $(531)$427,573 
Net premiums written$337,720 $46,687 $(483)$383,924 
Net premiums earned$290,195 $40,391 $(482)$330,104 
Net loss and LAE incurred
(196,238)(25,590)(1,135)(222,963)
Acquisition costs(81,781)(12,045)112 (93,714)
Other underwriting expenses(9,658)(3,181)— (12,839)
Deposit interest expense, net
(273)— — (273)
Underwriting income (loss)2,245 (425)(1,505)315 
Reconciliation to income before income taxes:
Net investment income11,400 879 6,478 18,757 
Corporate and other expenses— (1,174)(8,253)(9,427)
Income from investment in Solasglas13,921 13,921 
Foreign exchange gains (losses)10,626 10,626 
Interest expense(2,608)(2,608)
Income (loss) before income taxes
$13,645 $(720)$18,659 $31,584 
Additional information:
Net loss and LAE incurred:
  Attritional losses
$(158,177)$(23,626)$211 $(181,592)
  Large event losses
(7,090)— — (7,090)
  CAT event losses
(27,016)— — (27,016)
  Prior year favorable (adverse) loss development
(3,955)(1,964)(1,346)(7,265)
Total net loss and LAE incurred$(196,238)$(25,590)$(1,135)$(222,963)
Total allocated assets (1)
$485,330 $146,198 $1,556,496 $2,188,024 

(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.
Six months ended June 30, 2024:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$330,372 $55,387 $474 $386,233 
Net premiums written$299,301 $48,456 $463 $348,220 
Net premiums earned$257,475 $45,545 $16,914 $319,934 
Net loss and LAE incurred
(160,103)(26,761)(24,495)(211,359)
Acquisition costs(74,090)(14,459)(3,515)(92,064)
Other underwriting expenses(10,294)(1,856)— (12,150)
Deposit interest expense, net
(643)— — (643)
Underwriting income (loss)12,345 2,469 (11,096)3,718 
Reconciliation to income before income taxes:
Net investment income22,398 183 1,545 24,126 
Corporate and other expenses— (1,400)(7,681)(9,081)
Income from investment in Solasglas22,578 22,578 
Foreign exchange gains (losses)(2,581)(2,581)
Interest expense(2,809)(2,809)
Income (loss) before income taxes$34,743 $1,252 $(44)$35,951 
Additional information:
Net loss and LAE incurred:
  Attritional losses
$(140,553)$(28,403)$(11,952)$(180,908)
  Large event losses
(8,017)— — (8,017)
  CAT event losses
(10,000)— (7,722)(17,722)
  Prior year favorable (adverse) loss development
(1,533)1,642 (4,821)(4,712)
Total net loss and LAE incurred$(160,103)$(26,761)$(24,495)$(211,359)
Total allocated assets (1)
$402,186 $140,253 $1,357,509 $1,899,948 
(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.