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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025:			Open Market						Innovations						Corporate						Total 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 income			5,629						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 Market						Innovations						Corporate						Total 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 income			9,782						366						800						10,948
Corporate and other expenses			—						(810)						(3,896)						(4,706)
Income from investment in Solasglas															4,330						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 Market						Innovations						Corporate						Total 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 income			11,400						879						6,478						18,757
Corporate and other expenses			—						(1,174)						(8,253)						(9,427)
Income from investment in Solasglas															13,921						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 Market						Innovations						Corporate						Total 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 income			22,398						183						1,545						24,126
Corporate and other expenses			—						(1,400)						(7,681)						(9,081)
Income from investment in Solasglas															22,578						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.

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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