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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025: | Open Market |  | Innovations |  | Corporate |  | Total Consolidated
Gross premiums written | $ | 154,994 |  |  | $ | 29,393 |  |  | $ | (10) |  |  | $ | 184,377 |
Net premiums written | $ | 140,372 |  |  | $ | 22,318 |  |  | $ | (8) |  |  | $ | 162,682 |
Net premiums earned | $ | 144,427 |  |  | $ | 21,000 |  |  | $ | (8) |  |  | $ | 165,419 |
Net loss and LAE incurred | (76,590) |  |  | (11,412) |  |  | (591) |  |  | (88,593) |
Acquisition costs | (40,069) |  |  | (6,894) |  |  | 1 |  |  | (46,962) |
Other underwriting expenses | (5,446) |  |  | (2,026) |  |  | — |  |  | (7,472) |
Deposit interest expense, net | (94) |  |  | — |  |  | — |  |  | (94) |
Underwriting income (loss) | 22,228 |  |  | 668 |  |  | (598) |  |  | 22,298 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Net investment income (loss) | 5,623 |  |  | (11,270) |  |  | 2,697 |  |  | (2,950) |
Corporate and other expenses | — |  |  | (724) |  |  | (4,675) |  |  | (5,399) |
Income (loss) from investment in Solasglas |  |  |  |  | (14,404) |  |  | (14,404) |
Foreign exchange gains (losses) |  |  |  |  | (1,994) |  |  | (1,994) |
Interest expense |  |  |  |  | (1,430) |  |  | (1,430) |
Income (loss) before income taxes | $ | 27,851 |  |  | $ | (11,326) |  |  | $ | (20,404) |  |  | $ | (3,879) |
Additional information: |  |  |  |  |  |  |
Net loss and LAE incurred: |  |  |  |  |  |  |
Attritional losses | $ | (70,010) |  |  | $ | (12,060) |  |  | $ | 19 |  |  | $ | (82,051) |
Large event losses | (5,725) |  |  | — |  |  | — |  |  | (5,725) |
CAT event losses | — |  |  | — |  |  | — |  |  | — |
Prior year favorable (adverse) loss development | (855) |  |  | 648 |  |  | (610) |  |  | (817) |
Total net loss and LAE incurred | $ | (76,590) |  |  | $ | (11,412) |  |  | $ | (591) |  |  | $ | (88,593) |
Total allocated assets (1) | $ | 489,755 |  |  | $ | 130,382 |  |  | $ | 1,513,918 |  |  | $ | 2,134,055 |
(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 September 30, 2024: | Open Market |  | Innovations |  | Corporate |  | Total Consolidated
Gross premiums written | $ | 150,331 |  |  | $ | 18,675 |  |  | $ | (660) |  |  | $ | 168,346 |
Net premiums written | $ | 128,238 |  |  | $ | 14,170 |  |  | $ | (660) |  |  | $ | 141,748 |
Net premiums earned | $ | 126,577 |  |  | $ | 21,793 |  |  | $ | 3,514 |  |  | $ | 151,884 |
Net loss and LAE incurred | (76,177) |  |  | (12,223) |  |  | (4,765) |  |  | (93,165) |
Acquisition costs | (38,223) |  |  | (6,963) |  |  | (976) |  |  | (46,162) |
Other underwriting expenses | (4,871) |  |  | (1,202) |  |  | — |  |  | (6,073) |
Deposit interest expense, net | (377) |  |  | — |  |  | — |  |  | (377) |
Underwriting income (loss) | 6,929 |  |  | 1,405 |  |  | (2,227) |  |  | 6,107 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Net investment income | 9,360 |  |  | 253 |  |  | 841 |  |  | 10,454 |
Corporate and other expenses | — |  |  | (608) |  |  | (3,645) |  |  | (4,253) |
Income from investment in Solasglas |  |  |  |  | 19,844 |  |  | 19,844 |
Foreign exchange gains (losses) |  |  |  |  | 5,826 |  |  | 5,826 |
Interest expense |  |  |  |  | (2,018) |  |  | (2,018) |
Income (loss) before income taxes | $ | 16,289 |  |  | $ | 1,050 |  |  | $ | 18,621 |  |  | $ | 35,960 |
Additional information: |  |  |  |  |  |  |
Net loss and LAE incurred: |  |  |  |  |  |  |
Attritional losses | $ | (71,909) |  |  | $ | (12,129) |  |  | $ | (552) |  |  | $ | (84,590) |
Large event losses | (2,083) |  |  | — |  |  | — |  |  | (2,083) |
CAT event losses | (7,500) |  |  | — |  |  | (4,647) |  |  | (12,147) |
Prior year favorable (adverse) loss development | 5,315 |  |  | (94) |  |  | 434 |  |  | 5,655 |
Total net loss and LAE incurred | $ | (76,177) |  |  | $ | (12,223) |  |  | $ | (4,765) |  |  | $ | (93,165) |
Total allocated assets (1) | $ | 406,318 |  |  | $ | 138,526 |  |  | $ | 1,456,842 |  |  | $ | 2,001,686 |
(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.
Nine months ended September 30, 2025: | Open Market |  | Innovations |  | Corporate |  | Total Consolidated
Gross premiums written | $ | 528,036 |  |  | $ | 84,455 |  |  | $ | (541) |  |  | $ | 611,950 |
Net premiums written | $ | 478,092 |  |  | $ | 69,005 |  |  | $ | (491) |  |  | $ | 546,606 |
Net premiums earned | $ | 434,622 |  |  | $ | 61,391 |  |  | $ | (490) |  |  | $ | 495,523 |
Net loss and LAE incurred | (272,828) |  |  | (37,002) |  |  | (1,726) |  |  | (311,556) |
Acquisition costs | (121,850) |  |  | (18,939) |  |  | 113 |  |  | (140,676) |
Other underwriting expenses | (15,104) |  |  | (5,207) |  |  | — |  |  | (20,311) |
Deposit interest expense, net | (367) |  |  | — |  |  | — |  |  | (367) |
Underwriting income (loss) | 24,473 |  |  | 243 |  |  | (2,103) |  |  | 22,613 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Net investment income (loss) | 17,023 |  |  | (10,391) |  |  | 9,175 |  |  | 15,807 |
Corporate and other expenses | — |  |  | (1,898) |  |  | (12,928) |  |  | (14,826) |
Income from investment in Solasglas |  |  |  |  | (483) |  |  | (483) |
Foreign exchange gains (losses) |  |  |  |  | 8,632 |  |  | 8,632 |
Interest expense |  |  |  |  | (4,038) |  |  | (4,038) |
Income (loss) before income taxes | $ | 41,496 |  |  | $ | (12,046) |  |  | $ | (1,745) |  |  | $ | 27,705 |
Additional information: |  |  |  |  |  |  |
Net loss and LAE incurred: |  |  |  |  |  |  |
Attritional losses | $ | (228,187) |  |  | $ | (35,686) |  |  | $ | 230 |  |  | $ | (263,643) |
Large event losses | (12,815) |  |  | — |  |  | — |  |  | (12,815) |
CAT event losses | (27,016) |  |  | — |  |  | — |  |  | (27,016) |
Prior year favorable (adverse) loss development | (4,810) |  |  | (1,316) |  |  | (1,956) |  |  | (8,082) |
Total net loss and LAE incurred | $ | (272,828) |  |  | $ | (37,002) |  |  | $ | (1,726) |  |  | $ | (311,556) |
Total allocated assets (1) | $ | 489,755 |  |  | $ | 130,382 |  |  | $ | 1,513,918 |  |  | $ | 2,134,055 |
(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.
Nine months ended September 30, 2024: | Open Market |  | Innovations |  | Corporate |  | Total Consolidated
Gross premiums written | $ | 480,703 |  |  | $ | 74,062 |  |  | $ | (186) |  |  | $ | 554,579 |
Net premiums written | $ | 427,539 |  |  | $ | 62,626 |  |  | $ | (197) |  |  | $ | 489,968 |
Net premiums earned | $ | 384,052 |  |  | $ | 67,338 |  |  | $ | 20,428 |  |  | $ | 471,818 |
Net loss and LAE incurred | (236,280) |  |  | (38,984) |  |  | (29,260) |  |  | (304,524) |
Acquisition costs | (112,313) |  |  | (21,422) |  |  | (4,491) |  |  | (138,226) |
Other underwriting expenses | (15,165) |  |  | (3,058) |  |  | — |  |  | (18,223) |
Deposit interest expense, net | (1,020) |  |  | — |  |  | — |  |  | (1,020) |
Underwriting income (loss) | 19,274 |  |  | 3,874 |  |  | (13,323) |  |  | 9,825 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Net investment income | 31,758 |  |  | 436 |  |  | 2,386 |  |  | 34,580 |
Corporate and other expenses | — |  |  | (2,008) |  |  | (11,326) |  |  | (13,334) |
Income from investment in Solasglas |  |  |  |  | 42,422 |  |  | 42,422 |
Foreign exchange gains (losses) |  |  |  |  | 3,245 |  |  | 3,245 |
Interest expense |  |  |  |  | (4,827) |  |  | (4,827) |
Income (loss) before income taxes | $ | 51,032 |  |  | $ | 2,302 |  |  | $ | 18,577 |  |  | $ | 71,911 |
Additional information: |  |  |  |  |  |  |
Net loss and LAE incurred: |  |  |  |  |  |  |
Attritional losses | $ | (212,462) |  |  | $ | (40,532) |  |  | $ | (12,504) |  |  | $ | (265,498) |
Large event losses | (10,100) |  |  | — |  |  | — |  |  | (10,100) |
CAT event losses | (17,500) |  |  | — |  |  | (12,369) |  |  | (29,869) |
Prior year favorable (adverse) loss development | 3,782 |  |  | 1,548 |  |  | (4,387) |  |  | 943 |
Total net loss and LAE incurred | $ | (236,280) |  |  | $ | (38,984) |  |  | $ | (29,260) |  |  | $ | (304,524) |
Total allocated assets (1) | $ | 406,318 |  |  | $ | 138,526 |  |  | $ | 1,456,842 |  |  | $ | 2,001,686 |
(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.

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- 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 + Details
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