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DEBT AND CREDIT FACILITIES | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES Debt Obligations The following table summarizes the Company’s outstanding debt obligations.
|  | September 30, 2025 |  | December 31, 2024
Term loans |  | $ | — |  |  | $ | 60,313 |
Revolving credit facility |  | 35,000 |  |  | — |
Accrued interest payable |  | — |  |  | 923 |
Less: deferred financing costs |  | (255) |  |  | (487) |
Total debt |  | $ | 34,745 |  |  | $ | 60,749 |
During the nine months ended September 30, 2025, the Company partially repaid $10.3 million of the outstanding Term loans. On September 3, 2025, the Company executed a First Amendment to its Credit Agreement originally dated June 26, 2023 (the “Amended Credit Agreement”), providing for a $50 million revolving credit facility (the “Revolving Credit Facility”). The proceeds were used to fully refinance the remaining $50 million Term Loans. This non-cash transaction was accounted for as a debt extinguishment. The outstanding loans under the Revolving Credit Facility accrue interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) plus 3.25% per annum. During the nine months ended September 30, 2025, the Company repaid $15.0 million of the outstanding Revolving Credit Facility. The Amended Credit Agreement continues to be secured by a first-priority lien on a collateral account with a minimum balance of $10.0 million. The Company was in compliance with all covenants relating to the Amended Credit Agreement at September 30, 2025. On October 6, 2025, the Company repaid $15.0 million of the outstanding Revolving Credit Facility. Credit Facilities At September 30, 2025, the Company had the following letter of credit (“LC”) facilities:
|  | Capacity |  | LCs issued |  |
HSBC (1) |  | $ | 100,000 |  |  | $ | — |  |  |
Citibank (2) |  | 275,000 |  |  | 183,339 |  |  |
CIBC (3) |  | 200,000 |  |  | 119,394 |  |  |
Total LCs in favor of cedants |  | $ | 575,000 |  |  | $ | 302,733 |  |  |
Citibank FAL (4) |  | £ | 50,000 |  |  | £ | — |  |  |
(1) The HSBC LC facility may be terminated by either the Company or HSBC upon written notice; provided that such termination shall not terminate any letters of credit then-outstanding under this facility. (2) The Citibank LC facility may be terminated by Citibank upon written notice to the Company; provided that the termination date shall not be earlier than the expiry date of any then-outstanding under this facility. (3) The CIBC LC facility will terminate on December 21, 2026, subject to automatic 1-year extensions unless a termination noticed is provided by CIBC or the Company at least 120 days prior to the then-applicable termination date. (4) The Citibank FAL LC facility may be terminated by Citibank upon written notice to Lloyd’s and the Company; provided that the termination date shall not be earlier than December 31st of the fourth anniversary of such termination date. During the three months ended September 30, 2025, the Company, through its subsidiary, entered into an uncommitted and unsecured £50 million letter of credit facility arrangement with Citibank Europe plc (“Citibank”) to support the Company’s Funds at Lloyd’s business (the “Citibank FAL”). Concurrently with this transaction, the Parent has provided a guarantee to Citibank, requiring the Parent to make payment in the event that the respective subsidiary fails to meet its obligations when due. At September 30, 2025, the maximum potential amount of future payments the Parent could be required to make under this guarantee is nil as no LCs have been issued. On October 9, 2025, a £45 million LC was issued in favor of Lloyd’s and concurrently Lloyd’s released $60.7 million cash to the Company. The above LCs issued are cash collateralized, except for the Citibank FAL (see Note 5). The LC facilities are subject to various customary affirmative, negative and financial covenants. At September 30, 2025, the Company was in compliance with all LC facilities covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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