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SEGMENT REPORTING | 9 Months Ended
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Sep. 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 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 The entire disclosure for reporting segments including data and tables. 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