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SEGMENT REPORTING
 9 Months Ended
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 MarketInnovationsCorporateTotal 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 MarketInnovationsCorporateTotal 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 income9,360 253 841 10,454 
Corporate and other expenses— (608)(3,645)(4,253)
Income from investment in Solasglas19,844 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 MarketInnovationsCorporateTotal 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 MarketInnovationsCorporateTotal 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 income31,758 436 2,386 34,580 
Corporate and other expenses— (2,008)(11,326)(13,334)
Income from investment in Solasglas42,422 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.