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SEGMENT REPORTING (Tables)

9 Months Ended

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.

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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