The Company has equity investments in Tower Hill Holdings Inc. (“Tower Hill”) and certain of its subsidiaries (collectively, the “Tower Hill Companies”), which are accounted for under the equity method of accounting. As a result, the Tower Hill Companies are considered related parties to the Company. The Company has entered into reinsurance agreements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance agreements with respect to business produced by the Tower Hill Companies.

The following table summarizes the significant balances resulting from these reinsurance agreements with the Tower Hill Companies:



Year ended December 31,	2025		2024		2023
Net premiums written	$	86,423	$	115,073	$	96,810
Net premiums earned	89,401		118,993		83,256
Net claims and claim expenses incurred	(5,427)		94,486		(9,753)
Acquisition expenses	13,411		14,199		12,730


At December 31,	2025		2024
Premiums receivable (payable)	$	35,877	$	31,925


Reserve for claims and claim expenses	50,992		95,215

During 2025, the Company received distributions of $32.6 million from the Tower Hill Companies (2024 - $34.4 million, 2023 - $22.6 million).

During 2025, the Company received distributions from Top Layer of $14.0 million (2024 - $16.8 million, 2023 - $7.8 million), and recorded a management fee of $2.5 million (2024 - $3.0 million, 2023 - $3.4 million). The management fee reimburses the Company for services it provides to Top Layer.

During 2025, the Company received 81.3% of its gross premiums written (2024 - 82.1%, 2023 - 84.3%) from three brokers. Subsidiaries and affiliates of Aon plc, Marsh & McLennan Companies, Inc. and Arthur J. Gallagher accounted for 34.5%, 33.8% and 13.0%, respectively, of the Company’s gross premiums written in 2025 (2024 - 32.0%, 36.5% and 13.6%, respectively).