v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed income securities, available-for-sale [1] $ 5,013,400 $ 4,692,200
Fixed income securities, trading [1] 1,040,200 1,199,900
Short-term investments, available for sale 45,400 261,900
Short-term investments, trading at fair value 0 1,000
Catastrophe bonds, trading at fair value (amortized cost — 2025: $0.0 and 2024: $1.0) 0 1,000
Privately-held Investments, available for sale, at fair value [2] 50,500 24,200
Privately-held Investments [2] 121,800 286,800
Equity investments, trading 8,100 0
Investments, equity method 9,600 7,300
Other Investments [3] 279,600 267,200
Investments, Excluding Derivative Assets 6,568,600 6,741,500
Reinsurance recoverables:    
Cash and Cash Equivalent [4] 1,658,800 914,200
Unpaid losses recoverable from reinsurers (net of allowance for expected credit losses of 2025: $16.2 and 2024: $27.5) 4,281,900 4,172,000
Ceded unearned premiums 968,600 901,700
Receivables:    
Premiums Receivable, Net [5] 1,700,800 1,617,000
Deferred acquisition costs 357,200 322,100
Derivative assets 5,000 17,000
Right-of-use operating lease assets 43,400 53,500
Income taxes refundable 2,500 900
Deferred tax assets 342,500 397,900
Other assets 360,400 590,800
Intangible assets and goodwill 19,900 19,900
Total assets 16,309,600 15,748,500
Insurance Reserve [Abstract]    
Liability for Claims and Claims Adjustment Expense [5] 8,725,000 8,122,600
Unearned Premiums [5] 2,725,800 2,645,800
Total insurance reserves 11,450,800 10,768,400
Reinsurance premiums 520,300 901,100
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]    
Income taxes payable 18,700 6,800
Deferred tax liabilities 4,000 1,100
Accrued expenses and other payables [6] 317,100 237,200
Payables for securities purchased 0 36,900
Operating lease liabilities 64,700 75,600
Derivative liabilities 12,100 49,500
Short-Term Debt 296,800 300,000
Total liabilities 12,684,500 12,376,600
Commitments and contingent liabilities
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]    
Ordinary shares, value [7] 92 91
Preference shares, value 699,900 970,500
Additional paid-in capital (7) [7] 803,400 761,700
Retained earnings 2,320,000 2,029,700
Accumulated other comprehensive (loss) (198,300) (390,100)
Total shareholders' equity 3,625,100 3,371,900
Total liabilities and shareholders’ equity $ 16,309,600 $ 15,748,500
[1] Fixed income securities, available for sale includes related party investments totaling $19.8 million (2024 — $14.0 million). Fixed income securities, trading at fair value includes related party investments totaling $69.0 million (2024 — $74.9 million).
[2] Privately-held investments, trading at fair value include related party investments totaling $4.8 million (2024 — $73.6 million).
[3] Other investments includes related party investments of $81.4 million (2024 — $78.6 million).
[4] Cash and cash equivalents includes restricted cash of $130.6 million (2024 — $181.9 million) which are held in trusts.
[5] Included within underwriting premiums receivables, reserve for losses and loss adjustment expenses and unearned premiums are related party balances of $1.6 million, $3.7 million and $1.2 million, respectively. Refer to Note 20, “Related Party Transactions” for further details.
[6] Includes amounts due to related parties of $2.0 million for investment management fees (2024 — $4.0 million), and $Nil for management consulting fees (2024 — $1.3 million).
[7] Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 12, “Capital Structure” for further details.