
	As at December 31, 2025		As at December 31, 2024

	($ in millions)
ASSETS

Fixed income securities (trading)	$	48.4	$	44.3
Cash and cash equivalents	325.7		43.5
Investments in subsidiaries (1)	3,505.0		3,361.3


Intercompany funds due from affiliates	7.4		20.6
Right-of-use operating lease assets	0.4		1.0
Other receivables	—		275.0
Other assets	77.6		44.7
Total assets	$	3,964.5	$	3,790.4
LIABILITIES
Accrued expenses and other payables	$	37.2	$	20.7
Intercompany funds due to affiliates	5.0		96.9
Long-term debt	296.8		300.0

Operating lease liabilities	0.4		0.9
Total liabilities	$	339.4	$	418.5

SHAREHOLDERS’ EQUITY
Ordinary shares	$	0.1	$	0.6
Preference shares	700.1		970.5



Additional paid in capital	803.4		761.2
Retained earnings	2,319.8		2,029.7
Accumulated other comprehensive income, net of taxes:
Unrealized (loss) on investments	(61.3)		(198.2)
(Loss) on derivatives	(0.2)		(5.3)
Cumulative (losses) on foreign currency translation adjustments	(136.8)		(186.6)
Total accumulated other comprehensive (loss)	(198.3)		(390.1)
Total shareholders’ equity	3,625.1		3,371.9
Total liabilities and shareholders’ equity	$	3,964.5	$	3,790.4

(1) The Company’s investment in subsidiaries is accounted for under the equity method and adjustments to the carrying value of these investments are made based on the Company’s share of capital, including share of income and expenses. Changes in the value were recognized in “equity in net earnings of subsidiaries and other investments, equity method” in the statement of operations.


	Twelve Months Ended December 31, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023

	($ in millions)
Operating Activities:
Equity in net earnings of subsidiaries and other investments, equity method	$	(47.9)	$	108.9	$	304.7
Dividend income	421.2		511.4		364.4

Net realized and unrealized investment gains	1.9		0.5		1.1
Other income	10.6		4.3		3.2
Total revenues	$	385.8	$	625.1	$	673.4
Expenses:
General, administrative and corporate expenses	$	(46.0)	$	(109.5)	$	(121.3)
Interest expense	(18.6)		(21.1)		(15.6)
Other expense	(3.0)		(3.9)		(1.8)
Income from operations before income taxes	318.2		490.6		534.7
Income tax expense	22.0		(4.5)		—
Net income	$	340.2	$	486.1	$	534.7



Other comprehensive income, net of taxes:
Change in unrealized gains on investments	$	136.9	$	29.4	$	105.6

Net change from current period hedged transactions	5.1		(5.1)		(14.0)
Change in foreign currency translation adjustment	49.8		(14.1)		14.4
Other comprehensive income, net of tax	191.8		10.2		106.0
Comprehensive Income	$	532.0	$	496.3	$	640.7


	Twelve Months Ended December 31, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023

	($ in millions)
Cash flows from operating activities:
Net income (excluding equity in net earnings of subsidiaries)	$	388.1	$	377.2	$	230.0
Adjustments:

Realized and unrealized investment (gains)	(1.9)		(0.4)		(14.8)
Loss on derivative contracts	—		—		14.0
Deferred tax (benefit)	(4.2)		—		—
Depreciation and amortization	6.3		0.7		0.5
Interest on operating lease liabilities	—		0.1		0.1
Share-based compensation	41.7		—		—
Change in other receivables	275.0		—		—
Change in other assets	(28.7)		(39.0)		0.3
Change in accrued expenses and other payables	17.9		(7.1)		5.5
Change in intercompany activities	(78.8)		(64.1)		(38.4)

Change in operating lease liabilities	(0.5)		(0.5)		(0.5)
Net cash provided by operating activities	$	614.9	$	266.9	$	196.7

Cash flows from investing activities:

(Purchases) of fixed income securities, trading	$	(16.8)	$	(11.3)	$	(8.1)
Proceeds from sales and maturities of fixed securities, trading	14.5		10.3		6.4
Investment in subsidiaries	(9.9)		42.0		(105.7)





Net cash (used in)/provided by investing activities	$	(12.2)	$	41.0	$	(107.4)

Cash flows from financing activities:
Repayment of short-term debt	$	—	$	—	$	(300.0)
Proceeds from term loan facility	—		—		300.0
Repayment of term loan facility	(300.0)		—		—
Redemption of preference shares	(275.0)		(275.0)		—
Preference share issuance	300.0		217.0		—
Dividends paid on ordinary shares	—		(195.0)		(40.3)
Dividends paid on preference shares	(45.5)		(54.9)		(49.9)






Net cash (used in) financing activities	$	(320.5)	$	(307.9)	$	(90.2)

Increase in cash and cash equivalents	282.2		—		(0.9)
Cash and cash equivalents — beginning of period	43.5		43.5		44.4
Cash and cash equivalents — end of period	$	325.7	$	43.5	$	43.5