v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Invested assets:    
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2026 – $1,489,938; 2025 – $1,448,750) $ 1,434,375 $ 1,404,774
Equity securities, at fair value (cost: 2026 – $67,911; 2025 – $66,916) 72,317 73,092
Bank loan participations, at fair value 153,336 155,138
Short-term investments 597 0
Other invested assets 67,413 64,152
Total invested assets 1,728,038 1,697,156
Cash and cash equivalents 227,607 260,941
Restricted cash equivalents 8,557 8,481
Accrued investment income 12,900 12,744
Premiums receivable and agents’ balances, net 127,702 153,638
Reinsurance recoverable on unpaid losses, net 2,014,564 2,026,110
Reinsurance recoverable on paid losses 82,808 118,243
Prepaid reinsurance premiums 179,427 203,950
Deferred policy acquisition costs 30,042 31,286
Intangible assets, net 31,996 32,087
Goodwill 181,831 181,831
Other assets 136,337 133,463
Total assets 4,761,809 4,859,930
Liabilities:    
Reserve for losses and loss adjustment expenses 3,087,848 3,099,418
Unearned premiums 407,499 447,644
Payables to reinsurers 58,827 68,459
Funds held 7,485 7,485
Deferred reinsurance gain 100,909 86,720
Senior debt 225,800 225,800
Junior subordinated debt 104,055 104,055
Accrued expenses 17,265 31,006
Other liabilities 100,590 118,075
Total liabilities 4,110,278 4,188,662
Commitments and contingent liabilities (Note 8)
Series A redeemable preferred shares – 2026 and 2025: 165,000 shares authorized; 112,500 shares issued and outstanding 133,115 133,115
Shareholders’ equity:    
Common stock – 2026 and 2025: $0.0002 par value; 200,000,000 shares authorized; 46,236,856 and 45,968,584 shares issued and outstanding, respectively 9 9
Preferred stock – 2026 and 2025: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding 0 0
Additional paid-in capital 938,404 937,611
Retained deficit (376,102) (364,726)
Accumulated other comprehensive loss (43,895) (34,741)
Total shareholders’ equity 518,416 538,153
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 4,761,809 $ 4,859,930