v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
 
The Company has two reportable segments.

Open Market

In the Open Market segment, the Company underwrites reinsurance business, sourced through the brokerage distribution channels and Lloyd’s. The Company writes mostly treaty reinsurance, on a proportional and non-proportional basis. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline, Property and Specialty.

Innovations

In the Innovations segment, the Company provides reinsurance capacity to startup companies and MGAs based globally, sourced mainly through direct placements with its strategic partners. This segment also includes business written by Syndicate 3456. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline and Specialty.

The Company’s reportable segments each have executive leadership who are responsible for their performance and who are directly accountable to the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer. The CODM reviews the financial performance of the reportable segment to assess the achievement of strategic initiatives, the efficiency of the deployed capital, and how to allocate resources to the reportable segments based on the segment’s financial performance.

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 March 31, 2026:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$180,347 $47,593 $(2)$227,938 
Net premiums written$151,295 $32,181 $(2)$183,474 
Net premiums earned$128,981 $25,166 $(2)$154,145 
Net loss and LAE incurred(75,230)(15,926)1 (91,155)
Acquisition costs(41,212)(7,750)— (48,962)
Other underwriting expenses(5,743)(2,062)— (7,805)
Deposit interest expense, net(32)— — (32)
Underwriting income (loss)6,764 (572)(1)6,191 
Reconciliation to income before income taxes:
Net investment income (loss)5,135 1,094 502 6,731 
Corporate and other expenses— (722)(5,020)(5,742)
Income (loss) from investment in Solasglas33,689 33,689 
Foreign exchange gains (losses)(4,905)(4,905)
Interest expense(99)(99)
Income (loss) before income taxes$11,899 $(200)$24,166 $35,865 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(69,505)$(15,568)$1 $(85,072)
  Large event losses(3,572)— — (3,572)
  CAT event losses(5,000)— — (5,000)
  Prior year favorable (adverse) loss development2,847 (358)— 2,489 
Total net loss and LAE incurred$(75,230)$(15,926)$1 $(91,155)
Total allocated assets (1)
$507,804 $172,625 $1,588,843 $2,269,272 

(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 March 31, 2025:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$220,709 $27,466 $(230)$247,945 
Net premiums written$195,609 $23,971 $(183)$219,397 
Net premiums earned$149,641 $19,005 $(183)$168,463 
Net loss and LAE incurred(112,763)(10,346)225 (122,884)
Acquisition costs(40,881)(6,033)48 (46,866)
Other underwriting expenses(4,797)(1,561)— (6,358)
Deposit interest expense, net(149)— — (149)
Underwriting income (loss)(8,949)1,065 90 (7,794)
Reconciliation to income before income taxes:
Net investment income5,771 448 2,068 8,287 
Corporate and other expenses— (572)(4,100)(4,672)
Income from investment in Solasglas32,197 32,197 
Foreign exchange gains (losses)4,355 4,355 
Interest expense(1,464)(1,464)
Income (loss) before income taxes$(3,178)$941 $33,146 $30,909 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(80,852)$(10,913)$114 $(91,651)
  Large event losses— — — — 
  CAT event losses(27,015)— — (27,015)
  Prior year favorable (adverse) loss development(4,896)567 111 (4,218)
Total net loss and LAE incurred$(112,763)$(10,346)$225 $(122,884)
Total allocated assets (1)
$459,549 $145,402 $1,547,145 $2,152,096 
(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.