v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 35,750 $ 29,627
Adjustments to reconcile net income or loss to net cash provided by operating activities:    
Income from investments in related party investment fund (33,689) (32,197)
Net realized and unrealized losses (gains) on investments 234 (111)
Net realized and unrealized losses (gains) on derivatives 0 64
Share-based compensation expense 2,434 1,298
Accretion of debt offering costs, net of change in interest accruals 15 23
Net change in:    
Reinsurance balances receivable (8,082) (64,228)
Reinsurance recoverable on unpaid loss and loss adjustment expenses (4,845) (2,173)
Deferred acquisition costs (737) (14,510)
Unearned premiums ceded (19,305) (9,350)
Loss and loss adjustment expense reserves (1,621) 55,631
Unearned premium reserves 52,611 59,760
Reinsurance balances payable 13,551 (12,162)
Funds withheld 6,254 (53)
Other items, net (5,326) (1,240)
Net cash provided by operating activities 37,244 10,379
Cash flows from investing activities    
Proceeds from redemptions of investment in Solasglas 33,000 14,000
Contributions to investment in Solasglas (10,000) (30,000)
Proceeds from sales of fixed maturity investments 10,853 0
Proceeds from redemptions and maturities of fixed maturity investments 1,418 0
Purchases of fixed maturity investments (98,183) 0
Purchases of other investments (3,143) 0
Proceeds from sale of other investments 0 5
Purchases of other assets (32) 0
Net cash used in investing activities (66,087) (15,995)
Cash flows from financing activities    
Borrowings from debt facility 5,000 0
Repayment of debt (5,000) (938)
Repurchase of ordinary shares (4,989) 0
Net cash used in financing activities (4,989) (938)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 339 226
Decrease in cash, cash equivalents and restricted cash (33,493) (6,328)
Cash, cash equivalents and restricted cash at beginning of the period 643,732 649,087
Cash, cash equivalents and restricted cash at end of the period 610,239 642,759
Supplementary information:    
Interest paid in cash 83 1,362
Income tax paid (refund received) in cash $ 0 $ (9)