v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments (Notes 6 and 7)    
Fixed-maturities Available for sale-at fair value (amortized cost of $6,610,659 and $4,550,954) $ 6,282,511 $ 4,271,916
Trading-at fair value (amortized cost of $50,835 and $70,050) 46,290 65,661
Equity securities-at fair value (cost of $32,717 and $45,619) 24,954 36,632
Other long-term invested assets-at fair value 62,142 10,116
Short-term investments-at fair value (includes $77,166 and $62,212 of reinvested cash collateral held under securities lending agreements) 624,425 1,602,993
Total investments 7,040,322 5,987,318
Cash 55,445 24,829
Restricted cash 32,534 10
Accrued investment income 51,497 40,285
Premiums and other receivables 665,910 120,197
Reinsurance recoverables (includes $26,760 and $1,788 for paid losses) 356,521 48,806
Deferred policy acquisition costs and VOBA 188,673 19,018
Goodwill and other acquired intangible assets (Note 3) 420,738 0
Prepaid federal income taxes (Note 10) 1,056,329 1,056,329
Other assets (Note 9) 504,347 351,337
Assets held for sale (Note 18) 280,060 474,268
Total assets 10,652,376 8,122,397
Liabilities    
Reserve for losses and LAE (Note 11) 1,822,619 399,946
Unearned premiums 856,058 159,341
Short-term borrowings (Note 12) 494,730 33,320
Long-term borrowings (Note 12) 773,946 1,075,795
Net deferred tax liability 978,540 942,193
Other liabilities (Note 9) 697,989 366,470
Liabilities held for sale (Note 18) 219,233 363,818
Total liabilities 5,843,115 3,340,883
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2026: 156,308 and 134,845 shares issued and outstanding, respectively; 2025: 156,913 and 135,498 shares issued and outstanding, respectively) 156 157
Treasury stock, at cost (2026: 21,463 shares; 2025: 21,415 shares) (991,427) (989,745)
Additional paid-in capital 842,235 861,211
Retained earnings 5,220,411 5,132,050
Accumulated other comprehensive income (loss) (Note 15) (262,114) (222,159)
Total stockholders’ equity 4,809,261 4,781,514
Total liabilities and stockholders’ equity $ 10,652,376 $ 8,122,397