v3.26.1
Losses and LAE - Reserve for Losses and LAE Rollforward (Details) - USD ($)
$ in Thousands
 2 Months Ended 3 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Loss reserve [Roll Forward]      
Balance at beginning of period   $ 399,946  
Deduct: Net paid losses and LAE relating to losses occurring in:      
Balance at end of period $ 1,822,619 1,822,619  
Mortgage      
Loss reserve [Roll Forward]      
Balance at beginning of period   399,946 $ 354,431
Less: Reinsurance recoverables [1]   47,019 34,144
Balance at beginning of period, net of reinsurance recoverables   352,927 320,287
Add: Net incurred losses and LAE relating to losses occurring in:      
Current year [2]   59,839 53,740
Prior years   (35,563) (38,400)
Total incurred   24,276 15,340
Deduct: Net paid losses and LAE relating to losses occurring in:      
Current year [2]   3 0
Prior years   19,888 4,233
Total paid   19,891 4,233
Balance at end of period, net of reinsurance recoverables 357,312 357,312 331,394
Add: Reinsurance recoverables [1] 49,626 49,626 37,696
Balance at end of period 406,938 406,938 $ 369,090
Specialty      
Loss reserve [Roll Forward]      
Balance at beginning of period 1,325,171    
Less: Reinsurance recoverables [3] 269,418    
Balance at beginning of period, net of reinsurance recoverables 1,055,753    
Add: Net incurred losses and LAE relating to losses occurring in:      
Current year 98,846    
Prior years (12,578)    
Total incurred 86,268    
Deduct: Net paid losses and LAE relating to losses occurring in:      
Current year 1,639    
Prior years 30,589    
Total paid 32,228    
Add: Acquisition-date fair value adjustment [4] 36,472    
Add: Net foreign exchange (gains) / losses [5] (2,703)    
Balance at end of period, net of reinsurance recoverables 1,143,562 1,143,562  
Add: Reinsurance recoverables 272,119 272,119  
Balance at end of period 1,415,681 1,415,681  
Balance at end of period $ 1,415,681 $ 1,415,681  
[1] Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information.
[2] Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.
[3] Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information.
[4] Acquisition-date fair value adjustment includes the VOBA reserves intangible asset, net of any amortization, related to Inigo’s acquired net reserve for losses.
[5] Foreign exchange (gains) losses are related to foreign currency denominated loss reserves associated with international insurance exposures in the Specialty segment. Foreign exchange (gains) losses on foreign currency denominated loss reserves are reflected through net income (loss) as a component of net gains (losses) on financial instruments and foreign exchange in the condensed consolidated statements of operations.