v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,500 and $7,000, respectively) (amortized cost of $2,208,212 and $1,848,755, respectively) $ 2,195,107 $ 1,856,303
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $301 and $468, respectively) 30,094 32,822
Equity securities, at fair value 1,140 1,174
Mortgage loans, at fair value 9,088 9,902
Equity method investments 72,101 77,365
Other long-term investments 50,297 58,650
Short-term investments, at fair value 386,514 264,299
Total investments 2,744,341 2,300,515
Cash and cash equivalents 255,910 168,544
Restricted cash 60,521 30,570
Funds at Lloyd's 108,846 2,509
Options, at fair value 24,401 34,857
Premiums and commissions receivable, net 830,509 544,217
Reinsurance recoverables, net 1,336,937 1,119,880
Ceded unearned premium 314,850 238,948
Deferred policy acquisition costs and VOBA 193,703 136,100
Deferred tax assets 44,138 27,865
Goodwill and intangible assets, net 473,316 88,040
Other assets 160,005 99,807
Total assets 6,547,477 4,791,852
Liabilities:    
Reserves for losses and loss adjustment expenses 2,918,903 2,318,894
Unearned premiums 1,014,666 774,035
Deferred ceding commission 49,035 46,453
Reinsurance and premium payables 479,412 279,888
Funds held for others 157,380 128,003
Deferred tax liabilities 68,466 0
Accounts payable and accrued liabilities 148,737 115,034
Notes payable 466,418 100,411
Subordinated debt, net of debt issuance costs 19,577 19,569
Total liabilities 5,322,594 3,782,287
Stockholders’ equity    
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,728,087 shares issued and 44,543,065 shares outstanding at March 31, 2026; 40,511,222 shares issued and outstanding at December 31, 2025 484 405
Treasury stock, at cost, 185,022 and 0 shares, respectively (8,665) 0
Additional paid-in capital 922,311 730,555
Accumulated other comprehensive (loss) income (6,126) 11,457
Retained earnings 316,879 267,148
Total stockholders’ equity 1,224,883 1,009,565
Total liabilities and stockholders’ equity $ 6,547,477 $ 4,791,852