Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 8. Debt The Company has $12.9 million of gross senior unsecured notes (the "notes") outstanding as of March 31, 2026. A summary of the Company's outstanding debt is as follows (dollars in thousands):
Senior Unsecured Notes The notes bear an interest rate of 9.75% per annum, payable quarterly at the end of March, June, September and December and mature on September 30, 2028. The Company may redeem the notes, in whole or in part, at face value at any time after September 30, 2025. Financial Debt Covenants The Company was not subject to any restrictive financial debt covenants as of March 31, 2026. Scheduled Principal Payments The scheduled principal payment of the Parent Company's debt as of March 31, 2026 is $16.9 million due on September 30, 2028, of which $4.0 million will be paid to TIC. Funds-Withheld Obligation Included in Funds held under reinsurance agreements in the Condensed Consolidated Balance Sheets are $20.5 million and $21.3 million as of March 31, 2026, and December 31, 2025, respectively, of a funds-withheld obligation relating to one reinsurance agreement which is accounted for as an embedded derivative. Changes to the funds-withheld obligation due to fair value changes of the underlying asset portfolio are included in Operating and other expenses on the Condensed Consolidated Statements of Operation. The fair value of the underlying asset portfolio increased by $221,000 and $282,000 for the three months ended March 31, 2026 and 2025, respectively. The increases in fair value of the asset portfolio were recorded as an expense in Operating and other expenses on the Condensed Consolidated Statements of Operation. |
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