v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Underwriting Results of Reportable Segments
The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
  20262025
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$2,228,147$439,484$2,667,631$1,932,435$583,536$2,515,971
Net premiums written1,371,309234,4891,605,7981,290,510344,9241,635,434
Net premiums earned1,187,160331,8241,518,9841,032,961360,4701,393,431
Other insurance related income2665,3345,60168,6568,662
Current accident year net losses and loss expenses
(718,734)(229,232)(947,966)(576,986)(244,997)(821,983)
Net favorable prior year reserve development11,8522,98414,83615,2165,01320,229
Acquisition costs(238,823)(77,445)(316,268)(194,912)(80,985)(275,897)
Underwriting-related general and administrative expenses(122,359)(9,901)(132,260)(124,646)(10,595)(135,241)
Underwriting income$119,362$23,564142,927$151,639$37,562189,201
Net investment income181,594187,297
Net investment gains46,73543,468
Corporate expenses(32,629)(25,837)
Foreign exchange (losses) gains2,344(94,885)
Interest expense and financing costs(16,838)(16,586)
Reorganization expenses(5,546)—
Amortization of intangible assets(2,396)(2,396)
Income before income taxes and interest in income (loss) of equity method investments316,191280,262
Income tax expense(61,404)(56,199)
Interest in income (loss) of equity method investments3,308(705)
Net income258,095223,358
Preferred share dividends7,5637,563
Net income available to common shareholders$250,532$215,795
Current accident year loss ratio60.5 %69.1 %62.4 %55.9 %68.0 %59.0 %
Prior year reserve development ratio(1.0%)(0.9%)(1.0%)(1.5%)(1.4%)(1.5%)
Net losses and loss expenses ratio59.5 %68.2 %61.4 %54.4 %66.6 %57.5 %
Acquisition cost ratio20.1 %23.3 %20.8 %18.9 %22.5 %19.8 %
General and administrative expense ratio10.4 %3.0 %10.9 %12.0 %2.9 %11.6 %
Combined ratio90.0 %94.5 %93.1 %85.3 %92.0 %88.9 %
Goodwill and intangible assets$227,756$—$227,756$237,340$—$237,340
20262025
Six months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$4,211,888$1,553,709$5,765,597$3,588,337$1,722,285$5,310,622
Net premiums written2,664,385848,4483,512,8332,335,0901,050,3833,385,473
Net premiums earned2,328,915670,5362,999,4512,043,047691,2042,734,251
Other insurance related income
63710,61211,24916212,07812,240
Current accident year net losses and loss expenses(1,374,780)(458,531)(1,833,311)(1,153,052)(472,793)(1,625,845)
Net favorable prior year reserve development26,9115,98832,89929,1948,97238,166
Acquisition costs(462,592)(157,932)(620,524)(388,933)(151,544)(540,477)
Underwriting-related general and administrative expenses(242,373)(17,102)(259,475)(244,238)(21,441)(265,679)
Underwriting income$276,718$53,571330,289$286,180$66,476352,656
Net investment income366,333395,009
Net investment gains19,51413,462
Corporate expenses(63,571)(54,562)
Foreign exchange (losses) gains
38,539(151,920)
Interest expense and financing costs(33,265)(33,158)
Reorganization expenses(28,715)—
Amortization of intangible assets(4,792)(5,125)
Income before income taxes and interest in income of equity method investments
624,332516,362
Income tax expense(117,211)(100,521)
Interest in income of equity method investments
5,7381,586
Net income512,859417,427
Preferred share dividends15,12515,125
Net income available to common shareholders$497,734$402,302
Current accident year loss ratio59.0 %68.4 %61.1 %56.4 %68.4 %59.5 %
Prior year reserve development ratio(1.1%)(0.9%)(1.1%)(1.4%)(1.3%)(1.4%)
Net losses and loss expenses ratio57.9 %67.5 %60.0 %55.0 %67.1 %58.1 %
Acquisition cost ratio19.9 %23.6 %20.7 %19.0 %21.9 %19.8 %
General and administrative expense ratio10.3 %2.5 %10.8 %12.0 %3.1 %11.6 %
Combined ratio88.1 %93.6 %91.5 %86.0 %92.1 %89.5 %
Goodwill and intangible assets$227,756$—$227,756$237,340$—$237,340