Following the Vantage Acquisition in the second quarter of 2026, the Company recorded significant reserves for claims and claim expenses. See Note 1 - Presentation of Financial Statements and Significant Accounting Policies and Note 2 - Vantage Acquisition for additional information. As the acquisition occurred in the current period, prior-year balances as of December 31, 2025, are not included below as the Company did not own Vantage at that time and did not have material insurance operations.

The Company’s reserves for claims and claim expenses are a combination of case reserves related to reported claims that are expected to result in payment to an insured or ceding company and incurred but not reported losses (IBNR). The Company establishes reserves for claims and claim expenses using actuarial techniques and expert judgment to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. As these reserves are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.



thousands	June 30, 2026
Balance at beginning of the period:
Reserves for claims and claim expenses	$	—
Reinsurance recoverable on unpaid losses	—
Net reserve for claims and claim expenses	—

Acquired net reserve for claims and claim expenses (a)	1,535,414

Net Losses incurred during the period related to:
Current period	54,548
Prior period	662
Total net losses incurred	55,210

Net losses paid during the period related to:
Current period	(3,584)
Prior period	(35,438)
Total net losses paid	(39,022)

Foreign exchange (gains) losses	(50)

Balance at end of the period:
Net reserves for claims and claim expenses	1,551,552
Reinsurance recoverable on unpaid losses (b)	563,864
Reserves for claims and claim expenses	$	2,115,416

(a)Represents reserves for claims and claim expenses of $2.1 billion, net of reinsurance recoverable on unpaid losses of $554.8 million related to the Vantage Acquisition. This amount excludes reinsurance recoverable on paid losses of $44.3 million.