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Vantage Acquisition (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of business combination, recognized asset acquired and liability assumed The Company will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.
thousandsJune 4, 2026
Fair value of assets acquired:
Buildings and equipment$118 
Investments in fixed maturity securities2,608,294 
Short-term investments32,845 
Cash and cash equivalents376,321 
Restricted cash84,450 
Accounts receivable, net788,692 
Reinsurance recoverable on paid and unpaid losses599,056 
Intangibles, net571,000 
Other assets, net626,363 
Total estimated fair value of assets acquired5,687,139 
Fair value of liabilities assumed:
Reserves for claims and claim expenses2,090,210 
Unearned premiums1,384,357 
Deferred tax liabilities, net18,437 
Other liabilities, net366,271 
Total estimated fair value of liabilities assumed3,859,275 
Noncontrolling interests7,753 
Fair value of net assets acquired1,820,111 
Goodwill (a)279,881 
Total consideration$2,099,992 
(a)The excess of the purchase price over the preliminary estimated fair value of the net tangible and identifiable intangible assets acquired, net of the fair value of the liabilities assumed totaled $279.9 million in Goodwill. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, and is attributable primarily to the assembled workforce of Vantage’s underwriting, actuarial, claims and executive teams, the established specialty insurance and reinsurance platform, and financial strength ratings that could not be replicated on a comparable timeline through internal development. The Company estimated that approximately $68.5 million of the goodwill related to the acquisition of Vantage will be deductible for U.S. tax purposes. The Company has not yet completed the allocation of goodwill to its reporting units or segments, and such allocation will be finalized during the 12-month period following the acquisition date.
Schedule of intangible asset, acquired, finite-lived and indefinite-lived
Identifiable indefinite-lived and finite-lived intangibles consisted of the following and are included in Intangibles, net on the Company’s Condensed Consolidated Balance Sheets:
thousandsJune 4, 2026Economic Useful Life
Broker relationships - insurance$183,000 17 years
Broker relationships - reinsurance44,000 15 years
Trade name16,000 10 years
Internally developed and used technology9,000 7 years
VOBA (a)304,000 1 year
Insurance licenses15,000 Indefinite
Total$571,000 
(a)The majority of VOBA amortization is expected to be recognized within the first 12 months following the acquisition, with 90% recognized in year one, 9% in year two, and 1% in year three.
Schedule of finite-lived intangibles acquired
The following table summarizes acquired finite-lived intangible assets which are amortized over their estimated useful lives:
As of June 30, 2026
thousandsGross Asset Accumulated AmortizationNet Carrying Amount
Broker relationships - insurance$183,000 $(798)$182,202 
Broker relationships - reinsurance44,000 (218)43,782 
Trade name16,000 (119)15,881 
Internally developed and used technology9,000 (95)8,905 
VOBA304,000 (20,239)283,761 

Future net amortization expense for acquired finite-lived intangible assets is estimated as shown below:
thousandsStatements of Operations Location
Remaining in 2026
20272028202920302031
VOBAInsurance underwriting expenses$137,924 $131,210 $13,344 $1,283 $— $— 
Other finite-lived intangiblesDepreciation and amortization8,292 16,584 16,584 16,583 16,584 16,584 
Net amortization expense$146,216 $147,794 $29,928 $17,866 $16,584 $16,584 
Schedule of supplemental pro forma information
The following summarized pro forma consolidated income statement information assumes that the acquisition of Vantage occurred as of January 1, 2025. The pro forma amounts are for comparative purposes only, may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period, and may not be indicative of future results.
Three Months Ended June 30,
Six Months Ended June 30,
thousands2026202520262025
Total revenues$1,369,326 $529,797 $1,940,580 $979,343 
Net income (loss) attributable to common stockholders174,441 (13,436)238,732 (34,469)
Schedule of post-acquisition financial results
The following table summarizes the revenue and net income (loss) attributable to Vantage from the acquisition date, June 4, 2026, through June 30, 2026, as included in the Company’s Condensed Consolidated Statements of Operations. This is provided for informational purposes only and may not be indicative of future results.
thousandsThree and Six Months Ended
June 30, 2026
Total revenues$113,141 
Net income (loss) attributable to common stockholders(15,730)