v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Investments, at fair value $ 3,470,507 $ 3,439,002
Investments in Two Sigma Funds, at fair value (cost 2026: $1,574,091; 2025: $1,355,563) 1,844,158 1,587,658
Total investments 5,314,665 5,026,660
Cash and cash equivalents 717,335 1,062,359
Restricted cash and cash equivalents 111,631 109,731
Premiums receivable 1,240,034 939,777
Paid losses recoverable 99,228 93,659
Deferred acquisition costs 294,669 257,203
Unpaid losses and loss adjustment expenses recoverable 1,463,936 1,375,857
Receivables for investments sold 185,133 58,029
Prepaid reinsurance 454,535 296,351
Intangible assets 83,163 86,624
Other assets 299,570 265,363
Total assets 10,263,899 9,571,613
Liabilities    
Reserve for losses and loss adjustment expenses 4,783,094 4,415,176
Unearned premiums 1,654,491 1,377,474
Reinsurance balances payable 491,148 296,400
Payables for investments purchased 61,071 209,853
Term loan, net of issuance costs 149,795 149,743
Accounts payable and accrued expenses 131,905 177,320
Payables to related parties 67,946 123,376
Total liabilities 7,339,450 6,749,342
Non-controlling interest – TS Hamilton Fund 73,613 172
Shareholders’ equity    
Common shares: 986 990
Additional paid-in capital 1,126,425 1,134,985
Accumulated other comprehensive loss (4,441) (4,441)
Retained earnings 1,727,866 1,690,565
Total shareholders’ equity 2,850,836 2,822,099
Total liabilities, non-controlling interest, and shareholders’ equity 10,263,899 9,571,613
Total fixed maturities    
Assets    
Investments, at fair value 3,114,054 3,238,543
Short-term investments    
Assets    
Investments, at fair value 356,453 200,459
Common Class A    
Shareholders’ equity    
Common shares: 173 173
Common Class B    
Shareholders’ equity    
Common shares: 659 663
Common Class C    
Shareholders’ equity    
Common shares: $ 154 $ 154