v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
($ in thousands)
Three Months Ended June 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$420,073 $410,968 $— $831,041 
Net premiums written$322,843 $298,852 $— $621,695 
Net premiums earned$302,623 $283,384 $— $586,007 
Third party fee income1,820 2,084 — 3,904 
Losses and loss adjustment expenses174,274 187,215 — 361,489 
Acquisition costs80,287 65,136 — 145,423 
Other underwriting expenses40,758 13,129 — 53,887 
Underwriting income (loss)$9,124 $19,988 $— $29,112 
Net realized and unrealized gains (losses) on investments227,856 227,856 
Net investment income (loss)24,440 24,440 
Net foreign exchange gains (losses)(2,629)(2,629)
Corporate expenses(13,044)(13,044)
Amortization of intangible assets(3,700)(3,700)
Interest expense(4,762)(4,762)
Income (loss) before income tax257,273 
Income tax (expense) benefit(2,470)(2,470)
Net income (loss)254,803 
Net income (loss) attributable to non-controlling interest111,021 111,021 
Net income (loss) attributable to common shareholders$143,782 
Key Ratios
Attritional loss ratio - current year51.1 %55.7 %53.3 %
Attritional loss ratio - prior year development(4.6)%4.6 %(0.1)%
Catastrophe loss ratio - current year11.1 %4.3 %7.8 %
Catastrophe loss ratio - prior year development0.0 %1.5 %0.7 %
Loss and loss adjustment expense ratio57.6 %66.1 %61.7 %
Acquisition cost ratio26.5 %23.0 %24.8 %
Other underwriting expense ratio12.9 %3.9 %8.5 %
Combined ratio97.0 %93.0 %95.0 %
($ in thousands)
Three Months Ended June 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$344,799 $367,227 $— $712,026 
Net premiums written$258,089 $298,225 $— $556,314 
Net premiums earned$253,209 $257,954 $— $511,163 
Third party fee income3,832 1,182 — 5,014 
Losses and loss adjustment expenses124,733 145,195 — 269,928 
Acquisition costs65,683 57,132 — 122,815 
Other underwriting expenses39,507 16,468 — 55,975 
Underwriting income (loss)$27,118 $40,341 $— $67,459 
Net realized and unrealized gains (losses) on investments208,034 208,034 
Net investment income (loss)21,067 21,067 
Net foreign exchange gains (losses)(4,513)(4,513)
Corporate expenses(12,853)(12,853)
Amortization of intangible assets(4,004)(4,004)
Interest expense(4,729)(4,729)
Income (loss) before income tax270,461 
Income tax (expense) benefit(2,675)(2,675)
Net income (loss)267,786 
Net income (loss) attributable to non-controlling interest80,371 80,371 
Net income (loss) attributable to common shareholders$187,415 
Key Ratios
Attritional loss ratio - current year51.9 %54.2 %53.0 %
Attritional loss ratio - prior year development(3.0)%2.0 %(0.5)%
Catastrophe loss ratio - current year0.6 %3.2 %1.9 %
Catastrophe loss ratio - prior year development(0.2)%(3.1)%(1.6)%
Loss and loss adjustment expense ratio49.3 %56.3 %52.8 %
Acquisition cost ratio25.9 %22.1 %24.0 %
Other underwriting expense ratio14.1 %5.9 %10.0 %
Combined ratio89.3 %84.3 %86.8 %
($ in thousands)
Six Months Ended June 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$862,982 $908,170 $— $1,771,152 
Net premiums written$610,280 $665,075 $— $1,275,355 
Net premiums earned$593,414 $563,108 $— $1,156,522 
Third party fee income4,367 6,288 — 10,655 
Losses and loss adjustment expenses338,129 348,145 — 686,274 
Acquisition costs161,491 128,438 — 289,929 
Other underwriting expenses82,057 22,222 — 104,279 
Underwriting income (loss)$16,104 $70,591 $— $86,695 
Net realized and unrealized gains (losses) on investments378,933 378,933 
Net investment income (loss)50,469 50,469 
Net foreign exchange gains (losses)1,905 1,905 
Corporate expenses(24,116)(24,116)
Amortization of intangible assets(7,720)(7,720)
Interest expense(9,538)(9,538)
Income (loss) before income tax476,628 
Income tax (expense) benefit(4,793)(4,793)
Net income (loss)471,835 
Net income (loss) attributable to non-controlling interest194,515 194,515 
Net income (loss) attributable to common shareholders$277,320 
Key Ratios
Attritional loss ratio - current year53.0 %54.9 %53.9 %
Attritional loss ratio - prior year development(1.7)%4.1 %1.1 %
Catastrophe loss ratio - current year5.7 %2.1 %4.0 %
Catastrophe loss ratio - prior year development0.0 %0.7 %0.3 %
Loss and loss adjustment expense ratio57.0 %61.8 %59.3 %
Acquisition cost ratio27.2 %22.8 %25.1 %
Other underwriting expense ratio13.1 %2.8 %8.1 %
Combined ratio97.3 %87.4 %92.5 %
($ in thousands)
Six Months Ended June 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$714,757 $840,575 $— $1,555,332 
Net premiums written$487,063 $673,126 $— $1,160,189 
Net premiums earned$493,775 $516,316 $— $1,010,091 
Third party fee income8,164 1,512 — 9,676 
Losses and loss adjustment expenses270,405 394,758 — 665,163 
Acquisition costs128,473 111,223 — 239,696 
Other underwriting expenses75,130 30,579 — 105,709 
Underwriting income (loss)$27,931 $(18,732)$— $9,199 
Net realized and unrealized gains (losses) on investments456,828 456,828 
Net investment income (loss)39,994 39,994 
Net foreign exchange gains (losses)(7,039)(7,039)
Corporate expenses(25,821)(25,821)
Amortization of intangible assets(7,895)(7,895)
Interest expense(10,331)(10,331)
Income (loss) before income tax454,935 
Income tax (expense) benefit(5,882)(5,882)
Net income (loss)449,053 
Net income (loss) attributable to non-controlling interest180,765 180,765 
Net income (loss) attributable to common shareholders$268,288 
Key Ratios
Attritional loss ratio - current year52.0 %53.0 %52.5 %
Attritional loss ratio - prior year development(3.3)%(0.1)%(1.7)%
Catastrophe loss ratio - current year6.2 %26.9 %16.8 %
Catastrophe loss ratio - prior year development(0.1)%(3.3)%(1.7)%
Loss and loss adjustment expense ratio54.8 %76.5 %65.9 %
Acquisition cost ratio26.0 %21.5 %23.7 %
Other underwriting expense ratio13.6 %5.6 %9.5 %
Combined ratio94.4 %103.6 %99.1 %
Schedule of Revenue from External Customers by Geographic Areas
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:

Three Months EndedSix Months Ended
June 30,June 30,
($ in thousands)2026202520262025
International
Lloyd's of London$256,722 $204,740 $522,039 $439,983 
Ireland114,429 98,769 251,075 198,459 
U.S.48,922 41,290 89,868 76,315 
   Total International420,073 344,799 862,982 714,757 
Bermuda410,968 367,227 908,170 840,575 
    Total$831,041 $712,026 $1,771,152 $1,555,332