v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ 471,835 $ 449,053
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 8,400 8,660
Share compensation expense 12,436 13,482
Net realized (gains) losses on investments (387,751) (314,787)
Change in net unrealized (gains) losses on investments 8,818 (142,041)
Other items 2,639 (26,617)
Change in:    
Premiums receivable (300,257) (276,873)
Paid losses recoverable (5,569) 2,573
Deferred acquisition costs (37,466) (44,417)
Prepaid reinsurance (158,184) (141,969)
Unpaid losses and loss adjustment expenses recoverable (88,079) (65,620)
Other assets (33,273) (14,255)
Reserve for losses and loss adjustment expenses 367,918 451,790
Unearned premiums 277,017 292,067
Reinsurance balances payable 194,748 155,976
Accounts payable and accrued expenses and other (107,088) (93,710)
Net cash provided by (used in) operating activities 226,144 253,312
Investing activities    
Proceeds from redemptions from Two Sigma Funds 2,119,223 1,449,027
Contributions to Two Sigma Funds (1,955,306) (1,582,403)
Purchases of fixed maturity investments (1,985,618) (1,084,680)
Proceeds from sales, redemptions and maturity of fixed maturity investments 2,064,654 832,969
Purchases of short-term investments (729,859) (658,568)
Proceeds from sales of short-term investments 581,907 860,370
Change in receivables for investments sold (127,104) 35,735
Change in payables for investments purchased (148,782) 12,102
Other (5,870) (5,378)
Net cash provided by (used in) investing activities (186,755) (140,826)
Financing activities    
Issuance of common shares 14 11
Repurchases of common shares (55,281) (51,887)
Contribution of additional paid-in capital (14) (12)
Term loan, net of issuance costs 0 (311)
Withdrawal of non-controlling interest (121,074) (111,601)
Dividends on common shares paid (199,495) 0
Net cash provided by (used in) financing activities (375,850) (163,800)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (6,663) 21,759
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (343,124) (29,555)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 1,172,090 1,100,852
Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 828,966 $ 1,071,297