v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments (Notes 6 and 7)    
Available for sale-at fair value (amortized cost of $6,561,040 and $4,550,954) $ 6,226,793 $ 4,271,916
Trading-at fair value (amortized cost of $49,346 and $70,050) 44,951 65,661
Equity securities-at fair value (cost of $38,564 and $45,619) 32,411 36,632
Other long-term invested assets-at fair value 59,402 10,116
Short-term investments-at fair value (includes $74,841 and $62,212 of reinvested cash collateral held under securities lending agreements) 622,900 1,602,993
Total investments 6,986,457 5,987,318
Cash 119,047 24,829
Restricted cash 36,000 10
Accrued investment income 56,263 40,285
Premiums and other receivables 812,176 120,197
Reinsurance recoverables (includes $47,883 and $1,788 for paid losses) 381,405 48,806
Deferred policy acquisition costs and VOBA 180,884 19,018
Goodwill and other acquired intangible assets (Note 3) 414,842 0
Prepaid federal income taxes (Note 10) 1,058,060 1,056,329
Other assets (Note 9) 546,691 351,337
Assets held for sale (Note 18) 64,495 474,268
Total assets 10,656,320 8,122,397
Liabilities    
Reserve for losses and LAE (Note 11) 1,911,780 399,946
Unearned premiums 1,015,963 159,341
Short-term borrowings (Note 12) 535,108 33,320
Long-term borrowings (Note 12) 696,895 1,075,795
Net deferred tax liability 962,163 942,193
Other liabilities (Note 9) 696,238 366,470
Liabilities held for sale (Note 18) 29,694 363,818
Total liabilities 5,847,841 3,340,883
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2026: 155,514 and 133,556 shares issued and outstanding, respectively; 2025: 156,913 and 135,498 shares issued and outstanding, respectively) 156 157
Treasury stock, at cost (2026: 21,958 shares; 2025: 21,415 shares) (1,009,701) (989,745)
Additional paid-in capital 783,231 861,211
Retained earnings 5,300,213 5,132,050
Accumulated other comprehensive income (loss) (Note 15) (265,420) (222,159)
Total stockholders’ equity 4,808,479 4,781,514
Total liabilities and stockholders’ equity $ 10,656,320 $ 8,122,397