v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
 [1]
Jun. 30, 2025
Revenues        
Net premiums earned (Note 8) $ 503,712 $ 233,526 $ 906,240 [2] $ 467,570
Net investment income (Note 7) 74,696 61,672 144,394 [3] 122,682
Net gains (losses) on financial instruments and foreign exchange (includes net realized gains (losses) on investments of $(8,068), $(2,055), $(11,316) and $(3,494)) (Note 7) (5,789) 1,851 (14,668) (150)
Other income 2,340 1,502 5,330 3,284
Total revenues 574,959 298,551 1,041,296 593,386
Expenses        
Provision for losses (Note 11) 194,945 11,954 302,878 [4] 27,294
Amortization of deferred policy acquisition costs and VOBA 90,503 7,205 152,572 13,593
Other operating expenses 110,586 69,178 208,755 127,086
Interest expense (Note 12) 22,312 17,428 42,906 33,917
Amortization of other acquired intangible assets 5,896 0 9,805 0
Total expenses 424,242 105,765 716,916 201,890
Pretax income from continuing operations 150,717 192,786 324,380 391,496
Income tax provision 32,489 38,301 76,686 84,921
Net income from continuing operations 118,228 154,485 247,694 306,575
Income (loss) from discontinued operations, net of tax (2,314) (12,689) (7,687) (20,221)
Net income $ 115,914 $ 141,796 $ 240,007 [5] $ 286,354
Net income per share        
Net income from continuing operations, Basic $ 0.87 $ 1.12 $ 1.81 [6] $ 2.16
Income (loss) from discontinued operations, net of tax, Basic (0.02) (0.09) (0.06) [6] (0.14)
Basic net income per share 0.85 1.03 1.75 [6] 2.02
Net income from continuing operations, Diluted 0.87 1.11 1.8 [6] 2.14
Income (loss) from discontinued operations, net of tax, Diluted (0.02) (0.09) (0.06) [6] (0.14)
Diluted net income per share $ 0.85 $ 1.02 $ 1.74 [6] $ 2
Weighted average number of common shares outstanding—basic (in shares) 135,355 137,376 136,591 [6] 141,910
Weighted average number of common and common equivalent shares outstanding—diluted (in shares) 136,283 138,360 137,550 [6] 143,012
[1] Includes Inigo results for the five-month period from the Closing Date of the acquisition through June 30, 2026.
[2] Includes Inigo results from the Closing Date through June 30, 2026.
[3] Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.
[4] Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.
[5] Includes Inigo results for the five-month period from the Closing Date of the acquisition through June 30, 2026.
[6] Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.