v3.26.1
Losses and LAE - Reserve for Losses and LAE Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2026
Jun. 30, 2025
Loss reserve [Roll Forward]          
Balance at beginning of period       $ 399,946  
Deduct: Net paid losses and LAE relating to losses occurring in:          
Total provision for losses $ 194,945 $ 11,954   302,878 [1],[2] $ 27,294
Balance at end of period 1,911,780   $ 1,911,780 1,911,780  
Amortization of VOBA Intangible Asset          
Deduct: Net paid losses and LAE relating to losses occurring in:          
Total provision for losses     (6,323)    
Mortgage          
Loss reserve [Roll Forward]          
Balance at beginning of period       399,946 354,431
Less: Reinsurance recoverables [3]       47,019 34,144
Balance at beginning of period, net of reinsurance recoverables       352,927 320,287
Add: Net incurred losses and LAE relating to losses occurring in:          
Current year [4]       115,294 103,750
Prior years       (61,600) (76,456)
Total incurred       53,694 27,294
Deduct: Net paid losses and LAE relating to losses occurring in:          
Current year [4]       168 220
Prior years       41,006 11,001
Total paid       41,174 11,221
Balance at end of period, net of reinsurance recoverables 365,447 336,360 365,447 365,447 336,360
Add: Reinsurance recoverables [3] 52,941 40,872 52,941 52,941 40,872
Balance at end of period 418,388 $ 377,232 418,388 418,388 $ 377,232
Specialty          
Loss reserve [Roll Forward]          
Balance at beginning of period     1,325,171    
Add: Acquisition-date fair value adjustment [5]     39,083    
Less: Reinsurance recoverables [6]     269,418    
Balance at beginning of period, net of reinsurance recoverables     1,094,836    
Add: Net incurred losses and LAE relating to losses occurring in:          
Current year     292,256    
Prior years     (36,749)    
Total incurred     255,507    
Deduct: Net paid losses and LAE relating to losses occurring in:          
Current year     12,962    
Prior years     105,384    
Total paid     118,346    
Add: Net foreign exchange (gains) / losses [7]     (3,898)    
Balance at end of period, net of reinsurance recoverables 1,221,776   1,221,776 1,221,776  
Add: Reinsurance recoverables [6] 271,616   271,616 271,616  
Balance at end of period 1,493,392   1,493,392 1,493,392  
Balance at end of period $ 1,493,392   $ 1,493,392 $ 1,493,392  
[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 of the acquisition through June 30, 2026.
[3] Related to ceded losses recoverable, if any, on ceded reinsurance transactions. See Note 8 for additional information.
[4] Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.
[5] Acquisition-date fair value adjustment includes the VOBA reserves intangible asset related to Inigo’s acquired net reserve for losses.
[6] Related to ceded losses recoverable, if any, on ceded reinsurance transactions. See Note 8 for additional information.
[7] Foreign exchange (gains) losses are related to foreign currency denominated loss reserves associated with international insurance exposures in the Specialty segment. Foreign exchange (gains) losses on foreign currency denominated loss reserves are reflected through net income (loss) as a component of net gains (losses) on financial instruments and foreign exchange in the condensed consolidated statements of operations.