v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturities: available-for-sale, at fair value (Amortized cost: 2026: $144,533; 2025: $168,991) $ 144,624 $ 169,665
Equity securities: at fair value (Cost: 2026: $11,145; 2025: $11,145) 11,748 11,748
Equity method investments 33,413 33,532
Other investments 173,280 173,358
Total investments 363,065 388,303
Cash and cash equivalents 16,062 20,044
Restricted cash and cash equivalents 10,216 9,146
Accrued investment income 4,900 5,063
Reinsurance balances receivable, net (includes $0 and $2 from related parties in 2026 and 2025, respectively. Allowance for expected credit losses: 2026 - $14; 2025 - $14) 5,590 724
Reinsurance recoverable on unpaid losses: (Allowance for expected credit losses: 2026: $1,613; 2025: $1,740) 412,121 461,197
Intangible assets 7,676 9,347
Funds withheld receivable: (Allowance for expected credit losses: 2026: $2; 2025: $2) 6,417 10,956
Other assets 24,116 18,292
Total assets 919,606 1,009,955
LIABILITIES    
Reserve for loss and loss adjustment expenses (includes $478,831 and $554,507 from related parties in 2026 and 2025, respectively) 554,341 637,169
Unearned premiums (includes $14,835 and $17,227 from related parties in 2026 and 2025, respectively) 14,837 17,406
Accrued expenses and other liabilities (includes $25,163 and $16,443 from related parties in 2026 and 2025, respectively) 61,419 52,694
Senior notes - principal amount 262,361 262,361
Less: unamortized fair value adjustment 87,312 87,959
Senior notes, net 175,049 174,402
Total liabilities 805,646 881,671
Commitments and Contingencies
EQUITY    
Common shares ($0.01 par value; 2026: 10,108,600 and 2025: 9,979,477 shares issued; 2026: 7,824,030 and 2025: 7,741,943 shares outstanding) 101 100
Additional paid-in capital 180,153 177,534
Accumulated other comprehensive (loss) income (29) 916
(Accumulated deficit) retained earnings (14,316) 1,197
Treasury shares, at cost (2026: 2,284,570 shares, 2025: 2,237,534 shares) (51,949) (51,463)
Total shareholders’ equity 113,960 128,284
Total liabilities and equity 919,606 1,009,955
Related Party    
Investments:    
Net loan receivable from related party $ 69,443 $ 86,883