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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net (loss) income $ (8,082) $ 69,927 $ (15,513) $ 69,533  
Adjustments to reconcile net (loss) income to net cash flows from operating activities:          
Other non-cash (income) expenses including credit losses, depreciation, amortization, leases     (427) 2,768  
Gain on bargain purchase 0 (73,590) 0 (73,590)  
Interest in income of equity method investments (10) 0 (9) 0  
Net realized and unrealized investment (losses) gains 2,984 (1,058) 1,645 (1,058)  
Share-based compensation expense     2,620 239  
Foreign exchange and other (gains) losses (2,278) 5,102 (4,498) 5,102  
Changes in assets – (increase) decrease:          
Reinsurance balances receivable, net     (4,921) 93  
Reinsurance recoverable on unpaid losses     5,019 (3,586)  
Accrued investment income     161 (789)  
Funds withheld receivable     3,324 (668)  
Other assets     (3,477) 4  
Changes in liabilities – increase (decrease):          
Reserve for loss and loss adjustment expenses     (31,398) (25,090)  
Unearned premiums     (2,566) (1,327)  
Accrued expenses and other liabilities     9,089 7,631  
Net cash used in operating activities     (40,951) (20,738)  
Cash flows from investing activities:          
Purchases of fixed maturities      (75,658) (23,889)  
Purchases of other investments     (3,463) (1,380)  
Purchases of equity method investments     (1,023) (490)  
Proceeds from sales of fixed maturities  10,365 7,312 48,482 7,312  
Proceeds from maturities, paydowns and calls of fixed maturities     49,484 26,670  
Proceeds from sale and redemption of other investments     1,779 141  
Proceeds from sale and redemption of equity method investments     0 163  
Cash acquired from purchase of business     0 93,515  
Net loan receivable from related party     19,567 0  
Others, net     (14) (1)  
Net cash provided by investing activities     39,154 102,041  
Cash flows from financing activities:          
Repurchase of common shares     (486) 0  
Dividends paid – Kestrel equityholders     0 (40,000)  
Net cash used in financing activities     (486) (40,000)  
Effect of exchange rate changes on foreign currency cash, restricted cash and cash equivalents     (629) 661  
Net (decrease) increase in cash, restricted cash and cash equivalents     (2,912) 41,964  
Cash, restricted cash and cash equivalents, beginning of period     29,190 4,286 $ 4,286
Cash, restricted cash and cash equivalents, end of period 26,278 46,250 26,278 46,250 29,190
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:          
Cash and cash equivalents, end of period 16,062 31,533 16,062 31,533 20,044
Restricted cash and cash equivalents, end of period 10,216 14,717 10,216 14,717 9,146
Total cash, restricted cash and cash equivalents, end of period $ 26,278 $ 46,250 $ 26,278 $ 46,250 $ 29,190