v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,228 and $7,000, respectively) (amortized cost of $2,206,626 and $1,848,755, respectively) $ 2,192,183 $ 1,856,303
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $2,256 and $468, respectively) 28,192 32,822
Equity securities, at fair value 1,141 1,174
Mortgage loans, at fair value 9,218 9,902
Equity method investments 62,725 77,365
Other long-term investments 52,295 58,650
Short-term investments, at fair value 392,634 264,299
Total investments 2,738,388 2,300,515
Cash and cash equivalents 219,221 168,544
Restricted cash 83,302 30,570
Funds at Lloyd's 121,630 2,509
Options, at fair value 40,535 34,857
Premiums and commissions receivable, net 978,409 544,217
Reinsurance recoverables, net 1,411,648 1,119,880
Ceded unearned premium 337,180 238,948
Deferred policy acquisition costs and VOBA 186,491 136,100
Deferred tax assets 47,987 27,865
Goodwill and intangible assets, net 471,185 88,040
Other assets 145,163 99,807
Total assets 6,781,139 4,791,852
Liabilities:    
Reserves for losses and loss adjustment expenses 3,070,598 2,318,894
Unearned premiums 1,078,246 774,035
Deferred ceding commission 54,466 46,453
Reinsurance and premium payables 509,081 279,888
Funds held for others 169,051 128,003
Deferred tax liabilities 67,801 0
Accounts payable and accrued liabilities 127,154 115,034
Notes payable 417,620 100,411
Subordinated debt, net of debt issuance costs 19,585 19,569
Total liabilities 5,513,602 3,782,287
Stockholders’ equity    
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,827,499 shares issued and 44,396,493 shares outstanding at June 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025 448 405
Treasury stock, at cost, 431,006 and 0 shares, respectively (19,427) 0
Additional paid-in capital 927,690 730,555
Accumulated other comprehensive (loss) income (7,091) 11,457
Retained earnings 365,917 267,148
Total stockholders’ equity 1,267,537 1,009,565
Total liabilities and stockholders’ equity $ 6,781,139 $ 4,791,852