v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Invested assets:    
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2026 – $1,496,081; 2025 – $1,448,750) $ 1,439,293 $ 1,404,774
Equity securities, at fair value (cost: 2026 – $68,494; 2025 – $66,916) 73,639 73,092
Bank loan participations, at fair value 156,669 155,138
Short-term investments 4,037 0
Other invested assets 69,966 64,152
Total invested assets 1,743,604 1,697,156
Cash and cash equivalents 195,576 260,941
Restricted cash equivalents 8,633 8,481
Accrued investment income 14,380 12,744
Premiums receivable and agents’ balances, net 137,969 153,638
Reinsurance recoverable on unpaid losses, net 2,032,045 2,026,110
Reinsurance recoverable on paid losses 79,129 118,243
Prepaid reinsurance premiums 180,077 203,950
Deferred policy acquisition costs 31,366 31,286
Intangible assets, net 31,905 32,087
Goodwill 181,831 181,831
Other assets 136,563 133,463
Total assets 4,773,078 4,859,930
Liabilities:    
Reserve for losses and loss adjustment expenses 3,090,045 3,099,418
Unearned premiums 417,643 447,644
Payables to reinsurers 47,567 68,459
Funds held 7,485 7,485
Deferred reinsurance gain 107,836 86,720
Senior debt 225,800 225,800
Junior subordinated debt 104,055 104,055
Accrued expenses 20,227 31,006
Other liabilities 96,704 118,075
Total liabilities 4,117,362 4,188,662
Commitments and contingent liabilities (Note 8)
Series A redeemable preferred shares – 2026 and 2025: 165,000 shares authorized; 112,500 shares issued and outstanding 133,115 133,115
Shareholders’ equity:    
Common stock – 2026 and 2025: $0.0002 par value; 200,000,000 shares authorized; 46,239,030 and 45,968,584 shares issued and outstanding, respectively 9 9
Preferred stock – 2026 and 2025: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding 0 0
Additional paid-in capital 939,611 937,611
Retained deficit (372,156) (364,726)
Accumulated other comprehensive loss (44,863) (34,741)
Total shareholders’ equity 522,601 538,153
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 4,773,078 $ 4,859,930