v3.26.1
Concentration of Risks (Tables)
6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
Schedule of credit risk related to recoverable reinsurance
Certain concentrations of credit risk related to reinsurance recoverable exist on LTC business, with the insurance organizations listed in the table below:
As of June 30, 2026A.M. Best credit rating
Net reinsurance
recoverable1
Funds withheld payableNet reinsurance credit exposure
Medico Insurance CompanyA$2,231 $— $2,231 
Front Street ReNot Rated269,487 232,926 36,561 
Nichol International Reinsurance (S.A.C), Ltd.Not Rated174,521 175,118 
Total$446,239 $408,044 $38,792 
As of December 31, 2025A.M. Best credit rating
Net reinsurance
recoverable1
Funds withheld payableNet reinsurance credit exposure
Medico Insurance CompanyA$4,466 $— $4,466 
Front Street ReNot Rated273,981 237,143 36,838 
Nichol International Reinsurance (S.A.C), Ltd.Not Rated178,273 183,802 — 
Total$456,720 $420,945 $41,304 
_______________
(1)Includes credit loss allowance of $1.1 million as of June 30, 2026 and December 31, 2025, held against reinsurance recoverable.
Schedules of investment concentration risk
Further, our Insurance Solutions segment has the following investment concentration risk:
As of June 30, 2026
Fair value% of total
Insurance Solutions
United States$721,494 76 %
Cayman Islands182,990 19 %
Other¹
48,599 %
Total insurance solutions953,083 100 %
Insurance Solutions consolidated VIEs
United States122,864 94 %
Other²
7,858 %
Total insurance solutions consolidated VIEs130,722 100 %
Total$1,083,805 
_______________
(1)Other consists of nominal investments primarily in Bermuda, Canada, and United Kingdom.
(2)Other consists of nominal investments primarily in Ireland and Canada.
As of December 31, 2025
Fair value% of total
Insurance Solutions
United States$688,545 72 %
Cayman Islands207,034 22 %
Other¹
61,229 %
Total insurance solutions956,808 100 %
Insurance Solutions consolidated VIEs
United States111,781 93 %
Other2
8,899 %
Total insurance solutions consolidated VIEs120,680 100 %
Total$1,077,488 
_______________
(1)Other consists of nominal investments primarily in Bermuda, Canada, and United Kingdom.
(2)Other consists of nominal investments primarily in Ireland and Canada.