Segment information (Tables)

6 Months Ended

Jun. 30, 2026

The following includes the financial results of our three reportable segments for the three and six months ended June 30, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.

Financial information by segment:


	Three Months Ended June 30, 2026
(in millions)	Exchange Services		MGA Operations		Underwriting		Total Segments		Corporate and Other (1)		Consolidation and elimination adjustments		Total
Revenues
Ceding commission income (2)	$	—	$	—	$	1.1	$	1.1	$	—	$	74.0	$	75.1
Direct commission income
Affiliated entities	56.5		31.4		—		87.9		—		(87.9)		—
Unaffiliated entities	54.6		37.9		—		92.5		—		—		92.5
Net earned premiums	—		—		129.1		129.1		—		—		129.1
Net investment income	0.7		0.8		3.7		5.2		2.0		—		7.2

Operating revenues (3)	111.8		70.1		133.9		315.8		2.0		(13.9)		303.9
Losses and loss adjustment expenses	—		—		71.7		71.7		—		—		71.7
Amortization of deferred acquisition costs	—		—		48.4		48.4		—		(13.6)		34.8
General and administrative expenses (4) (5) (6)	37.8		39.8		11.9		89.5		22.6		(7.8)		104.3
Adjusted EBITDA	$	74.0	$	30.3	$	1.9	$	106.2	$	(20.6)	$	7.5	93.1
Net realized gains on investments													26.0
Net unrealized gains on investments													27.0
Share-based compensation expenses (6)													(25.2)
Interest expenses													(2.4)
Depreciation and amortization													(10.4)
Net foreign exchange gains													6.1
Other expenses (7)													(26.8)
Income before income taxes													$	87.4

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.

(3) Total segment revenues reconciles to consolidated revenues by adding the corporate and other, consolidation and elimination adjustments, and net realized and unrealized gains on investments presented within this disclosure.

(4) General and administrative expenses are composed of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:


(in millions)	Exchange Services		MGA Operations		Underwriting		Total
Employee compensation and benefits	$	29.5	$	29.4	$	6.6	$	65.5
Consulting and professional fees	3.9		3.0		1.3		8.2
Other administrative expenses	4.4		7.4		4.0		15.8
Total general and administrative expenses	$	37.8	$	39.8	$	11.9	$	89.5

(5) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.

(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations.

(7) Other expenses for the three months ended June 30, 2026 consist of $5.0 million of professional costs related to corporate development, $7.2 million of system development non-operating costs, $13.1 million of Mission profits sharing expense (including $10.0 million of buy-out expenses of existing interests) and $1.5 million of other individually insignificant costs.


	Three Months Ended June 30, 2025
(in millions)	Exchange Services		MGA Operations		Underwriting		Total Segments		Corporate and Other (1)		Consolidation and elimination adjustments		Total
Revenues
Ceding commission income (2)	$	—	$	—	$	29.6	$	29.6	$	—	$	72.0	$	101.6
Direct commission income
Affiliated entities	69.0		39.0		—		108.0		—		(108.0)		—
Unaffiliated entities	15.6		18.6		—		34.2		—		—		34.2
Net earned premiums	—		—		70.6		70.6		—		—		70.6
Net investment income	1.1		0.9		9.7		11.7		1.1		—		12.8

Operating revenues (3)	85.7		58.5		109.9		254.1		1.1		(36.0)		219.2
Losses and loss adjustment expenses	—		—		51.3		51.3		—		—		51.3
Amortization of deferred acquisition costs	—		—		27.9		27.9		—		(9.7)		18.2
General and administrative expenses (4) (5) (6)	30.0		33.8		14.8		78.6		16.4		(8.9)		86.1
Adjusted EBITDA	$	55.7	$	24.7	$	15.9	$	96.3	$	(15.3)	$	(17.4)	$	63.6
Net realized gains on investments													0.4
Net unrealized losses on investments													(0.5)
Share-based compensation expenses (6)													(3.0)
Interest expenses													(2.5)
Depreciation and amortization													(8.3)
Net foreign exchange losses													(14.2)
Other expenses (7)													(13.2)
Income before income taxes													$	22.3

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.


(in millions)	Exchange Services		MGA Operations		Underwriting		Total
Employee compensation and benefits	$	19.6	$	23.9	$	6.9	$	50.4
Consulting and professional fees	5.5		5.1		3.1		13.7
Other administrative expenses	4.9		4.8		4.8		14.5
Total general and administrative expenses	$	30.0	$	33.8	$	14.8	$	78.6

(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations.

(7) Other expenses for the three months ended June 30, 2025 consist of $6.1 million of professional costs related to corporate development activities, $3.6 million system development non-operating costs, $4.4 million of Mission profits sharing expense, as offset by a net reduction of $0.9 million of other individually insignificant costs.


	Six Months Ended June 30, 2026
(in millions)	Exchange Services		MGA Operations		Underwriting		Total Segments		Corporate and Other (1)		Consolidation and elimination adjustments		Total
Revenues
Ceding commission income (2)	$	—	$	—	$	11.1	$	11.1	$	—	$	144.5	$	155.6
Direct commission income
Affiliated entities	129.2		60.2		—		189.4		—		(189.4)		—
Unaffiliated entities	81.0		62.3		—		143.3		—		—		143.3
Net earned premiums	—		—		258.9		258.9		—		—		258.9
Net investment income	1.6		1.7		12.9		16.2		3.1		—		19.3

Operating revenues (3)	211.8		124.2		282.9		618.9		3.1		(44.9)		577.1
Losses and loss adjustment expenses	—		—		153.5		153.5		—		—		153.5
Amortization of deferred acquisition costs	—		—		97.4		97.4		—		(29.0)		68.4
General and administrative expenses (4) (5) (6)	70.5		77.1		23.6		171.2		41.9		(17.1)		196.0
Adjusted EBITDA	$	141.3	$	47.1	$	8.4	$	196.8	$	(38.8)	$	1.2	$	159.2
Net realized gains on investments													26.1
Net unrealized gains on investments													27.0
Share-based compensation expenses (6)													(57.3)
Interest expenses													(4.9)
Depreciation and amortization													(20.4)
Net foreign exchange gains													4.2
Other expenses (7)													(44.5)
Income before income taxes													$	89.4

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.


(in millions)	Exchange Services		MGA Operations		Underwriting		Total
Employee compensation and benefits	$	53.7	$	55.5	$	11.7	$	120.9
Consulting and professional fees	8.8		6.5		5.6		20.9
Other administrative expenses	8.0		15.1		6.3		29.4
Total general and administrative expenses	$	70.5	$	77.1	$	23.6	$	171.2

(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).

(7) Other expenses for the six months ended June 30, 2026 consist of $14.5 million of system development non-operating expenses, $9.0 million of professional costs related to corporate development, $16.8 million of Mission profits sharing expense (including $10.0 million of buy-out expenses of existing interests) and $4.2 million of individually insignificant costs.


	Six Months Ended June 30, 2025
(in millions)	Exchange Services		MGA Operations		Underwriting		Total Segments		Corporate and Other (1)		Consolidation and elimination adjustments		Total
Revenues
Ceding commission income (2)	$	—	$	—	$	48.8	$	48.8	$	—	$	123.5	$	172.3
Direct commission income
Affiliated entities	128.0		70.5		—		198.5		—		(198.5)		—
Unaffiliated entities	26.8		35.5		—		62.3		—		—		62.3
Net earned premiums	—		—		133.6		133.6		—		—		133.6
Net investment income	1.7		1.8		19.7		23.2		1.8		—		25.0

Operating revenues (3)	156.5		107.8		202.1		466.4		1.8		(75.0)		393.2
Losses and loss adjustment expenses	—		—		96.5		96.5		—		—		96.5
Amortization of deferred acquisition costs	—		—		52.7		52.7		—		(17.4)		35.3
General and administrative expenses (4) (5) (6)	53.8		65.0		26.3		145.1		30.9		(17.0)		159.0
Adjusted EBITDA	$	102.7	$	42.8	$	26.6	$	172.1	$	(29.1)	$	(40.6)	$	102.4
Net realized gains on investments													2.7
Net unrealized gains on investments													1.2
Share-based compensation expenses (6)													(5.4)
Interest expenses													(5.1)
Depreciation and amortization													(15.7)
Net foreign exchange losses													(17.3)
Other expenses (7)													(25.0)
Income before income taxes													$	37.8

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.


(in millions)	Exchange Services		MGA Operations		Underwriting		Total
Employee compensation and benefits	$	35.5	$	45.2	$	13.1	$	93.8
Consulting and professional fees	9.1		8.4		5.7		23.2
Other administrative expenses	9.2		11.4		7.5		28.1
Total general and administrative expenses	$	53.8	$	65.0	$	26.3	$	145.1

(7) Other expenses for the six months ended June 30, 2025 consist of $8.2 million of system development non-operating costs, $9.7 million of professional costs related to corporate development, $6.0 million of Mission profits sharing expense, and $1.1 million of individually insignificant costs.

Schedule of Reconciliation of Assets from Segment to Consolidated

The following table presents our total assets by reportable segments:


(in millions)	June 30, 2026		December 31, 2025
Exchange Services	$	1,156.0	$	903.9
MGA Operations	528.1		479.2
Underwriting	7,823.2		7,307.2
Corporate and eliminations	(564.0)		(427.2)

Total	$	8,943.3	$	8,263.1

Schedule of Revenues by Geography

The following table presents our revenues by geography:


	Three Months Ended June 30, 2026
(in millions)	North America		UK and EU		Total
Ceding commission income (1)	$	67.3	$	7.8	$	75.1
Direct commission income	74.5		18.0		92.5
Net earned premiums	56.8		72.3		129.1
Net investment income	6.6		0.6		7.2
Net realized gains (losses) on investments	26.3		(0.3)		26.0
Net unrealized gains on investments	27.0		—		27.0
Total revenues	$	258.5	$	98.4	$	356.9


	Three Months Ended June 30, 2025
(in millions)	North America		UK and EU		Total
Ceding commission income (1)	$	77.7	$	23.9	$	101.6
Direct commission income	18.3		15.9		34.2
Net earned premiums	26.8		43.8		70.6
Net investment income	7.8		5.0		12.8
Net realized gains on investments	0.2		0.2		0.4
Net unrealized losses on investments	(0.5)		—		(0.5)
Total revenues	$	130.3	$	88.8	$	219.1


	Six Months Ended June 30, 2026
(in millions)	North America		UK and EU		Total
Ceding commission income (1)	$	128.7	$	26.9	$	155.6
Direct commission income	108.4		34.9		143.3
Net earned premiums	125.4		133.5		258.9
Net investment income	13.3		6.0		19.3
Net realized gains (losses) on investments	26.4		(0.3)		26.1
Net unrealized gains on investments	27.0		—		27.0
Total revenues	$	429.2	$	201.0	$	630.2


	Six Months Ended June 30, 2025
(in millions)	North America		UK and EU		Total
Ceding commission income (1)	$	126.7	$	45.6	$	172.3
Direct commission income	32.3		30.0		62.3
Net earned premiums	41.9		91.7		133.6
Net investment income	15.2		9.8		25.0
Net realized gains on investments	0.4		2.3		2.7
Net unrealized gains on investments	1.2		—		1.2
Total revenues	$	217.7	$	179.4	$	397.1

(1) For further information on the impacts of sliding scale commission adjustments on our ceding commission income for the three and six months ended June 30, 2026 and 2025 resulting from the loss experience of covered insurance contracts, refer to Note 8.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details