v3.26.1
Segment information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Ceding commission income $ 75.1 $ 101.6 $ 155.6 $ 172.3
Direct commission income 92.5 34.2 143.3 62.3
Net earned premiums 129.1 70.6 258.9 133.6
Net investment income 7.2 12.8 19.3 25.0
Operating revenues 303.9 219.2 577.1 393.2
Losses and loss adjustment expenses 71.7 51.3 153.5 96.5
Amortization of deferred acquisition costs 34.8 18.2 68.4 35.3
General and administration expenses 104.3 86.1 196.0 159.0
Adjusted EBITDA 93.1 63.6 159.2 102.4
Net realized gains on investments 26.0 0.4 26.1 2.7
Net unrealized gains (losses) on investments 27.0 (0.5) 27.0 1.2
Share-based compensation expenses (25.2) (3.0) (57.3) (5.4)
Interest expenses (2.4) (2.5) (4.9) (5.1)
Depreciation and amortization (10.4) (8.3) (20.4) (15.7)
Net foreign exchange gain (loss) 6.1 (14.2) 4.2 (17.3)
Other expenses (26.8) (13.2) (44.5) (25.0)
Income before income taxes 87.4 22.3 89.4 37.8
Total general and administrative expenses [1] 129.5 89.1 253.3 164.4
Professional costs related to corporate development activities 5.0 6.1 9.0 9.7
System development nonoperating costs 7.2 3.6 14.5 8.2
Buy out expenses 10.0   10.0  
Other individually insignificant (benefit) costs 1.5 (0.9) 4.2 1.1
Profits Interest Award        
Segment Reporting [Line Items]        
Profit sharing expense 13.1 4.4 16.8 6.0
Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 0.0 0.0 0.0 0.0
Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 92.5 34.2 143.3 62.3
Operating Segments        
Segment Reporting [Line Items]        
Ceding commission income 1.1 29.6 11.1 48.8
Net earned premiums 129.1 70.6 258.9 133.6
Net investment income 5.2 11.7 16.2 23.2
Operating revenues 315.8 254.1 618.9 466.4
Losses and loss adjustment expenses 71.7 51.3 153.5 96.5
Amortization of deferred acquisition costs 48.4 27.9 97.4 52.7
General and administration expenses 89.5 78.6 171.2 145.1
Adjusted EBITDA 106.2 96.3 196.8 172.1
Employee compensation and benefits 65.5 50.4 120.9 93.8
Consulting and professional fees 8.2 13.7 20.9 23.2
Other administrative expenses 15.8 14.5 29.4 28.1
Total general and administrative expenses 89.5 78.6 171.2 145.1
Operating Segments | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 87.9 108.0 189.4 198.5
Operating Segments | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 92.5 34.2 143.3 62.3
Corporate and Other        
Segment Reporting [Line Items]        
Ceding commission income 0.0 0.0 0.0 0.0
Net earned premiums 0.0 0.0 0.0 0.0
Net investment income 2.0 1.1 3.1 1.8
Operating revenues 2.0 1.1 3.1 1.8
Losses and loss adjustment expenses 0.0 0.0 0.0 0.0
Amortization of deferred acquisition costs 0.0 0.0 0.0 0.0
General and administration expenses 22.6 16.4 41.9 30.9
Adjusted EBITDA (20.6) (15.3) (38.8) (29.1)
Corporate and Other | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 0.0 0.0 0.0 0.0
Corporate and Other | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 0.0 0.0 0.0 0.0
Consolidation and elimination adjustments        
Segment Reporting [Line Items]        
Ceding commission income 74.0 72.0 144.5 123.5
Net earned premiums 0.0 0.0 0.0 0.0
Net investment income 0.0 0.0 0.0 0.0
Operating revenues (13.9) (36.0) (44.9) (75.0)
Losses and loss adjustment expenses 0.0 0.0 0.0 0.0
Amortization of deferred acquisition costs (13.6) (9.7) (29.0) (17.4)
General and administration expenses (7.8) (8.9) (17.1) (17.0)
Adjusted EBITDA 7.5 (17.4) 1.2 (40.6)
Consolidation and elimination adjustments | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income (87.9) (108.0) (189.4) (198.5)
Consolidation and elimination adjustments | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 0.0 0.0 0.0 0.0
Exchange Services | Operating Segments        
Segment Reporting [Line Items]        
Ceding commission income 0.0 0.0 0.0 0.0
Net earned premiums 0.0 0.0 0.0 0.0
Net investment income 0.7 1.1 1.6 1.7
Operating revenues 111.8 85.7 211.8 156.5
Losses and loss adjustment expenses 0.0 0.0 0.0 0.0
Amortization of deferred acquisition costs 0.0 0.0 0.0 0.0
General and administration expenses 37.8 30.0 70.5 53.8
Adjusted EBITDA 74.0 55.7 141.3 102.7
Employee compensation and benefits 29.5 19.6 53.7 35.5
Consulting and professional fees 3.9 5.5 8.8 9.1
Other administrative expenses 4.4 4.9 8.0 9.2
Total general and administrative expenses 37.8 30.0 70.5 53.8
Exchange Services | Operating Segments | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 56.5 69.0 129.2 128.0
Exchange Services | Operating Segments | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 54.6 15.6 81.0 26.8
MGA Operations | Operating Segments        
Segment Reporting [Line Items]        
Ceding commission income 0.0 0.0 0.0 0.0
Net earned premiums 0.0 0.0 0.0 0.0
Net investment income 0.8 0.9 1.7 1.8
Operating revenues 70.1 58.5 124.2 107.8
Losses and loss adjustment expenses 0.0 0.0 0.0 0.0
Amortization of deferred acquisition costs 0.0 0.0 0.0 0.0
General and administration expenses 39.8 33.8 77.1 65.0
Adjusted EBITDA 30.3 24.7 47.1 42.8
Employee compensation and benefits 29.4 23.9 55.5 45.2
Consulting and professional fees 3.0 5.1 6.5 8.4
Other administrative expenses 7.4 4.8 15.1 11.4
Total general and administrative expenses 39.8 33.8 77.1 65.0
MGA Operations | Operating Segments | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 31.4 39.0 60.2 70.5
MGA Operations | Operating Segments | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income 37.9 18.6 62.3 35.5
Underwriting | Operating Segments        
Segment Reporting [Line Items]        
Ceding commission income 1.1 29.6 11.1 48.8
Net earned premiums 129.1 70.6 258.9 133.6
Net investment income 3.7 9.7 12.9 19.7
Operating revenues 133.9 109.9 282.9 202.1
Losses and loss adjustment expenses 71.7 51.3 153.5 96.5
Amortization of deferred acquisition costs 48.4 27.9 97.4 52.7
General and administration expenses 11.9 14.8 23.6 26.3
Adjusted EBITDA 1.9 15.9 8.4 26.6
Employee compensation and benefits 6.6 6.9 11.7 13.1
Consulting and professional fees 1.3 3.1 5.6 5.7
Other administrative expenses 4.0 4.8 6.3 7.5
Total general and administrative expenses 11.9 14.8 23.6 26.3
Underwriting | Operating Segments | Affiliated entities        
Segment Reporting [Line Items]        
Direct commission income 0.0 0.0 0.0 0.0
Underwriting | Operating Segments | Unaffiliated entities        
Segment Reporting [Line Items]        
Direct commission income $ 0.0 $ 0.0 $ 0.0 $ 0.0
[1] General and administrative expenses include share-based compensation expenses of $25.2 million and $3.0 million for the three months ended June 30, 2026 and 2025, respectively and $57.3 million and $5.4 million for the six months ended June 30, 2026 and 2025, respectively.