v3.26.3
FIXED MATURITY INVESTMENTS
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
FIXED MATURITY INVESTMENTS FIXED MATURITY INVESTMENTS
For certain regulatory trust accounts used as collateral for reinsurance clients, the funds are invested in fixed maturity securities. Accordingly, these investments are restricted for reinsurance clients.

The following table summarizes the fair value of fixed maturity investments:

September 30, 2026December 31, 2025
Fixed maturity securities:
U.S. government and agencies$38,511 $17,979 
Agency residential mortgage-backed securities ("RMBS")24,373 18,258 
Corporate bonds31,987 9,769 
Asset-backed securities ("ABS")
3,005 5,565 
Non-agency RMBS— 600 
Municipal bonds— 857 
  Total fixed maturity securities97,876 53,028 
Liquidity funds
81,029 12,581 
Total fixed maturity investments, at fair value$178,905 $65,609 

Liquidity funds generally include cash and cash equivalents and highly liquid investments. These funds are approved by Lloyd’s for the purpose of investing Syndicate 3456’s cash. Additionally, the Company’s funds at Lloyd’s to support the Syndicate 3456 capacity are also invested in these liquidity funds.
The following table summarizes the net realized and unrealized losses for the fixed maturity investments:

Three months ended September 30Nine months ended September 30
2026202520262025
Net realized losses(139)— (132)— 
Change in net unrealized losses(1,318)— (2,361)— 
Net realized and unrealized losses for fixed maturity investments$(1,457)$— $(2,493)$—