| Schedule of Gross Premiums Written by Line of Business |
The table below provides information about the Company’s reportable segments, including the reconciliation to net income as reported under U.S. GAAP. Comparatives have been recast to conform with the current reportable segments. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2026: | Open Market | | Innovations | | Corporate | | Total Consolidated | | Gross premiums written | $ | 138,843 | | | $ | 43,034 | | | $ | (2) | | | $ | 181,875 | | | Net premiums written | $ | 114,168 | | | $ | 28,537 | | | $ | (3) | | | $ | 142,702 | | | Net premiums earned | $ | 125,311 | | | $ | 28,121 | | | $ | (3) | | | $ | 153,429 | | | Net loss and LAE incurred | (64,215) | | | (19,067) | | | (1,083) | | | (84,365) | | | Acquisition costs | (39,797) | | | (5,722) | | | 1 | | | (45,518) | | Underwriting expenses | (6,075) | | | (2,838) | | | — | | | (8,913) | | | Deposit interest expense, net | (31) | | | — | | | — | | | (31) | | | Underwriting income (loss) | 15,193 | | | 494 | | | (1,085) | | | 14,602 | | | | | | | | | | | Reconciliation to income before income taxes: | | | | | | | | | Net investment income (loss) | 4,329 | | | 5,974 | | | 190 | | | 10,493 | | | Corporate and other expenses | — | | | (632) | | | (5,085) | | | (5,717) | | | Income (loss) from investment in Solasglas | | | | | (15,133) | | | (15,133) | | | Foreign exchange gains (losses) | | | | | (495) | | | (495) | | | Interest expense | | | | | (127) | | | (127) | | | Income (loss) before income taxes | $ | 19,522 | | | $ | 5,836 | | | $ | (21,735) | | | $ | 3,623 | | | | | | | | | | | Additional information: | | | | | | | | | Net loss and LAE incurred: | | | | | | | | | Attritional losses | $ | (68,393) | | | $ | (16,937) | | | $ | 2 | | | $ | (85,328) | | | Large event losses | 942 | | | — | | | — | | | 942 | | | CAT event losses | 2,511 | | | — | | | — | | | 2,511 | | | Prior year favorable (adverse) loss development | 725 | | | (2,130) | | | (1,085) | | | (2,490) | | | Total net loss and LAE incurred | $ | (64,215) | | | $ | (19,067) | | | $ | (1,083) | | | $ | (84,365) | | | | | | | | | | Total allocated assets (1) | $ | 554,326 | | | $ | 180,341 | | | $ | 1,555,907 | | | $ | 2,290,574 | |
(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralize certain reinsurance transactions, including FAL, and Innovations-related private investments. | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2026: | Open Market | | Innovations | | Corporate | | Total Consolidated | | Gross premiums written | $ | 471,392 | | | $ | 121,543 | | | $ | (4) | | | $ | 592,931 | | | Net premiums written | $ | 393,712 | | | $ | 79,278 | | | $ | (5) | | | $ | 472,985 | | | Net premiums earned | $ | 391,237 | | | $ | 78,155 | | | $ | (5) | | | $ | 469,387 | | | Net loss and LAE incurred | (234,390) | | | (50,368) | | | (2,845) | | | (287,603) | | | Acquisition costs | (119,408) | | | (17,382) | | | 1 | | | (136,789) | | Underwriting expenses | (16,420) | | | (7,909) | | | — | | | (24,329) | | | Deposit interest expense, net | (109) | | | — | | | — | | | (109) | | | Underwriting income (loss) | 20,910 | | | 2,496 | | | (2,849) | | | 20,557 | | | | | | | | | | | Reconciliation to income before income taxes: | | | | | | | | | Net investment income (loss) | 13,873 | | | 6,589 | | | 838 | | | 21,300 | | | Corporate and other expenses | — | | | (1,933) | | | (14,243) | | | (16,176) | | | Income from investment in Solasglas | | | | | (9,301) | | | (9,301) | | | Foreign exchange gains (losses) | | | | | (5,976) | | | (5,976) | | | Interest expense | | | | | (354) | | | (354) | | | Income (loss) before income taxes | $ | 34,783 | | | $ | 7,152 | | | $ | (31,885) | | | $ | 10,050 | | | | | | | | | | | Additional information: | | | | | | | | | Net loss and LAE incurred: | | | | | | | | | Attritional losses | $ | (207,953) | | | $ | (46,082) | | | $ | 3 | | | $ | (254,032) | | | Large event losses | $ | (3,854) | | | $ | — | | | $ | — | | | $ | (3,854) | | | CAT event losses | (29,000) | | | — | | | — | | | (29,000) | | | Prior year favorable (adverse) loss development | 6,417 | | | (4,286) | | | (2,848) | | | (717) | | | Total net loss and LAE incurred | $ | (234,390) | | | $ | (50,368) | | | $ | (2,845) | | | $ | (287,603) | | | | | | | | | | Total allocated assets (1) | $ | 554,326 | | | $ | 180,341 | | | $ | 1,555,907 | | | $ | 2,290,574 | |
(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralize certain reinsurance transactions, including FAL, and Innovations-related private investments. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2025: | Open Market | | Innovations | | Corporate | | Total Consolidated | | Gross premiums written | $ | 154,994 | | | $ | 29,393 | | | $ | (10) | | | $ | 184,377 | | | Net premiums written | $ | 140,372 | | | $ | 22,318 | | | $ | (8) | | | $ | 162,682 | | | Net premiums earned | $ | 144,427 | | | $ | 21,000 | | | $ | (8) | | | $ | 165,419 | | | Net loss and LAE incurred | (76,590) | | | (11,412) | | | (591) | | | (88,593) | | Acquisition costs (1) | (40,069) | | | (6,377) | | | 1 | | | (46,445) | | Underwriting expenses (1) | (5,446) | | | (2,543) | | | — | | | (7,989) | | | Deposit interest expense, net | (94) | | | — | | | — | | | (94) | | | Underwriting income (loss) | 22,228 | | | 668 | | | (598) | | | 22,298 | | | | | | | | | | | Reconciliation to income before income taxes: | | | | | | | | | Net investment income | 5,623 | | | (11,270) | | | 2,697 | | | (2,950) | | | Corporate and other expenses | — | | | (724) | | | (4,675) | | | (5,399) | | | Income from investment in Solasglas | | | | | (14,404) | | | (14,404) | | | Foreign exchange gains (losses) | | | | | (1,994) | | | (1,994) | | | | | | | | | | | Interest expense | | | | | (1,430) | | | (1,430) | | | Income (loss) before income taxes | $ | 27,851 | | | $ | (11,326) | | | $ | (20,404) | | | $ | (3,879) | | | | | | | | | | | Additional information: | | | | | | | | | Net loss and LAE incurred: | | | | | | | | | Attritional losses | $ | (70,010) | | | $ | (12,060) | | | $ | 19 | | | $ | (82,051) | | | Large event losses | (5,725) | | | — | | | — | | | (5,725) | | | CAT event losses | — | | | — | | | — | | | — | | | Prior year favorable (adverse) loss development | (855) | | | 648 | | | (610) | | | (817) | | | Total net loss and LAE incurred | $ | (76,590) | | | $ | (11,412) | | | $ | (591) | | | $ | (88,593) | | | | | | | | | | Total allocated assets (2) | $ | 489,755 | | | $ | 130,382 | | | $ | 1,513,918 | | | $ | 2,134,055 | |
(1) The Company has reclassified $0.5 million from acquisition costs to underwriting expenses for the three months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. (2) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralize certain reinsurance transactions, including FAL, and Innovations-related private investments. | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2025: | Open Market | | Innovations | | Corporate | | Total Consolidated | | Gross premiums written | $ | 528,036 | | | $ | 84,455 | | | $ | (541) | | | $ | 611,950 | | | Net premiums written | $ | 478,092 | | | $ | 69,005 | | | $ | (491) | | | $ | 546,606 | | | Net premiums earned | $ | 434,622 | | | $ | 61,391 | | | $ | (490) | | | $ | 495,523 | | | Net loss and LAE incurred | (272,828) | | | (37,002) | | | (1,726) | | | (311,556) | | Acquisition costs (1) | (121,850) | | | (16,909) | | | 113 | | | (138,646) | | Underwriting expenses (1) | (15,104) | | | (7,237) | | | — | | | (22,341) | | | Deposit interest expense, net | (367) | | | — | | | — | | | (367) | | | Underwriting income (loss) | 24,473 | | | 243 | | | (2,103) | | | 22,613 | | | | | | | | | | | Reconciliation to income before income taxes: | | | | | | | | | Net investment income | 17,023 | | | (10,391) | | | 9,175 | | | 15,807 | | | Corporate and other expenses | — | | | (1,898) | | | (12,928) | | | (14,826) | | | Income from investment in Solasglas | | | | | (483) | | | (483) | | | Foreign exchange gains (losses) | | | | | 8,632 | | | 8,632 | | | Other income | | | | | — | | | — | | | Interest expense | | | | | (4,038) | | | (4,038) | | | Income (loss) before income taxes | $ | 41,496 | | | $ | (12,046) | | | $ | (1,745) | | | $ | 27,705 | | | | | | | | | | | Additional information: | | | | | | | | | Net loss and LAE incurred: | | | | | | | | | Attritional losses | $ | (228,187) | | | $ | (35,686) | | | $ | 230 | | | $ | (263,643) | | | Large event losses | $ | (12,815) | | | $ | — | | | $ | — | | | $ | (12,815) | | | CAT event losses | (27,016) | | | — | | | — | | | (27,016) | | | Prior year favorable (adverse) loss development | (4,810) | | | (1,316) | | | (1,956) | | | (8,082) | | | Total net loss and LAE incurred | $ | (272,828) | | | $ | (37,002) | | | $ | (1,726) | | | $ | (311,556) | | | | | | | | | | Total allocated assets (2) | $ | 489,755 | | | $ | 130,382 | | | $ | 1,513,918 | | | $ | 2,134,055 | |
(1) The Company has reclassified $2.0 million from acquisition costs to underwriting expenses for the nine months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. (2) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralize certain reinsurance transactions, including FAL, and Innovations-related private investments.
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