v3.26.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Investments, at fair value $ 3,581,971 $ 3,439,002
Investments in Two Sigma Funds, at fair value (cost 2026: $1,471,985; 2025: $1,355,563) 1,873,879 1,587,658
Total investments 5,455,850 5,026,660
Cash and cash equivalents 1,184,318 1,062,359
Restricted cash and cash equivalents 129,300 109,731
Premiums receivable 1,209,434 939,777
Paid losses recoverable 198,835 93,659
Deferred acquisition costs 297,055 257,203
Unpaid losses and loss adjustment expenses recoverable 1,468,584 1,375,857
Receivables for investments sold 45,425 58,029
Prepaid reinsurance 452,409 296,351
Intangible assets 81,821 86,624
Other assets 303,990 265,363
Total assets 10,827,021 9,571,613
Liabilities    
Reserve for losses and loss adjustment expenses 4,988,921 4,415,176
Unearned premiums 1,687,812 1,377,474
Reinsurance balances payable 507,737 296,400
Payables for investments purchased 162,951 209,853
Term loan, net of issuance costs 149,821 149,743
Accounts payable and accrued expenses 173,565 177,320
Payables to related parties 87,419 123,376
Total liabilities 7,758,226 6,749,342
Non-controlling interest – TS Hamilton Fund 132,921 172
Shareholders’ equity    
Common shares: 985 990
Additional paid-in capital 1,132,118 1,134,985
Accumulated other comprehensive loss (4,441) (4,441)
Retained earnings 1,807,212 1,690,565
Total shareholders’ equity 2,935,874 2,822,099
Total liabilities, non-controlling interest, and shareholders’ equity 10,827,021 9,571,613
Total fixed maturities    
Assets    
Investments, at fair value 3,157,925 3,238,543
Short-term investments    
Assets    
Investments, at fair value 424,046 200,459
Common Class A    
Shareholders’ equity    
Common shares: 173 173
Common Class B    
Shareholders’ equity    
Common shares: 663 663
Common Class C    
Shareholders’ equity    
Common shares: $ 149 $ 154