v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
($ in thousands)
Three Months Ended September 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$456,332 $363,370 $— $819,702 
Net premiums written$349,250 $277,472 $— $626,722 
Net premiums earned$309,313 $281,961 $— $591,274 
Third party fee income1,618 1,194 — 2,812 
Losses and loss adjustment expenses169,916 196,810 — 366,726 
Acquisition costs85,920 65,052 — 150,972 
Other underwriting expenses46,136 14,725 — 60,861 
Underwriting income (loss)$8,959 $6,568 $— $15,527 
Net realized and unrealized gains (losses) on investments208,526 208,526 
Net investment income (loss)26,615 26,615 
Net foreign exchange gains (losses)(1,188)(1,188)
Corporate expenses(14,097)(14,097)
Amortization of intangible assets(3,762)(3,762)
Interest expense(4,801)(4,801)
Income (loss) before income tax226,820 
Income tax (expense) benefit1,363 1,363 
Net income (loss)228,183 
Net income (loss) attributable to non-controlling interest146,727 146,727 
Net income (loss) attributable to common shareholders$81,456 
Key Ratios
Attritional loss ratio - current year54.5 %60.8 %57.5 %
Attritional loss ratio - prior year development(3.2)%(6.1)%(4.6)%
Catastrophe loss ratio - current year2.2 %0.0 %1.1 %
Catastrophe loss ratio - prior year development1.4 %15.1 %8.0 %
Loss and loss adjustment expense ratio54.9 %69.8 %62.0 %
Acquisition cost ratio27.8 %23.1 %25.5 %
Other underwriting expense ratio14.4 %4.8 %9.8 %
Combined ratio97.1 %97.7 %97.3 %
($ in thousands)
Three Months Ended September 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$379,957 $318,888 $— $698,845 
Net premiums written$304,410 $274,571 $— $578,981 
Net premiums earned$252,302 $270,697 $— $522,999 
Third party fee income2,137 2,032 — 4,169 
Losses and loss adjustment expenses133,895 144,817 — 278,712 
Acquisition costs67,007 58,405 — 125,412 
Other underwriting expenses41,703 17,252 — 58,955 
Underwriting income (loss)$11,834 $52,255 $— $64,089 
Net realized and unrealized gains (losses) on investments115,136 115,136 
Net investment income (loss)22,727 22,727 
Net foreign exchange gains (losses)2,619 2,619 
Corporate expenses(15,347)(15,347)
Amortization of intangible assets(4,000)(4,000)
Interest expense(4,933)(4,933)
Income (loss) before income tax180,291 
Income tax (expense) benefit(3,866)(3,866)
Net income (loss)176,425 
Net income (loss) attributable to non-controlling interest40,225 40,225 
Net income (loss) attributable to common shareholders$136,200 
Key Ratios
Attritional loss ratio - current year55.3 %55.6 %55.4 %
Attritional loss ratio - prior year development(2.2)%(2.1)%(2.1)%
Catastrophe loss ratio - current year0.0 %0.0 %0.0 %
Catastrophe loss ratio - prior year development0.0 %0.0 %0.0 %
Loss and loss adjustment expense ratio53.1 %53.5 %53.3 %
Acquisition cost ratio26.6 %21.6 %24.0 %
Other underwriting expense ratio15.7 %5.6 %10.5 %
Combined ratio95.4 %80.7 %87.8 %
($ in thousands)
Nine Months Ended September 30, 2026InternationalBermudaCorporateTotal
Gross premiums written$1,319,314 $1,271,540 $— $2,590,854 
Net premiums written$959,530 $942,547 $— $1,902,077 
Net premiums earned$902,728 $845,069 $— $1,747,797 
Third party fee income5,985 7,481 — 13,466 
Losses and loss adjustment expenses508,045 544,955 — 1,053,000 
Acquisition costs247,411 193,491 — 440,902 
Other underwriting expenses128,193 36,947 — 165,140 
Underwriting income (loss)$25,064 $77,157 $— $102,221 
Net realized and unrealized gains (losses) on investments587,458 587,458 
Net investment income (loss)77,084 77,084 
Net foreign exchange gains (losses)719 719 
Corporate expenses(38,213)(38,213)
Amortization of intangible assets(11,482)(11,482)
Interest expense(14,339)(14,339)
Income (loss) before income tax703,448 
Income tax (expense) benefit(3,430)(3,430)
Net income (loss)700,018 
Net income (loss) attributable to non-controlling interest341,242 341,242 
Net income (loss) attributable to common shareholders$358,776 
Key Ratios
Attritional loss ratio - current year53.5 %56.9 %55.1 %
Attritional loss ratio - prior year development(2.2)%0.7 %(0.8)%
Catastrophe loss ratio - current year4.5 %1.4 %3.0 %
Catastrophe loss ratio - prior year development0.5 %5.5 %2.9 %
Loss and loss adjustment expense ratio56.3 %64.5 %60.2 %
Acquisition cost ratio27.4 %22.9 %25.2 %
Other underwriting expense ratio13.5 %3.5 %8.7 %
Combined ratio97.2 %90.9 %94.1 %
($ in thousands)
Nine Months Ended September 30, 2025InternationalBermudaCorporateTotal
Gross premiums written$1,094,715 $1,159,462 $— $2,254,177 
Net premiums written$791,473 $947,696 $— $1,739,169 
Net premiums earned$746,078 $787,012 $— $1,533,090 
Third party fee income10,301 3,544 — 13,845 
Losses and loss adjustment expenses404,300 539,575 — 943,875 
Acquisition costs195,480 169,628 — 365,108 
Other underwriting expenses116,833 47,831 — 164,664 
Underwriting income (loss)$39,766 $33,522 $— $73,288 
Net realized and unrealized gains (losses) on investments571,964 571,964 
Net investment income (loss)62,721 62,721 
Net foreign exchange gains (losses)(4,422)(4,422)
Corporate expenses(41,168)(41,168)
Amortization of intangible assets(11,895)(11,895)
Interest expense(15,264)(15,264)
Income (loss) before income tax635,224 
Income tax (expense) benefit(9,748)(9,748)
Net income (loss)625,476 
Net income (loss) attributable to non-controlling interest220,990 220,990 
Net income (loss) attributable to common shareholders$404,486 
Key Ratios
Attritional loss ratio - current year53.1 %53.9 %53.4 %
Attritional loss ratio - prior year development(2.9)%(0.8)%(1.8)%
Catastrophe loss ratio - current year4.1 %17.7 %11.1 %
Catastrophe loss ratio - prior year development(0.1)%(2.2)%(1.1)%
Loss and loss adjustment expense ratio54.2 %68.6 %61.6 %
Acquisition cost ratio26.2 %21.6 %23.8 %
Other underwriting expense ratio14.3 %5.6 %9.8 %
Combined ratio94.7 %95.8 %95.2 %
Schedule of Revenue from External Customers by Geographic Areas
The following table presents gross premiums written by the geographical location of the Company’s subsidiaries:

Three Months EndedNine Months Ended
September 30,September 30,
($ in thousands)2026202520262025
International
Lloyd’s of London$278,288 $234,252 $800,328 $674,235 
Ireland126,543 103,610 377,617 302,070 
U.S.51,501 42,095 141,369 118,410 
   Total International456,332 379,957 1,319,314 1,094,715 
Bermuda363,370 318,888 1,271,540 1,159,462 
    Total$819,702 $698,845 $2,590,854 $2,254,177