v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income (loss) $ 700,018 $ 625,476
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,540 12,997
Share compensation expense 19,183 21,140
Net realized (gains) losses on investments (554,472) (424,142)
Change in net unrealized (gains) losses on investments (32,986) (147,822)
Other items 1,101 (26,695)
Change in:    
Premiums receivable (269,657) (240,293)
Paid losses recoverable (105,176) 18,559
Deferred acquisition costs (39,852) (50,275)
Prepaid reinsurance (156,058) (115,104)
Unpaid losses and loss adjustment expenses recoverable (92,727) (132,793)
Other assets (37,984) (8,767)
Reserve for losses and loss adjustment expenses 573,745 673,586
Unearned premiums 310,338 321,183
Reinsurance balances payable 211,337 111,436
Accounts payable and accrued expenses and other (45,979) (89,561)
Net cash provided by (used in) operating activities 493,371 548,925
Investing activities    
Proceeds from redemptions from Two Sigma Funds 2,946,127 2,178,016
Contributions to Two Sigma Funds (2,511,617) (2,258,072)
Purchases of fixed maturity investments (2,790,015) (1,775,109)
Proceeds from sales, redemptions and maturity of fixed maturity investments 2,729,614 1,212,284
Purchases of short-term investments (1,137,387) (900,482)
Proceeds from sales of short-term investments 927,336 1,165,087
Change in receivables for investments sold 12,604 28,824
Change in payables for investments purchased (46,902) (13,414)
Other (8,379) (8,513)
Net cash provided by (used in) investing activities 121,381 (371,379)
Financing activities    
Issuance of common shares 14 11
Repurchases of common shares (58,422) (92,341)
Contribution of additional paid-in capital (14) (12)
Term loan, net of issuance costs 0 (311)
Withdrawal of non-controlling interest (208,493) (139,939)
Dividends on common shares paid (199,495) 0
Net cash provided by (used in) financing activities (466,410) (232,592)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (6,814) 19,411
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 141,528 (35,635)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 1,172,090 1,100,852
Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 1,313,618 $ 1,065,217