Reserves for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2026

Reserves for Claims and Claim Expenses [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The following table presents a reconciliation of changes in the net reserves for claims and claim expenses:



thousands	September 30, 2026
Balance at beginning of the period:
Reserves for claims and claim expenses	$	—
Reinsurance recoverable on unpaid losses	—
Net reserve for claims and claim expenses	—

Acquired net reserve for claims and claim expenses (a)	1,535,414

Net losses incurred during the period related to:
Current period	256,879
Prior period (b)	(1,118)
Total net losses incurred	255,761

Net losses paid during the period related to:
Current period	(23,007)
Prior period	(101,421)
Total net losses paid	(124,428)

Foreign exchange (gains) losses	(212)

Balance at end of the period:
Net reserves for claims and claim expenses	1,666,535
Reinsurance recoverable on unpaid losses (c)	595,771
Reserves for claims and claim expenses	$	2,262,306

(a)Represents reserves for claims and claim expenses of $2.1 billion, net of reinsurance recoverable on unpaid losses of $554.8 million related to the Vantage Acquisition. This amount excludes reinsurance recoverable on paid losses of $44.3 million.

(b)Net prior period reserve development includes $4.0 million of favorable reserve development and $2.9 million of amortization expense related to the acquisition-date fair value adjustment to the reserve for claims and claim expenses.

(c)Excludes reinsurance recoverable on paid losses of $34.3 million as of September 30, 2026.