
thousands	June 4, 2026
Fair value of assets acquired:
Buildings and equipment	$	118
Investments in fixed maturity securities	2,608,294
Short-term investments	32,845
Cash and cash equivalents	376,321
Restricted cash	84,450
Accounts receivable, net	788,692
Reinsurance recoverable on paid and unpaid losses	599,056
Intangibles, net	571,000
Other assets, net	626,363
Total estimated fair value of assets acquired	5,687,139

Fair value of liabilities assumed:
Reserves for claims and claim expenses	2,090,210
Unearned premiums	1,384,357
Deferred tax liabilities, net	18,437
Other liabilities, net	366,271
Total estimated fair value of liabilities assumed	3,859,275
Noncontrolling interests	7,753

Fair value of net assets acquired	1,820,111
Goodwill (a)	279,881
Total consideration	$	2,099,992

(a)The excess of the purchase price over the preliminary estimated fair value of the net tangible and identifiable intangible assets acquired, net of the fair value of the liabilities assumed totaled $279.9 million in Goodwill. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, and is attributable primarily to the assembled workforce of Vantage’s underwriting, actuarial, claims and executive teams, the established specialty insurance and reinsurance platform, and financial strength ratings that could not be replicated on a comparable timeline through internal development. The Company estimated that approximately $68.5 million of the goodwill related to the acquisition of Vantage will be deductible for U.S. tax purposes. The Company has not yet completed the allocation of goodwill to its reporting units or segments, and such allocation will be finalized during the 12-month period following the acquisition date.


thousands	July 26, 2026
Fair value of assets acquired:
Master Planned Communities assets	$	266,700
Buildings and equipment	994



Investment in unconsolidated ventures	1,032
Cash and cash equivalents	26,226

Accounts receivable, net	592
Municipal district receivables, net	75,100


Other assets, net	27,604
Total estimated fair value of assets acquired	398,248

Fair value of liabilities assumed:
Mortgages, notes, and loans payable, net	270,016

Other liabilities, net	37,003
Total estimated fair value of liabilities assumed	307,019

Fair value of net assets acquired	$	91,229