Variable and voting interest entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable and voting interest entities | 9. Variable and voting interest entities The Company consolidates the results of operations and financial position of every voting interest entity ("VOE") in which it has a controlling financial interest and variable interest entities (“VIE”) in which it is considered to be the primary beneficiary in accordance with guidance in ASC 810, Consolidation. The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity. Consolidated variable interest entities Alstead Re Alstead Reinsurance Ltd. (“Alstead Re”) is considered a VIE and the Company has concluded that it is the primary beneficiary of Alstead Re because the Company can exercise control over the activities that most significantly impact the economic performance of Alstead Re. As a result, the Company has consolidated the results of Alstead Re in its consolidated financial statements. As of September 30, 2026, Alstead Re’s assets and liabilities included in the Company’s consolidated balance sheets were $9.0 million and $3.2 million, respectively (December 31, 2025 - $6.8 million and $0.9 million, respectively). Consolidated voting interest entities Alta Signa Alta Signa Holdings (“Alta Signa”) is considered a VOE and the Company holds a majority of the voting interests through its seats on Alta Signa’s board of directors. As a result, the Company has consolidated the results of Alta Signa in its consolidated financial statements. The Company’s ownership in Alta Signa as of September 30, 2026 was 75.1%. As of September 30, 2026, Alta Signa’s assets and liabilities, before intercompany eliminations, included in the Company’s consolidated balance sheets were $2.1 million and $1.2 million, respectively (December 31, 2025 - $1.8 million and $1.3 million, respectively). Non-consolidated variable interest entities The Company is a passive investor in certain third-party-managed hedge and private equity funds, some of which are VIEs. The Company is not involved in the design or establishment of these VIEs, nor does it actively participate in the management of the VIEs. The Company calculates maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where the Company has also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The Company does not have any VIEs that it sponsors, nor any VIEs where it has recourse to it or has provided a guarantee to the VIE interest holders. The following table presents the carrying amount of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of September 30, 2026 and December 31, 2025:
(1)Maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments. (2)Includes investments in related parties, which are also VIEs and are discussed below. Third Point Enhanced LP (“TP Enhanced Fund”) As of September 30, 2026, the Company and Third Point Advisors LLC (“TP GP”) hold interests of approximately 89.0% and 11.0%, respectively, of the net asset value of TP Enhanced Fund. As a result, both entities hold significant financial interests in TP Enhanced Fund. However, TP GP controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Enhanced Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Enhanced Fund. The Company has no unfunded commitments on this investment, and its maximum exposure to loss on this investment corresponds to the carrying amount, which is included in Other long-term investments in the table above. On February 28, 2025, the Company provided notice to Third Point LLC of its intent to redeem all of its capital accounts for TP Enhanced Fund. The redemptions will continue to occur over time and may be in cash or underlying investments. Refer to Note 16 for the fair value of remaining unredeemed portion. Investment in Third Point Venture Offshore Fund I LP (“TP Venture Fund”) Third Point Venture GP LLC controls all of the investment decision-making authority of the TP Venture Fund. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund. As of September 30, 2026, the Company’s maximum exposure to loss on this investment corresponds to the carrying amount plus unfunded commitments of $5.9 million (December 31, 2025 - $7.1 million), which is included in Other long-term investments in the table above. Investment in Third Point Venture Offshore Fund II LP (“TP Venture Fund II”) Third Point Venture GP II LLC controls all of the investment decision-making authority of the TP Venture Fund II. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund II. As of September 30, 2026, the Company’s maximum exposure to loss on this investment corresponds to the carrying amount plus unfunded commitments of $16.0 million (December 31, 2025 - $18.2 million), which is included in Other long-term investments in the table above. Investment in Third Point Insurance Solutions Fund I LLC (“TP ISF”) TP GP ultimately controls all of the investment decision making authority of TP ISF. The Company does not have the power to direct the activities which most significantly impact the economic performance of TP ISF. As of September 30, 2026, the Company’s maximum exposure to loss on this investment corresponds to the carrying amount plus unfunded commitments of $10.4 million (December 31, 2025 - $25.0 million), which is included in Other long-term investments in the table above. Investment in Third Point Structured Credit Opportunities Offshore Fund LP (“TP SCOF”) During the nine months ended September 30, 2026, the Company transferred a portion of its investment in TP Enhanced Fund into an investment in TP SCOF. TP GP controls all of the investment decision making authority of TP SCOF. The Company does not have the power to direct the activities which most significantly impact the economic performance of TP SCOF. During the third quarter of 2026, the Company provided notice to TP GP to redeem all of its capital accounts for TP SCOF. The redemptions will occur over the next four quarters beginning in the fourth quarter of 2026.
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