v3.26.1
Related-Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
Lifson Re
Lifson Re, a Bermuda reinsurance company, participated on a fully collateralized basis in a majority of the Company’s reinsurance placements, with a 30% share of the amounts placed commencing on July 1, 2022, which was increased to 32.5% effective January 1, 2025. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. Lifson Re is currently capitalized with $418 million from a small group of sophisticated global investors with long-term investment horizons, including a minority participation by the Company (which is included in Note 10, Investment Funds, within Financial services).
Transactions between the Company and Lifson Re were as follows:

(In thousands)For the Three Months Ended
June 30,		For the Six Months
Ended June 30,
Consolidated statements of income2026202520262025
Ceded written premiums$148,571 $140,363 $267,088 $246,500 
Ceded commissions and brokerage34,442 35,656 68,367 66,080 

As of
Consolidated balance sheetsJune 30,
2026		December 31,
2025
Due from reinsurers$615,317 $537,366 
Due to reinsurers135,367 118,788 


The Company earned certain management and performance fees from Lifson Re of $5 million and $3 million for the six months ended June 30, 2026 and 2025, respectively.

Mitsui Sumitomo Insurance Co., Ltd.
Pursuant to an arrangement (“the Framework Agreement”) entered between Mitsui Sumitomo Insurance Co., Ltd. (“MSI”) and a company owned by members of the Berkley family and trusts for their benefit (collectively, the “Berkley Family”), as of June 30, 2026, MSI owned 15.8% of the Company’s outstanding common stock excluding shares held in a deferred compensation grantor trust. In addition, pursuant to the Framework Agreement, the Berkley Family recommended to the Company’s Board of Directors (the “Board”) that MSI’s designee be nominated to stand for election to the Board at the Company’s 2026 annual stockholders meeting. Upon recommendation of the Board’s Nominating and Corporate Governance Committee, the Board approved MSI’s designee standing for election and he was duly elected at the Company's 2026 annual stockholders meeting.
In the normal course of its operations, the Company from time to time enters into reinsurance transactions with MSI or one of its affiliates (including its Lloyd’s of London operations), including the following:
•During the six months ended June 30, 2026, the Company ceded written premiums and had commissions with MSI or one of its affiliates of $34 million and $7 million, respectively. During the three months ended June 30, 2026, the Company ceded written premiums and had commissions with MSI or one of its affiliates of $19 million and $4 million, respectively. As of June 30, 2026, in connection with insurance ceded to MSI and its affiliates, the Company had amounts due from and due to reinsurers of $69 million and $13 million, respectively.
•During the three and six months ended June 30, 2026, the Company assumed written premiums from MSI or one of its affiliates of $10 million and $15 million, respectively. As of June 30, 2026, in connection with insurance assumed from MSI and its affiliates, the Company had premiums receivable and due to reinsured amounts of $8 million and $8 million, respectively.
MSI has a minority investment in Lifson Re.
The Lifson Re and MSI transactions discussed above were entered into at arm's-length.