v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
 
The Company has two reportable segments.

Open Market

In the Open Market segment, the Company underwrites reinsurance business, sourced through the brokerage distribution channels and Lloyd’s. The Company writes mostly treaty reinsurance, on a proportional and non-proportional basis. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline, Property and Specialty.

Innovations

In the Innovations segment, the Company provides reinsurance capacity to startup companies and MGAs based globally, sourced mainly through direct placements with its strategic partners. This segment also includes business written by Syndicate 3456. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline and Specialty.

The Company’s reportable segments each have executive leadership who are responsible for their performance and who are directly accountable to the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer. The CODM reviews the financial performance of the reportable segment to assess the achievement of strategic initiatives, the efficiency of the deployed capital, and how to allocate resources to the reportable segments based on the segment’s financial performance.

The table below provides information about the Company’s reportable segments, including the reconciliation to net income as reported under U.S. GAAP. Comparatives have been recast to conform with the current reportable segments.
Three months ended June 30, 2026:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,202 $30,916 $— $183,118 
Net premiums written$128,249 $18,560 $— $146,809 
Net premiums earned$136,945 $24,868 $— $161,813 
Net loss and LAE incurred(94,945)(15,375)(1,763)(112,083)
Acquisition costs(38,399)(5,635)— (44,034)
Other underwriting expenses(4,602)(1,284)— (5,886)
Deposit interest expense, net(46)— — (46)
Underwriting income (loss)(1,047)2,574 (1,763)(236)
Reconciliation to income before income taxes:
Net investment income (loss)4,409 (479)146 4,076 
Corporate and other expenses— (579)(4,138)(4,717)
Income (loss) from investment in Solasglas(27,857)(27,857)
Foreign exchange gains (losses)(576)(576)
Interest expense(128)(128)
Income (loss) before income taxes$3,362 $1,516 $(34,316)$(29,438)
Additional information:
Net loss and LAE incurred:
  Attritional losses$(70,055)$(13,577)$— $(83,632)
  Large event losses(1,224)— — (1,224)
  CAT event losses(26,511)— — (26,511)
  Prior year favorable (adverse) loss development2,845 (1,798)(1,763)(716)
Total net loss and LAE incurred$(94,945)$(15,375)$(1,763)$(112,083)
Total allocated assets (1)
$557,049 $180,803 $1,500,732 $2,238,584 

(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
Six months ended June 30, 2026:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$332,549 $78,509 $(2)$411,056 
Net premiums written$279,544 $50,741 $(2)$330,283 
Net premiums earned$265,926 $50,034 $(2)$315,958 
Net loss and LAE incurred(170,175)(31,301)(1,762)(203,238)
Acquisition costs(79,611)(13,385)— (92,996)
Other underwriting expenses(10,345)(3,346)— (13,691)
Deposit interest expense, net(78)— — (78)
Underwriting income (loss)5,717 2,002 (1,764)5,955 
Reconciliation to income before income taxes:
Net investment income (loss)9,544 615 648 10,807 
Corporate and other expenses— (1,301)(9,158)(10,459)
Income from investment in Solasglas5,832 5,832 
Foreign exchange gains (losses)(5,481)(5,481)
Interest expense(227)(227)
Income (loss) before income taxes$15,261 $1,316 $(10,150)$6,427 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(139,560)$(29,145)$1 $(168,704)
  Large event losses$(4,796)$— $— $(4,796)
  CAT event losses(31,511)— — (31,511)
  Prior year favorable (adverse) loss development5,692 (2,156)(1,763)1,773 
Total net loss and LAE incurred$(170,175)$(31,301)$(1,762)$(203,238)
Total allocated assets (1)
$557,049 $180,803 $1,500,732 $2,238,584 
(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
Three months ended June 30, 2025:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,333 $27,596 $(301)$179,628 
Net premiums written$142,111 $22,716 $(300)$164,527 
Net premiums earned$140,554 $21,386 $(299)$161,641 
Net loss and LAE incurred(83,475)(15,244)(1,360)(100,079)
Acquisition costs(40,900)(6,012)64 (46,848)
Other underwriting expenses(4,861)(1,620)— (6,481)
Deposit interest expense, net(124)— — (124)
Underwriting income (loss)11,194 (1,490)(1,595)8,109 
Reconciliation to income before income taxes:
Net investment income5,629 431 4,410 10,470 
Corporate and other expenses— (602)(4,153)(4,755)
Income from investment in Solasglas(18,276)(18,276)
Foreign exchange gains (losses)6,271 6,271 
Interest expense(1,144)(1,144)
Income (loss) before income taxes$16,823 $(1,661)$(14,487)$675 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(78,017)$(12,713)$97 $(90,633)
  Large event losses(6,399)— — (6,399)
  CAT event losses— — — — 
  Prior year favorable (adverse) loss development941 (2,531)(1,457)(3,047)
Total net loss and LAE incurred$(83,475)$(15,244)$(1,360)$(100,079)
Total allocated assets (1)
$485,330 $146,198 $1,556,496 $2,188,024 

(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
Six months ended June 30, 2025:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$373,042 $55,062 $(531)$427,573 
Net premiums written$337,720 $46,687 $(483)$383,924 
Net premiums earned$290,195 $40,391 $(482)$330,104 
Net loss and LAE incurred(196,238)(25,590)(1,135)(222,963)
Acquisition costs(81,781)(12,045)112 (93,714)
Other underwriting expenses(9,658)(3,181)— (12,839)
Deposit interest expense, net(273)— — (273)
Underwriting income (loss)2,245 (425)(1,505)315 
Reconciliation to income before income taxes:
Net investment income11,400 879 6,478 18,757 
Corporate and other expenses— (1,174)(8,253)(9,427)
Income from investment in Solasglas13,921 13,921 
Foreign exchange gains (losses)10,626 10,626 
Other income— — 
Interest expense(2,608)(2,608)
Income (loss) before income taxes$13,645 $(720)$18,659 $31,584 
Additional information:
Net loss and LAE incurred:
  Attritional losses$(158,177)$(23,626)$211 $(181,592)
  Large event losses$(7,090)$— $— $(7,090)
  CAT event losses(27,016)— — (27,016)
  Prior year favorable (adverse) loss development(3,955)(1,964)(1,346)(7,265)
Total net loss and LAE incurred$(196,238)$(25,590)$(1,135)$(222,963)
Total allocated assets (1)
$485,330 $146,198 $1,556,496 $2,188,024 
(1) The Company does not allocate assets to reportable segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.