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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 6,154 $ 29,956
Adjustments to reconcile net income or loss to net cash provided by operating activities:    
Income from investments in related party investment fund (5,832) (13,921)
Net realized and unrealized losses (gains) on investments 2,091 (144)
Net realized and unrealized losses (gains) on derivatives 0 26
Share-based compensation expense 2,751 2,483
Accretion of debt offering costs, net of change in interest accruals 29 15
Net change in:    
Reinsurance balances receivable 23,511 (50,813)
Reinsurance recoverable on unpaid loss and loss adjustment expenses (13,398) (8,181)
Deferred acquisition costs 3,251 (16,567)
Unearned premiums ceded (23,884) (7,078)
Loss and loss adjustment expense reserves 15,814 84,016
Unearned premium reserves 44,786 58,873
Reinsurance balances payable 2,584 211
Funds withheld 16,995 699
Other items, net (6,188) (756)
Net cash provided by operating activities 68,664 78,819
Cash flows from investing activities    
Proceeds from redemptions of investment in Solasglas 49,334 14,000
Contributions to investment in Solasglas (32,356) (74,200)
Proceeds from sales of fixed maturity investments 10,860 0
Proceeds from redemptions and maturities of fixed maturity investments 2,866 0
Purchases of fixed maturity investments (122,008) 0
Purchases of other investments (3,277) (2,737)
Proceeds from sale of other investments 0 5
Purchases of other assets (89) 0
Net cash used in investing activities (94,670) (62,932)
Cash flows from financing activities    
Borrowings from debt facility 4,000 0
Repayment of debt 0 (1,875)
Repurchase of ordinary shares (19,200) (5,000)
Net cash used in financing activities (15,200) (6,875)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 589 961
Increase (decrease) in cash, cash equivalents and restricted cash (40,617) 9,973
Cash, cash equivalents and restricted cash at beginning of the period 643,732 649,087
Cash, cash equivalents and restricted cash at end of the period 603,115 659,060
Supplementary information:    
Interest paid in cash 197 2,535
Income tax paid in cash $ 629 $ 44