[1]	Net earned premiums and losses and loss adjustment expenses include related party balances of $5.9 million and $3.7 million, respectively, for the twelve months ended December 31, 2025. Refer to Note 20, “Related Party Transactions” for further details.
[2]	Net investment income includes related party net investment income of $13.6 million (2024 — $15.2 million, 2023 — $19.6 million) and related party investment management fees of $6.4 million (2024 — $9.2 million, 2023 — $9.4 million).
[3]	General, administrative and corporate expenses includes related party management consulting fees of $1.8 million (2024 — $5.0 million; 2023 — $5.0 million).
[4]	Realized and unrealized investment gains and losses include losses of $1.7 million on related party investments (2024 — gains of $2.5 million, 2023 — gains of $8.7 million).
[5]	Basic and diluted earnings per ordinary share have been retroactively adjusted to reflect the impact of the Ordinary Share Exchange, for all periods presented. Refer to Note 12, “Capital Structure” and Note 13, “Earnings Per Ordinary Share” for further details.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income/(loss)

$ 340.2

$ 486.1

$ 534.7

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation and amortization

7.9

(1.0)

11.0

Replacement awards and share-based compensation

41.7

0.0

Amortization of right-of-use operating lease assets

10.1

9.9

10.7

Interest on operating lease liabilities

3.6

4.1

4.5

Realized and unrealized investment gains

(61.4)

(52.6)

(75.9)

Realized and unrealized investment losses

^[1]

72.3

102.1

61.4

Deferred tax expense/(benefit)

22.3

(88.6)

(197.7)

Net realized and unrealized investment foreign exchange (gains)/losses

(7.9)

11.2

(5.3)

Net change from current period hedged transactions

6.7

(6.5)

(14.0)

Unrealized (gain)/loss on real estate fund in net investment income

5.8

6.1

17.9

Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract]

Reserve for losses and loss adjustment expenses

602.4

312.0

99.7

Unearned premiums

80.0

219.5

(31.2)

Unpaid losses recoverable from reinsurers

(109.9)

405.8

319.9

Ceded unearned premiums

(66.9)

(168.2)

3.8

Deferred acquisition costs

(35.1)

(25.9)

22.8

Reinsurance premiums payable

(380.8)

(515.5)

(563.5)

Underwriting premiums receivable

(83.8)

(181.7)

47.1

Income tax payable and refundable

8.8

(3.0)

3.5

Accrued expenses and other payables

79.9

22.4

13.2

Derivative assets and derivative liabilities

(25.4)

38.4

15.4

Operating lease liabilities

(15.7)

(15.9)

(15.5)

Other (1)

(55.8)

(3.8)

62.2

Net cash provided by operating activities

439.0

554.9

324.7

Cash flows from investing activities:

(Purchases) of fixed income securities — Available for sale

(2,604.4)

(2,468.5)

(1,554.8)

(Purchases) of fixed income securities — Trading

(436.8)

(544.6)

(418.5)

Proceeds from sales and maturities of fixed income securities — Available for sale

2,481.6

1,872.7

1,326.7

Proceeds from sales and maturities of fixed income securities — Trading

623.0

850.1

474.0

Net proceeds from catastrophe bonds — Trading

1.0

0.5

1.5

(Purchases) of short-term investments — Available for sale

(216.2)

(334.7)

(265.9)

Proceeds from sales and maturities of short-term investments — Available for sale

437.9

167.0

231.0

(Purchases) of short-term investments — Trading

(20.5)

(5.7)

(15.1)

Proceeds from sales and maturities of short-term investments — Trading

21.7

6.7

19.5

(Purchases) of privately-held investments — Available for sale

(33.7)

(10.0)

(14.7)

(Purchases) of privately-held investments — Trading

(78.0)

(57.0)

(99.0)

Proceeds from sale of privately-held investments — Trading

243.3

195.4

136.9

Payments to acquire equity investments

(48.2)

0.0

Proceeds from sales of equity investments

42.2

0.0

Net change in (payable)/receivable for securities (purchased)/sold

(36.9)

16.8

19.9

(Purchases) of other investments

(39.5)

(32.5)

(9.3)

Proceeds from sales of other investments

21.4

8.5

4.9

Net (purchases) of fixed assets

18.1

17.5

8.9

Net (purchases) of investments, equity method

0.0

(0.4)

Net cash provided by/(used in) investing activities

339.8

(352.8)

(172.2)

Cash flows from financing activities:

Repayments of Short-Term Debt

0.0

(300.0)

Proceeds from term loan facility

0.0

300.0

Repayment of term loan facility

(300.0)

0.0

Proceeds from senior notes issued

296.8

0.0

Redemption of preference shares (1)

0.0

^[2]

(275.0)

0.0

Preference share issuance

0.0

217.0

0.0

Payments of Ordinary Dividends, Common Stock

0.0

195.0

40.3

Dividends paid on preference shares

(45.5)

(54.9)

(49.9)

Net cash (used in) financing activities

(48.7)

(307.9)

(90.2)

Effect of exchange rate movements on cash and cash equivalents

14.5

(8.1)

6.6

Increase/(decrease) in cash and cash equivalents

744.6

(113.9)

68.9

Cash and cash equivalents at beginning of period

914.2

^[3]

1,028.1

^[3]

959.2

Cash and cash equivalents at end of period (2)

^[3]

1,658.8

914.2

1,028.1

Supplemental disclosure of cash flow information:

Income taxes paid

71.8

69.0

60.9

Interest paid on long-term debt

$ 17.4

$ 20.5

$ 15.6

[1]	Realized and unrealized investment gains and losses include losses of $1.7 million on related party investments (2024 — gains of $2.5 million, 2023 — gains of $8.7 million).
[2]	On January 1, 2025, the Company redeemed all 11,000,000 shares of its issued and outstanding 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares. The redemption price was paid on January 2, 2025. To facilitate this redemption, the funds of $275.0 million were transferred to a third- party transfer agent on December 30, 2024 and were included in other assets in the consolidated balance sheet. The cash flow was included under financing activities above for the twelve months ended December 31, 2024.
[3]	Cash and cash equivalents includes restricted cash of $130.6 million (2024 — $181.9 million, 2023 — $323.2 million) which are held in trusts

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Investments:

Fixed income securities, available-for-sale

^[1]

$ 5,013,400

$ 4,692,200

Fixed income securities, trading

^[1]

1,040,200

1,199,900

Short-term investments, available for sale

45,400

261,900

Short-term investments, trading at fair value

1,000

Catastrophe bonds, trading at fair value (amortized cost — 2025: $0.0 and 2024: $1.0)

1,000

Privately-held Investments, available for sale, at fair value

^[2]

50,500

24,200

Privately-held Investments

^[2]

121,800

286,800

Equity investments, trading

8,100

Investments, equity method

9,600

7,300

Other Investments

^[3]

279,600

267,200

Investments, Excluding Derivative Assets

6,568,600

6,741,500

Reinsurance recoverables:

Cash and Cash Equivalent

^[4]

1,658,800

914,200

Unpaid losses recoverable from reinsurers (net of allowance for expected credit losses of 2025: $16.2 and 2024: $27.5)

4,281,900

4,172,000

Ceded unearned premiums

968,600

901,700

Receivables:

Premiums Receivable, Net

^[5]

1,700,800

1,617,000

Deferred acquisition costs

357,200

322,100

Derivative assets

5,000

17,000

Right-of-use operating lease assets

43,400

53,500

Income taxes refundable

2,500

900

Deferred tax assets

342,500

397,900

Other assets

360,400

590,800

Intangible assets and goodwill

19,900

Total assets

16,309,600

15,748,500

Insurance Reserve [Abstract]

Liability for Claims and Claims Adjustment Expense

^[5]

8,725,000

8,122,600

Unearned Premiums

^[5]

2,725,800

2,645,800

Total insurance reserves

11,450,800

10,768,400

Reinsurance premiums

520,300

901,100

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Income taxes payable

18,700

6,800

Deferred tax liabilities

4,000

1,100

Accrued expenses and other payables

^[6]

317,100

237,200

Payables for securities purchased

36,900

Operating lease liabilities

64,700

75,600

Derivative liabilities

12,100

49,500

Short-Term Debt

296,800

300,000

Total liabilities

12,684,500

12,376,600

Commitments and contingent liabilities

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Ordinary shares, value

^[7]

Preference shares, value

699,900

970,500

Additional paid-in capital (7)

^[7]

803,400

761,700

Retained earnings

2,320,000

2,029,700

Accumulated other comprehensive (loss)

(198,300)

(390,100)

Total shareholders' equity

3,625,100

3,371,900

Total liabilities and shareholders’ equity

$ 16,309,600

$ 15,748,500

[1]	Fixed income securities, available for sale includes related party investments totaling $19.8 million (2024 — $14.0 million). Fixed income securities, trading at fair value includes related party investments totaling $69.0 million (2024 — $74.9 million).
[2]	Privately-held investments, trading at fair value include related party investments totaling $4.8 million (2024 — $73.6 million).
[3]	Other investments includes related party investments of $81.4 million (2024 — $78.6 million).
[4]	Cash and cash equivalents includes restricted cash of $130.6 million (2024 — $181.9 million) which are held in trusts.
[5]	Included within underwriting premiums receivables, reserve for losses and loss adjustment expenses and unearned premiums are related party balances of $1.6 million, $3.7 million and $1.2 million, respectively. Refer to Note 20, “Related Party Transactions” for further details.
[6]	Includes amounts due to related parties of $2.0 million for investment management fees (2024 — $4.0 million), and $Nil for management consulting fees (2024 — $1.3 million).
[7]	Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 12, “Capital Structure” for further details.