The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed.


September 30, 2024	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	48,676	$	17	$	—	$	48,693
U.S. agency bonds – mortgage-backed	27,493		—		(2,535)		24,958

Non-U.S. government bonds	48,997		37		(292)		48,742
Collateralized loan obligations	65,973		4		(140)		65,837
Corporate bonds	38,620		—		(1,094)		37,526


Total fixed maturity investments	$	229,759	$	58	$	(4,061)	$	225,756


December 31, 2023	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	55,046	$	8	$	(2)	$	55,052
U.S. agency bonds – mortgage-backed	29,918		—		(3,267)		26,651

Non-U.S. government bonds	21,219		—		(468)		20,751
Collateralized loan obligations	80,591		—		(1,788)		78,803
Corporate bonds	71,762		—		(2,418)		69,344


Total fixed maturity investments	$	258,536	$	8	$	(7,943)	$	250,601

The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $1,645 at September 30, 2024 (December 31, 2023: $1,418). The Company has elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the nine months ended September 30, 2024 and 2023.

The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



September 30, 2024	Amortized cost		Fair value
Due in one year or less	$	112,360	$	112,257
Due after one year through five years	23,374		22,234
Due after five years through ten years	559		470

	136,293		134,961
U.S. agency bonds – mortgage-backed	27,493		24,958

Collateralized loan obligations	65,973		65,837
Total fixed maturity investments	$	229,759	$	225,756


	Less than 12 Months				12 Months or More				Total
September 30, 2024	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	—	$	—	$	520	$	—	$	520	$	—
U.S. agency bonds – mortgage-backed	—		—		24,958		(2,535)		24,958		(2,535)

Non-U.S. government bonds	20,746		(10)		3,033		(282)		23,779		(292)
Collateralized loan obligations	—		—		61,490		(140)		61,490		(140)
Corporate bonds	—		—		37,526		(1,094)		37,526		(1,094)

Total temporarily impaired fixed maturities	$	20,746	$	(10)	$	127,527	$	(4,051)	$	148,273	$	(4,061)

At September 30, 2024, there were 46 securities in an unrealized loss position with a fair value of $148,273 and unrealized losses of $4,061. Of these securities in an unrealized loss position, there were 44 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $127,527 and unrealized losses of $4,051.


	Less than 12 Months				12 Months or More				Total
December 31, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	518	$	(2)	$	—	$	—	$	518	$	(2)
U.S. agency bonds – mortgage-backed	—		—		26,651		(3,267)		26,651		(3,267)

Non-U.S. government bonds	8,217		(1)		10,343		(467)		18,560		(468)
Collateralized loan obligations	—		—		78,803		(1,788)		78,803		(1,788)
Corporate bonds	—		—		69,344		(2,418)		69,344		(2,418)

Total temporarily impaired fixed maturities	$	8,735	$	(3)	$	185,141	$	(7,940)	$	193,876	$	(7,943)

At December 31, 2023, there were 59 securities in an unrealized loss position with a fair value of $193,876 and unrealized losses of $7,943. Of these securities in an unrealized loss position, there were 56 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $185,141 and unrealized losses of $7,940.

The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income.

To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.

Based on the Company's analysis at September 30, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At September 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and nine months ended September 30, 2024 and 2023.


September 30, 2024	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	48,676	$	48,693	21.5	%
U.S. agency bonds – mortgage-backed	27,493		24,958		11.1	%
AAA	76,613		76,474		33.9	%
AA+, AA, AA-	39,956		39,678		17.6	%
A+, A, A-	18,387		17,610		7.8	%
BBB+, BBB, BBB-	18,634		18,343		8.1	%

Total fixed maturities (1)	$	229,759	$	225,756	100.0	%


December 31, 2023	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	55,046	$	55,052	22.0	%
U.S. agency bonds – mortgage-backed	29,918		26,651		10.6	%
AAA	84,455		82,703		33.0	%
AA+, AA, AA-	18,952		18,372		7.3	%
A+, A, A-	33,060		31,810		12.7	%
BBB+, BBB, BBB-	31,585		30,631		12.2	%
BB+ or lower	5,520		5,382		2.2	%
Total fixed maturities(1)	$	258,536	$	250,601	100.0	%

Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, the Company may still receive income distributions from those investments.


	September 30, 2024				December 31, 2023
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	24,750	16.7	%	$	47,383	25.9	%
Private credit investments	1,954		1.3	%	27,806		15.2	%
Privately held equity investments	40,151		27.2	%	38,617		21.1	%

Total other investments at fair value	66,855		45.2	%	113,806		62.2	%
Investments in direct lending entities (at cost)	80,968		54.8	%	69,005		37.8	%
Total other investments	$	147,823	100.0	%	$	182,811	100.0	%

The Company's collateralized investments in direct lending entities of $80,968 at September 30, 2024 (December 31, 2023:$69,005) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined. An allowance for expected credit losses of $1,023 was reported on the investments in direct lending entities as at September 30, 2024 and December 31, 2023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.

Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred stocks. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.


	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Privately held common stocks	$	8,187	$	9,392	$	34,549	$	35,272
Privately held preferred stocks	8,800		9,919		8,800		9,946
Publicly traded equity investments in common stocks	—		—		90		81
Total equity securities	$	16,987	$	19,311	$	43,439	$	45,299

All of the privately held securities held at September 30, 2024 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

9,392

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

9,919

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

19,311


	September 30, 2024				December 31, 2023
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	57,323	66.5	%	$	49,897	61.7	%

Other investments	28,913		33.5	%	31,032		38.3	%
Total equity method investments	$	86,236	100.0	%	$	80,929	100.0	%

The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed maturities	$	2,062	$	2,522	$	6,767	$	7,720
Income on funds withheld	140		2,307		1,488		8,829
Interest income from loan to related party	3,067		3,073		9,190		8,698
Other investments	1,247		1,148		3,664		3,736
Cash and cash equivalents	209		96		595		514
	6,725		9,146		21,704		29,497

Investment expenses	(1,847)		(98)		(2,173)		(386)
Net investment income	$	4,878	$	9,048	$	19,531	$	29,111

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(429)	$	(429)
Equity securities	1,275		(2,960)		(1,685)
Other investments	2,137		(3,827)		(1,690)
Net realized and unrealized investment gains (losses)	$	3,412	$	(7,216)	$	(3,804)

For the Three Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(301)	$	(301)
Equity securities	—		(52)		(52)
Other investments	1,393		(796)		597
Net realized and unrealized investment gains (losses)	$	1,393	$	(1,149)	$	244

For the Nine Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	2	$	(726)	$	(724)
Equity securities	1,620		(4,217)		(2,597)
Other investments	16,052		(6,328)		9,724
Net realized and unrealized investment gains (losses)	$	17,674	$	(11,271)	$	6,403

For the Nine Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(1,087)	$	(1,087)
Equity securities	1,478		(431)		1,047
Other investments	5,268		(2,834)		2,434
Net realized and unrealized investment gains (losses)	$	6,746	$	(4,352)	$	2,394


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net (losses) gains recognized for equity securities	$	(1,685)	$	(52)	$	(2,597)	$	1,047
Net losses (gains) recognized for equity securities divested	3,538		—		3,538		(186)
Unrealized gains (losses) recognized for equity securities still held at the reporting date	$	1,853	$	(52)	$	941	$	861


	September 30, 2024		December 31, 2023
Net unrealized losses on fixed maturity investments	$	(4,003)	$	(7,935)



Deferred income tax	107		151
Net unrealized losses, net of deferred income tax	$	(3,896)	$	(7,784)
Change, net of deferred income tax	$	3,888	$	7,884

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets at September 30, 2024 and December 31, 2023 are:


	September 30, 2024		December 31, 2023
Restricted cash – third party agreements	$	5,811	$	6,019
Restricted cash – related party agreements	12,012		1,247
Total restricted cash	17,823		7,266
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $62,080; 2023 – $63,299)	60,205		61,192
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $147,931; 2023 – $155,546)	146,673		151,416
Restricted investments – liability for investments purchased and other liabilities for related party agreements	(10,970)		—
Total restricted investments	195,908		212,608
Total restricted cash and investments	$	213,731	$	219,874