Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

As part of the Merger, the Company has entered into recurring transactions and agreements with Brookfield Wealth Solutions Ltd., its subsidiaries and affiliates.

For the three and nine months ended September 30, 2024, the Company purchased related party investments of $207.0 million and $459.7 million, respectively. Additionally, for the nine months ended September 30, 2024, the Company recorded a gain of $27.9 million, driven from a related party equity security, which is reflected in Net investment and other gains (losses) on our Condensed Consolidated Statements of Income (Loss). Related party investments as of September 30, 2024 were primarily attributed to $277.2 million of mortgage and private loans and $138.6 million in other investments. Additionally, the Company has unfunded commitments totaling $55.0 million across the related party investments. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.

For the three and nine months ended September 30, 2024, the Company incurred investment management fees due to related party arrangements of $2.6 million and $7.4 million, which is recognized in Net investment income on our Condensed Consolidated Statements of Income (Loss). As of September 30, 2024, the related party investment management fees payable is $2.6 million which is recognized in Accrued underwriting expenses and other liabilities on our Condensed Consolidated Balance Sheets.

Additionally, the Company issued common stock to BNRE Triangle Acquisition Inc. See Note 7, “Stockholders’ Equity,” for additional information.