RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Related Party Transactions with Stone Point Capital, LLC ("Stone Point")

At June 30, 2025, the Company had invested $386.7 million in separately managed accounts ("SMAs") that are managed by Eagle Point which is majority-owned by Trident IX. For the three months ended June 30, 2025, the Company did not pay any fees to Eagle Point.

At June 30, 2025, the Company had invested $5.5 million in a SMA managed by Stone Point Credit LLC. For the three months ended June 30, 2025, the Company did not pay any fees to Stone Point Credit LLC.

Stock Repurchase Agreement with Stone Point

On February 3, 2025, the Company entered into a stock repurchase agreement with T-VIII PubOpps LP ("T8"), an investment vehicle managed by Stone Point, pursuant to which T8 agreed to sell 2,234,636 shares to the Company for an aggregate price of approximately $200 million.

On March 5, 2025, the Company entered into a stock repurchase agreement with T8, pursuant to which T8 agreed to sell 2,139,037 shares to the Company for an aggregate price of approximately $200 million.

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Enstar (refer to Note 6 'Reserves for Losses and Loss Expenses') to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years.

Investment in Monarch Point Re

During 2025, the Company invested an additional $7 million in Monarch Point Re (refer to Note 3 'Investments'), a collateralized reinsurer which is jointly sponsored by the Company and Stone Point.

Loans to Monarch Point Re

During 2025, the Company advanced $144 million (2024: $253 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At June 30, 2025, an amount of $127 million (2024: $236 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by August 15, 2026. The loan balance receivable at June 30, 2025 of $260 million (2024: $243 million) is included in loan advances made in the consolidated balance sheets. At June 30, 2025, the Company had committed to advance a further $84 million (2024: $nil) to Monarch Point Re.

Interest on this loan is payable for this period at an interest rate of 4.8% (2024: interest rates between 4.7% and 5.5%) Interest related to this loan of $7 million (2024: $7 million) was received in advance and is included in other liabilities in the consolidated balance sheets.