CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments
Investment in related party investment fund, at fair value	$ 387,144	$ 258,890
Other investments	73,160	73,293
Total investments	460,304	332,183
Cash and cash equivalents	64,685	51,082
Restricted cash and cash equivalents	584,402	604,648
Reinsurance balances receivable (net of allowance for expected credit losses of 2024: $1,019 and 2023: $854)	704,483	619,401
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2024: $500 and 2023: $487)	85,790	25,687
Deferred acquisition costs	82,249	79,956
Unearned premiums ceded	29,545	17,261
Other assets	4,765	5,089
Total assets	2,016,223	1,735,307
Liabilities
Loss and loss adjustment expense reserves	860,969	661,554
Unearned premium reserves	324,551	306,310
Reinsurance balances payable	105,892	68,983
Funds withheld	21,878	17,289
Other liabilities	6,305	11,795
Debt	60,749	73,281
Total liabilities	1,380,344	1,139,212
Commitments and Contingencies (Note 16)
Shareholders' equity
Preferred share capital (par value $0.10; none issued)	0	0
Ordinary share capital (par value $0.10; issued and outstanding, 34,831,324) (2023: par value $0.10; issued and outstanding, 35,336,732)	3,483	3,534
Additional paid-in capital	481,551	484,532
Retained earnings	150,845	108,029
Total shareholders' equity	635,879	596,095
Total liabilities and equity	$ 2,016,223	$ 1,735,307