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Concentration of Risks
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Concentration of Risks
Note 26. Concentration of Risks
Our current operations subject us to the following concentrations of risk:
Insurance Solutions
Historically, we have assumed our MYGA products, which is a part of our insurance operations, from two insurance companies, ACL and SSL. We have made a decision to no longer assume business from ACL and SSL as of June 30, 2024. However, the Company will continue to earn investment income from the cash proceeds of the existing MYGA contracts and the holders will continue to be a diversified base of numerous individuals. Effective March 31, 2025, Ability entered a new reinsurance treaty for additional MYGA with National Security Group (“NSG”), further diversifying its reinsurance partners.
Certain concentrations of credit risk related to reinsurance recoverable exist on LTC business, with the insurance organizations listed in the table below:
As of March 31, 2026A.M. Best credit rating
Net reinsurance
recoverable1
Funds withheld payableNet reinsurance credit exposure
Medico Insurance CompanyA$4,448 $— $4,448 
Front Street ReNot Rated268,108 230,986 37,122 
Nichol International Reinsurance (S.A.C), Ltd.Not Rated174,181 176,942 0 
Total$446,737 $407,928 $41,570 
As of December 31, 2025A.M. Best credit rating
Net reinsurance
recoverable1
Funds withheld payableNet reinsurance credit exposure
Medico Insurance CompanyA$4,466 $— $4,466 
Front Street ReNot Rated273,981 237,143 36,838 
Nichol International Reinsurance (S.A.C), Ltd.Not Rated178,273 183,802 — 
Total$456,720 $420,945 $41,304 
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(1)Includes credit loss allowance of $1.1 million and $1.1 million as of March 31, 2026 and December 31, 2025, respectively, held against reinsurance recoverable.
Further, our Insurance Solutions segment has the following investment concentration risk:
As of March 31, 2026
Fair value% of total
Insurance Solutions
United States$724,990 75 %
Cayman Islands193,211 20 %
Other¹
54,405 5 %
Total insurance solutions972,606 100 %
Insurance Solutions consolidated VIEs
United States121,487 93 %
Other²
8,823 7 %
Total insurance solutions consolidated VIEs130,310 100 %
Total$1,102,916 
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(1)Other consists of nominal investments primarily in Bermuda, Canada, and United Kingdom.
(2)Other consists of nominal investments primarily in Ireland and Canada.
As of December 31, 2025
Fair value% of total
Insurance Solutions
United States$688,545 72 %
Cayman Islands207,034 22 %
Other¹
61,229 6 %
Total insurance solutions956,808 100 %
Insurance Solutions consolidated VIEs
United States111,781 93 %
Other2
8,899 7 %
Total insurance solutions consolidated VIEs120,680 100 %
Total$1,077,488 
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(1)Other consists of nominal investments primarily in Bermuda, Canada, and United Kingdom.
(2)Other consists of nominal investments primarily in Ireland and Canada.

The Asset Management segment does not have meaningful investment concentration risk.