7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2012-03-31 2011-09-30 2009-06-30 2009-03-31 2008-09-30 2008-06-30 2008-03-31 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2005-12-31 2005-09-30 2005-06-30 2005-03-31 
      
    		                                      
      net cash flows from operating activities
    		55,000,000 78,000,000 87,000,000 46,000,000 17,000,000 58,000,000 -74,000,000 203,000,000 -178,000,000 124,000,000 312,000,000 -631,000,000 -54,000,000 -902,000,000 -892,000,000 -145,000,000 -843,000,000 -483,000,000 -466,000,000 -189,000,000 -219,000,000 -281,000,000 -164,000,000  398,218,000 35,763,000 167,017,000 38,559,000 182,317,000 149,045,000 61,539,000 30,003,000 79,991,000 90,221,000  94,608,000 13,385,000 57,181,000 
      cash flows from investing activities:
    		                                      
      fixed-maturity securities, available-for-sale:
    		                                      
      purchases
    		-472,000,000 -410,000,000 -344,000,000 -386,000,000 -361,000,000 -286,000,000 -321,000,000 -82,000,000 -168,000,000 -65,000,000 -225,000,000 -92,000,000 -99,000,000 -112,000,000 -68,000,000 -211,000,000 -237,000,000 -392,000,000 -396,000,000 -524,000,000 -229,000,000 -349,000,000 -278,000,000                
      sales
    		106,000,000 211,000,000 216,000,000 74,000,000 87,000,000 129,000,000 359,000,000 95,000,000 73,000,000 239,000,000 455,000,000 157,000,000 207,000,000 296,000,000 57,000,000 206,000,000 -4,000,000 106,000,000 120,000,000 152,000,000 137,000,000 404,000,000 86,000,000 189,346,000 143,412,000 430,744,000 274,260,000 149,351,000 134,111,000 118,392,000 231,106,000 212,870,000 65,441,000 158,656,000 -524,549,434 136,634,000 219,129,000 169,515,000 
      maturities and paydowns
    		680,000,000 236,000,000 188,000,000 276,000,000 175,000,000 237,000,000 165,000,000 218,000,000 230,000,000 169,000,000 129,000,000 97,000,000 196,000,000 210,000,000 179,000,000 391,000,000 258,000,000 274,000,000 225,000,000 236,000,000 269,000,000 156,000,000 217,000,000                
      short-term investments with original maturities of over three months:
    		                                      
      net sales (purchases) of short-term investments with original maturities of less than three months
    		-394,000,000 224,000,000 67,000,000 265,000,000 230,000,000 -66,000,000 8,000,000 -234,000,000 207,000,000 -385,000,000 -460,000,000 375,000,000 -315,000,000 -277,000,000 656,000,000 -535,000,000 392,000,000 -387,000,000 120,000,000 15,000,000 -72,000,000 112,000,000 375,000,000                
      sales of fixed-maturity securities, trading
    		0 0 8,000,000 0 92,000,000 69,000,000 72,000,000      53,000,000                          
      maturities and paydowns of fixed-maturity securities, trading
    		9,000,000 2,000,000 3,000,000 16,000,000                                   
      paydowns of financial guaranty variable interest entities’ assets
    		6,000,000 5,000,000 5,000,000  6,000,000 6,000,000 6,000,000  74,000,000 7,000,000 7,000,000  30,000,000 26,000,000 18,000,000                        
      purchases of and contributions to other invested assets
    		-22,000,000 -60,000,000 -13,000,000 -16,000,000 -32,000,000 -15,000,000 -56,000,000                                
      sales of and return of capital from other invested assets
    		16,000,000 13,000,000 10,000,000 6,000,000 2,000,000 16,000,000 17,000,000                                
      other
    		-2,000,000 -3,000,000 -4,000,000 -15,000,000 -2,000,000 -1,000,000 -1,000,000 -89,000,000 0 0 -1,000,000 -54,000,000 0 -1,000,000 -1,000,000 24,000,000 -2,000,000 -1,000,000 -1,000,000 1,000,000 0 -2,000,000 -9,000,000 51,607,000 7,875,000          -14,763,762 8,625,000 -88,000 6,242,000 
      net cash flows from investing activities
    		-73,000,000 217,000,000 134,000,000 236,000,000 204,000,000 87,000,000 253,000,000 103,000,000 311,000,000 -34,000,000 -94,000,000 612,000,000 70,000,000 208,000,000 850,000,000 -146,000,000 425,000,000 -381,000,000 125,000,000 -118,000,000 173,000,000 344,000,000 389,000,000                
      cash flows from financing activities:
    		                                      
      dividends paid
    		-17,000,000 -17,000,000 -19,000,000 -16,000,000 -16,000,000 -17,000,000 -19,000,000 -16,000,000 -16,000,000 -17,000,000 -18,000,000 -15,000,000 -16,000,000 -16,000,000 -17,000,000 -15,000,000 -16,000,000 -17,000,000 -18,000,000 -16,000,000 -16,000,000 -17,000,000 -20,000,000                
      repurchases of common shares
    		-118,000,000 -131,000,000 -120,000,000 -90,000,000 -131,000,000 -152,000,000 -129,000,000 -109,000,000 -64,000,000 -24,000,000 -2,000,000 -100,000,000 -97,000,000 -151,000,000 -152,000,000 -191,000,000 -140,000,000 -88,000,000 -77,000,000                    
      net paydowns of financial guaranty variable interest entities’ liabilities
    		-5,000,000 -4,000,000 -4,000,000 -218,000,000 -5,000,000 -4,000,000 -148,000,000 -8,000,000 -127,000,000 -5,000,000 -9,000,000 -7,000,000 -27,000,000 -24,000,000 -41,000,000 -15,000,000 -15,000,000 -10,000,000 -13,000,000 -14,000,000 -11,000,000 -17,000,000 -35,000,000                
      payments related to tax withholding for share-based compensation
    		0 -6,000,000 -28,000,000 0                                   
      distributions to noncontrolling interests from consolidated investment vehicles
    		   0 -7,000,000 0 -3,000,000 0 -8,000,000 -2,000,000 -70,000,000 -7,000,000 -3,000,000 -10,000,000 -6,000,000 -2,000,000                       
      net cash flows from financing activities
    		-140,000,000 -157,000,000 -170,000,000 -324,000,000 -159,000,000 -173,000,000 -327,000,000 -137,000,000 -200,000,000 -37,000,000 -296,000,000 -43,000,000 -4,000,000 669,000,000 -10,000,000 394,000,000 363,000,000 814,000,000 389,000,000 195,000,000 -21,000,000 189,000,000 -180,000,000     -3,955,000           
      effect of foreign exchange rate changes
    		-3,000,000 5,000,000 3,000,000 -4,000,000 3,000,000 0 -1,000,000   1,000,000 1,000,000 -2,000,000 -4,000,000 -1,000,000 -1,000,000 -1,000,000    4,000,000 0 0 -7,000,000                
      increase in cash and cash equivalents and restricted cash
    		-161,000,000 143,000,000 54,000,000 -46,000,000 65,000,000 -28,000,000 -149,000,000 171,000,000 -69,000,000 54,000,000 -77,000,000 -64,000,000 8,000,000                          
      cash and cash equivalents and restricted cash at beginning of period
    		0 0 128,000,000 0 0 0 286,000,000 0 0 0 207,000,000 0 0                          
      cash and cash equivalents and restricted cash at end of period
    		-161,000,000 143,000,000 182,000,000 -46,000,000 65,000,000 -28,000,000 137,000,000 171,000,000 -69,000,000 54,000,000 130,000,000 -64,000,000 8,000,000                          
      cash flows from operating activities:
    		                                      
      net income
    		                         -170,004,000 85,489,000 -63,340,000 545,216,000 -169,209,000 32,805,000 38,951,000 42,436,000 37,902,000 -150,094,552 39,185,000 66,750,000 44,348,000 
      adjustments to reconcile net income to net cash flows from operating activities:
    		                                      
      non-cash interest and operating expenses
    		                         3,747,000 4,795,000 2,876,000 3,159,000 7,612,000 4,980,000 6,582,000 3,855,000 3,775,000 -5,130,938 1,789,000 1,856,000 1,493,000 
      net amortization of premium (discount) on investments
    		                                      
      benefit for deferred income taxes
    		                          3,033,000      -4,187,000 9,517,000     
      net realized investment losses
    		                         4,888,000 17,110,000    1,540,000 279,000 55,000 -72,000     
      equity in (earnings) losses of investees
    		                                      
      fair value losses (gains) on committed capital securities
    		                                      
      fair value losses (gains) on trading securities
    		                                      
      gain on sale of asset management subsidiaries
    		                                      
      change in premiums receivable, net of premiums and commissions payable
    		                                      
      change in unearned premium reserve
    		                                      
      change in loss and loss adjustment expense reserve and salvage and subrogation recoverable
    		                                      
      change in current income taxes
    		                             9,670,000     -16,955,441 -16,014,000   
      change in credit derivative assets and liabilities
    		                                      
      distributions from equity method investments
    		                                      
      cash flows from consolidated investment vehicles:
    		                                      
      purchases of securities
    		                                      
      sales of securities
    		                                      
      maturities and paydowns of securities
    		                                      
      proceeds from (purchases of) money market funds
    		                                      
      purchases to cover securities sold short
    		                                      
      proceeds from securities sold short
    		                                      
      other changes in consolidated investment vehicles
    		                                      
      fixed-maturity securities, available for sale:
    		                                      
      paydowns on financial guaranty variable interest entities’ assets
    		                 13,000,000 14,000,000 16,000,000                   
      issuance of long-term debt, net of issuance costs
    		       0        0 394,000,000                      
      redemptions and purchases of debt, including make-whole payment
    		                                      
      proceeds from issuance of collateralized loan obligations
    		           0 0 1,001,000,000 371,000,000 1,197,000,000 947,000,000 380,000,000 752,000,000 377,000,000 -1,000,000                  
      repayment of collateralized loan obligations
    		       0 0   0 -1,000,000 0 -372,000,000 -459,000,000 -363,000,000                      
      proceeds from issuance of warehouse financing debt
    		           109,000,000 91,000,000 576,000,000 215,000,000 330,000,000 462,000,000 329,000,000 217,000,000                    
      repayment of warehouse financing debt
    		       0 0 -14,000,000 -152,000,000 -38,000,000 -14,000,000   -476,000,000 -311,000,000 -274,000,000 -476,000,000                    
      contributions from noncontrolling interests to consolidated investment vehicles
    		           22,000,000 17,000,000 32,000,000 3,000,000 6,000,000                       
      borrowing (payment) under credit facility
    		                                      
      sale of asset management subsidiaries, net of cash
    		                                      
      redemption of debt
    		                                      
      borrowing (payment) under credit facilities
    		        0 26,000,000 -30,000,000                            
      loss on extinguishment of debt
    		                                      
      fixed-maturity securities, trading:
    		                                      
      purchases of other invested assets
    		       -70,000,000 -113,000,000 -5,000,000 -10,000,000 -14,000,000 -3,000,000 -3,000,000 -5,000,000 -35,000,000 -9,000,000 -3,000,000 -32,000,000                    
      sales and return of capital of other invested assets
    		       13,000,000 5,000,000 6,000,000 5,000,000       9,000,000 45,000,000 2,000,000                   
      change in loss and loss adjustment expense reserve
    		                                      
      supplemental cash flow information
    		                                      
      income taxes paid
    		                                      
      interest paid on long-term debt
    		              9,000,000                        
      supplemental disclosure of non-cash activities:
    		                                      
      puerto rico salvage
    		                                      
      fixed-maturity securities, available-for-sale, received as salvage
    		              610,000,000                        
      fixed-maturity securities, available-for-sale, ceded to a reinsurer
    		              27,000,000                        
      fixed-maturity securities, trading, received as salvage
    		              184,000,000                        
      fixed-maturity securities, trading, ceded to a reinsurer
    		              6,000,000                        
      debt securities of financial guaranty variable interest entities received as salvage
    		              54,000,000                        
      contributions from noncontrolling interests
    		                                      
      distributions to noncontrolling interests
    		                                      
      reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
    		                                      
      cash
    		              119,000,000 19,000,000 -43,000,000 49,000,000 95,000,000 -61,000,000 -70,000,000 154,000,000 139,000,000                
      restricted cash
    		              12,000,000 1,000,000 -3,000,000 3,000,000 1,000,000 1,000,000 -4,000,000                  
      cash of financial guaranty variable interest entities
    		                                      
      cash and cash equivalents of consolidated investment vehicles
    		              158,000,000                        
      cash and cash equivalents and restricted cash at the end of period
    		              289,000,000                        
      return of capital from and sales of other invested assets
    		            1,000,000 3,000,000 31,000,000                        
      redemptions and purchases of debt, including make-whole
    		                                      
      borrowings under credit facilities
    		            45,000,000                          
      paydown of long-term debt
    		                   0 0 -1,000,000 -21,000,000                
      investing activities
    		                                      
      fixed-maturity securities:
    		                                      
      financing activities
    		                                      
      payments under credit facilities
    		              -1,000,000                        
      increase in cash and restricted cash
    		              -53,000,000  -56,000,000 -50,000,000 48,000,000 -108,000,000 -67,000,000 252,000,000 38,000,000                
      cash and restricted cash at beginning of period
    		              342,000,000  0 0 298,000,000 0 0 0 183,000,000                
      cash and restricted cash at end of period
    		              289,000,000  -56,000,000 -50,000,000 346,000,000 -108,000,000 -67,000,000 252,000,000 221,000,000                
      reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
    		                                      
      equity in earnings of investees
    		                                      
      acquisitions, net of cash acquired
    		                                      
      sales of financial guaranty variable interest entities’ assets
    		                                      
      supplemental disclosure of non-cash investing activities:
    		                                      
      purchases of fixed-maturity securities
    		                                      
      sales of fixed-maturity securities
    		                                      
      cash paid (received) during the period for:
    		                                      
      income taxes
    		                   -26,000,000    2,000,000 82,366,000 21,350,000 -14,514,000 0 20,200,000 500,000 8,051,000 8,400,000  -2,600,000     
      interest on long-term debt
    		                10,000,000 32,000,000 8,000,000 32,000,000 8,000,000 32,000,000 9,000,000                
      reconciliation of cash and restricted cash to the condensed consolidated balance sheets:
    		                                      
      cash of consolidated investment vehicles
    		                -10,000,000 -102,000,000 250,000,000 -48,000,000 7,000,000 93,000,000 82,000,000                
      short-term investments with maturities of over three months:
    		                                      
      contributions from noncontrolling interests to investment vehicles
    		                 5,000,000 3,000,000 19,000,000 3,000,000 43,000,000 23,000,000                
      distributions to noncontrolling interests from investment vehicles
    		                 -2,000,000 -6,000,000 -24,000,000 -3,000,000                  
      cash and restricted cash at the end of period
    		                  346,000,000 -108,000,000 -67,000,000 252,000,000 221,000,000                
      operating activities:
    		                                      
      change in ceded unearned premium reserve
    		                                      
      other changes in investment vehicles
    		                                      
      proceeds from borrowing by warehouse
    		                                      
      repayment of warehouse loans and equity
    		                                      
      purchases of fixed-maturity investments
    		                   0                   
      sales of fixed-maturity investments
    		                   0                   
      reconciliation of cash and restricted cash to the consolidated balance sheets:
    		                                      
      sales of financial guaranty variable interest entities' assets
    		                                      
      repurchases of common stock
    		                    -40,000,000 -164,000,000 -116,000,000                
      net proceeds from paydowns on financial guaranty variable interest entities’ assets
    		                     18,000,000 37,000,000 137,595,000               
      net proceeds from sales of financial guaranty variable interest entities' assets
    		                                      
      proceeds from sales and return of capital of other invested assets
    		                                      
      proceeds from sales of other invested assets
    		                      1,000,000                
      net cash flows from (used in) operating activities
    		                       75,256,000               
      fixed maturity securities:
    		                                      
      maturities
    		                       253,488,000 497,429,000 2,000,000 3,500,000 3,000,000 100,000 3,250,000 5,979,000 6,020,000 200,000 2,000,000 -13,985,325 1,000,000   
      net sales (purchases) of short-term investments
    		                                      
      net cash flows from (used in) investing activities
    		                       106,713,000               
      share activity under option and incentive plans
    		                                      
      repayment of long-term debt
    		                                      
      net cash flows from (used in) financing activities
    		                                      
      effect of exchange rate changes
    		                       2,736,000     80,000 43,000 340,000 168,000 -166,000 -18,000     
      increase in cash
    		                                      
      cash at beginning of period
    		                       214,544,000               
      cash at end of period
    		                       182,003,000               
      interest
    		                       12,082,000 46,300,000   0   11,667,000 210,000  0     
      public finance
    		                       786,373,000               
      structured finance
    		                       130,802,000               
      total financial guaranty
    		                       917,175,000               
      assets
    		                                      
      total investment portfolio
    		                                      
      premiums receivable, net of ceding commissions payable
    		                                      
      ceded unearned premium reserve
    		                                      
      deferred acquisition costs
    		                                      
      reinsurance recoverable on unpaid losses
    		                                      
      salvage and subrogation recoverable
    		                                      
      credit derivative assets
    		                                      
      deferred tax asset
    		                                      
      financial guaranty variable interest entities’ assets, at fair value
    		                                      
      other assets
    		                                      
      total assets
    		                                      
      liabilities and shareholders’ equity
    		                                      
      unearned premium reserve
    		                                      
      loss and loss adjustment expense reserve
    		                                      
      reinsurance balances payable
    		                                      
      long-term debt
    		                                      
      credit derivative liabilities
    		                                      
      current income tax payable
    		                                      
      financial guaranty variable interest entities’ liabilities with recourse, at fair value
    		                                      
      financial guaranty variable interest entities’ liabilities without recourse, at fair value
    		                                      
      other liabilities
    		                                      
      total liabilities
    		                                      
      commitments and contingencies
    		                                      
      common stock
    		                                      
      additional paid-in capital
    		                                      
      retained earnings
    		                                      
      accumulated other comprehensive income, net of tax provision
    		                                      
      deferred equity compensation
    		                                      
      total shareholders’ equity
    		                                      
      total liabilities and shareholders’ equity
    		                                      
      operating activities
    		                                      
      net amortization of (discount) premium on fixed maturity securities
    		                                      
      accretion of discount on premium receivable
    		                                      
      unrealized losses (gains) on credit derivatives
    		                                      
      fair value gain on committed capital securities
    		                                      
      change in deferred acquisition costs
    		                         8,438,000 7,927,000            
      change in accrued investment income
    		                               578,000  84,000     
      change in premiums receivable
    		                            -1,950,000 3,912,000 -2,520,000 5,377,000   -7,442,192 -4,862,000   
      change in prepaid reinsurance premiums
    		                         534,000 1,826,000      1,456,000 3,486,000 -2,307,274 909,000 477,000 924,000 
      change in unearned premium reserves
    		                         69,405,000 91,945,000 24,457,000 193,225,000 126,989,000 32,351,000 16,538,000 24,759,000 17,807,000 -6,638,122 -2,226,000 -18,584,000 27,464,000 
      change in reserves for losses and loss adjustment expenses
    		                          13,870,000 444,000 -12,265,000 32,108,000         
      change in profit commissions payable
    		                                      
      change in funds held by company under reinsurance contracts
    		                          279,000 284,000 253,000 3,599,000 368,000 3,249,000 1,074,000 -1,000  1,354,000 1,372,000 1,631,000 
      tax benefit for stock options exercised
    		                           6,000           
      other changes in credit derivatives assets and liabilities
    		                           13,853,000           
      (purchases) sales of short-term investments
    		                                      
      net cash flows used in investing activities
    		                                      
      net proceeds from issuance of common stock
    		                                      
      net proceeds from issuance of equity units
    		                                      
      increase in cash and cash equivalents
    		                          7,023,000  1,746,000 330,000    -13,541,000    4,745,000 
      cash and cash equivalents at beginning of period
    		                         0 12,305,000 0 0 8,048,000 0 4,785,000  0  0 0 16,978,000 
      cash and cash equivalents at end of period
    		                         -10,821,000 19,328,000 -2,260,000 1,746,000 8,378,000 18,029,000 5,714,000  -13,541,000  2,317,000 -16,975,000 21,723,000 
      supplementary cash flow information
    		                                      
      cash paid during the period for:
    		                                      
      unrealized (gains) losses on credit derivatives
    		                                      
      change in current income taxes receivable
    		                          26,005,000            
      other changes in credit derivative assets and liabilities
    		                             7,573,000         
      equity offering costs
    		                                      
      net cash flows used in financing activities
    		                                      
      cash (received)/paid during the period for:
    		                                      
      net amortization of premium on fixed maturity securities
    		                           105,000 1,117,000 1,178,000 1,159,000 267,000 1,742,000 1,417,000 -5,198,974 1,746,000 1,787,000 1,673,000 
      sales (purchases) of short-term investments
    		                              33,677,000 37,722,000   -112,962,989 58,292,000 -57,578,000 112,309,000 
      net proceeds from common stock issuance
    		                           -7,000           
      debt issue costs
    		                                      
      benefit from deferred income taxes
    		                                     7,326,000 
      net realized investment (gains) losses
    		                                      
      sales of short-term investments
    		                            -44,335,000 62,142,000         
      unrealized losses on credit derivatives
    		                             256,420,000         
      change in liability for tax basis step-up adjustment
    		                                      
      tax benefit from employee stock options
    		                              41,000 96,000       
      change in unrealized losses (gains) on derivative financial instruments
    		                              17,223,000 9,714,000   -9,140,484    
      repayment of notes assumed during formation transactions
    		                                      
      increase increase in cash and cash equivalents
    		                               929,000       
      goodwill impairment
    		                                      
      change in unrealized (gains) losses on derivative financial instruments
    		                                      
      change in due from affiliate
    		                                      
      change in value of reinsurance business assumed
    		                                      
      net proceeds from sale of subsidiary
    		                                      
      proceeds from employee stock purchase plan
    		                                      
      net proceeds from issuance of series a enhanced junior subordinated debentures
    		                                      
      net proceeds from issuance of senior notes
    		                                      
      repayment of note payable
    		                                      
      proceeds from cash flow hedge
    		                                      
      decrease in cash and cash equivalents
    		                                      
      cash and cash equivalents at beginning of year
    		                                      
      cash and cash equivalents at end of year
    		                                      
      change in loss recovery receivable
    		                                      
      net realized investment gains
    		                                      
      share activity under options and incentive plans
    		                                      
      change in unrealized losses(gains) on derivative financial instruments
    		                                      
      change in unrealized gains on derivative financial instruments
    		                                      
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.