Bowhead Specialty Holdings Inc.

Previous wording

Foreign exchange losses (gains) represent the remeasurement of a non-U.S. dollar operating expense to U.S. dollars due to the fluctuations in the exchange rate. The change in the liability due to the fluctuations in the exchange rate are included within the Condensed Consolidated Statements of Income and Comprehensive Income at the end of each period.

Current wording

Foreign exchange (gains) losses represent the remeasurement of a non-U.S. dollar operating expense to U.S. dollars due to the fluctuations in the exchange rate. The change in the liability due to the fluctuations in the exchange rate are included within the Condensed Consolidated Statements of Income and Comprehensive Income at the end of each period.

Previous wording

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding the impact of net investment income, net realized investment losses, other insurance-related income, non-operating expenses, warrant expense, interest expenses and financing fees, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. See “—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of underwriting income to income before income taxes, which is the most directly comparable financial metric prepared in accordance with U.S. GAAP.

Current wording

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding the impact of net investment income, net realized investment losses, other insurance-related income, non-operating expenses, warrant expense, interest expenses and financing fees, loss on extinguishment of credit facility, foreign exchange (gains) losses, and certain strategic initiatives. See “—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of underwriting income to income before income taxes, which is the most directly comparable financial metric prepared in accordance with U.S. GAAP.

Previous wording

Adjusted net incomeis a non-GAAP financial measure defined as net income excluding the impact of net realized investment losses, non-operating expenses, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. See “—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted net income to net income, which is the most directly comparable financial metric prepared in accordance with U.S. GAAP.

Current wording

Adjusted net incomeis a non-GAAP financial measure defined as net income excluding the impact of net realized investment losses, non-operating expenses, loss on extinguishment of credit facility, foreign exchange (gains) losses, and certain strategic initiatives. See “—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted net income to net income, which is the most directly comparable financial metric prepared in accordance with U.S. GAAP.

Previous wording

Gross written premiums increased $41.9 million, or 24.0%, to $216.7 million for the three months ended March 31, 2026 from $174.8 million for the three months ended March 31, 2025. The increase in gross written premiums was driven by our increasing renewal book, new business and the continued growth in our platform across all four divisions. Our Casualty division led the growth with a $25.0 million increase, primarily from our Excess Casualty portfolio, followed by the growth in our Baleen Specialty division with an $8.6 million increase.

Current wording

Gross written premiums increased $65.5 million, or 28.2%, to $297.9 million for the three months ended June 30, 2026 from $232.4 million for the three months ended June 30, 2025. The increase in gross written premiums was driven by our increasing renewal book, new business and the continued growth in our platform across all four divisions. Our Casualty division led the growth with a $49.0 million increase, primarily from our Excess Casualty portfolio, followed by the growth in our Baleen Specialty division with a $10.5 million increase.

Previous wording

For the three months ended March 31, 2026 and 2025, E&S(1) business made up 82.9% and 82.2% of gross written premiums, respectively, while admitted business made up 17.1% and 17.8%, respectively. The 0.7 point increase in the proportion of E&S premiums was primarily attributable to an increase in admitted business written in our Casualty division related to real estate excess liability coverage written through a risk purchasing group, and the increase in proportion of Baleen Specialty division premiums, where policies are exclusively written on an E&S basis.

Current wording

For the three months ended June 30, 2026 and 2025, E&S(1) business made up 79.9% and 76.9% of gross written premiums, respectively, while admitted business made up 20.1% and 23.1%, respectively. The 3.0 point increase in the proportion of E&S premiums was primarily attributable to an increase in proportion of Baleen Specialty division premiums, where policies are exclusively written on an E&S basis.

Previous wording

Net written premiums increased $23.5 million, or 20.2%, to $140.3 million for the three months ended March 31, 2026 from $116.8 million for the three months ended March 31, 2025. The increase in net written premiums was primarily due to the growth in gross written premiums for the three months ended March 31, 2026. This growth was partially offset by the increase in ceded written premiums, driven by the increase in our excess of loss treaty from 60.1% to 65%, as well as increased cessions to the quota share treaty covering our commercial auto exposure.

Current wording

Net written premiums increased $32.1 million, or 21.6%, to $181.0 million for the three months ended June 30, 2026 from $148.9 million for the three months ended June 30, 2025. The increase in net written premiums was primarily due to the growth in gross written premiums for the three months ended June 30, 2026. This growth was partially offset by the increase in ceded written premiums driven by the increase in our quota share treaty from 26% to 33.5% effective May 1, 2026.

Previous wording

Net earned premiums increased $27.0 million, or 24.6%, to $136.8 million for the three months ended March 31, 2026 from $109.8 million for the three months ended March 31, 2025. The increase in net earned premiums was primarily due to the earning of increased gross written premiums offset by the earning of increased ceded written premiums under our ceded reinsurance treaties.

Current wording

Net earned premiums increased $24.8 million, or 20.8%, to $144.0 million for the three months ended June 30, 2026 from $119.1 million for the three months ended June 30, 2025. The increase in net earned premiums was primarily due to the earning of increased gross written premiums offset by the earning of increased ceded written premiums under our ceded reinsurance treaties.

Previous wording

The decrease in our operating expenses ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses, including new estimates of deferrable costs.

Current wording

The decrease in our operating expenses ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses, including estimates of deferrable costs.

Previous wording

The increase in our net acquisition costs ratio was driven by an increase in earned broker commissions due to changes in our portfolio mix and Ceding Fee, partially offset by an increase in earned ceding commissions from our ceded reinsurance treaties. Gross acquisition costs earned as a percentage of gross earned premiums was 17.0% for the three months ended March 31, 2026 compared to 15.9% for the three months ended March 31, 2025, and ceded earned commissions as a percentage of ceded earned premium was 29.2% for the three months ended March 31, 2026 compared to 29.0% for the three months ended 2025.

Current wording

The increase in our net acquisition costs ratio was driven by an increase in earned broker commissions due to changes in our portfolio mix and higher commission rates, an increase in the Ceding Fee, and deferred employment related underwriting costs, partially offset by an increase in earned ceding commissions from our ceded reinsurance treaties. Gross acquisition costs earned as a percentage of gross earned premiums was 17.7% for the three months ended June 30, 2026 compared to 16.1% for the three months ended June 30, 2025, and ceded earned commissions as a percentage of ceded earned premium was 29.3% for the three months ended June 30, 2026 compared to 29.0% for the three months ended 2025.

Previous wording

The combined ratio was 95.3% for the three months ended March 31, 2026, compared to 97.3% for the three months ended March 31, 2025. The 2.0 point decrease was due to the 2.0 point decrease in our expense ratio.

Current wording

The combined ratio was 95.9% for the three months ended June 30, 2026, compared to 96.8% for the three months ended June 30, 2025. The 0.9 point decrease was driven by the 2.0 point decrease in our expense ratio, partially offset by the 1.1 point increase in our loss ratio.

Previous wording

Return on equity was 14.1% for the three months ended March 31, 2026, compared to 12.0% for the three months ended March 31, 2025. The 2.1 point increase was primarily driven by the 40.1% increase in net income during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, partially offset by the increase in average mezzanine equity and stockholders’ equity driven by the increase in retained earnings and additional paid-in capital for stock-based compensation.

Current wording

Return on equity was 13.8% for the three months ended June 30, 2026, compared to 12.4% for the three months ended June 30, 2025. The 1.4 point increase was primarily driven by the 30.8% increase in net income during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, partially offset by the increase in average mezzanine equity and stockholders’ equity driven by the increase in retained earnings and additional paid-in capital for stock-based compensation.

Previous wording

Net investment income increased $5.5 million to $18.0 million for the three months ended March 31, 2026 from $12.6 million for the three months ended March 31, 2025. The increase in net investment income is primarily due to a higher average balance of investments during the three months ended March 31, 2026.

Current wording

Net investment income increased $5.1 million to $18.8 million for the three months ended June 30, 2026 from $13.7 million for the three months ended June 30, 2025. The increase in net investment income is primarily due to a higher average balance of investments during the three months ended June 30, 2026.

Previous wording

Income tax expense was $4.6 million for the three months ended March 31, 2026, compared to $3.0 million for the three months ended March 31, 2025. Our effective tax rate was 22.2% for the three months ended March 31, 2026, compared to 21.0% for the three months ended March 31, 2025. The effective tax rate differs from the statutory tax rate of 21.0% primarily due to estimated non-deductible excess officer compensation, state taxes, and other non-deductible expenses.

Current wording

Income tax expense was $4.5 million for the three months ended June 30, 2026, compared to $3.6 million for the three months ended June 30, 2025. Our effective tax rate was 21.9% for the three months ended June 30, 2026, compared to 22.5% for the three months ended June 30, 2025. The effective tax rate differs from the statutory tax rate of 21.0% primarily due to estimated non-deductible excess officer compensation and non-deductible expenses, partially offset by excess tax benefits on the vesting of stock-based compensation.

Previous wording

As communicated in the past, the existence of our prior accident year reserves were driven by expected loss ratios applied to additional premiums that were billed and fully earned in the first quarter, but associated with policies from prior accident years. Once again, these amounts were not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.

Current wording

As communicated in the past, the development in our prior accident year losses were driven by expected loss ratios applied to net additional premiums that were billed and fully earned in the first quarter, but associated with policies from prior accident years. Once again, these amounts were not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.

Previous wording

Our expense ratio was 28.4% for the three months ended March 31, 2026 compared to 30.4% for the three months ended March 31, 2025, which was a decrease of 2.0 points. The decrease in our expense ratio was primarily driven by the 2.9 point decrease in our operating expenses ratio and a 0.3 point increase in other insurance-related income, which contributed to the lowering of our expense ratio. These improvements were partially offset by the 1.2 point increase in our net acquisition costs ratio.

Current wording

The decrease in our expense ratio for the six months ended June 30, 2026 was primarily driven by the 3.1 point decrease in our operating expenses ratio, and a 0.3 point increase in other insurance-related income, which contributed to the lowering of our expense ratio. These improvements were partially offset by the 1.5 point increase in our net acquisition costs ratio.

Previous wording

We define underwriting income as income before income taxes excluding the impact of net investment income, net realized investment losses, other insurance-related income, non-operating expenses, warrant expense, interest expenses and financing fees, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. Underwriting income represents the pre-tax profitability of the Company's underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with U.S. GAAP, and other companies may define underwriting income differently.

Current wording

We define underwriting income as income before income taxes excluding the impact of net investment income, net realized investment losses, other insurance-related income, non-operating expenses, warrant expense, interest expenses and financing fees, loss on extinguishment of credit facility, foreign exchange (gains) losses, and certain strategic initiatives. Underwriting income represents the pre-tax profitability of the Company's underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with U.S. GAAP, and other companies may define underwriting income differently.

Previous wording

Underwriting income for the three months ended March 31, 2026 and 2025 reconciles to income before income taxes as follows:

Current wording

Underwriting income for the three and six months ended June 30, 2026 and 2025 reconciles to income before income taxes as follows:

Previous wording

We define adjusted net income as net income excluding the impact of net realized investment losses, non-operating expenses, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments. We use adjusted net income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income should not be viewed as a substitute for net income calculated in accordance with U.S. GAAP, and other companies may define adjusted net income differently.

Current wording

We define adjusted net income as net income excluding the impact of net realized investment losses, non-operating expenses, foreign exchange (gains) losses, and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments. We use adjusted net income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income should not be viewed as a substitute for net income calculated in accordance with U.S. GAAP, and other companies may define adjusted net income differently.

Previous wording

Adjusted net income for the three months ended March 31, 2026 and 2025 reconciles to net income as follows:

Current wording

Adjusted net income for the three and six months ended June 30, 2026 and 2025 reconciles to net income as follows:

Previous wording

Adjusted return on equity for the three months ended March 31, 2026 and 2025 reconciles to return on equity as follows:

Current wording

Adjusted return on equity for the three and six months ended June 30, 2026 and 2025 reconciles to return on equity as follows:

Previous wording

Diluted adjusted earnings per share for the three months ended March 31, 2026 and 2025 reconciles to diluted earnings per share as follows:

Current wording

Diluted adjusted earnings per share for the three and six months ended June 30, 2026 and 2025 reconciles to diluted earnings per share as follows:

Previous wording

Prior to the Company’s initial public offering (the “IPO”) on May 23, 2024, BSHI received capital contributions from BIHL. Following our secondary offering on October 25, 2024, since BIHL is no longer a holder of our common stock, BSHI may receive cash through (i) drawing on the 2025 Facility (as defined below) that we entered into on November 26, 2025, (ii) issuance of equity and debt securities, (iii) payments from our subsidiaries pursuant to our consolidated tax allocation agreement and other transactions and (iv) dividends from our insurance company subsidiary. We also may use the proceeds from these sources to contribute funds to our insurance company subsidiary in order to support premium growth, pay dividends and taxes and for other business purposes.

Current wording

BSHI may receive cash through (i) drawing on the 2025 Facility (as defined below) that we entered into on November 26, 2025, (ii) issuance of equity and debt securities, (iii) payments from our subsidiaries pursuant to our consolidated tax allocation agreement and other transactions and (iv) dividends from our insurance company subsidiary. We also may use the proceeds from these sources to contribute funds to our insurance company subsidiary in order to support premium growth, pay dividends and taxes and for other business purposes.

Previous wording

As of March 31, 2026, our holding company had $73.0 million in cash and investments. We believe we have sufficient liquidity available at our holding company and subsidiaries to meet our operating cash needs and obligations for at least the next 12 months.

Current wording

As of June 30, 2026, our holding company had $65.3 million in cash and investments. We believe we have sufficient liquidity available at our holding company and subsidiaries to meet our operating cash needs and obligations for at least the next 12 months.

Previous wording

In March 2026, the Company’s subsidiary, BICI, became a member of the FHLB Chicago, which provides access to collateralized borrowings through advances. In connection with its membership, BICI purchased FHLB Chicago capital stock. The stock is restricted as it can only be sold back to the FHLB Chicago or another member at its par value of $100 per share. As of March 31, 2026, BICI held $0.5 million of FHLB Chicago capital stock, carried at cost and evaluated for impairment periodically, which is included in other assets on the Condensed Consolidated Balance Sheet.

Current wording

In March 2026, the Company’s subsidiary, BICI, became a member of the FHLB Chicago, which provides access to collateralized borrowings through advances. In connection with its membership, BICI purchased FHLB Chicago capital stock. The stock is restricted as it can only be sold back to the FHLB Chicago or another member at its par value of $100 per share. As of June 30, 2026, BICI held $0.5 million of FHLB Chicago capital stock, carried at cost and evaluated for impairment periodically, which is included in other assets on the Condensed Consolidated Balance Sheets.

Previous wording

Our cash flows for the three months ended March 31, 2026 and 2025 were as follows:

Current wording

Our cash flows for the six months ended June 30, 2026 and 2025 were as follows:

Previous wording

The increase in cash provided by operating activities in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to the growth in our business operations compared to the timing of claim payments and subsequent reinsurance recoveries, which occur later than cash collections on premiums.

Current wording

The increase in cash provided by operating activities in the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to the growth in our business operations compared to the timing of claim payments and subsequent reinsurance recoveries, which occur later than cash collections on premiums.

Previous wording

For the three months ended March 31, 2026, net cash used in investing activities was $156.9 million due to growth in our business operations. For the three months ended March 31, 2026, funds from operations were used to purchase fixed maturity securities of $237.4 million and short-term securities of $5.0 million. During the three months ended March 31, 2026, we received proceeds from sales and maturities of fixed maturity securities of $86.7 million. Net cash used in investing activities also includes purchases of property and equipment of $1.3 million.

Current wording

For the six months ended June 30, 2026, net cash used in investing activities was $226.1 million due to growth in our business operations. For the six months ended June 30, 2026, funds from operations were used to purchase fixed maturity securities of $377.8 million and short-term securities of $5.0 million. During the six months ended June 30, 2026, we received proceeds from sales and maturities of fixed maturity securities and short-term investments of $159.2 million. Net cash used in investing activities also includes purchases of property and equipment of $2.6 million.

Previous wording

For the three months ended March 31, 2025, net cash used in investing activities was $146.3 million due to growth in our business operations. For the three months ended March 31, 2025, funds from operations were used to purchase fixed maturity securities of $250.5 million. During the three months ended March 31, 2025, we received proceeds of $105.4 million from sales of fixed maturity securities. Net cash used in investing activities also includes purchases of property and equipment of $1.2 million.

Current wording

For the six months ended June 30, 2025, net cash used in investing activities was $212.5 million due to growth in our business operations. For the six months ended June 30, 2025, funds from operations were used to purchase fixed maturity securities of $374.6 million. During the six months ended June 30, 2025, we received proceeds from sales and maturities of fixed maturity securities and short-term investments of $164.9 million. Net cash used in investing activities also includes purchases of property and equipment of $2.8 million.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities was $0.8 million, which primarily reflects taxes paid on shares withheld to cover vested employee RSUs, and for the three months ended March 31, 2025, net cash provided by financing activities was nil.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities was $2.1 million, which primarily reflects taxes paid on shares withheld to cover vested employee RSUs, and for the six months ended June 30, 2025, net cash provided by financing activities was nil.

Previous wording

•For all lines, except cyber liability, we use a quota share reinsurance treaty, where 26.0% of the exposure is ceded to reinsurers, and an excess of loss reinsurance treaty, which cedes 65.0% of losses in excess of $5 million up to $15 million to our reinsurers.

Current wording

•For all lines, except cyber liability, we use a quota share reinsurance treaty, where 33.5% of the exposure is ceded to reinsurers, and an excess of loss reinsurance treaty, which cedes 57.5% of losses in excess of $5 million up to $15 million to our reinsurers.

Previous wording

All reinsurance involves credit risk, since we maintain the direct obligation to pay losses incurred by our policyholders up to our policy limits. Accordingly, when selecting our reinsurers, a potential reinsurer’s financial strength is the paramount consideration. All of our reinsurance business is placed with reinsurers that have an A.M. Best rating of “A” (Excellent) or better. As of March 31, 2026, we have an allowance for credit losses of $0.2 million for our reinsurance balance.

Current wording

All reinsurance involves credit risk, since we maintain the direct obligation to pay losses incurred by our policyholders up to our policy limits. Accordingly, when selecting our reinsurers, a potential reinsurer’s financial strength is the paramount consideration. All of our reinsurance business is placed with reinsurers that have an A.M. Best rating of “A” (Excellent) or better. As of June 30, 2026, we have an allowance for credit losses of $0.3 million for our reinsurance balance.

Previous wording

We have entered into software service agreements that have purchase obligations depending on the amount of premiums written. At March 31, 2026, the fixed and determinable portion of these purchase obligations were approximately $7.1 million for the years 2026 - 2029. The obligations may increase depending on the amount of premium written by the Company over the respective years.

Current wording

We have entered into software service agreements that have purchase obligations depending on the amount of premiums written. At June 30, 2026, the fixed and determinable portion of these purchase obligations were approximately $7.3 million for the years 2026 - 2029. The obligations may increase depending on the amount of premium written by the Company over the respective years.

Previous wording

We have entered into a sublease agreement for our office in New York and a lease agreement for our office in Chicago. On December 1, 2024, the company exercised its option to extend the Chicago lease, which will expire on August 31, 2028, with a renewal option to extend. These leases are classified as operating leases. These leases expire in December 2027 and August 2028, respectively. Although each operating lease agreement contains an option to extend the length of the respective lease term, the Company is not reasonably certain it will exercise these options. As of March 31, 2026, the discounted operating lease liability was $2.6 million.

Current wording

We have entered into a sublease agreement for our office in New York and a lease agreement for our office in Chicago. On December 1, 2024, the company exercised its option to extend the Chicago lease, which will expire on August 31, 2028, with a renewal option to extend. These leases are classified as operating leases. These leases expire in December 2027 and August 2028, respectively. Although each operating lease agreement contains an option to extend the length of the respective lease term, the Company is not reasonably certain it will exercise these options. As of June 30, 2026, the discounted operating lease liability was $2.3 million.

Previous wording

As of March 31, 2026, total mezzanine equity and stockholders’ equity was $459.2 million compared to $449.3 million as of December 31, 2025. The $9.9 million increase was primarily due to net income generated during the period and net activity related to stock-based compensation plans, partially offset by an increase in the net unrealized loss position on available for sale investments, which shifted to a net unrealized loss in the current period,

Current wording

As of June 30, 2026, total mezzanine equity and stockholders’ equity was $473.9 million compared to $449.3 million as of December 31, 2025. The $24.6 million increase was primarily due to net income generated during the period and net activity related to stock-based compensation plans, partially offset by an increase in the net unrealized loss position on available for sale investments, which shifted to a net unrealized loss in the current period.

Previous wording

We did not declare any dividends during the three months ended March 31, 2026 or the year ended December 31, 2025.

Current wording

We did not declare any dividends during the six months ended June 30, 2026 or the year ended December 31, 2025.

Previous wording

As of March 31, 2026, the majority of our investment portfolio, or $1,520.3 million, was comprised of fixed maturity securities that are classified as available for sale and carried at fair value with unrealized gains (losses) recognized in accumulated other comprehensive (loss) income within our Condensed Consolidated Balance Sheets. Also included in our investment portfolio was $5.0 million of short-term investments. Our investment portfolio, including cash equivalents, had a weighted average effective duration of 3.2 years and an average rating of “AA-” at March 31, 2026. Our investment portfolio, including cash equivalents, had a book yield of 4.6% and a market yield of 4.7% as of March 31, 2026, compared to 4.6% and 4.5%, respectively, as of December 31, 2025.

Current wording

As of June 30, 2026, the majority of our investment portfolio, or $1,585.2 million, was comprised of fixed maturity securities that are classified as available for sale and carried at fair value with unrealized gains (losses) recognized in accumulated other comprehensive (loss) income within our Condensed Consolidated Balance Sheets. Our investment portfolio, including cash equivalents, had a weighted average effective duration of 3.3 years and an average rating of “AA-” at June 30, 2026. Our investment portfolio, including cash equivalents, had a book yield of 4.7% and a market yield of 4.9% as of June 30, 2026, compared to 4.6% and 4.5%, respectively, as of December 31, 2025.

Previous wording

As of March 31, 2026 and December 31, 2025, the amortized cost and estimated fair value of our fixed maturity, and short-term investments were as follows:

Current wording

As of June 30, 2026 and December 31, 2025, the amortized cost and estimated fair value of our fixed maturity, and were as follows:

Previous wording

As of March 31, 2026, we have an allowance for credit losses of $0.2 million for our reinsurance recoverable balance.

Current wording

As of June 30, 2026, we have an allowance for credit losses of $0.3 million for our reinsurance recoverable balance.