There have been no material changes in our risk factors in the quarter ended June 30, 2026 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, except as follows: We may be unable to obtain reinsurance coverage at reasonable prices or on terms that provide us adequate protection. We purchase reinsurance in many of our lines of business to help manage our exposure to insurance risks that we underwrite and to reduce volatility in our results. The availability and cost of reinsurance are subject to prevailing market conditions, both in terms of price and available capacity, each of which can affect our business volume and profitability. The availability of reasonably affordable reinsurance is a critical element of our business plan. One important way we utilize reinsurance is to reduce volatility in claims payments by limiting our exposure to losses from large risks. Another way we use reinsurance is to purchase substantial protection against concentrated losses when we enter new markets. In addition, the ability to obtain reinsurance is critical to our fee-based fronting business. As a result, our ability to manage volatility, mitigate significant losses, expand into new markets, grow by offering insurance to new kinds of enterprises, or grow our fronting business may be limited by the unavailability of reasonably priced reinsurance. We may not be able to obtain reinsurance on acceptable terms or from entities with satisfactory creditworthiness. In such event, if we are unwilling to accept the terms or credit risk of potential reinsurers, we would have to reduce the level of our underwriting commitments, which would reduce our revenues. Reinsurance capacity is subject to market cycles and sudden changes. Capacity can be restricted making reinsurance placements more challenging. 61 Table of Contents Many reinsurance companies exclude certain coverages from, or alter terms in, the reinsurance contracts we enter into with them. Some exclusions relate to risks that we cannot in turn exclude from the policies we write due to business or regulatory constraints. In addition, reinsurers are imposing terms, such as lower per occurrence and aggregate limits, and more exclusions, limiting the protection provided under the reinsurance contract. For example, some of our reinsurance treaties are subject to loss ratio caps or aggregate limits. While ceded losses to our reinsurance treaties were within these loss ratio caps and aggregate limits, where applicable, as of June 30, 2026, there can be no assurance that the amount of ceded losses will remain within these loss ratio caps and aggregate limits. If ceded losses were to exceed the loss ratio cap or aggregate limit that applies to a reinsurer’s participation on a given reinsurance contract, the Company would not have reinsurance coverage from that reinsurer's share of losses in excess of such loss ratio cap or aggregate limit, which could have a material adverse effect on our business, liquidity and results of operations. As a result, we, like other direct insurance companies, write insurance policies which to some extent do not have the benefit of reinsurance protection. These gaps in reinsurance protection expose us to greater risk and greater potential losses. For example, certain reinsurers have excluded coverage for terrorist acts or priced such coverage at unreasonably high rates. Many direct insurers, including us, have written policies without terrorist act exclusions and in many cases we cannot exclude terrorist acts because of regulatory constraints. We may, therefore, be exposed to potential losses as a result of terrorist acts. See also “Item 1. Business — Purchase of Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 3, 2026. In addition to the traditional prospective reinsurance described above, we have purchased retroactive reinsurance in the form of loss portfolio transfers and adverse development covers on certain books of our business. This retroactive reinsurance may prove to be inadequate to cover the adverse loss development on the subject business. For example, the E&S Top Up ADC purchased in 2024 had a $75.0 million limit, none of which remains available as of June 30, 2026. Our goodwill could become impaired, which would adversely affect our financial condition and results of operations. We test goodwill annually for impairment in the fourth quarter of each calendar year and more frequently if events or changes in circumstances indicate that the carrying amount of a reporting unit, including goodwill, may exceed its fair value. During the second quarter of 2026, we performed a quantitative goodwill impairment assessment of the James River Excess and Surplus Lines reporting unit due to the substantial and sustained decline in our stock price and overall market capitalization, and due to market conditions affecting the reporting unit’s actual and projected results. As in prior periods, we used a combination of a market approach and an income approach in performing this analysis, and we also considered observed multiples from a recently completed sale transaction involving a peer company. Based on this analysis, no goodwill impairment was recorded in the second quarter of 2026. However, the quantitative testing showed that the estimated fair value of the James River Excess and Surplus Lines reporting unit exceeded its carrying value by less than 3% as of June 30, 2026, representing a significant reduction from the cushion reflected in our previous quantitative analysis. Further adverse developments, including a continued or renewed decline in our stock price or market capitalization, a decline in our actual or projected future cash flows or operating results, adverse changes in market or macroeconomic conditions, a decline in valuation multiples observed for comparable companies or transactions involving comparable companies, strategic transactions by us, or other adverse changes in the business, competitive or regulatory environment in which we operate, could result in an impairment of some or all of our goodwill in a future period. If it is determined that goodwill has been impaired, we must write down goodwill by the amount of the impairment, which may have a material adverse effect on our financial condition and results of operations. See Note 4 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Goodwill and Impairment."