HAMILTON, Bermuda, July 21, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”) today announced that it is planning to release its second quarter 2025 financial results before markets open on Monday, August 4, 2025. The Company will host a conference call, including a question-and-answer session, at 8:30 a.m. Eastern Time on the same day to discuss the financial results. The webcast of the live conference call can be accessed by logging onto the Investor Relations section ...

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Core Insights - The article emphasizes the importance of value investing and highlights SiriusPoint (SPNT) as a strong candidate for value investors due to its favorable valuation metrics [2][4][7] Valuation Metrics - SiriusPoint has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for value investors [4][3] - The stock's P/E ratio is 8.94, which is lower than the industry average of 9.21, suggesting it may be undervalued [4] - The P/B ratio for SPNT is 1.27, significantly lower than the industry average of 2.73, further indicating attractive valuation [5] - SPNT's P/S ratio stands at 0.85, compared to the industry's average of 1.08, reinforcing the notion of undervaluation [6] Earnings Outlook - The combination of SPNT's strong valuation metrics and positive earnings outlook positions it as an impressive value stock at the moment [7]

Group 1 - The article highlights SiriusPoint Ltd. (NYSE: SPNT) as an attractive investment opportunity, particularly focusing on its cumulative 8% preferred stock (NYSE: SPNT.PR.B) [1] - The investing group Trade With Beta offers services including frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2] - The article emphasizes the potential for investors to engage in discussions and ask questions in a chat room filled with experienced traders and investors [1][2] Group 2 - The article does not provide specific financial metrics or performance data for SiriusPoint Ltd. or its preferred stock [1][2][3] - There is no mention of any recent news events or market conditions affecting SiriusPoint Ltd. or the broader industry [1][2][3]

SiriusPoint (SPNT) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Liam Blackledge - Investor Relations and Strategy ManagerScott Egan - CEOJim McKinney - CFO Operator Good morning, ladies and gentlemen, and welcome to Series Point's First Quarter twenty twenty five Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. As a reminder, this conference call is being recorded and a replay is available through 11:59 p. M. Eastern Time on 05/20/2025. ...

SiriusPoint (SPNT) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Liam Blackledge - Investor Relations and Strategy ManagerScott Egan - CEOJim McKinney - CFO Operator Good morning, ladies and gentlemen, and welcome to Series Point's First Quarter twenty twenty five Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. As a reminder, this conference call is being recorded and a replay is available through 11:59 p. M. Eastern Time on 05/20/2025. ...

SiriusPoint (SPNT) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to Series Point's First Quarter twenty twenty five Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. As a reminder, this conference call is being recorded and a replay is available through 11:59 p. M. Eastern Time on 05/20/2025. With that, I would like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Pleas ...

May 5, 2025 NYSE: SPNT Q1 2025 INVESTOR PRESENTATION DISCLAIMER Basis of Presentation and Non-GAAP Financial Measures: Unless the context otherwise indicates or requires, as used in this presentation references to "we," "our," "us," the "Company," and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) SiriusPoint Ltd.'s unaudited consolidated financial statements for Q1 2025 detail changes in assets, liabilities, equity, income, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $12.3 billion, liabilities to $10.3 billion, while shareholders' equity increased to $2.03 billion as of March 31, 2025 Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$12,280.5** | **$12,524.9** | | Total Investments | $5,118.7 | $5,705.5 | | Cash and cash equivalents | $740.3 | $682.0 | | **Total Liabilities** | **$10,253.8** | **$10,586.1** | | Loss and loss adjustment expense reserves | $5,762.6 | $5,653.9 | | Share repurchase liability | $— | $483.0 | | **Total Shareholders' Equity** | **$2,026.7** | **$1,938.8** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders decreased to $57.6 million in Q1 2025, primarily due to higher loss and loss adjustment expenses Q1 2025 vs Q1 2024 Income Statement (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net premiums earned | $626.7 | $593.8 | | Total revenues | $727.3 | $685.5 | | Loss and loss adjustment expenses incurred, net | $401.8 | $317.5 | | Total expenses | $652.0 | $579.9 | | **Net income** | **$62.0** | **$95.9** | | **Net income available to SiriusPoint common shareholders** | **$57.6** | **$90.8** | | **Diluted EPS** | **$0.49** | **$0.49** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw a net cash outflow from operating activities and significant cash use for share repurchases in financing activities Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(88.9) | $58.8 | | Net cash provided by (used in) investing activities | $610.9 | $(80.8) | | Net cash provided by (used in) financing activities | $(491.4) | $7.1 | | **Net increase (decrease) in cash** | **$30.6** | **$(14.9)** | - A significant use of cash in financing activities was the **$490.8 million** purchase of SiriusPoint common shares under the share repurchase program[21](index=21&type=chunk) [Note 3. Segment Reporting](index=8&type=section&id=Note%203.%20Segment%20reporting) Core income decreased to $47.4 million in Q1 2025, driven by lower Reinsurance underwriting income due to catastrophe losses Segment Income (Loss) for Three Months Ended March 31 (in millions) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Reinsurance | $8.4 | $39.9 | | Insurance & Services | $39.0 | $22.5 | | **Core Income** | **$47.4** | **$62.4** | | Corporate | $(4.4) | $10.7 | Segment Combined Ratios for Three Months Ended March 31 | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Reinsurance | 97.1% | 84.2% | | Insurance & Services | 94.0% | 98.4% | | **Core Combined Ratio** | **95.4%** | **91.4%** | | Total Combined Ratio | 91.4% | 84.9% | - Catastrophe losses for Q1 2025 were **$67.9 million**, primarily impacting the Reinsurance segment, compared to minimal catastrophe losses in Q1 2024[46](index=46&type=chunk) - The company recorded net favorable prior year loss reserve development of **$34.2 million** in Q1 2025, compared to **$38.9 million** in Q1 2024[46](index=46&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [Note 6. Investments](index=18&type=section&id=Note%206.%20Investments) Total debt securities decreased to $4.75 billion as of March 31, 2025, with the portfolio remaining high-quality and a 3.0-year weighted average duration Debt Securities by Fair Value (in millions) | Security Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt securities, available for sale | $4,635.2 | $5,131.0 | | Debt securities, trading | $117.6 | $162.2 | | **Total Debt Securities** | **$4,752.8** | **$5,293.2** | Debt Securities by Credit Rating (AFS & Trading, in millions) | Rating | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | AAA | $744.5 | $882.5 | | AA | $2,145.2 | $2,281.9 | | A | $1,054.5 | $1,381.9 | | BBB | $663.6 | $683.4 | | Other | $145.0 | $63.5 | | **Total** | **$4,752.8** | **$5,293.2** | [Note 12. Debt and Letter of Credit Facilities](index=29&type=section&id=Note%2012.%20Debt%20and%20letter%20of%20credit%20facilities) Total debt increased slightly to $663.5 million, with $1.13 billion in letters of credit issued and no outstanding revolving credit facility borrowings Debt Obligations (in millions) | Debt Instrument | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 2024 Senior Notes, carrying value | $395.1 | $394.8 | | 2017 SEK Subordinated Notes, carrying value | $268.4 | $244.3 | | **Total debt** | **$663.5** | **$639.1** | - The company has a **$400.0 million** senior unsecured revolving credit facility, with no outstanding borrowings as of March 31, 2025[139](index=139&type=chunk)[140](index=140&type=chunk) [Note 14. Shareholders' Equity](index=31&type=section&id=Note%2014.%20Shareholders%27%20equity) The company repurchased 500,000 common shares and has $180.8 million remaining for future repurchases, while paying preference share dividends - In Q1 2025, the company repurchased **500,000 common shares** from Director Daniel S Loeb at **$14.00 per share**[153](index=153&type=chunk) - As of March 31, 2025, **$180.8 million** remained authorized for future share repurchases[152](index=152&type=chunk) - Dividends of **$4.0 million** were declared and paid to Series B preference shareholders in Q1 2025, consistent with Q1 2024[151](index=151&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting a 95.4% Core combined ratio, increased tangible book value, and strategic progress despite catastrophe losses Key Performance Indicators | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Combined ratio | 91.4% | 84.9% | | Core income | $47.4M | $62.4M | | Core combined ratio | 95.4% | 91.4% | | Annualized ROAE | 12.9% | 15.4% | | Book value per common share | $15.73 | $14.92 (as of 12/31/24) | | Tangible book value per diluted common share | $14.21 | $13.42 (as of 12/31/24) | - AM Best and Fitch affirmed the company's ratings and revised the outlook to Positive from Stable, reflecting improved balance sheet strength and underwriting performance[181](index=181&type=chunk) [Consolidated Results of Operations](index=39&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net income decreased to $62.0 million in Q1 2025, primarily due to higher catastrophe losses and lower net investment income - The decrease in underwriting results was primarily driven by increased catastrophe losses from the California wildfires[190](index=190&type=chunk) - Net investment income decreased due to a lower asset base after the company returned approximately **$1.0 billion** of capital to shareholders since March 31, 2024[185](index=185&type=chunk)[201](index=201&type=chunk) - Other revenues increased, driven by higher service fee revenue from the IMG travel insurance business[203](index=203&type=chunk) [Segment Results](index=42&type=section&id=Segment%20Results) Core gross premiums written grew 12.4%, with Reinsurance underwriting income declining due to catastrophe losses and Insurance & Services improving - **Reinsurance:** Underwriting income decreased by **$31.5 million**, primarily due to **$63.1 million** in catastrophe losses from California wildfires, which added **21.8 percentage points** to the combined ratio[226](index=226&type=chunk)[228](index=228&type=chunk) - **Insurance & Services:** Underwriting income increased by **$15.7 million**, driven by a **4.4 point** improvement in the loss ratio from lower attritional losses and favorable prior year development Gross premiums written grew **21.1%** to **$635.1 million**[231](index=231&type=chunk)[232](index=232&type=chunk)[235](index=235&type=chunk) - **Corporate:** The underwriting loss was **$4.4 million**, compared to income of **$10.7 million** in the prior year, reflecting the runoff of specific workers' compensation and cyber programs[237](index=237&type=chunk)[238](index=238&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with a 227% estimated BSCR ratio, an undrawn credit facility, and sufficient dividend capacity - The company's estimated Bermuda Solvency Capital Requirement (BSCR) ratio was **227%** as of Q1 2025, indicating a strong capital position[253](index=253&type=chunk) - A **$400 million** senior unsecured revolving credit facility was available and undrawn as of March 31, 2025[255](index=255&type=chunk)[256](index=256&type=chunk) Cash Flow Summary for Q1 (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $(88.9) | $58.8 | | Net cash from investing activities | $610.9 | $(80.8) | | Net cash from financing activities | $(491.4) | $7.1 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk, with a hypothetical 100 bp increase decreasing debt securities fair value by $141.6 million, and foreign currency risk Interest Rate Sensitivity on Debt Securities (as of March 31, 2025) | Assumed Change in Interest Rate | Estimated Pre-tax Change in Fair Value (in millions) | | :--- | :--- | | +100 bp | $(141.6) | | -100 bp | $114.7 | Foreign Currency Sensitivity (as of March 31, 2025) | Currency vs USD | Impact of 10% USD Increase (in millions) | | :--- | :--- | | Euro | $(11.1) | | British Pound | $5.7 | [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[289](index=289&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[290](index=290&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits and regulatory actions typical for the insurance industry, none expected to have a material adverse effect - The company is subject to lawsuits and regulatory actions typical for the insurance industry, which are considered in its loss and loss expense reserves[292](index=292&type=chunk) - Management believes no current legal proceeding is likely to have a material adverse effect on the company's financial condition or operations[292](index=292&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for expanded discussion on potential adverse impacts of inflation and changing tariff landscapes - A key risk highlighted is the impact of inflation, which can cause claim costs to increase above established loss reserves, potentially reducing net income[294](index=294&type=chunk)[295](index=295&type=chunk) - The changing tariff landscape is noted as a risk that could hinder economic growth and impact the company's credit and mortgage business[295](index=295&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed significant share repurchases from CM Bermuda and Daniel S Loeb, with $180.8 million remaining for future share repurchases - Completed a major share repurchase from CM Bermuda of **45.7 million shares**[297](index=297&type=chunk) - Repurchased **500,000 common shares** from director Daniel S Loeb at **$14.00 per share**[298](index=298&type=chunk) - Approximately **$180.8 million** remains available for future share repurchases as of March 31, 2025[298](index=298&type=chunk)

[Introduction and Disclaimers](index=2&type=section&id=Introduction%20and%20Disclaimers) [Basis of Presentation and Non-GAAP Financial Measures](index=2&type=section&id=Basis%20of%20Presentation%20and%20Non-GAAP%20Financial%20Measures) The report's financial results include non-GAAP measures, which management believes provide a clearer view of performance and trends by reflecting how the business is managed, particularly after the decision to exit the runoff business. These measures are intended to supplement, not replace, GAAP-based reporting - The company utilizes several non-GAAP financial measures to provide investors with what it considers a more informative view of its financial performance and underlying trends[3](index=3&type=chunk) - Key non-GAAP measures include: - Core underwriting income, Core net services income, Core income, Core combined ratio - Accident year loss ratio, accident year combined ratio - Attritional loss ratio, attritional combined ratio - Book value per diluted common share excluding AOCI - Tangible book value per diluted common share[3](index=3&type=chunk) [Safe Harbor Statement Regarding Forward-Looking Statements](index=2&type=section&id=Safe%20Harbor%20Statement%20Regarding%20Forward-Looking%20Statements) This section contains a safe harbor statement, cautioning that forward-looking statements are not guarantees of future performance and are subject to numerous risks and uncertainties. It lists several factors that could cause actual results to differ materially, including strategic execution, catastrophic events, market performance, and geopolitical uncertainty - The report includes forward-looking statements that are subject to significant risks and uncertainties which may cause actual results to differ[4](index=4&type=chunk) - Key risks identified include: ability to execute strategic transformation, impact of catastrophic events, inadequacy of loss reserves, financial market performance, competition, technology breaches, climate change, and geopolitical uncertainty[4](index=4&type=chunk) [Key Performance Indicators](index=4&type=section&id=Key%20Performance%20Indicators) [Key Performance Indicators](index=4&type=section&id=Key%20Performance%20Indicators) For the three months ended March 31, 2025, SiriusPoint reported a consolidated combined ratio of 91.4%, an increase from 84.9% in the prior-year period. Core underwriting income decreased to $28.5 million from $44.3 million. Book value per common share increased to $15.73 from $14.92 at year-end 2024 Key Performance Indicators (Q1 2025 vs Q1 2024) | Indicator | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Combined ratio | 91.4% | 84.9% | | Core underwriting income | $28.5M | $44.3M | | Core net services income | $18.9M | $18.1M | | Core income | $47.4M | $62.4M | | Core combined ratio | 95.4% | 91.4% | | Annualized ROAE | 12.9% | 15.4% | | Book value per common share | $15.73 | $14.92 (at YE 2024) | | Tangible book value per diluted common share | $14.21 | $13.42 (at YE 2024) | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets - by Quarter](index=5&type=section&id=Consolidated%20Balance%20Sheets%20-%20by%20Quarter) As of March 31, 2025, total assets were $12.3 billion, a decrease from $12.5 billion at December 31, 2024, primarily driven by a reduction in total investments. Total shareholders' equity increased to $2.03 billion from $1.94 billion over the same period, reflecting net income generation Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total investments | $5,118.7 | $5,705.5 | | Total assets | $12,280.5 | $12,524.9 | | Total liabilities | $10,253.8 | $10,586.1 | | Total shareholders' equity | $2,026.7 | $1,938.8 | [Consolidated Statements of Income - by Quarter](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20-%20by%20Quarter) For the first quarter of 2025, SiriusPoint reported net income available to common shareholders of $57.6 million, or $0.50 per basic share. This is a decrease from $90.8 million, or $0.50 per basic share, in the first quarter of 2024. The decline was primarily due to lower underwriting income and a shift from net investment gains to a small loss Consolidated Income Statement Highlights (in millions, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net premiums earned | $626.7 | $593.8 | | Total revenues | $727.3 | $685.5 | | Loss and loss adjustment expenses incurred, net | $401.8 | $317.5 | | Total expenses | $652.0 | $579.9 | | Net income available to SiriusPoint common shareholders | $57.6 | $90.8 | | Basic earnings per share | $0.50 | $0.50 | | Diluted earnings per share | $0.49 | $0.49 | [Consolidated Statements of Comprehensive Income - by Quarter](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20-%20by%20Quarter) Comprehensive income available to SiriusPoint was $92.1 million for Q1 2025, compared to $74.3 million in Q1 2024. The Q1 2025 result was significantly boosted by $30.5 million in other comprehensive income, primarily from unrealized gains on debt securities, which contrasted with a $20.5 million other comprehensive loss in the prior-year period Consolidated Comprehensive Income (in millions) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) | $62.0 | $95.9 | | Total other comprehensive income (loss) | $30.5 | $(20.5) | | Comprehensive income (loss) | $92.5 | $75.4 | | Comprehensive income (loss) available to SiriusPoint | $92.1 | $74.3 | [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) [Segment Reporting - Three months ended March 31, 2025](index=8&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20March%2031%2C%202025) In Q1 2025, the Insurance & Services segment generated higher underwriting income ($20.1 million) than the Reinsurance segment ($8.4 million). The Reinsurance segment's results were impacted by a high catastrophe loss ratio of 21.8%, leading to a combined ratio of 97.1%. The Insurance & Services segment had a combined ratio of 94.0% Q1 2025 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income (Loss) | Combined Ratio | | :--- | :--- | :--- | :--- | | Reinsurance | $354.8 | $8.4 | 97.1% | | Insurance & Services | $635.1 | $20.1 | 94.0% | | **Core Total** | **$989.9** | **$28.5** | **95.4%** | - The Reinsurance segment experienced significant catastrophe losses of **$63.1 million**, contributing **21.8 points** to its loss ratio[13](index=13&type=chunk) [Segment Reporting - Three months ended March 31, 2024](index=9&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20March%2031%2C%202024) For Q1 2024, the Reinsurance segment was the primary driver of underwriting profit with $39.9 million in underwriting income and a strong combined ratio of 84.2%. The Insurance & Services segment contributed $4.4 million in underwriting income with a combined ratio of 98.4%. Total Core underwriting income was $44.3 million Q1 2024 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income (Loss) | Combined Ratio | | :--- | :--- | :--- | :--- | | Reinsurance | $356.4 | $39.9 | 84.2% | | Insurance & Services | $524.3 | $4.4 | 98.4% | | **Core Total** | **$880.7** | **$44.3** | **91.4%** | [Consolidated Results - by Quarter](index=10&type=section&id=Consolidated%20Results%20-%20by%20Quarter) Consolidated underwriting income was $54.1 million in Q1 2025, a decrease from $89.6 million in Q1 2024. The combined ratio deteriorated to 91.4% in Q1 2025 from 84.9% in Q1 2024, driven by higher catastrophe losses ($67.9 million in Q1 2025 vs. none in Q1 2024) Consolidated Underwriting Results by Quarter (in millions) | Metric | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross premiums written | $984.7 | $759.5 | $714.0 | $864.6 | $906.6 | | Underwriting income | $54.1 | $32.7 | $89.0 | $65.1 | $89.6 | | Combined ratio | 91.4% | 94.4% | 84.4% | 89.0% | 84.9% | [Core Results - by Quarter](index=11&type=section&id=Core%20Results%20-%20by%20Quarter) Core results, which combine the Reinsurance and Insurance & Services segments, showed a decrease in underwriting income to $28.5 million in Q1 2025 from $44.3 million in Q1 2024. The Core combined ratio increased to 95.4% from 91.4%, largely due to higher catastrophe losses. Net services income remained stable at $18.9 million - Core results represent the sum of the Reinsurance and Insurance & Services segments, reflecting how management views the ongoing business after exiting runoff operations[20](index=20&type=chunk) Core Results Highlights (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net premiums earned | $625.8 | $517.8 | | Underwriting income | $28.5 | $44.3 | | Net services income | $18.9 | $18.1 | | Segment income | $47.4 | $62.4 | | Combined ratio | 95.4% | 91.4% | | Accident year combined ratio | 100.9% | 93.0% | [Reinsurance Segment - by Quarter](index=12&type=section&id=Reinsurance%20Segment%20-%20by%20Quarter) The Reinsurance segment's underwriting income fell sharply to $8.4 million in Q1 2025 from $39.9 million in Q1 2024. This was driven by $63.1 million in catastrophe losses, which pushed the combined ratio to 97.1% from 84.2% in the prior-year quarter. Net premiums earned grew to $289.6 million from $253.6 million Reinsurance Segment Highlights (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross premiums written | $354.8 | $356.4 | | Net premiums earned | $289.6 | $253.6 | | Underwriting income | $8.4 | $39.9 | | Catastrophe losses | $63.1 | $0.0 | | Combined ratio | 97.1% | 84.2% | [Insurance & Services Segment - by Quarter](index=13&type=section&id=Insurance%20%26%20Services%20Segment%20-%20by%20Quarter) The Insurance & Services segment showed significant improvement, with underwriting income increasing to $20.1 million in Q1 2025 from $4.4 million in Q1 2024. The combined ratio improved to 94.0% from 98.4%. Gross premiums written grew substantially to $635.1 million from $524.3 million year-over-year Insurance & Services Segment Highlights (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross premiums written | $635.1 | $524.3 | | Net premiums earned | $336.2 | $264.2 | | Underwriting income | $20.1 | $4.4 | | Net services income | $18.9 | $18.1 | | Segment income | $39.0 | $22.5 | | Combined ratio | 94.0% | 98.4% | [Investments](index=14&type=section&id=Investments) [Investments - by Quarter](index=14&type=section&id=Investments%20-%20by%20Quarter) The total investment portfolio decreased to $5.12 billion at March 31, 2025, from $5.71 billion at year-end 2024. The portfolio remains heavily weighted towards debt securities, which constitute 92.9% of total investments. Corporate debt securities and asset-backed securities are the largest holdings - Total investments decreased by **$586.8 million** during the first quarter of 2025[28](index=28&type=chunk) Investment Portfolio Composition (Fair Value in millions) | Asset Class | March 31, 2025 | % of Total | December 31, 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Total debt securities, available for sale | $4,635.2 | 90.6% | $5,131.0 | 89.9% | | Total debt securities, trading | $117.6 | 2.3% | $162.2 | 2.9% | | Other investments (Short-term, long-term, etc.) | $365.9 | 7.1% | $412.3 | 7.2% | | **Total investments** | **$5,118.7** | **100.0%** | **$5,705.5** | **100.0%** | [Other](index=15&type=section&id=Other) [Earnings per Share - by Quarter](index=15&type=section&id=Earnings%20per%20Share%20-%20by%20Quarter) For Q1 2025, basic earnings per share (EPS) was $0.50 and diluted EPS was $0.49. This compares to a basic EPS of $0.50 and diluted EPS of $0.49 in Q1 2024. The weighted average number of basic shares outstanding decreased significantly to 116.0 million from 168.9 million in the prior-year quarter, reflecting share repurchase activity Earnings Per Share (EPS) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income available to common shareholders | $57.6M | $90.8M | | Basic weighted-average shares | 115,975,961 | 168,934,114 | | Diluted weighted-average shares | 118,555,166 | 174,380,963 | | **Basic EPS** | **$0.50** | **$0.50** | | **Diluted EPS** | **$0.49** | **$0.49** | [Annualized Return on Average Common Shareholders' Equity - by Quarter](index=16&type=section&id=Annualized%20Return%20on%20Average%20Common%20Shareholders'%20Equity%20-%20by%20Quarter) The annualized return on average common shareholders' equity (ROAE) was 12.9% for Q1 2025. This represents a decrease from the 15.4% ROAE reported in Q1 2024, primarily due to lower net income available to common shareholders Annualized ROAE Calculation | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income available to common shareholders | $57.6M | $90.8M | | Average common shareholders' equity | $1,781.3M | $2,358.3M | | **Annualized ROAE** | **12.9%** | **15.4%** | [Book Value per Share - by Quarter](index=17&type=section&id=Book%20Value%20per%20Share%20-%20by%20Quarter) As of March 31, 2025, book value per common share increased to $15.73 from $14.92 at December 31, 2024. Tangible book value per diluted common share, a non-GAAP measure, also increased to $14.21 from $13.42 over the same period. The growth reflects the company's quarterly earnings Book Value Per Share Metrics | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Book value per common share | $15.73 | $14.92 | | Book value per diluted common share | $15.37 | $14.60 | | Book value per diluted common share ex. AOCI | $15.15 | $14.64 | | Tangible book value per diluted common share | $14.21 | $13.42 | - Management presents book value excluding AOCI and tangible book value per share because they believe these non-GAAP measures provide a more accurate view of realizable value and underlying trends, excluding volatile interest rate impacts and non-operational intangible assets[33](index=33&type=chunk) [Net Corporate and Other Expenses - by Quarter](index=18&type=section&id=Net%20Corporate%20and%20Other%20Expenses%20-%20by%20Quarter) Net corporate and other expenses for Q1 2025 totaled $60.6 million, an increase from $56.0 million in Q1 2024. The total is composed of $43.1 million in MGA Service expenses and $17.5 million in other corporate and non-recurring expenses Net Corporate and Other Expenses Breakdown (in millions) | Expense Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | MGA Service expenses | $43.1 | $46.0 | | Corporate and other expenses | $16.9 | $8.8 | | Non-recurring corporate and other expenses | $0.6 | $1.2 | | **Total** | **$60.6** | **$56.0** |