[Key Performance Indicators](index=4&type=section&id=Key%20Performance%20Indicators) [Key Performance Indicators Summary](index=4&type=section&id=Key%20Performance%20Indicators%20Summary) For the three months ended June 30, 2025, SiriusPoint's performance improved year-over-year with a lower consolidated combined ratio of **86.1%** and higher Core underwriting income of **$67.6 million**, though annualized return on average common shareholders' equity decreased to **12.7%** from **17.9%** in the prior-year period, while book value per common share increased to **$16.32** from **$14.92** at year-end 2024 Key Performance Indicators Comparison (Q2 & YTD) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Combined ratio** | 86.1% | 89.0% | 88.8% | 87.0% | | **Core underwriting income** | $67.6M | $36.9M | $96.1M | $81.2M | | **Core income** | $76.3M | $46.0M | $123.7M | $108.4M | | **Annualized ROAE** | 12.7% | 17.9% | 12.8% | 16.7% | | **Book value per common share** | $16.32 | $14.92 (YE 2024) | $16.32 | $14.92 (YE 2024) | | **Tangible book value per diluted common share** | $14.89 | $13.42 (YE 2024) | $14.89 | $13.42 (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 June 30, 2025, total assets stood at **$12.36 billion**, a slight decrease from **$12.52 billion** at year-end 2024, while total shareholders' equity increased to **$2.11 billion** from **$1.94 billion** over the same period, primarily driven by growth in retained earnings and a positive shift in accumulated other comprehensive income (AOCI) Selected Balance Sheet Data (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total investments | $5,213.8 | $5,705.5 | | Total assets | $12,355.7 | $12,524.9 | | Total liabilities | $10,248.9 | $10,586.1 | | Total shareholders' equity | $2,106.8 | $1,938.8 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) For the second quarter of 2025, net income available to common shareholders was **$59.2 million**, or **$0.50** per diluted share, a decrease from **$109.9 million**, or **$0.57** per diluted share, in the same period of 2024, influenced by lower other revenues and higher net corporate expenses despite a **10.4%** increase in net premiums earned Q2 Income Statement Highlights (in millions, except per share data) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net premiums earned | $652.0 | $590.5 | | Total revenues | $748.2 | $743.3 | | Total expenses | $673.3 | $614.3 | | Net income available to common shareholders | $59.2 | $109.9 | | Diluted EPS | $0.50 | $0.57 | [Consolidated Statements of Income - by Quarter](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20-%20by%20Quarter) Net income available to common shareholders was **$59.2 million** in Q2 2025, a slight sequential increase from **$57.6 million** in Q1 2025, with net premiums earned showing consistent quarterly growth over the past year, reaching **$652.0 million** in the latest quarter Quarterly Income Trend (in millions) | Period | Net Premiums Earned | Net Income available to Common Shareholders | | :--- | :--- | :--- | | Q2 2025 | $652.0 | $59.2 | | Q1 2025 | $626.7 | $57.6 | | Q4 2024 | $590.3 | $(21.3) | | Q3 2024 | $568.9 | $4.5 | | Q2 2024 | $590.5 | $109.9 | [Consolidated Statements of Comprehensive Income - by Quarter](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20-%20by%20Quarter) Comprehensive income available to SiriusPoint was **$83.3 million** in Q2 2025, supported by **$63.3 million** in net income and **$20.1 million** in other comprehensive income (OCI), primarily driven by unrealized gains on debt securities Quarterly Comprehensive Income (in millions) | Period | Net Income (Loss) | Other Comprehensive Income (Loss) | Comprehensive Income (Loss) available to SiriusPoint | | :--- | :--- | :--- | :--- | | Q2 2025 | $63.3 | $20.1 | $83.3 | | Q1 2025 | $62.0 | $30.5 | $92.1 | | Q4 2024 | $(17.0) | $(85.6) | $(102.9) | | Q2 2024 | $114.8 | $(10.6) | $103.3 | [Operating Segment Information](index=9&type=section&id=Operating%20Segment%20Information) [Segment Reporting - Q2 2025](index=9&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20June%2030%2C%202025) In Q2 2025, the Insurance & Services segment reported underwriting income of **$39.5 million** and a combined ratio of **89.3%**, while the Reinsurance segment contributed **$28.1 million** in underwriting income with an **89.8%** combined ratio, totaling **$67.6 million** in Core underwriting income Q2 2025 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $560.4 | $39.5 | 89.3% | | Reinsurance | $369.7 | $28.1 | 89.8% | | **Core Total** | **$930.1** | **$67.6** | **89.5%** | [Segment Reporting - Q2 2024](index=10&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20June%2030%2C%202024) In the prior-year second quarter, the Insurance & Services segment generated **$11.9 million** in underwriting income on a **96.0%** combined ratio, and the Reinsurance segment produced **$25.0 million** in underwriting income with a **90.2%** combined ratio, resulting in **$36.9 million** in total Core underwriting income Q2 2024 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $490.2 | $11.9 | 96.0% | | Reinsurance | $352.5 | $25.0 | 90.2% | | **Core Total** | **$842.7** | **$36.9** | **93.3%** | [Segment Reporting - YTD 2025](index=11&type=section&id=Segment%20Reporting%20-%20Six%20months%20ended%20June%2030%2C%202025) For the first six months of 2025, total Core underwriting income was **$96.1 million**, with the Insurance & Services segment contributing **$59.6 million** (91.6% combined ratio) and the Reinsurance segment adding **$36.5 million** (93.5% combined ratio) YTD 2025 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $1,195.5 | $59.6 | 91.6% | | Reinsurance | $724.5 | $36.5 | 93.5% | | **Core Total** | **$1,920.0** | **$96.1** | **92.4%** | [Segment Reporting - YTD 2024](index=12&type=section&id=Segment%20Reporting%20-%20Six%20months%20ended%20June%2030%2C%202024) In the first half of 2024, total Core underwriting income was **$81.2 million**, with the Insurance & Services segment's underwriting income at **$16.3 million** (97.1% combined ratio) and the Reinsurance segment's at **$64.9 million** (87.2% combined ratio) YTD 2024 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $1,014.5 | $16.3 | 97.1% | | Reinsurance | $708.9 | $64.9 | 87.2% | | **Core Total** | **$1,723.4** | **$81.2** | **92.5%** | [Consolidated Results - by Quarter](index=13&type=section&id=Consolidated%20Results%20-%20by%20Quarter) [Consolidated Results - by Quarter Summary](index=13&type=section&id=Consolidated%20Results%20-%20by%20Quarter%20Summary) The consolidated combined ratio improved to **86.1%** in Q2 2025 from **91.4%** in Q1 2025 and **89.0%** in Q2 2024, with strong underwriting income of **$90.2 million** benefiting from favorable prior year loss reserve development of **$8.7 million** and minimal catastrophe losses Quarterly Consolidated Underwriting Results (in millions) | Period | Net Premiums Earned | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $652.0 | $90.2 | 86.1% | | Q1 2025 | $626.7 | $54.1 | 91.4% | | Q4 2024 | $590.3 | $32.7 | 94.4% | | Q3 2024 | $568.9 | $89.0 | 84.4% | | Q2 2024 | $590.5 | $65.1 | 89.0% | [Core Results - by Quarter](index=14&type=section&id=Core%20Results%20-%20by%20Quarter) [Core Results - by Quarter Summary](index=14&type=section&id=Core%20Results%20-%20by%20Quarter%20Summary) Core results, representing the combination of the Insurance & Services and Reinsurance segments, showed a combined ratio of **89.5%** in Q2 2025, a significant improvement from **95.4%** in Q1 2025, with Core segment income for the quarter reaching **$76.3 million**, the highest in the last five quarters - Core results represent the sum of the Reinsurance and Insurance & Services segments, reflecting management's view of the ongoing business after the decision to exit runoff operations[28](index=28&type=chunk) Quarterly Core Results (in millions) | Period | Net Premiums Earned | Segment Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $645.6 | $76.3 | 89.5% | | Q1 2025 | $625.8 | $47.4 | 95.4% | | Q4 2024 | $581.6 | $66.7 | 90.2% | | Q3 2024 | $546.3 | $69.5 | 88.5% | | Q2 2024 | $553.4 | $46.0 | 93.3% | [Insurance & Services Segment - by Quarter](index=15&type=section&id=Insurance%20%26%20Services%20Segment%20-%20by%20Quarter) [Insurance & Services Segment - by Quarter Summary](index=15&type=section&id=Insurance%20%26%20Services%20Segment%20-%20by%20Quarter%20Summary) The Insurance & Services segment demonstrated strong performance in Q2 2025, with segment income reaching **$48.2 million**, the highest in the past five quarters, and the combined ratio improving significantly to **89.3%** from **96.0%** in the prior-year quarter, driven by a lower loss ratio Insurance & Services Quarterly Performance (in millions) | Period | Gross Premiums Written | Segment Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $560.4 | $48.2 | 89.3% | | Q1 2025 | $635.1 | $39.0 | 94.0% | | Q4 2024 | $450.3 | $48.4 | 87.9% | | Q3 2024 | $376.0 | $27.9 | 92.4% | | Q2 2024 | $490.2 | $21.0 | 96.0% | [Reinsurance Segment - by Quarter](index=16&type=section&id=Reinsurance%20Segment%20-%20by%20Quarter) [Reinsurance Segment - by Quarter Summary](index=16&type=section&id=Reinsurance%20Segment%20-%20by%20Quarter%20Summary) The Reinsurance segment's underwriting income increased to **$28.1 million** in Q2 2025 from **$8.4 million** in Q1 2025, with the combined ratio improving to **89.8%** in Q2 2025, compared to **97.1%** in the previous quarter and **90.2%** in the prior-year quarter Reinsurance Quarterly Performance (in millions) | Period | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $369.7 | $28.1 | 89.8% | | Q1 2025 | $354.8 | $8.4 | 97.1% | | Q4 2024 | $312.2 | $18.3 | 93.2% | | Q3 2024 | $314.5 | $41.6 | 84.6% | | Q2 2024 | $352.5 | $25.0 | 90.2% | [Investments](index=17&type=section&id=Investments) [Investments - by Quarter](index=17&type=section&id=Investments%20-%20by%20Quarter) As of June 30, 2025, total investments were **$5.21 billion**, a decrease from **$5.71 billion** at the end of 2024, with the portfolio remaining concentrated in fixed income, where debt securities available for sale and trading comprise **92.8%** of the total, and corporate debt securities represent the largest single category at **32.6%** Investment Portfolio Composition as of June 30, 2025 (in millions) | Asset Class | Fair Value | % of Total | | :--- | :--- | :--- | | Corporate debt securities | $1,701.3 | 32.6% | | Asset-backed securities | $984.4 | 18.9% | | U.S. government and agency | $936.2 | 18.0% | | Residential mortgage-backed securities | $916.9 | 17.6% | | Other | $675.0 | 12.9% | | **Total investments** | **$5,213.8** | **100.0%** | [Other Financial Information](index=18&type=section&id=Other) [Earnings per Share - by Quarter](index=18&type=section&id=Earnings%20per%20Share%20-%20by%20Quarter) Diluted earnings per share (EPS) was **$0.50** for Q2 2025, a slight increase from **$0.49** in Q1 2025 but a decrease from **$0.57** in Q2 2024, with the weighted average number of diluted shares outstanding decreasing significantly year-over-year to **118.7 million** from **178.7 million**, reflecting share repurchase activity Quarterly Earnings Per Share | Period | Diluted EPS | Diluted Weighted Average Shares Outstanding | | :--- | :--- | :--- | | Q2 2025 | $0.50 | 118,669,471 | | Q1 2025 | $0.49 | 118,555,166 | | Q4 2024 | $(0.13) | 161,378,360 | | Q2 2024 | $0.57 | 178,711,255 | [Annualized Return on Average Common Shareholders' Equity - by Quarter](index=19&type=section&id=Annualized%20Return%20on%20Average%20Common%20Shareholders'%20Equity%20-%20by%20Quarter) The annualized return on average common shareholders' equity (ROAE) for Q2 2025 was **12.7%**, a decrease from **17.9%** in the prior-year quarter but remaining consistent with the **12.9%** reported in Q1 2025 Quarterly Annualized ROAE | Period | Annualized ROAE | | :--- | :--- | | Q2 2025 | 12.7% | | Q1 2025 | 12.9% | | Q4 2024 | (4.0)% | | Q3 2024 | 0.7% | | Q2 2024 | 17.9% | [Book Value per Share - by Quarter](index=20&type=section&id=Book%20Value%20per%20Share%20-%20by%20Quarter) As of June 30, 2025, book value per common share was **$16.32**, a significant increase from **$14.92** at year-end 2024, with tangible book value per diluted common share, a non-GAAP measure, also rising to **$14.89** from **$13.42** over the same period Quarterly Book Value Per Share Metrics | Period End | Book Value per Common Share | Tangible Book Value per Diluted Common Share (Non-GAAP) | | :--- | :--- | :--- | | June 30, 2025 | $16.32 | $14.89 | | March 31, 2025 | $15.73 | $14.21 | | Dec 31, 2024 | $14.92 | $13.42 | | June 30, 2024 | $14.68 | $13.47 | [Net Corporate and Other Expenses - by Quarter](index=21&type=section&id=Net%20Corporate%20and%20Other%20Expenses%20-%20by%20Quarter) Net corporate and other expenses totaled **$70.9 million** in Q2 2025, an increase from **$60.6 million** in Q1 2025 and **$66.6 million** in Q2 2024, primarily due to higher MGA Service expenses, which were **$49.6 million** in the quarter Quarterly Net Corporate and Other Expenses (in millions) | Period | MGA Service Expenses | Corporate and Other Expenses | Total | | :--- | :--- | :--- | :--- | | Q2 2025 | $49.6 | $21.3 | $70.9 | | Q1 2025 | $43.1 | $17.5 | $60.6 | | Q4 2024 | $41.2 | $16.9 | $58.1 | | Q2 2024 | $47.7 | $18.9 | $66.6 |

Core Insights - SiriusPoint Ltd. reported strong second quarter results, highlighting the effectiveness of its disciplined underwriting strategy, with an underlying return on equity of 17.0% for the quarter and 15.4% for the half year, both exceeding the target range of 12-15% [1][5][6] Financial Performance - The Core combined ratio for the second quarter was 89.5%, improving by 3.8 points year-over-year, while the half-year Core combined ratio remained flat despite increased volatility from aviation losses and wildfires [2][5] - Gross premiums written increased by 10% year-over-year, reaching $930.1 million for the second quarter, marking the fifth consecutive quarter of double-digit growth [2][14] - Underwriting income for the Core business grew by 83% year-over-year to $68 million in the second quarter [5][15] - Diluted earnings per common share were $0.50, with underlying earnings per share of $0.66, representing a 120% increase from the prior year [5][6] Segment Performance - The Insurance & Services segment generated gross premiums written of $560.4 million for the second quarter, a 14.3% increase compared to the same period last year, driven by growth in Surety and A&H [22][23] - The Reinsurance segment saw gross premiums written of $369.7 million for the second quarter, an increase of 4.9% year-over-year, primarily due to increased premiums in credit [28][29] Investment Results - Net investment income for the second quarter was $68.2 million, with total investment results reaching $68.9 million [6][33] - The company experienced a year-over-year increase in net investment income and net realized and unrealized investment gains, recovering from losses on strategic investments in the previous year [33][34] Operational Highlights - SiriusPoint was recognized as Program Insurer of the Year in the US and achieved record scores in its employee engagement survey, indicating strong organizational momentum [3][5] - The company attracted key talent to its executive leadership team, further enhancing its operational capabilities [3]

Group 1 - SiriusPoint (SPNT) closed at $19.58, with a 1% gain over the past four weeks, and a mean price target of $25.33 indicating a 29.4% upside potential [1] - The mean estimate includes three short-term price targets with a standard deviation of $4.51, where the lowest estimate is $21.00 (7.3% increase) and the highest is $30.00 (53.2% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1% over the last 30 days, with one estimate moving higher and no negative revisions [12] - SPNT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of SPNT's potential gains, it does suggest a positive direction for price movement [14]

Group 1 - The "Best Contrarian Idea" contest has been launched, presenting a challenge in stock picking [1] - The CrickAnt is an actuary for an insurance company, focusing on analysis of insurance and reinsurance companies [2] - The Cash Flow Club, which includes the CrickAnt, emphasizes company cash flows and access to capital, targeting a yield of 6%+ [2]

Core Viewpoint - SiriusPoint (SPNT) is anticipated to report a year-over-year decline in earnings due to lower revenues, with earnings expected to be $0.56 per share, reflecting a -1.8% change, and revenues projected at $720.1 million, down 3.1% from the previous year [1][3]. Earnings Expectations - The upcoming earnings report is scheduled for August 4, and the stock may experience price movement based on whether the reported numbers exceed or fall short of expectations [2]. - The consensus EPS estimate has been revised down by 14.12% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that SiriusPoint has an Earnings ESP of 0%, suggesting no recent analyst revisions that differ from the consensus estimate [12]. - Despite a Zacks Rank of 2 (Buy), the combination of a 0% Earnings ESP makes it challenging to predict an earnings beat for SiriusPoint [12]. Historical Performance - In the last reported quarter, SiriusPoint had an earnings surprise of +88.46%, reporting $0.49 per share against an expected $0.26 [13]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [14]. Industry Comparison - In contrast, MGIC Investment (MTG), another player in the insurance industry, is expected to post earnings of $0.7 per share, reflecting a -9.1% year-over-year change, with revenues projected at $306.76 million, up 0.4% [18][19]. - MGIC has an Earnings ESP of +2.37% and has consistently beaten consensus EPS estimates in the last four quarters, indicating a more favorable outlook compared to SiriusPoint [19].

Core Viewpoint - SiriusPoint Ltd. is set to release its second quarter 2025 financial results on August 4, 2025, before market opening, followed by a conference call to discuss the results [1]. Group 1: Financial Results Announcement - The financial results for the second quarter of 2025 will be announced before markets open on August 4, 2025 [1]. - A conference call will take place at 8:30 a.m. Eastern Time on the same day, including a question-and-answer session [1]. Group 2: Accessing the Conference Call - The conference call can be accessed by dialing 1-877-451-6152 for domestic calls or 1-201-389-0879 for international calls [3]. - A replay of the conference call will be available until 11:59 p.m. Eastern Time on August 18, 2025, with specific dialing instructions provided for access [3]. Group 3: Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [4]. - The company has approximately $2.7 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [4].

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, in ...

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]

Financial Data and Key Metrics Changes - The company achieved net income of $58 million and a return on equity of 12.9%, with year-over-year increases in core gross and net premiums written [19][20] - The combined ratio for the core business was 95.4%, impacted by $59 million in losses from California wildfires, which was below the previous estimate [8][20] - The company reported a 12% year-over-year growth in gross written premiums and a 20% increase in net written premiums [10][19] Business Line Data and Key Metrics Changes - The Insurance and Services segment saw gross written premiums increase by $111 million or 21%, driven by growth in accident and health, property, and other specialty lines [27] - The Reinsurance segment experienced a slight decrease in gross premiums written by $2 million, with casualty premiums decreasing in double digits [35] - The accident and health business provided stable underwriting profit, with premiums up 19% in the first quarter [28] Market Data and Key Metrics Changes - The company noted double-digit rate hardening in U.S. Medical while U.S. Non-medical pricing remained largely flat [29] - Casualty rates remained elevated due to current loss trends, with positive rate changes exceeding loss costs [30] - The pricing environment within accident and health continues to meet the company's risk and return profile, with growth opportunities identified [30] Company Strategy and Development Direction - The company aims to become a high-performing specialty underwriter, focusing on stable and consistent returns for shareholders [17] - A deliberate strategy to retain a greater proportion of profitable underwriting books is in place, with a focus on underwriting margin [11] - The company is investing in data capabilities in the MGA space to enhance its competitive edge [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increased uncertainty due to tariff changes but remains proactive in monitoring impacts and adjusting strategies as needed [15][16] - Inflation is a primary focus, with readiness to react quickly if necessary [15] - The company expects continued strong premium growth and aims for double-digit net premium growth for fiscal year 2025 [21] Other Important Information - The company completed a $753 million shareholder repurchase agreement and participated in a secondary offering, both of which were accretive for shareholders [7] - The company received positive outlook revisions from Fitch and AM Best, affirming its ratings [14][49] - The investment portfolio remains strong, with net investment income of $71 million for the quarter [43] Q&A Session Summary Question: What is the outlook for premium growth in 2025? - The company expects double-digit net premium growth for fiscal year 2025, driven by strong performance across various lines of business [21] Question: How is the company managing the impact of inflation? - Management stated that inflation remains a top focus, and the company is prepared to react quickly to any changes in the operating environment [15] Question: What are the expectations for the underwriting margin? - The company aims to maintain a strong underwriting margin, with a focus on retaining profitable books and disciplined underwriting practices [11]