Fourth-quarter results reflected a combined ratio of 82% , which included 18.1 points of accident-year catastrophe losses and 5.2 points of favorable reserve development. Management compared that to the prior-year quarter combined ratio of 77.8% , which included 6 points of accident-year catastrophe losses and 2.3 points of favorable reserve development. Management also noted the prior-year quarter benefited from about 18.3 points of foreign currency revaluation.For 2025, management reported more than $161 ...

Gross written premiums grew more than 13% in the quarter, driven by the Accident & Health (A&H), Surety, and Specialty Programs divisions, Haushill said. Robinson added that the company grew “over 20%” in Surety, A&H, and Specialty Programs. Net written premiums grew 25% for the year, and retention of 64.9% was stable year-over-year and consistent with guidance, according to Haushill.Haushill said adjusted operating income was $49 million, or $1.17 per diluted share, while net income was $43 million, or $1. ...

Bowhead Specialty (NYSE:BOW) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBob Huang - Executive DirectorBrad Mulcahey - CFODerek Broaddus - Head of CasualtyPablo Singzon - Executive DirectorShirley Yap - Chief Accounting Officer and Head of Investor RelationsStephen Sills - CEOConference Call ParticipantsCameron Bianchi - Equity Research AnalystCave Montazeri - Research AnalystMeyer Shields - Managing Director and Equity Research AnalystRowland Mayor - Senior AnalystOperatorHello, ...

Financial Data and Key Metrics Changes - In 2025, Hamilton delivered record net income of $577 million, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [15][16] - The company grew gross premiums written by 21% to a record $2.9 billion, compared to $2.4 billion in 2024 [19][20] - The combined ratio for 2025 was reported at 92.9%, with a tangible book value per share growth of 25% [6][20] Business Line Data and Key Metrics Changes - The Bermuda segment grew 27% in the fourth quarter, driven by casualty reinsurance, while the international segment, including Hamilton Global Specialty and Hamilton Select, saw a 20% increase in gross premiums written [8][9][24] - Hamilton Select, focused on casualty classes, grew 19% in the quarter, driven by excess casualty products and contractors [10][24] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [7][13] - The January 1 renewal season was characterized by strong competition in property catastrophe business, with pricing declining but maintaining consistent terms and conditions [11][12] Company Strategy and Development Direction - Hamilton's strategy emphasizes strong operational and underwriting culture, client relationships, and a robust capital position to support sustainable performance [4][5] - The company plans to maintain disciplined underwriting practices, focusing on profitable opportunities while avoiding chasing top-line growth at the expense of margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [13][14] - The company anticipates continued robust pricing in casualty lines, supported by clients retaining more of their business [68] Other Important Information - Hamilton announced a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position and record earnings [32][33] - The Bermuda Substance-Based Tax Credit is expected to enhance competitive advantages, with a recorded credit of $20.7 million in 2025 [17][18] Q&A Session Summary Question: Underlying loss ratio guide for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with expected catastrophe losses around 6%-7% for the year [36][37] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [39][40] Question: Competition in the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines, leading to a reduction in writings in that area [41][42] Question: Optimal premium leverage - The company has maintained a premium leverage of about 80% and is cautious about increasing it blindly in a transitioning market [46][48] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant satellite loss impacting both segments [72][73]

Gladstone Commercial (NasdaqGS:GOOD) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Company ParticipantsBuzz Cooper - PresidentCatherine Gerkis - Director of Investor RelationsDave Storms - Director of ResearchDavid Gladstone - Chairman and CEOGary Gerson - CFO and Assistant TreasurerConference Call ParticipantsCraig Kucera - Equity Research AnalystJohn Massocca - Senior Research AnalystOperatorGreetings, and welcome to Gladstone Commercial Corporation year-end and fourth quarter earnings conference ca ...

Core Insights - American International Group, Inc. (AIG) reported fourth-quarter 2025 adjusted earnings per share of $1.96, exceeding the Zacks Consensus Estimate by 3.5% and reflecting a 51% year-over-year increase [1][9] - Adjusted operating revenues rose 1.5% year over year to $6.9 billion, although this figure fell short of consensus estimates by 2.2% [1][4] Financial Performance - The quarterly results were bolstered by improved underwriting results in the North America Commercial and Global Personal segments, but were partially offset by weaker premiums in the Global Personal segment and lower investment income [2][4] - Net premiums written totaled $6 billion, representing a 1% decline year over year, with growth in Global Commercial countered by a decline in Global Personal [3][11] - Total net investment income decreased by 34% year over year to $872 million, missing consensus estimates by 12.9%, primarily due to lower fair value gains and reduced income from Corebridge [4][12] Underwriting and Segment Performance - General Insurance underwriting income increased to $670 million, a 48% rise year over year, surpassing the Zacks Consensus Estimate by 11.1% [5][9] - The combined ratio for General Insurance improved by 370 basis points to 88.8, indicating stronger underwriting performance compared to the prior-year quarter [5][10] - In the North America Commercial segment, net premiums written rose 3% year over year to $2.3 billion, driven by growth in Programs and Excess Casualty [6][7] - The International Commercial segment reported net premiums written of $2.2 billion, up 5% year over year, supported by growth in Global Specialty and Casualty lines [8] Financial Position and Capital Deployment - AIG ended Q4 2025 with a cash balance of $1.27 billion and total assets of $161.25 billion, slightly down from the previous year [13] - Long-term debt increased to $9 billion, while total shareholders' equity declined to $41.1 billion [13] - The company returned approximately $567 million to shareholders through share repurchases and $242 million in dividends during the fourth quarter [15] Full-Year 2025 Overview - For the full year 2025, AIG reported total revenues of $26.8 billion, a 1.8% decline from 2024, but adjusted earnings increased by 43.2% year over year to $7.09 per share [16] - The combined ratio improved by 170 basis points to 90.1, driven by higher underwriting income and stronger net investment income within the general insurance segment [16]

Financial Data and Key Metrics Changes - Underwriting profit increased from $9 million in 2024 to $67 million in 2025, marking a significant improvement [6] - Net investment income grew by nearly 20%, contributing to the overall financial performance [6] - Full-year operating earnings per share improved by 80%, reaching $4.60, while book value per share increased by more than $6 [6][10] - Full-year net written premium rose by 9% to over $1.3 billion, driven by record new business production and strong retention [7] - The annual combined ratio improved to 94.8%, reflecting ongoing enhancements in the underlying loss ratio and expense ratio [7] Business Line Data and Key Metrics Changes - Growth in net written premium was strongest in the core commercial business, which includes small business, middle market, and construction [12] - Specialty E&S net written premium experienced double-digit growth in both the fourth quarter and full year [15] - The surety business also delivered double-digit net written premium growth for the quarter and full year [15] Market Data and Key Metrics Changes - Rate increases moderated to 4.8% for the quarter, indicating a more competitive environment, particularly in property lines [13] - Casualty lines experienced modest impacts, with umbrella lines returning to double-digit increases [13] Company Strategy and Development Direction - The company has focused on deepening underwriting expertise and enhancing actuarial insights to attract a broader customer base [5] - Strategic investments in technology are aimed at improving operational efficiency and expanding underwriting capabilities [8] - The company is positioned to deliver continued profitable growth as a disciplined, solution-oriented underwriting company [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of improved profitability and the ability to navigate competitive market dynamics [26] - The company anticipates continued attractive business opportunities despite increased competition [35] - Management highlighted the importance of disciplined underwriting and maintaining a conservative reserve posture to protect the balance sheet [17] Other Important Information - The board of directors declared a 25% increase in the quarterly cash dividend from $0.16 to $0.20 per share [11] - The company reported a strong capital position, allowing for flexibility in capital management and shareholder returns [22] Q&A Session Summary Question: Current pricing expectations in a competitive market - Management noted that while the market is more competitive, they are still achieving positive rates and will maintain disciplined risk selection to navigate the environment [26] Question: Long-term target for underwriting expense ratio - The target run rate for the expense ratio is around 35%, with expectations for gradual reduction over time as growth continues [30][31] Question: Margin compression in the assumed insurance business - Management acknowledged increased competition affecting rates and terms but emphasized their commitment to disciplined underwriting and long-term relationships [34] Question: Profitability dynamics in the other liability line - Management indicated pressure on profitability in the umbrella line due to large losses but is taking a conservative approach to pricing and reserves [36][39]

Core Viewpoint - Arch Capital Group (ACGL) has shown modest performance with a 6% gain over the past year, attributed to solid underwriting results but limited share price appreciation due to concerns over slower growth, underwriting margin fears, and increased Bermuda taxes [1] Group 1: Company Performance - Arch Capital Group has delivered solid underwriting results despite the modest share price performance [1] - The company's share price appreciation has been constrained by concerns regarding growth and underwriting margins [1] Group 2: Market Concerns - There are fears related to slower growth and underwriting margins that are perceived to be overstated [1] - Higher taxes in Bermuda are also contributing to the limited share price appreciation [1]

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Financial Data and Key Metrics Changes - The Hartford reported Core Earnings of $3.8 billion for 2025, with a Core Earnings ROE of 19.4% [5][15] - Core earnings for Q4 2025 were $1.1 billion, or $4.06 per diluted share [15] - The business insurance segment achieved written premium growth of 7% with an underlying combined ratio of 88.1 [15] - The overall expense ratio for business insurance increased to 31.8, up 1 point from the prior year [16] Business Line Data and Key Metrics Changes - Business insurance delivered top-line growth of 8%, with small business written premium of $6 billion and an underlying combined ratio of 88.9 [4][8] - Personal insurance core earnings were $214 million, with an underlying combined ratio of 84.3, improving by 5.9 points [17] - Employee benefits reported a Core Earnings margin of 8.2%, driven by strong life and disability results [4][12] Market Data and Key Metrics Changes - Business insurance renewal written pricing, excluding workers' compensation, was 6.1% for the quarter [10] - The Hartford's small business segment was ranked number one for digital capabilities by Keynova Group, with a double-digit lead in all categories [8] - The investment portfolio generated net investment income of $832 million, a 17% increase from Q4 2024 [22] Company Strategy and Development Direction - The Hartford is focusing on technology and innovation, with a multi-year journey towards an AI-first mindset [6] - The company aims to sustain industry-leading ROEs through disciplined underwriting and risk selection, particularly in the SME segment [10][14] - The Hartford is expanding its presence in the under 500 lives segment within employee benefits, with a focus on enhancing product offerings [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture additional market share while maintaining strong profitability in small business [8] - The company anticipates continued growth in personal insurance, particularly in the agency channel, while facing challenges in the direct channel [11] - Management remains optimistic about the economic outlook and the potential for growth in 2026, despite some pressures in the property market [44][74] Other Important Information - The Hartford completed its A&E reserve study, resulting in an increase in reserves of $165 million, primarily for asbestos and environmental claims [18] - The company renewed its catastrophe cover with favorable terms, enhancing capital strength and supporting growth in property underwriting [20] Q&A Session Summary Question: How long can favorable renewal premium changes in small business be sustained? - Management believes the small business segment can continue to grow at healthy levels due to strong relationships with agents and brokers, and a differentiated market position [28][30] Question: What is the outlook for the Prevail platform? - The Prevail platform is expected to grow significantly, with plans to expand to 30 states by early 2027, focusing on new business in both direct and agency channels [33][36] Question: Why is the buyback pace not increased in line with dividend increases? - Management indicated a balanced approach to share buybacks and dividends, considering overall capital flexibility and market conditions [39][40] Question: What is the outlook for business insurance margins in 2026? - Management refrained from providing specific numbers but emphasized a strong starting position and a disciplined approach to underwriting [42][44] Question: How will technology impact the expense ratio in a soft market? - Management is optimistic about capturing market share and believes that technology investments will lead to improved expense ratios over time [49][50]