QBE Re, the reinsurance segment of QBE Group, has launched its casualty sidecar, George Street Re, in a transaction totalling more than $550m (€471.27m). The move marks QBE’s foray into the sidecar business. This structure provides fully collateralised quota share reinsurance and has been set up to reinsure a part of QBE Re’s global casualty portfolio. George Street receives backing from Culpeper Capital Partners, Calidris Investment Partners and specialty reinsurer Compre. The arrangement is intended ...

The new energy group EPSO-G (company code 302826889, registered office address: Laisvės pr. 10, Vilnius, Lithuania). UAB EPSO-G has entered into a tripartite debt transfer agreement with AB Amber Grid and the Nordic Investment Bank (NIB). Under the terms of the agreement, UAB EPSO-G assumes a loan of €10.9 million that was granted under the loan agreement dated August 19, 2015, between AB Amber Grid and NIB, intended to finance the Klaipėda–Kiemėnai pipeline capacity expansion project (construction of the K ...

Hong Kong Exchanges and Clearing (HKEX) has amended its post-listing public float rules to give companies greater flexibility in managing capital while strengthening market transparency. The bourse operator will allow listed companies to meet an alternative ongoing public float threshold, requiring at least 10 per cent of issued shares in the listed class and a market value above HK$1 billion (US$128.5 million). For mainland China-listed firms, or A shares, their Hong Kong shares must represent at least ...

BLUEFIELD, Va., Dec. 16, 2025 (GLOBE NEWSWIRE) -- First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its Board of Directors declared a special cash dividend to common shareholders of $1.00 per common share. The Company’s capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve customers. If current earnings are not needed to increase the capital base to fund growth in core operations or othe ...

Lloyd’s Market Association (LMA), LIMOSS and Vitesse have agreed to extend the Lloyd’s faster claims payments (FCP) service for at least three years. The extended arrangement reinforces an “insured-first approach” that streamlines payments and return of capital to carriers’ balance sheets. The Lloyd’s FCP service has seen full enrolment from all managing agents. Under this agreement, Vitesse will continue to provide the FCP Service, which is integrated into Lloyd’s processes. LIMOSS will oversee the ma ...

Core Insights - XP Inc. reported a strong financial performance for Q3 2025, with total gross revenue reaching R$4.9 billion, reflecting a 9% year-over-year increase and a 6% quarter-over-quarter increase [18][29][46]. Group 1: Operating KPIs - Total client assets amounted to R$1.425 trillion, up 12% year-over-year and 4% quarter-over-quarter, driven by R$91 billion in net inflow and R$63 billion in market appreciation [2][4]. - Active clients grew to 4.752 million, representing a 2% increase year-over-year and a 1% increase quarter-over-quarter [7]. - Total net inflow was R$29 billion, with retail net inflow at R$20 billion, which is 30% higher quarter-over-quarter but 18% lower year-over-year [4][6]. Group 2: Financial Metrics - Net income reached R$1.33 billion, a 12% increase year-over-year and a 1% increase quarter-over-quarter, with diluted EPS at R$2.47, also reflecting a 13% year-over-year growth [29][31]. - Gross profit was R$3.18 billion, marking an 8% increase year-over-year and a 4% increase quarter-over-quarter, with a gross margin of 68.2% [25][47]. - EBT was R$1.331 billion, showing a 10% increase year-over-year and a 1% increase quarter-over-quarter, with an EBT margin of 28.5% [28][29]. Group 3: Revenue Breakdown - Retail revenue reached R$3.704 billion, a 6% increase year-over-year and a 4% increase quarter-over-quarter, driven by higher average volumes and interest rates [19][20]. - Corporate & Issuer Services revenue totaled R$729 million, reflecting a 32% year-over-year increase and a 33% quarter-over-quarter increase, supported by strong DCM activity [22][23]. - Institutional revenue remained stable at R$340 million, showing no change year-over-year and a slight decrease of 1% quarter-over-quarter [21]. Group 4: Client Services and Products - Retirement plans client assets grew to R$90 billion, a 15% increase year-over-year, with XPV&P's proprietary insurer assets increasing by 32% [11]. - Total TPV for cards reached R$13.1 billion, a 9% year-over-year increase and a 5% quarter-over-quarter increase [12]. - The expanded loan portfolio reached R$67 billion, reflecting a significant 33% year-over-year growth [15]. Group 5: Capital Management - The BIS Ratio was reported at 21.2%, indicating a 108 basis points increase quarter-over-quarter and a 26 basis points decrease year-over-year [32]. - The CET1 ratio remains strong at 18.5%, with share repurchases totaling R$842 million executed until October 2025 [32].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $387.1 million, with free cash flow of $118.9 million, marking the 23rd consecutive quarter of positive free cash flow, totaling over $1.9 billion during this period [16] - The company reported a net loss of $129 million, reflecting a non-cash impairment charge of $319 million [16] - Oil production averaged approximately 72,000 barrels per day, up 2% from Q3 2024 but down 6% sequentially, while gas production reached record volumes of approximately 352 MMCF per day, up 15% from Q3 2024 [15][16] Business Line Data and Key Metrics Changes - Total average daily production for Q3 2025 was approximately 131,000 BOE per day, up 8% year-over-year but down 2% from Q2 2025 [14][15] - The company increased its annual production guidance to a range of 132,500-134,000 BOE per day due to expected net well additions in Q4 [15] Market Data and Key Metrics Changes - The Permian Basin accounted for about two-thirds of organic activity, with the Williston and Appalachia making up the remainder [8] - The company has seen a more balanced DNC list, with the Permian now representing 40% of wells in process, while Appalachia, Williston, and Uinta each account for roughly 20% [9] Company Strategy and Development Direction - The company remains focused on disciplined capital allocation, prioritizing long-term value creation over growth [4][5] - Recent acquisitions, including a minerals and royalty deal, are aimed at adding low-risk assets that are resilient to short-term commodity market fluctuations [5][11] - The company is actively managing risks such as commodity exposure through a well-structured hedge program [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business and the potential for growth in the energy sector, emphasizing the importance of being return-driven [4][6] - The outlook for 2026 is expected to be stable, with potential growth in gas production, while oil activity remains flat [21][22] Other Important Information - The company has tightened its full-year CapEx guidance to a range of $950 million-$1.025 billion, with $272 million spent in Q3 2025 [17][18] - Liquidity at the end of the quarter was approximately $1.2 billion, consisting of $32 million in cash and over $1.1 billion available on a revolving credit facility [18] Q&A Session Summary Question: Outlook for 2026 - Management indicated that the outlook for 2026 is stable, with expectations of maintaining similar oil volumes and substantial gas growth [21][22] Question: Update on Q4 well completions - Management confirmed that they are on track with well completions, with many late Q3 wells expected to contribute significantly to Q4 production [26][27] Question: Comparison of current M&A activity to previous years - Management noted that the current M&A landscape is broader and more diverse than in previous years, with opportunities across multiple basins [28][29] Question: Impact of oil and gas prices on activity - Management stated that oil activity remains stable while gas activity is growing, with no imminent changes expected due to current price levels [31][32] Question: Continued build in wells in progress - Management indicated that the number of wells in progress is expected to remain stable unless there is a significant change in commodity prices [45][46]

Financial Data and Key Metrics Changes - Reported earnings for Q3 2025 were $4.90 per share, with a net combined ratio of 64% and a loss ratio of 22% [4][8] - Year-to-date pre-tax income reached $285 million, a 70% increase from $167 million in the same period last year [8] - Total shareholders' equity increased to $821 million, with book value per share rising over 50% year-to-date to $63 [4][9] Business Line Data and Key Metrics Changes - The real estate division, Greenleaf Capital, successfully leased a three-building campus in Tampa and acquired a new complex in Pinellas County [5] - Exio added a fifth carrier to its platform, marking its first non-HCI-controlled carrier [5] Market Data and Key Metrics Changes - The company assumed over 47,000 policies from Citizens, representing approximately $175 million of in-force premium [5][19] - The loss ratio improved from an adjusted 25% in Q3 last year to 22% this year, attributed to lower claim frequency [8][42] Company Strategy and Development Direction - The company remains focused on disciplined execution, profitable growth, and delivering shareholder value [4] - A new credit facility with Fifth Third Bank was established, doubling the available credit from $75 million to $150 million [10] - The successful IPO of Exio is seen as a significant step in unlocking its value, with HCI retaining a substantial ownership stake [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings and growth, with expectations for 2026 to be a good year [29] - The company is exploring opportunities beyond Citizens as it perceives a shrinking market for policies from Citizens [32] Other Important Information - Cash and investments increased by approximately $334 million this year, with long-term debt reduced to $32 million [9] - The IPO of Exio is expected to increase HCI's consolidated book value by about $125 million, raising book value per share by approximately $10 [12][13] Q&A Session Summary Question: Update on Citizens policies - The company applied for 75,000 policies but successfully took out 47,000 policies in October [19][21] Question: Expected use of cash on balance sheet - The company indicated strong capital and surplus positions, with growth opportunities ahead [29] Question: Cash at the holding company - Total holding company liquidity at the end of September was about $285 million [31] Question: Why not pursue December takeouts? - Management noted that Citizens is shrinking and indicated a focus on other opportunities [32] Question: Expense ratio and operational leverage - The company reported no unusual expenses in Q3, attributing improvements to operational leverage and technology [34] Question: Exio pipeline update - Management stated that Exio will hold its own earnings calls, but interest in joining the Exio platform remains high [39] Question: Loss ratio improvement factors - The improvement in the loss ratio was primarily due to lower claims frequency, with weather not being a significant factor [42]

Financial Data and Key Metrics Changes - The company announced major transactions with AT&T and SpaceX valued at approximately $23 billion and $19 billion respectively, which are expected to enhance capital and operational flexibility [5][6] - An amended agreement with SpaceX involves selling EchoStar's unpaired AWS-3 spectrum license for approximately $2.6 billion in SpaceX stock, further strengthening the company's financial position [6][7] Business Line Data and Key Metrics Changes - The creation of EchoStar Capital will focus on capital management and M&A, indicating a strategic shift towards optimizing capital deployment and exploring new growth avenues [7][8] - The company plans to leverage its institutional knowledge across various sectors including telco, space, and defense to maximize shareholder value [19] Market Data and Key Metrics Changes - The AWS-3 spectrum is highlighted as a valuable asset, with the paired spectrum being more valuable due to its established presence in devices and usage by major carriers [17][18] - The upcoming auction for spectrum is anticipated to provide further opportunities for monetization and strategic positioning in the market [18][76] Company Strategy and Development Direction - The company is pivoting towards a capital-rich, asset-light model, focusing on long-term strategic thinking rather than short-term operational pressures [66][68] - The hybrid MNO model is emphasized as a differentiator, allowing the company to provide competitive services without the burden of maintaining physical infrastructure [68][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of SpaceX, viewing it as a strategic investment that aligns with future trends in space and technology [27][30] - The company is committed to being proactive in managing its capital and exploring opportunities for value creation through both organic and inorganic means [91] Other Important Information - The company is aware of the potential tax implications related to spectrum sales and is actively working to mitigate tax exposure [44][90] - Management indicated that the capital structure is designed to ensure that proceeds from spectrum sales are utilized effectively, with a focus on strategic investments rather than passive holdings [55][57] Q&A Session Summary Question: How will EchoStar Capital be capitalized and what areas will it invest in? - Management confirmed that all proceeds from spectrum sales will go into EchoStar Capital, which will focus on maximizing value through strategic investments [13][19] Question: Any updates on negotiations with tower companies? - Management acknowledged ongoing litigation affecting negotiations but expressed willingness to work with vendors to resolve issues [21][23] Question: Thoughts on the valuation of SpaceX and tax implications? - Management believes that SpaceX's valuation is supported by its market position and growth potential, while tax implications from asset sales are being carefully managed [39][43] Question: What is the strategic vision for the Boost business? - The strategy involves leveraging technology to differentiate from competitors and focusing on long-term profitability through a hybrid MVNO model [78][84]

Financial Data and Key Metrics Changes - The company announced major transactions with AT&T and SpaceX valued at approximately $23 billion and $19 billion respectively, which are expected to enhance capital and operational flexibility [5][6] - The sale of EchoStar's unpaired AWS-3 spectrum license for approximately $2.6 billion in SpaceX stock is part of these transactions, providing a significant capital runway for future growth [6] Business Line Data and Key Metrics Changes - EchoStar is creating a new division focused on capital management and M&A, indicating a strategic shift in operational focus [6][7] - The company plans to leverage its institutional knowledge and experience to create superior value through innovation and strategic investments [7] Market Data and Key Metrics Changes - The company is actively engaging with the FCC regarding spectrum utilization and upcoming auctions, indicating a proactive approach to market dynamics [75] - The AWS-3 spectrum is highlighted as a valuable asset, with the company expressing confidence in its market position and potential future transactions [16][89] Company Strategy and Development Direction - The strategic focus is shifting towards becoming a capital-rich, asset-light company, emphasizing long-term thinking and operational efficiency [65][66] - The company aims to differentiate itself in the wireless market by utilizing technology and strategic partnerships, particularly with SpaceX [77][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the competitive landscape, particularly in the satellite and broadband sectors, and is pivoting towards enterprise solutions [60][61] - The management team is optimistic about the growth potential of the Hughes business, particularly in enterprise revenue, which is expected to surpass 50% next year [84] Other Important Information - The company is committed to being great stewards of capital and maximizing shareholder value through strategic investments and potential distributions [18][52] - Management has indicated that they will not become a passive investment company, focusing instead on active, thesis-driven investments [56] Q&A Session Summary Question: How will EchoStar Capital be capitalized? - Management indicated that all proceeds from spectrum sales will be directed to EchoStar Capital, which will focus on maximizing value through strategic investments [12][18] Question: Any updates on negotiations with tower companies? - Management stated that they are open to discussions but noted that litigation complicates negotiations [20][22] Question: Thoughts on the SpaceX stake and future investments? - Management expressed excitement about the SpaceX investment, viewing it as a strategic holding with significant growth potential [26][28] Question: Update on AWS-3 spectrum and auction timing? - Management is working with the FCC to ensure the successful auction of AWS-3 spectrum and is confident in its value [89] Question: Potential DBS merger with DirecTV? - Management acknowledged that a merger has always been on the radar but could not predict the outcome of such discussions [90]