Achieved a full-year combined ratio of 86%, significantly outperforming the 10-year average through strict underwriting discipline and cycle management. Top-line contraction of 19% in Q4 was primarily driven by the strategic non-renewal of a large professional indemnity binder in the long-tail portfolio to protect margins. Management utilized 'dynamic cycle management' by increasing facultative reinsurance purchasing to mitigate volatility as market conditions began to soften. The Short-tail segment ...