Earnings Conference Call Presentation Fourth Quarter 2025 2 Octave Specialty Group: Pure-Play Specialty Insurance Platform Our Vision To be the leading MGA specialty insurance platform, delivering innovative solutions through expertise, technology and trusted partnerships. Forward Looking Statement In this presentation, we have included statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words s ...

Group 1 - Zurich Insurance Group and Beazley have agreed on the key financial terms of a $10.8 billion takeover proposal, involving a cash acquisition of all Beazley shares [1] - The offer includes a cash payment of 1,310p per share and an additional dividend of up to 25p per share for Beazley shareholders [1] - The cash component of the offer represents a 59.8% premium over Beazley's closing price of 820p on January 16, 2026 [2] Group 2 - The proposed acquisition would create a specialty insurance group with approximately $15 billion in gross written premiums [4] - Zurich has acquired around 1.47% of Beazley's shares, totaling approximately 8.87 million shares [5] - The deal is expected to enhance Zurich's specialty insurance ambitions, particularly in fast-growing areas like cyber insurance [2]

Core Insights - Skyward Specialty Insurance Group has launched a new specialized Power Generation insurance solution aimed at small to mid-sized entities, enhancing its offerings in the specialty property and casualty insurance market [1][2]. Group 1: Product Offering - The new Power Generation solution provides tailored coverage for a wide range of power assets, addressing risks throughout the asset lifecycle and designed for the complexities of today's power environment [2][3]. - This product specifically targets coverage gaps for small to mid-sized power plants, municipal and cooperative utilities, battery energy storage systems, industrial and utility microgrids, and renewable power facilities [3][4]. Group 2: Strategic Positioning - By expanding into the Power Generation sector, the company strengthens its position as a leading provider of industry solutions within the energy sector, allowing brokers to align coverage with modern power asset operations and financing [3][4]. - The company emphasizes its deep industry expertise and disciplined underwriting approach to meet the growing demand for power and electricity, thereby closing coverage gaps for sophisticated power assets [4]. Group 3: Company Overview - Skyward Specialty is a rapidly growing specialty insurance company that operates through nine underwriting divisions, including Industry Solutions and Global Property, and is traded on the Nasdaq Global Select Market [5][8]. - The insurance companies under Skyward Specialty are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating a strong financial position [6].

Core Viewpoint - Zurich Insurance Group AG has made a £7.67 billion ($10.3 billion) bid to acquire Beazley Plc, marking a significant move in the specialty insurance sector [1][2]. Group 1: Acquisition Details - Zurich has offered 1,280 pence per share in cash, representing a 56% premium over Beazley's closing price prior to the announcement [2]. - The acquisition would create a "global leader" in specialty insurance with approximately $15 billion in gross written premiums [2]. - This proposal is Zurich's fifth attempt to acquire Beazley over the past year, and it is the largest bid since CEO Mario Greco took over in 2016 [3]. Group 2: Market Reaction - Following the announcement, Beazley's shares surged by as much as 46%, reaching their highest level since the company's debut in 2002, while Zurich's shares fell by up to 1.9% [5]. - Beazley's board has yet to consider the latest bid, with some shareholders believing the offer still undervalues the company [4]. Group 3: Financial Performance - Beazley reported net insurance written premiums of $5.2 billion in 2024 and $2.6 billion in the first half of 2025, with a significant portion of its premium income derived from property, specialty, and cyber insurance [6]. - The company's share price more than doubled from 2021 to the end of 2025, driven by increased demand for cyber insurance [7]. Group 4: Strategic Implications - The acquisition aligns with Zurich's strategic priorities and is expected to be accretive to its 2027 financial targets [8]. - Zurich has until February 16 to announce a firm offer for Beazley, in accordance with UK takeover regulations [8]. Group 5: Advisory and Previous Acquisitions - Investment banks UBS, Goldman Sachs, and Lazard are advising Zurich on the Beazley bid, while Beazley's advisers include JPMorgan Cazenove and Barclays [11]. - Recent acquisitions by Zurich include a minority stake in Icen Risk, a global travel insurance business from AIG, and a majority stake in Kotak General Insurance in India [10].

Company Overview - Kinsale Capital Group specializes in property and casualty insurance products, focusing on commercial lines such as construction, small business, excess and general casualty, commercial property, and various liability coverages [5] - The company operates as a specialty insurer with a national footprint, emphasizing complex, hard-to-place risks and leveraging deep underwriting expertise for profitable growth [8] - Kinsale generates revenue through underwriting insurance policies and managing risk, serving a diverse base of commercial clients across all 50 U.S. states, Puerto Rico, the U.S. Virgin Islands, and the District of Columbia [9] Financial Performance - For the trailing twelve months (TTM), Kinsale reported revenue of $1.80 billion and a net income of $474.09 million [4] - As of January 20, the company's share price was $405.12, reflecting a 7.6% decline over the prior year and underperforming the S&P 500 by approximately 20 percentage points [4] Recent Investment Activity - Jacobson & Schmitt Advisors increased its position in Kinsale Capital Group by purchasing 6,661 shares during the fourth quarter, with an estimated transaction value of $2.72 million based on quarterly average pricing [2][3][6] - Following this trade, the fund's total stake in Kinsale was valued at $16.78 million, an increase of $1.37 million from the previous quarter, attributed to both the additional shares and price movement [3][6] - The Kinsale Capital Group stake represented 2.82% of Jacobson & Schmitt Advisors' 13F reportable assets under management (AUM) after the trade [4]

Core Viewpoint - Skyward Group has announced the global expansion of its Life Sciences insurance solution, leveraging Apollo's Lloyd's Syndicate 1969 to enhance multinational placements for U.S.-domiciled life sciences companies with international operations [1][2]. Group Overview - Skyward Group operates as a unified specialty insurance organization, encompassing Skyward Specialty and Apollo, and provides a comprehensive suite of specialized insurance solutions across global specialty property and casualty markets [3][4]. - The company focuses on niche and complex risks, aiming to drive sustainable growth and long-term value for shareholders and stakeholders [3]. Strategic Collaboration - The expansion of the Life Sciences product is the first strategic collaboration between Skyward Specialty and Apollo since the acquisition was finalized earlier in January 2026 [1][2]. - The collaboration is expected to leverage the complementary capabilities of both organizations, enhancing their ability to support specialty risks on a global scale [2]. Product Offerings - Skyward Specialty provides a range of commercial property and casualty products through nine underwriting divisions, including Accident & Health, Agriculture, and Professional Lines [5]. - The insurance companies under Skyward Specialty are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating a strong financial position [6]. Apollo's Role - Apollo operates as an innovation-inspired insurance platform at Lloyd's of London, offering data-driven solutions across various risk categories, including Property, Casualty, and Specialty [7]. - The platform aims to provide high-quality products and services, enabling a resilient and sustainable world [7].

Core Viewpoint - Skyward Specialty Insurance Group has introduced Skyward Group as the unified brand for its holding company following the acquisition of Apollo, which was completed on January 1, 2026 [1] Group Overview - Skyward Group serves as the holding company for Skyward Specialty Insurance Group and Apollo, maintaining the individual identities of both brands to honor their established reputations [2][3] - The company aims to communicate a unified vision and strategy to investors and stakeholders while preserving the unique cultures and market expertise of each brand [2][4] Market Position and Offerings - Through its brands, Skyward Specialty and Apollo, Skyward Group provides specialized insurance solutions across global specialty property and casualty markets, focusing on niche and complex risks [4] - Skyward Specialty operates through nine underwriting divisions, including Accident & Health, Agriculture, Construction & Energy Solutions, and more, delivering both non-admitted and admitted insurance products [6] - Apollo operates at Lloyd's of London, offering data-driven solutions across various sectors, including Property, Casualty, and Marine, and aims to support clients and partners in achieving long-term strategies [8] Company Ratings and Performance - Skyward Specialty's insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating strong financial health and operational stability [7] Additional Information - Skyward Specialty is traded on the Nasdaq Global Select Market, representing the top fourth of all Nasdaq listed companies [5]

Core Insights - Skyward Specialty Insurance Group has promoted John Burkhart to President of U.S. Property & Casualty, aiming to enhance leadership and operational alignment for growth [1][3] - Burkhart will oversee additional divisions including Captives & Specialty Programs, Claims, Technology Solution Services, and Pricing Actuarial, expanding his responsibilities [2] - The company emphasizes the importance of strong leadership for its next growth phase, with confidence in Burkhart's ability to execute the company's strategic vision [3] Company Overview - Skyward Specialty is a rapidly growing specialty insurance company providing commercial property and casualty products on both non-admitted and admitted bases [4] - The company operates through nine underwriting divisions, including Accident & Health, Captives, and Professional Lines, among others [4] - Its subsidiary insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating strong financial health [5]

Core Insights - Markel Group has seen significant institutional investment activity, with various firms increasing their holdings in the company, indicating strong interest from institutional investors [1][7] - Analysts have mixed ratings on Markel Group, with a consensus rating of "Hold" and a price target of $1,930.50, reflecting cautious optimism [2] - The company's stock price has experienced fluctuations, currently trading at $2,060.41, with a market cap of $25.98 billion and a price-to-earnings ratio of 12.90 [3] Institutional Investment - Brighton Jones LLC initiated a new position worth approximately $236,000 in Markel Group during Q4 [1] - CWM LLC increased its holdings by 22.5% in Q1, now owning 386 shares valued at $722,000 after acquiring 71 additional shares [1] - Larson Financial Group LLC boosted its position by 104.8% in Q1, owning 43 shares valued at $80,000 after purchasing 22 more shares [1] - Private Advisor Group LLC grew its stake by 32.6% in Q1, now holding 557 shares worth $1,041,000 after acquiring 137 shares [1] - Kestra Private Wealth Services LLC raised its holdings by 13.7% in Q1, owning 358 shares valued at $669,000 after buying 43 additional shares [1] - Overall, 77.12% of Markel Group's stock is owned by hedge funds and institutional investors [1] Analyst Ratings and Forecasts - Cowen maintained a "hold" rating on Markel Group shares as of October 7 [2] - Weiss Ratings reiterated a "buy (b)" rating on November 11 [2] - The stock has two "Buy" ratings and three "Hold" ratings from analysts, with an average rating of "Hold" [2] - The consensus price target for Markel Group is $1,930.50 [2] Financial Performance - Markel Group reported earnings per share of $30.90 for the last quarter, exceeding the consensus estimate of $22.77 by $8.13 [4] - The company achieved a net margin of 12.99% and a return on equity of 7.91% [4] - Revenue for the quarter was $3.93 billion, surpassing analysts' expectations of $3.77 billion [4] - Analysts project an EPS of 96.25 for the current year [4] Company Overview - Markel Group Inc. is a diverse holding company that markets and underwrites specialty insurance products across the United States, Bermuda, the United Kingdom, and Germany [5] - The company offers various insurance products, including general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation [5] - Property coverages include fire, allied lines, and specialized property coverages for catastrophe-exposed risks such as earthquakes and wind [5]

Core Viewpoint - Ryan Specialty has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting Ltd. (SSRU), a Canadian managing general underwriter, enhancing its capabilities in the Canadian market and expanding its total addressable market [1][3]. Company Overview - Ryan Specialty is a leading international specialty insurance firm founded in 2010, providing innovative specialty products and solutions for insurance brokers, agents, and carriers [6]. - SSRU, established in 2016, specializes in underwriting large-account, high-hazard property and casualty solutions, with expertise in sectors such as manufacturing, utilities, real estate, construction, and oil and gas [2][3]. Acquisition Details - The acquisition will integrate SSRU into Ryan Specialty Underwriting Managers (RSUM) division, expected to close in the fourth quarter of 2025 [4]. - SSRU generated approximately CAD$18 million (USD$13 million) in operating revenue for the 12 months ending September 30, 2025 [5]. Strategic Importance - The acquisition is viewed as a strategic move to enhance Ryan Specialty's market presence in Canada and leverage SSRU's strong broker relationships and disciplined underwriting practices [3]. - The partnership aims to maintain SSRU's independence while expanding its reach and capabilities within the broader Ryan Specialty platform [3].