Financial Data and Key Metrics Changes - Net income for Q2 2025 was $685 million, more than doubling from the previous year, including a $380 million increase in fair value of equity securities [9] - Non-GAAP operating income for Q2 2025 was $311 million, up 52% year-over-year [9] - The property casualty combined ratio improved to 94.9%, a 3.6 percentage point improvement compared to Q2 2024 [9] - Consolidated property casualty net written premiums grew by 11% for the quarter, with agency renewal premiums increasing by 16% [9] Business Line Data and Key Metrics Changes - Commercial lines grew net written premiums by 9% with a combined ratio of 92.9%, improving by 6.2 percentage points [12] - Personal lines saw a 20% increase in net written premiums, with a combined ratio of 102%, which was 4.9 percentage points better than last year [12] - Excess and surplus lines grew net written premiums by 12% with a combined ratio of 91.1%, improving by 4.3 percentage points [12] - Cincinnati Re's net written premiums decreased by 21%, reflecting pricing discipline, with a combined ratio of 82.8% [13] Market Data and Key Metrics Changes - The average renewal price increases for commercial lines were near the high end of the mid-single digit percentage range, while personal lines saw homeowner rates in the low double digits and personal auto in the high single digits [11] - The company added an additional $300 million layer to its property catastrophe reinsurance program, with 43% of this layer placed with reinsurers [10] Company Strategy and Development Direction - The company continues to focus on an agent-centered strategy, balancing profitability and growth while enhancing its investment portfolio [7] - The management emphasized the importance of superior claim service and strong relationships with independent insurance agents to support profitable premium growth [10] - The company aims to maintain a low expense ratio, targeting below 30% in the long term [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term direction and strategy of the insurance business despite challenges from natural disasters [7] - The second half of the year is typically more profitable for personal lines, with an average improvement of eight points observed over the past five years [8] - Management noted that the competitive landscape in the property market is influenced by significant capital influx, but they remain disciplined in underwriting [87][90] Other Important Information - The company reported a cash flow from operating activities of $1.1 billion for the first half of 2025, down $44 million from the previous year due to increased catastrophe losses [18] - The company paid $133 million in dividends to shareholders during 2025, with no share repurchases [20] - The quarter-end book value reached a record high of $91.46 per share, with total shareholders' equity of $14.3 billion [21] Q&A Session Summary Question: Differences in commercial lines pricing commentary - Management acknowledged a slight shift in commercial rental pricing from high single digits to mid single digits, emphasizing strong net rate changes overall [26][30] Question: Comfort regarding reserve releases in general liability - Management expressed confidence in their reserving process, noting consistent approaches and favorable reserve developments in recent accident years [32][34] Question: Expense ratio guidance - Management indicated that while the expense ratio was better than expected, they aim to maintain it below 30% moving forward [43][45] Question: Changes in commercial lines loss ratios - Management noted that while there are pressures in workers' compensation and commercial auto, they are taking prudent actions to manage these risks [49][50] Question: Personal lines business changes - Management confirmed ongoing support for California agents and policyholders, implementing lessons learned from recent wildfires [56][57] Question: Reinsurance strategy and hurricane season exposure - Management discussed the purchase of additional reinsurance layers for balance sheet protection and confirmed a $300 million retention on property catastrophe risks [60][64]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $685 million, more than double the result from a year ago, including a recognition of $380 million for the increase in fair value of equity securities still held [9] - Non-GAAP operating income for Q2 was $311 million, up 52% year-over-year [9] - The property casualty combined ratio improved by 3.6 percentage points to 94.9% compared to Q2 last year, despite a one-point increase in catastrophe losses [10] Business Line Data and Key Metrics Changes - Commercial lines grew net written premiums by 9% with a combined ratio of 92.9%, improving by 6.2 percentage points [13] - Personal lines grew net written premiums by 20%, with a combined ratio of 102%, which was 4.9 percentage points better than last year [13] - Excess and surplus lines grew net written premiums by 12% with a combined ratio of 91.1%, improving by 4.3 percentage points [13] Market Data and Key Metrics Changes - Consolidated property casualty net written premiums grew by 11% for the quarter, including a 16% growth in agency renewal premiums [10] - The average renewal price increases for most lines of business during Q2 were lower than in 2025 but still healthy, with commercial lines averaging near the high end of the mid-single-digit percentage range [12] Company Strategy and Development Direction - The company continues to focus on an agent-centered strategy, balancing profitability and growth while benefiting from a rebalanced investment portfolio [7] - The company is committed to profitable premium growth objectives supported by superior claim service and strong relationships with independent insurance agents [11] - The company has added an additional layer of $300 million on top of its property catastrophe reinsurance program to enhance coverage [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term direction and strategy of the insurance business, despite challenges from California wildfires [7] - The second half of the year is typically more profitable for the personal lines business, with an average improvement of eight points observed over the past five years [8] - Management noted that the underwriting profitability is expected to improve with average price increases and effective risk segmentation [12] Other Important Information - The company reported an 18% growth in investment income, reflecting efforts to rebalance the investment portfolio [16] - Cash flow from operating activities for the first six months of 2025 was $1.1 billion, down $44 million from a year ago due to increased catastrophe losses [18] - The company paid $133 million in dividends to shareholders during 2025, with no shares repurchased during the quarter [20] Q&A Session Summary Question: Differences in commercial lines pricing commentary - Management clarified that the pricing for commercial lines has moved to the high end of the mid-single digits, indicating a slight decrease from the first quarter [30] Question: Comfort around recent accident year releases for general liability - Management expressed confidence in the reserving process, noting consistent approaches and favorable reserve development for recent accident years [34][36] Question: Expense ratio guidance - Management indicated that while the expense ratio was better than expected, they aim to maintain it below 30% on an ongoing basis [45] Question: Changes in loss trends - Management reported no significant changes in loss trends during the quarter [68] Question: Growth prospects between property and casualty - Management noted that while the property market is softening, their small to middle market commercial package business continues to see healthy rates [70] Question: Competitive pressures in the property market - Management acknowledged increased competition in the property market but emphasized their disciplined underwriting approach [87][90]

Financial Data and Key Metrics Changes - For Q2 2025, Amerisafe reported net income of $14 million or $0.73 per diluted share, compared to $11 million or $0.57 per diluted share in Q2 2024, indicating a significant increase in profitability [10] - Operating net income for Q2 2025 was $10 million or $0.53 per diluted share, down from $11.1 million or $0.58 per diluted share in the same quarter last year [10] - Gross written premiums increased by 4.3% to $79.7 million in Q2 2025 from $76.4 million in Q2 2024 [10][11] - The expense ratio rose to 31.3% in Q2 2025 from 29.8% in Q2 2024, reflecting ongoing investments in growth [11][12] Business Line Data and Key Metrics Changes - Voluntary premiums for policies written in the quarter grew by 12.8%, supported by new business production and strong renewal retention of 93.8% [5][11] - The in-force policy count increased by 3.4% in the quarter, indicating effective risk selection and agent collaboration [5][10] Market Data and Key Metrics Changes - The workers' compensation market remains competitive, with the industry's combined ratio below 100% for 2024, but not improving compared to 2023 [6] - Approved loss costs for workers' compensation are down mid-single digits, with California being an outlier with an 8.7% increase [6] Company Strategy and Development Direction - Amerisafe is focused on maintaining pricing discipline and effective risk selection while navigating a competitive market [5][24] - The company has reauthorized a $25 million share repurchase program, reflecting confidence in long-term business value [8] - The investment portfolio remains high quality, with a focus on municipal bonds and a conservative approach to capital management [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Amerisafe's operational positioning and strong balance sheet to generate consistent underwriting profitability, regardless of market conditions [7] - The claims team has demonstrated expertise in managing loss experience, with a current accident year loss ratio of 71% [7][10] - Management noted that while there is upward pressure on loss ratios due to declining loss costs, the company is well-prepared to manage these challenges [46] Other Important Information - The company declared a regular quarterly cash dividend of $0.39 per share, payable on September 26, 2025 [8] - Book value per share increased to $13.96, up 3.3% year-to-date, and statutory surplus rose to $257 million from $235 million at year-end 2024 [15] Q&A Session Summary Question: What drove the impressive 13% growth in premiums? - Management attributed the growth to employee focus on ease of doing business, agent effectiveness, and scalability, resulting in a 5.8% increase in policy count since year-end [20][22] Question: Any change in average policy size? - Management indicated a slight change, with average premium size potentially down slightly, but still within the target range [25][26] Question: Observations on medical inflation? - Management noted a 6% increase in medical severity for 2024, but they have not changed their reserving practices based on current trends [28][30] Question: Any stats on new business production? - While specific numbers were not disclosed, management highlighted successful new business growth despite a decrease in agent count [34][36] Question: How is the company balancing share repurchases and special dividends? - Management confirmed that there is capital sufficiency for both share repurchases and potential special dividends [48] Question: What is the long-term target for the expense ratio? - Management indicated that they expect to remain within historical ranges for the expense ratio, which is currently at 31.3% for the quarter [50][51] Question: What drove the increase in policyholder dividends? - Management explained that the increase was due to more policies qualifying for dividends, reflecting both competitive and loss experience factors [54][56]

Core Insights - Chubb Limited (CB) reported a second-quarter 2025 core operating income of $6.14 per share, exceeding the Zacks Consensus Estimate by 4.2% and reflecting a 14.1% year-over-year increase [1] - The quarter's performance was driven by solid underwriting, strong investment income, and double-digit growth in life insurance income [1] Quarterly Performance Details - Net premiums written rose 6.3% year over year to $14.2 billion, aligning with the Zacks Consensus Estimate of $14 billion [2] - Net investment income reached $1.5 billion, a 6.8% increase year over year, though it fell short of the Zacks Consensus Estimate of $1.8 billion [2] - Total revenues were $14.8 million, slightly missing the Zacks Consensus Estimate but improving 6.9% year over year [2] Underwriting and Losses - Property and casualty (P&C) underwriting income was $1.6 billion, up 15% year over year, driven by premium growth and improved underwriting margins [3] - The P&C combined ratio improved by 120 basis points year over year to 85.6%, indicating strong underwriting margins [4] Segment Performance - North America Commercial P&C Insurance: Net premiums written increased 4.1% year over year to $5.7 billion, with a combined ratio of 83.5% [5] - North America Personal P&C Insurance: Net premiums written climbed 9.1% year over year to $1.9 billion, with a combined ratio improving to 73.5% [6] - North America Agricultural Insurance: Net premiums written decreased 3.3% year over year to $733 million, with a combined ratio improving to 89.1% [7] - Overseas General Insurance: Net premiums written increased 8.5% year over year to $3.6 billion, with a combined ratio deteriorating to 90.3% [8] - Global Reinsurance: Net premiums written decreased 7.6% year over year to $380 million, with a combined ratio improving to 71% [9] - Life Insurance: Net premiums written increased 14.1% year over year to $1.8 billion, with segment income rising to $305 million [9][10] Financial Position - As of June 30, 2025, cash and restricted cash balance was $2.4 billion, down 7% from the end of 2024 [11] - Total shareholders' equity grew 8.8% to $74.4 billion, with book value per share increasing to $174.07 [11] - Core operating return on tangible equity declined 10 basis points year over year to 21% [12] Capital Management - In the quarter, Chubb repurchased shares worth $676 million and paid $388 million in dividends [13]

Financial Data and Key Metrics Changes - The company reported second quarter operating earnings of $0.84 per share, supported by solid underwriting performance and a 16% increase in investment income [8][9] - The total combined ratio was 84.5, up from 81.5 last year, reflecting modest increases in the underlying loss and expense ratios [9][10] - Year-to-date book value per share increased by 16% inclusive of dividends [6][15] Business Line Data and Key Metrics Changes - The property segment experienced a 10% decline in gross premiums, influenced by rate decreases in E and S property, while Marine and Hawaii homeowners products continued to deliver growth [10][18] - The casualty insurance segment posted a 7% increase in gross premiums with a combined ratio of 96.5, benefiting from favorable prior year's reserve development [12][19] - Surety's gross premium was up 7% over last year, with all sub-segments experiencing growth [12][19] Market Data and Key Metrics Changes - The commercial property market showed significant softening, impacting top line growth which remained flat [6][9] - Competition increased in the E and S property space, with about 20 new entrants over the last two years, leading to rate pressure [30] - The transportation division saw a 12% increase in rates, although competition remains high [21][40] Company Strategy and Development Direction - The company focuses on discipline, continuous improvement, and sustainability, prioritizing profitability and long-term value creation over short-term results [6][7] - The strategy includes being selective in underwriting and adjusting to market conditions, particularly in property where the risk-reward profile is unfavorable [7][16] - The company emphasizes a strong community and collaboration among teams to support customers and enhance service delivery [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges and highlighted attractive opportunities across most of the portfolio despite market headwinds [7][24] - The company remains cautious about loss trends and continues to be selective in underwriting, particularly in the auto coverage space [22][68] - Management noted that recent tort reforms in certain states could positively impact underwriting confidence and business opportunities [56] Other Important Information - The company reported a positive total return of 2.9% for the quarter, benefiting from market recovery in May and June [14] - Operating cash flow for Q2 totaled $175 million, up $33 million from last year, providing a solid foundation for continued portfolio activity [13] Q&A Session Summary Question: Can you provide insight on acquisition costs in property and casualty? - Management noted pressure on commission costs in property and surety, with investments in technology and customer relationship management contributing to higher expenses [26][28] Question: Where is the pricing pressure coming from in casualty? - Management indicated increased competition in the E and S property space, with many new entrants affecting rates, while casualty rates remain stable due to tailored coverage [30][31] Question: What is the outlook for the construction market? - Management reported a healthy construction industry with double-digit increases in submissions, indicating positive trends in both surety and casualty segments [65] Question: How is the company addressing loss cost trends in transportation? - Management acknowledged significant double-digit inflation in commercial vehicles and emphasized the importance of rate increases and risk selection to maintain profitability [40][41] Question: Are there any early benefits from tort reform? - Management indicated that while it is early to assess the full impact, there are signs of increased confidence in underwriting in states with recent tort reforms [56]

Core Insights - NI Holdings, Inc. reported a decrease in direct written premiums by 18.4% year-over-year, totaling $67.7 million compared to $83.0 million in the first quarter of 2024 [3][7] - The company achieved a net income of $6.46 million, reflecting a 6.8% decline from $6.94 million in the same quarter last year [3][4] - The combined ratio increased slightly to 94.4%, up from 93.9% in the previous year, indicating a marginal rise in underwriting expenses relative to earned premiums [3][7] Financial Performance - Direct written premiums decreased to $67,728 thousand from $83,041 thousand, primarily due to a significant reduction in the Non-Standard Auto segment, which saw a decline of 58.8% [3][7] - Net earned premiums also fell by 3.4%, from $69,884 thousand to $67,497 thousand [3] - The loss and LAE (Loss Adjustment Expense) ratio improved slightly to 57.1% from 57.4%, while the expense ratio increased to 37.3% from 36.5% [3] Operational Highlights - The company reported solid growth in core personal line segments, particularly in North Dakota, attributed to increased new business and strong retention rates [4] - Favorable weather conditions and lower large loss frequency in the Home and Farm segment contributed positively to performance [4] - Management emphasized a renewed focus on strategic actions to return the Non-Standard Auto segment to profitability, which impacted overall premium figures [5][6] Shareholder Value - Return on average equity decreased to 10.4% from 12.1%, reflecting a decline in profitability metrics [3] - Basic earnings per share remained stable at $0.31, compared to $0.33 in the previous year, indicating a slight decrease in earnings from continuing operations [3][7] - The company aims to create lasting value for shareholders through sustained growth and profitability over time [6]

Financial Data and Key Metrics Changes - The company's net premium earned was relatively flat compared to 2024, driven by higher renewal premiums offset by lower new business and audit premiums [7][8] - Gross premiums written increased by 1% to $212 million, while net premiums earned decreased by 1% to $183 million [11][12] - Net investment income rose by 20% to $32 million, marking the highest quarterly figure in the company's history [9][14] - The current accident year loss and LAE ratio on voluntary business increased from 64% to 66% [9][12] - The underwriting expense ratio improved to 23.4%, down from 25% a year ago [10][13] - Adjusted net income increased by 24% to $21.3 million compared to $17.2 million last year [15] Business Line Data and Key Metrics Changes - The increase in gross premiums was primarily due to higher renewal business, while lower new business and final audit premiums offset this growth [11][12] - Commission expenses decreased to $23 million from $25 million, and the commission expense ratio improved to 12.6% from 13.6% [13] - Underwriting expenses decreased to $43 million from $46 million, contributing to the improved underwriting expense ratio [13] Market Data and Key Metrics Changes - The company reported a record number of policies in force, with a year-over-year growth rate of 4% [8] - The overall selection of the current accident year loss ratio of 66% is below the industry average, which has been in the range of 69% to 70% [26] Company Strategy and Development Direction - The company continues to prioritize profitability over growth and is refining its underwriting and pricing approach to maintain discipline while returning to moderate new business growth levels [18] - The appetite expansion effort is identifying areas for profitable growth, with confidence to accelerate this effort going forward [18] - The company is monitoring potential impacts from tariff discussions and the cost of prescription drugs and medical services [18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ability to maintain a strong customer base amid potential recessionary headwinds due to deep relationships with customers and agents [18] - The company has not experienced negative impacts from tariff discussions but is closely monitoring the situation [18] - The management highlighted a focus on expense management and prudent capital management, indicating a strong financial position [19] Other Important Information - The Board of Directors authorized a new stock repurchase program for up to $125 million over a 20-month period [15] - A 7% increase in the quarterly dividend to $0.32 per share was declared, reflecting confidence in the company's financial strength [15][16] Q&A Session Summary Question: Can you talk about specifics regarding loss trends and how broad they are geographically? - Management noted that the increase in the accident year GLOF and LAE ratio reflects ongoing competitive rate environments and pressure on accident years 2023 and 2024, particularly in California [24][26] Question: How about underlying medical inflation and its drivers? - Management indicated that lost time claim frequencies have generally trended downward, although California saw an uptick due to cumulative trauma claims [29][30] Question: Is there a macroeconomic contribution to cumulative trauma claims? - Management stated that there is no identifiable macroeconomic cause for the increase in cumulative trauma claims in California, which is unique to the state [31][32] Question: What do you think will show up in the NCCI's state of the line report? - Management anticipates that reserve redundancies are still significant but carriers are reducing them less, indicating caution in the rate environment [39]

Financial Data and Key Metrics Changes - The net premium earned was relatively flat compared to 2024, driven by higher renewal premiums offset by lower new business and audit premiums [6][10] - Gross premiums written increased by 1% to $212 million, while net premiums earned decreased by 1% to $183 million [9][10] - The current accident year loss and LAE ratio on voluntary business increased to 66% from 64% in 2024 [7][10] - Net investment income rose by 20% to $32 million, the highest in the company's history as a publicly traded entity [7][12] - Quarterly net income was $12.8 million, impacted by $9 million of net after-tax unrealized investment losses [12] - Adjusted net income increased by 24% to $21.3 million from $17.2 million a year ago [13] Business Line Data and Key Metrics Changes - The underwriting expense ratio improved to 23.4% from 25% a year ago, attributed to reductions in bad debt and compensation-related expenses [8][11] - Commission expense decreased to $23 million from $25 million, with a commission expense ratio of 12.6% compared to 13.6% [11] Market Data and Key Metrics Changes - The company ended the period with a record number of policies in force, achieving a year-over-year growth rate of 4% [7] - The overall selection of the current accident year loss ratio of 66% is below the industry average, which has been in the range of 69% to 70% in recent years [24] Company Strategy and Development Direction - The company continues to prioritize profitability over growth, refining its underwriting and pricing approach to maintain discipline while returning to moderate new business growth levels [15] - The appetite expansion effort is ongoing, identifying areas for profitable growth [15] - The company is monitoring potential impacts from tariff discussions and the cost of prescription drugs and medical services [15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ability to maintain a strong customer base amid potential recessionary headwinds, citing deep relationships with customers and agents [15] - The company has not experienced negative impacts from macroeconomic conditions but is closely monitoring the situation [15] Other Important Information - The Board of Directors authorized a new stock repurchase program for up to $125 million over a 20-month period [13] - A 7% increase in the quarterly dividend to $0.32 per share was declared, payable on May 28 [14] Q&A Session Summary Question: Can you discuss specifics regarding loss trends and the competitive rate environment? - Management noted the increase in the accident year GLOF and LAE ratio from 64% to 66% is due to competitive rate pressures and a rise in cumulative trauma claims in California [22][24] Question: What about underlying medical inflation and treatment costs? - Management indicated that lost time claim frequencies are generally trending downward, with some variations by state, and overall severity values have held steady [26] Question: Are there macroeconomic contributions to cumulative trauma claims? - Management stated that there is no identifiable macroeconomic cause for the increase in cumulative trauma claims, which are primarily a California phenomenon [30] Question: What are the expectations for the NCCI's state of the line report? - Management anticipates that reserve redundancies in the industry are still significant but may be reducing less, with internal rates showing flat year-over-year results [35]

Financial Data and Key Metrics Changes - Hamilton reported a record net income of $400 million for 2024, up 55% from the previous year, with a return on average equity of 18.3% compared to 13.9% in 2023 [37] - The company achieved gross premiums written of over $2.4 billion, a 24% increase from 2023, and a combined ratio of 91.3% [11][12] - For Q4 2024, net income was $34 million, or $0.32 per diluted share, down from $127 million or $1.15 per diluted share in Q4 2023 [39] Business Line Data and Key Metrics Changes - The International segment wrote $1.3 billion in gross premiums, with a combined ratio of 95.6%, while the Bermuda segment wrote $1.1 billion with a combined ratio of 87% [15][17] - Hamilton Global Specialty wrote $1.2 billion in gross premiums, and Hamilton Select wrote $117 million, reflecting strong growth in the U.S. E&S market [16] - Bermuda's underwriting income was $110 million, up from $93 million in 2023, despite increased catastrophe losses [57] Market Data and Key Metrics Changes - The insurance industry faced approximately $140 billion in insured catastrophe losses in 2024, with Hamilton's estimated losses from the California wildfires ranging from $120 million to $150 million [8][10] - The company noted a favorable environment for casualty reinsurance, with improved pricing and opportunities arising from competitors exiting the market [82] Company Strategy and Development Direction - Hamilton focused on strategic growth, underwriting profitability, achieving ratings upgrades, and responsible capital stewardship [13][21] - The company plans to expand its marine offering and property insurance lines, leveraging its strong relationships and market position [30][32] - Hamilton aims to maintain a disciplined underwriting culture while exploring growth opportunities in specialty insurance [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging operating environment, citing strong client relationships and a well-diversified portfolio [29][36] - The company anticipates stable renewals in the reinsurance market, with potential rate increases for loss-affected accounts due to recent catastrophes [28][90] - Management remains optimistic about the growth prospects in both the International and Bermuda segments, supported by recent ratings upgrades [19][56] Other Important Information - Hamilton repurchased 10.6 million shares at a total cost of $138 million during 2024, enhancing shareholder value [22][68] - The company reported total assets of $7.8 billion at year-end 2024, a 17% increase from the previous year [70] Q&A Session Summary Question: Insights on the underlying loss ratio in the quarter - Management noted no large losses in the quarter and emphasized looking at the full year for a better indication of performance [74][75] Question: Details on casualty reserves and movements - Management indicated modest movements in reserves, with a small adverse development of $1 million in the Bermuda segment [77][78] Question: Interest in casualty business and pricing adequacy - Management highlighted a strategic shift towards casualty reinsurance since 2021, taking advantage of favorable market conditions [82][84] Question: Competitive environment in property insurance - Management acknowledged recent competition but maintained that rates remain attractive despite some decreases from all-time highs [88][90] Question: Updates on reserves related to the Ukraine conflict - Management confirmed confidence in the strength of reserves related to the Ukraine loss, with no significant changes [94][96] Question: Insights on Hamilton Select and pricing power - Management reported increased submissions and a favorable market environment in the small to midsize hard-to-place space [98][99] Question: Demand from primary insurers post-California wildfires - Management indicated that while no new demand has been seen yet, underwriting will be approached more cautiously moving forward [101] Question: Split of estimated losses from California wildfires - Management indicated that the losses are predominantly a reinsurance event for the company [106] Question: Clarification on investment portfolio performance - Management explained that the non-controlling interest reflects incentive fees related to strong performance in the Two Sigma fund [108] Question: Growth in net-to-gross ratio - Management noted that the growth in the net-to-gross position was a result of using IPO proceeds to retain more business, expecting it to remain flat in the near term [112][113] Question: Growth outlook for third-party fee income - Management clarified that fee income is driven by performance fees, which can vary based on catastrophe activity throughout the year [115]