also issued by Intact. The outlook as...## AM Best Affirms Credit Ratings of Ma'aden Re LimitedLONDON--([BUSINESS WIRE])--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+†(Good) of Ma'aden Re Limited (MRE) (United Arab Emirates), a captive reinsurer of Saudi Arabian Mining Company (Ma'aden) (Saudi Arabia). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect MRE's balance sheet strength, which AM Best assesses as strong, ...

Rolling Meadows, Illinois-based Arthur J. Gallagher & Co. (AJG) provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide. With a market cap. of $56.1 billion, it operates through Brokerage and Risk Management segments. Shares of Arthur J. Gallagher have underperformed the broader market over the past 52 weeks. AJG stock has declined 33.3% over this time frame, while the broader S&P 500 I ...

Shares of Hamilton Insurance Group, Ltd. ( HG ) has been an excellent performer over the past year, gaining 60%. With shares rallying 8% in late trading Thursday following another solid quarter, the good news for investors keeps coming. The company has benefited from solid underwritingOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or ...

A month has gone by since the last earnings report for RLI Corp. (RLI) . Shares have added about 6.2% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is RLI Corp. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.RLI's Q4 Earnings Beat ...

It has been about a month since the last earnings report for Travelers (TRV) . Shares have added about 7.7% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Travelers due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.Travelers Q4 Ea ...

Financial Data and Key Metrics Changes - Gross premiums written decreased to $156.8 million from $176.3 million, an 11% decline primarily due to lower new business writings and lower final audit premiums [8] - Losses and LAE increased to $134.4 million from $113.2 million, an 18.7% increase attributed to a higher accident year 2025 selected loss and LAE ratio [8] - Net investment income rose to $31.4 million from $26.7 million, a 17.6% increase driven by private equity investment returns and a higher book yield on the fixed income portfolio [9] - Adjusted net income was $14.5 million compared to $28.7 million in the previous year [11] - Book value per share increased by 11% to $51.31 [7] Business Line Data and Key Metrics Changes - The small commercial franchise maintained strong retention rates throughout 2025, indicating successful investments in automation and ease of use [4] - The company is experiencing lower new business writings and has exited certain classes of business, particularly in California [35] Market Data and Key Metrics Changes - The California market is characterized as hardening, with rate increases being implemented [24] - The overall competitive environment remains, with some carriers exiting certain states or classes of business [24] Company Strategy and Development Direction - The company is expanding its capabilities with a new excess workers' compensation product, leveraging core expertise and AI tools for development [6] - A focus on disciplined underwriting, prudent risk management, and strategic investments is expected to strengthen the company's position in the workers' compensation insurance market [7] - The company aims to return capital to shareholders through share repurchases and dividends, reflecting confidence in its financial position [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the frequency of cumulative trauma claims in California is still elevated but has shown signs of flattening [20] - The company expects reduced written premium in 2026 due to the hard market conditions [4] - Management is optimistic about the impact of AI initiatives on operational efficiency and expense ratios [27] Other Important Information - The board declared a quarterly dividend of $0.32 per share, payable on March 18 [14] - The company repurchased $215 million in shares and dividends in 2025, with a focus on capital management [7] Q&A Session Summary Question: Trajectory of CT claims - Management observed that the acceleration of CT claims frequency has slowed down, although it remains elevated compared to historical levels [20] Question: Dynamics of the hardening market - Management indicated that while the California market is hardening, the overall environment remains competitive, with some carriers exiting certain areas [24] Question: Buybacks for 2026 - Management expects to return to a normal level of share repurchase authority in 2026, being opportunistic in timing [26] Question: Improvement in expense ratio - Management is hopeful for continued improvement in the expense ratio due to ongoing AI initiatives [27] Question: Gross written premium in California - Management confirmed that lower new business writings and non-renewals are contributing to the decline in gross written premium in California [35] Question: Scaling the new excess workers' comp product - Management plans to scale the new product cautiously, with expectations for it to become a significant revenue driver over time [36] Question: Competitive advantages in the excess workers' comp market - Management believes that efficiency through AI and unique loss control offerings will help differentiate their product in a competitive market [44] Question: Performance expectations for the new product - Management anticipates a combined ratio in the mid-80s for the excess workers' compensation product, with a strong expense ratio [48] Question: Future proportion of premiums from excess workers' comp - Management hopes that excess workers' comp could represent about 10% of overall written premium in the next 4-7 years [50]

Financial Data and Key Metrics Changes - Gross premiums written decreased to $156.8 million from $176.3 million, an 11% decline primarily due to lower new business writings and lower final audit premiums [8] - Losses and LAE increased to $134.4 million from $113.2 million, an 18.7% increase attributed to a higher accident year 2025 selected loss and LAE ratio [8] - Net investment income rose to $31.4 million from $26.7 million, a 17.6% increase driven by private equity investment returns and a higher book yield on the fixed income portfolio [9] - Adjusted net income was $14.5 million compared to $28.7 million in the previous year [11] - Book value per share increased by 11% to $51.31 [7] Business Line Data and Key Metrics Changes - The small commercial franchise maintained strong retention rates throughout 2025, indicating successful investments in automation and ease of use [4] - The company is experiencing lower new business writings and has exited certain classes of business, particularly in California [35] Market Data and Key Metrics Changes - The California market is characterized as hardening, with rate increases being implemented, while the overall environment remains competitive across the country [22][24] - Average renewal rates increased by over 5% for the entire book, driven largely by California [24] Company Strategy and Development Direction - The company is expanding its capabilities with a new excess workers' compensation product, leveraging core expertise and AI tools to create new growth avenues [6] - A focus on disciplined underwriting, prudent risk management, and strategic investments is expected to strengthen the company's position in the workers' compensation insurance market [7] - The company aims to improve its expense ratio through AI initiatives and operational excellence, with a target to reduce the expense ratio further [14][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the frequency of cumulative trauma claims in California has flattened, although it remains elevated compared to historical levels [20] - The company anticipates reduced written premiums in 2026 due to the hardening market and cautious risk selection [22][35] - Confidence in financial strength and strategic capital management was emphasized, with ongoing share repurchases and dividends planned [14] Other Important Information - The board declared a quarterly dividend of $0.32 per share, payable on March 18 [14] - The company executed a $125 million recapitalization plan in January, reflecting confidence in its financial position [7] Q&A Session Summary Question: Trajectory of CT claims - Management observed that the acceleration of CT claims frequency has slowed down and flattened, although it remains elevated compared to the past [20] Question: Dynamics of the hardening market - The hardening market is primarily in California, with some competitors exiting certain states or classes of business, while the overall environment remains competitive [22][24] Question: Buybacks for 2026 - Management expects to return to a normal level of share repurchases in 2026, being opportunistic in timing [26] Question: Improvement in expense ratio - Management is optimistic about improving the expense ratio through ongoing AI initiatives and operational enhancements [27][29] Question: Gross written premium in California - Lower new business writings and some non-renewals are contributing to the decline in gross written premium in California [35] Question: Scaling the new excess workers' comp product - The company plans to scale the new product cautiously, with expectations for it to become a meaningful revenue driver over time [36] Question: Competition in the excess workers' comp market - Management believes that efficiency through AI and unique offerings in loss control will help differentiate the company in a competitive market [44] Question: Performance expectations for the new product - The excess comp space is expected to perform with a combined ratio in the mid-80s, with a strong expense ratio due to AI-driven underwriting [48]

Financial Data and Key Metrics Changes - Gross premiums written decreased to $156.8 million from $176.3 million year-over-year, a decline of 11% primarily due to lower new business writings and lower final audit premiums [7] - Losses and LAE increased by 18.7% to $134.4 million compared to $113.2 million in the prior year, driven by an increase in the accident year 2025 selected loss and LAE ratio [7] - Net investment income rose by 17.6% to $31.4 million from $26.7 million in the previous year, attributed to private equity investment returns and a higher book yield on the fixed income portfolio [8] - Adjusted net income was $14.5 million for the quarter, down from $28.7 million last year [10] - Book value per share increased by 11% to $51.31 [6] Business Line Data and Key Metrics Changes - The small commercial franchise maintained strong retention rates throughout 2025, indicating successful investments in automation and ease of use [4] - The company is experiencing lower new business writings and has exited certain classes of business, particularly in California [34] Market Data and Key Metrics Changes - The California market is characterized as hardening, with rate increases being implemented, while the overall environment remains competitive across the country [20][22] - The average rate on renewal increased by over 5% for the entire book, with California driving much of this increase [22][23] Company Strategy and Development Direction - The company is expanding its capabilities with a new excess workers' compensation product, leveraging core expertise to diversify its risk profile [5] - AI tools are being aggressively adopted to enhance product development and operational efficiency, with a focus on creating a sustainable competitive advantage [13][26] - The company aims to return capital to shareholders through share repurchases and dividends, reflecting confidence in its financial position [6][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the frequency of cumulative trauma claims in California has flattened, although it remains elevated compared to historical levels [18] - The company expects reduced written premium in 2026 due to the hard market conditions, but is optimistic about maintaining profitability through disciplined underwriting and strategic actions [4][19] - Management expressed confidence in the company's financial strength and operational performance, with a focus on improving expense ratios through AI initiatives [12][25] Other Important Information - The company repurchased $215 million in shares and declared a quarterly dividend of $0.32 per share for Q1 2026 [6][12] - The investment rebalancing strategy aimed to reduce equity investments to target levels while increasing overall portfolio yield [9] Q&A Session Summary Question: Trajectory of CT claims - Management observed that the acceleration of CT claims frequency has slowed down, although it remains elevated compared to past levels [18] Question: Dynamics of the hardening market - The hardening market is primarily observed in California, with some competitors still taking market share, but the company is cautious about pricing margins [19][20] Question: Gross written premium in California - The decline in gross written premium is attributed to lower new business and non-renewals, particularly in California [34] Question: Scaling the new excess workers' comp product - The company plans to write its first business effective July 1 and will proceed cautiously to learn and adapt as it scales [35] Question: Performance expectations for the excess workers' comp product - Management anticipates a combined ratio in the mid-80s for the excess comp space, with a strong expense ratio due to AI-driven underwriting [44]

This edition of International People Moves details appointments at Aon plc and Arch Insurance International.A summary of these new hires follows here. Aon Promotes Fraccalvieri as CEO of Global Facultative Re, Succeeding LaingInsurance broker Aon plc announced that Nick Fraccalvieri has been named CEO of global facultative for Aon’s Reinsurance Solutions, effective March 1, 2026.Fraccalvieri joined Aon in 2023 to lead the firm’s EMEA facultative reinsurance operations, bringing with him more than 25 years’ ...

And I think Howard Hughes Holdings Inc. over time also suffered a bit from shareholders trying to figure out how do I think about this business. In the conventional public company, there is usually a certain amount of GAAP earnings or a number or a free cash flow number, and, you know, people want a simple rubric for thinking about it. You know, what multiple do I put on this number, how do I track this number over time? And, you know, the multiple is determined based on, you know, the persistency and the g ...