Core Insights - Financial expert Suze Orman highlights that many Americans underestimate the significant costs associated with health care in retirement, particularly those related to Medicare [2][3] Group 1: Health Care Costs in Retirement - The primary overlooked expense in retirement is health care, specifically the costs associated with Medicare, which many believe will cover most medical needs [3] - Medicare Part A has a deductible of $1,676 for inpatient hospital stays in 2025, an increase from $1,632 the previous year, illustrating unexpected out-of-pocket costs [4] - The average cost of a one-day hospital stay was $3,025 in 2022, with the full average adjusted cost reaching $14,101 per inpatient stay at community hospitals [4][5] Group 2: Hospitalization Risks - Older Americans face a significant financial burden, with an additional $1,349 per day for hospital stays potentially devastating for many [5] - The likelihood of hospitalization increases with age, with a 16.9% chance for individuals aged 65-74 and a 26.1% chance for those over 85 [5] Group 3: Coverage Gaps - Original Medicare (Parts A and B) does not cover essential services such as dental, vision, and hearing, leading to potential gaps in coverage [6] - It is advised to obtain a solid Medigap policy to address these coverage gaps and mitigate financial risks associated with health care in retirement [6]

Financial Data and Key Metrics Changes - Bowhead reported a 17.5% year-over-year increase in gross written premiums (GWP), totaling approximately $232 million for Q3 2025 [5][17] - Adjusted net income rose by 25.5%, with diluted adjusted earnings per share increasing 23.7% to $0.47 [5][17] - The expense ratio improved to 29.5%, a decrease of 40 basis points year-over-year [19][13] - Net investment income increased by 31% year-over-year to $15 million, driven by a higher balance of investments and yields [20] Business Line Data and Key Metrics Changes - The casualty division grew by 20% to $145 million, primarily driven by the excess casualty business [5][9] - Healthcare liability premiums increased by 11% to $35 million, while professional liability premiums rose by 2% to $46 million [9][17] - Baleen generated $6.2 million in premiums during the quarter, marking an 83% growth from Q2 2025 [10] Market Data and Key Metrics Changes - The overall E&S market reported a 1% decline in premiums, primarily due to a decrease in property premiums, a segment Bowhead does not participate in [11] - E&S casualty premiums continued to grow, with expectations for this trend to persist as complex risks move into the E&S market [11] Company Strategy and Development Direction - Bowhead aims to leverage technology to enhance underwriting capabilities and improve operational efficiencies, focusing on sustainable profitability [16][19] - The company is exploring new opportunities in the casualty space and considering expanding its product offerings through Baleen [42][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the casualty market despite current challenges in the construction sector [30][12] - The company anticipates continued discipline in pricing and limit deployment within the casualty market, with no expectation of a price drop [11][12] Other Important Information - Bowhead plans to access capital through non-equity markets by the end of the year due to faster-than-anticipated growth [21] - The average credit quality of Bowhead's investment portfolio remained at AA, with an average duration of 2.9 years [21] Q&A Session Summary Question: Insights on D&O and cyber markets pricing evolution - Management indicated that pricing is flat to slightly up, but the market remains highly competitive, particularly in the financial institution space [25] Question: Opportunities in the construction market - Management acknowledged a softer construction market but noted potential growth in data centers and other projects once government funding resumes [30] Question: Future growth of Baleen and distribution partnerships - Management confirmed plans to add more wholesalers and expand into small casualty business leveraging technology [31][32] Question: Operating expense ratio improvements - Management stated that efficiency gains are driving the expense ratio down, with expectations for continued improvements as processes are optimized [36] Question: Capital needs and potential sources - Management clarified that they are not looking to raise equity and are exploring debt options instead [38] Question: Medium-term gross premium growth outlook - Management expressed confidence in continued growth in the casualty space without significant increases in headcount or expenses [42]

Financial Data and Key Metrics Changes - Adjusted net income reached $1.4 billion, or $2.17 per share, representing a 17% year-over-year increase [3] - Fee-related earnings (FRE) of $652 million, up 23% year-over-year, with management fee growth of 22% [4] - Spread-related earnings (SRE) estimated at approximately $880 million for Q4, leading to an estimated full-year SRE of $3,475 million, an 8% year-over-year growth [4][41] Business Line Data and Key Metrics Changes - Asset management generated record inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services [5] - Average spread on origination remained stable at 350 basis points over Treasuries, with origination volume of $75 billion for the quarter [5][25] - Capital solutions fees reached $212 million, marking the second-strongest quarter on record [36] Market Data and Key Metrics Changes - Record assets under management (AUM) of $908 billion, up 24% year-over-year [36] - Strong demand in the retirement services market, with $23 billion of gross inflows in Q3, contributing to a year-to-date total of $69 billion [17][33] - The annuity market has significantly expanded, driven by demographic trends and the retirement crisis [17] Company Strategy and Development Direction - The company is focused on capitalizing on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [6][7] - Expansion into new markets, including insurance and traditional asset managers, is expected to drive growth [8][9] - Innovation in asset management is a key focus, with plans for new products and strategies to enhance offerings [16][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for private assets and the company's ability to generate high-quality origination [10][23] - The outlook for 2026 includes expectations of over 20% growth in FRE and 10% growth in SRE, supported by strong organic growth and origination capabilities [43][44] - Management highlighted the importance of maintaining a strong culture and being a preferred employer in the industry [10] Other Important Information - The acquisition of Bridge is expected to contribute approximately $300 million in annual fee-related revenues and enhance origination capabilities [36] - The company executed over $350 million in share repurchases during the quarter, reflecting opportunistic capital management [46] Q&A Session Summary Question: Discussion around origination targets and outlook - Management noted that while origination strength has exceeded expectations, it is premature to adjust long-term targets at this time [47][49] Question: Wealth market trajectory and new product pipeline - Management emphasized the importance of expanding product offerings and partnerships to capture growth in the wealth market [51][54] Question: Concerns about private letter ratings and systemic risk - Management disagreed with concerns about systemic risk in the insurance industry, highlighting Athene's strong credit quality and diversified ratings [56][60] Question: Impact of declining rates on demand for yield - Management acknowledged potential challenges but expressed confidence in the company's ability to adapt and continue driving growth [61]

Financial Data and Key Metrics Changes - Year-to-date premium growth increased by 4%, with earnings per share at $2.09, slightly below expectations due to volatility in the closed block [4][5][13] - Adjusted after-tax operating income per share decreased from $2.13 in the same period last year to $2.09 this quarter [13] - Return on equity for core operations remains near 20%, while the overall return on equity is 11.3% [8][10] Business Line Data and Key Metrics Changes - Core operations premium grew 2.9%, exceeding 4% when adjusted for ceded business impacts [12] - Unum US adjusted operating income was $334.9 million, down from $363.3 million year-over-year, with Group Disability adjusted operating earnings at $133.5 million [14][15] - Colonial Life's adjusted operating income increased to $116.6 million, with premium growth of 3.3% [17] - International segment reported adjusted operating income of $38.8 million, with premium growth of 9.5% [18] Market Data and Key Metrics Changes - Persistency for total group was 89.8%, down from 92.5% a year ago, but above expectations [16] - Sales growth across core segments was nearly 4.5%, with Unum US growing nearly 4%, Colonial Life up over 3%, and International delivering 10% growth [5][12] Company Strategy and Development Direction - The company is focused on disciplined pricing and risk selection, with a commitment to long-term growth and profitability [7][10] - Strategic actions taken include a long-term care reinsurance transaction to manage risk and reduce the size of the closed block [8][9] - The company aims to invest in strategic initiatives, pursue selective M&A opportunities, and return capital to shareholders [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core business's ability to deliver sustainable results and maintain strong margins [11][27] - The company anticipates continued growth into 2026, supported by a robust capital position and strategic initiatives [27][28] Other Important Information - The annual reserve assumption review resulted in a net increase in reserves of $478.5 million pre-tax, with significant impacts on long-term care [13][20] - The investment portfolio maintains an A-average rating, with historically low exposure to below investment-grade securities [10][26] Q&A Session Summary Question: Can you provide more color on the statutory side of the LTC assumption review? - Management indicated that the adjustments impacted the entire block of business, with statutory reserving levels remaining well in excess of best estimate reserves [30][31] Question: What is the rationale for keeping capital in Fairwind? - Management decided to retain capital in Fairwind due to strong protections and a robust capital position [32] Question: How do the recent assumption changes impact the premium rate increases? - The changes are linked to the removal of morbidity and mortality improvement assumptions, which will flow through to the rate increase program [34][36] Question: What is the outlook for group disability recoveries? - Management reported stable recoveries and a benefit ratio around 62%, indicating confidence in the sustainability of recovery trends [41][42] Question: What are the plans for share buybacks and capital management? - The company plans to continue increasing share repurchases while prioritizing investments in core operations and selective M&A opportunities [58][59]

Core Insights - The London Company reported a 6.3% return (6.2% net) for its Large Cap Strategy in Q3 2025, underperforming the Russell 1000 Index which gained 8.0% [1] - The US equity market continued to rally due to a Federal Reserve rate cut, strong corporate earnings, and enthusiasm surrounding AI, despite mixed economic data [1] Company Performance - The Progressive Corporation (NYSE:PGR) experienced a one-month return of -16.48% and a 52-week loss of 17.89%, closing at $203.70 per share with a market capitalization of $119.45 billion on November 3, 2025 [2] - Concerns over decelerating policy and premium growth led to The Progressive Corporation being a bottom performer in Q3 2025, despite maintaining strong margins and retention in personal auto insurance [3] Investment Sentiment - The Progressive Corporation ranked 30th among the 30 Most Popular Stocks Among Hedge Funds, with 99 hedge fund portfolios holding its stock at the end of Q2 2025, up from 91 in the previous quarter [4] - While The Progressive Corporation is recognized for its potential, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Insights - Alps has launched a new GAP insurance product, Fleet GAP, specifically designed for commercial fleet operators in collaboration with AMS Insurance Services Ltd [1][6] - This is the third GAP product introduced by Alps in partnership with AMS, underwritten by Financial & Legal, an FCA-authorized insurer [2] Product Details - Fleet GAP addresses financial shortfalls after total loss events, covering the greater of the difference between the primary motor insurance settlement and either the vehicle's original purchase price or outstanding finance balance [3] - The policy also includes coverage for contract hire vehicles, addressing the gap between the insurer's payout and early termination charges, including advance rentals up to £2,000 [3] - It applies to passenger cars and light commercial vehicles valued up to £175,000, with a maximum age of 10 years and a weight limit of 3.5 tonnes, and claims are capped at £50,000 [4] Market Positioning - The product was developed in response to the higher risk exposure associated with fleet vehicles, which are driven more frequently and for longer distances, aiming to protect assets and ensure business continuity [5] - The launch is part of Alps' broader strategy to provide differentiated insurance solutions to brokers in a competitive market [6]

Core Viewpoint - Selective Insurance Group, Inc. has appointed Julie Parsons as an Independent Director to its Board, effective November 3rd, 2025, enhancing the board's expertise in the insurance sector [1][2]. Group 1: Board Composition - The Board of Directors now consists of 12 members, with 11 being independent directors following the appointment of Parsons [2]. Group 2: Julie Parsons' Background - Julie Parsons is an industry veteran with over 30 years of experience at Allstate Corporation, where she held various senior roles, including Executive Vice President and Chief Operating Officer for Property and Liability Insurance [2][3]. - Her career began as an actuarial analyst, and she progressed through multiple senior product management positions, ultimately becoming Allstate's first VP, Chief Actuary [3]. Group 3: Strategic Impact - John J. Marchioni, Chairman, President, and CEO of Selective, expressed that Parsons' operational experience in both commercial and personal lines, along with her product and actuarial expertise, will significantly benefit the company as it pursues its long-term objectives [4]. - Parsons emphasized her excitement about joining the Board and her commitment to guiding Selective's growth and delivering sustainable value for shareholders and stakeholders [5].

Core Viewpoint - Reliance Global Group, Inc. will host a conference call on November 6, 2025, to discuss its third-quarter financial results and provide a business update [1]. Group 1: Conference Call Details - The conference call is scheduled for November 6, 2025, at 4:30 PM Eastern Time [1]. - U.S. callers can join the call by dialing +1 800-715-9871, while international callers can dial +1 646-307-1963 [2]. - A webcast of the call will be available on the company's investor relations website [2]. Group 2: Replay Information - A webcast replay will be accessible through the investor relations section of the company's website until November 6, 2026 [3]. - A telephone replay will be available approximately one hour after the call until November 20, 2025, with specific dialing instructions for U.S. and international callers [3]. Group 3: Company Overview - Reliance Global Group, Inc. is an InsurTech pioneer utilizing AI and cloud-based technologies to enhance efficiencies in the insurance agency and brokerage industry [4]. - The company's B2B platform, RELI Exchange, offers independent insurance agencies tools to compete with larger national agencies while reducing operational costs [4]. - The B2C platform, 5minuteinsure.com, provides quick online insurance quotes for auto, home, and life insurance using AI and data mining [4]. - The company also operates a portfolio of retail insurance agencies across the U.S., offering a variety of insurance products [4].

This presentation has been prepared by Bowhead Specialty Holdings Inc. ("we," "us," "our," "Bowhead" or the "Company") on a confidential basis for the exclusive use of the party to whom Bowhead delivers this presentation. Investor Presentation November 2025 Forward Looking Statements This presentation has been prepared by Bowhead for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by ...

Core Insights - The London Company Small Cap Strategy reported a 1.9% appreciation in its small-cap portfolio for Q3 2025, underperforming the Russell 2000 Index which gained 12.4% [1] - The investor letter highlighted White Mountains Insurance Group, Ltd. (NYSE:WTM) as a key stock, noting its recent performance and market capitalization [2] Company Performance - White Mountains Insurance Group, Ltd. (NYSE:WTM) experienced a one-month return of -0.28% and a 52-week gain of 6.82%, with a closing stock price of $1,899.87 and a market cap of $4.892 billion as of November 3, 2025 [2] - The company faced challenges due to industry headwinds and investment volatility, impacting its stock performance [3] Investment Sentiment - Despite the challenges, The London Company expressed confidence in White Mountains Insurance Group's potential for growth in book value per share through prudent capital allocation [3] - The stock is not among the top 30 most popular stocks among hedge funds, with 20 hedge fund portfolios holding it at the end of Q2 2025, an increase from 19 in the previous quarter [4]