Financial Data and Key Metrics Changes - In 2025, the company achieved a record EBT of $476 million from master planned communities (MPC), driven by the sale of 621 residential acres at an average price of $890,000 per acre [29] - The operating assets portfolio delivered a full-year NOI of $276 million, reflecting an 8% year-over-year increase, with same-store office NOI increasing by 11% and multifamily by 6% [31] - Adjusted operating cash flow for 2026 is expected to range between $415 million and $465 million, with MPC EBT projected between $343 million and $391 million [36][37] Business Line Data and Key Metrics Changes - The MPC segment's pricing power has become a primary driver of long-term profitability, with finished residential land sold at a record price of $1.7 million per acre [30] - The condominium platform contracted $1.6 billion in future revenue during 2025, marking the strongest year in the company's history [32] - The company expects condominium gross revenue for 2026 to be approximately $720 million to $750 million, with estimated profits of $108 million to $128 million [39] Market Data and Key Metrics Changes - Demand was strong in both Summerlin and Bridgeland, exceeding pricing and margin expectations [29] - The company has unlocked an additional 3-4 million square feet of entitlements in Hawaii, contributing to its development pipeline [7][9] Company Strategy and Development Direction - The company is transitioning from a pure real estate development firm to a diversified holding company, with the acquisition of Vantage Holdings as a key strategic move [4][22] - The focus is on optimizing long-term per-acre value in the MPC business rather than maximizing any single year's earnings [38] - The company aims to leverage its real estate operations to generate excess cash for reinvestment in Vantage and other operating companies [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close the Vantage acquisition by June, emphasizing the importance of regulatory approvals [17] - The company anticipates that the insurance business will enhance overall growth and provide diversification of earnings streams [26] - Management highlighted the importance of maintaining a conservative balance sheet while pursuing growth opportunities [44] Other Important Information - The company has refinanced its senior notes, achieving the tightest credit spreads in its history, which reflects strong market reception [42] - The company is focused on maintaining liquidity and flexibility in its capital structure to support ongoing projects and withstand downturns [44] Q&A Session Summary Question: Condo margins of The Park Ward Village related to infrastructure work - Management confirmed that infrastructure costs were anticipated and will benefit future towers, although current margins are impacted by the project's specifics [50] Question: Strategy regarding commercial real estate portfolio - Management indicated a long-term view on commercial real estate holdings, considering potential partnerships but valuing control over assets [54] Question: Timeline for profitability improvements at Vantage - Management expects 2026 to be the first year of meaningful profitability for Vantage, with benefits from scale and operational leverage anticipated [60] Question: Housing affordability initiatives - Management stated that they focus on a broad range of home prices to attract diverse buyers, with single-family rentals being a modest part of their portfolio [68] Question: Priorities for excess cash - Management outlined that the first priority for excess cash will be to ensure full ownership of Vantage, followed by investments in other operating companies [74]

Howard Hughes (NYSE:HHH) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker7Good day, and thank you for standing by. Welcome to the Howard Hughes Holdings fourth quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your qu ...

Convex Group grew gross written premium by 14% in 2025 to $5.88bn (£4.35bn) as it made a net profit for the third year in a row ahead of sealing investment from AIG.The international specialty insurer and reinsurer’s combined operating ratio deteriorated year-on-year from 87.3% to 89%.However its net income jumped just over 40% to $711m.AIG took a 35% equity investment in Convex and Onex Corporation reinvested as a majority shareholder with a 63% stake in a deal that was announced last October and  complete ...

Hamilton Insurance Group (NYSE:HG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Howie - CFO and Chief Investment OfficerDaniel Cohen - Equity Research AssociateDarian Niforatos - VP of Investor Relations and FinanceDavid Samar - Equity Research AssociateJustin Lee - Equity Research AssociatePina Albo - CEOConference Call ParticipantsChristian Getzoff - Senior Equity AnalystMatthew Heimerman - Managing Director and Senior Equity Research AnalystThomas McJoynt - Managing Direc ...

Financial Data and Key Metrics Changes - The company achieved record AUM before Flow Reinsurance of $73.1 billion, up 12% from year-end 2024, and record retained AUM of $57.6 billion, up 7% from year-end 2024 [5][14] - Adjusted net earnings were $123 million, or $0.91 per share in the fourth quarter, and $482 million, or $3.64 per share for the full year [24][25] - The fixed income yield was 4.65% in the fourth quarter, up 6 basis points from the fourth quarter of 2024 [6] Business Line Data and Key Metrics Changes - Gross sales for the full year reached $14.6 billion, with core products generating $9 billion, including indexed annuities, indexed universal life, and pension risk transfer [18][19] - Indexed annuities sales were $6.7 billion for the full year, consistent with 2024, while indexed universal life sales increased by 14% to $190 million [19][20] - Opportunistic sales, including funding agreements and multi-year guaranteed annuities, totaled $5.6 billion for the full year, with funding agreements up nearly 80% to $1.8 billion [21][22] Market Data and Key Metrics Changes - The company reported a strong pipeline for pension risk transfer (PRT) sales, achieving $2.1 billion for the full year, marking the third consecutive year of over $2 billion in PRT sales [20] - The alternative investment portfolio had an annualized return of approximately 7% in the fourth quarter, compared to a long-term expected return of 10% [7] Company Strategy and Development Direction - The company is transitioning to a more fee-based, higher margin, and less capital-intensive business model, focusing on long-term shareholder value [4][16] - The strategy includes leveraging distribution partners to grow the spread-based business while expanding sources of fee-based earnings through flow reinsurance and middle-market life insurance [16][26] - The company aims to increase its share of fee-based earnings to approximately 25% of total earnings by year-end 2028 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit soundness of the investment portfolio, with a stable credit-related impairment rate of 8 basis points in 2025 [6][13] - The company anticipates a potential decrease in surrender fee income in 2026, but is focused on growing AUM and maintaining a disciplined approach to capital allocation [60][61] - Management highlighted the importance of maintaining a strong capital position and flexibility, targeting a debt to capitalization ratio of approximately 25% [34] Other Important Information - The company completed a distribution of approximately 12% of outstanding shares to FNF shareholders, increasing public float from 18% to 30% [15] - A transaction is expected to close in the first quarter with Anchin Financial Holdings LP, which will provide net proceeds of approximately $300 million [32][55] Q&A Session Summary Question: Can you talk about software exposure in the investment portfolio? - Management indicated that software exposure is manageable, less than 5% of the total portfolio, with minimal disruption risk [38][39] Question: Can you discuss your near-term outlook for variable investment income? - Management expects variable investment income to remain stable, with a blended return around 10% [41][42] Question: Can you elaborate on your diversified panel of reinsurance partners? - Management confirmed no concerns regarding existing partnerships and noted a strong interest from potential reinsurance partners [46][47] Question: Can you provide insights on the transaction with Anchin Financial Holdings LP? - Management clarified that the transaction involves recapturing a third of liabilities and expects to use proceeds for general business growth [51][55] Question: What is the outlook for surrender fees and their impact on ROE? - Management anticipates lower surrender fee income in 2026 but expects overall asset growth to offset this [57][58]

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsChris Blunt - CEOConor Murphy - President and CFOJohn Barnidge - Managing DirectorLisa Foxworthy-Parker - Senior VP of Investor RelationsConference Call ParticipantsAlex Scott - Equity Research AnalystMark Hughes - Stock AnalystWilma Burdis - Equity Research AnalystOperatorGood morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed ...

Financial Data and Key Metrics Changes - In 2025, Hamilton delivered record net income of $577 million, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [15][16] - The company grew gross premiums written by 21% to a record $2.9 billion, compared to $2.4 billion in 2024 [19][20] - The combined ratio for 2025 was reported at 92.9%, with a tangible book value per share growth of 25% [6][20] Business Line Data and Key Metrics Changes - The Bermuda segment grew 27% in the fourth quarter, driven by casualty reinsurance, while the international segment, including Hamilton Global Specialty and Hamilton Select, saw a 20% increase in gross premiums written [8][9][24] - Hamilton Select, focused on casualty classes, grew 19% in the quarter, driven by excess casualty products and contractors [10][24] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [7][13] - The January 1 renewal season was characterized by strong competition in property catastrophe business, with pricing declining but maintaining consistent terms and conditions [11][12] Company Strategy and Development Direction - Hamilton's strategy emphasizes strong operational and underwriting culture, client relationships, and a robust capital position to support sustainable performance [4][5] - The company plans to maintain disciplined underwriting practices, focusing on profitable opportunities while avoiding chasing top-line growth at the expense of margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [13][14] - The company anticipates continued robust pricing in casualty lines, supported by clients retaining more of their business [68] Other Important Information - Hamilton announced a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position and record earnings [32][33] - The Bermuda Substance-Based Tax Credit is expected to enhance competitive advantages, with a recorded credit of $20.7 million in 2025 [17][18] Q&A Session Summary Question: Underlying loss ratio guide for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with expected catastrophe losses around 6%-7% for the year [36][37] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [39][40] Question: Competition in the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines, leading to a reduction in writings in that area [41][42] Question: Optimal premium leverage - The company has maintained a premium leverage of about 80% and is cautious about increasing it blindly in a transitioning market [46][48] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant satellite loss impacting both segments [72][73]

Financial Data and Key Metrics Changes - Hamilton Insurance Group reported record net income of $577 million for 2025, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [13][5] - The company grew tangible book value per share by 25% to a record $28.50 [13] - For Q4 2025, net income was $172 million, equal to $1.69 per diluted share, with an annualized return on average equity of 25% [13][14] - The combined ratio for 2025 was reported at 92.9% [19] Business Line Data and Key Metrics Changes - Gross premiums written increased by 21% to a record $2.9 billion for 2025, with Q4 premiums growing by 23% [5][19] - The Bermuda segment grew by 27% in Q4, driven by casualty reinsurance [6] - Hamilton Global Specialty saw a 21% increase in gross premiums written, while Hamilton Select grew by 19% [7][8] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [5][11] - The renewal season for property catastrophe business was characterized by strong competition and declining pricing, while casualty reinsurance saw more measured competition [9][10] Company Strategy and Development Direction - Hamilton's strategy focuses on maintaining strong relationships with clients and brokers, leveraging a hybrid platform for reinsurance and insurance [4] - The company aims to deploy capital while protecting margins, emphasizing disciplined underwriting practices [11] - Hamilton plans to continue investing in technology and underwriting capabilities, including the use of AI to enhance efficiency [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [11] - The company anticipates that pricing across targeted lines of business will remain largely risk adequate [11] Other Important Information - Hamilton declared a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position [30] - The Bermuda Substance-Based Tax Credit is expected to provide significant tax benefits, enhancing the company's competitive advantage [16][17] Q&A Session Summary Question: Underlying loss ratio guidance for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with catastrophe losses expected to be around 6%-7% for the year [34][35] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [36][37] Question: Competition on the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines [39][40] Question: Optimal premium leverage - The company has maintained a retention rate of about 80% and is cautious about increasing premium leverage in a transitioning market [44][45] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant loss attributed to a satellite incident impacting both segments [70][71]

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Speaker6Good morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed in listen-only mode. Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy-Parker, Senior Vice President, Investor & External Relations. Please go ahead.Spea ...

The co-founder of Fermat Capital Management says the market for catastrophe bonds is drawing in new issuers at a rate that’s unlike anything he’s seen before.John Seo, managing director and co-founder of Connecticut-based Fermat — a hedge fund manager specialized in cat bonds — says he’s aware of 16 new issuers coming to market in 2025. That’s as much as eight times the historical average for first-time issuers, Seo said. He expects cat bond sales of about $24 billion this year, testing last year’s record. ...