Core Viewpoint - OnRe SAC Ltd. is enhancing independent verification and transparency measures for its tokenized reinsurance vehicle ONyc, as its utilization in decentralized finance (DeFi) increases [1][2] Group 1: Independent Verification and Transparency - The update includes institutional NAV and reserve attestations through Apex and DeFi-native verification via Accountable, reflecting a shift in how yield-bearing assets are evaluated in DeFi [2][4] - The expanded verification framework aims to improve ONyc's legibility for institutional allocators and DeFi-native risk systems, providing disclosures around reserve composition, NAV performance, and portfolio structure [4][5] Group 2: Utilization in DeFi - ONyc is increasingly being used as collateral across various onchain venues, moving beyond being a yield-generating asset, indicating a broader change in asset utilization in DeFi [2][3] - The asset represents tokenized exposure to a diversified portfolio of reinsurance risk, with returns generated from real-world insurance premiums [3][6] Group 3: Liquidity and Risk Management - OnRe emphasizes secondary market liquidity as a core component of its risk framework, ensuring manageable leverage during normal and stressed market conditions [4][6] - The company asserts that liquidity is essential in collateral systems and must be treated as a core risk input from the outset [4] Group 4: Future Outlook - Long-term validation of ONyc will depend on sustained collateral adoption, consistent liquidity under stress, and ongoing third-party verification [6] - OnRe plans to expand reporting and liquidity infrastructure as ONyc's role within DeFi evolves, emphasizing the need for usable assets across market conditions [6]

Group 1 - Reinsurance Group of America, Incorporated (NYSE:RGA) is recognized as one of the 14 Best Mid Cap Dividend Aristocrat Stocks to buy now [1] - Barclays has lowered its price target for RGA to $237 from $251 while maintaining an Overweight rating, expressing cautious optimism about the life insurance sector heading into 2026 [2] - RGA announced a strategic investment in FoxPath Capital Partners, enhancing access to high-quality private assets in the credit secondary market and improving portfolio flexibility [3] Group 2 - RGA is a global leader in life and health reinsurance, providing solutions that assist clients in managing risk and optimizing capital [4]

Core Viewpoint - SCOR is undergoing significant changes in its Executive Committee as it prepares for the final year of its Forward 2026 plan and the upcoming strategic cycle to be unveiled in December 2026 [2]. Executive Committee Changes - Philipp Rüede has been appointed as Group Chief Financial Officer, succeeding François de Varenne, who will transition to Senior Advisor to the CEO on 7 March 2026 [3]. - Pilar Santamaria Cases will become CEO of SCOR Life & Health and a member of the Group Executive Committee, effective 7 March 2026 [4]. - Laure Forgeron joined SCOR as P&C Global Chief Underwriting Officer on 5 January 2026 and will also be part of the Group Executive Committee [4]. Leadership Insights - Thierry Léger, CEO of SCOR, expressed confidence in Philipp Rüede's capabilities, highlighting his extensive knowledge in financial mechanisms crucial for the company's future strategic plan [5]. - Pilar Santamaria Cases brings over 25 years of experience in the life reinsurance sector, which is expected to aid in the transformation and profitability of the L&H business [6]. - Laure Forgeron has over 15 years of international experience in property and casualty reinsurance, tasked with driving the P&C underwriting and portfolio strategy [7]. Acknowledgments - The Board of Directors expressed gratitude to François de Varenne for his significant contributions to SCOR over the past two decades, particularly in finance [8]. - The new Executive Committee, effective 7 March 2026, will include key leaders such as Thierry Léger, Jean-Paul Conoscente, and others, reflecting a strengthened leadership team [9][10].

Summary of Fortitude Re's Conference Call Company Overview - **Company**: Fortitude Re, a leading asset-intensive reinsurer, provides tailored reinsurance solutions and is supported by major investors including T&D Holdings and Carlyle [2][3] - **Financial Metrics**: As of September 30, 2025, Fortitude Re has a balance sheet exceeding $100 billion, with $6.9 billion in capital from investors and over $75 billion in general account reserves [3][4] Key Financial Performance - **Growth**: Achieved $83 billion in general account reserves, with core operating earnings of $674 million and adjusted net income of $669 million for the nine months ended September 30, 2025 [7][8] - **Market Share**: Holds over 25% market share in Japan and approximately 10% in North America since 2020 [4][6] - **Earnings Stability**: Core return on assets remains consistent, with a strong liquidity profile of approximately $5.3 billion [8][9] Strategic Initiatives - **Reinsurance Transactions**: Completed several block and flow reinsurance transactions adding nearly $10 billion in high-quality reserves [5] - **Capital Market Presence**: Issued senior notes and launched the first sidecar, FCA Re, with over $700 million in capital dedicated to Asia [5][6] - **Risk Management**: Emphasizes a robust risk management culture, with a focus on diversification, liability valuation, and asset-liability management [10][11] Investment Portfolio - **Asset Allocation**: The $82 billion investment portfolio is primarily fixed income (93%), with only 4% rated below investment grade [24] - **Private Credit**: $17.3 billion in private credit, primarily investment grade, with strong credit performance and no material losses [25][26] - **Real Estate Exposure**: $13.6 billion in real estate, with a focus on residential mortgages and a low average loan-to-value (LTV) ratio [26][27] Market Dynamics and Competitive Position - **Market Segments**: Operates in three of six key market segments, with a focus on complex transactions that yield above-market returns [30][31] - **Competitive Strength**: Maintains a competitive edge through disciplined underwriting, strong investor relationships, and a focus on sticky liabilities [32][39] - **Regulatory Environment**: Anticipates convergence of global regulatory regimes, which may benefit Fortitude's business model [44][45] Risks and Challenges - **Credit Stress**: Identified as a primary risk, with concerns over potential defaults and losses in the current geopolitical climate [59][60] - **Market Volatility**: Acknowledges the potential for market disruptions affecting credit quality, but expresses confidence in the company's resilience due to robust risk management practices [60][61] Future Outlook - **Growth Prospects**: Optimistic about future profitability and pipeline quality, with expectations for healthy growth in core operating earnings and adjusted net income in 2026 [51][56] - **Strategic Focus**: Plans to continue responsible growth by selectively underwriting in existing markets while expanding into new ones [37][38] This summary encapsulates the key points discussed during the conference call, highlighting Fortitude Re's financial performance, strategic initiatives, market dynamics, and future outlook.

TRADE SECRET AND STRICTLY CONFIDENTIAL T&D Investor Relations Event January 14, 2026 TRADE SECRET AND STRICTLY CONFIDENTIAL Important Notices & Disclaimers (1/2) This presentation has been prepared by FGH Parent, L.P. ("FGP") on its own behalf on behalf of all of its affiliates and subsidiaries (collectively "Fortitude Re", "we", "our", "us" or "the Company") in each case, as the context requires or unless otherwise noted. Nothing in this presentation constitutes the provision of any tax, accounting, financ ...

Core Insights - The global reinsurance market is facing uncertainty in 2026 due to a record influx of capital leading to a significant softening in prices, prompting analysts to describe the growth outlook as "murky" [1] Market Dynamics - The reinsurance sector is experiencing a supply-demand imbalance, with property catastrophe pricing dropping by up to 20% during the January 1 renewals, as insurance buyers regain control after years of a "hard" market [2] - A 9% increase in overall reinsurance capital in 2025 has intensified pressure on property catastrophe pricing, with Guy Carpenter reporting a 12% decline in rates-on-line and other brokers noting declines between 10% and 20% for accounts unaffected by losses [3] Pricing Trends - Property catastrophe pricing has reverted to levels last seen in 2022, with a record issuance of insurance-linked securities (ILS) in 2025, increasing the outstanding cat bond limit by 23% to $58.2 billion, indicating heightened interest in reinsurance [4] - Analysts project that with pricing down 10-20% at the January 1, 2026 renewals, the market will become increasingly competitive, leading to further declines below 2022 levels [5] Financial Projections - The loosening of terms and lower pricing may negatively impact returns in 2026, with reinsurers potentially facing worse attritional loss ratios and lower than consensus earnings per share (EPS) projections [6][7] - The casualty reinsurance market has remained stable despite ongoing reserve issues, but there are indications that the January 1, 2026 renewal was more favorable for buyers, with reinsurers pressured to increase ceding commissions [8][9] Strategic Shifts - Some reinsurers, including RenaissanceRe, Everest, and W.R. Berkley Corporation, have expressed disinterest in writing casualty reinsurance at current rates, suggesting a potential shift in focus towards property placements [10] - Analysts speculate that trading casualty for property placements may become a more significant dynamic in the coming years, although uncertainty remains regarding reserving at primary insurers [11] Growth Outlook - The overall growth outlook for reinsurers is expected to worsen, leading to reduced estimates, although increased share repurchase activity is anticipated across the sector in 2026 [12]

Core Insights - Transatlantic Holdings (TransRe) has made several key promotions to enhance its focus on building strong partnerships with clients and brokers [2][6] Group 1: Promotions and Responsibilities - Mike Torre has been promoted to lead the global property portfolio while continuing to develop TransRe's third-party capital strategy [1][2] - Maryam Haji has been appointed as the Global Head of Research & Catastrophe Management, focusing on catastrophe management and modelling [3][2] - Desmond Pollock is now the Head of the Go-To-Market team, emphasizing client and broker relationships [5][2] - Eyal Shnaps has taken charge of the US Custom team, previously serving as the Global Property Portfolio Leader [4][2] Group 2: Leadership Comments - Paul McKeon emphasized the importance of supporting front-line teams to meet client and broker expectations [6] - Lisa Moser highlighted that the changes will better integrate analytic capabilities to enhance insights for underwriting teams globally [6]

Group 1 - The core point of the article is that SCOR has successfully converted its Irish subsidiary SCOR Global Reinsurance Ireland dac into a French company named SCOR Global Reinsurance France SA as of January 8, 2026, with no changes to its assets, liabilities, or counterparties [2][3] - This relocation is part of SCOR's Forward 2026 initiative aimed at simplifying the Group's structure and enhancing operational efficiency [3] - SCOR is recognized as a leading global reinsurer, providing a diverse range of reinsurance and insurance solutions to manage risk effectively [4] Group 2 - In 2024, SCOR generated premiums amounting to EUR 20.1 billion and serves clients in over 150 countries from more than 35 offices worldwide [5]

Core Viewpoint - QBE Re has launched its casualty sidecar, George Street Re, with a total transaction value exceeding $550 million, marking its entry into the sidecar business [1] Group 1: Transaction Details - The sidecar structure provides fully collateralised quota share reinsurance and is designed to reinsure a portion of QBE Re's global casualty portfolio [1] - The transaction is backed by Culpeper Capital Partners, Calidris Investment Partners, and specialty reinsurer Compre [1] Group 2: Strategic Intent - The arrangement aims to enhance capital management options for QBE Re and increase available capacity for its primary cedants [2] - QBE Group's CFO, Chris Killourhy, expressed excitement about the inaugural casualty sidecar, emphasizing its adaptability to business needs and the establishment of long-term partnerships with alternative capital providers [2] Group 3: Operational Framework - The reinsurance is facilitated through various cells of Mangrove Risk Solutions Bermuda, a licensed Class 3 insurance company [3] - Compre Group has taken a defined portion of the sidecar, allowing it to expand its engagement in low-volatility and long-term underwriting classes [3] Group 4: Leadership Insights - QBE Re's managing director, Nick Hankin, highlighted that the support from new partners will help meet the growing demand from cedants while maintaining an optimal net portfolio and diversifying capital sources [4]

Group 1 - Nable (NABL) has seen a 20% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - RenaissanceRe (RNR) has experienced a 12.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Palantir Technologies (PLTR) has reported a 10.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - Allied Gold Corporation (AAUC) has seen a 7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [4] - Analog Devices (ADI) has experienced a 5.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [5]