Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net loss of $4.4 million, bringing year-to-date net income to $25.6 million [5][21] - Fully diluted book value per share decreased by 0.4% in the quarter to $18.9, but increased by 5.3% year-to-date [5][27] - The company achieved a record quarterly combined ratio of 86.6%, resulting in $22.3 million of underwriting income, which was 9.3 points better than the same period last year [5][21] Business Line Data and Key Metrics Changes - The Open Market segment reported a pretax income of $27.9 million, with net written premiums growing by 9.5% to $140.4 million and net earned premiums increasing by 14.1% [22][23] - The Open Market combined ratio improved by 10 points to 84.5% compared to 94.5% in Q3 2024, driven by a lower loss ratio and acquisition costs [23] - The Innovation segment grew net written premiums by 57.5% to $22.3 million, although net earned premiums decreased by $800,000 due to increased retroceded premiums [24][25] Market Data and Key Metrics Changes - The investment performance for the quarter resulted in a loss of $17.4 million, primarily due to the SolasGlass portfolio and unrealized losses in the Innovations investment portfolio [9][21] - The SolasGlass Fund returned negative 3.2% in Q3, while the S&P 500 Index advanced 8.1% [14] Company Strategy and Development Direction - The company is focused on one-on-one renewals, expecting to renew most of its non-casualty business and potentially grow [12] - The company anticipates continued strong organic growth from existing Innovations clients and attractive new business opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting portfolio's ability to deliver strong returns, despite a softening market [12] - The company believes it has made structural improvements that should allow it to earn a return on equity greater than its cost of equity [36] Other Important Information - The company repurchased 512,000 shares for $7 million during the first nine months of 2025, which has been accretive to book value per share [26] - The company reduced its debt leverage ratio to 5.3% from 9.5% at the beginning of the year [27] Q&A Session Summary Question: Update on the macro part of the SolasGlass Fund - Management maintains a core position in gold and is long SOFR futures, expecting the Fed to reduce interest rates more than the market anticipates [30][32] Question: Long-term future of the company - Management believes the company has made enough structural improvements to justify trading at or above book value and does not see liquidation as a solution [36]

Financial Performance - Greenlight Capital Re's gross premiums written reached $756 million[10] - The company's shareholders' equity stands at $659 million[10] - Cumulative book value growth from 2020 to 2024 was 33.8%[10] - Shares repurchased over the past five quarters amounted to $14.5 million[10], representing 3% of outstanding shares[38] - In Q3 2025, 155,249 ordinary shares were repurchased at a cost of $2 million[12], with $23 million remaining for share purchases[12] - Debt leverage decreased from 16% at the end of 2022 to 5% as of Q3 2025[12] Underwriting Performance - Gross premiums written for Q3 2025 were $184.4 million[21], compared to $168.3 million in Q3 2024[21] - The combined ratio for Q3 2025 was 86.6%[21], the lowest in the company's history[21] - Net underwriting income for Q3 2025 was $22.3 million[21], compared to $6.1 million in Q3 2024[21] Solasglas Investments - Solasglas Investments, LP's annual average returns since 2020 are 9.3%[32] - Solasglas Investments, LP's annual average returns since inception are 5.3%[32] - Solasglas Investments, LP's 2025 YTD returns (through October) are 1.2%[32] - Solasglas Investments, LP return in Q3 2025 was (3.2)%[33]

Core Insights - Oxbridge Re Holdings Limited is a leader in digitizing reinsurance securities as tokenized real-world assets, with a focus on delivering high-yield, uncorrelated returns to investors through tokenized access to reinsurance contracts [2][4]. Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and operates through subsidiaries such as SurancePlus Inc, Oxbridge Re NS, and Oxbridge Reinsurance Limited, providing tokenized Real-World Assets (RWAs) and reinsurance business solutions [2][4]. - The company serves insurance businesses in the Gulf Coast region of the United States, offering property and casualty reinsurance through its licensed reinsurers [3]. Product Development - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on-chain" reinsurance RWA sponsored by a publicly traded company, democratizing access to reinsurance as an alternative investment for both U.S. and non-U.S. investors [4]. Performance Metrics - The EtaCat Re – Balanced Yield Token has a targeted return of 20% and is currently tracking at 25% - The ZetaCat Re – High Yield Token has a targeted return of 42% and is on track to achieve its targeted return [6].

Odyssey Reinsurance Company, the property and casualty reinsurance arm of Odyssey Group Holdings, Inc., a subsidiary of Fairfax Financial Holdings Limited, has appointed Randhir Bilkhu as Head of Artificial Intelligence (AI) Business Solutions.In his new role, Bilkhu will report to the Chief Executive Officer of Reinurance.His remit is to identify and implement opportunities to utilise AI and technology to add value to the underwriting process.Bilkhu joined OdysseyRe in 2019 as Senior Pricing Actuary and Da ...

Financial Data and Key Metrics Changes - The company reported record operating EPS of $6.37 per share, exceeding expectations [4][13] - Pre-tax adjusted operating income was $534 million for the quarter, with an adjusted operating return on equity of 14.2% for the trailing 12 months [13][14] - Traditional business premium growth was 8.5% year-to-date on a constant currency basis, indicating strong momentum across regions [16][19] Business Line Data and Key Metrics Changes - The U.S. traditional business experienced modestly unfavorable claims experience, but overall results were supported by in-force management actions [18][19] - The Asia Pacific region showed strong traditional results, with significant growth in critical illness products and continued innovation [7][8] - EMEA results reflected favorable underwriting margins and successful transactions across various product lines [8][19] Market Data and Key Metrics Changes - The company deployed $2.4 billion of capital year-to-date, with $1.5 billion into the Equitable transaction and $900 million into over 20 other transactions globally [9][10] - The value of in-force business margins increased by 16% over the past three quarters, indicating strong new business momentum [11][24] Company Strategy and Development Direction - The company continues to focus on innovative underwriting and strategic partnerships, particularly in the U.S. and Asia [6][7] - The Equitable transaction is expected to contribute significantly to future earnings, with a projected pre-tax income of around $70 million for the full year [18][19] - The company aims to balance capital deployment into the business with returning capital to shareholders through dividends and share repurchases [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning in the right markets and the execution of effective strategies [12][24] - The company anticipates continued strong opportunities across geographies and business lines, supported by a robust capital position [24][25] Other Important Information - The company repurchased $75 million of common shares during the quarter, indicating a commitment to returning capital to shareholders [5][15] - The effective tax rate for the quarter was 19.6%, below the expected range, primarily due to the jurisdictional mix of earnings [15][16] Q&A Session Summary Question: U.S. claims activity in traditional - Management indicated that the negative claims experience was within normal volatility, with $30 million from individual life and $20 million from group business [28] Question: One-time items impacting U.S. premiums - A recapture of a treaty resulted in a positive impact of about $20 million, which affected the premium growth rate [29] Question: Impact of GLP-1 drugs on mortality assumptions - Management has not made material changes to assumptions but is confident that existing mortality improvement assumptions will be realized [32] Question: LDTI annual run rate increase - The annual run rate is expected to increase by $15 million next year, gradually ramping up to $25 million by 2040 [34] Question: Ruby Re's business activity - Ruby Re is focused on U.S. asset-intensive transactions, with a pipeline of transactions expected to be fully deployed by mid-2026 [38] Question: In-force actions opportunities - The company is on track with in-force actions, expecting about $50 million a year, with $45 million achieved year-to-date [42] Question: UK mortality trends - The company has increased expectations for future UK mortality, reflecting ongoing excess mortality in the population [52] Question: Equitable block accounting smoothing - Approximately 50% of the Equitable block is expected to benefit from accounting smoothing over time [55] Question: Group headwinds from medical claims - The group business is expected to be fully repriced by January 2026, with profitability anticipated thereafter [57] Question: Competitive positioning and risk appetite - Management emphasized that there has been no change in risk appetite or processes, maintaining a focus on exclusive transactions [60] Question: LDTI smoothing expectations - Management believes LDTI will provide smoothing benefits over time, although results may vary quarter by quarter [64] Question: Economic solvency opportunities in Japan - The company has seen increased activity in Japan, driven by co-insurance of blocks, and continues to pursue selective opportunities [70]

Financial Performance - Adjusted operating income, excluding notable items, was $6371 per diluted share[15] - Trailing twelve month adjusted operating ROE, excluding notable items, was 142%[15] - The company deployed approximately $17 billion of capital during the quarter into in-force block transactions, including $15 billion into the EQH transaction[15] Business Growth and Momentum - Traditional premium growth was 85% year-to-date on a constant currency basis[15] - Value of In-force Business Margins increased by $61 billion, or 162%, to $437 billion in the first nine months of the year[15] Capital Management - Estimated deployable capital is $34 billion[15] - Estimated excess capital totaled $23 billion[15] - The company repurchased $75 million of common shares[15] Investment Portfolio - Assets under management are approximately $132 billion[31] - Over 94% of fixed maturity securities are rated investment-grade[31] - The company experienced Q3 impairments and change in allowances of $35 million[35]

Core Insights - SCOR reported a net income of EUR 217 million for Q3 2025, contributing to a total net income of EUR 642 million for the first nine months of the year [1][6][19] - The company achieved an annualized Return on Equity (RoE) of 22.1% in Q3 2025, reflecting strong performance across all business lines [3][5][23] - The combined ratio in Property & Casualty (P&C) insurance improved to 80.9% in Q3 2025, down from 88.3% in Q3 2024, indicating effective underwriting and a low level of natural disaster activity [4][10][23] Financial Performance - Net income for Q3 2025 was EUR 217 million, with an adjusted figure of EUR 211 million, driven by all business lines [4][5][19] - The P&C segment reported a combined ratio of 80.9% for Q3 2025, with a natural disaster loss ratio of 2.7% [4][10] - Life & Health (L&H) insurance activities generated a result of EUR 98 million in Q3 2025, aligning with expectations [12][14] Investment Performance - The current yield on investments was 3.5%, with attractive reinvestment rates [5][15] - The economic value of the group, measured under IFRS 17, was EUR 8.5 billion as of September 30, 2025, reflecting a 12.7% increase at constant economic assumptions [8][24] - Total invested assets amounted to EUR 23.4 billion, with a high-quality bond portfolio [15][24] Solvency and Capital Management - The estimated solvency ratio of the group was 210% as of September 30, 2025, within the optimal solvency range of 185%-220% [7][24] - The company maintained a stable solvency ratio, reflecting limited net capital generation and neutral market evolution during the quarter [7][24] Business Segments - P&C insurance revenues for Q3 2025 were EUR 1,813 million, a decrease of 1.6% at current exchange rates compared to Q3 2024 [9][21] - L&H insurance revenues decreased by 9.6% to EUR 1,900 million in Q3 2025 compared to the previous year [14][21] - The company continues to generate new business in L&H, with EUR 82 million in new business CSM for Q3 2025 [14][19]

Core Insights - SCOR reported a net income of EUR 217 million for Q3 2025, contributing to a total net income of EUR 642 million for the first nine months of the year [1][6][22] - The annualized Return on Equity (RoE) for Q3 2025 was 22.1%, reflecting strong performance across all business segments [3][24] - The Group's solvency ratio was estimated at 210% as of September 30, 2025, indicating a stable financial position within the optimal range [7][26] Group Performance - The Group achieved a net income of EUR 217 million in Q3 2025, with an adjusted figure of EUR 211 million [4][22] - The Property & Casualty (P&C) combined ratio improved to 80.9%, down from 88.3% in Q3 2024, driven by disciplined underwriting and low natural catastrophe activity [4][11] - Life & Health (L&H) insurance service result was EUR 98 million, with experience variance in line with expectations [4][15] Investment Performance - Total invested assets amounted to EUR 23.4 billion, with a regular income yield of 3.5% [16][17] - The return on invested assets was reported at 3.3%, a slight decrease from 4.0% in the previous quarter [18][24] - The reinvestment rate stood at 4.0% as of September 30, 2025, reflecting favorable market conditions [19][24] Economic Value - The Group's Economic Value under IFRS 17 was EUR 8.5 billion as of September 30, 2025, representing a 12.7% increase at constant economics compared to December 31, 2024 [8][26] - Economic Value per share was EUR 48.12, showing a slight increase from EUR 48.03 at the end of 2024 [26][25] Business Segment Insights - P&C insurance revenue for Q3 2025 was EUR 1,813 million, a decrease of 1.6% at current exchange rates compared to Q3 2024 [10][22] - L&H insurance revenue decreased by 9.6% to EUR 1,900 million compared to the same quarter in the previous year [12][22] - The P&C insurance service result increased significantly to EUR 255 million, up 60.4% year-over-year [10][22]

Financial Data and Key Metrics Changes - The company reported operating income of $734 million for Q3 2025, with an operating return on average common equity of 28% [5] - Year-to-date operating income reached almost $1.3 billion, delivering about a 17% operating return on average common equity [5] - Tangible book value per share plus change in accumulated dividends grew by 10% in the quarter and nearly 22% year-to-date [5][6] - Annualized return on equity was 35% for the quarter, with operating return on equity at 28% [14] Business Line Data and Key Metrics Changes - Underwriting income increased to $770 million, nearly double from Q3 2024, with retained net investment income rising to $305 million, up 4% [15] - Fee income reached $102 million, up 24% [15] - The adjusted combined ratio for underwriting was 67%, reflecting disciplined underwriting and low catastrophe losses [19] - Gross premiums written were $2.3 billion, with net premiums written at $2 billion, slightly down from the comparable quarter [20] Market Data and Key Metrics Changes - The property catastrophe portfolio grew from $2 billion in gross written premium in 2022 to around $3.3 billion in 2025 [7] - The company expects property catastrophe rates to decline by about 10% in 2026, although some accounts may see stable or increased rates due to specific conditions [31][32] - The casualty and specialty segment maintained a combined ratio in the high 90s, with a focus on managing exposure to U.S. general liability [36] Company Strategy and Development Direction - The company aims to prioritize margin over growth, focusing on strong underwriting practices to maintain profitability [9] - It plans to continue growing tangible book value per share at an attractive pace, leveraging its strong underwriting and investment capabilities [6][39] - The company is committed to returning capital to shareholders, having returned over $1 billion so far in 2025 through share repurchases [8][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as decreasing property catastrophe rates and falling short-term interest rates but expressed confidence in overcoming these through disciplined execution [8][39] - The company anticipates continued demand growth in property catastrophe, although at a slower rate than in previous years [9][31] - Management emphasized the importance of maintaining strong customer relationships to capitalize on future growth opportunities [10][36] Other Important Information - The company has returned over $1 billion in capital to shareholders in 2025, reflecting its strong capital position and belief in the value of its shares [8][18] - Retained net investment income is expected to persist and potentially grow as the asset base increases [25] Q&A Session Summary Question: What is the normal expectation for fee income and net investment income contributions to return in 2026? - Management expects around 11-12% from investment income and about 3% from fees as a starting point for 2026 [41] Question: What is the expected ROE on cat business written in 2026? - Management indicated that while rates may decline, the business remains profitable with strong rate adequacy, suggesting continued positive outlook [45][46] Question: How is third-party capital influencing pricing in 2026? - Management noted that third-party capital is not the primary driver of pricing; traditional reinsurers' comfort with return levels is more influential [54][56] Question: Can you provide insights on the casualty and specialty segment's pricing? - Management observed that pricing increases have primarily occurred at the insurer level, benefiting the reinsurance side, and emphasized ongoing optimization of their portfolio [78][80]

RenaissanceRe Holdings Ltd. Contents | | Page | | --- | --- | | Basis of Presentation | i | | Financial Highlights | 1 | | Summary Consolidated Financial Statements | | | a. Consolidated Statements of Operations | 3 | | b. Consolidated Balance Sheets | 4 | | Underwriting and Reserves | | | a. Segment Underwriting Results | 5 | | b. Segment Underwriting Results - Five Quarter Trend | 7 | | c. Property Segment - Catastrophe and Other Property Underwriting Results | 10 | | d. Gross Premiums Written | 12 | | e. ...