Financial Data and Key Metrics Changes - The company achieved record earnings for both the quarter and the year, with core operating income of nearly $3 billion, or $752 per share, up about 22% and 25% respectively [4] - Total company net premiums grew almost 9%, with P&C up 7.7% and life up about 17% [4] - For the full year, record operating income was just shy of $10 billion, or $24.79 per share, up about 9% and 11% respectively over prior [6] - Per share tangible book value grew 25.7% last year [8] Business Line Data and Key Metrics Changes - P&C underwriting income was $2.2 billion, up 40%, with a record low combined ratio of 81.2% for the quarter [4] - Life division produced $322 million of pre-tax income in the quarter, up just shy of 20% [14] - Adjusted net investment income rose 9% to almost $7 billion for the year [6] Market Data and Key Metrics Changes - Premiums in overseas general were up 10.8%, with global retail premiums up 12.5% [11] - In North America, total P&C premiums were up over 6.5%, with agriculture up over 45% [12] - Premiums in major accounts and specialty grew 3%, with major account business up 0.5% [12] Company Strategy and Development Direction - The company is focused on improving its competitive profile while continuing to invest in growth opportunities across various business lines [14] - The commercial P&C underwriting environment is becoming more competitive, particularly in large account property and E&S [10] - The company is pursuing opportunities in multiple directions to earn adequate risk-adjusted returns [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate strong growth in operating earnings and double-digit growth in EPS and tangible book value for 2026 [14] - The company is mindful of the affordability issue in the U.S. and the rising costs of liability and homeowners insurance [22] - Management noted that while the pricing environment is competitive, they are comfortable with the combined ratios being published [20] Other Important Information - The company returned $1.5 billion of capital to shareholders in the quarter, contributing to a total of $4.9 billion for the year [16] - Pre-tax catastrophe losses were $365 million for the quarter, with annual industry CAT losses approaching $129 billion [7][17] - The company expects adjusted net investment income in the first quarter of 2026 to be between $1.81-$1.84 billion [18] Q&A Session Summary Question: Sustainability of U.S. commercial lines margins in 2026 - Management does not provide forward guidance but is confident in the combined ratios and growth in underwriting income contributing to EPS growth [20] Question: Implications of excess profit laws on personal lines profitability - Management highlighted the importance of measuring personal lines over extended periods and cautioned against politicizing affordability issues [22] Question: Growth opportunities in Latin America outside of Mexico - Management discussed partnerships with local banks for distribution of consumer insurance and noted strong growth in consumer businesses across various countries [24][25] Question: Competitive dynamics in Asia - Management emphasized the need for broad capabilities and local franchises to compete effectively in the diverse markets of Asia [26] Question: Trends in financial lines and workers' comp pricing - Management noted that financial lines are diverse and some areas are growing while others are shrinking, with recent positive trends in public D&O pricing [51]

Core Viewpoint - The Nomination and Remuneration Committee of Sampo plc has proposed changes regarding the remuneration and composition of the Board of Directors for the upcoming Annual General Meeting scheduled for April 22, 2026 [1][2]. Remuneration Proposals - The proposed annual fees for Board members include EUR 250,000 for the Chair (up from EUR 243,000), EUR 144,000 for the Vice Chair (up from EUR 140,000), and EUR 111,000 for each Board member (up from EUR 108,000) [3][4]. - Additional committee fees proposed are EUR 30,000 for the Chair of the Audit Committee (unchanged), EUR 15,000 for each Audit Committee member (up from EUR 6,800), EUR 20,000 for the Chair of the Nomination and Remuneration Committee (new fee), and EUR 10,000 for each member of the Nomination and Remuneration Committee (new fee) [3][4]. Board Composition - The Committee proposes that the number of Board members remain unchanged at eight, with the re-election of current members Steve Langan, Sara Mella, Risto Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange, and Annica Witschard, while Christian Clausen will not be re-elected [2][9]. - Andreas Brandstetter is proposed as a new member of the Board, bringing nearly three decades of experience in the P&C insurance industry [11][9]. Leadership Structure - The Committee recommends Antti Mäkinen as the Chair of the Board and Risto Murto as the Vice Chair [10][9]. - The proposed composition of the Nomination and Remuneration Committee includes Steve Langan, Risto Murto, and Antti Mäkinen, while the Audit Committee will consist of Andreas Brandstetter, Sara Mella, Markus Rauramo (Chair), Astrid Stange, and Annica Witschard [10]. Diversity and Independence - The Committee emphasizes the importance of diversity in the Board's composition, aiming for at least three members of each gender when the Board consists of eight members [14]. - All proposed Board members are deemed independent according to the Finnish Corporate Governance Code 2025, with specific consideration given to Risto Murto's long service [15].

Economic Indicators - Private sector employment in the U.S. increased by 22,000 jobs in January, significantly below the expected growth of 45,000 jobs, following a downwardly revised increase of 37,000 jobs in December [25][26] - The modest increase was primarily driven by a jump in employment in the education and services sector, which added 74,000 jobs [26] Stock Market Performance - Major U.S. index futures indicate a flat open, with stocks lacking direction after a weak previous session [1] - The tech-heavy Nasdaq experienced a notable decline, dropping 336.92 points or 1.4 percent to 23,255.19, while the S&P 500 fell 58.63 points or 0.8 percent to 6,917.81, and the Dow decreased by 166.67 points or 0.3 percent to 49,240.99 [5] - Advanced Micro Devices (AMD) saw a significant drop of 10.1 percent in pre-market trading after disappointing first-quarter guidance, despite reporting better-than-expected fourth-quarter results [2][3] - Conversely, Super Micro Computer (SMCI) shares surged by 9.5 percent in pre-market trading after exceeding fiscal second-quarter estimates and raising its full-year revenue forecast [3] Sector Performance - Software stocks performed poorly, with the Dow Jones U.S. Software Index declining by 3.5 percent, marking its lowest closing level in over nine months [6] - Semiconductor stocks also faced substantial weakness, with the Philadelphia Semiconductor Index tumbling by 2.1 percent, and NXP Semiconductors (NXPI) shares dropping by 4.5 percent despite exceeding analyst estimates [7] - Retail giant Walmart (WMT) benefited from the rotation out of tech, surging by 2.9 percent and surpassing a $1 trillion market capitalization [7][8] - Gold stocks experienced a rebound, with the NYSE Arca Gold Bugs Index spiking by 4.4 percent amid rising gold prices [9] International Markets - Asian stocks ended mixed, with software stocks declining due to fears over AI impacting future growth [12] - The Eurozone's inflation rate dropped to 1.7 percent in January, below the 2 percent target, influenced by falling energy prices and a stronger euro [18] - The Eurozone private sector recorded its slowest growth in January, with a composite output index of 51.3, indicating expansion for the thirteenth consecutive month [20]

Core Viewpoint - Skyward Specialty Insurance Group has launched a new specialized Power Generation insurance solution aimed at small to mid-sized entities, enhancing its offerings to meet the evolving needs of power producers and brokers in the U.S. [1] Group 1: Product Launch - The new Power Generation insurance solution provides tailored coverage for a wide range of power assets, addressing risks throughout the asset lifecycle [1] - This solution is designed to cater to the complexities of today's power environment and complements the existing Renewable Energy program [1] Group 2: Market Positioning - The new offering aims to provide power producers and brokers with purpose-built capacity that can lead or significantly participate in complex power generation accounts [1]

Chubb Limited Investor Presentation December 2025 Chubb Shareholder Value Creation Model Balance sheet1: $90B total capital, AA S&P rated, $166B invested asset; underwriting and investment management capability, strength of loss reserves, earning power, liquidity and cash flow Breadth of capability and diversification globally means opportunity for growth P&C revenue growth and superior underwriting margin = underwriting income growth and reserve strength Investment income: large and growing invested asset, ...

Group 1 - RenaissanceRe Holdings Ltd. is considered one of the most undervalued quality stocks currently available for investment, with Cantor Fitzgerald raising its price target to $282 from $252 while maintaining a Neutral rating [1] - Wells Fargo has lowered its price target for RenaissanceRe to $281 from $285, while keeping an Equal Weight rating, emphasizing the importance of pricing, loss trends, and reserves for property and casualty companies ahead of quarterly earnings results [3] - The company operates in the reinsurance and insurance sectors, providing products both in the US and internationally, with a focus on Property and Casualty & Specialty segments [4] Group 2 - The initial positive outlook for insurance brokers may have been premature, with expectations of a decline in near-term fundamentals before any improvement is seen [2] - Investors are advised to focus on organic growth and margins for brokers, as well as sales, capital, and guidance for life insurance companies [3]

Group 1 - The Hartford Insurance Group Inc. (NYSE:HIG) is considered one of the most undervalued quality stocks currently available for investment [1] - Cantor Fitzgerald raised the price target for Hartford Financial to $165 from $160, maintaining an Overweight rating, following strong Q4 2025 results [1][6] - Wells Fargo also increased its price target for The Hartford to $156 from $153, supported by a core EPS of $4.06 in Q4 2025 [2][3] Group 2 - Management has set targets to improve expense ratios, aiming for Business Insurance below 30% and Personal Insurance below 25% [3] - The company anticipates mid-single-digit organic growth in 2026, although there may be near-term challenges in commercial lines margins, particularly in the excess & surplus segment [1][3]

Zurich Insurance has agreed an improved takeover bid for UK-listed cyber and speciality insurer Beazley, valuing the company at about £8 billion ($10.96 billion). Under the revised cash offer, Beazley... ...

Core Insights - Kingstone Companies, Inc. reported the strongest quarterly and annual results in its history for Q4 and FY 2025, with significant growth in direct premiums written and improved profitability metrics [1][4]. Financial Performance - **Fourth Quarter Results**: - Direct Premiums Written: $83 million, up 14% from $73 million in Q4 2024 [2]. - GAAP Net Combined Ratio: 64%-66%, a decrease of 15-13 percentage points from 79% [2]. - Net Income per Diluted Share: $0.98-$1.03, an increase of 145%-158% from $0.40 [2]. - Operating Net Income per Diluted Share: $1.03-$1.08, up 124%-135% from $0.46 [2]. - Return on Equity (ROE): 49%-51%, an increase of 15-17 percentage points from 34% [2]. - **Full Year Results**: - Direct Premiums Written: $278 million, up 15% from $242 million in FY 2024 [2]. - GAAP Net Combined Ratio: 75%-77%, a decrease of 5-3 percentage points from 80% [2]. - Net Income per Diluted Share: $2.80-$2.88, an increase of 89%-95% from $1.48 [2]. - Operating Net Income per Diluted Share: $2.71-$2.79, up 87%-92% from $1.45 [2]. - Return on Equity (ROE): 41%-43%, an increase of 5-7 percentage points from 36% [2]. Management Commentary - The President and CEO highlighted that the company achieved its most profitable quarter and year, exceeding the 2025 guidance [4]. - The growth in direct written premiums and exceptional underwriting profit reflects the strength of the company's operational platform [4][5]. Strategic Positioning - Kingstone has maintained its service in Downstate New York, even as competitors have exited the market, benefiting from low catastrophe losses and improved claims operations [5]. - The company aims for continued profitable growth in New York and plans to expand into new markets, targeting $500 million in premium by 2029 [6].

Core Insights - The Hanover Insurance Group reported a record net income of $198.5 million in Q4 2025, an 18.2% increase from $167.9 million in Q4 2024 [1] - For the full year 2025, net income reached $662.5 million, a significant 55.5% increase from $426 million in 2024 [3] Financial Performance - Operating income for Q4 2025 was $210.1 million, an 8% increase from $194.6 million in Q4 2024 [2] - The company generated net premiums written of $1.49 billion in Q4 2025, up 3% from $1.45 billion [2] - Net premiums earned totaled $1.56 billion in Q4 2025, marking a 3% increase from $1.51 billion [2] - For the full year, net premiums written increased 3.9% to $6.32 billion from $6.1 billion, while net premiums earned rose 4.2% to $6.16 billion from $5.91 billion [4] Combined Ratio and Loss Ratios - The combined ratio improved to 89% in Q4 2025 from 89.2%, supported by a lower expense ratio of 31.8% compared to 32.3% [3] - The current accident year loss and loss adjustment expense (LAE) ratio was 56.8% in Q4 2025, slightly down from 56.9% [3] - For the full year, the combined ratio improved to 91.6% from 94.8%, with a loss and LAE ratio of 60.5%, 3.0 points below the prior year [5] Investment Income - Net investment income rose 24.9% to $125.8 million in Q4 2025 and increased 22% to $454.4 million for the full year [3][5] Strategic Positioning - The company achieved a record annual operating return on equity of 20.1% and 23.1% in Q4 2025 [6] - The Hanover's market position in Personal Lines is strong, with approximately 89% of customers holding multiple policies, enhancing retention [6] - The company continues to see attractive opportunities in the small-to-middle-market account segment in Core Commercial [6] Shareholder Returns - The company raised its quarterly dividend by 5.6% to $0.95 per share, marking the 21st consecutive annual increase [7] - A total of $130 million in shares was repurchased over the year, reflecting a balanced, shareholder-focused capital management strategy [7]