Convex generates record annual results including $711 million in net incomeAll amounts in U.S. dollars unless otherwise stated TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2025. Onex also released supplemental financial information for Convex Group Limited (“Convex”) for fiscal 2025. “The acquisition of Convex and partnership with AIG is a pivotal moment in Onex’ evolution that meaningfully en ...

Group 1: RenaissanceRe Holdings Ltd. (RNR) - RenaissanceRe Holdings is an insurance and reinsurance company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 27.6% over the last 60 days [1] - The company has a PEG ratio of 1.61, which is lower than the industry average of 1.81, and possesses a Growth Score of B [1] Group 2: Phibro Animal Health Corporation (PAHC) - Phibro Animal Health is an animal health and mineral nutrition company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 9.1% over the last 60 days [2] - The company has a PEG ratio of 1.14, significantly lower than the industry average of 2.89, and possesses a Growth Score of B [2] Group 3: Dycom Industries, Inc. (DY) - Dycom Industries is a specialty contracting services company with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 7% over the last 60 days [3] - The company has a PEG ratio of 1.77, compared to the industry average of 3.06, and possesses a Growth Score of B [3]

Core Insights - S&P Global Ratings has upgraded Lancashire Holdings Limited's long-term issuer credit and financial strength ratings for its core re/insurance subsidiaries to 'A' from 'A-' [1] - The long-term issuer credit rating for Lancashire Holdings has been raised to 'BBB+' from 'BBB', with a stable outlook, reflecting the company's strengthened competitive position through broader product offerings and premium growth [2] Financial Performance - Lancashire Holdings has significantly expanded its gross premiums written (GPW), reaching $2.15 billion in 2024, with a year-on-year GPW growth of 7.4% to $1.8 billion for the first nine months of 2025 [4] - Insurance revenue for the first nine months of 2025 increased by 7.8% to $1.4 billion [4] Future Outlook - S&P expects Lancashire's GPW to reach approximately $2.3 billion by 2027, supported by continued growth opportunities, albeit at a more measured pace due to anticipated rate pressure in short-tail reinsurance lines [5] - The company's larger business profile enhances its capacity to absorb losses and diversifies its underwriting portfolio, particularly as it expands into casualty reinsurance and U.S. excess and surplus lines [5]

Core Insights - Accelerant Holdings operates in the financial sector, focusing on insurance and reinsurance solutions, aiming to provide innovative risk management services [1] - The company has a Return on Invested Capital (ROIC) of 0.85%, which is significantly lower than its Weighted Average Cost of Capital (WACC) of 5.05%, indicating inefficient capital utilization [2][6] - CompX International Inc. demonstrates strong capital efficiency with a ROIC of 12.03% and a WACC of 8.74%, suggesting potential for growth [3][6] - CIMG Inc. shows the most concerning figures with a ROIC of -78.08% and a WACC of 6.34%, indicating significant inefficiencies in capital utilization [5][6] Comparison with Peers - SuperX AI Technology Limited has a negative ROIC of -14.33% against a WACC of 4.66%, indicating poor capital utilization [3] - Albany International Corp. has a negative ROIC of -2.66% with a WACC of 8.80%, resulting in a ROIC to WACC ratio of -0.30 [4] - Mistras Group, Inc. has a ROIC of 5.99% and a WACC of 7.82%, indicating moderate capital efficiency [4] - Overall, while CompX International Inc. shows strong capital efficiency, Accelerant Holdings and several peers face challenges in generating returns above their cost of capital [5]

Core Insights - Investors primarily utilize price-to-earnings (P/E) and price-to-sales (P/S) ratios for stock evaluation, while the price-to-book (P/B) ratio serves as an additional metric for identifying undervalued stocks with growth potential [1][5][10] Group 1: P/B Ratio and Its Importance - The P/B ratio is defined as the ratio of stock price to book value, calculated as market capitalization divided by book value of equity [2] - A P/B ratio of less than one indicates that a stock is trading below its book value, suggesting it may be undervalued and a good buy [5] - Conversely, a P/B ratio greater than one suggests the stock may be overvalued [5][6] Group 2: Book Value Definition - Book value represents the total value remaining for shareholders if a company were to liquidate its assets after settling all liabilities [3] - It is calculated by subtracting total liabilities from total assets, equating to common stockholders' equity on the balance sheet [4] Group 3: Limitations of P/B Ratio - The P/B ratio is particularly useful for industries with tangible assets, such as finance and manufacturing, but may be misleading for companies with high R&D expenses or significant debt [8] - A low P/B ratio could indicate weak asset returns or overstated assets, while a high P/B may suggest a company is a takeover target [7] Group 4: Stocks with Low P/B Ratios - StoneCo (STNE) has a low P/B ratio with a projected 3-5 year EPS growth rate of 30.3% and a Zacks Rank of 2 [9][15] - Great Lakes Dredge & Dock (GLDD) also features a low P/B ratio with a projected EPS growth rate of 12.0% and a Zacks Rank of 1 [9][16] - Keros Therapeutics (KROS) is highlighted with a projected EPS growth rate of 23.6% and a Zacks Rank of 1 [9][20] Group 5: Screening Parameters for Investment - Screening for stocks involves comparing P/B, P/S, and P/E ratios against industry medians to identify attractive investment opportunities [11][12][13] - A PEG ratio of less than 1 indicates undervaluation relative to future growth prospects [13] - Stocks should have a minimum trading price of $5 and a substantial average trading volume for liquidity [14]

Summary of International General Insurance Holdings (IGIC) FY Conference Company Overview - **Company Name**: International General Insurance Holdings (IGIC) - **Ticker Symbol**: IGIC (NASDAQ) - **Founded**: 2002 in Jordan - **Current CEO**: Waleed Jabsheh, with the company since its inception - **Capital Growth**: Initial capital of $25 million has grown to approximately $700 million [4][5] Business Model and Strategy - **Specialization**: IGIC is a specialist insurance and reinsurance company, initially focused on a few lines of business, now expanded to nearly 25 different lines [3][11] - **Global Presence**: Operates eight offices worldwide, including locations in Asia, the Middle East, Africa, Europe, and Bermuda [3][4] - **Employee Growth**: From a handful of employees to approximately 470-480 [4] Market Dynamics - **Cyclical Nature**: The insurance industry is cyclical, with rates fluctuating based on supply and demand. Currently, IGIC is positioned in the middle of the cycle [5][9] - **Competition**: Increased competition has led to pricing pressures, with a tendency for companies to lower prices during profitable periods, which can lead to inadequate pricing and subsequent losses [6][9] Risk Management and Discipline - **Focus on Discipline**: Emphasizes the importance of maintaining discipline in underwriting and risk management, avoiding overextension during profitable times [10][15] - **Diversified Portfolio**: Maintains a diversified portfolio across three segments: reinsurance, short tail, and long tail, allowing for better management of market cycles [11][13] - **Risk Appetite**: Clearly defined risk tolerances and appetite, avoiding markets and lines of business that do not align with their expertise, such as U.S. liability business [16][15] Financial Performance - **Long-term Focus**: IGIC does not provide quarterly guidance, instead focusing on long-term value creation, aiming for a combined ratio in the mid-to-high 80s and a return on equity in the low-to-mid teens over a 10-year cycle [26][27] - **Recent Performance**: Achieved combined ratios in the mid to high 70s and ROEs in the low to mid 20s in recent years, outperforming the industry average [27][30] Investment Philosophy - **Conservative Approach**: Investment strategy is conservative, focusing on fixed income and avoiding high-risk investments. Equities represent less than 2% of the overall portfolio [32][34] - **Share Buybacks**: Announced a buyback program in 2022, having repurchased 7.5 million shares, with a new authorization for an additional 5 million shares [34][35] Conclusion - **Value Creation**: The ultimate goal is to deliver and grow value without sacrificing the bottom line for top-line growth. The company has built a strong track record as a public entity over the past five years [27][35]

Financial Performance - The company's net operating income for the third quarter of 2025 was $316 million[77], and the year-to-date net operating income reached $1326 million[77] - The annualized Total Shareholder Return (TSR) for the third quarter of 2025 was 123%[35, 72] - Net investment income for the third quarter of 2025 was $540 million[33, 69], driven by higher assets under management and strong alternative investment returns[33, 69] Gross Written Premium (GWP) - The group's gross written premiums for the third quarter of 2025 were $4375 million[71, 80] - Reinsurance GWP decreased by 17% on a comparable basis to approximately $3203 million[41, 80] - Insurance GWP increased by 27% on a comparable basis to $1147 million[44, 80] Reserve Development - The company strengthened US casualty reserves, primarily in accident years 2022 to 2024[10] - The reinsurance segment experienced net favorable prior year development of $29 million[10, 41] - The insurance segment experienced adverse development of $361 million[10] - The "Other" segment experienced unfavorable development of $146 million, primarily driven by the sports and leisure business[9, 10] Strategic Actions - Everest purchased a $12 billion gross ($10 billion net) Adverse Development Cover (ADC) from Longtail Re[13] - Everest announced a renewal rights transaction for its Retail Commercial Insurance business, which represents approximately $2 billion of in-force gross premiums written as of October 25, 2025[17]

Core Insights - Berkshire Hathaway Inc. has announced a definitive agreement to acquire Occidental's chemical business, OxyChem, for an all-cash transaction value of $9.7 billion, expected to conclude in Q4 2025 [1][2]. Group 1: Acquisition Details - The acquisition involves OxyChem, which manufactures essential commodity chemicals used in water treatment, pharmaceuticals, healthcare, and both commercial and residential development [2]. - OxyChem will become an operating subsidiary within Berkshire Hathaway, enhancing its portfolio of diverse businesses [3]. Group 2: Company Overview - Berkshire Hathaway Inc. is a multinational company engaged in various sectors, including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services, and retailing [3].

Core Viewpoint - SiriusPoint Ltd. is set to release its second quarter 2025 financial results on August 4, 2025, before market opening, followed by a conference call to discuss the results [1]. Group 1: Financial Results Announcement - The financial results for the second quarter of 2025 will be announced before markets open on August 4, 2025 [1]. - A conference call will take place at 8:30 a.m. Eastern Time on the same day, including a question-and-answer session [1]. Group 2: Accessing the Conference Call - The conference call can be accessed by dialing 1-877-451-6152 for domestic calls or 1-201-389-0879 for international calls [3]. - A replay of the conference call will be available until 11:59 p.m. Eastern Time on August 18, 2025, with specific dialing instructions provided for access [3]. Group 3: Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda, with additional offices in New York, London, and Stockholm [4]. - The company has approximately $2.7 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [4].

Financial Performance - SiriusPoint achieved a Q1 2025 Return on Equity of 129%, within the target range of 12-15%[20] - The company's Book Value Per Share (excluding AOCI) grew by +5% in Q1 2025[20] - SiriusPoint's Core Combined Ratio was 954% in Q1 2025, including 109 points ($59 million) related to California Wildfires[20] - Net Premiums Written increased by 20% in Q1 2025[20] - Gross Premiums Written increased by 12% in Q1 2025[20] - Earnings Per Share was $049 in Q1 2025[20] Strategic Initiatives and Outlook - AM Best and Fitch revised SiriusPoint's outlook to 'Positive' from 'Stable' during Q1 2025[20] - The company's BSCR Ratio is estimated at 227% for Q1 2025[20] - SiriusPoint is targeting a 12-15% Return on Equity across the cycle[13, 43] - The company's Q1 2025 Net Investment Income was $71 million, on target with full-year guidance of $265 million to $275 million[50, 80]