Company Overview - IGI's total assets reached approximately $700 million as of full year 2024[4] - IGI's gross written premium was approximately $21 billion as of September 30, 2025[4] - IGI has an average 10-Year Core ROE of 140% and an average combined ratio of 870% from 2015-2024[4] - The Jabsheh family holds 358% ownership in IGI as of September 30, 2025[9] Financial Performance (Q3/9M 2025) - Net income for Q3 2025 was $335 million, a decrease of 29% compared to Q3 2024[20] - Net income for 9M 2025 was $949 million, a decrease of 97% compared to 9M 2024, primarily due to lower underwriting income[20] - The combined ratio for Q3 2025 was 765%, benefiting from a positive foreign currency revaluation of 46 points[20] - The combined ratio for 9M 2025 was 871%, negatively impacted by a foreign currency revaluation of 75 points[20] - Underwriting income for Q3 2025 was $514 million, a 242% increase compared to Q3 2024, influenced by lower losses and positive foreign currency revaluation of $50 million[20] - Underwriting income for 9M 2025 was $1143 million, a 176% decrease compared to 9M 2024, impacted by higher losses, reinstatement premiums, and negative foreign currency revaluation of $236 million[20] - Book value per share was $1623, a 57% increase from June 30, 2025, and a 93% increase from December 31, 2024[20] - Capital returned to shareholders in Q3 2025 amounted to $209 million through dividends and share repurchases (790k shares)[20] - Capital returned to shareholders in 9M 2025 totaled $979 million, including a $085 extraordinary dividend in Q1 and share repurchases (23m shares)[20] Investment Portfolio - The total investment portfolio was $1316 billion as of September 30, 2025[28] - The average credit quality of the investment portfolio is A, with a duration of 37 years[28] - The bond portfolio is geographically diversified, with 41% in North America, 11% in the UK, 18% in Europe, 15% in Australasia, and 14% in the Middle East[28]

AXIS Capital (AXS) 2025 Conference Summary Company Overview - **Company**: AXIS Capital (AXS) - **Date**: September 03, 2025 - **Speakers**: Vince Tivio (CEO), Pete Vogt (CFO) Key Points Leadership Transition - Matthew Kirk will succeed Pete Vogt as CFO starting November 2025, with Pete remaining in the role throughout 2025 and advising in 2026 [4][3][2] Reinsurance Business - AXIS's reinsurance segment contributes approximately 15% to 20% of total revenue, with a focus on specialty lines and cautious underwriting in liability [8][7] - The company has maintained a consistent underwriting performance, with a combined ratio in the low 90s [8][9] - The reinsurance business complements AXIS's insurance operations, providing access to specialty lines like agriculture and mortgage [9][10] Incentive Compensation - Incentive compensation is linked to growth in diluted book value per share, including reserve releases, which signal confidence in prior reserve strengthening [12][11] Talent Acquisition - AXIS acknowledges a competitive talent market and emphasizes a strong company culture to attract underwriters and insurance producers [13][14] - New teams have contributed approximately $250 million in premium to the insurance group in Q2 2025 [15][16] Distribution Strategy - AXIS has a dedicated wholesale-only business unit to enhance its distribution capabilities, focusing on innovation and product design [20][21] - The company aims to penetrate the underserved middle market, targeting businesses with $10 million to $100 million in receipts [29][30] Managing MGAs - AXIS has restructured its approach to managing Managing General Agents (MGAs) to ensure underwriting discipline and align financial interests [34][35] - Approximately 14% of AXIS's North American insurance business comes from MGAs, with a focus on substantial partnerships [36][37] Accident and Health Business - The accident and health segment primarily includes pet insurance and travel accident coverage, with growth ambitions supported by profitability in the pet business [43][44] Professional Lines Growth - Professional lines grew approximately 15% in Q2 2025, with contributions from various segments, including allied health and financial institutions [55][56] - Public Directors and Officers (D&O) insurance remains a small portion of the professional lines premium, with a cautious outlook on pricing stability [58][62] Data and Analytics Investments - AXIS is leveraging 20 years of data and third-party information to enhance underwriting decisions, with ongoing investments in data analytics and AI [72][73] - The company anticipates improved risk selection insights and operational efficiencies from these investments over the next few years [78][79] Capital Management - AXIS has shifted its focus towards being predominantly an insurance company, reducing exposure to property catastrophe reinsurance [88][89] - The company maintains a debt-to-capital ratio below 20%, with plans to evaluate capital strategies as opportunities arise [96][99] Inorganic Growth Opportunities - While AXIS is focused on organic growth, the company remains observant of external opportunities for inorganic growth, maintaining a high bar for any acquisitions [102][103] Additional Insights - AXIS is committed to maintaining a consistent earnings generation model while being prudent in its underwriting strategies, particularly in liability reinsurance [95][96] - The company is optimistic about its growth trajectory, supported by strong performance in its core business segments [102][103]

Financial Data and Key Metrics Changes - In Q1 2025, Kinsale's operating earnings per share increased by 6% and gross written premium grew by 8% compared to Q1 2024 [6] - The company reported a combined ratio of 82% and an annualized operating return on equity of 22.5% [6][12] - Net investment income rose by 33.1% year-over-year due to growth in the investment portfolio [13] Business Line Data and Key Metrics Changes - The Commercial Property division experienced an 18% decrease in premium, which was the largest underwriting unit last year [9] - Excluding the Commercial Property division, Kinsale's direct written premium grew by 16.7% [10] - Personal lines and small commercial property teams continued to grow at double-digit rates [10] Market Data and Key Metrics Changes - The E&S market remained steady in Q1 2025, but competition continued to increase [11] - Overall rates for the quarter were down 1%, with the Commercial Property division seeing rates down about 20% [20] - Casualty rates overall were up modestly, driven by construction and general casualty [20] Company Strategy and Development Direction - Kinsale focuses on disciplined underwriting and a technology-driven low-cost model, which provides a durable competitive advantage [21][25] - The company is expanding its personal lines book, particularly in high-value homeowners and manufactured homes [18] - Kinsale aims to maintain profitability over growth, prioritizing high-margin segments and controlling underwriting [41][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and the ability to sustain underwriting performance despite competitive pressures [40][42] - The company is well-positioned to grow even in a contracting economy, with a low expense ratio compared to competitors [46] - Management remains optimistic about growth prospects and the ability to take market share from higher-expense competitors [25] Other Important Information - The estimated loss from the Palisades wildfire was revised to about $41 million gross and $22 million net of reinsurance [7] - Kinsale repurchased $10 million in shares during Q1 2025, with expectations for similar modest levels of repurchases in the future [15] Q&A Session Summary Question: Submission growth trends between property and casualty lines - The commercial property is experiencing the biggest decline in growth rate, while the rest of the properties continue to show strong submission growth [28][29] Question: Impact of competition on property slowdown - Increased competition in the large property account space is noted, with more capital entering the market [34][35] Question: Confidence in sustaining underwriting performance - Management is confident in their business model, focusing on high-margin segments and controlling underwriting [40][42] Question: Kinsale's strategy in a potential recession - The company believes it can continue to grow even in a contracting economy due to its low expense ratio [46] Question: Changes in loss trends for property and casualty lines - A decrease in reported losses and a favorable mix of business contributed to strong underlying loss ratios [54][55] Question: Appetite for large commercial property - Kinsale has not changed its appetite for large commercial property, focusing on the right pricing terms [74][75] Question: Sustainability of high loss ratios in fronting companies - Management believes that high loss ratios are unsustainable for fronting companies, which will eventually change the competitive landscape [84][85] Question: Core loss ratio and willingness to sacrifice margin for growth - Kinsale prioritizes profitability over growth, managing profitability at a granular level [88][90] Question: Competition in the commercial property market - The competitive environment in the commercial property market is described as steady, with no significant changes noted [96][99] Question: Long-term mix between property and casualty - The E&S market is generally viewed as one-third property and two-thirds casualty, with ongoing efforts to expand into homeowners insurance [104][105]