Core Insights - RLI Insurance Company has reduced its catastrophe reinsurance limit by $150 million for 2026, indicating lower exposure and a soft market environment described as a "buyer's market" for property [1][2] - The company achieved a 15%–20% rate reduction on its catastrophe program and modest pricing relief on property working layers during the January renewals [2] - The competitive environment has led to a modest premium growth for RLI, with casualty rates down around 5% [3] Financial Performance - RLI reported underwriting income of $70.9 million for Q4 2025, with a combined ratio (CoR) of 82.6%, an improvement from $22.2 million and 94.4% in Q4 2024 [5] - For the full year, RLI posted underwriting income of $264.2 million and a CoR of 83.6%, compared to $210.7 million and 86.2% in 2024 [6] - The favorable results for both periods were supported by prior-year loss reserve development, contributing a net $87.4 million to underwriting income in 2025 and $84.1 million in 2024 [6] Strategic Approach - The company remains open to midterm market opportunities, reflecting a cautious yet flexible approach to risk management [3][5] - RLI emphasizes the importance of sustainable growth over rapid expansion, focusing on long-term decision-making [4] - The firm maintains a diversified specialty portfolio and a strong balance sheet, providing confidence in navigating market conditions [5]

Company Overview - Everest Group, Ltd. rebranded from Everest Re in 2023 to reflect its expansion beyond reinsurance into a broader underwriting platform, offering property, casualty, and specialty reinsurance and insurance products [1] - Headquartered in Hamilton, Bermuda, Everest Group has an estimated market capitalization of nearly $14 billion, allowing it to operate in over 100 countries across six continents, thus diversifying its exposures and accessing global premium pools [2] Financial Performance - The upcoming Q4 fiscal 2025 earnings release is scheduled for February 2, with analysts projecting diluted EPS of $12.59, a significant increase of 168.5% from the $18.39 loss per share reported a year earlier [3] - Analysts expect a meaningful rebound in fiscal 2025, with consensus forecasts for diluted EPS of $43.86, representing a 47% year-over-year growth, and a further 26% increase to $55.24 anticipated for fiscal 2026 [4] Stock Performance - Over the past 52 weeks, Everest Group shares have declined by 7.9%, but are 1.4% higher on a year-to-date basis, indicating tentative stabilization, while the S&P 500 Index advanced by 16.9% during the same period [5] - On October 28, 2025, shares dropped 11.4% following weaker-than-expected Q3 2025 results, with revenue increasing marginally to $4.32 billion but missing expectations of $4.45 billion [6] - Profitability was a concern as adjusted EPS fell by 48.4% year-over-year to $7.54 per share, significantly below analyst estimates of $13.39 [6] Underwriting and Investment Income - Underwriting was a primary drag on performance, with the combined ratio worsening to 103%, indicating that claims and expenses exceeded premiums [7] - Net premiums earned fell by 1.6% to $3.86 billion, also missing analyst forecasts, although investment income rose to $540 million from $496 million in the prior year's period, providing some support [7]

Financial Performance - Net income available to RenaissanceRe common shareholders was $907667 thousand for the three months ended September 30, 2025, compared to $1173644 thousand for the same period in 2024[11] - Operating income available to RenaissanceRe common shareholders was $733717 thousand for the three months ended September 30, 2025, compared to $540322 thousand for the same period in 2024[11] - Gross premiums written were $2323626 thousand for the three months ended September 30, 2025, compared to $2400136 thousand for the same period in 2024[11] - The combined ratio was 684% for the three months ended September 30, 2025, compared to 848% for the same period in 2024[11] - Net investment income was $438354 thousand for the three months ended September 30, 2025, compared to $423859 thousand for the same period in 2024[11] - Total investment result was $750244 thousand for the three months ended September 30, 2025, compared to $1367604 thousand for the same period in 2024[11] Segment Results - Property segment gross premiums written were $733274 thousand for the three months ended September 30, 2025, compared to $790709 thousand for the same period in 2024[19] - Casualty and Specialty segment gross premiums written were $1590352 thousand for the three months ended September 30, 2025, compared to $1609427 thousand for the same period in 2024[19] Balance Sheet - Total assets were $54498074 thousand as of September 30, 2025, compared to $50707550 thousand as of December 31, 2024[17] - Redeemable noncontrolling interests were $7469059 thousand as of September 30, 2025, compared to $6977749 thousand as of December 31, 2024[17]

Financial Performance - Gross Premiums Written increased from $8862 million in 2023 to $11733 million in 2024[5] - Net Premiums Written increased from $7468 million in 2023 to $9952 million in 2024[5] - Cash and Investments increased from $31094 million in 2023 to $34316 million in 2024[5] - Common Shareholders' Equity increased from $8705 million in 2023 to $9824 million in 2024[5] - The Combined Ratio was 779% in 2023 and 839% in 2024[5] - Book value per common share plus accumulated dividends increased from $192 in 2023 to $224 in 2024, with a CAGR of 31%[6] Business Segments - In 2024, Catastrophe represented 26%, General Casualty 19%, Other Property 16%, Professional Liability 10%, Other Specialty 21%, and Credit 8% of Gross Premiums Written[17] - In 2024, 51% of Gross Premiums Written came from the U S and Caribbean, 37% from Worldwide, 5% from Europe, 2% from Japan, Australia and New Zealand, 3% from Worldwide (Ex U S ), and 2% from Other regions[20] Capital Partners - Total Managed Capital is approximately $242 billion, including $128 billion of Owned Capital and ~$114 billion of Capital Partner Capital[22,23,25]

Financial Highlights - Total assets reached $12.8 billion as of March 31, 2025[8, 24] - Shareholders' equity stood at $2.4 billion as of March 31, 2025[8, 24] - Cash and invested assets amounted to $4.4 billion as of March 31, 2025[8, 38] - Gross premiums written (GPW) for the trailing twelve months (TTM) ended March 31, 2025, totaled $4.6 billion[8, 12] Performance Analysis - The combined ratio for Q1 2025 was 115.6%, impacted by $333 million in catastrophe and large losses, primarily from the California wildfires[23, 24, 26] - The annualized operating ROAE for Q1 2025 was (7.6%)[24, 26] - Net investment income increased by 21% from Q1 2024 to $50 million[24, 26] Portfolio Composition - Insurance segment accounted for $3.619 billion (78%) of the gross premiums written[13] - Reinsurance segment accounted for $993 million (22%) of the gross premiums written[11] Capital Management - The company returned $33 million of capital to common shareholders in the three months ended March 31, 2025, including $22 million in share repurchases and $11 million in dividends[26] - The company has $103 million remaining available for repurchase under the $200 million common share repurchase authorization as of May 9, 2025[47]

Core Insights - W. R. Berkley Corporation reported strong financial results for Q1 2025, achieving a net income of $418 million or $1.04 per share, with a 19.9% annualized return on beginning of year equity despite significant catastrophe losses [2][11]. - The company maintained a combined ratio of 90.9% for 2025, with a current accident year combined ratio of 87.2% excluding catastrophe losses [11][12]. - Catastrophe losses amounted to $111 million, primarily from California wildfires, contributing 3.7 loss ratio points in Q1 2025 [3][11]. Financial Performance - Net premiums written grew by 9.9% year over year to over $3.1 billion in Q1 2025, with the insurance segment increasing by 10.2% and the reinsurance segment by 8.2% [3][11]. - Net investment income rose by 12.6% to $360 million, driven by higher net invested assets and investment fund income [3][11]. - Book value per share increased by 7.1% in Q1 2025 before dividends and share repurchases [3][11]. Market Conditions - The company demonstrated resilience amid significant industry-wide catastrophe activity, maintaining underwriting discipline and focusing on rate adequacy and specialty opportunities [5][12]. - Professional liability markets, particularly D&O, cyber, and transactional liability, have become increasingly competitive [5][12]. - Specialty workers' compensation growth was driven by higher-hazard, less commoditized segments with healthier pricing [6][12]. Strategic Focus - The company is closely monitoring potential impacts of tariffs on loss costs across various lines, including property, auto physical damage, and workers' compensation [6][12]. - The expense ratio was reported at 27.8%, benefiting from growth in net premiums earned, with expectations to remain comfortably below 30% for the full year [11][12]. - The company emphasized the importance of maintaining rate adequacy while growing the business, with a renewal retention ratio around 80% [12][24].

Table of Contents As filed with the Securities and Exchange Commission on May 3, 2023. Registration No. 333-271270 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FIDELIS INSURANCE HOLDINGS LIMITED (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Bermuda 6331 Not Applicable (I. ...