Financial Data and Key Metrics Changes - AFG's core net operating earnings were $10.29 per share for the full year 2025, with a core operating return on equity of 18.2% [5] - For Q4 2025, core net operating earnings per share were $3.65, resulting in an annualized core return on equity of 25.2% [5] - The company returned over $700 million to shareholders in 2025, including $334 million in special dividends and $274 million in regular dividends [6][10] - AFG's leverage ratio is less than 28%, with no debt maturities until 2030 [10] Business Line Data and Key Metrics Changes - Underwriting profits in specialty property and casualty businesses grew 41% in Q4 2025, with a combined ratio of 84.1% [12][14] - Gross written premiums for Q4 2025 were up 2%, while net written premiums were down 1% compared to Q4 2024 [14] - The property and transportation group achieved a combined ratio of 70.6% in Q4 2025, an improvement of nearly 19 points from the prior year [16] - The specialty casualty group reported a combined ratio of 96.7% in Q4 2025, 5.3 points higher than the previous year [18] Market Data and Key Metrics Changes - The annualized return on alternative investments in the P&C portfolio was 0.9% for Q4 2025, down from 4.9% in the prior year [8] - AFG's investment portfolio totaled $17.2 billion, with approximately 65% invested in fixed maturities yielding about 5.25% [7][10] - The company expects a growth in net written premiums of 3%-5% for 2026, with a combined ratio target of approximately 92.5% [23] Company Strategy and Development Direction - AFG aims to maintain a disciplined operating philosophy and capitalize on its diversified portfolio to navigate economic conditions [12][13] - The company is optimistic about several startup businesses and expects to see growth opportunities in 2026 [24] - AFG's strategy includes a focus on capital management, with plans for acquisitions, special dividends, or share repurchases [10][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of reserves and the ability to achieve favorable development in the future [27] - The company is cautious about pockets of softening rates and competitive conditions but remains focused on profitable growth [24] - Management highlighted the potential for improved returns from the alternative investment portfolio as market conditions stabilize [63] Other Important Information - AFG declared a special dividend of $1.50 per share, payable on February 25, 2026 [9] - The company has returned $4.7 billion in special dividends since 2021 [10] Q&A Session Summary Question: What does the 2026 business plan assume in terms of rates? - Management indicated that they expect to continue achieving good price increases where needed, with no specific amount identified for prior development in the combined ratio [27][29] Question: Was there a change in loss picks for the casualty underlying loss ratio? - Management noted continued caution around social inflation-exposed businesses and adjustments in loss picks, particularly in California workers' compensation [30][32] Question: What drove the inflection in pricing in the lender-placed business? - Management expressed no concerns about political risks and noted that pricing can vary based on client property types, with expectations of low single-digit growth in the business [53][56] Question: Are the social inflation-related businesses stabilized? - Management indicated that corrective steps have been taken, and there is potential for mid-single-digit growth in these businesses moving forward [60] Question: What are the expectations for the alternative investment portfolio? - Management expects a return to historical levels of returns on alternatives, contingent on improved market conditions for multifamily properties [63]

Table of Contents As filed with the Securities and Exchange Commission on February 3, 2026 Registration No. 333-292735 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PRESURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Michigan 6331 27-1298795 (Primary Standard Industrial Classification Code Number) (I.R.S. Emp ...

Key Points Jacobson & Schmitt Advisors added 6,661 shares of Kinsale Capital Group in the fourth quarter; the estimated trade value was $2.72 million based on quarterly average prices. The fund's quarter-end stake value rose by $1.37 million, reflecting both additional shares and price movement. The fund held 42,894 shares in Kinsale Capital Group worth $16.78 million after the trade. These 10 stocks could mint the next wave of millionaires › Jacobson & Schmitt Advisors reported the purchase of ...

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% during the same period [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's return of 9.04% [1] - The fund's investment strategy emphasizes a disciplined and patient approach, expecting to perform better in down markets and lag in speculative markets [1] Company Overview: RLI Corp. - RLI Corp. (NYSE:RLI) is an insurance holding company with a one-month return of 7.17% but has seen a significant decline of 29.74% over the past 52 weeks [2] - As of November 24, 2025, RLI Corp.'s stock closed at $63.55 per share, with a market capitalization of $5.836 billion [2] - RLI Corp. specializes in property and casualty insurance, focusing on niche markets such as public and school buses and Hawaii homeowners [3] Financial Performance - RLI Corp. has maintained a strong financial performance, with an average combined ratio of 89.3% and a return on equity (ROE) of 16.6% from 2015 to 2024 [3] - The company is known for its selective underwriting and willingness to forgo unprofitable business, which contributes to its premium valuation, typically around 20 times this year's earnings [3] Hedge Fund Interest - RLI Corp. was held by 29 hedge fund portfolios at the end of Q2 2025, a decrease from 32 in the previous quarter [4] - While RLI Corp. is recognized for its investment potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Financial Data and Key Metrics Changes - The company reported core net operating earnings of $2.69 per share, a 16% increase from $2.31 per share in the prior year period [7] - The annualized core operating return on equity for the third quarter was 19% [4] - Net investment income increased by 5% year-over-year, attributed to higher interest rates and increased balances of invested assets [7][8] Business Line Data and Key Metrics Changes - Underwriting profit in specialty property and casualty insurance businesses grew 19%, with a combined ratio of 93, improving by 1.3 points from the prior year [15] - Gross and net written premiums in specialty property and casualty businesses decreased by 2% and 4% respectively compared to the previous year [15] - In the specialty financial group, the combined ratio was 81.1, which is 11.2 percentage points better than the comparable period in 2024 [22] Market Data and Key Metrics Changes - Average renewal pricing across the property and casualty group increased by approximately 5% in the third quarter [15] - The property and transportation group achieved a combined ratio of 94.1, improving by 2.7 points from the comparable 2024 period [16] - The specialty casualty group reported a combined ratio of 95.8, which is 3.7 percentage points higher than the 92.1 reported in the comparable period in 2024 [19] Company Strategy and Development Direction - The company aims to maintain a disciplined underwriting approach while seeking growth opportunities in specialty property and casualty businesses [12] - There is a focus on evaluating acquisitions and maintaining a pipeline of startups that could become new business units [13] - The company expects to generate significant excess capital throughout 2025 and into 2026, allowing for potential acquisitions, special dividends, or share repurchases [10] Management Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery in multifamily investments and expects higher rental and occupancy rates by the end of 2026 [9] - The company anticipates premium growth to rebound in 2026, driven by startups and underwriting actions taken in specialty casualty businesses [14] - Management noted that while some loss ratio trends have improved, others, particularly in social inflation-exposed businesses, remain stable [30] Other Important Information - The company returned $66 million to shareholders through regular quarterly dividends and announced a special dividend of $2 per share [10] - The company has declared $54 per share or $4.6 billion in special dividends since the beginning of 2021 [10] Q&A Session Summary Question: Why were there no buybacks in the quarter? - Management indicated that they become active in buybacks when the stock is trading at a significant discount to its value and have retained capital for future opportunities [25] Question: Can you elaborate on pricing trends in the P&C side? - Management stated that a 5% price increase is still exceeding prospective loss ratio trends, with a diverse portfolio mitigating risks [28] Question: What is the outlook for crop premium and pricing? - Management suggested that trade aspects are reflected in futures prices, leading to stable or potentially increasing premiums for crops [39] Question: Is there an impact from new participating insurance companies on crop premiums? - Management believes the impact is marginal, with new entrants likely taking on less desirable business [47]

Financial Data and Key Metrics Changes - AFG reported core net operating earnings of $2.69 per share, a 16% increase from $2.31 per share in the prior year period [6] - The annualized core operating return on equity was 19% for the third quarter [4] - Net investment income increased by 5% year over year, attributed to higher interest rates and increased balances of invested assets [6][8] Business Line Data and Key Metrics Changes - Underwriting profit in specialty property and casualty insurance businesses grew 19%, with a combined ratio of 93, improving by 1.3 points from the prior year [13] - Gross and net written premiums in specialty property and casualty businesses decreased by 2% and 4% respectively compared to the previous year [13] - In the specialty financial group, the combined ratio was 81.1, 11.2 percentage points better than the comparable period in 2024, with gross and net written premiums up 3% and 1% respectively [20] Market Data and Key Metrics Changes - Average renewal pricing across the property and casualty group increased approximately 5% in the third quarter [14] - The property and transportation group achieved a combined ratio of 94.1, improving by 2.7 points from the previous year [15] - The specialty casualty group reported a combined ratio of 95.8, 3.7 percentage points higher than the prior year [18] Company Strategy and Development Direction - The company aims to maintain underwriting discipline and prudent growth while exploring new business opportunities and acquisitions [11] - AFG plans to continue generating significant excess capital, providing opportunities for acquisitions, special dividends, or share repurchases [9] - The company is optimistic about the prospects of attractive returns from its alternative investment portfolio, expecting annual returns averaging 10% or better [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of reserves and the overall underwriting profitability in specialty property and casualty businesses [11] - The company anticipates premium growth to rebound in 2026, driven by startups and underwriting actions taken in specialty casualty businesses [12] - Management noted that while some loss ratio trends have improved, others, particularly in social inflation-exposed businesses, require careful pricing adjustments [29] Other Important Information - AFG returned $66 million to shareholders through regular quarterly dividends, with a 10% increase in the quarterly dividend to $0.88 per share [9] - A special dividend of $2 per share was declared, amounting to approximately $167 million [9] Q&A Session Summary Question: Why were there no material buybacks in the quarter? - Management indicated that share repurchases are more active when the stock is trading at a significant discount to its value, and they have retained capital for future opportunities [24] Question: Can you elaborate on pricing trends in relation to prospective loss ratios? - Management stated that a 5% price increase is still exceeding prospective loss ratio trends, with a diverse portfolio mitigating risks [25][26] Question: What is the outlook for crop premium and pricing? - Management suggested that crop pricing should be stable or potentially increasing, depending on trade relationships and market conditions [36] Question: Is there an impact from new participating insurance companies on premiums? - Management noted that the impact is marginal, with new entrants likely taking on less desirable business [44]