AXIS Capital Holdings Limited 29 Richmond Road Pembroke HM 08 Bermuda
Contact Information:
Cliff Gallant Investor Contact (415) 262-6843
Website Information: https://www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.
FINANCIAL SUPPLEMENT TABLE OF CONTENTSPage(s)
Basis of Presentation 1
Financial Highlights 2
Income Statements
Consolidated Statement of Operations and Key Ratios 3 - 4
Consolidated Data 5
Consolidated Segment Data 6
d .Gross Premiums Written by Segment by Line of Business 7
Segment Data 8 - 9
Net Investment Income 10
Balance Sheets
Consolidated Balance Sheets 11
Cash and Invested Assets:
Cash and Invested Assets Portfolio 12
Cash and Invested Assets Composition 13
Losses Reserve Analysis
Paid to Incurred Analysis 14
Paid to Incurred Analysis by Segment 15
Share Analysis
16
Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss) ("AOCI ")
Non-GAAP Financial Measures
Operating Income and Operating Return on Average Common Equity 17
Rationale for the Use of Non-GAAP Financial Measures 18 - 20
AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.
DEFINITIONS AND PRESENTATION
All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statement of operations for the year ended December 31, 2025.
Amounts may not reconcile due to rounding differences.
Unless otherwise noted, all data is in thousands, except for ratio information.
NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This document or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company's current views with respect to future events and financial performance. All statements, other than statements of historical fact, included in or incorporated by reference in this document are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.
Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives - including artificial intelligence, our expectations about the impact of the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:
Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.
Strategic Risk: industry competition and consolidation; failure to keep pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.
Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.
Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.
Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.
Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.
Taxation Risk: changes in tax laws.
Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at https://www.sec.gov.
We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
FINANCIAL HIGHLIGHTSThree months ended September 30, Nine months ended September 30,
2026 2025 Change 2026 2025 Change
HIGHLIGHTS | Gross premiums written Gross premiums written - Insurance Gross premiums written - Reinsurance | $ 2,358,643 80.9% 19.1% | $ 2,124,184 79.6% 20.4% | 11.0% 1.3 (1.3) | pts pts | $ 8,124,240 75.3 % 24.7 % | $ 7,434,807 71.0 % 29.0 % | 9.3% 4.3 (4.3) | pts pts |
Net premiums written | $ 1,484,649 | $ 1,352,989 | 9.7% | $ 4,997,483 | $ 4,738,463 | 5.5% | |||
Net premiums earned Net premiums earned - Insurance Net premiums earned - Reinsurance | $ 1,619,334 80.3% 19.7% | $ 1,451,883 74.8% 25.2% | 11.5% 5.5 (5.5) | pts pts | $ 4,618,785 78.6 % 21.4 % | $ 4,186,133 74.7 % 25.3 % | 10.3% 3.9 (3.9) | pts pts | |
Net income available to common shareholders | $ 201,515 | $ 294,301 | (31.5%) | $ 699,247 | $ 696,601 | 0.4% | |||
Operating income [a] | $ 229,203 | $ 255,275 | (10.2%) | $ 696,739 | $ 774,665 | (10.1%) | |||
Annualized return on average common equity [b] | 13.8% | 20.6% | (6.8) | pts | 16.1% | 16.4 % | (0.3) | pts | |
Annualized operating return on average common equity [c] | 15.7% | 17.8% | (2.1) | pts | 16.1% | 18.2 % | (2.1) | pts | |
Total common shareholders' equity | $ 5,749,455 | $ 5,817,009 | (1.2%) | $ 5,749,455 | $ 5,817,009 | (1.2%) |
PER COMMON | Earnings per diluted common share | $2.75 | $3.74 | (26.5%) | $9.42 | $8.70 | 8.3% |
SHARE AND | Operating income per diluted common share [d] | $3.12 | $3.25 | (4.0%) | $9.39 | $9.67 | (2.9%) |
COMMON SHARE | Weighted average diluted common shares outstanding | 73,373 | 78,601 | (6.7%) | 74,238 | 80,090 | (7.3%) |
DATA | Book value per common share | $79.76 | $75.51 | 5.6% | $79.76 | $75.51 | 5.6% |
Book value per diluted common share (treasury stock method) | $79.06 | $73.82 | 7.1% | $79.06 | $73.82 | 7.1% | |
Tangible book value per diluted common share (treasury stock method) [a] | $76.59 | $71.42 | 7.2% | $76.59 | $71.42 | 7.2% |
FINANCIAL RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]
$84.33 | $73.69 | 14.4% | $84.33 | $73.69 | 14.4% | |
57.0% | 56.3% | 0.7 | pts | 56.9 % | 56.3 % | 0.6 pts |
Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") [a]
Catastrophe and weather-related losses ratio [a] | 4.6% | 3.0% | 1.6 | pts | 4.4 % | 3.1 % | 1.3 | pts | |
Current accident year loss ratio [a] | 61.6% | 59.3% | 2.3 | pts | 61.3 % | 59.4 % | 1.9 | pts | |
Prior year reserve development ratio | (0.9%) | (1.3%) | 0.4 | pts | (1.0%) | (1.4%) | 0.4 | pts | |
Net losses and loss expenses ratio | 60.7% | 58.0% | 2.7 | pts | 60.3 % | 58.0 % | 2.3 | pts | |
Acquisition cost ratio | 22.5% | 19.7% | 2.8 | pts | 21.3 % | 19.7 % | 1.6 | pts | |
General and administrative expense ratio [f] | 10.8% | 11.7% | (0.9) | pts | 10.7 % | 11.8 % | (1.1) | pts | |
Combined ratio | 94.0% | 89.4% | 4.6 | pts | 92.3 % | 89.5 % | 2.8 | pts | |
INVESTMENT DATA | Total assets | $ 36,481,066 | $ 34,517,632 | 5.7% | $ 36,481,066 | $ 34,517,632 | 5.7% | ||
Total cash and invested assets [g] | $ 18,035,262 | $ 16,840,396 | 7.1% | $ 18,035,262 | $ 16,840,396 | 7.1% | |||
Net investment income | $ 211,367 | $ 184,903 | 14.3% | $ 577,699 | $ 579,911 | (0.4%) | |||
Net investment gains (losses) | $ (46,506) | $ 30,905 | nm | $ (26,993) | $ 44,365 | nm | |||
Book yield of fixed maturities | 4.9% | 4.6% | 0.3 | pts | 4.9% | 4.6% | 0.3 | pts | |
*nm - not meaningful |
Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, tangible book value per diluted common share, and book value per diluted common share, excluding AOCI are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.
Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.
Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.
Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.
The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.
Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | |||||
REVENUES | |||||||||
Net premiums earned | $ 1,619,334 | $ 1,518,984 | $ 1,480,466 | $ 1,528,475 | $ 1,451,883 | ||||
Net investment income | 211,367 | 181,594 | 184,740 | 186,992 | 184,903 | ||||
Net investment gains (losses) | (46,506) | 46,735 | (27,224) | 14,584 | 30,905 | ||||
Other insurance related income | 5,738 | 5,601 | 5,649 | 4,383 | 6,593 | ||||
Total revenues | 1,789,933 | 1,752,914 | 1,643,631 | 1,734,434 | 1,674,284 | ||||
EXPENSES | |||||||||
Net losses and loss expenses | 982,590 | 933,130 | 867,283 | 859,427 | 841,435 | ||||
Acquisition costs | 364,301 | 316,268 | 304,255 | 310,375 | 285,618 | ||||
General and administrative expenses | 174,570 | 164,889 | 158,156 | 212,054 | 171,637 | ||||
Foreign exchange losses (gains) | (10,041) | (2,344) | (36,196) | 3,555 | (13,492) | ||||
Interest expense and financing costs | 16,680 | 16,838 | 16,426 | 16,844 | 16,657 | ||||
Reorganization expenses | - | 5,546 | 23,168 | - | - | ||||
Amortization of intangible assets | 5,726 | 2,396 | 2,396 | 2,396 | 2,396 | ||||
Total expenses | 1,533,826 | 1,436,723 | 1,335,488 | 1,404,651 | 1,304,251 | ||||
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS | 256,107 | 316,191 | 308,143 | 329,783 | 370,033 | ||||
Income tax expense | (49,424) | (61,404) | (55,806) | (45,959) | (70,252) | ||||
Interest in income of equity method investments | 2,395 | 3,308 | 2,430 | 5,783 | 2,083 | ||||
NET INCOME | 209,078 | 258,095 | 254,767 | 289,607 | 301,864 | ||||
Preferred share dividends | 7,563 | 7,563 | 7,563 | 7,563 | 7,563 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 201,515 | $ 250,532 | $ 247,204 | $ 282,044 | $ 294,301 | ||||
KEY RATIOS/PER SHARE DATA | |||||||||
Weighted average common shares outstanding | 72,671 | 73,549 | 74,095 | 75,686 | 77,619 | ||||
Dilutive share equivalents: | |||||||||
Share-based compensation plans | 702 | 654 | 1,058 | 1,139 | 982 | ||||
Weighted average diluted common shares outstanding | 73,373 | 74,203 | 75,153 | 76,825 | 78,601 | ||||
Earnings per common share | $ 2.77 | $ 3.41 | $ 3.34 | $ 3.73 | $ 3.79 | ||||
Earnings per diluted common share | $ 2.75 | $ 3.38 | $ 3.29 | $ 3.67 | $ 3.74 | ||||
Annualized ROACE | 13.8 % | 17.0 % | 17.0 % | 19.4 % | 20.6 % | ||||
Annualized operating ROACE | 15.7 % | 14.3 % | 17.7 % | 17.2 % | 17.8 % | ||||
Nine months ended September 30,
2026 | 2025 | |||||
REVENUES | ||||||
Net premiums earned | $ | 4,618,785 | $ | 4,186,133 | ||
Net investment income | 577,699 | 579,911 | ||||
Net investment gains (losses) | (26,993) | 44,365 | ||||
Other insurance related income | 16,988 | 18,835 | ||||
Total revenues | 5,186,479 | 4,829,244 | ||||
EXPENSES | ||||||
Net losses and loss expenses | 2,783,003 | 2,429,114 | ||||
Acquisition costs | 984,825 | 826,094 | ||||
General and administrative expenses | 497,616 | 491,878 | ||||
Foreign exchange losses (gains) | (48,580) | 138,428 | ||||
Interest expense and financing costs | 49,945 | 49,816 | ||||
Reorganization expenses | 28,715 | - | ||||
Amortization of intangible assets | 10,518 | 7,521 | ||||
Total expenses | 4,306,042 | 3,942,851 | ||||
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS | 880,437 | 886,393 | ||||
Income tax expense | (166,635) | (170,773) | ||||
Interest in income of equity method investments | 8,133 | 3,669 | ||||
NET INCOME | 721,935 | 719,289 | ||||
Preferred share dividends | 22,688 | 22,688 | ||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 699,247 | $ | 696,601 | ||
KEY RATIOS/PER SHARE DATA | ||||||
Weighted average common shares outstanding | 73,433 | 79,037 | ||||
Dilutive share equivalents: | ||||||
Share-based compensation plans | 805 | 1,053 | ||||
Weighted average diluted common shares outstanding | 74,238 | 80,090 | ||||
Earnings per common share | $9.52 | $8.81 | ||||
Earnings per diluted common share | $9.42 | $8.70 | ||||
Annualized ROACE | 16.1% | 16.4% | ||||
Annualized operating ROACE | 16.1% | 18.2% |
Nine months ended Year ended
September 30, December 31, | ||||||||
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | 2026 | 2025 | 2025 | |
UNDERWRITING REVENUES | ||||||||
Gross premiums written | $ 2,358,643 | $ 2,667,631 | $ 3,097,967 | $ 2,209,707 | $ 2,124,184 | $ 8,124,240 | $ 7,434,807 | $ 9,644,514 |
Ceded premiums written | (873,994) | (1,061,833) | (1,190,931) | (826,514) | (771,195) | (3,126,757) | (2,696,344) | (3,522,858) |
Net premiums written | 1,484,649 | 1,605,798 | 1,907,036 | 1,383,193 | 1,352,989 | 4,997,483 | 4,738,463 | 6,121,656 |
Gross premiums earned | 2,566,454 | 2,420,835 | 2,357,298 | 2,381,138 | 2,280,608 | 7,344,586 | 6,657,023 | 9,038,161 |
Ceded premiums earned (947,120) (901,851) (876,832) (852,663) (828,725) (2,725,801) (2,470,890) (3,323,552) | ||||||||
Net premiums earned | 1,619,334 | 1,518,984 | 1,480,466 | 1,528,475 | 1,451,883 | 4,618,785 | 4,186,133 | 5,714,609 |
Other insurance related income | 5,738 | 5,601 | 5,649 | 4,383 | 6,593 | 16,988 | 18,835 | 23,216 |
Total underwriting revenues | 1,625,072 | 1,524,585 | 1,486,115 | 1,532,858 | 1,458,476 | 4,635,773 | 4,204,968 | 5,737,825 |
UNDERWRITING EXPENSES | ||||||||
Net losses and loss expenses | 982,590 | 933,130 | 867,283 | 859,427 | 841,435 | 2,783,003 | 2,429,114 | 3,288,541 |
Acquisition costs | 364,301 | 316,268 | 304,255 | 310,375 | 285,618 | 984,825 | 826,094 | 1,136,469 |
Underwriting-related general and administrative expenses [a] | 144,482 | 132,260 | 127,214 | 178,879 | 143,111 | 403,957 | 408,790 | 587,669 |
Total underwriting expenses | 1,491,373 | 1,381,658 | 1,298,752 | 1,348,681 | 1,270,164 | 4,171,785 | 3,663,998 | 5,012,679 |
UNDERWRITING INCOME [b] | $ 133,699 | $ 142,927 | $ 187,363 | $ 184,177 | $ 188,312 | $ 463,988 | $ 540,970 | $ 725,146 |
OTHER (EXPENSES) REVENUES | ||||||||
Net investment income | 211,367 | 181,594 | 184,740 | 186,992 | 184,903 | 577,699 | 579,911 | 766,903 |
Net investment gains (losses) | (46,506) | 46,735 | (27,224) | 14,584 | 30,905 | (26,993) | 44,365 | 58,950 |
Corporate expenses [a] | (30,088) | (32,629) | (30,942) | (33,175) | (28,526) | (93,659) | (83,088) | (116,262) |
Foreign exchange (losses) gains | 10,041 | 2,344 | 36,196 | (3,555) | 13,492 | 48,580 | (138,428) | (141,983) |
Interest expense and financing costs | (16,680) | (16,838) | (16,426) | (16,844) | (16,657) | (49,945) | (49,816) | (66,659) |
Reorganization expenses | - | (5,546) | (23,168) | - | - | (28,715) | - | - |
Amortization of intangible assets | (5,726) | (2,396) | (2,396) | (2,396) | (2,396) | (10,518) | (7,521) | (9,917) |
Total other (expenses) revenues | 122,408 | 173,264 | 120,780 | 145,606 | 181,721 | 416,449 | 345,423 | 491,032 |
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS | 256,107 | 316,191 | 308,143 | 329,783 | 370,033 | 880,437 | 886,393 | 1,216,178 |
Income tax expense | (49,424) | (61,404) | (55,806) | (45,959) | (70,252) | (166,635) | (170,773) | (216,732) |
Interest in income of equity method investments | 2,395 | 3,308 | 2,430 | 5,783 | 2,083 | 8,133 | 3,669 | 9,452 |
NET INCOME | 209,078 | 258,095 | 254,767 | 289,607 | 301,864 | 721,935 | 719,289 | 1,008,898 |
Preferred share dividends | (7,563) | (7,563) | (7,563) | (7,563) | (7,563) | (22,688) | (22,688) | (30,250) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 201,515 | $ 250,532 | $ 247,204 | $ 282,044 | $ 294,301 | $ 699,247 | $ 696,601 | $ 978,648 |
Catastrophe and weather-related losses, net of reinstatement premiums | $ 74,508 | $ 80,334 | $ 47,800 | $ 29,855 | $ 43,659 | $ 202,641 | $ 129,355 | $ 159,210 |
Net favorable prior year reserve development | $ 14,843 | $ 14,836 | $ 18,062 | $ 29,852 | $ 18,946 | $ 47,741 | $ 57,112 | $ 86,963 |
KEY RATIOS | ||||||||
Current accident year loss ratio, excluding catastrophe and weather-related losses | 57.0% | 57.1% | 56.6% | 56.2% | 56.3% | 56.9% | 56.3% | 56.3% |
Catastrophe and weather-related losses ratio | 4.6% | 5.3% | 3.2% | 2.0% | 3.0% | 4.4% | 3.1% | 2.8% |
Current accident year loss ratio | 61.6% | 62.4% | 59.8% | 58.2% | 59.3% | 61.3% | 59.4% | 59.1% |
Prior year reserve development ratio | (0.9%) | (1.0%) | (1.2%) | (2.0%) | (1.3%) | (1.0%) | (1.4%) | (1.6%) |
Net losses and loss expenses ratio | 60.7% | 61.4% | 58.6% | 56.2% | 58.0% | 60.3% | 58.0% | 57.5% |
Acquisition cost ratio | 22.5% | 20.8% | 20.5% | 20.3% | 19.7% | 21.3% | 19.7% | 19.9% |
General and administrative expenses ratio [c] | 10.8% | 10.9% | 10.7% | 13.9% | 11.7% | 10.7% | 11.8% | 12.4% |
Combined ratio | 94.0% | 93.1% | 89.8% | 90.4% | 89.4% | 92.3% | 89.5% | 89.8% |
Underwriting -related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
UNDERWRITING REVENUES | ||||||
Gross premiums written | $ 1,909,181 | $ 449,462 | $ 2,358,643 | $ 6,121,070 | $ 2,003,170 | $ 8,124,240 |
Ceded premiums written | (680,427) | (193,567) | (873,994) | (2,227,930) | (898,827) | (3,126,757) |
Net premiums written | 1,228,754 | 255,895 | 1,484,649 | 3,893,140 | 1,104,343 | 4,997,483 |
Gross premiums earned | 2,013,223 | 553,231 | 2,566,454 | 5,637,579 | 1,707,007 | 7,344,586 |
Ceded premiums earned | (713,038) | (234,082) | (947,120) | (2,008,480) | (717,321) | (2,725,801) |
Net premiums earned | 1,300,185 | 319,149 | 1,619,334 | 3,629,099 | 989,686 | 4,618,785 |
Other insurance related income | 319 | 5,420 | 5,738 | 955 | 16,033 | 16,988 |
Total underwriting revenues | 1,300,504 | 324,569 | 1,625,072 | 3,630,054 | 1,005,719 | 4,635,773 |
UNDERWRITING EXPENSES | ||||||
Net losses and loss expenses | 767,584 | 215,006 | 982,590 | 2,115,454 | 667,549 | 2,783,003 |
Acquisition costs | 294,087 | 70,214 | 364,301 | 756,679 | 228,146 | 984,825 |
Underwriting-related general and administrative expenses | 134,894 | 9,588 | 144,482 | 377,267 | 26,690 | 403,957 |
Total underwriting expenses | 1,196,565 | 294,808 | 1,491,373 | 3,249,400 | 922,385 | 4,171,785 |
UNDERWRITING INCOME | $ 103,939 | $ 29,761 | $ 133,699 | $ 380,654 | $ 83,334 | $ 463,988 |
Catastrophe and weather-related losses, net of reinstatement premiums | $ 74,508 | $ - | $ 74,508 | $ 199,916 | $ 2,725 | $ 202,641 |
Net favorable prior year reserve development | $ 11,845 | $ 2,998 | $ 14,843 | $ 38,755 | $ 8,986 | $ 47,741 |
KEY RATIOS | ||||||
Current accident year loss ratio, excluding catastrophe and weather-related losses | 54.2% | 68.3% | 57.0% | 53.9% | 68.1% | 56.9% |
Catastrophe and weather-related losses ratio | 5.7% | -% | 4.6% | 5.5% | 0.3% | 4.4% |
Current accident year loss ratio | 59.9% | 68.3% | 61.6% | 59.4% | 68.4% | 61.3% |
Prior year reserve development ratio | (0.9%) | (0.9%) | (0.9%) | (1.1%) | (0.9%) | (1.0%) |
Net losses and loss expenses ratio | 59.0% | 67.4% | 60.7% | 58.3% | 67.5% | 60.3% |
Acquisition cost ratio | 22.6% | 22.0% | 22.5% | 20.9% | 23.1% | 21.3% |
Underwriting-related general and administrative expense ratio | 10.4% | 3.0% | 8.9% | 10.3% | 2.6% | 8.7% |
Corporate expense ratio | 1.9% | 2.0% | ||||
Combined ratio | 92.0% | 92.4% | 94.0% | 89.5% | 93.2% | 92.3% |
Three months ended September 30, 2026 Nine months ended September 30, 2026 Insurance Reinsurance Total Insurance Reinsurance Total
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESSNine months ended September 30,
Year ended December 31,
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | 2026 | 2025 | 2025 | |||||
INSURANCE SEGMENT | ||||||||||||
Property | $ 521,142 | $ 778,343 | $ 613,480 | $ 557,230 | $ 468,098 | $ 1,912,964 | $ 1,608,992 | $ 2,166,222 | ||||
Professional Lines | 391,106 | 397,536 | 345,381 | 404,835 | 337,888 | 1,134,024 | 938,417 | 1,343,252 | ||||
Liability | 340,243 | 394,168 | 337,674 | 351,489 | 345,455 | 1,072,084 | 1,014,756 | 1,366,245 | ||||
Cyber | 110,528 | 130,381 | 119,999 | 119,693 | 103,404 | 360,908 | 353,911 | 473,604 | ||||
Marine and Aviation | 255,277 | 276,473 | 294,960 | 198,739 | 190,321 | 826,710 | 681,865 | 880,604 | ||||
Accident and Health | 194,654 | 147,342 | 171,365 | 151,078 | 161,470 | 513,362 | 413,296 | 564,374 | ||||
Credit and Political Risk | 96,231 | 103,904 | 100,883 | 115,922 | 85,246 | 301,018 | 268,983 | 384,905 | ||||
TOTAL INSURANCE SEGMENT | $ 1,909,181 | $ 2,228,147 | $ 1,983,742 | $ 1,898,986 | $ 1,691,882 | $ 6,121,070 | $ 5,280,220 | $ 7,179,206 | ||||
REINSURANCE SEGMENT | ||||||||||||
Liability | $ 116,356 | $ 108,262 | $ 163,106 | $ 91,530 | $ 154,460 | $ 387,724 | $ 576,096 | $ 667,626 | ||||
Professional Lines | 24,781 | 87,417 | 177,953 | 16,403 | 38,567 | 290,151 | 398,863 | 415,266 | ||||
Motor | 49,510 | 19,453 | 87,312 | 70,332 | 47,303 | 156,276 | 197,749 | 268,080 | ||||
Accident and Health | 34,201 | 25,609 | 296,290 | 44,275 | 18,192 | 356,101 | 321,884 | 366,159 | ||||
Credit and Surety | 101,675 | 119,947 | 308,973 | 80,634 | 108,505 | 530,595 | 429,460 | 510,094 | ||||
Agriculture | 112,301 | 56,396 | 52,715 | 1,290 | 55,704 | 221,412 | 159,860 | 161,151 | ||||
Marine and Aviation | 8,021 | 20,687 | 25,978 | 3,903 | 8,602 | 54,683 | 60,968 | 64,870 | ||||
Run-off lines [a] | 2,617 | 1,713 | 1,898 | 2,354 | 969 | 6,228 | 9,707 | 12,062 | ||||
TOTAL REINSURANCE SEGMENT | $ 449,462 | $ 439,484 | $ 1,114,225 | $ 310,721 | $ 432,302 | $ 2,003,170 | $ 2,154,587 | $ 2,465,308 | ||||
CONSOLIDATED TOTAL | $ 2,358,643 $ 2,667,631 | $ 3,097,967 | $ | 2,209,707 | $ | 2,124,184 | $ | 8,124,240 | $ | 7,434,807 | $ | 9,644,514 |
Run-off lines include the catastrophe, property, and engineering lines of business.
UNDERWRITING INCOME $ 103,939 $ 119,362 $ 157,353 $ 157,572 $ 153,300 $ 380,654 $ 439,480 $ 597,053
Nine months ended September 30,
Year ended December 31,
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | 2026 | 2025 | 2025 | ||
UNDERWRITING REVENUES | |||||||||
Gross premiums written | $ 1,909,181 | $ 2,228,147 | $ 1,983,742 | $ 1,898,986 | $ 1,691,882 | $ 6,121,070 | $ 5,280,220 | $ 7,179,206 | |
Ceded premiums written | (680,427) | (856,838) | (690,665) | (691,799) | (606,935) | (2,227,930) | (1,860,182) | (2,551,982) | |
Net premiums written | 1,228,754 | 1,371,309 | 1,293,077 | 1,207,187 | 1,084,947 | 3,893,140 | 3,420,038 | 4,627,224 | |
Gross premiums earned | 2,013,223 | 1,849,390 | 1,774,966 | 1,787,562 | 1,690,735 | 5,637,579 | 4,922,681 | 6,710,242 | |
Ceded premiums earned | (713,038) | (662,230) | (633,213) | (624,736) | (605,123) | (2,008,480) | (1,794,023) | (2,418,757) | |
Net premiums earned | 1,300,185 | 1,187,160 | 1,141,753 | 1,162,826 | 1,085,612 | 3,629,099 | 3,128,658 | 4,291,485 | |
Other insurance related income | 319 | 266 | 370 | 254 | 261 | 955 | 424 | 677 | |
Total underwriting revenues | 1,300,504 | 1,187,426 | 1,142,123 | 1,163,080 | 1,085,873 | 3,630,054 | 3,129,082 | 4,292,162 | |
UNDERWRITING EXPENSES | |||||||||
Net losses and loss expenses | 767,584 | 706,882 | 640,988 | 617,562 | 595,807 | 2,115,454 | 1,719,666 | 2,337,227 | |
Acquisition costs | 294,087 | 238,823 | 223,769 | 225,952 | 205,440 | 756,679 | 594,372 | 820,324 | |
Underwriting-related general and administrative expenses | 134,894 | 122,359 | 120,013 | 161,994 | 131,326 | 377,267 | 375,564 | 537,558 | |
Total underwriting expenses | 1,196,565 | 1,068,064 | 984,770 | 1,005,508 | 932,573 | 3,249,400 | 2,689,602 | 3,695,109 |
Catastrophe and weather-related losses, net of reinstatement premiums | $ | 74,508 | $ | 77,676 | $ | 47,732 | $ | 29,755 | $ | 42,689 | $ | 199,916 | $ | 126,659 | $ | 156,414 | |
Net favorable prior year reserve development | $ | 11,845 | $ | 11,852 | $ | 15,059 | $ | 22,939 | $ | 14,843 | $ | 38,755 | $ | 44,036 | $ | 66,975 | |
KEY RATIOS | |||||||||||||||||
Current accident year loss ratio, excluding catastrophe and weather-related losses | 54.2% | 54.0% | 53.3% | 52.5% | 52.3% | 53.9% | 52.3% | 52.4% | |||||||||
Catastrophe and weather-related losses ratio | 5.7% | 6.5% | 4.2% | 2.6% | 3.9% | 5.5% | 4.1% | 3.6% | |||||||||
Current accident year loss ratio | 59.9% | 60.5% | 57.5% | 55.1% | 56.2% | 59.4% | 56.4% | 56.0% | |||||||||
Prior year reserve development ratio | (0.9%) | (1.0%) | (1.4%) | (2.0%) | (1.3%) | (1.1%) | (1.4%) | (1.5%) | |||||||||
Net losses and loss expenses ratio | 59.0% | 59.5% | 56.1% | 53.1% | 54.9% | 58.3% | 55.0% | 54.5% | |||||||||
Acquisition cost ratio Underwriting-related general and administrative | 22.6% | 20.1% | 19.6% | 19.4% | 18.9% | 20.9% | 19.0% | 19.1% | |||||||||
expenses ratio | 10.4% | 10.4% | 10.6% | 14.0% | 12.1% | 10.3% | 12.0% | 12.5% | |||||||||
Combined ratio | 92.0% | 90.0% | 86.3% | 86.5% | 85.9% | 89.5% | 86.0% | 86.1% | |||||||||
Nine months ended September 30,
Year ended December 31,
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | 2026 | 2025 | 2025 | |
UNDERWRITING REVENUES | ||||||||
Gross premiums written | $ 449,462 | $ 439,484 | $ 1,114,225 | $ 310,721 | $ 432,302 | $ 2,003,170 | $ 2,154,587 | $ 2,465,308 |
Ceded premiums written | (193,567) | (204,995) | (500,266) | (134,715) | (164,260) | (898,827) | (836,162) | (970,876) |
Net premiums written | 255,895 | 234,489 | 613,959 | 176,006 | 268,042 | 1,104,343 | 1,318,425 | 1,494,432 |
Gross premiums earned | 553,231 | 571,445 | 582,332 | 593,576 | 589,873 | 1,707,007 | 1,734,342 | 2,327,919 |
Ceded premiums earned | (234,082) | (239,621) | (243,619) | (227,927) | (223,602) | (717,321) | (676,867) | (904,795) |
Net premiums earned | 319,149 | 331,824 | 338,713 | 365,649 | 366,271 | 989,686 | 1,057,475 | 1,423,124 |
Other insurance related income | 5,420 | 5,334 | 5,279 | 4,129 | 6,332 | 16,033 | 18,411 | 22,539 |
Total underwriting revenues | 324,569 | 337,158 | 343,992 | 369,778 | 372,603 | 1,005,719 | 1,075,886 | 1,445,663 |
UNDERWRITING EXPENSES | ||||||||
Net losses and loss expenses | 215,006 | 226,248 | 226,295 | 241,865 | 245,628 | 667,549 | 709,448 | 951,314 |
Acquisition costs | 70,214 | 77,445 | 80,486 | 84,423 | 80,178 | 228,146 | 231,722 | 316,145 |
Underwriting-related general and administrative expenses | 9,588 | 9,901 | 7,201 | 16,885 | 11,785 | 26,690 | 33,226 | 50,111 |
Total underwriting expenses | 294,808 | 313,594 | 313,982 | 343,173 | 337,591 | 922,385 | 974,396 | 1,317,570 |
UNDERWRITING INCOME | $ 29,761 $ 23,564 | $ | 30,010 | $ | 26,605 | $ | 35,012 | $ | 83,334 | $ | 101,490 | $ | 128,093 | |||
Catastrophe and weather-related losses, net of reinstatement premiums | $ | - | $ | 2,658 | $ | 68 | $ | 100 | $ | 970 | $ | 2,725 | $ | 2,696 | $ | 2,796 |
Net favorable prior year reserve development | $ | 2,998 | $ | 2,984 | $ | 3,003 | $ | 6,913 | $ | 4,103 | $ | 8,986 | $ | 13,076 | $ | 19,988 |
KEY RATIOS | ||||||||||||||||
Current accident year loss ratio, excluding catastrophe and weather-related losses | 68.3% | 68.3% | 67.7% | 68.0% | 67.9% | 68.1% | 68.1% | 68.1% | ||||||||
Catastrophe and weather-related losses ratio | -% | 0.8% | -% | -% | 0.3% | 0.3% | 0.2% | 0.2% | ||||||||
Current accident year loss ratio | 68.3% | 69.1% | 67.7% | 68.0% | 68.2% | 68.4% | 68.3% | 68.3% | ||||||||
Prior year reserve development ratio | (0.9%) | (0.9%) | (0.9%) | (1.9%) | (1.1%) | (0.9%) | (1.2%) | (1.5%) | ||||||||
Net losses and loss expenses ratio | 67.4% | 68.2% | 66.8% | 66.1% | 67.1% | 67.5% | 67.1% | 66.8% | ||||||||
Acquisition cost ratio | 22.0% | 23.3% | 23.8% | 23.1% | 21.9% | 23.1% | 21.9% | 22.2% | ||||||||
Underwriting-related general and administrative expense ratio | 3.0% | 3.0% | 2.1% | 4.7% | 3.2% | 2.6% | 3.1% | 3.6% | ||||||||
Combined ratio | 92.4% 94.5% | 92.7% | 93.9% | 92.2% | 93.2% | 92.1% | 92.6% | |||||||||
Year ended
Nine months ended September 30, | December 31, | |||||||||||||||
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | 2026 | 2025 | 2025 | |||||||||
Fixed maturities | $ 182,411 | $ 163,304 | $ 156,696 | $ 159,830 | $ 155,796 | $ 502,411 | $ 452,368 | $ 612,198 | ||||||||
Other investments | 19,202 | 6,226 | 17,705 | 13,367 | 15,019 | 43,132 | 55,907 | 69,275 | ||||||||
Equity securities | 4,127 | 4,631 | 4,152 | 4,185 | 3,046 | 12,909 | 9,408 | 13,593 | ||||||||
Mortgage loans | 4,067 | 4,154 | 4,165 | 4,873 | 5,890 | 12,386 | 18,714 | 23,587 | ||||||||
Cash and cash equivalents | 9,272 | 10,655 | 8,918 | 12,466 | 12,597 | 28,846 | 62,626 | 75,092 | ||||||||
Short-term investments | 62 | 71 | 132 | 254 | 355 | 265 | 2,882 | 3,136 | ||||||||
Gross investment income | 219,141 | 189,041 | 191,768 | 194,975 | 192,703 | 599,949 | 601,905 | 796,881 | ||||||||
Investment expenses | (7,774) | (7,447) | (7,028) | (7,983) | (7,800) | (22,250) | (21,994) | (29,978) | ||||||||
Net investment income | $ 211,367 | $ 181,594 $ 184,740 | $ 186,992 $ 184,903 | $ 577,699 $ 579,911 | $ 766,903 | |||||||||||
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |
ASSETS | |||||
Investments: | |||||
Fixed maturities, available for sale, at fair value | $ 13,691,574 | $ 13,828,314 | $ 13,107,142 | $ 13,018,027 | $ 12,879,372 |
Fixed maturities, held to maturity, at amortized cost | 448,228 | 407,024 | 405,220 | 397,430 | 406,658 |
Equity securities, at fair value | 721,104 | 748,532 | 688,842 | 707,569 | 649,970 |
Mortgage loans, held for investment, at fair value | 316,834 | 335,537 | 343,959 | 356,840 | 409,699 |
Other investments, at fair value | 1,050,776 | 1,062,933 | 1,042,649 | 1,027,798 | 972,867 |
Equity method investments | 209,084 | 203,661 | 236,767 | 227,181 | 220,022 |
Short-term investments, at fair value | 1,736 | 2,828 | 5,836 | 20,298 | 17,185 |
Total investments | 16,439,336 | 16,588,829 | 15,830,415 | 15,755,143 | 15,555,773 |
Cash and cash equivalents | 1,548,448 | 1,223,058 | 1,388,118 | 1,321,185 | 1,358,078 |
Accrued interest receivable | 129,601 | 124,281 | 118,475 | 116,252 | 117,720 |
Insurance and reinsurance premium balances receivable | 3,672,159 | 4,011,370 | 3,878,950 | 3,244,661 | 3,326,346 |
Reinsurance recoverable on unpaid losses and loss expenses | 9,020,632 | 8,949,022 | 8,890,145 | 8,951,763 | 9,043,009 |
Reinsurance recoverable on paid losses and loss expenses | 603,475 | 626,691 | 581,945 | 673,765 | 648,126 |
Deferred acquisition costs | 906,779 | 946,416 | 933,802 | 801,778 | 822,774 |
Prepaid reinsurance premiums | 2,534,227 | 2,610,988 | 2,452,190 | 2,139,294 | 2,164,297 |
Receivable for investments sold | 50,997 | 4,796 | 5,422 | 12,806 | 3,813 |
Goodwill | 66,498 | 66,498 | 66,498 | 66,498 | 66,498 |
Intangible assets | 155,533 | 161,258 | 163,654 | 166,050 | 168,446 |
Operating lease right-of-use assets | 90,194 | 92,801 | 94,670 | 93,900 | 92,706 |
Loan advances made | 314,257 | 316,342 | 302,157 | 231,542 | 250,537 |
Other assets | 948,930 | 900,128 | 912,305 | 887,289 | 899,509 |
TOTAL ASSETS | $ 36,481,066 | $ 36,622,478 | $ 35,618,746 | $ 34,461,926 | $ 34,517,632 |
LIABILITIES | |||||
Reserve for losses and loss expenses | $ 18,985,497 | $ 18,613,412 | $ 18,294,149 | $ 18,122,256 | $ 17,996,236 |
Unearned premiums | 6,599,511 | 6,807,320 | 6,563,778 | 5,825,698 | 5,994,611 |
Insurance and reinsurance balances payable | 2,375,395 | 2,410,199 | 2,180,053 | 1,882,021 | 1,855,349 |
Debt | 1,317,905 | 1,317,502 | 1,317,104 | 1,316,710 | 1,316,321 |
Federal Home Loan Bank advances | 50,130 | 61,130 | 66,380 | 66,380 | 66,380 |
Payable for investments purchased | 133,120 | 189,180 | 69,071 | 36,982 | 194,988 |
Operating lease liabilities | 105,653 | 108,326 | 110,181 | 110,095 | 108,960 |
Other liabilities | 614,400 | 612,199 | 637,394 | 745,349 | 617,778 |
TOTAL LIABILITIES | 30,181,611 | 30,119,268 | 29,238,110 | 28,105,491 | 28,150,623 |
SHAREHOLDERS' EQUITY | |||||
Preferred shares | 550,000 | 550,000 | 550,000 | 550,000 | 550,000 |
Common shares | 2,206 | 2,206 | 2,206 | 2,206 | 2,206 |
Additional paid-in capital | 2,411,713 | 2,399,137 | 2,394,568 | 2,405,792 | 2,395,615 |
Accumulated other comprehensive income (loss) | (383,879) | (107,803) | (97,128) | 28,431 | 10,169 |
Retained earnings | 8,782,490 | 8,613,341 | 8,395,795 | 8,181,699 | 7,932,969 |
Treasury shares, at cost | (5,063,075) | (4,953,671) | (4,864,805) | (4,811,693) | (4,523,950) |
TOTAL SHAREHOLDERS' EQUITY | 6,299,455 | 6,503,210 | 6,380,636 | 6,356,435 | 6,367,009 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 36,481,066 | $ 36,622,478 | $ 35,618,746 | $ 34,461,926 | $ 34,517,632 |
Debt to total capital [a] | 17.3% | 16.8% | 17.1% | 17.2% | 17.1% |
The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders' equity and debt.
To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity.
Cost or
A
mortized
Cost
Allowance for Expected Credit Losses
Unrealized Gains
Unrealized Losses
Fair Value or Net Carrying Value
Fair Value or
Percentage Net Carrying Percentage
Value
Fixed Maturities, available for sale, at fair value
At September 30, 2026 At December 31, 2025
U.S. government and agency | $ 2,496,625 | $ - | $ 13 | $ (48,813) | $ 2,447,825 | 13.5 % | $ 2,417,901 | 14.0 % |
Non-U.S. government | 835,820 | (107) | 2,174 | (26,095) | 811,792 | 4.5 % | 810,544 | 4.7 % |
Corporate debt | 5,724,193 | (1,173) | 13,841 | (181,353) | 5,555,508 | 30.8 % | 5,222,433 | 30.4 % |
Agency RMBS | 2,403,616 | - | 902 | (153,231) | 2,251,287 | 12.5 % | 2,035,352 | 11.9 % |
CMBS | 821,574 | (350) | 347 | (31,425) | 790,146 | 4.4 % | 801,511 | 4.7 % |
Non-Agency RMBS | 220,710 | (255) | 372 | (7,814) | 213,013 | 1.2 % | 190,124 | 1.1 % |
ABS | 1,601,297 | (81) | 2,925 | (18,267) | 1,585,874 | 8.8 % | 1,488,067 | 8.7 % |
Municipals | 37,719 | - | 9 | (1,599) | 36,129 | 0.2 % | 52,095 | 0.3 % |
Total fixed maturities, available for sale, at fair value | 14,141,554 | (1,966) 20,583 | (468,597) | 13,691,574 | 75.9 % | 13,018,027 | 75.8 % | |
Fixed maturities, held to maturity, at amortized cost | ||||||||
Corporate debt | 163,889 | - - | - | 163,889 | 0.9 % | 145,137 | 0.8 % | |
ABS | 284,339 | - - | - | 284,339 | 1.6 % | 252,293 | 1.5 % | |
Total fixed maturities, held to maturity, at amortized cost | 448,228 | - - | - | 448,228 | 2.5 % | 397,430 | 2.3 % | |
Equity securities, at fair value | ||||||||
Common stocks | 3,210 | - 348 | (376) | 3,182 | - % | 13,695 | 0.1 % | |
Preferred Stocks | 52,422 | - 321 | (696) | 52,047 | 0.3 % | 20,311 | 0.1 % | |
Exchange-traded funds | 268,849 | - 175,465 | (4,540) | 439,774 | 2.4 % | 401,757 | 2.3 % | |
Bond mutual funds | 266,829 | - 4,106 | (44,834) | 226,101 | 1.3 % | 271,806 | 1.6 % | |
Total equity securities, at fair value | 591,310 | - 180,240 | (50,446) | 721,104 | 4.0 % | 707,569 | 4.1 % | |
Total fixed maturities and equity securities | $ 15,181,092 | $ (1,966) $ 200,823 | $ (519,043) | 14,860,906 | 82.4 % | 14,123,026 | 82.2 % | |
Mortgage loans, held for investment | 316,834 | 1.8 % | 356,840 | 2.1 % | ||||
Other investments | 1,050,776 | 5.8 % | 1,027,798 | 6.0 % | ||||
Equity method investments | 209,084 | 1.2 % | 227,181 | 1.3 % | ||||
Short-term investments | 1,736 | - % | 20,298 | 0.2 % | ||||
Total investments | 16,439,336 | 91.2 % | 15,755,143 | 91.8 % | ||||
Cash and cash equivalents [a] | 1,548,448 | 8.6 % | 1,321,185 | 7.7 % | ||||
Accrued interest receivable | 129,601 | 0.7 % | 116,252 | 0.7 % | ||||
Net receivable/(payable) for investments sold (purchased) | (82,123) | (0.5%) | (24,176) | (0.2%) | ||||
Total cash and invested assets | $ 18,035,262 | 100.0 % | $ 17,168,404 | 100.0 % | ||||
[a] Includes $511 million and $501 million of restricted cash and cash equivalents at September 30, 2026 and December 31, 2025, respectively.
At September 30, 2026 At December 31, 2025
Fair Value | Percentage | Fair Value | Percentage | ||
Other Investments: | |||||
Multi-strategy funds | $ 6,344 | 0.6 % | $ 11,577 | 1.1 % | |
Direct lending funds | 167,784 | 16.0 % | 186,747 | 18.2 % | |
Real estate funds | 267,327 | 25.4 % | 291,491 | 28.4 % | |
Private equity funds | 416,938 | 39.7 % | 364,376 | 35.5 % | |
Other privately held investments | 192,383 | 18.3 % | 173,607 | 16.8 % | |
Total | $ 1,050,776 | 100.0 % | $ 1,027,798 | 100.0 % | |
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | |
Fair Value % | |||||
CASH AND INVESTED ASSETS PORTFOLIO | |||||
Fixed Maturities, available for sale: | |||||
U.S. government and agency | 13.5% | 13.5% | 14.3% | 14.0% | 15.0% |
Non-U.S. government | 4.5% | 4.6% | 4.9% | 4.7% | 4.7% |
Corporate debt | 30.8% | 31.5% | 30.0% | 30.4% | 30.6% |
MBS: | |||||
Agency RMBS | 12.5% | 13.6% | 12.0% | 11.9% | 11.2% |
CMBS | 4.4% | 4.4% | 4.6% | 4.7% | 4.9% |
Non-agency RMBS | 1.2% | 1.2% | 1.1% | 1.1% | 1.2% |
ABS | 8.8% | 8.8% | 8.7% | 8.7% | 8.5% |
Municipals | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% |
Total Fixed Maturities, available for sale | 75.9% | 77.9% | 75.9% | 75.8% | 76.5% |
Fixed Maturities, held to maturity: | |||||
Corporate debt | 0.9% | 0.9% | 0.8% | 0.8% | 0.8% |
ABS | 1.6% | 1.4% | 1.5% | 1.5% | 1.6% |
Total Fixed Maturities, held to maturity | 2.5% | 2.3% | 2.3% | 2.3% | 2.4% |
Equity securities | 4.0% | 4.2% | 4.0% | 4.1% | 3.9% |
Mortgage loans | 1.8% | 1.9% | 2.0% | 2.1% | 2.4% |
Other investments | 5.8% | 6.0% | 6.0% | 6.0% | 5.8% |
Equity method investments | 1.2% | 1.1% | 1.4% | 1.3% | 1.3% |
Short-term investments | -% | -% | -% | 0.2% | 0.1% |
Total Investments | 91.2% | 93.4% | 91.6% | 91.8% | 92.4% |
Cash and cash equivalents | 8.6% | 6.9% | 8.0% | 7.7% | 8.1% |
Accrued interest receivable | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |
Net receivable/(payable) for investments sold (purchased) | (0.5%) | (1.0%) | (0.3%) | (0.2%) | (1.2%) |
Total Cash and Invested Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
CREDIT QUALITY OF FIXED MATURITIES | |||||
U.S. government and agency | 17.3% | 16.8% | 18.2% | 18.0% | 19.1% |
AAA [a] | 17.8% | 18.4% | 19.4% | 19.2% | 19.6% |
AA [a] | 24.2% | 25.0% | 23.7% | 23.7% | 22.7% |
A | 18.1% | 17.6% | 17.1% | 17.4% | 17.8% |
BBB | 11.5% | 11.6% | 10.4% | 10.0% | 9.7% |
Below BBB | 11.1% | 10.6% | 11.2% | 11.7% | 11.1% |
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
MATURITY PROFILE OF FIXED MATURITIES | |||||
Within one year | 2.6% | 2.4% | 2.8% | 2.7% | 3.9% |
From one to five years | 44.9% | 41.1% | 43.0% | 43.3% | 42.9% |
From five to ten years | 14.2% | 17.7% | 16.9% | 17.1% | 16.9% |
Above ten years | 2.1% | 2.0% | 1.6% | 1.4% | 1.6% |
Asset-backed and mortgage-backed securities | 36.2% | 36.8% | 35.7% | 35.5% | 34.7% |
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS | |||||
Book yield of fixed maturities | 4.9% | 4.8% | 4.7% | 4.6% | 4.6% |
Yield to maturity of fixed maturities | 5.8% | 5.1% | 5.1% | 4.7% | 4.8% |
Average duration of fixed maturities (inclusive of duration hedges) | 3.2 yrs | 3.4 yrs | 3.2 yrs | 3.1 yrs | 3.2 yrs |
Average credit quality of fixed maturities | A+ | A+ | A+ | A+ | A+ |
[a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
RESERVE FOR LOSSES AND LOSS EXPENSESThree months ended September 30, 2026 Nine months ended September 30, 2026
Reserve for losses and loss expenses
Reinsurance recoverable on unpaid losses and loss expenses
Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Reinsurance recoverable on unpaid losses and loss expenses
Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period | $ 18,613,412 | $ (8,949,022) | $ 9,664,390 | $ 18,122,256 | $ (8,951,763) | $ 9,170,493 |
Incurred losses and loss expenses | 1,557,289 | (574,699) | 982,590 | 4,539,975 | (1,756,972) | 2,783,003 |
Paid losses and loss expenses | (1,166,681) | 401,783 | (764,898) | (3,565,125) | 1,369,929 | (2,195,196) |
Foreign exchange and other | (18,523) | 101,306 | 82,783 | (111,609) | 318,174 | 206,565 |
End of period [a] | $ 18,985,497 | $ (9,020,632) | $ 9,964,865 | $ 18,985,497 | $ (9,020,632) | $ 9,964,865 |
[a] At September 30, 2026, reserve for losses and loss expenses included IBNR of $12.9 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENTGross paid losses and loss expenses | $ 825,875 | $ 340,806 | $ 1,166,681 | $ 2,425,421 | $ 1,139,704 | $ 3,565,125 | |||||
Reinsurance recoverable on paid losses and loss expenses | (311,017) | (90,766) | (401,783) | (998,682) | (371,247) | (1,369,929) | |||||
Net paid losses and loss expenses | 514,858 | 250,040 | 764,898 | 1,426,739 | 768,457 | 2,195,196 | |||||
Change in gross case reserves | 144,540 | 21,577 | 166,117 | 377,477 | (45,195) | 332,282 | |||||
Change in gross IBNR | 213,185 | 11,306 | 224,491 | 578,963 | 63,605 | 642,568 | |||||
Change in reinsurance recoverable on unpaid losses and loss expenses | (104,999) | (67,917) | (172,916) | (267,725) | (119,318) | (387,043) | |||||
Change in net unpaid losses and loss expenses | 252,726 | (35,034) | 217,692 | 688,715 | (100,908) | 587,807 | |||||
Total net incurred losses and loss expenses | $ 767,584 $ 215,006 $ 982,590 | $ | 2,115,454 | $ | 667,549 | $ | 2,783,003 | ||||
Net paid losses and loss expenses / Net premiums earned | 39.6% | 78.3% | 47.2% | 39.3% | 77.6% | 47.5% |
Net unpaid losses and loss expenses / Net premiums earned | 19.4% | (10.9%) | 13.5% | 19.0% | (10.1%) | 12.8% |
Net losses and loss expenses ratio | 59.0% | 67.4% 60.7% | 58.3% | 67.5% | 60.3% | |
Three months ended September 30, 2026 Nine months ended September 30, 2026 Insurance Reinsurance Total Insurance Reinsurance Total
Gross reserve for losses and loss expenses | $ 12,063,853 | $ 6,921,644 | $ 18,985,497 | $ 12,063,853 | $ 6,921,644 | $ 18,985,497 |
Net favorable prior year reserve development | $ 11,845 | $ 2,998 | $ 14,843 | $ 38,755 | $ 8,986 | $ 47,741 |
Key Ratios | ||||||
Net paid losses and loss expenses / Net incurred losses and loss expenses | 67.1% | 116.3% 77.8% | 67.4% | 115.1% | 78.9% | |
At September 30, 2026 | At December 31, 2025 | |||||||
Common | Common Shares | Common | Common Shares Outstanding, net | |||||
Shareholders' Equity | Outstanding, net of Treasury Shares | Per share | Shareholders' Equity | of Treasury Shares Per share | ||||
Closing stock price | $94.20 | $107.09 | ||||||
Book value per common share | $ 5,749,455 | 72,084 | $79.76 $ | 5,806,435 | 74,135 $78.32 | |||
Dilutive securities: | ||||||||
Restricted stock units | 643 | (0.70) | 1,074 | (1.12) | ||||
Book value per diluted common share | $ 5,749,455 72,727 | $79.06 $ | 5,806,435 | 75,209 | $77.20 | |||
Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | |
Common shareholders' equity | $ 5,749,455 | $ 5,953,210 | $ 5,830,636 | $ 5,806,435 | $ 5,817,009 |
Less: goodwill | (66,498) | (66,498) | (66,498) | (66,498) | (66,498) |
Less: intangible assets | (155,533) | (161,258) | (163,654) | (166,050) | (168,446) |
Associated tax impact | 42,901 | 44,152 | 44,703 | 45,255 | 45,806 |
Tangible common shareholders' equity | $ 5,570,325 | $ 5,769,606 | $ 5,645,187 | $ 5,619,142 | $ 5,627,871 |
Common shareholders' equity | $ 5,749,455 | $ 5,953,210 | $ 5,830,636 | $ 5,806,435 | $ 5,817,009 |
Less: AOCI | 383,879 | 107,803 | 97,128 | (28,431) | (10,169) |
Common shareholders' equity, excluding AOCI | $ 6,133,334 | $ 6,061,013 | $ 5,927,764 | $ 5,778,004 | $ 5,806,840 |
Diluted common shares outstanding [a] | 72,727 | 73,797 | 74,571 | 75,209 | 78,796 |
Book value per diluted common share | $ 79.06 | $ 80.67 | $ 78.19 | $ 77.20 | $ 73.82 |
Tangible book value per diluted common share | $ 76.59 | $ 78.18 | $ 75.70 | $ 74.71 | $ 71.42 |
Book value per diluted common share, excluding AOCI | $ 84.33 | $ 82.13 | $ 79.49 | $ 76.83 | $ 73.69 |
[a] Diluted common shares outstanding is calculated in the table above. |
Three months ended September 30, Nine months ended September 30,
2026 | 2025 | 2026 | 2025 | |
Net income available to common shareholders | $ 201,515 | $ 294,301 | $ 699,247 | $ 696,601 |
Net investment (gains) losses | 46,506 | (30,905) | 26,993 | (44,365) |
Foreign exchange losses (gains) | (10,041) | (13,492) | (48,580) | 138,428 |
Reorganization expenses | - | - | 28,715 | - |
Interest in income of equity method investments | (2,395) | (2,083) | (8,133) | (3,669) |
Income tax expense (benefit) [a] | (6,382) | 7,454 | (1,503) | (12,330) |
Operating income | $ 229,203 | $ 255,275 | $ 696,739 | $ 774,665 |
Earnings per diluted common share | $ 2.75 | $ 3.74 | $ 9.42 | $ 8.70 |
Net investment (gains) losses | 0.63 | (0.39) | 0.36 | (0.55) |
Foreign exchange losses (gains) | (0.14) | (0.17) | (0.65) | 1.73 |
Reorganization expenses | - | - | 0.39 | - |
Interest in income of equity method investments | (0.03) | (0.03) | (0.11) | (0.05) |
Income tax expense (benefit) | (0.09) | 0.10 | (0.02) | (0.16) |
Operating income per diluted common share $ 3.12 $ 3.25 $ 9.39 $ 9.67 | ||||
Weighted average diluted common shares outstanding | 73,373 | 78,601 | 74,238 | 80,090 |
Average common shareholders' equity | $ 5,851,333 | $ 5,720,704 | $ 5,777,945 | $ 5,678,194 |
Annualized return on average common equity | 13.8% | 20.6% | 16.1% | 16.4% |
Annualized operating return on average common equity | 15.7% | 17.8% | 16.1% | 18.2% |
[a] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURESWe present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share, and book value per diluted common share, excluding AOCI which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.
The reconciliation of consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Data' section of this document.
Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).
Reorganization expenses in 2026 primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Data' section of this document.
Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.
Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.
Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.
We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.
Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments.
Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).
Reorganization expenses in 2026 primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).
Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).
Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments in order to understand the profitability of recurring sources of income.
We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.
We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document.
Tangible Book Value per Diluted Common Share
Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share and Book Value per Diluted Common Share, Excluding AOCI' section of this document.
Book Value per Diluted Common Share, Excluding AOCI
Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share and Book Value per Diluted Common Share, Excluding AOCI' section of this document.