Revenue
Cost
Profit
| Item | Category | Value | YoY |
|---|---|---|---|
| Total revenues | revenue | 4.07B | -4.57% |
| Income (loss) before taxes | profit | 736.00M | 196.77% |
| Total claims and expenses | cost | 3.33B | -17.01% |
| Net income (loss) | profit | 653.00M | 210.95% |
| Income tax expense (benefit) | cost | 83.00M | 112.82% |
| Incurred losses and lae | cost | 2.22B | -23.37% |
| Commission and brokerage | cost | 825.00M | 0.12% |
| Other underwriting expenses | cost | 216.00M | -9.24% |
| Corporate expenses | cost | 38.00M | 80.95% |
| Interest, fees and bond issue cost amortization expense | cost | 36.00M | -5.26% |
| Comprehensive income (loss) | profit | 243.00M | -56.76% |
| Total other comprehensive income (loss), net of tax | revenue | 410.00M | 16.48% |
| Total ura(d) of securities arising during the period | revenue | 374.00M | -2.29% |
| Other comprehensive income (loss), reclassification adjustment from aoci for sale of securities, net of tax | cost | 1.00M | 0.75% |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax, portion attributable to parent | revenue | 35.00M | -1.55% |
| Oci, debt securities, available-for-sale, unrealized holding gain (loss), before adjustment, after tax | revenue | 375.00M | -2.32% |
| Item | Category | Value | YoY |
|---|---|---|---|
| Fair value | assets | 34.65B | |
| Other invested assets | assets | 5.96B | |
| Other short-term investments | assets | 2.22B | |
| Cash | assets | 1.42B | |
| Fixed maturities - held to maturity, at amortized cost (fair value: 2026, $601; 2025, $576, net of credit allowances: 2026, $(8); 2025, $(6)) | assets | 596.00M | |
| Equity securities, fair value | assets | 177.00M | |
| Total investments and cash | assets | 45.02B | |
| Premiums receivable (net of credit allowances: 2026, $(94); 2025, $(94)) | assets | 5.58B | |
| Reinsurance loss recoverables (net of credit allowances: 2026, $(60); 2025, $(57)) | assets | 5.12B | |
| Other assets (net of credit allowances: 2026, $(17); 2025, $(17)) | assets | 1.86B | |
| Deferred acquisition costs | assets | 1.54B | |
| Funds held by reinsureds | assets | 1.40B | |
| Income tax asset, net | assets | 933.00M | |
| Prepaid reinsurance premiums | assets | 511.00M | |
| Accrued investment income | assets | 389.00M | |
| Total assets | assets | 62.34B | |
| Total liabilities | liabilities | 47.05B | |
| Total shareholders' equity | equity | 15.29B | |
| Treasury stock, common, value | equity | 5.24B | |
| Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(111) at 2026 and $(23) at 2025 | equity | 462.00M | |
| Reserve for losses and loss adjustment expenses | liabilities | 34.65B | |
| Unearned premium reserve | liabilities | 6.70B | |
| Senior notes | liabilities | 2.35B | |
| Borrowings from fhlb | liabilities | 1.02B | |
| Other liabilities | liabilities | 819.00M | |
| Amounts due to reinsurers | liabilities | 624.00M | |
| Funds held under reinsurance treaties | liabilities | 272.00M | |
| Subordinated debt | liabilities | 218.00M | |
| Unsettled securities payable | liabilities | 217.00M | |
| Losses in course of payment | liabilities | 141.00M | |
| Accrued interest on debt and borrowings | liabilities | 42.00M | |
| Aggregate | equity | 20.99B | |
| Retained earnings | equity | 17.14B | |
| Additional paid in capital | equity | 3.85B | |
| Common shares, par value: $0.01; 200.0 shares authorized; 74.5 (2026) and 74.4 (2025) shares issued and outstanding | equity | 1.00M |
| Item | Value |
|---|---|
| Net income (loss) | 653.00M |
| Increase (decrease) in reserve for losses and loss adjustment expenses | 553.00M |
| Increase (decrease) in prepaid reinsurance premiums | 105.00M |
| Increase (decrease) in premiums receivable | 92.00M |
| Increase (decrease) in income taxes receivable | 66.00M |
| Distribution of limited partnership income | 34.00M |
| Increase (decrease) in reinsurance payables | 26.00M |
| Non-cash compensation expense | 18.00M |
| Increase (decrease) in other operating assets and liabilities, net | 18.00M |
| Net gains (losses) on investments | 10.00M |
| Increase (decrease) in losses in course of payment | -10.00M |
| Amortization of bond premium (accrual of bond discount) | -29.00M |
| Increase (decrease) in funds held under reinsurance agreements | -65.00M |
| Increase (decrease) in reinsurance recoverable | -151.00M |
| Change in equity adjustments in limited partnerships | -153.00M |
| Increase (decrease) in unearned premiums | -519.00M |
| Item | Value |
|---|---|
| Proceeds from fixed maturities matured/called/repaid - available for sale | 1.15B |
| Payments for (proceeds from) short-term investments | 765.00M |
| Proceeds from fixed maturities sold - available for sale | 519.00M |
| Distributions from other invested assets | 50.00M |
| Proceeds from fixed maturities matured/called/repaid - held to maturity | 20.00M |
| Net change in unsettled securities transactions | 10.00M |
| Payments to acquire held-to-maturity securities | -51.00M |
| Payments to acquire interest in subsidiaries and affiliates | -98.00M |
| Payments to acquire debt securities, available-for-sale | -2.46B |
| Item | Value |
|---|---|
| Payments for shares issued for share-based compensation, net of expense | -20.00M |
| Payment, tax withholding, share-based payment arrangement | -23.00M |
| Payments of ordinary dividends, common stock | -80.00M |
| Payments for repurchase of common stock | -330.00M |
| Item | Value |
|---|---|
| Cash and cash equivalents, beginning of period | 1.32B |
| Cash and cash equivalents, end of period | 1.42B |
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