<\/p>\n
Everest Reports Third Quarter 2026 Results<\/b><\/p>\n
Annualized Total Shareholder Return of 14.2%<\/b><\/p>\n
Strengthened Casualty Reinsurance Reserves<\/b><\/p>\n
Repurchased $474 million of Common Shares During the Quarter<\/b><\/p>\n
HAMILTON, Bermuda–(BUSINESS WIRE<\/a>)– \n\u201cThis quarter Everest generated an annualized total shareholder return of 14.2% as we executed on a number of initiatives including strengthening the balance sheet, accelerating capital return, and positioning the Company for its next chapter,\u201d said Jim Williamson, Everest President and CEO. \u201cOur Reinsurance Treaty team is navigating the market cycle with the highest level of discipline, while leveraging its expertise and competitive advantages to maintain our focus on bottom-line results. Our Global Wholesale & Specialty business continues to generate momentum with strong profitable growth in specialty lines and targeted international markets. Our high-quality investment portfolio contributed $634 million in net investment income. As we approach the final stretch of the year and head into 2027, we are focused on executing our strategies across our Core businesses and proactively deploying capital, where share repurchases remain a top priority.\u201d<\/p>\n Third Quarter 2026 Highlights<\/span><\/b><\/p>\n \n* Core businesses consist of our Reinsurance Treaty and Global Wholesale & Specialty segments<\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Denotes annualized figure; represents Total Shareholder Return or “TSR”. Annualized TSR is calculated as year to date growth in book value per common share outstanding excluding URA(D) on fixed maturity, available for sale securities plus year-to-date dividends per share.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Consolidated Financial Summary<\/span><\/b><\/p>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n233<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n255<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,445<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,145<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) per diluted common share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.85<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n27.06<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) return on average equity (annualized)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.1%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet operating income (loss) (2) (5)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n290<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,620<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,326<\/p>\n<\/td>\n<\/tr>\n \nNet operating income (loss) per diluted common share (2) (5)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7.54<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n41.30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n31.33<\/p>\n<\/td>\n<\/tr>\n \nAfter-tax net operating income (loss) return on average equity (annualized) (2) (5)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.7%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBook value per common share outstanding<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n381.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n366.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n381.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n366.22<\/p>\n<\/td>\n<\/tr>\n \nBook value per common share outstanding excluding URA(D) (2)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n414.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n368.29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n414.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n368.29<\/p>\n<\/td>\n<\/tr>\n \nTotal Shareholder Return (“TSR”) – Annualized<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.3%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding – diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n38.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41.8<\/p>\n<\/td>\n<\/tr>\n \nCommon shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal shareholders’ equity<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,252<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,375<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,252<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,375<\/p>\n<\/td>\n<\/tr>\n \nTotal shareholders’ equity excluding URA(D)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,485<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,462<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,485<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,462<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet investment income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n634<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n540<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,725<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,563<\/p>\n<\/td>\n<\/tr>\n \nTotal investments and cash<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n43,965<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n45,831<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n43,965<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n45,831<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Capital Return<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon share repurchases<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n474<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,200<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n400<\/p>\n<\/td>\n<\/tr>\n \nNumber of common shares repurchased<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,268,158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,426,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,154,883<\/p>\n<\/td>\n<\/tr>\n \nDividends per share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.00<\/p>\n<\/td>\n<\/tr>\n \nDividends to shareholders<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n84<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n233<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n253<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions except for per share amounts and percentages<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Denotes non-GAAP financial measure. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (5)<\/sup> After-tax net operating income (loss) consists of net income (loss) excluding after-tax acquisition, divestiture and restructuring costs, after-tax ceded prior year favorable (unfavorable) loss reserve development on reserves that are subject to the external Adverse Development Cover (\u201cADC\u201d) and the related amortization of the deferred gain, after-tax net gains (losses) on investments, and after-tax net foreign exchange income (expense). After-tax net operating income (loss) return on average equity (annualized) is calculated by dividing after-tax net operating income (loss) by average shareholders’ equity, adjusted for average net unrealized depreciation (appreciation) (“URA(D)”) of fixed maturity, available for sale securities. See “Comments on Non-GAAP Financial Measures” for a reconciliation of net income, the most comparable GAAP measure, to after-tax net operating income.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following information summarizes the Company\u2019s underwriting results on a total reportable segments basis, Core businesses basis and by reportable segment \u2013 Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, with selected commentary on these results.<\/p>\n Underwriting Results – Total Reportable Segments<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nGross written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,742<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,375<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14.5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,116<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13,446<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17.3)%<\/p>\n<\/td>\n<\/tr>\n \nNet written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,968<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,754<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20.9)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,192<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,607<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20.8)%<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,156<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,855<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18.1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12.6)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Key Ratios (6)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss Ratio:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.9) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.4) pts<\/p>\n<\/td>\n<\/tr>\n \nPrior year unfavorable (favorable) (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.9) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.4) pts<\/p>\n<\/td>\n<\/tr>\n \nCatastrophe<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.2 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2 pts<\/p>\n<\/td>\n<\/tr>\n \nTotal loss ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.4 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.5) pts<\/p>\n<\/td>\n<\/tr>\n \nCommission and brokerage ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1 pts<\/p>\n<\/td>\n<\/tr>\n \nOther underwriting expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.3) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1) pts<\/p>\n<\/td>\n<\/tr>\n \nCombined ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.7 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.4) pts<\/p>\n<\/td>\n<\/tr>\n \nAttritional combined ratio (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.2) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7) pts<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net catastrophe losses (4)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n322<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n546<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n542<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net prior year unfavorable (favorable) development (6)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n268<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n478<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n226<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n537<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions except for percentages<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup> Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year unfavorable (favorable) development. Attritional ratios are non-GAAP financial measures. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup> Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.<\/p>\n<\/td>\n<\/tr>\n (6)<\/sup> On October 26, 2025 (effective October 1, 2025), the Company entered into two adverse development reinsurance agreements (“ADC”). These agreements provide coverage for potential adverse development on North American liabilities within the Global Wholesale & Specialty and Legacy segments for net losses and net LAE with dates of loss prior to January 1, 2025, that are paid on or after the effective date. To remove timing differences created by the retroactive reinsurance accounting model and improve the comparability between periods of underlying results, management excludes the following from the Global Wholesale & Specialty and Legacy segments and total reportable segment results:<\/p>\n \n\u00a0<\/p>\n \nSee “Comments on Non-GAAP Financial Measures” for a reconciliation of incurred losses and LAE and respective loss ratio metrics.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Underwriting Results – Core Businesses<\/span><\/b>2<\/sup><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nGross written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,663<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,785<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,808<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,398<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.2)%<\/p>\n<\/td>\n<\/tr>\n \nNet written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,309<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12.0)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,042<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10.6)%<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,949<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,317<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11.1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,291<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,082<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.8)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Key Ratios <\/b>(6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss Ratio:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7) pts<\/p>\n<\/td>\n<\/tr>\n \nPrior year unfavorable (favorable) (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.8 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.8 pts<\/p>\n<\/td>\n<\/tr>\n \nCatastrophe<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.1 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1) pts<\/p>\n<\/td>\n<\/tr>\n \nTotal loss ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.2 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.9 pts<\/p>\n<\/td>\n<\/tr>\n \nCommission and brokerage ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.9) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2 pts<\/p>\n<\/td>\n<\/tr>\n \nOther underwriting expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8 pts<\/p>\n<\/td>\n<\/tr>\n \nCombined ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.9 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n94.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.9 pts<\/p>\n<\/td>\n<\/tr>\n \nAttritional combined ratio (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2) pts<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net catastrophe losses (4)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n48<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n507<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n514<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net prior year unfavorable (favorable) development (6)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n253<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(7)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n211<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n54<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions except for percentages<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Denotes non-GAAP financial measure. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup> Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year unfavorable (favorable) development. Attritional ratios are non-GAAP financial measures. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup> Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.<\/p>\n<\/td>\n<\/tr>\n (6)<\/sup> On October 26, 2025 (effective October 1, 2025), the Company entered into two adverse development reinsurance agreements (“ADC”). These agreements provide coverage for potential adverse development on North American liabilities within the Global Wholesale & Specialty and Legacy segments for net losses and net LAE with dates of loss prior to January 1, 2025, that are paid on or after the effective date. To remove timing differences created by the retroactive reinsurance accounting model and improve the comparability between periods of underlying results, management excludes the following from the Global Wholesale & Specialty and Legacy segments and total reportable segment results:<\/p>\n \n\u00a0<\/p>\n \nSee “Comments on Non-GAAP Financial Measures” for a reconciliation of incurred losses and LAE and respective loss ratio metrics.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Underwriting Results – Reinsurance Treaty Segment<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nGross written premiums<\/p>\n<\/td>\n \n2,715<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,867<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.3)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,753<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.4)%<\/p>\n<\/td>\n<\/tr>\n \nNet written premiums<\/p>\n<\/td>\n \n2,164<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,548<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15.1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,797<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,861<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.5)%<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n2,243<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,579<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.0)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,885<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9.2)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Key Ratios<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss Ratio:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent year<\/p>\n<\/td>\n \n56.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.8) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1) pts<\/p>\n<\/td>\n<\/tr>\n \nPrior year unfavorable (favorable)<\/p>\n<\/td>\n \n11.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.9 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.6 pts<\/p>\n<\/td>\n<\/tr>\n \nCatastrophe<\/p>\n<\/td>\n \n12.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.2 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7) pts<\/p>\n<\/td>\n<\/tr>\n \nTotal loss ratio<\/p>\n<\/td>\n \n80.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.3 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.8 pts<\/p>\n<\/td>\n<\/tr>\n \nCommission and brokerage ratio<\/p>\n<\/td>\n \n25.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.1 pts<\/p>\n<\/td>\n<\/tr>\n \nOther underwriting expenses<\/p>\n<\/td>\n \n2.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4 pts<\/p>\n<\/td>\n<\/tr>\n \nCombined ratio<\/p>\n<\/td>\n \n108.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.5 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n94.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3 pts<\/p>\n<\/td>\n<\/tr>\n \nAttritional combined ratio (3)<\/sup><\/p>\n<\/td>\n \n84.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.3) pts<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net catastrophe losses (4)<\/sup><\/p>\n<\/td>\n \n277<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n442<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net prior year unfavorable (favorable) development<\/p>\n<\/td>\n \n253<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(16)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions except for percentages<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Denotes non-GAAP financial measure. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup> Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year unfavorable (favorable) development. Attritional ratios are non-GAAP financial measures. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup> Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Underwriting Results – Global Wholesale & Specialty Segment<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nGross written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n948<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n918<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,646<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n<\/tr>\n \nNet written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n761<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.9)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,177<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,182<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2)%<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n705<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n737<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4.3)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,133<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,197<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.9)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Key Ratios <\/b>(6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss Ratio:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.0) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.1) pts<\/p>\n<\/td>\n<\/tr>\n \nPrior year unfavorable (favorable) (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.2) pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.4)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.9) pts<\/p>\n<\/td>\n<\/tr>\n \nCatastrophe<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.7 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.9 pts<\/p>\n<\/td>\n<\/tr>\n \nTotal loss ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.0) pts<\/p>\n<\/td>\n<\/tr>\n \nCommission and brokerage ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.9 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0 pts<\/p>\n<\/td>\n<\/tr>\n \nOther underwriting expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.7 pts<\/p>\n<\/td>\n<\/tr>\n \nCombined ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n97.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n95.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.8 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n95.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6 pts<\/p>\n<\/td>\n<\/tr>\n \nAttritional combined ratio (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3 pts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2) pts<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net catastrophe losses (4)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax net prior year unfavorable (favorable) development (6)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(9)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions except for percentages<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Denotes non-GAAP financial measure. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup> Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year unfavorable (favorable) development. Attritional ratios are non-GAAP financial measures. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup> Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.<\/p>\n<\/td>\n<\/tr>\n (6)<\/sup> On October 26, 2025 (effective October 1, 2025), the Company entered into two adverse development reinsurance agreements (“ADC”). These agreements provide coverage for potential adverse development on North American liabilities within the Global Wholesale & Specialty and Legacy segments for net losses and net LAE with dates of loss prior to January 1, 2025, that are paid on or after the effective date. To remove timing differences created by the retroactive reinsurance accounting model and improve the comparability between periods of underlying results, management excludes the following from the Global Wholesale & Specialty and Legacy segments and total reportable segment results:<\/p>\n \n\u00a0<\/p>\n \nSee “Comments on Non-GAAP Financial Measures” for a reconciliation of incurred losses and LAE and respective loss ratio metrics.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Underwriting Results – Legacy Segment<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nQuarter-to-Date<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nYear-to-Date<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSeptember 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n<\/tr>\n \nGross written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n590<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n308<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,048<\/p>\n<\/td>\n<\/tr>\n \nNet written premiums<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n57<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n218<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,565<\/p>\n<\/td>\n<\/tr>\n \nNet premiums earned<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n208<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n539<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n929<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,616<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncurred losses and LAE<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n152<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n395<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n702<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,211<\/p>\n<\/td>\n<\/tr>\n \nPrior year unfavorable (favorable) (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n486<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n484<\/p>\n<\/td>\n<\/tr>\n \nCatastrophes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28<\/p>\n<\/td>\n<\/tr>\n \nTotal incurred losses and LAE<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n755<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,723<\/p>\n<\/td>\n<\/tr>\n \nCommission, brokerage, taxes and fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n108<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n144<\/p>\n<\/td>\n<\/tr>\n \nOther underwriting expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n175<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n324<\/p>\n<\/td>\n<\/tr>\n \nUnderwriting income (loss) (2) (6)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(51)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(498)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(109)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(575)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n KEY METRIC<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet reserve for losses and loss adjustment expenses before impact of ADC (2)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,306<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAll values in USD millions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Denotes non-GAAP financial measure. See “Comments on Non-GAAP Financial Measures” for an explanation and reconciliation.<\/p>\n<\/td>\n<\/tr>\n (6)<\/sup> On October 26, 2025 (effective October 1, 2025), the Company entered into two adverse development reinsurance agreements (“ADC”). These agreements provide coverage for potential adverse development on North American liabilities within the Global Wholesale & Specialty and Legacy segments for net losses and net LAE with dates of loss prior to January 1, 2025, that are paid on or after the effective date. To remove timing differences created by the retroactive reinsurance accounting model and improve the comparability between periods of underlying results, management excludes the following from the Global Wholesale & Specialty and Legacy segments and total reportable segment results:<\/p>\n \n\u00a0<\/p>\n \nSee “Comments on Non-GAAP Financial Measures” for a reconciliation of incurred losses and LAE and respective loss ratio metrics.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements reflect management\u2019s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of our retail commercial insurance business, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory developments and legal uncertainties, expenses related to divestitures and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n About Everest \nEverest common stock (NYSE: EG) is a component of the S&P 500 index.<\/p>\n \nAdditional information about Everest, our people, and our products can be found on our website at w<\/a>ww<\/a>.everestglobal.com<\/a>.<\/p>\n \nA conference call discussing the results will be held at 8:00 a.m. Eastern Time on Thursday October 29, 2026. The call will be available on the Internet through the Company\u2019s website at https:\/\/investors.everestglobal.com\/overview<\/a>.<\/p>\n
\nEverest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today reported its third quarter 2026 results.<\/p>\n\n
\n
\n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/span>Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers\u2019 most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.<\/p>\n