North America Insurance Adverse Development Cover
Established a $1.2 billion adverse development cover for North America insurance division, providing capital flexibility and ensuring past poor underwriting does not affect current performance.
Strong Reinsurance Performance
Reinsurance business reported gross written premiums of $3.2 billion, with a combined ratio improvement to 87% driven by lower catastrophe losses and favorable prior year development.
Global Specialties Growth
The Global Specialties business produced almost $500 million of gross written premium and over $100 million of underwriting income, indicating strong performance and investment potential.
Investment Income Increase
Net investment income increased to $540 million in the quarter, driven by higher assets under management and strong alternative asset returns.
Book Value Per Share Increase
Book value per share increased by 15.2% from year-end 2024, ending the quarter at $366.22.