Strong Return on Equity and Profitability
Delivered return on average equity of ~18.6% for the full year (18.5% in Q4), demonstrating high profitability well above the company's long-term averages.
Book Value Growth and Solid Bottom Line
Book value per share grew almost 14% to $16.91 in 2025; full-year net income of $127.2M ($2.89/share) and Q4 net income of $32.3M ($0.76/share).
Strong Underwriting Income and Combined Ratio
Delivered more than $161M in underwriting income for the year with a full-year combined ratio just under 86% and Q4 combined ratio of 82%, supported by favorable reserve development and underwriting discipline.
Substantial Capital Returned to Shareholders
Returned over $108M to shareholders in 2025 through dividends and share repurchases, announced an additional special dividend of $1.15 per share (third consecutive special dividend), repurchased ~344,000 shares in Q4 at an average price of $23.51, and had ~4.65M shares remaining under the $5M repurchase authorization.
S&P Financial Strength Upgrade
Received a financial strength rating upgrade from S&P, reinforcing balance sheet strength and market credibility—cited as a driver of increased access to business opportunities.
Strong Investment Position and Yield
Total investments and cash of $1.32B; fixed income >80% of the portfolio; investment income of $14.2M in Q4 and just under $55M for the full year, implying a yield of ~4.2% and held duration around 3.6 years.
Balance Sheet Growth
Total assets of $2.1B and total equity of $710M at year-end, up from ~$655M at the end of 2024, reflecting capital generation and repurchases.
Strategic Cycle Management and Market Positioning
Management emphasized disciplined underwriting, targeted reinsurance purchasing (more facultative in soft markets), local market presence, and selective growth—positioning the company to find profitable opportunities despite increased competition.