Revenue: As of FY2025 Q2, the actual value is USD 1.327 B.

EPS: As of FY2025 Q2, the actual value is USD 1.36.

Segment Revenue

• Net Premiums Written (NPW): Increased by 5% to $1,288.6 million in Q2 2025 compared to $1,226.1 million in Q2 2024.
• Standard Commercial Lines: Premiums grew 6% to $1,018.0 million in Q2 2025.
• Standard Personal Lines: Premiums declined 5% to $110.5 million in Q2 2025.
• Excess and Surplus Lines: Premiums increased 9% to $160.2 million in Q2 2025.
• Net Premiums Written: $1,288.6 million for the quarter ended June 30, 2025, compared to $1,240.4 million for the quarter ended March 31, 2025.

Operational Metrics

• Net Income: $83.6 million in Q2 2025, compared to a loss of -$65.6 million in Q2 2024.
• Combined Ratio: Improved to 100.2% in Q2 2025 from 116.1% in Q2 2024.
• Return on Common Equity (ROE): 10.7% in Q2 2025.
• Net Income: $85.9 million for the quarter ended June 30, 2025, compared to $109.9 million for the quarter ended March 31, 2025.
• Underwriting Income (Loss): -$2.4 million for the quarter ended June 30, 2025, compared to $45.6 million for the quarter ended March 31, 2025.
• Loss and Loss Expense Ratio: 69.3% for the quarter ended June 30, 2025, compared to 64.4% for the quarter ended March 31, 2025.
• Combined Ratio: 100.2% for the quarter ended June 30, 2025, compared to 96.1% for the quarter ended March 31, 2025.
• Return on Equity (ROE): 1H25 ROE was 12.5%, compared to 7.0% in 2024, with a 5-year average of 11.1% and a 10-year average of 11.3%.
• Combined Ratio: 1H25 combined ratio was 98.2%, compared to 103.0% in 2024, with a 5-year average of 96.5% and a 10-year average of 95.0%.

Cash Flow

• Net Investment Income (After-Tax): Increased by 18% to $101 million in Q2 2025.
• Net Investment Income: $128.0 million for the quarter ended June 30, 2025, compared to $120.7 million for the quarter ended March 31, 2025.
• Operating Cash Flow: Generated $1.1 billion in 2024, up from $759 million in 2023. Year-to-date operating cash flow was $451 million, compared to $380 million in 1H24.

Unique Metrics

• Book Value per Common Share: Increased by 9% to $52.09 in Q2 2025.
• Adjusted Book Value per Common Share: Increased by 10% to $54.48 in Q2 2025.
• Net Catastrophe Losses: $79.9 million for the quarter ended June 30, 2025, compared to $43.4 million for the quarter ended March 31, 2025.
• Investment Income: After-tax net investment income for 2025 is projected at $415 million.

Outlook / Guidance

• GAAP Combined Ratio: Expected to be 97% to 98% for the full year 2025, including net catastrophe losses of 6 points.
• After-Tax Net Investment Income: Projected to be $415 million for 2025, up from prior guidance of $405 million.
• Effective Tax Rate: Anticipated to be 21.5% for 2025.
• The company anticipates challenging conditions in the economy, global capital markets, and commercial real estate, which could increase loss costs and negatively impact investment portfolios.
• There is a potential impact from ongoing wars and conflicts on global economic, banking, commodity, and financial markets, which could exacerbate economic challenges, including inflation and supply chain disruption.
• The company is focused on maintaining favorable financial ratings, which may include sustainability considerations from rating agencies.