Revenue: As of FY2025 Q3, the actual value is USD 1.36 B.

EPS: As of FY2025 Q3, the actual value is USD 1.85.

Consolidated Financial Results

• Net premiums written: $1,207.9 million, up 4% from $1,157.6 million in Q3 2024.
• Net premiums earned: $1,204.7 million, up 8% from $1,112.2 million in Q3 2024.
• Net investment income earned: $138.7 million, up 18% from $117.8 million in Q3 2024.
• Net realized and unrealized gains (losses), pre-tax: $8.1 million, up 50% from $5.4 million in Q3 2024.
• Total revenues: $1,360.1 million, up 9% from $1,244.3 million in Q3 2024.
• Net underwriting income (loss), after-tax: $13.2 million, up 218% from $4.1 million in Q3 2024.
• Net income (loss) available to common stockholders: $113.0 million, up 26% from $90.0 million in Q3 2024.
• Non-GAAP operating income (loss): $106.7 million, up 24% from $85.7 million in Q3 2024.
• Combined ratio: 98.6%, improved from 99.5% in Q3 2024.
• Loss and loss expense ratio: 67.9%, improved from 68.8% in Q3 2024.
• Underwriting expense ratio: 30.6%, unchanged from Q3 2024.
• Net catastrophe losses: 2.1 points, down from 13.4 points in Q3 2024.
• Book value per common share: $54.46, up 12% from $48.82 in Q3 2024.
• Adjusted book value per common share: $55.83, up 10% from $50.80 in Q3 2024.

Standard Commercial Lines Segment

• Net premiums written: $940.8 million, up 4% from $903.9 million in Q3 2024.
• Net premiums earned: $947.3 million, up 8% from $875.4 million in Q3 2024.
• Combined ratio: 101.1%, up from 99.2% in Q3 2024.
• Loss and loss expense ratio: 69.5%, up from 67.6% in Q3 2024.
• Underwriting expense ratio: 31.5%, up from 31.4% in Q3 2024.
• Net catastrophe losses: 1.6 points, down from 11.5 points in Q3 2024.

Standard Personal Lines Segment

• Net premiums written: $104.2 million, down 6% from $111.0 million in Q3 2024.
• Net premiums earned: $101.5 million, down 6% from $107.5 million in Q3 2024.
• Combined ratio: 110.1%, improved from 122.1% in Q3 2024.
• Loss and loss expense ratio: 88.0%, improved from 98.7% in Q3 2024.
• Underwriting expense ratio: 22.1%, improved from 23.4% in Q3 2024.
• Net catastrophe losses: 12.0 points, down from 38.8 points in Q3 2024.

Excess and Surplus Lines Segment

• Net premiums written: $162.9 million, up 14% from $142.7 million in Q3 2024.
• Net premiums earned: $155.9 million, up 21% from $129.3 million in Q3 2024.
• Combined ratio: 76.2%, improved from 83.2% in Q3 2024.
• Loss and loss expense ratio: 46.1%, improved from 52.5% in Q3 2024.
• Underwriting expense ratio: 30.1%, improved from 30.7% in Q3 2024.
• Net catastrophe losses: -1.5 points, down from 5.2 points in Q3 2024.

Investments Segment

• Net investment income earned, after-tax: $110.0 million, up 18% from $93.4 million in Q3 2024.
• Net investment income per common share: $1.80, up 18% from $1.52 in Q3 2024.
• Annualized ROE contribution: 13.6%, up from 13.1% in Q3 2024.

Balance Sheet

• Total assets: $14,980.4 million, up 11% from $13,514.2 million as of December 31, 2024.
• Total investments: $11,051.5 million, up 15% from $9,651.3 million as of December 31, 2024.
• Long-term debt: $902.3 million, up 78% from $507.9 million as of December 31, 2024.
• Stockholders’ equity: $3,490.0 million, up 12% from $3,120.1 million as of December 31, 2024.
• Common stockholders’ equity: $3,290.0 million, up 13% from $2,920.1 million as of December 31, 2024.
• Book value per common share: $54.46, up 13% from $47.99 as of December 31, 2024.
• Adjusted book value per common share: $55.83, up 7% from $52.10 as of December 31, 2024.
• Debt to total capitalization: 20.5%, up from 14.0% as of December 31, 2024.

Outlook / Guidance

• GAAP combined ratio: 97% to 98%, including net catastrophe losses of 4 points and the impact of prior year casualty reserve development reported through the third quarter.
• After-tax net investment income: $420 million, up from prior guidance of $415 million.
• Overall effective tax rate: 21.5%.
• Weighted average shares: 61.1 million on a fully diluted basis, reflecting the shares repurchased in the first nine months of 2025 and assuming no additional repurchases under the share repurchase authorization.

Additional Outlook / Guidance

• 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 from agencies such as AM Best, Standard & Poor’s, Moody’s, and Fitch.