Company Reports Q4 Revenue of $2.97B, ROE of 25.9%

Reports Q4 revenue $2.97B. Reports return on average common equity of 25.9% and operating return on average common equity of 18.2%. Reports bo0k value per common share $247.00 vs. $195.77 last year. The company said, "We are pleased to report that we grew book value per common share by 26.2% and tangible book value per common share plus change in accumulated dividends by 30.8% in 2025, and that each of these metrics has more than doubled over the last three years. We have accomplished this by consistently executing our strategy and maximizing the returns on each of our Three Drivers of Profit - underwriting, fee and net investment income - while optimizing our capital base through significant capital return to our investors. At the January 1 renewal, we retained the lines that we targeted and built an underwriting portfolio designed to generate returns well in excess of the cost of capital. Looking forward to 2026, we expect the combination of our attractive underwriting portfolio, strong fee and investment income and robust capital management will continue to generate long-term value for our shareholders."