ADDED
At March 9, 2026, there were 33,983,603 ordinary shares outstanding, $0.10 par value per share, of the registrant.
Summary of Risk Factors The following is a summary of the principal risks that we believe could adversely affect our business, operations, and financial results.
Investments in privately held early-stage companies ( private equities ) involve significant risks, and are highly illiquid.
Refer to Part II, Item 7, Management Discussion and Analysis - Key Financial Measures and Non-GAAP Measures for further details.
Further, since 2018, our Innovations business unit has supported innovative, technology-driven insurance partners, both in the form of seed capital and reinsurance capacity.
Following the business growth momentum in 2024 and 2023, we grew our reinsurance business by 10.7% in gross premiums written during 2025 while maintaining a strong financial position and liquidity.
Supported by strong net cash flows from operating activities, we made further stock buybacks and repaid most of our outstanding debt in 2025.
In light of our strong balance sheet and steadily improved operating performance, A.M.
At December 31, 2025, we had $2.2 billion of total assets and $0.7 billion of shareholders equity, and grew our fully diluted book value per share by 13.8% during 2025.
In connection with certain proposals that passed at our 2023 AGM relating to the elimination of our former dual-class share structure, our Board consented to David Einhorn beneficially owning more than 9.9% of the total voting power of the total issued and outstanding ordinary shares, up to the amount of ordinary shares beneficially owned by Mr.
REMOVED
At March 10, 2025, there were 34,564,176 ordinary shares outstanding, $0.10 par value per share, of the registrant.
We believe that these factors include, but are not limited to: any suspension or revocation of any of our licenses; losses from catastrophes and other major events; a downgrade or withdrawal of our A.M.
Investments in privately held early-stage companies involve significant risks, and are highly illiquid.
Refer to Part II, Item 7, Management Discussion and Analysis - Key Financial Measures and N on-GAAP Measures for further details.
Further, since 2018, we have operated an Innovations business unit to support innovative, technology-driven insurance partners, both in the form of seed capital and reinsurance capacity.
Effective January 1, 2024, we hired a new Chief Executive Officer ( CEO ) who undertook a deep review of our business strategies, in addition to meeting key brokers, major clients and Innovations partners.
While this has not resulted in any material change to the Company s strategic direction; this has led to making some changes to the leadership team with the appointment of a Group Chief Underwriting Officer ( Group CUO ) and Group Chief Operating Officer ( Group COO ) during 2024 in order to more effectively manage the Company s operations and anticipated business growth.
Building from our strong performance in 2023, we grew our reinsurance business by 9.7% in gross premiums written during 2024 while maintaining a strong financial position and liquidity.
At December 31, 2024, we had $2.0 billion of total assets and $0.6 billion of shareholders equity, with a debt-to-capital ratio of 9.5%.
In connection with certain proposals that passed at our 2023 AGM relating to the elimination of our former dual-class share structure, our Board consented pursuant to Section 11(1)(c) of the Articles to David Einhorn beneficially owning more than 9.9% of the total voting power of the total issued and outstanding ordinary shares, up to the amount of ordinary shares beneficially owned by David Einhorn at the time of the consent (i.e., 6,254,715 ordinary shares, which represents 18.0% of the outstanding ordinary shares as of December 31, 2024 ).