0001193125-26-103715
SEC filing2025年净利大增217.8%至$195.6M，承保改善驱动，盈利质量显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross Premiums Written | $1,436.3M | $1,432.9M | +0.2% |
| Net Premiums Earned | $794.2M | $767.9M | +3.4% |
| Net Investment Income | $37.2M | $36.6M | +1.4% |
| Total Revenue | $847.3M | $817.0M | +3.7% |
| Losses and LAE | $313.2M | $447.0M | -29.9% |
| Operating Income | $267.2M | $93.6M | +185.4% |
| Net Income | $195.6M | $61.5M | +217.8% |
| Diluted EPS | $6.32 | $2.01 | +214.4% |
| Net Combined Ratio | 73.1% | 94.2% | -21.1 pts |
| Net Loss Ratio | 39.4% | 58.2% | -18.8 pts |
| Net Expense Ratio | 33.6% | 36.0% | -2.4 pts |
| Operating Cash Flow | $182.2M | $87.1M | +109.2% |
| Free Cash Flow | $149.6M | — | — |
2025年业绩大幅改善，核心驱动是承保盈利能力的显著提升。Net Combined Ratio降至73.1%，同比改善21.1个百分点，主要得益于Net Loss Ratio大幅下降18.8个百分点至39.4%。Catastrophe Losses从$104.6M降至$33.2M，同时Net Favorable Prior Year Loss Development达$13.5M，而去年同期为不利发展$25.4M。此外，Net Premiums Earned增长3.4%，Ceded Premium Ratio下降0.9个百分点，共同推动承保利润大幅增长。
盈利质量方面，Net Income $195.6M与Operating Cash Flow $182.2M基本匹配，现金流质量较高。剔除一次性项目（如房产出售收益$2.7M）后，核心盈利能力依然强劲。Net Expense Ratio下降2.4个百分点，主要得益于Ceding Commission Income增加，但General and Administrative Expenses因人力成本和系统投入上升9.2%。
公司作为单一报告分部运营，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and Cash Equivalents | $559.3M | +$106.6M |
| Total Investments | $715.6M | +$52.2M |
| Total Assets | $2,195.8M | -$273.1M |
| Unpaid Losses and LAE | $579.5M | -$463.2M |
| Long-term Debt, net | $78.4M | -$37.9M |
| Total Stockholders' Equity | $505.3M | +$214.5M |
| Operating Cash Flow | $182.2M | +$95.1M |
| Capex | $8.1M | -$0.2M |
| Free Cash Flow | $149.6M | — |
Unpaid Losses and LAE大幅下降，主要由于Hurricanes Milton和Ian的赔付以及有利的损失发展。Reinsurance Recoverable也相应减少$421.6M。Long-term Debt减少$37.9M，主要由于偿还FHLB贷款和房产抵押贷款。Total Stockholders' Equity增长73.8%，主要来自Net Income和Unrealized Losses减少。
资本配置：2025年回购$2.3M股票，并授权新的$25.0M回购计划。未派发股息。偿还债务$37.9M，杠杆率下降。
前瞻指引：公司未提供具体财务指引，但计划2026年进入Texas州开展Excess and Surplus Lines业务，并继续执行managed growth策略。
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