Quarterly Reinsurance Data

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Reinsurance and Risk Transfer Analysis - Slide Insurance (SLDE)

Reinsurance Programs

1. Personal Residential Property - Per Risk Excess of Loss Treaty (2025)

Program Type: Per risk excess of loss

Effective Date: June 1, 2025

Expiration: May 31, 2026

Retention: $0.7 million per property risk

Layer: $4.3 million excess of $0.7 million retention

Coverage: 100% of all losses except named storms

Territory: Personal residential property business

2. Personal Residential Property - Facultative Excess of Loss (2025)

Program Type: Facultative excess of loss

Effective Date: June 1, 2025

Coverage: $7 million excess of $5 million

Attachment Point: $5 million per loss, per risk

Aggregate Cap: $14 million (reinsurer's total liability)

Territory: Personal residential property business

3. Commercial Residential Property - Per Risk Excess of Loss Treaty (2025)

Program Type: Per risk excess of loss

Effective Date: October 29, 2025

Expiration: November 1, 2026

Retention: $1 million per risk

Layer: $9 million excess of $1 million retention

Coverage: 100% of all losses except named storms

Territory: Commercial residential property business

4. Commercial Residential Property - Facultative Excess of Loss (2025)

Program Type: Facultative excess of loss

Effective Date: November 1, 2025

Expiration: November 1, 2026

Coverage: $65 million excess of $10 million

Attachment Point: $10 million per loss, per risk

Coverage Exclusion: Does not cover named storm losses

Territory: Commercial residential property business

5. Florida Hurricane Catastrophe Fund (FHCF) - 2025

Program Type: Catastrophe excess of loss (mandatory state program)

Structure: 90% participation in corridor structure

Layer: 90% of $1,047.9 million excess of $557.2 million

Coverage: Named hurricanes only

Retention: $557.2 million

Maximum Projected Recovery: Not fully disclosed in excerpt

Corridor Structure: FHCF covers 90% of losses, private cat layers cover remaining 10%

6. Catastrophe Excess of Loss Agreement (2025)

Program Type: Catastrophe excess of loss

Structure: Works in conjunction with FHCF through corridor

Coverage: 10% of losses in corridor (FHCF covers 90%)

Primary Peril: Hurricanes

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Prior Year Reinsurance Programs (2024)

7. Personal Residential Property - Per Risk XOL (2024)

Effective Date: June 1, 2024

Expiration: May 31, 2025

Retention: $0.7 million per risk

Layer: $4.3 million excess of $0.7 million

Coverage: 100% except named storms

8. Personal Residential Property - Facultative XOL (2024)

Effective Date: June 1, 2024

Coverage: $7 million excess of $5 million

Aggregate Cap: $14 million

9. Florida Hurricane Catastrophe Fund (FHCF) - 2024

Layer: 90% of $791.7 million excess of $379.3 million

Premium: $60.1 million

Retention: $379.3 million

Maximum Projected Recovery: $712.5 million

10. Commercial Residential Property - Per Risk XOL (2024)

Effective Date: October 29, 2024

Expiration: November 1, 2025

Retention: $1 million per risk

Layer: $9 million excess of $1 million

Coverage: 100% except named storms

11. Commercial Residential Property - Facultative XOL (2024)

Effective Date: October 29, 2024

Expiration: November 1, 2025

Coverage: $50 million excess of $10 million

Coverage Exclusion: No named storm coverage

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Captive/Collateralized Reinsurance Arrangement

12. White Rock Insurance (SAC) Ltd. - Separate Account T104

Structure: Reinsurance captive arrangement with VIE (Variable Interest Entity)

Consolidated: Yes - Company is primary beneficiary

Coverage Types: Quota share, per risk, and catastrophe reinsurance protection

2024 Period: June 1, 2024 through May 31, 2025

2025 Period: June 1, 2025 through May 31, 2026

Collateral (as of March 31, 2026): $482,050 thousand in restricted cash

Collateral (as of December 31, 2025): $480,972 thousand in restricted cash

Purpose: Held in reinsurance trust account to settle specific reinsurance obligations

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Key Observations

Program Evolution 2024 → 2025:

FHCF attachment increased: $379.3M → $557.2M (+47%)

FHCF limit increased: $791.7M → $1,047.9M (+32%)

Commercial facultative limit increased: $50M → $65M (+30%)

Personal residential per-risk and facultative programs: Unchanged in structure

Reinsurance Strategy:

Segregated programs for personal vs. commercial residential property

Named storm risk explicitly excluded from per-risk and facultative programs

Heavy reliance on FHCF for catastrophe protection (90% participation)

Private market catastrophe reinsurance fills 10% corridor gap

Use of collateralized captive structure through White Rock SAC

Credit Risk:

Company retains liability to policyholders regardless of reinsurer performance

$482 million in restricted cash collateralizing VIE arrangement

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Missing Data

The filing does not explicitly disclose:

Total ceded premiums written for Q1 2026 or 2025

Total reinsurance recoverables balance

Ceded losses incurred

Net retention as % of statutory surplus

Gross vs. net PML figures

Peak zones or 1-in-100/1-in-250 year loss estimates

Premium costs for 2025 cat program layers

Specific cat bond programs or ILS transactions

---

Note: No traditional cat bond (insurance-linked securities) programs were disclosed in the provided excerpts.

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Palomar Holdings (PLMR) - Reinsurance and ILS Disclosure

Catastrophe Bond Programs

Torrey Pines Re Ltd. Program

SPV Details:

SPV Name: Torrey Pines Re Ltd.

Domicile: Bermuda-domiciled special purpose insurer

Trigger Type: Indemnity-based

Covered Perils: Earthquake events

Cat Bond Tranches:

1. 2025 Issuance

Size: $525 million

Effective Date: June 1, 2025

Maturity: June 1, 2028

Risk Period: 3 years

Issuance Timing: Second quarter 2025

2. 2024 Issuance

Size: $420 million

Effective Date: June 1, 2024

Maturity: June 1, 2027

Risk Period: 3 years

Issuance Timing: Second quarter 2024

3. 2023 Issuance

Size: $200 million

Effective Date: June 1, 2023

Maturity: June 1, 2026

Risk Period: 3 years

Issuance Timing: Second quarter 2023

4. 2022 Issuance (144A)

Size: $275 million

Structure: 144A catastrophe bond

Effective Date: June 1, 2022

Maturity: June 1, 2025

Risk Period: 3 years

Issuance Timing: Second quarter 2022

Total Active Cat Bond Coverage (as of Q1 2026): $1.42 billion ($525M + $420M + $200M + $275M)

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Reinsurance Program Structure

Program Types Disclosed:

Treaty XOL (Excess of Loss) coverage

Program-specific reinsurance:

Quota share

Property per risk

Facultative basis

Catastrophe Coverage:

Earthquake Events:

Retention: $100.0 million

Coverage: Multiple layers including collateralized cat bond protection

Continental U.S. Hurricane Events:

Retention: $100.0 million

Coverage: Multiple layers (specific limits not disclosed in this section)

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Risk Metrics & PML Information

Disclosure Note:

The filing references "probable maximum loss reports" and modeling techniques but does not provide specific 1-in-100 or 1-in-250 PML figures in the extracted sections

The company uses catastrophe modeling to evaluate loss potential

Regular review of aggregate exposure and probable maximum loss reports conducted

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Key Structural Elements

Reinsurance Strategy:

Multiple types of reinsurance utilized

Treaty coverage applied to groups/classes of business meeting specific criteria

Facultative coverage for individual risks

Catastrophe XOL treaties divided into multiple layers

Significant use of insurance-linked securities market for collateralized protection

Risk Management Approach:

Underwriting specialization

Modeling and data systems

Data quality control

Strategic use of policy deductibles

Regular aggregate exposure monitoring

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Financial Metrics (Disclosed in Filing)

Specific financial figures for reinsurance recoverables, ceded premiums, and ceded losses were NOT disclosed in the extracted sections.

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Regulatory Context

A.M. Best Ratings (as of March 31, 2026):

PSIC, PESIC, FIA: "A" (Excellent) - Outlook Stable

PCSC: "A-" (Excellent) - Outlook Positive

Debt Covenants (related to reinsurance):

2026 Credit Agreement requires minimum A.M. Best financial strength rating

Minimum risk-based capital ratio requirement

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Notable Disclosures

Company indicates reinsurance market conditions may affect ability to purchase coverage on acceptable terms

Catastrophe bonds represent strategic diversification into insurance-linked securities market

All catastrophe bonds provide indemnity-based (not parametric) coverage

Sequential annual issuances show sustained ILS market access

Total cat bond capacity increased significantly from $275M (2022) to $525M (2025)

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Heritage Insurance (HRTG) Reinsurance & ILS Disclosure Extract

Reinsurance Programs Overview

Program Year: June 1, 2025 - May 31, 2026

The Company purchases reinsurance from four primary sources:

1. Florida Hurricane Catastrophe Fund (FHCF)

Type: Catastrophe excess of loss reinsurance

Coverage: Florida personal residential and commercial residential admitted policies only

State-mandated catastrophe fund

2. Private Reinsurers

Type: Catastrophe excess of loss reinsurance

Rating requirement: A- or higher (A.M. Best or S&P), or fully collateralized

3. Osprey Re Ltd.

Type: Catastrophe excess of loss reinsurance

Structure: Wholly-owned reinsurance subsidiary

4. Citrus Re Ltd

Type: Cat bond / Special Purpose Vehicle

Structure: Company-sponsored catastrophe bonds

Quota Share Program

Type: Quota share reinsurance

Purpose: Limits exposure on catastrophe and non-catastrophe losses

Benefit: Provides ceding commission income

Counterparty requirements: Rated A- or higher by A.M. Best or fully collateralized

Property Per Risk Program

Type: Per risk excess of loss

Purpose: Limits net exposure for severe non-hurricane losses impacting single location/risk

Counterparty requirements: Rated A- or higher by A.M. Best or fully collateralized

Facultative Reinsurance

Type: Facultative reinsurance

Purpose: Supplements per risk reinsurance program based on capacity needs

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Key Reinsurance Figures

Three Months Ended March 31, 2026 vs 2025:

Reinsurance Recoverables on Unpaid Losses:

Reserve for Unpaid Losses:

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PML / Risk Metrics

Regulatory Requirements:

Regulators require reinsurance coverage based on 1-in-100 year PML (probable maximum loss)

Coverage designed for individual catastrophic events

Additional coverage purchased for multiple catastrophic events in same year

Company shares portions of reinsurance program among insurance company affiliates

Note: Specific PML dollar amounts, net vs. gross figures, and peak zones were not disclosed in this filing excerpt.

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Cat Bond Program Details

Citrus Re Ltd

Type: Special Purpose Vehicle (SPV) / Catastrophe bond

Sponsor: Heritage Insurance Holdings, Inc.

Purpose: Catastrophe excess of loss reinsurance

Note: Specific details on size, covered perils, trigger type, maturity, risk period, expected loss, or spread were not disclosed in this filing excerpt. The company references its 2025 Form 10-K for detailed discussion of the 2025-2026 Reinsurance Program.

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Hurricane-Specific Notes

Hurricane Milton (2024)

Q1 2026: Ultimate catastrophe losses adjusted downward based on loss development

Impact: Dampened ceded losses for quarter ended March 31, 2026

Hurricane Irma (2017)

FHCF commutation: Required no later than 60 months after contract year end

Company exhausted private layers; had 45% FHCF participation remaining

Commutation completed settling all outstanding losses

Risk retained: Future adverse development on Hurricane Irma claims will be 100% retained by Company (no reinsurance recovery available)

Uncertainty drivers: Social inflation and litigated claims environment in Florida

Q1 2025 Loss Development

Certain hurricane events adjusted downward

Fully ceded under catastrophe excess of loss coverage

No net impact on retained losses

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Additional Program Notes

Legislative reform impact: Contributing to favorable loss development

Claims handling improvements: Contributing to favorable loss development

Reinsurance strategy: Critical component with ceded premiums being one of largest costs

Reference for full details: 2025 Form 10-K, Note 12 contains comprehensive 2025-2026 program structure

---

Restricted Cash Related to Reinsurance

Purpose: Deposits related to reinsurance transactions using catastrophe bonds

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HCI Group Reinsurance & Risk Transfer Analysis

Reinsurance Programs

Overall Reinsurance Structure

Program Type: Multi-layered catastrophe excess of loss, facultative reinsurance, and quota share arrangements

Effective Date: June 1st annually (standard renewal date)

Current Treaty Year: 2025-2026

Key Features:

Catastrophe excess of loss reinsurance with defined retention levels

High-value individual risk facultative reinsurance

Quota share agreements for proportional loss sharing

Reinstatement Premium Protection (RPP) contracts

Ceded Premiums

Premiums Written:

Q1 2026 Ceded: $104.1 million

Q1 2025 Ceded: $99.6 million

Retrospective Provisions

Pre-June 1, 2025 contracts: Included retrospective adjustment provisions

Adjustments recorded: $0 for Q1 2026 and Q1 2025

Reinstatement Premium Protection (RPP)

Program Details:

Entities Covered: HCPCI, TTIC, CORE, and Tailrow

Treaty Year: 2025-2026

Purpose: Indemnify for reinstatement premiums under excess of loss reinsurance contracts

Participants: Multiple reinsurers including Oxbridge Reinsurance Limited (noted as subscriber on one contract)

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Mandatory Reinsurance

Florida Hurricane Catastrophe Fund (FHCF)

Type: Tax-exempt state trust fund providing mandatory catastrophe coverage

Status: One of six major reinsurers representing 67.8% of reinsurance recoverables as of March 31, 2026

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Assumed Reinsurance - Quota Share Provided to Others

United Property & Casualty Insurance Company

Program Type: Quota share reinsurance (historical - terminated)

Coverage: Northeast and southeast U.S. policies

Status:

Terminated: March 2023

Reason: United placed into receivership by State of Florida due to financial insolvency

Outstanding liabilities: Not material as of March 31, 2026 and December 31, 2025

Funds withheld: Not material as of March 31, 2026

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Policy Assumptions from Citizens

Citizens Property Insurance Corporation Take-Out Program

Program Type: Policy assumption (not reinsurance)

Purpose: Legislatively mandated program to reduce Florida state risk exposure

Assumptions by Period:

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Reinsurance Recoverables

As of March 31, 2026:

Concentration:

67.8% of reinsurance recoverable balance from six reinsurers

One of the six is the Florida Hurricane Catastrophe Fund (FHCF)

Credit Quality:

Allowance for credit losses: Not material

Company monitors reinsurer financial condition and geographic/economic concentrations

Counterparty Risk:

Company remains liable for claims if reinsurers fail to meet obligations

Active evaluation and monitoring program in place

---

Premiums Breakdown

Three Months Ended March 31, 2026:

Three Months Ended March 31, 2025:

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Loss Ratios & Combined Ratios

Gross Loss Ratio:

Q1 2026: 20.1%

Q1 2025: 19.7%

Contributing factors to Q1 2026 increase:

Higher volume of policies in force

Weather-related events in the northeast

Net Combined Ratio:

Remained relatively consistent between Q1 2025 and Q1 2026 (specific figures not disclosed)

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Losses and Loss Adjustment Expenses (LAE)

Net Losses Incurred:

Reserve Activity:

Settlement Timeframe: Substantially all losses and LAE fully settled within approximately 100 days of claim receipt (excluding litigated claims)

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Policies In Force

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Liquidity & Capital

Cash and Cash Equivalents (March 31, 2026): $1.0 billion

Management Assessment: Sufficient liquidity maintained to cover:

Claims and expenses

Unforeseen events including reinsurer insolvencies

Inadequate premium rates or reserve deficiencies

Reinsurance Program Philosophy: Comprehensive program at levels considered adequate to diversify risk and safeguard financial position

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Cat Bond Programs

NO CAT BOND DISCLOSURE - No catastrophe bond, ILS SPV, or sidecar structures mentioned in this filing.

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PML / Risk Metrics

NO PML FIGURES DISCLOSED - No Probable Maximum Loss figures, peak zones, or net vs gross PML comparisons included in this quarterly filing.

---

Summary

HCI Group maintains a traditional multi-layered reinsurance program with:

31.9% cession ratio (Q1

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Universal Insurance (UVE) Reinsurance Disclosure Analysis

Reinsurance Programs

2025-2026 All States Reinsurance Program

Program Type: Catastrophe Excess of Loss (Multi-Layer Structure)

Effective Date: June 1, 2025

Treaty Period: June 1, 2025 – May 31, 2026

---

Program Structure:

First Event Coverage:

Combined Retention: $45 million

Total Tower Limit: $2.575 billion

Full tower extension: $45M to $2.575B

Co-participation: None in any layer

Loss Adjustment Expenses: No limitation

Deposit Premiums: No acceleration

First Event Layers:

1. Captive Layer: $66 million xs $45 million

Placed by UIH in captive insurance arrangement

Total attachment: $45M retention + $66M captive = $111M

2. Private Market Layers: $111 million to $2.575 billion

Multiple layers with Reinstatement Premium Protection (RPP)

RPP purchased for all layers between $111M and FHCF attachment point

Second Event Coverage:

Exhaustion Point (if first event exhausts tower): $1.209 billion

Full Reinstatement Available: $1.098 billion of first-event catastrophe coverage (guaranteed)

Private Market Layer: $66 million xs $45 million (replaces captive for second event)

Effective Second Event Retention: $45 million (consolidated basis - $66M reduction from captive replacement)

Third and Fourth Event Coverage:

Specific Frequency Protection: $86 million xs $25 million

Effective Retention for 3rd/4th events: $25 million ($20M reduction from first event)

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Florida Hurricane Catastrophe Fund (FHCF) Coverage

Effective Date: June 1, 2025

Coverage Level Election: 90%

Limits by Entity:

UPCIC: ~$1.37 billion (estimated)

APPCIC: $22.8 million

Structure: Mandatory coverage that inures to benefit of All States private market reinsurance

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Multi-Year Treaties

Capacity: $352 million

Extension: Portions extend to 2026-2027 treaty year

Purpose: Future year protection/stability

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Ceded Premiums

Three Months Ended March 31, 2026:

Ceded Premiums Earned: Increased by $17.0 million (+10.8%) vs. Q1 2025

Ceded Premium Ratio: 32.8% of direct earned premiums (up from 30.7% in Q1 2025)

Driver: Higher reinsurance costs from expanded coverage limits under 2025-2026 program

Recognition Method:

Recognized equally throughout yearly contract period (June 1 – May 31)

Commissions earned from traditional third-party reinsurers (not from FHCF)

Pro-rata recognition throughout reinsurance policy period

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Reinsurance Recoverables

Top Reinsurers (>3% of Stockholders' Equity):

Total for Listed Reinsurers:

March 31, 2026: $120,433k

December 31, 2025: $226,961k

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PML / Risk Metrics

Not explicitly disclosed in this filing excerpt.

The filing states:

Catastrophe reinsurance programs meet FLOIR requirements based on stress test scenarios

Programs meet stress test requirements of:

Demotech, Inc.: For maintaining "A" (Exceptional) Financial Stability Rating

Kroll: For maintaining "A-" insurer financial strength rating

Third-party catastrophe models used for scenario testing (hurricanes, tornadoes, earthquakes)

No specific 1-in-100 or 1-in-250 PML figures disclosed in this section

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Cat Bond Programs

NO_CAT_BOND_DATA – No ILS or cat bond programs disclosed in this filing excerpt.

The captive arrangement mentioned ($66M xs $45M first event layer) is a traditional captive reinsurance structure, not an insurance-linked securities transaction.

---

Key Program Features

Regulatory Compliance:

Meets Florida Office of Insurance Regulation (FLOIR) capital and reinsurance requirements

Covers single catastrophic event and series of events in same hurricane season

Cohesive and comprehensive coverage demonstrated through stress testing

Credit Risk Management:

Company seeks financially sound reinsurers

Regular evaluation of reinsurer financial strength

Company remains responsible for settlement regardless of reinsurer payment failure

Policy Details:

No co-participation in any layers

No limitation on loss adjustment expenses

No accelerated deposit premiums

Reinstatement premium protection purchased for key layers

---

Business Context

Geographic Exposure:

Policies in force in 19 states as of March 31, 2026

Authorized to do business in Tennessee (rate filing underway)

Growth Metrics (Q1 2026 vs Q1 2025):

Policies in force: +50,489 (+5.8%)

Premium in force: +$83.9M (+4.0%)

Total insured value: +$37.1B (+10.1%)

Direct premiums written: Up in most operating states

Reinsurance Season:

Hurricane season begins June 1st annually

Reinsurance programs structured around this date

---

Summary

Universal Insurance maintains a comprehensive multi-layer catastrophe excess of loss reinsurance program with:

First event retention: $45M

Total protection: $2.575B

Multiple event coverage with reduced retentions for 2nd ($45M), 3rd/4th events ($25M)

FHCF participation at 90% providing ~$1.4B additional coverage

Multi-year stability through $352M of extended coverage

No material ILS/cat bond disclosure in this filing

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American Coastal Insurance Corporation - Reinsurance & ILS Program Analysis

Reinsurance Programs

1. Core Catastrophe Reinsurance Program

Program Type: Excess of Loss + Quota Share (hybrid)

Effective Dates: June 1 - May 31, annually

Covered Perils: Named or numbered windstorms

Limits & Structure:

First occurrence limit: $1,330,000,000

Aggregate limit: $1,676,000,000

Retentions:

First event GAAP retention: $29,750,000

AmCoastal STAT retained: $14,000,000

Captive (Shoreline Re) retained: $15,750,000

Second event GAAP retention: $18,500,000

AmCoastal STAT retained: $14,000,000

Captive retained: $4,500,000

Third event GAAP retention: $3,750,000

(Based on three $100,000,000 loss events)

Return Period Coverage:

1-in-217-year return period (0.5% probability of exhaustion)

Covers 1-in-100-year event followed by 1-in-50-year event (<0.1% probability)

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2. All Other Perils Catastrophe Excess of Loss

Program Type: Catastrophe Excess of Loss

Effective Dates: January 1 - December 31, annually

Covered Perils: All catastrophe perils EXCEPT named windstorms and earthquakes

Limits:

First event: $95,600,000

Aggregate: $170,400,000

Return Period Coverage:

1-in-227-year return period (≤0.5% probability of exhaustion)

---

3. Catastrophe Aggregate Excess of Loss (CAT Agg)

Program Type: Aggregate Excess of Loss

Effective Dates: January 1, 2026 - December 31, 2026

Covered Perils: All catastrophe perils (named windstorms, severe convective storms, winter storms)

Structure:

Aggregate limit: $40,000,000

Per occurrence cap: $20,000,000

Aggregate deductible: $40,000,000

Attachment: Excess of zero after aggregate deductible exhausted

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Captive Reinsurance - Shoreline Re Programs

Quota Share Agreement (Current)

Effective Dates: 06/01/2025 - 05/31/2026

Cession Rate: 45%

Premium Collected: Based on estimated subject premiums at June 1, 2025

Capital at Risk: $33,346,000

Coverage: All catastrophe perils + attritional losses (ground-up protection, reduces catastrophe retention)

All Other Perils Catastrophe XOL

Effective Dates: 01/01/2025 - 12/31/2025

Premium Collected: $1,296,000

Capital at Risk: $2,304,000

Excess Per Risk Agreement

Effective Dates: 02/01/2024 - 01/31/2025

Premium Collected: $1,867,000

Capital at Risk: $633,000

Quota Share Agreement (Commuted)

Effective Dates: 06/01/2024 - 05/31/2026

Cession Rate: 30%

Capital at Risk: $4,200,000

Status: Commuted on June 1, 2025 with no impact on consolidated results

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Cat Bond Programs

General Disclosure:

Catastrophe bonds are part of AmCoastal's core catastrophe reinsurance program

Effective dates noted: April 2024 and December 2024

No specific SPV names, bond sizes, trigger types, or spread details disclosed in this filing

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PML / Risk Metrics

Modeled Risk Profile:

Catastrophe Model Used: AIR 11.5 (long-term catalog with demand surge and LAE)

Total Insured Value (TIV): $69 billion (as of September 30, 2025)

Return Period Analysis:

Core program: 1-in-217-year protection (0.5% exceedance probability)

All other perils: 1-in-227-year protection (≤0.5% exceedance probability)

Multi-event scenario: 1-in-100-year + 1-in-50-year events covered (<0.1% probability)

Net vs Gross PML:

Not explicitly disclosed in numerical format

Ground-up quota share with Shoreline Re effectively reduces gross retention

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Key Figures

Reinsurance Recoverables:

Not disclosed in extracted text

Ceded Premiums Written:

Quota Share (45%): Based on estimated subject premiums at 06/01/2025

All Other Perils XOL: $1,296,000 (2025 period)

Excess Per Risk: $1,867,000 (2024-2025 period)

Prior Quota Share (30%): $4,200,000 (commuted)

Ceded Losses Incurred:

Not disclosed in extracted text

Net Retention as % of Surplus:

Not disclosed in extracted text

Shoreline Re Capital at Risk Summary:

Current Quota Share (45%): $33,346,000

All Other Perils XOL: $2,304,000

Excess Per Risk: $633,000

Prior Quota Share (30%): $4,200,000 (commuted)

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Program Design & Strategy Notes

Reinsurance strategy aims to provide acceptable shareholder returns while reducing earnings variability and providing surplus protection

Programs designed using third-party catastrophe modeling software and consulting with reinsurance experts

Company acknowledges modeling limitations and that actual results may differ materially

Credit risk: Company remains primarily liable if reinsurers fail to meet obligations

Captive (Shoreline Re) used strategically where premium rates are high relative to risk

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Reinsurance and Risk Transfer Analysis - Oxbridge Re (OXBR) 10-Q

Reinsurance Programs

Series 2020-1 Cat Bond / Participating Notes Program

Program Structure:

Type: Quota share retrocession supporting global property catastrophe excess of loss reinsurance

SPV/Issuer: Oxbridge Re NS (Cayman domiciled special purpose insurer)

Counterparty: Retrocession agreement with Oxbridge Reinsurance Limited

Effective Date: June 1, 2020 (retrocession effective September 1, 2020)

Maturity: June 1, 2023 (matured)

Original Size: $216,000

Current Outstanding Balance: $118,000 (as of March 31, 2026 and December 31, 2025)

Collateralization: Fully collateralized via funds held in trust for benefit of Oxbridge Reinsurance Limited

Structure: Participating notes issued to third-party investors

Interest: Payable annually per governing documents

Status: Cedant under related reinsurance treaty declared bankruptcy; collateral remains restricted in trust account; liabilities will be settled if/when collateral becomes available

Coverage:

Global property catastrophe excess of loss reinsurance business

Focus: Gulf Coast region of United States, emphasis on Florida

Risk profile: Medium frequency, high severity risks

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Tokenized Reinsurance Programs

DeltaCat Re Token Program (2023)

Program Details:

Issuer: SurancePlus Inc. (80% owned subsidiary, BVI Business Company incorporated December 19, 2022)

Launch Date: Private placement commenced March 27, 2023; completed June 27, 2023

Maximum Offering: Up to $5.0 million

Amount Raised: $2,447,760

Tokens Issued: 244,776 DeltaCat Re Tokens

Price per Token: $10.00

Token Structure: Each token represents one share of Series DeltaCat Re Preferred Shares

Investor Breakdown:

Third-party investors: ~$1,280,000

Oxbridge Re Holdings Limited: ~$1,167,000

Reclassification: September 11, 2023 - tokens reclassified as tokenized interests carrying rights equivalent to DeltaCat Re Preferred Shares per BVI law

Underlying Contracts: Fractionalized interests in reinsurance contracts underwritten by Oxbridge Re NS

Participation Shares Program (2024)

Program Details:

Issuer: SurancePlus Inc.

Announcement: March 18, 2024

Security Type: Participation Shares (offered together with Preferred Shares as "Securities")

Status: Offering commenced (details limited in filing)

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Reinsurance Structure & Operations

Oxbridge Re NS Variable Interest Entity

Entity Structure:

Formation: December 22, 2017

Jurisdiction: Cayman Islands

License: Special purpose insurer

Purpose: Provide additional collateralized capacity to support Oxbridge Reinsurance Limited's business

Function: Reinsurance sidecar

Ownership: 80% voting shares and issued share capital owned by Oxbridge Re Holdings

Rating: Non-rated insurer

VIE Status: Consolidated as Variable Interest Entity; primary beneficiary is parent company

Collateralization: All risks fully collateralized via funds held in trust

Business Model:

Issues participating notes to third-party investors

Proceeds deposited into collateral accounts

Quota share participation in Oxbridge Reinsurance Limited's catastrophe business

Principal returned to noteholders upon expiration of risk period, less any losses

Interest payments made annually per governing documents

Company receives origination and structuring fee

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Retrocession/Ceding Arrangements

General Retrocession Policy:

Company reduces risk by reinsuring certain risks/exposures with retrocessionaires

Company remains liable if retrocessionaire fails to meet obligations

Company remains liable to extent security not held for unpaid obligations

Ceded premiums written when risk incepted, expensed over contract period

Unearned Premiums Ceded: $0 at March 31, 2026 and December 31, 2025

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Risk Concentrations & Exposures

Geographic Concentration:

Primary focus: Gulf Coast region of United States

Emphasis: Florida

Global property catastrophe exposure via Oxbridge Re NS program

Counterparty Risk:

Substantial portion of reinsurance business relates to risks of limited number of entities

Underwriting risks NOT significantly diversified

Credit risk exists with brokers unable to fulfill contractual obligations

Company liable for broker payment failures in certain jurisdictions

Premium payment timing risk in certain jurisdictions where broker receipt = payment regardless of actual receipt

Risk Mitigation:

Use of reputable and multiple counterparties

Decreases likelihood of significant credit concentration with any one counterparty

---

Key Figures

Series 2020-1 Participating Notes:

Income attributable to noteholders (Q1 2026): $0

Income attributable to noteholders (Q1 2025): $0

No Disclosure of:

Total reinsurance recoverables

Specific ceded premiums written amounts

Specific ceded losses incurred

Net retention as % of surplus

PML figures (1-in-100, 1-in-250, etc.)

Peak zone exposures

Expected loss/spread on cat bond programs

---

Summary

Oxbridge Re operates a specialized reinsurance model centered on:

1. A traditional cat XOL reinsurance subsidiary (Oxbridge Reinsurance Limited)

2. A special purpose insurer sidecar (Oxbridge Re NS) providing quota share retrocession support via participating notes

3. An innovative tokenized reinsurance platform (SurancePlus) issuing blockchain-based fractionalized reinsurance securities

The company has limited geographic diversification with concentration in Florida/Gulf Coast property catastrophe risks. One legacy cat bond program (Series 2020-1) remains outstanding post-maturity due to cedant bankruptcy, with $118,000 in collateral trapped in trust.

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Chubb (CB) 10-Q

PML / Risk Metrics

Modeled Net Probable Maximum Loss (PML) Pre-tax as of March 31, 2026

Key Notes:

PML figures are net of reinsurance and pre-tax

Based on in-force portfolio as of January 1, 2026

Reflect April 1, 2026 reinsurance program

Worldwide aggregate includes: tropical cyclones, convective storms, earthquakes, wildfires, and inland floods

Excludes "non-modeled" perils (man-made, pandemic)

U.S. hurricane includes wind, storm-surge, and precipitation-induced flooding

California earthquake includes fire-following sub-peril

Assumes reinsurance recoverables are fully collectible

Peak Zones:

U.S. identified as peak exposure zone

Climate stress testing conducted for U.S. hurricane, inland flood, and wildfire

---

Global Property Catastrophe Reinsurance Program

Program Details

Effective Date: April 1, 2026 through March 31, 2027

Type: Per occurrence excess of loss (Cat XOL)

Structure: Three layers in excess of retention

Coverage: Natural catastrophes for primary property operations

Excluded: Global Reinsurance and Life Insurance segments

U.S. Program Structure (excluding Alaska and Hawaii)

Total Program Limit: $3.95 billion excess of $1.75 billion retention

International Coverage (including Alaska and Hawaii)

Program structure disclosed but specific layers not detailed in excerpt

Terrorism Coverage

Included: All three layers

Excluded: Nuclear, biological, chemical and radiation

Exception: Biological and chemical coverage included for personal lines

Structure: Aggregate basis above retentions in United States

Reinstatement: Without reinstatement provision

---

Key Reinsurance Metrics Referenced

Catastrophe Losses (Three Months Ended March 31, 2026)

From P&C segment breakdown:

Reinstatement Premiums

Referenced in combined ratio calculation methodology

Defined as: Additional premiums paid on reinsurance agreements to reinstate coverage exhausted by loss occurrences

Typically pro rata portion of original ceded premium based on limit exhausted

Excluded when calculating CAY combined ratio excluding CATs

---

Additional Reinsurance Context

Use of Reinsurance

Protection ensures "sufficient liquidity and capital to meet expectations of regulators, rating agencies, and policyholders"

Provides "appropriate risk-adjusted return" to shareholders

Regular review of reinsurance protection and catastrophe exposures

May purchase additional reinsurance prior to renewal dates

Modeling and Risk Management

Uses internal and external data with catastrophe loss modeling

Considers diversification and correlation effects across product lines and territories

Sets risk limits based on PML

Conducted climate change stress testing per IPCC Climate Change 2021 parameters

No material impacts expected to baseline PMLs from climate change through December 31, 2026

---

Items NOT Disclosed in This Filing

Specific ceded premiums written amounts

Total reinsurance recoverables balance

Ceded losses incurred figures

Net retention as percentage of surplus

Cat bond/ILS programs or SPV structures

Quota share arrangements

Expected loss or pricing spreads

Names of reinsurance counterparties

Collateral arrangements

Aggregate excess of loss programs beyond property cat

---

Note: The filing focuses primarily on catastrophe risk management, PML disclosure, and the property catastrophe reinsurance program structure. Detailed financial metrics on ceded premiums, recoverables, and other traditional reinsurance programs are not included in the extracted sections.

View SEC Filing →

AIG Q1 2026 10-Q: Reinsurance and Risk Transfer Disclosure

Reinsurance Programs

Fortitude Re Retroactive Reinsurance Agreement

Program Type: Modified coinsurance (modco) and loss portfolio transfer with funds withheld

Structure:

Reinsurer of majority of AIG's run-off operations

Funds withheld arrangement with embedded derivative (treated as total return swap)

Multiple wholly-owned AIG subsidiaries cede to Fortitude Re

Reserves Ceded:

Q1 2026: $3.1 billion of reserves ceded

Business covers run-off operations

Assets Supporting Funds Withheld (as of March 31, 2026):

Fixed maturity securities - available for sale: $1,697 million (carrying value)

Fixed maturity securities - fair value option: $670 million

Commercial mortgage and other loans: $345 million (carrying value)

Short-term investments: $155 million

Total funds withheld investment assets: $2,867 million (carrying value) / $2,858 million (fair value)

Accounting Treatment:

Changes in fair value of embedded derivative recognized in earnings through Net realized gains (losses)

AIG maintains ownership of investments and existing accounting treatment

Available for sale securities: changes in fair value through OCI

---

Ceded Premiums and Losses

North America Commercial - Q1 2026 Changes

Net premiums written increased $431 million (37%) primarily due to:

Strategic transactions

Reinsurance program changes

Organic growth

---

Prior Year Development Ceded Under Retroactive Reinsurance

Q1 2026 (Three Months Ended March 31, 2026):

Unfavorable prior year development ceded: ($9) million

Q1 2025 (Three Months Ended March 31, 2025):

Favorable prior year development ceded: $8 million

---

Reinsurance Recoverables

Total Reinsurance Recoverable:

March 31, 2026: $28,871 million

December 31, 2025: $29,026 million

March 31, 2025: $29,026 million

Reinsurance Recoverable Allowance:

Q1 2026 Activity:

Beginning balance: $297 million

Release of allowance for expected credit losses and disputes: ($1) million

Write-offs: ($1) million

Ending balance: $295 million

Q1 2025 Activity:

Beginning balance: $269 million

Addition to allowance: $3 million

Other changes: $7 million

Ending balance: $279 million

Credit Quality of Reinsurance Recoverables:

87% of non-investment grade reinsurance exposure related to captive insurers (as of both March 31, 2026 and December 31, 2025)

Captive arrangements typically collateralized by:

Letters of credit

Funds withheld

Trust agreements

Past Due Status:

Past due defined as 90 days past due

Past due balances on non-disputed claims were not material for all periods presented

---

Deductible Reinsurance / Fronting Arrangements

High Deductible Programs (U.S. Commercial Casualty):

Gross Deductible Recoverables (from policyholders):

March 31, 2026: $14.0 billion

December 31, 2025: $13.8 billion

Collateral Held:

March 31, 2026: $10.0 billion

December 31, 2025: $9.6 billion

Primarily letters of credit and funded trust agreements

Credit Exposure:

Allowance for credit losses (unsecured portion): $14 million (both March 31, 2026 and December 31, 2025)

Structure:

AIG manages and pays entire claim on behalf of insured

Reimbursed by insured for deductible portion

Related to policies with high self-insured retentions, deductibles, retrospective programs, or captive arrangements

---

Loss Reserves and Prior Year Development

Net Loss Reserves:

March 31, 2026 (beginning of Q1): $41,795 million net

March 31, 2025 (beginning of Q1): $40,142 million net

Prior Year Development (Q1 2026):

Current year losses incurred: $3,661 million

Prior years (excl. discount and amortization of deferred gain): ($126) million (favorable)

Net Loss Reserve Discount:

Q1 2026: Not specifically disclosed

Q1 2025: $48 million benefit

---

Catastrophe Losses

Q1 2026 Catastrophe Losses by Segment:

Q1 2025 Catastrophe Losses:

North America Commercial: $25 million (windstorms/hailstorms)

International Commercial: $1 million (windstorms/hailstorms)

Total disclosed in excerpt: $26 million minimum

---

Combined Ratios (Accident Year, As Adjusted)

North America Commercial:

Q1 2026: 85.5%

Q1 2025: 84.3%

Change: +1.2 points

Total General Insurance:

Q1 2026: 86.6%

Q1 2025: 87.8%

Change: (1.2) points (improvement)

*Note: "As adjusted" excludes net loss reserve discount and ceded retroactive reinsurance impacts*

---

Key Notes

1. No ILS/Cat Bond Programs disclosed in this filing excerpt

2. No PML figures disclosed in this filing excerpt

3. No specific treaty names or traditional reinsurance program structures (quota share, cat XOL layers) disclosed

4. Primary reinsurance disclosure relates to Fortitude Re retroactive agreement for run-off business

5. Material exposure through high deductible fronting programs with $14B gross recoverables

6. Reinsurance program changes noted as driver of premium growth in North America Commercial

View SEC Filing →

Progressive (PGR) Reinsurance and ILS Disclosure - Q1 2026

Reinsurance Programs

Personal Property Business - Catastrophe Aggregate Excess of Loss

Program Type: Catastrophe aggregate excess of loss reinsurance contract

Program Year: 2026 (entered in Q1 2026)

Structure: Multiple layers of coverage

Coverage Limit: Higher than 2025 program (specific amount not disclosed)

Covered Perils: Named storms, wildfires, winter storms, severe thunderstorms, and other perils

Effective Date: Claims occurring in 2026

Notable: Replaced 2025 program with expanded coverage

Boat Product - Catastrophe Excess of Loss

Program Type: Catastrophe per occurrence excess of loss contracts

Business Owners Policy (BOP) - Catastrophe & Excess of Loss

Program Type:

Catastrophe per occurrence excess of loss contracts (for certain coverages)

Aggregate excess of loss contracts (for certain coverages)

Excess of loss reinsurance (for certain coverages)

Workers' Compensation - Excess of Loss

Program Type: Excess of loss reinsurance

Fleet & Specialty Business - Excess of Loss

Program Type: Excess of loss reinsurance

Coverage: Higher-limit commercial auto liability product

Programs WITHOUT Catastrophe Reinsurance

Personal auto business: No catastrophe-specific reinsurance

Core commercial auto business: No catastrophe-specific reinsurance

---

Key Financial Figures

Reinsurance Recoverables on Unpaid Losses

Change Q1 2026: Decrease of $59 million ($3,807M to $3,748M)

Change Q1 2025: Decrease of $354 million ($4,487M to $4,133M)

---

Catastrophe Loss Metrics

Q1 2026 Catastrophe Losses

Amount: $459 million

As % of Net Premiums Earned: 2.4%

Number of Events: 1 catastrophe event recorded

---

Program Characteristics & Strategy

Reinsurance Philosophy

Retention Strategy: Total coverage limit and per-event retention evolve with business growth

Purchasing Approach: Expect to remain consistent purchaser of reinsurance coverage

Market Conditions (Q1 2026): Readily available and competitively priced

Cost Changes: No material year-over-year change in aggregate reinsurance program costs

Program Evaluation

Programs evaluated during renewal process (at minimum)

Evaluation ensures programs address company's risk tolerance

---

Reserve Development

Prior Year Development (Favorable)

*Favorable development of $451M and $278M respectively*

---

Risk Disclosure

Key Risk Factor Noted: "The effectiveness of our reinsurance programs and the continued availability of reinsurance and performance by reinsurers" identified as material risk factor.

Catastrophe Risk Statement: "Changes in our estimate of our ultimate losses on catastrophes currently reserved, along with potential future catastrophes, could have a material impact on our financial condition, cash flows, or results of operations."

---

Notable Gaps in Disclosure

No PML figures disclosed (1-in-100, 1-in-250, etc.)

No specific retention amounts provided for any program

No specific limit amounts (only that 2026 personal property program is "higher" than 2025)

No ceded premiums written disclosed separately

No ceded losses incurred disclosed separately

No cat bond/ILS programs mentioned

No net retention as % of surplus disclosed

No layer attachment points provided

No SPV or sidecar arrangements disclosed

View SEC Filing →

Hartford Financial (HIG) Reinsurance & ILS Disclosure

Reinsurance Programs

1. Per Occurrence Property Catastrophe Treaty

Program Type: Excess of Loss (XOL) with co-participation

Effective Dates: January 1, 2026 to December 31, 2026

Key Features: Excludes pandemic losses (communicable disease excluded)

Structure:

Notes:

Does not cover assumed reinsurance business (purchases separate retrocessional coverage)

---

2. Workers' Compensation Catastrophe Treaty

Program Type: Excess of Loss

Effective Dates: January 1, 2026 to December 31, 2026

Key Features: Excludes pandemic losses

Structure:

---

3. Aggregate Property Catastrophe Treaty

Program Type: Aggregate XOL

Effective Dates: January 1, 2026 to December 31, 2026

Structure:

---

4. Group Life Individual Risk Reinsurance

Program Type: Individual Risk / Facultative

Retention: $1.25M per person

Coverage: Individual group life losses in excess of $1.25M per person

---

Cat Bond Programs (ILS)

Cat Bond Program - 2026

Effective Dates: January 1, 2026 to December 31, 2026

Covered Perils: Tropical cyclone and earthquake events

Trigger Type: Per occurrence (indemnity-based, implied)

Structure:

Tranche 1

Attachment Point: $1.29 billion

Exhaustion Point: $1.62 billion

Total Limit: $329M

Hartford Cession: 60.79% of $329M = ~$200M

Hartford Retention: 39.21% of $329M = ~$129M

Tranche 2

Attachment Point: $1.60 billion

Exhaustion Point: $1.90 billion

Total Limit: $300M

Hartford Cession: 90% of $300M = $270M

Hartford Retention: 10% of $300M = $30M

Note: Minor overlap between tranches at $1.60B-$1.62B layer

---

Government & Specialized Programs

Florida Hurricane Catastrophe Fund (FHCF)

Type: State-administered reinsurance facility

Status: Active participant

Details: Not specifically disclosed

Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)

Type: Federal reinsurance program

Status: Active participant

Details: Not specifically disclosed

Other Programs

Various other governmentally administered reinsurance facilities for particular risks or specific lines of business (not detailed)

---

Risk Management Strategy Summary

Reinsurance Products Used:

✓ Excess of loss occurrence-based products (property and workers' compensation)

✓ Individual risk / facultative reinsurance

✓ Quota share arrangements (for specific classes/lines)

✓ Catastrophe bonds (ILS)

✓ Aggregate property catastrophe treaties

✓ Government-administered programs

Key Exclusions:

Pandemic/Communicable Disease: Excluded from property cat treaty and workers' comp cat treaty (effective January 1, 2021 renewal forward)

Finite Risk Contracts: No significant finite risk contracts in place; prior year contracts have immaterial statutory surplus benefit

---

Total Program Architecture (Combined View)

Maximum Protection Structure (for single catastrophic event):

1. $0 - $200M: 100% retained

2. $200M - $350M: Variable (0-40% ceded depending on peril type)

3. $350M - $500M: 75% ceded / 25% retained

4. $500M - $1,300M: 90% ceded / 10% retained

5. $1,290M - $1,620M: 60.79% ceded via cat bonds / 39.21% retained

6. $1,600M - $1,900M: 90% ceded via cat bonds / 10% retained

Aggregate Protection:

$750M - $950M: 100% ceded (aggregate treaty)

---

Key Figures

Note: The filing does not disclose the following specific metrics for Q1 2026:

Total reinsurance recoverables (not stated)

Ceded premiums written (not stated)

Ceded losses incurred (not stated)

Net retention as % of surplus (not stated)

Expected loss/spread on cat bonds (not disclosed)

Specific SPV/deal names for cat bonds (not disclosed)

PML figures (not disclosed in this section)

Reinstatement Premiums: Defined as "additional ceded premium paid for the reinstatement of the amount of reinsurance coverage that was reduced as a result of the Company ceding losses to reinsurers" - but no specific amounts disclosed for the period.

---

Additional Disclosures

Cyber Risk Management

Company models cyber exposures across multiple products

Deterministic scenarios modeled include:

Malware

Data breach

Distributed denial of service (DDoS) attacks

Cloud environment intrusions

Power grid attacks

Risk Tolerances

Specific risk limits set for:

Natural catastrophes

Terrorism risk

Pandemic risk

View SEC Filing →

Cincinnati Financial Corporation (CINF) - Q1 2026 Reinsurance Disclosure

Reinsurance Programs

Ceded Reinsurance Structure

The filing references multiple reinsurance programs but provides limited structural detail:

Programs Mentioned (No specific terms disclosed):

Property per risk treaty

Property excess treaty

Casualty per occurrence treaty

Casualty excess treaty

Property catastrophe treaties

Catastrophe bonds

Retrocessions on reinsurance assumed operations

Note: The filing states "Reinsurance ceded programs are described in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102" — structural details are not repeated in this 10-Q.

---

Ceded Premium Activity

Q1 2026 vs Q1 2025

Key Observations:

$76 million decrease in ceded written premiums Q1 2026 vs Q1 2025

Q1 2025 included $52 million net unfavorable reinstatement premiums related to California wildfires:

$12 million favorable for Cincinnati Re

$64 million unfavorable for personal lines segment

---

Catastrophe Bond Programs

No specific cat bond details disclosed in this 10-Q. The filing mentions "catastrophe bonds" as part of the ceded reinsurance program but provides:

No SPV names

No bond sizes

No covered perils

No trigger structures

No maturity dates

No pricing/spread information

---

Reinsurance Assumed Operations

Cincinnati Re

Q1 2026 Net Written Premiums: $254 million

Q1 2025 Net Written Premiums: $255 million

Change: -$1 million

Notes:

Q1 2025 included $12 million favorable net reinstatement premiums from California wildfire treaties

Cincinnati Re cedes portions of assumed risk through retrocessions to unaffiliated reinsurers

Cincinnati Re-specific reinsurance program effective June 1, 2025 (no recoveries in Q1 2026 or during 2025)

Cincinnati Global (E&S)

Q1 2026 Net Written Premiums: $98 million

Q1 2025 Net Written Premiums: $75 million

Change: +$23 million

Total Assumed Written Premiums (Consolidated)

---

PML / Risk Metrics

No PML figures disclosed in this 10-Q filing. No mention of:

1-in-100 or 1-in-250 year loss estimates

Net vs gross PML comparisons

Peak zones or modeled exposure concentrations

---

Reinsurance Recoverables

Not disclosed in this quarterly filing. No balance sheet detail provided for:

Total reinsurance recoverables

Recoverables by reinsurer

Allowances for uncollectible reinsurance

---

Catastrophe Loss Experience - Net of Reinsurance

Q1 2026 Catastrophe Losses (Net of Reinsurance)

Q1 2026 Catastrophe Loss Impact:

10.8 percentage points contribution to combined ratio

Q1 2025 Catastrophe Loss Impact:

25.0 percentage points contribution to combined ratio

Included January 2025 California wildfires

California Wildfire Update:

"During the first quarter of 2026, there were no material changes to our estimates of ultimate losses related to the January 2025 California wildfires"

"During the first quarter of 2026 there were no material changes to the estimated reinsurance recoveries related to the January 2025 California wildfires recorded as of December 31, 2025"

---

Net Retention Metrics

Ratio of Net Written Premiums to Statutory Surplus

12 months ended March 31, 2026: 1.0-to-1

Year-end 2025: 1.0-to-1 (unchanged)

---

Financial Strength Ratings (as of April 24, 2026)

---

Risk Factors - Reinsurance

The filing identifies the following reinsurance-related risks:

"The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers"

"The potential for nonpayment or delay in payment by reinsurers"

---

Summary

This 10-Q provides minimal structural detail on CINF's 2026 reinsurance programs. Key takeaways:

✅ Ceded premiums decreased $76M year-over-year (Q1 2026 vs Q1 2025)

✅ Catastrophe losses were 10.8 points of combined ratio in Q1 2026 (vs 25.0 points in Q1 2025)

✅ No changes to California wildfire loss estimates or reinsurance recoveries in Q1 2026

✅ Cincinnati Re reinsurance program (effective June 1, 2025) had no recoveries through Q1 2026

✅ Net-to-surplus ratio stable at 1.0-to-1

❌ No cat bond specifics disclosed

❌ No treaty limits, retentions, or attachment points provided

❌ No PML figures disclosed

❌ No reinsurance recoverables balance disclosed

For full program details, refer to the 2025 10-K, Page 102.

View SEC Filing →

American Financial Group (AFG) - Reinsurance & Risk Transfer Analysis

Reinsurance Programs

Property Catastrophe Reinsurance Program

Program Type: Comprehensive Property Catastrophe Coverage

Structure:

Total Coverage: Up to $625 million per occurrence

Net Retention: $70 million per occurrence

Traditional Reinsurance Layer: $205 million

Cat Bond Layer: $350 million (fully collateralized)

Effective Coverage: "Vast majority of circumstances"

Program Year: Current as of Q1 2026 (coverage in place)

---

Cat Bond Programs

Unnamed Catastrophe Bond

Size: $350 million of coverage

Structure: Fully collateralized

Covered Perils: Property catastrophe (earthquake and windstorm explicitly mentioned)

Trigger Type: Not disclosed

Maturity/Risk Period: Not disclosed

Integration: Part of comprehensive cat program; sits above traditional reinsurance layer

---

PML / Risk Metrics

500-Year Event Exposure

Metric: Less than 3% of AFG's Shareholders' Equity

Event Definition: Catastrophic earthquake or windstorm that industry models indicate should statistically occur once in every 500 years (1-in-500 year event)

Basis: Data available at December 31, 2025

Coverage Philosophy: Exposure reduction through:

Individual risk selection

Minimizing coastal exposures

Minimizing known fault-line exposures

Purchase of reinsurance

---

Ceded Premiums Written

Q1 2026 vs Q1 2025

Key Drivers:

Property and transportation: 3 pt increase due to growth in heavily ceded crop insurance products

Specialty financial: 5 pt increase reflecting higher cessions of catastrophe-exposed business in financial institutions business

Overall increase: $91 million (13% increase) year-over-year

---

Catastrophe Losses (Net of Reinsurance)

Q1 2026

Total Cat Losses: $35 million

Events: Winter and convective storms in multiple U.S. regions

Q1 2025

Total Cat Losses: $72 million

Events: Primarily California wildfires

Reduction: $37 million (51% decrease) year-over-year

---

Reinsurance Recoverables

Accounting Policy Disclosed:

Amounts recoverable from reinsurers estimated consistent with claim liability for reinsured policies

Reported as assets:

Estimated reinsurance recoverable on paid and unpaid losses (including IBNR)

Amounts paid or due to reinsurers for unexpired policy terms

Payables to reinsurers include ceded premiums and retained premiums under funding arrangements

Specific Figures: Not disclosed in provided excerpts

---

Net Retention Metrics

Net Retention as % of Surplus: Not disclosed

Combined Ratio Impact:

Overall combined ratio benefits from catastrophe reinsurance protection

Net retention of $70M per occurrence manages volatility

---

Additional Structural Details

Reinsurance Strategy

Comprehensive approach to catastrophe exposure management

Mix of traditional reinsurance and ILS (cat bond)

Focus on occurrence-based protection

Retention level ($70M) balanced against capital protection

Reserve Development (Net of Reinsurance)

Specialty casualty Q1 2026: <$1M favorable

Specialty casualty Q1 2025: $12M adverse

Specialty financial Q1 2026: $23M favorable

Specialty financial Q1 2025: $13M favorable

---

Key Observations

1. Significant Cat Bond Usage: $350M cat bond represents 56% of total catastrophe coverage above retention

2. Low Net Cat Exposure: 1-in-500 year event <3% of equity demonstrates effective risk transfer

3. Increasing Cession Ratios: 2 pt increase in overall cessions driven by crop insurance and cat-exposed financial institutions business

4. Catastrophe Program Working: Net cat losses of $35M in Q1 2026 well within $70M retention

5. No Exhaustion Events: No indication of catastrophe program attachment or exhaustion in either period

View SEC Filing →

Selective Insurance (SIGI) - Reinsurance & Risk Transfer Disclosure Extract

Reinsurance Programs:

Summary Data - Q1 2026 vs Q1 2025

Ceded Premiums Written:

Q1 2026: $197,003 thousand

Q1 2025: $188,385 thousand

Ceded Premiums Earned:

Q1 2026: $196,460 thousand

Q1 2025: $187,840 thousand

Ceded Loss and Loss Expense Incurred:

Q1 2026: $46,193 thousand

Q1 2025: Data cut off in excerpt

Net Premiums Written:

Q1 2026: $1,225,508 thousand

Q1 2025: $1,240,443 thousand

---

Reinsurance Recoverables:

Total Reinsurance Recoverables (March 31, 2026):

Key Metrics:

Allowance for credit losses: $2,000 thousand (unchanged from December 31, 2025)

Past due reinsurance recoverables: $4,733 thousand (0.5% of gross recoverables)

A- or better rated reinsurers: 90.8% of total recoverables

Federal and state pools: $81,879 thousand (9.0% of total)

---

Reinsurance Credit Quality:

The company states: *"We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies."*

Rating Distribution (% of rated reinsurers):

A++: 18.6%

A+: 64.5%

A: 16.8%

A-: 0.1%

---

Additional Context:

Reserve Duration:

Net loss and loss expense reserves duration: 3.0 years (as of December 31, 2025)

Reinsurance Strategy:

The filing notes: *"To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur."*

---

Cat Bond Programs:

NO CAT BOND DATA DISCLOSED in this 10-Q filing

---

PML / Risk Metrics:

NO PML DATA DISCLOSED in this 10-Q filing

---

Program Details:

The filing references detailed reinsurance program information but directs readers to: *"Note 9. 'Reinsurance' in Item 8. 'Financial Statements and Supplementary Data' of our 2025 Annual Report"* for complete program details including:

Program types

Limits and retentions

Layers and attachment points

Effective dates

These specific program details are NOT included in this Q1 2026 10-Q filing.

---

Summary:

This 10-Q provides limited reinsurance disclosure focused on:

1. ✅ Quarterly ceded premium and loss activity

2. ✅ Detailed reinsurance recoverable balances by credit rating

3. ✅ Aging of past due recoverables

4. ❌ No specific reinsurance program structures, limits, or attachment points

5. ❌ No cat bond or ILS programs mentioned

6. ❌ No PML disclosures

7. ❌ No net retention metrics as % of surplus

The company relies heavily on cross-references to their 2025 Annual Report for substantive reinsurance program details.

View SEC Filing →

Allstate (ALL) Reinsurance & ILS Disclosure Extract

Reinsurance Programs

1. Nationwide Excess Catastrophe Reinsurance Program

Program Type: Multi-layer Catastrophe Excess of Loss (Per Occurrence) + Aggregate XOL

Coverage:

Personal lines property and automobile (multi-peril including hurricane, windstorm, hail, tornado, earthquake, fires following earthquakes, wildfires)

Commercial lines property and automobile (physical damage only)

Geographic Scope: All states EXCEPT Florida personal lines property and Florida commercial lines property

Program Structure - Per Occurrence:

Layer 1: $1.00B xs $1.00B ($1.00B - $4.75B)

Type: Traditional reinsurance

Limit: $3.75 billion

Retention: $1.00 billion

Reinstatement: One automatic reinstatement with additional premium due

Term: Multi-year coverage

Layer 2: $4.75B - $6.75B

Traditional Reinsurance Component:

Limit: $1.05 billion

Reinstatement: One automatic reinstatement with additional premium due

Catastrophe Bond Component:

Limit: $950 million

Reinstatement: NOT eligible for reinstatement

Layer 3: $6.75B - $11.50B

Traditional Reinsurance Component:

Limit: $2.50 billion

Reinstatement: NO reinstatement of limits

Catastrophe Bond Component:

Limit: $2.25 billion

Reinstatement: NOT eligible for reinstatement

Total Per Occurrence Coverage: $10.50 billion xs $1.00 billion (up to $11.50B total loss)

Update Status: Updated in Q1 2026

---

2. Nationwide Aggregate Contract

Program Type: Aggregate Excess Catastrophe Reinsurance (ILS)

Structure:

Limit: $150 million

Attachment: $4.78 billion aggregate losses

Exhaustion: $5.28 billion

Coverage: $150 million xs $4.78 billion

Perils: Multi-peril losses above $50 million per event

Geographic Scope: Excluding Florida

Market Placement: ILS market

---

3. Aggregate Excess Catastrophe Reinsurance Contract

Program Type: Aggregate Excess of Loss

Structure:

Limit: $1.00 billion

Retention: $8.50 billion aggregate

Coverage: U.S. property and auto lines catastrophe events

Geographic Scope: INCLUDING Florida

Market Placement: Traditional market

---

4. Canada Catastrophe Excess of Loss Reinsurance Contract

Program Type: Catastrophe Excess of Loss

Structure:

Limit: CAD $577 million

Retention: CAD $100 million

Reinstatement: One reinstatement of limits

Coverage: Personal lines property and automobile physical damage catastrophe losses

Geographic Scope: Ontario, Quebec, Alberta, New Brunswick, Nova Scotia

Market Placement: Traditional market

Update Status: Updated in Q1 2026

---

5. Kentucky Earthquake Excess Catastrophe Reinsurance Contract

Program Type: Catastrophe Excess of Loss (Earthquake-specific)

Structure:

Limit: $28 million

Retention: $2 million

Reinstatement: One reinstatement of limits

Term: Three-year contract

Coverage: Personal lines property losses from earthquakes and fire-following earthquakes

Geographic Scope: Kentucky only

Market Placement: Traditional market

Update Status: Updated in Q1 2026

---

6. Excess & Surplus (E&S) Earthquake Contract

Program Type: Earthquake Excess of Loss

Structure:

Coverage: Shake damage from earthquake peril for personal lines property

Insured Entity: North Light (E&S lines carrier)

Geographic Scope: California only

Update Status: Updated in Q1 2026

---

7. Florida Excess Catastrophe Reinsurance Program

Program Type: Catastrophe Excess of Loss

Coverage: Personal lines property excess catastrophe losses

Covered Entities: Castle Key Insurance Company (CKIC), Castle Key Indemnity Company (CKI) and affiliated companies

Geographic Scope: Florida only

Update Status: To be updated in Q2 2026

---

8. National General Lender Services Standalone Program

Program Type: Not specified

Coverage: Property and automobile products in National General Lender Services portfolio

Update Status: To be updated in Q2 2026

---

9. National General Flood Excess of Loss Reinsurance Contract

Program Type: Excess of Loss

Coverage: Private Flood Insurance policies providing stand-alone flood coverage

Portfolio: National General Flood

Update Status: To be updated in Q2 2026

---

Cat Bond Programs

Catastrophe Bond Portfolio

Total Cat Bond Capacity Disclosed:

Layer 2 Cat Bonds ($4.75B - $6.75B layer):

Size: $950 million

Trigger: Indemnity (losses to Allstate portfolio)

Reinstatement: NOT eligible

Program: Nationwide Per Occurrence

Layer 3 Cat Bonds ($6.75B - $11.50B layer):

Size: $2.25 billion

Trigger: Indemnity (losses to Allstate portfolio)

Reinstatement: NOT eligible

Program: Nationwide Per Occurrence

Aggregate Cat Bond:

Size: $150 million

Attachment: $4.78 billion aggregate

Exhaustion: $5.28 billion

Applicable to: Multi-peril losses >$50M per event, excluding Florida

Trigger: Indemnity (aggregate losses)

Total ILS/Cat Bond Capacity: $3.35 billion ($950M + $2.25B + $150M)

*Note: Specific SPV names, maturity dates, expected loss/spread not disclosed in filing*

---

PML / Risk Metrics

Probable Maximum Loss (PML)

As of December 31, 2025:

1-in-100 Year Annual Aggregate PML: ~$3.1 billion (NET of reinsurance)

Perils Modeled: Hurricane, earthquake, and wildfire

Gross PML: Not disclosed

Peak Zones: Not specifically disclosed, but coverage focuses on:

Multi-state exposure (ex-Florida for personal property)

California earthquake exposure

Kentucky earthquake exposure

Canadian provinces (Ontario, Quebec, Alberta, New Brunswick, Nova Scotia)

---

Key Figures

Ceded Premiums

Three Months Ended March 31, 2026:

Property & Casualty Ceded Premiums Earned: $605 million

Accident & Health Ceded Premiums: $132 million

Total Ceded Q1 2026: $737 million

Three Months Ended March 31, 2025:

Property & Casualty Ceded Premiums Earned: $543 million

Accident & Health Ceded Premiums: $13 million

Total Ceded Q1 2025: $556 million

Catastrophe Placement Premiums:

Q1 2026: $308 million (excluding reinstatement premiums)

Q1 2025: $257 million (excluding reinstatement premiums)

Distribution: ~83% related to homeowners premium

---

Ceded Losses/Recoveries

Three Months Ended March 31, 2026:

Property & Casualty Ceded Claims & Claims Expense: $267 million

Accident & Health Ceded Benefits: $111 million

Three Months Ended March 31, 2025:

Property & Casualty Ceded Claims & Claims Expense: **$1

View SEC Filing →

Lemonade (LMND) Reinsurance and ILS Disclosure

Reinsurance Programs

1. **Whole Account Quota Share Reinsurance Program

Program Type: Quota Share (proportional)

Counterparties: Hannover Ruck SE, MAPFRE Re Compania De Reaseguros S.A., Swiss Reinsurance America Corporation

Coverage: All products and geographies (LIC, MIC, LINV)

Cession Rates:

Prior period (July 1, 2024 - June 30, 2025): ~55%

Current period (July 1, 2025 - June 30, 2026): 20% (reduced)

Key Terms:

Reinsurers pay ceding commission on all ceded premiums

Exclusions: Hurricane losses excluded

Per occurrence limit: $10,000,000 for non-hurricane catastrophe losses

Per Risk Cap: $750,000

Loss ratio caps and variable ceding commission

Settled primarily on funds withheld basis

Effective Dates:

Original: July 1, 2024 - June 30, 2025

Renewed: July 1, 2025 - June 30, 2026

Note: Renewed with Hannover and MAPFRE only (Swiss Re not mentioned in renewal)

2. **Property Per Risk Excess of Loss Reinsurance Contract (PPR Contract)

Program Type: Per Risk Excess of Loss

Cedants: LIC and MIC

Structure:

Retention: $750,000

Limit: $2,250,000 excess of $750,000 (100% ceded)

Total coverage: Up to $3,000,000 per risk

Counterparties: Panel of reinsurance companies (not named)

Effective Dates:

Original: July 1, 2024 - June 30, 2025

Renewed: July 1, 2025 - June 30, 2026 (similar terms)

3. **Catastrophe Excess of Loss Reinsurance Contract (via Bermuda Captive)

Program Type: Excess of Loss (Catastrophe XOL)

Structure: Variable Interest Entity - Bermuda captive

Coverage: Property and car business (LIC and MIC)

Layers:

First layer: $50,000,000 excess of $50,000,000 (implied)

Second layer: $30,000,000 excess of $50,000,000

Total limit: $80,000,000 per occurrence

Aggregate limit: $80,000,000

Attachment Point: $50,000,000

Covered Perils: Natural catastrophe events

Effective Dates:

Original: July 1, 2024 - June 30, 2025

Renewed: July 1, 2025 - June 30, 2026 (similar terms)

4. **MIC Quota Share Reinsurance Contract (via Lemonade Re SPC)

Program Type: Quota Share

Structure: Offshore captive subsidiary (Lemonade Re SPC, Cayman Islands)

Cedant: MIC

Coverage: Property, car, and pet insurance

Cession Rate: 35% (increased from prior contract)

History:

Original contract: Effective July 1, 2023 (terminated)

New contract: Effective July 1, 2025

Term: Indefinite until terminated by either party

Changes: Increased cession rate to 35% and adjusted ceding commission

5. **LIC Quota Share Reinsurance Contract (via Lemonade Re SPC)

Program Type: Quota Share

Structure: Offshore captive subsidiary (Lemonade Re SPC, Cayman Islands)

Cedant: LIC

Coverage: Property, car, and pet insurance

Effective Dates: July 1, 2025 - June 30, 2026

Cession Rate: Not disclosed

---

Key Figures

Reinsurance Recoverables

Not disclosed in the extracted sections

Ceded Premiums Written

Not disclosed in the extracted sections

Ceded Losses Incurred

Not disclosed in the extracted sections

Net Retention

Not disclosed as % of surplus

---

Cat Bond Programs

NO CAT BONDS DISCLOSED

---

PML / Risk Metrics

NO PML FIGURES DISCLOSED

---

Key Structural Notes

1. Captive Structure:

Bermuda captive: Used for catastrophe XOL (VIE)

Lemonade Re SPC (Cayman Islands): Offshore captive subsidiary retaining QS risks from LIC and MIC

2. Risk Retention:

Company retains exposure through captive subsidiaries

Primary retention below $750,000 per risk (covered by whole account QS)

Catastrophe retention of $50,000,000 per occurrence

3. Program Evolution:

Significant reduction in whole account QS cession from 55% to 20% effective July 1, 2025

Increased MIC captive QS cession to 35%

Indicates strategy shift toward more retention and use of captives

4. Gaps in Coverage:

Hurricane losses explicitly excluded from whole account QS

Gap between $10M non-cat limit and $50M cat XOL attachment point

---

Additional Context

All reinsurance programs renewed on annual basis (July 1 - June 30)

Company remains primarily liable to policyholders despite reinsurance

Variable ceding commissions align interests with reinsurers

Funds withheld basis settlement mechanism used

View SEC Filing →

HIPPO HOLDINGS INC. (HIPO) - Reinsurance & Risk Transfer Disclosure Extract

Reinsurance Programs

Overall Program Structure

Program Types: Mix of quota share and excess of loss (XOL) structures, plus collateralized catastrophe bonds

Counterparty Standards: Reinsurers rated "A-" (Excellent) or better by A.M. Best, or appropriate collateral required

Program Design: Designed to provide protection against severe loss events up to at least 1-in-250-year return period threshold

Coverage Scope: Supports property risks underwritten on behalf of Company's MGA and third-party MGAs

Program Components

1. Program-Specific XOL Treaties - protect property risks

2. Quota Share Reinsurance - in some cases for property risks

3. Corporate Catastrophe Cover - overarching protection layer

4. Florida Hurricane Catastrophe Fund (FHCF) - participation for Florida exposure

5. Standalone Catastrophe XOL Protection - for MGA business (scaled back proportional reinsurance in recent periods)

Strategic Changes

Company has strategically retained more risk in recent periods by scaling back proportional reinsurance

Reflects confidence in portfolio's underwriting performance

MGA business primarily covered by standalone catastrophe XOL protection

---

Cat Bond Programs

Mountain Re Ltd.

Type: Bermuda-based special purpose insurer (SPV)

Structure: Collateralized reinsurance through catastrophe bonds

Coverage: Multi-year per occurrence coverage

Perils Covered: Range of perils for business written through Company's MGA

Trigger Type: Per occurrence

Risk Period: Multi-year

Program Details: Not disclosed (limits, attachment points, spread)

---

Key Financial Figures

Three Months Ended March 31, 2026 vs 2025

Retention Metrics

Net Retention Ratio (NWP/GWP):

Q1 2026: 31%

Q1 2025: 48%

Change: Significant decrease in retention (17 percentage points), indicating increased ceded premiums

Catastrophe vs Non-Catastrophe Losses

Premium Activity by Component

Q1 2026:

Direct Written: $331.2M

Assumed: $1.2M

Gross Written: $332.4M

Ceded Written: $(231.0)M

Net Written: $101.4M (calculated)

Q1 2025:

Direct Written: $209.9M

Assumed: $1.0M

Gross Written: $210.9M

Ceded Written: *Not fully disclosed*

Net Written: $100.3M

---

Gross Written Premium by Line of Business

---

PML / Risk Metrics

Coverage Threshold

Catastrophe reinsurance program designed to cover losses up to at least a 1-in-250-year return period

No specific PML figures disclosed (1-in-100, 1-in-250 dollar amounts)

No net vs gross PML comparison provided

No peak zone disclosure

---

Reinsurance Recoverables

Total Reinsurance Recoverables: Not specifically disclosed as a balance sheet line item in the extracted text

Implicit recoveries calculated from loss triangulation:

Q1 2026 ceded losses: $147.2M (gross) - $47.5M (net) = ~$99.7M ceded losses incurred

---

Program Characteristics & Contract Features

Contract Provisions

Provisions allowing for replacement of reinsurers whose financial condition deteriorates

Multi-year coverage through cat bonds

Per occurrence coverage structure via Mountain Re Ltd.

Business Strategy

Company remains ultimately responsible for policyholder claims if reinsurer fails to perform

Strategy designed to manage risk exposure, reduce earnings volatility, and safeguard capital

Recent trend toward higher retention on MGA business to reflect underwriting confidence

Renters Program Note

Q1 2025: Net written premium exceeded gross written premium due to one-time reduction in ceded unearned premium from Renters reinsurance program restructuring effective January 1, 2025

---

Notable Changes & Trends

1. Dramatic increase in ceded premium: NWP/GWP fell from 48% to 31%, indicating much higher cession rates in Q1 2026

2. Catastrophe losses significantly reduced: $53.4M → $4.3M year-over-year (92% decrease)

3. Gross premium growth of 58% driven by Casualty (+193%) and Commercial Multi-Peril (+89%) expansion

4. Net loss ratio improvement: 105.9% → 48.0%, driven by lower cat losses

5. Higher gross exposure supported by increased reinsurance utilization

---

Information NOT Disclosed

Specific reinsurance program attachment points and exhaustion points

Layer-by-layer tower structure

Individual reinsurer participants

Pricing/rate-on-line for treaties

Expected loss ratios on cat bonds

Specific retention amounts per program

Collateral posting requirements

Reinstatement provisions

Premium costs by reinsurance layer

Geographic PML breakdown

Net vs gross PML figures

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Kingstone Companies (KINS)

Quota Share Reinsurance Programs

2026/2027 Treaty

Effective Period: January 1, 2026 through January 1, 2027

Line of Business: Personal lines (homeowners, dwelling fire, canine legal liability)

Structure:

All states except California: 5% quota share

California only: 30% quota share

Risk Retention: $950,000 on initial $1,000,000 of losses (January 1, 2026 - June 30, 2026)

Ceded Premiums:

Decreased by $6,134,000 in Q1 2026 vs. Q1 2025

Premium return at inception: $13,277,000 (unearned premiums returned from reinsurers as cutoff accounting)

Ceding Commission Revenue (Q1 2026):

Provisional: $1,277,000

Contingent: $127,000

Total: $1,404,000

2025/2026 Treaty

Effective Period: January 1, 2025 through January 1, 2026

Line of Business: Personal lines business

Ceding Percentage: 16% quota share (all states)

Risk Retention: $840,000 on initial $1,000,000 of losses (January 2, 2025 - June 30, 2025)

Premium return at inception: $11,471,000 (unearned premiums returned as cutoff accounting)

Ceding Commission Revenue (Q1 2025):

Provisional: $3,252,000

Contingent: ($294,000)

Total: $2,959,000

---

Excess of Loss Reinsurance Programs

Current Program (July 1, 2025 - June 30, 2026)

Type: Combined Underlying XOL + Excess of Loss

Structure:

Layer 1: 50% of $250,000 in excess of $750,000

Layer 2: 100% of losses in excess of $1,000,000 up to $9,000,000 (includes facultative coverage)

Retention: $825,000

Ceded Premiums: Increased $213,000 in Q1 2026 vs. Q1 2025

Prior Program - Underlying XOL Treaty (January 1, 2025 - June 30, 2025)

Type: Underlying excess of loss

Coverage: 50% of $400,000 in excess of $600,000

Retention: $715,000

Exclusions: Named storms excluded

---

Catastrophe Reinsurance Programs

2025/2026 Catastrophe Treaty (July 1, 2025 - June 30, 2026)

Layer 1: 80% of $5,000,000 in excess of $5,000,000 = $4,000,000 coverage

Layer 2: 100% of $440,000,000 in excess of $10,000,000 = $430,000,000 coverage

Total Coverage: $434,000,000

Retention: $5,000,000

Ceded Premiums (Q1 2026): $764,000 (reinstatement premiums related to winter catastrophe losses, offset by no-loss bonus)

Coverage Increase: $159,250,000 vs. prior treaty

2024/2025 Catastrophe Treaty (July 1, 2024 - June 30, 2025)

Layer 1: 95% of $5,000,000 in excess of $5,000,000 = $4,750,000 coverage

Layer 2: 100% of $280,000,000 in excess of $10,000,000 = $270,000,000 coverage

Total Coverage: $274,750,000

Retention: $5,000,000

Ceded Premiums (Q1 2025): $0

Winter Storm Coverage (October 15, 2025 - April 30, 2026)

Coverage: 90% of $5,000,000 in excess of $5,000,000

Covered Peril: Winter storm losses

Winter Storm Coverage (October 1, 2024 - April 30, 2025)

Coverage: 71% of $4,500,000 in excess of $5,500,000

Covered Peril: Winter storm losses

---

Cat Bond Program

Series 2025-1 Notes via 1886 Re Ltd.

SPV Name: 1886 Re Ltd. (Bermuda-registered special purpose insurer)

Size: $125,000,000

Pricing: 4.5% spread

Covered Perils: Named storm events

Geographic Coverage: New York, New Jersey, Connecticut, Massachusetts, Rhode Island

Trigger Type: Indemnity trigger, per-occurrence basis

Risk Period: Four annual periods from July 1, 2025 through June 30, 2029 (multi-year)

Placement: Structured and placed by Aon Securities LLC

Structure: Collateralized reinsurance protection

Part of: 2025/2026 catastrophe reinsurance program

---

Key Financial Figures

Q1 2026 vs Q1 2025

Direct Premiums Written:

Q1 2026: $69,603,000

Q1 2025: $58,175,000

Change: +$11,428,000 (+19.6%)

Net Premiums Written:

Q1 2026: $77,593,000

Q1 2025: $61,009,000

Change: +$16,584,000 (+27.2%)

Net Premiums Earned:

Q1 2026: $55,869,000

Q1 2025: $43,523,000

Change: +$12,346,000 (+28.4%)

Total Ceding Commission Revenue:

Q1 2026: $1,404,000

Q1 2025: $2,959,000

Change: -$1,555,000 (-52.6%)

---

Summary of Treaty Periods

---

Notable Program Changes

1. Quota Share reduction: 16% → 5% (except 30% for California) effective January 1, 2026

2. Cat coverage increase: $275M → $435M effective July 1, 2025

3. Cat bond issuance: $125M Series 2025-1 Notes as part of increased cat program

4. XOL retention increase: $715,000 → $825,000

5. Winter storm participation increase: 71% → 90%

View SEC Filing →

Mercury General (MCY) Reinsurance and ILS Disclosure

Reinsurance Programs

1. Catastrophe Reinsurance Treaty (Ceded)

Program Type: Catastrophe Excess of Loss

Effective Period: Through June 30, 2026

Total Limits: $2,140 million (per occurrence)

Retention: $200 million

Coverage: $2,140 million excess of $200 million retention

Layer Structure (12 months ending June 30, 2026):

Exclusions & Restrictions:

Excludes all Florida business

Excludes California earthquake losses on fixed property policies (homeowners)

Covers fire following earthquake (with certain exceptions)

Provides one full reinstatement of coverage limits (with certain exceptions)

Additional minor territorial and coverage restrictions apply

Prior Year Comparison:

June 30, 2025 Treaty: $1,290 million limits, $150 million retention

Palisades and Eaton Wildfires: Utilized $1,290 million of limits (reduced by $6.5 million for ineligible parametric coverage)

---

2. Catastrophe Portfolio Participation Reinsurance Contract (Assumed)

Program Type: Catastrophe Aggregate Stop Loss (Assumed Reinsurance)

Effective Period: Through December 31, 2028

Structure: Proportional share of portfolio catastrophe losses

Loss Ratio Trigger: 73.5% threshold

Annual Premium: $15.0 million per year (2025-2028)

Annual Loss Cap: $30.0 million per year (2025-2028)

Profit Commission: Company eligible for portion of underwriting profit if loss ratio < 73.5%

Financial Results (Q1):

Q1 2026: $(5.2) million incurred losses (negative = favorable development)

Q1 2025: $(1.7) million incurred losses (negative = favorable development)

Negative incurred losses primarily from favorable development on prior years' catastrophe losses

---

3. Property Quota Share Reinsurance Contract (Assumed)

Program Type: Quota Share (Assumed Reinsurance)

Effective Period: Through December 31, 2026

Annual Premium:

2026: ~$17 million

2025: ~$11 million

Annual Loss Cap:

2026: ~$60 million

2025: ~$32 million

Financial Results (Q1):

Q1 2026: $3.4 million incurred losses

Q1 2025: $2.1 million incurred losses

---

4. Catastrophe Quota Share Reinsurance Agreement (Assumed)

Program Type: Catastrophe Quota Share (Assumed Reinsurance)

Effective Period: January 1, 2026 through December 31, 2026

Annual Premium (2026): ~$5 million

Annual Loss Cap (2026): ~$12 million

Inception Date: January 1, 2026 (new program)

Financial Results (Q1):

Q1 2026: $1.4 million incurred losses

Q1 2025: Not applicable (program commenced 1/1/2026)

---

California Earthquake Authority (CEA)

Program Type: Direct placement with CEA

Coverage: California homeowners earthquake risks

Retained Exposure: Fire following earthquake

Lines of Business: California homeowners policies

---

Ceded vs. Assumed Premium Summary

Three Months Ended March 31, 2026:

Direct Premiums Written: $1,566,130,000

Ceded Premiums Written: $(62,588,000)

Assumed Premiums Written: $39,965,000

Net Premiums Written: $1,543,507,000

Three Months Ended March 31, 2025:

Direct Premiums Written: $1,438,467,000

Ceded Premiums Written: $(156,795,000)

Assumed Premiums Written: $25,733,000

Net Premiums Written: $1,307,405,000

Notable Change: Ceded premiums written decreased significantly from $156.8M (Q1 2025) to $62.6M (Q1 2026), likely reflecting reduced catastrophe treaty purchases or timing differences.

---

Reinsurance Recoverables

Allowance for Credit Losses: $2,000 (March 31, 2026) vs. $1,192,000 (prior period)

Q1 2025 Allowance: Largely related to losses ceded for Palisades and Eaton wildfires

Presentation: Reinsurance recoverables carried separately on balance sheet; unearned premium ceded in other assets

---

Cat Bond / ILS Programs

NO CAT BOND OR ILS PROGRAMS DISCLOSED

---

PML / Risk Metrics

NO SPECIFIC PML FIGURES DISCLOSED in this filing excerpt.

---

Key Observations

1. Significant Treaty Expansion: Company increased catastrophe reinsurance from $1,290M to $2,140M (+$850M or +66%) for the June 30, 2026 treaty year, while retention increased from $150M to $200M

2. Major Loss Event: Palisades and Eaton wildfires in Q1 2025 exhausted substantially all of the prior treaty limits ($1,290M)

3. Active Assumed Reinsurance: Company operates three distinct assumed reinsurance programs totaling ~$102M in potential annual losses

4. California Earthquake: Company successfully transferred earthquake exposure to CEA but retains fire following earthquake exposure

5. Reinstatement Provisions: First layer ($200M-$300M) has unique reinstatement structure with only 90% covered on first event and 80% on second event

View SEC Filing →

Safety Insurance (SAFT) Reinsurance & Risk Transfer Analysis

Reinsurance Programs

1. **Catastrophe Excess of Loss Reinsurance (2026)

Program Type: Excess of loss (Cat XOL) - Property catastrophe coverage

Program Year: 2026

Total Coverage: $770,000 of coverage

Retention: $80,000

Maximum Coverage: $850,000

Structure: 3-layer program

Layer 1: $120,000 xs $80,000 (85.0% co-participation by reinsurers)

Layer 2: $250,000 xs $200,000 (85.0% co-participation by reinsurers)

Layer 3: $400,000 xs $450,000 (90.0% co-participation by reinsurers)

Protection Level: Designed to protect against a "140-year storm" (1-in-140 year event)

Covered Lines: Property losses in homeowners line of business

2. **Casualty Excess of Loss Reinsurance

Program Type: Excess of loss

Coverage: Large casualty losses

Retention: $2,000

Maximum Coverage: $10,000

Limit: $8,000 xs $2,000

Covered Lines: Automobile, homeowners, dwelling fire, and business owner lines

3. **Property Excess of Loss Reinsurance

Program Type: Excess of loss

Coverage: Large property losses

Retention: $3,000

Maximum Coverage: $20,000

Limit: $17,000 xs $3,000

Covered Lines: Homeowners and business owners

4. **Liability Excess of Loss Reinsurance (Umbrella)

Program Type: Excess of loss

Coverage: Umbrella large losses

Retention: $1,000

Maximum Coverage: $10,000

Limit: $9,000 xs $1,000

Covered Lines: Umbrella liability

5. **Equipment Breakdown Quota Share

Program Type: Quota share (100%)

Reinsurer: Hartford Steam Boiler Inspection and Insurance Company

Cession: 100% of premiums and losses

Covered Lines: Equipment breakdown coverage under business owner policies

6. **Commonwealth Automobile Reinsurers (CAR)

Program Type: Residual market reinsurance

Description: State-established body for commercial automobile insurance in Massachusetts

Participation: Premiums, expenses, losses and LAE shared by all insurers writing auto insurance in Massachusetts

---

Key Financial Figures

Ceded Premiums

Three Months Ended March 31:

2026: $(31,000) thousand ceded written premiums

2025: $(30,995) thousand ceded written premiums

Reinsurance Recoverables

March 31, 2026:

Total reinsurance recoverable from CAR: $179,203 thousand

Comprised of: loss adjustment expense reserves, unearned premiums, and reinsurance recoverable

CAR portion of total reinsurance recoverable on paid and unpaid losses: 95%

Other reinsurers (excess of loss and quota share contracts): 5%

Reinsurance Recoverable on Unpaid Losses and LAE:

Q1 2026: $149,441 thousand

Q1 2025: $130,792 thousand

Credit Quality

Rating: Most reinsurers have an A.M. Best rating of "A+" (Superior) or "A" (Excellent)

Allowance for Expected Credit Losses: $0 (no expected credit losses as of March 31, 2026 or December 31, 2025)

Collateral: Certain reinsurance recoverables are collateralized by letters of credit, funds held, or trust agreements

---

PML / Risk Metrics

Protection Level: Catastrophe reinsurance maintains coverage for a "140-year storm" (1-in-140 year return period)

Risk Modeling: Company uses various software products to measure exposure to catastrophe losses and probable maximum loss for hurricanes

Peak Perils: Hurricanes (implied from homeowners property catastrophe focus)

Note: Specific gross vs. net PML figures and detailed peak zone information not disclosed in this filing.

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED

---

Additional Details

Reinsurer Selection Criteria

Financially stable

Adequately capitalized

Continuous evaluation and review of financial condition

Focus on minimizing exposure to reinsurer insolvency

Accounting Treatment

Reinsurance contracts do not relieve the Company from obligations to policyholders

Reinsurance recoverables reported net of allowance for estimated uncollectable reinsurance

Probability-of-default methodology used to estimate uncollectible reinsurance

Changes in allowance reported as part of losses and LAE

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Donegal Group (DGICA)

Reinsurance Programs

1. Atlantic States - Donegal Mutual Pooling Agreement

Program Type: Proportional reinsurance / quota share pooling agreement

Effective: In place since 1986

Structure:

Atlantic States and Donegal Mutual contribute substantially all premiums, losses and loss expenses to underwriting pool

Atlantic States receives 80% allocation of pooled business

Donegal Mutual retains 20% of pooled business

Note: Pool administered through Donegal Mutual; business represents significant percentage of total consolidated revenues

2. Donegal Mutual Quota Share with Mountain States & Southern

Program Type: 100% quota share reinsurance agreements

Ceding Companies:

Mountain States Commercial Insurance Company

Mountain States Indemnity Company

Southern Mutual Insurance Company

Structure: Donegal Mutual assumes 100% of business from these subsidiaries and places into underwriting pool

3. Third-Party Property Excess of Loss Reinsurance (2026)

Program Type: Excess of Loss

Coverage: $36.0 million per loss

Retention: $4.0 million

Layer: $36M xs $4M

Reinsurer Quality: All rated A- (Excellent) or better by A.M. Best, or equivalent for foreign reinsurers

4. Third-Party Catastrophe Reinsurance (2026)

Program Type: Catastrophe Excess of Loss

Coverage: $200.0 million per occurrence

Retention: $25.0 million

Recovery: 100% of accumulation of multiple losses from single event (including natural disasters)

Layer: $200M xs $25M per occurrence

5. Third-Party Liability Excess of Loss Reinsurance (2026)

Program Type: Excess of Loss

Coverage: $69.0 million per occurrence

Retention: $6.0 million

Layer: $69M xs $6M

6. Third-Party Workers' Compensation Excess of Loss (2026)

Program Type: Excess of Loss

Coverage: $17.0 million on any one life

Retention: $3.0 million

Layer: $17M xs $3M

7. Intercompany Catastrophe Reinsurance (Donegal Mutual to Subsidiaries)

Program Type: Catastrophe Excess of Loss

Coverage: $22.0 million per occurrence

Retention: $3.0 million (individual subsidiary)

Recovery: 100% of accumulation of multiple losses from single event

Additional Coverage: Combined retention of $6.0 million for accumulation across multiple subsidiaries

Purpose: Reduce concentration of catastrophe losses to levels appropriate for individual subsidiary size and surplus

8. Intercompany Liability Reinsurance (Donegal Mutual to Specific Subsidiaries)

Program Type: Excess of Loss

Ceding Companies:

Southern Mutual Insurance Company

Mountain States Indemnity Company (MICO)

The Peninsula Insurance Company

Coverage: $3.0 million per occurrence

Retention: $3.0 million

Layer: $3M xs $3M

9. Michigan Catastrophic Claims Association (MCCA)

Program Type: Mandatory catastrophic reinsurance

Participants: Atlantic States, MICO, The Peninsula Insurance Company

Coverage: Personal injury claims for personal and commercial automobile in Michigan

Structure: Required membership for writing automobile insurance in Michigan; coverage over set retention (amount not disclosed)

10. Facultative Reinsurance

Purpose: Cover certain exposures including property exposures exceeding treaty reinsurance limits

Type: Facultative placement (case-by-case)

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics

NO SPECIFIC PML FIGURES DISCLOSED

---

Key Figures

Reinsurance Recoverables:

Reported net of allowance for expected credit losses

Allowance based on probability-of-default methodology incorporating current and forecasted economic conditions

No specific dollar amounts disclosed in this section

Ceded Premiums Written:

NOT DISCLOSED IN THIS SECTION

Ceded Losses Incurred:

NOT DISCLOSED IN THIS SECTION

Net Retention Metrics:

NOT DISCLOSED IN THIS SECTION

---

Other Significant Disclosures

Farm Business Exit (Non-Renewal)

Effective: Beginning Q2 2026 (policies non-renewed as they expire)

Premium Volume: Approximately $6 million

Reason: Modernization costs exceeded projected ROI for non-core business

Continuation Agreement: September 2025 renewal rights agreement with affiliate of Pennsylvania farm-focused mutual insurance group

Participants: Donegal Mutual and Southern Mutual Insurance Company

Classification: Currently included in "other commercial lines"

Ownership & Governance:

Donegal Mutual owns ~85% of Class B common stock and holds ~70% total voting power

All subsidiaries and Donegal Mutual share same management, employees, facilities, business philosophy

Reinsurance Program Scope:

Consolidated third-party reinsurance program common to all insurance subsidiaries and Donegal Mutual

Multiple reinsurers used across program

Minimum rating requirement: A.M. Best A- (Excellent) or equivalent

View SEC Filing →

Horace Mann Educators (HMN) Reinsurance & ILS Disclosure Extract

Reinsurance Programs

Ceded Premiums and Benefits

Three Months Ended March 31, 2026:

Ceded Premiums Written: $15.1 million

Ceded Premiums Earned: $15.1 million

Ceded Benefits, Claims and Settlement Expenses: $11.1 million

Three Months Ended March 31, 2025:

Ceded Premiums Written: $15.1 million

Ceded Premiums Earned: $14.4 million

Ceded Benefits, Claims and Settlement Expenses: $11.8 million

Assumed Reinsurance

Three Months Ended March 31, 2026:

Assumed Premiums Written: $9.2 million

Assumed Premiums Earned: $7.9 million

Assumed Benefits, Claims and Settlement Expenses: $4.1 million

Three Months Ended March 31, 2025:

Assumed Premiums Written: $5.9 million

Assumed Premiums Earned: $6.0 million

Assumed Benefits, Claims and Settlement Expenses: $3.7 million

---

Reinsurance Recoverables

Property & Casualty Segment

As of March 31, 2026:

Beginning Reinsurance Recoverables (January 1, 2026): $101.2 million

Ending Reinsurance Recoverables (March 31, 2026): *Not explicitly stated in ending balance*

As of March 31, 2025:

Beginning Reinsurance Recoverables (January 1, 2025): $100.8 million

Ending Reinsurance Recoverables (March 31, 2025): *Not explicitly stated in ending balance*

Group Benefits Segment

As of March 31, 2026:

Beginning Reinsurance Recoverables (January 1, 2026): $26.5 million

Ending Reinsurance Recoverables (March 31, 2026): *Not explicitly stated in ending balance*

As of March 31, 2025:

Beginning Reinsurance Recoverables (January 1, 2025): $25.2 million

Ending Reinsurance Recoverables (March 31, 2025): *Not explicitly stated in ending balance*

---

Legacy Individual Annuities Reinsurance

Deposit Asset on Reinsurance

Program Description:

Type: Reinsurance of policy liabilities related to legacy individual annuities

Covered Policies: Individual annuities written in 2002 or earlier

Investment Income from Deposit Asset:

Three Months Ended March 31, 2026:

Accreted Investment Income: $23.6 million

Three Months Ended March 31, 2025:

Accreted Investment Income: $24.4 million

Change: -3.3%

---

Net vs Gross Reserve Positions

Property & Casualty

Q1 2026:

Gross Reserves (Beginning): $404.5 million

Net Reserves (Beginning): $303.3 million

Net Reserves (Ending): $305.4 million

Reinsurance Impact: ~25% of gross reserves ceded

Q1 2025:

Gross Reserves (Beginning): $420.6 million

Net Reserves (Beginning): $319.8 million

Net Reserves (Ending): $318.4 million

Reinsurance Impact: ~24% of gross reserves ceded

Group Benefits

Q1 2026:

Gross Reserves (Beginning): $113.2 million

Net Reserves (Beginning): $86.7 million

Net Reserves (Ending): $89.7 million

Reinsurance Impact: ~23% of gross reserves ceded

Q1 2025:

Gross Reserves (Beginning): $104.9 million

Net Reserves (Beginning): $79.7 million

Reinsurance Impact: ~24% of gross reserves ceded

---

Key Observations

1. No specific reinsurance program structures disclosed (no quota share percentages, excess of loss layers, attachment points, or retention levels specified)

2. No catastrophe bond or ILS programs disclosed

3. No PML figures or risk metrics disclosed

4. Reinsurance activity appears stable - ceded premiums flat at $15.1 million quarter-over-quarter

5. Life & Retirement segment contains material reinsurance arrangement (legacy annuities) generating ~$24 million quarterly in accreted investment income

6. No reinsurer names, program effective dates, or contract expiration dates disclosed

View SEC Filing →

ProAssurance Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

1. Medical Professional Liability Excess of Loss Treaty

Program Details:

Type: Excess of Loss

Effective Date: Renews annually October 1

Most Recent Renewal: October 1, 2025

Structure:

Total Reinsured Limits: $19M (decreased from $24M effective October 1, 2025)

Retention: Not specified in current disclosure (historically $1M prior to October 1, 2020)

Limit Reinstatements:

First reinstatement: $16M (prepaid)

Second reinstatement: Up to $16M (subject to reinstatement premium, attaches after first exhausted)

Subsequent reinstatements: No additional premium required

Maximum reinstatements: 4 times (effective October 1, 2021)

Historical reinstatement limits: $16M to $21M

Financial Metrics:

Retention Rate (for ceded business): Historically ranged 0% to 32.5%

Reinstatement Premium Adjustment: $1.4M reduction in Q1 2026 related to a large 2021 accident year claim reserve decrease

---

2. Medical Technology & Life Sciences Products Excess of Loss Treaty

Program Details:

Type: Excess of Loss

Effective Date: Renews annually October 1

Structure:

Retention: Historically ranged from $1M to $2M

Per Individual Claimant Limit: $20M (if loss exceeds this level, Company retains excess exposure)

Historical Per Claimant Limit Range: $15M to $20M

---

3. Workers' Compensation - Traditional Excess of Loss Treaty

Program Details:

Type: Excess of Loss

Effective Date: Renews annually May 1

Most Recent Renewal: May 1, 2025

Structure:

Retention: Historically ranged from $0.5M to $0.75M

Financial Impact:

Reinsurance Rate: Lower average reinsurance rate effective with May 1, 2025 treaty renewal

Ceded Premiums Ratio Impact: Decrease of 0.9 pts partially offset the reinstatement premium reduction impact

---

4. Legal Professional Liability Quota Share

Program Details:

Type: 100% Quota Share

Effective Date: Entered during Q2 2025

Counterparty: Third party that purchased renewal rights to legal professional liability book

Financial Impact:

Contributed to increase in ceded premiums ratio by 0.9 pts in Q1 2026 vs Q1 2025

Impact on operating cash flows: Increase in premiums paid for reinsurance

---

5. Alternative Market - Segregated Portfolio Cell (SPC) Quota Share

Program Details:

Type: 100% Quota Share

Structure: Business ceded to SPCs in Segregated Portfolio Cell Reinsurance segment

Products: Alternative market business

SPC Retrocession Programs (Workers' Compensation - Inova Re):

Per Occurrence Coverage:

Individual SPCs have their own reinsurance arrangements

Aggregate Coverage:

Attachment Point: Based on percentage of written premium within individual cells

Range: 88% to 94% of written premium

Variation: Varies by cell

---

6. Alternative Market - Unaffiliated Captive Quota Share

Program Details:

Type: Two programs with 100% Quota Share

Counterparties: Unaffiliated captive insurers

---

Ceded Premiums Financial Summary

Q1 2026 vs Q1 2025:

Overall Specialty P&C Segment:

Ceded Premiums Ratio (as reported): 9.6% (2026) vs 8.7% (2025) = +0.9 pts

Ceded Premiums Written: Lower overall volume subject to cession, particularly under shared risk arrangements

Workers' Compensation Segment:

Ceded Premiums Ratio (as reported): 28.6% (2026) vs 28.4% (2025) = +0.2 pts

Less: Premiums ceded to SPCs (100%): 18.6% (2026) vs 20.1% (2025) = -1.5 pts

Less: Other: 2.4% (2026) vs 3.3% (2025) = -0.9 pts

External Reinsurance Ratio: 7.6% (2026) vs 5.0% (2025) = +2.6 pts

Key Drivers:

$1.4M reinstatement premium reduction in Q1 2025 (related to 2021 accident year claim) accounted for +3.2 pts impact on 2026 ratio

Lower average reinsurance rate from May 1, 2025 treaty renewal partially offset increase

Ceded Premiums Earned:

Q1 2026:

Gross Premiums Earned: $189,663K

Ceded Premiums Earned: $17,582K

Net Premiums Earned: $172,081K

Q1 2025:

Gross Premiums Earned: $200,926K

Ceded Premiums Earned: $17,672K

Net Premiums Earned: $183,254K

Change:

Ceded premiums earned decreased $90K (-0.5%)

---

Reinsurance Recoverables & Cash Flow Impact

Operating Cash Flows:

Reinsurance Recovery Impact (Q1 2026 vs Q1 2025):

Decrease in cash received from reinsurance recoveries

Driven by payment of four large claims in Q1 2025

Contributed to $14.7M increase in net paid losses

Premium Receipts Impact:

Decrease in net premium receipts: $15.5M

Drivers:

Lower volume of written premium due to competitive conditions

Increase in premiums paid for reinsurance due to 100% quota share on legal professional liability (Q2 2025 inception)

---

Key Strategic Uses of Reinsurance

Specialty P&C Segment:

Provide capacity to write larger limits of liability

Provide reimbursement for losses under higher limit coverages

Provide protection against losses in excess of policy limits

Workers' Compensation Segment:

Reduce net liability on individual risks

Mitigate effect of significant loss occurrences (including catastrophic events)

Stabilize underwriting results

Increase underwriting capacity by decreasing leverage

Risk sharing arrangements to align objectives with strategic partners

Provide custom insurance solutions for large customer groups

---

PML / Risk Metrics

NO PML DATA DISCLOSED in this filing excerpt.

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED in this filing excerpt.

---

Summary of Key Metrics

Treaty Renewal Dates: MPL/Med Tech (Oct 1), Workers' Comp (May 1)

Recent Program Changes:

Legal professional liability 100% QS effective Q2 2025

MPL limit reduction from $24M to $19M effective Oct 1, 2025

Lower reinsurance rate on Workers' Comp treaty effective May 1, 2025

Loss-Sensitive Features: Multiple treaties have adjustable premiums based on loss experience, subject to min/max amounts

Reinstatement Premium Adjustments: $1.4M favorable adjustment in Q1 2026 related to 2021 accident year

View SEC Filing →

W.R. Berkley (WRB) Reinsurance & ILS Disclosure Extract

Reinsurance Programs:

Lifson Re Related-Party Quota Share Program

Program Structure:

Type: Quota share participation across multiple traditional reinsurance/retrocessional placements

Counterparty: Lifson Re (Bermuda reinsurance company, fully collateralized)

Share Participation:

30% of amounts placed (effective July 1, 2022)

Increased to 32.5% (effective January 1, 2025)

Coverage Scope: All traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating

Collateralization: Fully collateralized program

Lifson Re Capitalization: $418 million (includes minority participation by WRB)

Financial Metrics - Q1 2026:

Ceded written premiums: $118,517,000

Ceded commissions and brokerage: $33,925,000

Due from reinsurers: $561,264,000 (as of March 31, 2026)

Due to reinsurers: $101,091,000 (as of March 31, 2026)

Management and performance fees earned by WRB: $3 million

Financial Metrics - Q1 2025:

Ceded written premiums: $106,137,000

Ceded commissions and brokerage: $30,424,000

Due from reinsurers: $537,366,000 (as of December 31, 2025)

Due to reinsurers: $118,788,000 (as of December 31, 2025)

Management and performance fees earned by WRB: $1 million

---

Mitsui Sumitomo Insurance (MSI) Reinsurance Arrangements

Related-Party Context:

MSI owns 15.8% of WRB's outstanding common stock (as of March 31, 2026)

Relationship governed by Framework Agreement with Berkley Family

Financial Metrics - Q1 2026:

Ceded written premiums to MSI/affiliates: $15 million

Commissions with MSI/affiliates: Amount disclosed as $[incomplete in filing]

Program Details: Reinsurance transactions entered in normal course of operations with MSI and affiliates (including Lloyd's of London operations) - specific program structures not detailed in filing

---

Key Aggregate Figures:

Ceded Reinsurance Metrics:

Q1 2026:

Ceded reinsurance premiums as % of gross written premiums: 16%

Gross premiums written: $3,786 million ($3,362M Insurance + $424M Reinsurance & Monoline Excess)

Net premiums written: $3,174 million

Implied total ceded premiums: ~$612 million

Q1 2025:

Ceded reinsurance premiums as % of gross written premiums: 15%

Gross premiums written: $3,684 million ($3,217M Insurance + $467M Reinsurance & Monoline Excess)

Net premiums written: $3,133 million

Implied total ceded premiums: ~$551 million

Assumed Reinsurance:

Estimated assumed premiums receivable:

$55 million (March 31, 2026)

$54 million (December 31, 2025)

---

Reserve Discounting (Workers' Compensation):

Discounted Reserves:

Total discounted WC reserves: $1,412 million (March 31, 2026) vs $1,400 million (Dec 31, 2025)

Net discount (after reinsurance): $425 million (March 31, 2026) vs $420 million (Dec 31, 2025)

Discount rate range: 0.7% to 6.5%

Weighted average discount rate: 3.6%

Reserve Composition:

Excess workers' compensation: 97% of total discounted reserves (discounted using U.S. Treasury yield curve)

Other long-duration WC reserves: 3% of total (includes quota share reinsurance and occupational lung disease reserves, discounted at Delaware statutory rates)

---

Prior Year Development (Reserve Releases/Strengthening):

Q1 2026:

Total favorable development (net): $6 million

Insurance segment: $2 million favorable

Reinsurance & Monoline Excess segment: $4 million favorable

Insurance Segment Detail:

Favorable: Short-tail lines (commercial property, auto physical damage)

Adverse: Excess other liability including umbrella (accident years 2019-2023, particularly auto-related exposures affected by social inflation)

Reinsurance & Monoline Excess Detail:

Favorable: Non-proportional reinsurance assumed property (2025 accident year, claims below expectations)

Adverse: Non-proportional reinsurance assumed liability (U.S. assumed businesses, accident years 2019-2023)

Q1 2025:

Total favorable development (net): $1 million

Insurance segment: $11 million adverse

Reinsurance & Monoline Excess segment: $12 million favorable

Insurance Segment Detail:

Adverse: Excess other liability including umbrella (accident years 2018-2022, significant auto exposure component)

Favorable: Short-tail lines - commercial property and auto physical damage (2024 accident year)

Reinsurance & Monoline Excess Detail:

Favorable: Non-proportional reinsurance assumed property (2024 accident year)

Adverse: Non-proportional reinsurance assumed liability (U.S. assumed businesses, accident years 2018-2021)

---

Business Segment Performance:

Insurance Segment - Gross Premiums:

Q1 2026: $3,362 million (+5% YoY)

Q1 2025: $3,217 million

Line of Business Breakdown (Q1 2026 changes):

Short-tail lines: +$75M (+9%)

Other liability: +$31M (+2%)

Auto: +$25M (+6%)

Professional liability: +$24M (+7%)

Workers' compensation: -$10M (-3%)

Reinsurance & Monoline Excess Segment - Gross Premiums:

Q1 2026: $424 million (-9% YoY)

Q1 2025: $467 million

Line of Business Breakdown (Q1 2026 changes):

Casualty: -$24M (-13%)

Property: -$26M (-17%)

Monoline excess: +$7M (+5%)

---

Cat Bond Programs:

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics:

NO PML FIGURES DISCLOSED

---

Notes:

No specific attachment points, layers, or aggregate limits disclosed for reinsurance programs beyond Lifson Re quota share participation percentage

No ILS structures (cat bonds, sidecars, collateralized reinsurance beyond Lifson Re) disclosed

No gross vs net PML comparisons or peak zone analysis included

Social inflation identified as key driver of adverse development in liability lines, particularly auto-related umbrella exposures

View SEC Filing →

CNA Financial - Reinsurance and Risk Transfer Disclosure Extract

Major Reinsurance Programs

1. NICO Loss Portfolio Transfer (LPT) - Asbestos & Environmental Pollution (A&EP)

Program Type: Aggregate Loss Portfolio Transfer (retroactive reinsurance)

Key Terms:

Reinsurance Premium Paid: $2.0 billion

Total Consideration: $2.2 billion (including $215 million of transferred third-party reinsurance receivables)

Coverage: A&EP claim and allocated claim adjustment expense reserves

Aggregate Limit: Covers losses in excess of consideration paid (specific limit not disclosed but referenced)

Underlying Third-Party Reinsurance: Net ceded reserves of $1.6 billion to NICO (gross of $2.8 billion less $1.2 billion existing third-party reinsurance)

Credit Risk Coverage: LPT aggregate limit also covers credit risk on existing third-party reinsurance

Collateral:

Collateral Trust Account: $2.6 billion (fair value as of March 31, 2026)

Guarantee: Berkshire Hathaway Inc. guarantees NICO's payment obligations up to aggregate limit

Financial Position:

Cumulative Amounts Ceded: $3.9 billion (as of both March 31, 2026 and December 31, 2025)

Unrecognized Deferred Retroactive Reinsurance Benefit:

March 31, 2026: $448 million

December 31, 2025: $470 million

Retroactive Reinsurance Benefit Recognized (P&L impact):

Q1 2026: $22 million

Q1 2025: $17 million

Accounting Treatment: Retroactive reinsurance accounting applied (gain position due to cumulative ceded amounts exceeding consideration paid)

Claims Handling: NICO responsible for claims handling and billing/collection from third-party reinsurers for majority of A&EP claims

---

Reinsurance Financial Metrics

Reinsurance Recoverables

Total Ceded Reserves:

March 31, 2026: $6,316 million

December 31, 2025: $5,982 million

March 31, 2025: $5,713 million

Credit Quality: Majority of outstanding voluntary reinsurance receivables from reinsurers with financial strength ratings of A- or higher. Lower-rated receivables primarily from captive reinsurers backed by collateral.

---

Ceded Activity (Q1 2026 vs Q1 2025)

Ceded Claim and Claim Adjustment Expenses:

Ceded Payments:

---

Catastrophe Losses and Reinstatement Premiums

Q1 2026:

Catastrophe Losses (net of reinsurance): $88 million

Catastrophe-Related Reinstatement Premiums: $9 million

Events: Severe weather related events

Q1 2025:

Catastrophe Losses (net of reinsurance): $97 million

Including $53 million for California wildfires

Catastrophe-Related Reinstatement Premiums: $0 million

Events: Severe weather related events

---

Gross vs Net Reserves Summary

As of March 31, 2026:

Gross Reserves: $26,933 million

Ceded Reserves: $6,316 million

Net Reserves: $20,617 million

Ceded Percentage: 23.4%

As of December 31, 2025:

Gross Reserves: $26,599 million

Ceded Reserves: $5,982 million

Net Reserves: $20,617 million

Ceded Percentage: 22.5%

As of March 31, 2025:

Gross Reserves: $25,581 million

Ceded Reserves: $5,713 million

Net Reserves: $19,868 million

Ceded Percentage: 22.3%

---

Prior Year Development (Net of Reinsurance)

Q1 2026 - Total Unfavorable Development: $100 million pretax

By Segment:

Specialty: $45 million unfavorable

Other Professional Liability and Management Liability: $45 million unfavorable

Medical Professional Liability: $0 million

Surety: $0 million

Commercial: $55 million unfavorable

International: $0 million

Corporate & Other: $0 million

Q1 2025 - Total Unfavorable Development: $83 million pretax

By Segment:

Specialty: $10 million unfavorable

All lines: $0 million individually disclosed

Commercial: $51 million unfavorable

International: $0 million

Corporate & Other: $22 million unfavorable (legacy mass tort abuse claims)

---

Key Program Notes

1. NICO LPT Structure: The program has moved into a gain position due to adverse A&EP development exceeding original consideration, triggering retroactive reinsurance accounting with deferred gain recognition.

2. Security: Dual security structure with collateralized trust ($2.6B) plus Berkshire Hathaway parent guarantee.

3. Reinstatement Premiums: Q1 2026 marks first disclosure of reinstatement premiums ($9 million) in the excerpted periods, suggesting exhaustion of certain reinsurance layers.

4. Credit Risk Management: Focus on A- or higher rated reinsurers with collateral backing for lower-rated (primarily captive) arrangements.

---

Additional Disclosure Notes

PML / Risk Metrics: No Probable Maximum Loss figures disclosed in this filing

Cat Bonds / ILS: No catastrophe bond or ILS vehicle disclosures

Specific Treaty Details: No quota share, excess of loss layers, or attachment points disclosed for ongoing prospective reinsurance programs

Net Retention as % of Surplus: Not disclosed in this excerpt

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Loews Corp (L) 10-Q

Reinsurance Programs:

1. NICO Loss Portfolio Transfer (LPT) - Asbestos & Environmental Pollution

Program Type: Retroactive reinsurance / Loss Portfolio Transfer (aggregate excess of loss)

Counterparty: National Indemnity Company (NICO), subsidiary of Berkshire Hathaway Inc.

Program Details:

Effective Date: 2010

Cedent: Continental Casualty Company (CCC) and several insurance subsidiaries

Aggregate Limit: $4.0 billion

Initial Ceded Reserves: $1.6 billion (net of $1.2 billion existing third-party reinsurance)

Premium Paid: $2.0 billion

Transferred Receivables: $215 million (net book value of third-party reinsurance receivables)

Total Consideration: $2.2 billion

Current Status (as of March 31, 2026):

Cumulative Ceded Amount: $3.9 billion

Collateral Trust Account: $2.6 billion (fair value)

Unrecognized Deferred Gain: $448 million (as of March 31, 2026)

Unrecognized Deferred Gain: $470 million (as of December 31, 2025)

Q1 2026 Activity:

Retroactive Reinsurance Benefit Recognized: $22 million (three months ended March 31, 2026)

Retroactive Reinsurance Benefit Recognized: $17 million (three months ended March 31, 2025)

Additional Features:

Credit risk protection on existing third-party reinsurance included

Berkshire Hathaway Inc. guarantee of NICO payment obligations up to aggregate limit

NICO handles claims administration and third-party reinsurer collections

Accounting treatment: Retroactive reinsurance accounting (deferred gain recognition)

---

Key Figures:

Reinsurance Recoverables:

As of March 31, 2026:

Gross Reserves: $26,599 million

Ceded Reserves: $5,982 million

Net Reserves: $20,617 million

Cession Ratio: 22.5%

As of March 31, 2025:

Gross Reserves: $24,976 million

Ceded Reserves: $5,713 million

Net Reserves: $19,263 million

Cession Ratio: 22.9%

Ceded Losses - Q1 2026:

Current Year Provision: $1,763 million (gross basis, net figures not separately disclosed)

Prior Year Development: $102 million increase (Q1 2026) vs $80 million (Q1 2025)

Credit Quality:

Majority of voluntary reinsurance recoverables from reinsurers rated A- or higher

Lower-rated receivables primarily from captive reinsurers backed by collateral

---

Catastrophe Loss Activity:

Q1 2026:

Catastrophe Losses (Net of Reinsurance): $88 million

Catastrophe-Related Reinstatement Premiums: $9 million

Events: Severe weather-related events

Q1 2025:

Catastrophe Losses (Net of Reinsurance): $97 million

Specific Events: California wildfires ($53 million)

Catastrophe-Related Reinstatement Premiums: $0

---

Reserve Development:

Q1 2026:

Net Prior Year Loss Reserve Development: $100 million (unfavorable)

Prior Year Provision Increase: $102 million

Q1 2025:

Net Prior Year Loss Reserve Development: $83 million (unfavorable)

Prior Year Provision Increase: $80 million

Key Drivers:

Commercial auto: Higher claim severity in construction business

Legacy mass tort abuse claims

A&EP reserves (covered under NICO LPT)

---

PML / Risk Metrics:

NO SPECIFIC PML FIGURES DISCLOSED in this filing excerpt.

---

Additional Notes:

Long-Term Care Business:

Run-off status

Included in "Other Insurance Operations"

No specific reinsurance arrangements disclosed for this segment

Structured Settlement Obligations:

Reserves maintained with annual mortality experience reviews

No reinsurance details disclosed

Accounting Treatment:

Development-related items include: net prior year loss reserve development, premium development, interest accretion, and changes in allowance for uncollectible reinsurance

Underlying loss ratios exclude catastrophe losses, reinstatement premiums, and development-related items

---

Note: No cat bond, ILS, or other alternative risk transfer programs disclosed in this filing excerpt.

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Employers Holdings (EIG) 10-Q

Reinsurance Programs:

1. Loss Portfolio Transfer (LPT) Agreement

Program Type: 100% Quota Share Retroactive Reinsurance

Program Details:

Effective Date: 1999

Coverage: Retroactive coverage for Nevada State Industrial Insurance System (the Fund) losses

Covered Period: Claims with original dates of injury prior to July 1, 1995

Outstanding Losses as of: June 30, 1999

Transfer Date to EICN: January 1, 2000 (EICN assumed all rights and obligations)

Limits:

Maximum Limit: $2.0 billion (excluding burial and transportation expenses)

Key Terms:

Agreement remains in effect until first occurrence of:

(i) All claims under covered policies close

(ii) Agreement is commuted/terminated by mutual agreement

(iii) Reinsurers' aggregate maximum limit ($2.0 billion) is exhausted

Accounting Treatment:

Accounted for as retroactive reinsurance

Initial deferred reinsurance gain (Deferred Gain) recorded as liability on Consolidated Balance Sheets

---

2. Annual Reinsurance Program

Program Type: Not specified (general reinsurance program)

Ceded Premiums Written:

Q1 2026: $1.4 million

Q1 2025: $1.8 million

Note: Described as "our annual reinsurance program" with minimal additional structural details disclosed in this filing.

---

Impact on Loss Ratios:

LPT Agreement Impact - Calendar Year:

Three Months Ended March 31, 2026:

Loss and LAE ratio - LPT: (0.6)% (favorable)

Loss and LAE ratio excluding LPT: 72.0%

Combined ratio: 107.1%

Combined ratio excluding LPT: 107.7%

Three Months Ended March 31, 2025:

Loss and LAE ratio - LPT: (0.8)% (favorable)

Loss and LAE ratio excluding LPT: 66.8%

Combined ratio: 102.0%

Combined ratio excluding LPT: 102.8%

Amortization of Deferred Gain (LPT):

Q1 2026: $0.1 million

Q1 2025: $0.1 million

---

Key Financial Figures:

Net Premiums:

Gross Premiums Written Q1 2026: $180.8 million

Gross Premiums Written Q1 2025: $212.1 million

Net Premiums Written Q1 2026: $179.4 million (after $1.4M ceded)

Net Premiums Written Q1 2025: $210.3 million (after $1.8M ceded)

Net Premiums Earned Q1 2026: $180.9 million

Net Premiums Earned Q1 2025: $183.0 million

Reinsurance Impact:

Ceded Premium as % of Gross (Q1 2026): 0.8%

Ceded Premium as % of Gross (Q1 2025): 0.8%

---

Management Commentary:

The Company notes that the LPT Agreement "is a non-recurring transaction that no longer provides us with any ongoing cash benefits." Management excludes LPT effects from underwriting income and combined ratios because:

The LPT has "limited significance to our current and ongoing operations"

Provides better comparability with industry peers

Helps identify trends in ongoing underwriting performance

---

Notable Absences:

NO catastrophe bond programs disclosed

NO PML (Probable Maximum Loss) figures disclosed

NO specific reinsurance recoverables balance disclosed (though evaluation of reinsurance recoverables is noted as a significant management judgment area)

NO details on annual reinsurance program structure (limits, retentions, attachment points, layers, program year)

NO excess of loss or catastrophe reinsurance programs specifically identified

NO net retention as % of surplus disclosed

NO specific ceded losses incurred figures disclosed

---

Summary:

The filing contains limited reinsurance disclosure, primarily focused on the legacy LPT Agreement from 1999 and minimal mention of an ongoing annual reinsurance program. The LPT is a closed-block retroactive arrangement with decreasing relevance to current operations. Current reinsurance purchasing activity appears minimal based on the low ceded premium figures ($1.4M on $180.8M gross written = 0.8% cession rate).

View SEC Filing →

RLI Corp - Reinsurance & Risk Transfer Disclosure Analysis

Reinsurance Programs

Casualty Segment - Assumed Reinsurance

Program Type: Quota share and excess of loss reinsurance agreements

Description: Limited amount of risks assumed through these arrangements

Note: Disclosed as part of casualty business operations, but specific limits, retentions, and ceded premiums not provided

Other Casualty - Binding Authority & Prime Reinsurance

Program Type: Reinsurance agreement (specific type not disclosed)

Status: Company decided to no longer participate in reinsurance agreement with Prime

Impact: Contributed to decline in "other casualty" premium due to this non-renewal decision

Property Segment - Catastrophe Risk Management

Reinsurance Strategy: Company limits net aggregate exposure to catastrophic events by:

Managing total policy limits written in particular regions

Purchasing reinsurance (specific programs not detailed)

Maintaining policy terms and conditions throughout insurance cycles

Using computer-assisted modeling techniques

Note: Specific program details (limits, layers, attachment points, ceded premiums) not disclosed

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Reinsurance Balances & Financial Metrics

Reinsurance Recoverables

As of March 31, 2026:

Unpaid losses and settlement expenses (net): $740,503 thousand

Allowance for uncollectible amounts (unpaid): $11,479 thousand

Gross recoverable on unpaid losses: $751,982 thousand

As of December 31, 2025:

Unpaid losses and settlement expenses (net): $746,798 thousand

Allowance for uncollectible amounts (unpaid): $11,107 thousand

Paid Reinsurance Balances

Allowance for uncollectible amounts (paid receivables): $17 million (both March 31, 2026 and December 31, 2025)

Credit Quality & Monitoring

Company monitors reinsurer financial condition through:

AM Best and S&P ratings analysis

Annual financial statements review

SEC filings for publicly traded reinsurers

Segment-based analysis using average default rating percentage by S&P rating

In-depth reinsurer financial condition analysis prior to renewal

Write-offs & Recoveries (Q1 2026)

Write-offs: $0 million

Recoveries: Less than $1 million

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Reserve Development & Ceded Activity

Q1 2026 Prior Year Development

Total favorable development: $35 million

Accident years affected: 2018, 2019, 2022, 2024, 2025

Favorable development drivers:

Commercial property

Marine

Executive products

Professional services

Commercial transportation

Adverse development: Personal umbrella (amount not specified)

Q1 2025 Prior Year Development

Total favorable development: $31 million

Accident years affected: 2019-2022, 2024

Favorable development drivers:

Marine

Surety

Commercial property

Commercial excess liability

General liability

Mortgage reinsurance program

Adverse development: Personal umbrella and commercial transportation (auto exposures)

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Catastrophe Exposure & Risk Metrics

Major Catastrophe Exposures

Windstorms: Commercial properties in coastal regions of United States

Earthquakes: Primarily West Coast exposure

Risk Management Tools

Computer-assisted modeling techniques used to estimate and manage concentration of risks

Geographic limit management in catastrophe-prone regions

Reinsurance purchasing (specifics not disclosed)

Note: No specific PML figures (1-in-100, 1-in-250), peak zones, or net vs gross PML metrics disclosed in this filing

---

Cat Bond / ILS Programs

NO CAT BOND OR ILS PROGRAMS DISCLOSED

---

Key Observations

1. Limited Disclosure: This 10-Q provides minimal detail on specific reinsurance program structures, including no disclosure of:

Specific program limits and retentions

Layer structures and attachment points

Ceded premium volumes by program

Program effective dates or renewal information

2. Financial Focus: Disclosure primarily addresses reinsurance recoverables from a balance sheet and credit risk perspective rather than program-specific details

3. No ILS Activity: No catastrophe bonds, sidecars, or other insurance-linked securities programs mentioned

4. Mortgage Reinsurance: Referenced in Q1 2025 development discussion but no program details provided

5. Assumed Reinsurance: Company participates in assumed reinsurance on casualty side but on a "limited" basis with no quantification provided

View SEC Filing →

Kinsale Capital (KNSL) Reinsurance & Risk Transfer Analysis

Reinsurance Programs (as of March 31, 2026)

1. Property Quota Share Treaty

Type: Quota Share

Coverage: 40% of property losses up to $443.0 million per catastrophe

Company Retention: 60% of property losses

Company Policy Limit: Up to $10.0 million per occurrence

Maximum Loss Recovery: $177.2 million for an event

Exclusions: Not applicable to any individual policy with a limit of $2.0 million or less

Notes: Coverage applies before the property catastrophe treaty

2. Property Catastrophe XOL Treaty

Type: Catastrophe Excess of Loss

Structure: $250.0 million excess of $75.0 million

Company Retention: $75.0 million per catastrophe

Company Policy Limit: N/A (multiple claims/policyholders)

Reinstatement Provision: Yes (requires reinstatement premiums after a loss)

Maximum Aggregate Limit (including reinstatements): $500.0 million

Application: Applies after the property quota share treaty coverage

3. Primary Casualty Excess of Loss Treaty

Type: Excess of Loss

Structure: $8.0 million excess of $2.0 million

Company Retention: $2.0 million per occurrence

Company Policy Limit: Up to $10.0 million per occurrence

Exclusions: Not applicable to any individual policy with a per-occurrence limit of $2.0 million or less

4. Excess Casualty Variable Quota Share

Type: Variable Quota Share

Company Retention: $3.0 million per occurrence (maximum)

Company Policy Limit: Up to $10.0 million per occurrence

Structure Details:

Ceding percentage varies to maintain retention at $3.0 million or less

Example 1: $5.0 million limit policy = 60% retention

Example 2: $10.0 million limit policy = 30% retention

Combined primary + excess retention does not exceed $3.0 million

Exclusions: Not applicable to any individual policy with a per-occurrence limit of $3.0 million or less

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Reinsurance Program Administration

Renewal Cycle: Annual

Renewal Considerations:

Changes to underlying insurance coverage offered

Trends in loss activity

Level of capital and surplus

Changes in risk appetite

Cost and availability of reinsurance coverage

---

PML / Risk Metrics

Catastrophe Modeling Approach:

Method: Stochastic models to analyze natural catastrophe exposure

PML Definition: Probable Maximum Loss - estimate of loss expected to meet or exceed once in a given return period

Focus Return Periods:

100-year return period

250-year return period

Note: Specific PML figures (gross/net amounts, peak zones) were not disclosed in this filing excerpt.

---

Reinsurance Financial Metrics

Credit Quality:

Reinsurer Ratings (as of March 31, 2026): All reinsurance contracts with companies rated "A-" (Excellent) or better by A.M. Best

Allowance for Credit Losses: $1.0 million (as of March 31, 2026)

Monitoring: Continuous review of reinsurer financial condition and rating changes

Key Figures:

Total Reinsurance Recoverables: Not specifically disclosed in excerpt

Ceded Premiums Written: Not quantified in excerpt (stated as impacted by gross written premiums, retention levels, and reinstatement premiums)

Ceded Losses Incurred: Not disclosed

Net Retention as % of Surplus: Not disclosed

---

Company Ratings

Kinsale Insurance Company:

A.M. Best Financial Strength Rating: "A" (Excellent)

Outlook: Stable

Rating Rank: Third highest rating issued by A.M. Best

---

Other Key Information

Reinsurance Accounting:

Reinsurance contracts do not relieve Kinsale from obligations to policyholders

Failure of reinsurer to honor obligations could result in losses

Allowance for credit risk established based on historical analysis of credit losses for highly rated insurance companies

Ceding Commissions:

Ceding commissions received on business ceded under certain reinsurance contracts

Offsets policy acquisition costs (broker commissions)

Investment Portfolio (Context):

Cash and Invested Assets (March 31, 2026): $5.3 billion

Stockholders' Equity: $2.0 billion

A.M. Best Rating Impact: "A" rating allows active pursuit of agent/broker relationships consistent with business plan

---

Cat Bond Programs

NO CAT BOND OR ILS PROGRAMS DISCLOSED in this filing excerpt.

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Summary

Kinsale Capital operates a four-layer reinsurance program covering property and casualty exposures:

1. 40% property quota share (up to $443M per cat)

2. $250M xs $75M property catastrophe XOL (up to $500M aggregate with reinstatements)

3. $8M xs $2M primary casualty XOL

4. Variable quota share excess casualty (maintaining $3M max retention)

The company focuses on 1-in-100 and 1-in-250 year PMLs for catastrophe management but did not disclose specific PML figures in this filing. All reinsurers maintain A.M. Best ratings of A- or better, with only $1.0M in credit loss allowances.

View SEC Filing →

James River Group (JRVR) Reinsurance & Risk Transfer Programs

Excess & Surplus Lines Segment - Reinsurance Programs

Casualty Reinsurance

Specialty Casualty (Excess of Loss)

Program Type: Excess of Loss Treaty

Company Retention: Up to $3.6 million per occurrence (excluding Excess Casualty)

Coverage Layer: $9.0 million in excess of $2.0 million

Effective Dates: Treaty years spanning July 1, 2016 through July 1, 2022

Key Terms:

Subject to reinstatement premiums with aggregate caps per treaty year

Once cap is reached, no further reinstatement premiums required

Remaining Exposure: Less than $10.0 million of remaining exposure to additional reinstatement premiums at March 31, 2026

Primary Casualty

Program Type: Excess of Loss

Company Retention: Up to $1.46 million per occurrence

Total Exposure per Claim: Generally $730,000

Excess Casualty

Program Type: Excess of Loss

Company Retention: Up to $2.38 million per occurrence

Key Terms:

Some treaties subject to loss ratio caps or aggregate limits

One 2021 treaty has less than $500,000 of limit remaining available as of March 31, 2026

Property Reinsurance

Excess Property

Program Type: Proportional Quota Share Treaty + Facultative

Company Retention: Up to $5.0 million per risk

Net Retained Limit: $5.0 million or less (ensured by quota share treaty and facultative reinsurance)

Property Catastrophe Treaty

Program Type: Catastrophe Excess of Loss

Limit: $22.0 million per event

Reinstatements: One reinstatement available

PML Coverage: Would take an event greater than 1-in-1,000 year PML to exhaust limit

Estimated Net Retention: Pre-tax cost would not exceed 2.5% of shareholders' equity (including reinstatement premiums and net retentions)

Additional Exposure: Company retains any losses in excess of $22.0 million coverage limit

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Specialty Admitted Insurance Segment - Reinsurance Programs

Casualty Programs (All Quota Share)

Auto Programs

Program Type: Quota Share

Coverage: 100% of limits up to:

$1.0 million liability per occurrence

$1.0 million physical damage per occurrence

Exception: One program with primary limit of $750,000 liability

General Liability & Professional Liability Programs

Program Type: Quota Share

Coverage: 100% of limits up to $1.0 million per occurrence

Umbrella and Excess Casualty Programs

Program Type: Quota Share

Coverage: 100% of limits up to $25.0 million per occurrence

Property Programs (All Quota Share)

Property within Package Programs

Program Type: Quota Share

Coverage: Uncapped quota share coverage for 100% of limits

Excess Property

Program Type: Quota Share

Coverage: 100% of limits up to $45.0 million per occurrence

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Loss Portfolio Transfers & Adverse Development Covers

Commercial Auto LPT with Aleka

Counterparty: Aleka Insurance, Inc. (captive insurance company affiliate of Rasier LLC)

Effective Date: September 27, 2021

Covered Business: Substantially all of E&S segment's legacy commercial auto policies issued to Rasier LLC and affiliates (not otherwise indemnified by Rasier)

Structure:

Fully collateralized

No aggregate limit

Subject to certain exclusions

Cumulative Ceded Amounts: $451.4 million as of March 31, 2026 and December 31, 2025

Accounting Treatment: Subject to retroactive reinsurance accounting

E&S ADC with State National

Counterparty: State National Insurance Company, Inc.

Effective Date: January 1, 2024 (closed July 2, 2024)

Covered Business: E&S segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive)

Exclusions: Commercial auto policies issued to former large insured or affiliates

Structure:

Ceded Percentage: 85%

Attachment Point: $716.6 million

Aggregate Limit: $467.1 million (State National's share: $397.0 million)

Reinsurance Premium Paid: $313.2 million

Terms: James River continues to manage claims and collect benefit of other existing third-party reinsurance, which inures to benefit of E&S ADC

Status: Additional adverse development of $35.0 million (net of Company's 15% retention) recognized in year ended December 31, 2025 exhausted the remaining limit

E&S Top Up ADC with Enstar (Cavello Bay)

Counterparty: Enstar / Cavello Bay Reinsurance Limited

Effective Date: January 1, 2024 (closed December 23, 2024)

Covered Business: E&S segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive)

Exclusions: Commercial auto policies issued to former large insured or affiliates

Structure:

Ceded Percentage: 100%

Retention: $1,183.7 million (the limit of the E&S ADC)

Aggregate Limit: $75.0 million

Reinsurance Premium Paid: $52.8 million (less federal excise tax)

Recognition Impact: $52.8 million reduction in pre-tax income upon closing

Adverse Development Activity:

2025: $51.4 million ceded, reducing limit to $23.6 million at December 31, 2025

Q1 2026: $16.2 million ceded, reducing limit to $7.5 million at March 31, 2026

Of Q1 2026 amount, $14.8 million subject to deferral under retroactive reinsurance accounting

Accounting Treatment: Subject to retroactive reinsurance accounting using recovery method

---

Key Reinsurance Metrics

Net Premium Retention

Q1 2026: 50.8%

Q1 2025: 43.5%

Cumulative Ceded Amounts (as of March 31, 2026)

Commercial Auto LPT: $451.4 million

E&S ADC: Limit exhausted

E&S Top Up ADC: $7.5 million remaining of $75.0 million aggregate limit

Reinsurance Accounting Treatment

All three major retroactive reinsurance agreements (Commercial Auto LPT, E&S ADC, E&S Top Up ADC) utilize retroactive reinsurance accounting

Gains are deferred and recognized in proportion to actual paid recoveries using the recovery method

When recognized adverse development on subject business causes cumulative ceded amounts to exceed consideration paid, agreements move into a gain position subject to deferral

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PML & Risk Metrics

Property Catastrophe PML

1-in-1,000 Year Event: Would be required to exhaust $22.0 million property catastrophe reinsurance

Net Retention: Estimated pre-tax cost would not exceed 2.5% of shareholders' equity (including reinstatement premiums and net retentions) in event of catastrophe loss exhausting $22.0 million limit

Additional Exposure: Company retains losses in excess of reinsurance coverage limits

-

View SEC Filing →

Everest Group Reinsurance and ILS Disclosure Analysis

Cat Bond Programs - Kilimanjaro Re Limited

Everest entered into collateralized reinsurance agreements with Kilimanjaro Re Limited, a Bermuda-based special purpose reinsurer, for catastrophe reinsurance coverage.

Series 2021-1 Class A-2

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: April 8, 2021

Expiration Date: April 20, 2026

Limit: $150 million

Trigger Type: Occurrence

Series 2021-1 Class B-2

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: April 8, 2021

Expiration Date: April 20, 2026

Limit: $90 million

Trigger Type: Aggregate

Series 2021-1 Class C-2

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: April 8, 2021

Expiration Date: April 20, 2026

Limit: $90 million

Trigger Type: Aggregate

Series 2024-1 Class A

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: June 27, 2024

Expiration Date: June 30, 2028

Limit: $75 million

Trigger Type: Occurrence

Series 2024-1 Class B

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: June 27, 2024

Expiration Date: June 30, 2028

Limit: $125 million

Trigger Type: Occurrence

Series 2025-1 Class A-1

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: June 26, 2025

Expiration Date: July 9, 2029

Limit: $105 million

Trigger Type: Aggregate

Series 2025-2 Class A-2

Covered Perils: US, Canada, Puerto Rico – Named Storm and Earthquake Events

Effective Date: June 26, 2025

Expiration Date: July 8, 2030

Limit: $105 million

Trigger Type: Not specified in text

Total Kilimanjaro Cat Bond Capacity: $740 million

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Adverse Development Cover (ADC) Reinsurance Agreements

Program Structure

Effective Date: October 1, 2025

Ceding Companies: Everest Re and Bermuda Re

Reinsurers: State National Insurance Company, Inc. and MS Transverse Insurance Company

Retrocessional Support: Longtail Re (Stone Ridge Capital affiliate)

Coverage Details

Covered Business: North American liabilities within Insurance and Legacy segments

Accident Years: 2024 and prior

Exclusions: Asbestos and Environmental (A&E) reserves in Legacy segment

Subject Business Reserves at Inception: $5.4 billion (as of September 30, 2025)

Gross Limit: $1.2 billion

Layer Structure (3 Layers)

Layer 1 - "In the Money" Layer:

Structure: Attachment point $1.25 billion below carried reserves of $5.4 billion

Effective Attachment: $4.15 billion

Consideration: $1.25 billion of in-the-money reserves transferred at closing

Layer 2:

Limit: $700 million in excess of $5.4 billion

Consideration: Included in $1.25 billion transfer for Layers 1 and 2

Co-participation: Company retains $100 million

Layer 3:

Limit: $500 million

Consideration Paid: Approximately $122 million at closing

Co-participation: Company retains $100 million

Recoverables as of March 31, 2026

Total Covered Losses Ceded (State National): $1.25 billion (unchanged from December 31, 2025)

Unexpired Limit (State National): $598 million (vs. $597 million at December 31, 2025)

Unexpired Limit (MS Transverse): $400 million (unchanged from December 31, 2025)

---

Key Reinsurance Figures

Gross Written Premiums

Q1 2026: $3,602 million

Q1 2025: $4,391 million

Change: (18.0%)

Net Written Premiums

Q1 2026: $3,186 million

Q1 2025: $3,735 million

Change: (14.7%)

Premiums Earned

Q1 2026: $3,574 million

Q1 2025: $3,852 million

Change: (7.2%)

Total Reinsurance Recoverables

March 31, 2026: $5.1 billion

Major Reinsurance Counterparties (as of March 31, 2026)

Mt. Logan Re (collateralized segregated accounts): $394 million (7.7%)

Munich Reinsurance America, Inc.: $350 million (10.0%)

Endurance Assurance Corporation: $326 million (7.7%)

State National Insurance Company (ADC): $1.25 billion

No other retrocessionaire exceeds 5% of recoverables

---

Loss and LAE Reserves

Total Gross Reserves

March 31, 2026: $34.6 billion

December 31, 2025: $34.3 billion

Reserves by Segment (March 31, 2026)

A&E Reserves (within Legacy segment, March 31, 2026)

Case Reserves: $148 million

IBNR Reserves: $56 million

Total A&E: $204 million

---

Catastrophe Loss Payments

Q1 2026 Net Cat Loss Payments: $107 million

Q1 2025 Net Cat Loss Payments: $317 million

---

Other Risk Transfer / Portfolio Management Activities

Sale of Everest Canada

Transaction anticipated to close in H2 2026

Assets and liabilities presented as held-for-sale as of March 31, 2026

Subject to regulatory approvals

Sale of Commercial Retail Insurance Renewal Rights (October 26, 2025)

Buyer: AIG

U.S., U.K., Asia Pacific Lines: $252 million aggregate purchase price

E.U. Lines: $49 million aggregate purchase price

Structuring Fee from AIG: $30 million

-

View SEC Filing →

RenaissanceRe (RNR) 10-Q Reinsurance and ILS Disclosure

Cat Bond / SPV Programs

Mona Lisa Re Ltd.

Structure:

Type: Bermuda domiciled Special Purpose Insurer (SPI)

Function: Provides reinsurance capacity to RenaissanceRe subsidiaries through collateralized reinsurance agreements

Funding: Principal-at-risk variable rate notes issued to third-party investors

Collateral: 100% collateralized through segregated collateral accounts by series

Size:

Total assets: $1.0 billion (March 31, 2026)

Total assets: $1.1 billion (December 31, 2025)

Total liabilities: $1.0 billion (March 31, 2026)

Total liabilities: $1.1 billion (December 31, 2025)

Ceded Premiums:

Q1 2026 ceded premiums written: $68.5 million

Q1 2025 ceded premiums written: $55.7 million

Q1 2026 ceded premiums earned: $20.5 million

Q1 2025 ceded premiums earned: $21.9 million

Terms:

Principal returned upon expiration of risk period, unless loss event occurs

Interest payments: Quarterly, variable rate

Loss participation: Pro rata share by noteholders

RNR Investment:

Fair value of RNR's investment in notes: $3.5 million (March 31, 2026)

Fair value of RNR's investment in notes: $3.4 million (December 31, 2025)

Accounting:

VIE - not consolidated by RenaissanceRe

Reinsurance contracts accounted for as prospective reinsurance under FASB ASC Topic 944

---

AlphaCat Structures

Entities:

AlphaCat Reinsurance Ltd. ("AlphaCat Re")

AlphaCat Master Fund Ltd.

OmegaCat Reinsurance Ltd. ("OmegaCat Re")

Multiple AlphaCat Funds (closed-end and open-end Bermuda mutual funds plus one managed account)

Structure:

Manager: AlphaCat Managers Ltd. (acquired via Validus Acquisition)

Funding: Primarily third-party capital investors

Investment vehicle: Variable funding notes issued by AlphaCat Re, AlphaCat Master Fund, and OmegaCat Re

Covered perils: Property catastrophe risks

Size:

Combined total assets: $0.8 billion (March 31, 2026)

Combined total assets: $1.1 billion (December 31, 2025)

Combined total liabilities: $0.4 billion (March 31, 2026)

Combined total liabilities: $0.5 billion (December 31, 2025)

Status:

Run-off mode: Substantially all AlphaCat Funds received full redemption requests

Capital being released subject to certain constraints

Expected to run off over a period of time

RNR Investment:

Fair value of direct equity ownership: $2.2 million (March 31, 2026)

Fair value of direct equity ownership: $2.2 million (December 31, 2025)

Accounting:

VIEs - not consolidated by RenaissanceRe

---

RenaissanceRe Medici UCITS Fund

Structure:

Type: Sub-fund of RenaissanceRe Medici ICAV

Domicile: UCITS fund

Launch date: March 3, 2025

Investment focus: Global insurance-linked securities, specifically catastrophe bonds

Related party to RenaissanceRe

Size:

Total net asset value: $468.5 million (March 31, 2026)

Total net asset value: $449.9 million (December 31, 2025)

RNR attributable NAV: $156.8 million (March 31, 2026)

RNR attributable NAV: $154.5 million (December 31, 2025)

Subscriptions:

Q1 2026: $15.4 million from investors

Q1 2025: $341.5 million from investors (including $140.0 million from RNR)

Of Q1 2025 total, $316.5 million was transfer in kind from RenaissanceRe Medici Fund Ltd.

RNR Ownership:

33.5% (March 31, 2026)

34.3% (December 31, 2025)

Returns:

Q1 2026 net income attributable to RNR: $2.3 million

Q1 2025 net income attributable to RNR: $1.1 million

Redemption Terms:

Frequency: Fortnightly

Notice period: Minimum 4 business days' prior written notice

Restrictions: Subject to redemption gates

Accounting:

Fair value method

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Reinsurance Programs

Property Segment Retrocessional Coverage

Program Structure:

Type: Opportunistic, not formulaic annual program

Strategy: Based on market opportunities rather than specific annual program placement

Purpose: Reduce exposure to large losses and manage risk portfolio

Ceded Premiums Written:

Q1 2026: $452.2 million

Q1 2025: $439.8 million

Change: +$12.4 million (+2.8%)

Key Drivers:

Increase in ceded spend and timing of renewals as part of gross-to-net strategy

Decrease in ceded reinstatement premiums: $7.5 million (Q1 2026 vs Q1 2025)

Impact on Results:

Q1 2026: California Wildfires losses in Q1 2025 drove 117.2 percentage points of loss ratio in prior year

Prior year favorable development: $62.6 million in catastrophe class and $98.1 million in other property class

---

Casualty and Specialty Segment Retrocessional Coverage

Program Structure:

Type: Opportunistic, not formulaic annual program

Strategy: Quota share retrocessional coverage to support gross-to-net strategy

Purpose: Reduce exposure to large losses and manage risk portfolio

Ceded Premiums Written:

Q1 2026: $348.4 million

Q1 2025: $272.1 million

Change: +$76.2 million (+28.0%)

Key Drivers:

Increase in amount of quota share retrocessional coverage purchased to support gross-to-net strategy

Impact on Results:

Current accident year improvement: 6.5 percentage points

Lower impact of large loss events within other specialty class

Purchase accounting adjustments: 0.4 percentage points adverse impact

---

Third-Party Capital Management

Fee Income Summary (Q1 2026 vs Q1 2025)

Joint Ventures Management Fees:

Q1 2026: $35.0 million

Q1 2025: $30.9 million

Change: +$4.1 million

Managed Funds Management Fees:

Q1 2026: $5.6 million

Q1 2025: $7.3 million

Change: -$1.7 million

Structured Reinsurance Products and Other:

Q1 2026: $7.4 million

Q1 2025: $7.9 million

Change: -$0.5 million

Performance Fees:

Based on individual vehicle/product performance

May be zero or negative in certain periods

Can result in reversal of previously accrued fees due to large losses

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PML / Risk Metrics

NO SPECIFIC PML DATA DISCLOSED IN THIS FILING EXCERPT

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Key Reinsurance Figures Summary

Total Ceded Premiums Written (Q1 2026):

Property segment: $452.2 million

Casualty and Specialty segment: $348.4 million

-

View SEC Filing →

ARCH CAPITAL (ACGL) - Reinsurance and ILS Disclosure Summary

Reinsurance Programs

Bellemeade Re - Aggregate Excess of Loss Mortgage Reinsurance

Program Structure:

Type: Aggregate Excess of Loss (Aggregate XOL) mortgage reinsurance

Cedant: Arch MI U.S. (Arch's mortgage insurance subsidiaries)

Reinsurers: Special purpose reinsurance companies domiciled in Bermuda + separate panel of reinsurers

Structure: Two-layer retention structure

Layer 1: Arch retains first layer of aggregate losses

Layer 2: SPV provides second layer coverage up to outstanding coverage amount

Layer 3: Arch retains losses in excess of coverage limit

Coverage Period: Generally decreases over 10-year period as underlying mortgages amortize

Premium Calculation: Outstanding coverage × (SOFR + contractual risk margin) - actual investment income from reinsurance trusts

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Cat Bond / ILS Programs

Bellemeade Re 2021-3 Ltd.

Issue Date: September 2021

Covered Policies: In-force policies issued April 1, 2021 to June 30, 2021

Initial Coverage: $639 million

Current Coverage (Mar 31, 2026): $32 million

Retention (Net): $128 million

ILS Notes Issued: $508 million

Additional Reinsurance Capacity: $131 million from separate panel

Total VIE Assets (Mar 31, 2026): $20 million

Coverage Remaining from Reinsurers: $12 million

Bellemeade Re 2022-1 Ltd.

Issue Date: January 2022

Covered Policies: In-force policies issued July 1, 2021 to November 30, 2021

Initial Coverage: $317 million

Current Coverage (Mar 31, 2026): $53 million

Retention (Net): $132 million

ILS Notes Issued: $284 million

Additional Reinsurance Capacity: $33 million from separate panel

Total VIE Assets (Mar 31, 2026): $42 million

Coverage Remaining from Reinsurers: $11 million

Bellemeade Re 2022-2 Ltd.

Issue Date: September 2022

Covered Policies: In-force policies issued November 1, 2021 to June 30, 2022

Initial Coverage: $327 million

Current Coverage (Mar 31, 2026): $129 million

Retention (Net): $183 million

ILS Notes Issued: $201 million

Additional Reinsurance Capacity: $126 million from separate panel

Total VIE Assets (Mar 31, 2026): $43 million

Coverage Remaining from Reinsurers: $86 million

Bellemeade Re 2023-1 Ltd.

Issue Date: October 2023

Covered Policies: In-force policies issued January 1, 2023 to September 30, 2023

Initial Coverage: $233 million

Current Coverage (Mar 31, 2026): $170 million

Retention (Net): $155 million

ILS Notes Issued: $186 million

Additional Reinsurance Capacity: $47 million from separate panel

Total VIE Assets (Mar 31, 2026): $136 million

Coverage Remaining from Reinsurers: $34 million

Bellemeade Re 2024-1 Ltd.

Issue Date: August 2024

Covered Policies: In-force policies issued September 1, 2023 to July 31, 2024

Initial Coverage: $204 million

Current Coverage (Mar 31, 2026): $138 million

Retention (Net): $166 million

ILS Notes Issued: $163 million

Additional Reinsurance Capacity: $41 million from separate panel

Total VIE Assets (Mar 31, 2026): $110 million

Coverage Remaining from Reinsurers: $28 million

Bellemeade Re 2025-1 Ltd.

Issue Date: November 2025

Covered Policies: In-force policies issued July 1, 2024 to September 30, 2025

Initial Coverage: $249 million

Current Coverage (Mar 31, 2026): $226 million

Retention (Net): $162 million

ILS Notes Issued: $199 million

Additional Reinsurance Capacity: $50 million from separate panel

Total VIE Assets (Mar 31, 2026): $181 million

Coverage Remaining from Reinsurers: $45 million

---

Bellemeade Program Summary - March 31, 2026

---

PML / Risk Metrics

Catastrophe Exposure (as of April 1, 2026)

Target: Net probable maximum loss (1-in-250 year return period) limited to approximately 25% of tangible shareholders' equity

Peak Zone Exposures:

1. Florida Tri-County (Windstorm) - Peak Zone

Net PML: $1.9 billion

% of Tangible Shareholders' Equity: 8.2%

2. Northeastern U.S. (Windstorm)

Net PML: $1.6 billion

3. Gulf of Mexico (Windstorm)

Net PML: $1.5 billion

4. San Francisco Earthquake

Net PML: ~48% of peak zone catastrophe exposure

Estimated Net PML: ~$912 million (calculated as 48% of $1.9B)

5. Germany Windstorm

Net PML: Substantially less than peak zone windstorm and earthquake exposures

---

Key Reinsurance Figures

Reinsurance Recoverables (March 31, 2026):

Total Reinsurance Recoverables on Paid and Unpaid Losses: $9,732 million

Dec 31, 2025: $9,526 million

Increase: $206 million

Credit Quality of Recoverables (March 31, 2026):

% from carriers rated A- or better by A.M. Best: 62.3%

% from all other carriers (no A.M. Best rating): 37.7%

Of the 37.7%, over 95% collateralized through reinsurance trusts, funds withheld, letters of credit or other

Largest single carrier balance as % of total shareholders' equity: 8.2%

Ceded Premiums Written - Q1 2026:

Ceded Premiums Written - Q1 2025:

View SEC Filing →

Markel Group (MKL) Reinsurance & ILS Disclosure - 10-Q Filing

Reinsurance Programs

General Reinsurance Activity

Q1 2026 Ceded Premiums:

Underwriting Written: $444.3 million ceded

Underwriting Earned: $514.6 million ceded

Net Retention: 80% (consistent with Q1 2025)

Q1 2025 Ceded Premiums:

Underwriting Written: $554.7 million ceded

Net Retention: 80%

Ceded Losses:

Q1 2026: $267.5 million ceded losses and LAE

Q1 2025: $418.9 million ceded losses and LAE

---

Hagerty Retroactive Reinsurance Agreement

Program Type: Retroactive reinsurance

Effective Date: January 1, 2026

Counterparty: Hagerty Reinsurance Limited (Hagerty Re)

Coverage: Reinsures retained exposures on business written on behalf of Hagerty, Inc. prior to January 1, 2026

Key Metrics:

Net losses and LAE ceded: $62.2 million (as of December 31, 2025)

Premium paid to Hagerty Re: $54.1 million

Transition: Business transitioned to fronting arrangement effective January 1, 2026

Prior arrangement: Majority of business ceded to Hagerty Re

New arrangement: Company receives fronting fee and cedes business to Hagerty Re

Previous cession rate: ~80% (2025)

---

Nephila Fronting Programs

Program Type: Fronting with full cession

Provider: Through Markel Insurance operations and program services operations

Reinsurers: Nephila Reinsurers (including Lloyd's Syndicates 2357, 2358, and 2359)

Coverage: U.S. catastrophe-exposed property and specialty risks

Ceded Premiums:

Q1 2026: $267.4 million gross premiums written and ceded

Q1 2025: $389.3 million gross premiums written and ceded

Structure:

Company writes insurance policies fully ceded to Nephila Reinsurers in exchange for fronting fees

Company bears underwriting risk for annual aggregate agreement year losses in excess of a prescribed limit

---

Reinsurance Recoverables

Nephila Reinsurers:

March 31, 2026: $267.6 million

December 31, 2025: $496.0 million

---

Fronting Operations Summary

Total Fronting Activity:

Q1 2026:

Gross fronting premium volume: $587.4 million

Substantially all ceded to third-party capacity providers

Gross losses on fronted premiums: $1.2 billion (substantially all ceded)

Q1 2025:

Gross losses on fronted premiums: $957.5 million (substantially all ceded)

Major Fronting Relationships:

1. Nephila - Property catastrophe programs

2. Hagerty - Classic car business (transitioned to fronting arrangement January 1, 2026)

---

Catastrophe Losses (Net)

Q1 2026 - Middle East Conflict:

Net losses and LAE: $35.0 million

Date: February 28, 2026 (U.S. and Israeli airstrikes on Iran)

Coverages: Terrorism and marine war coverages

Division: International division within Markel Insurance segment

Combined ratio impact: 2 points

Q1 2025 - Southern California Wildfires:

Net losses and LAE: $66.1 million

Date: January 2025

Combined ratio impact: 3 points

---

Reserve Development

Q1 2026:

Favorable development: $104.1 million on prior years loss reserves

Key lines: Professional liability, credit and surety, and workers' compensation ($64.4 million)

Q1 2025:

Favorable development: $150.1 million on prior years loss reserves

Key lines: Professional liability, general liability, marine and energy, and workers' compensation ($125.2 million)

---

Product Line Reinsurance Changes

Lower Cessions (Q1 2026 vs Q1 2025):

Professional liability reinsurance contracts

Personal lines reinsurance contracts

Rate Environment:

Property catastrophe programs with Nephila: Rate decreases driven by broader property market softening

---

Key Disclosures

Reinsurance Purpose:

Manage net retention on individual risks

Control overall exposure to losses

Enable writing policies with sufficient limits to meet policyholder needs

Risk Retention:

Nephila fronting programs: Company bears underwriting risk for annual aggregate losses exceeding prescribed limits (specific limits not disclosed)

Potential exposure noted as material to consolidated results if exceeded

---

Notes

No cat bond programs or SPVs disclosed in this filing

No PML figures disclosed

No specific reinsurance tower structures or attachment points disclosed for traditional reinsurance programs

Net retention as % of surplus not disclosed

View SEC Filing →

Greenlight Capital Re (GLRE) Reinsurance and ILS Disclosure Extract

Reinsurance Programs

Property Line - Quota Share Reinsurance Treaty

Type: Quota share reinsurance treaty (retroceded)

Program Year: Prior year (written in years before 2026)

Ceded Premiums: Negative premium estimate revision of $4.5 million (15.1% decrease) in Q1 2026

Retrocession: Mostly retroceded to a third party

Net Impact: No significant impact on net premium written basis due to retrocession

Specialty Line - Quota Share Reinsurance Treaties

Type: Quota share reinsurance treaties

Program Year: Prior years (written before 2026)

Ceded Premiums: Negative premium estimate revision of $15.2 million (21.6% decrease) in Q1 2026

Additional Notes: Rate reductions for renewed business contributed to decrease

Multiline Business - New Retrocession Treaty

Type: Retrocession treaty

Effective Date: 2026

Impact: Primary driver of 15.7% increase in ceded premiums written in Q1 2026

Specialty Line - Excess of Loss Retrocessional Coverage

Type: Excess of loss retrocession

Effective Date: 2026

Covered Risks: Aviation, marine and energy risks

Purpose: Manage overall exposure to specialty risks

Casualty Line - General Liability

Type: Reinsurance programs

Action: Non-renewal of certain programs

Strategy: Reduce exposure to Casualty line of business

Innovations Segment - Whole-Account Retrocession Program

Type: Quota share whole-account retrocession

Effective Dates:

Q4 2024 onwards: 28.5% ceded

January 1, 2026 onwards: 33% ceded

Programs Covered: Innovations-related programs

Impact: Predominant driver of increased ceded premiums in Q1 2026 for Innovations segment

Health Line - Quota Share Reinsurance Treaty

Type: Quota share reinsurance treaty

Program Year: Prior year

Premiums: Revised premium estimate (negative) plus treaty non-renewal drove negative premium in Q1 2026

Specific Treaty: $2.4 million negative premium estimate revision in Q1 2025

---

Ceded Premiums Summary

Q1 2026 vs Q1 2025

Total Ceded Premiums Written Q1 2026: $29.1 million

Total Ceded Premiums Written Q1 2025: $25.1 million

Increase: 15.7% ($4.0 million)

By Segment:

Open Market Ceded Premiums: Not separately disclosed

Innovations Segment:

Q1 2026: $15.4 million

Q1 2025: $3.5 million

Increase driven by whole-account retrocession program

---

PML / Risk Metrics

Probable Maximum Loss (April 1, 2026)

1-in-250 Year Return Period:

PML Comparison to Prior Period (January 1, 2026)

North Atlantic Hurricane (Single Event): Increased from $138.8M to $143.4M

North Atlantic Hurricane (Aggregate): Increased from $151.2M to $157.5M

Peak Zones

Largest Single Event PML: North Atlantic Hurricane ($143.4M)

Largest Aggregate PML: North Atlantic Hurricane ($157.5M)

Second Largest Single Event PML: North America Earthquake ($126.8M)

---

Key Reinsurance Figures

Balance Sheet Items (March 31, 2026)

Reinsurance Balances Receivable:

March 31, 2026: $672.5 million

December 31, 2025: $664.4 million

Increase: $8.1 million (1.2%)

Drivers:

Premiums receivable increase: $39.2 million

Premiums held by Lloyd's syndicates: $12.3 million

Offset by Funds at Lloyd's release: $44.2 million

Loss and LAE Recoverable:

March 31, 2026: $86.2 million

December 31, 2025: $81.4 million

Increase: $4.8 million (6.0%)

Driver: Increase in whole-account quota share retrocession agreements based on assumed premiums

Gross Loss and LAE Reserves:

March 31, 2026: $966.3 million

December 31, 2025: $968.0 million

Decrease: $1.6 million (0.2%)

Premium Metrics (Q1 2026)

Gross Premiums Written:

Total Q1 2026: $180.4 million

Total Q1 2025: $247.9 million

Open Market Q1 2026: $128.8 million ($220.7M in Q1 2025)

Innovations Q1 2026: $47.6 million ($27.5M in Q1 2025)

Net Premiums Written:

Total Q1 2026: $151.3 million

Total Q1 2025: $195.6 million

Open Market Q1 2026: $96.1 million ($195.6M in Q1 2025)

Innovations Q1 2026: $32.2 million ($24.0M in Q1 2025)

Net Premiums Earned:

Total Q1 2026: $128.9 million

Total Q1 2025: $168.5 million

---

Credit Facilities and Collateral

CIBC LC Facilities (Subsequent Event - April 1, 2026)

Type: Letter of Credit Facilities

Total Commitment: Increased from $200 million to $300 million

Allocation:

Greenlight Reinsurance, Ltd.: $250 million

Greenlight Reinsurance Ireland DAC: $50 million

(Allocation may be changed by written agreement)

Maturity: December 22, 2027 (subject to automatic annual extensions)

Collateral: Secured by first-priority lien on separate cash collateral accounts with CIBC

Minimum Cash Balance: Equal to face amount of LCs issued and outstanding

*

View SEC Filing →

SiriusPoint (SPNT) Reinsurance and Risk Transfer Disclosure

Reinsurance Programs

1. **SiriusPoint America Loss Portfolio Transfer (2024 LPT)

Type: Loss Portfolio Transfer (funds withheld basis)

Counterparty: Enstar Group Limited subsidiary

Covered Reserves: $800 million (as of March 31, 2026)

Aggregate Limit: 150% of premium paid

Effective Date: 2024

Status as of March 31, 2026:

Amount included in Reinsurance balances payable (funds withheld component)

---

2. **SiriusPoint International Loss Portfolio Transfer (2023 LPT)

Type: Loss Portfolio Transfer (funds withheld basis)

Counterparty: Pallas Reinsurance Company Ltd. (Compre Group subsidiary)

Transaction Date: March 2, 2023

Closing Date: June 30, 2023

Valuation Date: September 30, 2022

Covered Reserves:

Initial estimate: $1,300 million (as of September 30, 2022)

Reduced to: $905.6 million (as of June 30, 2023 at closing)

Reduction due to paid losses and favorable prior accident year development

Aggregate Limit: 130% of roll forward reserves at contract inception

Covered Business: Several classes from 2021 and prior underwriting years

Status as of March 31, 2026:

Funds held payable: $325.9 million (in Reinsurance balances payable)

Reinsurance recoverable: $328.8 million

---

Key Reinsurance Figures

Reinsurance Recoverables (March 31, 2026)

Loss and loss adjustment expenses recoverable, net: $2,020.2 million

December 31, 2025 comparison: $2,102.3 million

2023 LPT specific recoverable: $328.8 million

Credit Quality Metrics

Total assets in scope for credit loss assessment: $4,518.9 million (March 31, 2026)

Insurance and reinsurance balances receivable, net: $2,420.8 million

Loss and LAE recoverable, net: $2,020.2 million

Other assets: $77.9 million

Allowance for expected credit losses: $28.0 million (March 31, 2026)

December 31, 2025: $27.6 million

Q1 2026 additional provision: $0.4 million

Reinsurance Balances Payable (includes LPT funds withheld)

2024 LPT: $800 million component

2023 LPT: $325.9 million component

---

Business Segment Structure

Reinsurance Segment Overview

Distribution: Primarily through broker market channel

Products: Treaty reinsurance (proportional and excess of loss) and facultative reinsurance

Geographic Focus:

US/Bermuda: North America distribution, risks, and clients

International: Europe-focused distribution, risks, and clients

Lines of Business

1. Casualty Reinsurance

Commercial casualty lines

Financial and Professional Liability

General Liability

Specialty niche classes including personal lines

Clients: Multi-national carriers, nationwide/regional carriers, risk retention groups, captives

2. Property Reinsurance

Catastrophe protection

Natural perils coverage

Geographic scope: United States, Europe, Asia

Risk types: Residential, commercial, industrial

3. Other Specialties Reinsurance

Aviation & Space

Marine & Energy

Credit

Both proportional and excess of loss

Treaty and facultative

---

Segment Performance (Q1 2026)

Reinsurance Segment Results

Gross Written Premium: $319.2 million

Net Written Premium: $235.7 million

Net Earned Premium: $258.2 million

Net Retention Ratio: 73.8% (calculated as NWP/GWP)

Insurance & Services Segment (for context)

Gross Written Premium: $684.6 million

Net Written Premium: $461.1 million

Net Earned Premium: $380.1 million

Net Retention Ratio: 67.4%

Combined Core Business

Total Gross Written Premium: $1,003.8 million

Total Net Written Premium: $696.8 million

Overall Net Retention: 69.3%

---

Corporate Run-off Business

Included in Corporate Segment

Ceased underwriting classes from 2022 restructuring

Reinsurance contracts with interest crediting features

Asbestos and environmental exposures (mostly ceded on gross basis)

Other latent liability exposures (mostly ceded)

Specific discontinued programs:

Workers' compensation

Cyber programs

---

Collateral and Credit Facility

Revolving Credit Facility

Type: Senior unsecured revolving credit facility

Size: $400.0 million

Administrative Agent: JPMorgan Chase Bank, N.A.

Effective Date: December 19, 2024

Extension Option: 12-month extension available (subject to conditions)

Purpose:

Working capital loans

General corporate purposes

Letters of credit for insurance/reinsurance agreements and retrocessional agreements

Outstanding as of March 31, 2026: $0 (no borrowings)

Covenant Compliance: In compliance

Federal Home Loan Bank Program

Member: SiriusPoint America

FHLB: Federal Home Loan Bank of New York

Approval Date: September 25, 2025

Borrowing Limit: 5% of admitted assets of SiriusPoint America

SiriusPoint America Admitted Assets: $3.2 billion (December 31, 2025)

Maximum Potential Borrowing: ~$160 million (5% of $3.2B)

Outstanding as of March 31, 2026: $0 (no advances)

Q1 2026 Activity: No advances or repayments

---

Risk Management Notes

Credit Risk Management

Counterparty credit monitoring using ratings from:

AM Best

Standard & Poor's

Fitch Ratings

Demotech

Internal default rates applied when external ratings unavailable

Quarterly allowance reassessment

Business Strategy Elements

Run-off of certain business classes discontinued in 2022 restructuring

Focus on core casualty, property, and specialty lines

Global diversification across US, Bermuda, Europe, and Asia markets

---

Note: No catastrophe bond programs, SPVs, or PML figures were disclosed in this filing excerpt.

View SEC Filing →

Hamilton Insurance Group Reinsurance & ILS Disclosure Analysis

Catastrophe Bond Programs

Easton Re Ltd. - Series 2024-1 Class A Principal-at-Risk Variable Rate Notes

SPV Name: Easton Re Ltd. (Bermuda domiciled)

Domicile: Bermuda

Size: $200 million multi-year risk transfer capacity

Sponsor: Hamilton Insurance Group (December 2023)

Covered Perils:

Named storm risk in the United States

Earthquake risk in the United States and Canada

Trigger Type: Industry loss index-triggered

Risk Period: January 1, 2024 to December 31, 2026 (3-year program)

Ceded Premiums:

Q1 2026: $15.9 million

Q1 2025: $15.2 million

Purpose: Provides Company's operating platforms with multi-year risk transfer capacity

---

Loss Portfolio Transfer (LPT)

Lloyd's Casualty Business Retrocession

Program Type: Loss Portfolio Transfer / Retroactive Reinsurance

Effective Date: February 6, 2020

Covered Business: Casualty risks from Lloyd's Years of Account 2016, 2017, and 2018

Ceded to: Third party reinsurer

Total Premium: $72.1 million

Accounting Treatment: Retroactive reinsurance with deferred gain liability

Reinsurance Recoverables on Unpaid Losses:

March 31, 2026: $22.2 million

December 31, 2025: $22.7 million

Deferred Gain Amortization:

Q1 2026: $0.2 million income

Q1 2025: ($0.5 million) expense

---

Related Party Reinsurance Arrangements

Ada Re

Type: Special purpose insurer

Structure: Fully collateralized reinsurance and retrocession

Funding: Funded by third-party investors

Cedants: Both Hamilton Group and third-party cedants

Status: Unconsolidated related party

---

Key Reinsurance Financial Metrics

Reinsurance Recoverables

Total Unpaid Losses Recoverable:

March 31, 2026: $1,375,857 thousand

December 31, 2025: Data referenced but not restated in Q1 filing

March 31, 2025: $1,171,040 thousand

Net vs. Gross Loss Reserves

Gross Unpaid Losses and LAE (March 31, 2026): $4,415,176 thousand

Net Unpaid Losses and LAE (March 31, 2026): $3,039,319 thousand

Reinsurance Recoverable: $1,375,857 thousand

Ceded Percentage: ~31.2% of gross reserves

Ceded Premiums Written

Q1 2026: $286,451 thousand (calculated: $940,110 gross - $653,659 net)

Q1 2025: $239,431 thousand (calculated: $843,306 gross - $603,875 net)

Increase: $47,020 thousand or 19.6%

Ceded Losses Incurred

*Not explicitly disclosed in the filing text provided*

Net Retention Metrics

Gross Premiums Written (Q1 2026): $940,110 thousand

Net Premiums Written (Q1 2026): $653,659 thousand

Net Retention Rate: 69.5%

Cession Rate: 30.5%

---

Loss Development Activity (Net Basis)

Q1 2026

Current Year Losses Incurred: $310,851 thousand

Prior Year Development: $13,934 thousand (adverse)

Total Net Losses Incurred: $324,785 thousand

Q1 2025

Current Year Losses Incurred: $418,944 thousand

Prior Year Development: ($23,710 thousand) (favorable)

Total Net Losses Incurred: $395,234 thousand

---

Reinsurance Concentration

Top Two Reinsurers Combined: 35% and 12% of paid losses recoverable and unpaid losses/LAE recoverable (specific reinsurer names not disclosed)

Combined Top Two Concentration: ~47% of total recoverables

---

PML / Risk Metrics

NO PML DATA DISCLOSED in this Q1 10-Q filing. No Probable Maximum Loss figures, peak zones, or modeled catastrophe exposures are provided.

---

Other Reinsurance Notes

Business Mix Change: Q1 2026 saw increased proportional business in casualty reinsurance classes

Ceded Commission Income: Increased in Q1 2026, partially offsetting acquisition cost ratio increase

Reinstatement Premiums: Q1 2025 benefited from higher reinstatement premiums (no acquisition costs on these)

Investment Manager for TS Hamilton Fund: Two Sigma Investments, LP (related party)

---

Summary

Hamilton Insurance Group maintains a diversified reinsurance and risk transfer program including:

1. A $200 million industry-loss catastrophe bond (Easton Re) for US named storm and US/Canada earthquake

2. A legacy loss portfolio transfer from 2020 Lloyd's business

3. Access to Ada Re for collateralized reinsurance/retrocession

4. Overall cession rate of ~30.5% with net retention of 69.5%

5. Significant reinsurance recoverables of $1.4 billion with moderate concentration risk

No traditional treaty reinsurance program details (quota share percentages, XOL layers, aggregate covers) are disclosed in this filing.

View SEC Filing →

White Mountains Insurance (WTM) Reinsurance & ILS Disclosure

Reinsurance Programs

Outrigger Re Ltd. - Cat XOL Collateralized Reinsurance

Program type: Collateralized reinsurance on Ark's Bermuda global property catastrophe excess of loss portfolio

Structure: Bermuda special purpose insurer and segregated accounts company

Program years: 2023, 2024, 2025, 2026

2026 underwriting year capacity: $70.0 million (unaffiliated third-party capital only)

White Mountains participation:

2023-2025 underwriting years: 100% ownership of WM Outrigger Re segregated cell

2026 underwriting year: Non-renewed; WM received $138.8 million distribution (Q1 2026) including return of capital

Program change: Ark increased use of traditional quota share reinsurance for 2026, reducing need for Outrigger Re Ltd. capacity

Ark Quota Share Reinsurance

Program type: Quota share

Ceded written premiums:

Q1 2026: $500.8 million

Q1 2025: $417.4 million

Cession rate change: Increased use of quota share in 2026 vs. 2025

Impact: Greater cession contributed to lower net written premiums despite stable gross written premiums

HG Re Ltd. First-Loss Reinsurance (HG Global segment)

Program type: First-loss reinsurance to Build America Mutual (BAM)

Coverage: Up to 15%-of-par outstanding for each policy assumed from BAM

White Mountains ownership: 96.9% of HG Global's preferred equity, 88.4% of common equity

Related financing: $503.0 million BAM Surplus Notes

---

Key Financial Figures - Ark/WM Outrigger

Q1 2026:

Gross written premiums: $1,090.9 million

Ceded written premiums: $(500.8) million

Net written premiums: $590.1 million

Net earned premiums: $374 million

Combined ratio: 91%

Q1 2025:

Gross written premiums: $1,108 million

Ceded written premiums: $(417.4) million

Net written premiums: $728 million

Net earned premiums: $358 million

Combined ratio: 97%

---

Cat Loss Events & Net Retention

Q1 2026 - Iran War Losses:

Ark catastrophe losses: 7 points of combined ratio

Net losses recorded: $25 million (net of reinsurance and reinstatement premiums)

Lines affected: Specialty and marine & energy

Note: Losses could increase as war is ongoing

Q1 2025 - California Wildfires:

Ark catastrophe losses: 25 points of combined ratio

WM Outrigger Re net losses: $19 million (net of reinstatement premiums)

---

WM Outrigger Re Performance by Underwriting Year

Cumulative Pre-Tax Income through March 31, 2026:

2025 UW year: $57 million

2024 UW year: $29 million

2023 UW year: $76 million

Combined Ratios:

Q1 2026: 44%

Q1 2025: 166% (impacted by California wildfires)

---

Prior Year Development

Ark:

Q1 2026: 5 points favorable development (primarily specialty and property lines)

Q1 2025: 14 points favorable development (primarily marine & energy and property lines)

---

HG Global (BAM Reinsurance)

Q1 2026:

Gross written premiums: $8 million

Earned premiums: $8 million

Total par value of policies assumed: $518 million

Gross pricing: 160 basis points

Q1 2025:

Gross written premiums: $7 million

Earned premiums: $8 million

Total par value of policies assumed: $427 million

Gross pricing: 157 basis points

---

Other Notable Disclosures

Distinguished segment: Full-service MGA placing insurance for carrier partners; does not retain insurance risk

Bamboo: Full-service MGA; controlling interest sold December 2025; does not retain insurance risk on behalf of fronting/reinsurance carrier partners

---

Note: No specific PML figures, reinsurance recoverables balance, or detailed cat bond trigger/pricing information disclosed in this filing excerpt.

View SEC Filing →

AXIS Capital (AXS) Reinsurance & ILS Disclosure Analysis

Reinsurance Programs

Monarch Point Re Retrocession Arrangement

Program Type: Casualty Reinsurance Retrocession (diversified portfolio)

Structure & Ownership:

2023: AXIS acquired 18% common equity in Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd. for $22 million

2024: AXIS acquired 18% common equity in Monarch Point Re (ISA 2024) Ltd. for $14 million

2025: AXIS acquired 18% common equity in Monarch Point Re (ISA 2025) Ltd. for $11 million

2026: AXIS acquired 18% common equity in Monarch Point Re (ISA 2025) Ltd. for $2 million and 19% common equity in Monarch Point Re (ISA 2026) Ltd. for $5 million

Legal Structure:

Collateralized reinsurance company

Incorporated segregated accounts company (ISAC) formed under Bermuda law

Investment manager: Stone Point Credit Adviser LLC (wholly owned subsidiary of Stone Point Capital, LLC)

Accounting treatment: Not consolidated as VIE; accounted for under equity method

Financial Activity:

*Loan Advances to Monarch Point Re:*

Q1 2026: $123 million advanced

Q1 2025: $227 million advanced

Outstanding loan balance at March 31, 2026: $299 million

Outstanding loan balance at March 31, 2025: $228 million

Loan maturity: Expected repayment in full by August 15, 2027 (2025: May 15, 2027)

Interest rates: 4.2% in 2026 (2025: between 4.3% and 4.8%)

Interest received in advance: $9 million in 2026 ($5 million in 2025)

Settlement Mechanism: Loan balances receivable settled against amounts due under retrocession agreements (treated as non-cash activity in cash flow statement)

---

Credit and Surety Quota Share Treaties

Program Type: Quota Share Reinsurance

Coverage: Credit and surety lines

Effective Period: Restructured during 2025/2026 periods

Impact on Retention: Decreased retention levels in credit and surety lines

Ceded Premiums: Increase in ceded premiums earned attributable to restructuring with strategic capital partners

Description: Existing quota share treaties restructured with strategic capital partners, reducing AXIS's net retention on credit and surety business

---

Key Financial Metrics

Gross and Net Premiums Written (Q1 2026 vs Q1 2025)

Net Premiums Earned (Q1 2026 vs Q1 2025)

Ceding Activity Analysis

Reinsurance Segment:

Ceded premiums (implied): Q1 2026: $500.3 million vs Q1 2025: $433.3 million

Net retention rate: 55.1% in Q1 2026 vs 62.0% in Q1 2025

Change: Significant decrease in net retention, indicating increased use of reinsurance/retrocession

Insurance Segment:

Ceded premiums (implied): Q1 2026: $690.7 million vs Q1 2025: $611.3 million

Net retention rate: 65.2% in Q1 2026 vs 63.1% in Q1 2025

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Catastrophe & Loss Information

Catastrophe Losses (Net of Reinsurance)

Q1 2026:

Catastrophe and weather-related losses: $0

Impact on current accident year loss ratio: 0.0 points

Q1 2025:

Catastrophe and weather-related losses: $1.5 million

Attributable to: California Wildfires

Impact on current accident year loss ratio: 0.5 points

Loss Ratios - Reinsurance Segment

Adjusted for catastrophe losses: 67.7% (Q1 2026) vs 68.4% (Q1 2025)

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Strategic Capital & Fee Income

Other Insurance Related Income

Driver: Increase in fees related to arrangements with strategic capital partners (contributed to lower underwriting-related G&A expense ratio in reinsurance segment: 2.1% in Q1 2026 vs 3.3% in Q1 2025)

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PML / Risk Metrics

NO SPECIFIC PML DATA DISCLOSED IN THIS FILING

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Reinsurance Recoverables

NO SPECIFIC REINSURANCE RECOVERABLES BALANCE DISCLOSED IN EXTRACTED TEXT

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Run-Off Lines

Reinsurance Segment includes:

Catastrophe and property lines placed into run-off in 2022

Engineering lines placed into run-off in 2020

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Summary of Key Observations

1. Monarch Point Re is AXIS's primary disclosed retrocession arrangement, focused on diversified casualty business with increasing collateralized funding ($299M outstanding at Q1 2026)

2. Increased ceding activity in reinsurance segment (retention dropped from 62% to 55%) driven by credit and surety quota share restructuring

3. Strategic capital partnerships generating meaningful fee income ($5.3M in reinsurance segment Q1 2026), offsetting G&A expenses

4. No catastrophe losses in Q1 2026 vs $1.5M from California Wildfires in Q1 2025

5. No cat bonds, specific excess of loss programs, or detailed PML metrics disclosed in this filing excerpt

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Global Indemnity (GBLI) Reinsurance & Risk Transfer Disclosure

Reinsurance Recoverables

Total Reinsurance Recoverables:

March 31, 2026: $62,789,000

December 31, 2025: $60,898,000

March 31, 2025: $62,731,000

Allowance for Expected Credit Losses on Reinsurance Receivables:

Amount: $1.5 million (disclosed but specific date not clearly stated)

Key Factors Monitored:

Length of collection periods

Disputes

Applicable coverage defenses

Insolvent reinsurers

Financial strength of solvent reinsurers based on AM Best Ratings

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Loss & Loss Adjustment Expense Activity

Quarter Ended March 31, 2026:

Quarter Ended March 31, 2025:

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Premium Activity (Segment-Level)

Quarter Ended March 31, 2026:

Belmont Core:

Gross written premiums: $96,507,000

Net written premiums: $92,625,000

Implied ceded premium: ~$3,882,000

Belmont Non-Core:

Gross written premiums: ($57,000)

Net written premiums: ($57,000)

Implied ceded premium: $0

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Reinsurance Counterparty Risk

Monitoring Approach:

Company closely monitors relationships with reinsurers in runoff

Greater potential for disputes with runoff reinsurers acknowledged

Some of Company's reinsurers have operations in runoff status

Litigation and arbitration proceedings expected in ordinary course of business

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Insurance Coverage for Corporate Operations

General Disclosure:

Company maintains insurance and reinsurance coverage for legal and operational risks

Coverage amounts considered adequate by management

No assurance that coverage is sufficient or available in adequate amounts at reasonable cost

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Key Observations:

1. No specific reinsurance program details disclosed - no quota share, excess of loss, or catastrophe treaties described with limits, layers, or attachment points

2. No catastrophe bond or ILS programs mentioned

3. No PML (Probable Maximum Loss) figures disclosed - no 1-in-100, 1-in-250 year scenarios or peak zone exposures

4. Limited ceded premium disclosure - only calculable indirectly from gross vs. net written premium differences

5. Reinsurance recoverables stable at approximately $61-63 million throughout the period

6. No material prior year development on net basis ($0 for Q1 2026, $3k for Q1 2025)

7. Credit quality monitoring of reinsurance counterparties emphasized, but no specific AM Best rating distribution disclosed

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Note: This filing contains minimal reinsurance program detail typical of property-casualty insurers. The disclosure is limited primarily to balance sheet reinsurance recoverables and allowances for credit losses, with no treaty-specific information, catastrophe modeling results, or alternative risk transfer structures.

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Prudential Financial (PRU) - Reinsurance & Risk Transfer Analysis

Major Reinsurance Programs

1. **Wilton Re - Guaranteed Universal Life Reinsurance

Effective Date: October 2024

Reinsurers: Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re")

Structure: Coinsurance basis

Covered Products: Certain guaranteed universal life policies

Ceding Companies: Pruco Life Insurance Company ("Pruco Life") and Pruco Life Insurance Company of New Jersey ("PLNJ")

Accounting Treatment: Reinsurance accounting

Business Segment: Life insurance

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2. **Somerset Re - Guaranteed Universal Life Reinsurance

Effective Date: January 2024

Reinsurer: Somerset Reinsurance Ltd. ("Somerset Re")

Structure: Modified coinsurance basis

Covered Products: Certain guaranteed universal life policies

Ceding Companies: Pruco Life and PLNJ

Accounting Treatment: Reinsurance accounting

Financial Statement Treatment: Reinsurance payables netted with reinsurance recoverables in Consolidated Statements of Financial Position

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3. **Somerset Re - Fixed Indexed Annuities Program

Original Effective Date: September 2019

Novation Date: October 2021 (from PALAC to Pruco Life)

Reinsurer: Somerset Reinsurance Ltd.

Structure: Quota share, funds withheld coinsurance basis

Covered Products: Fixed indexed annuities

Original Ceding Company: Prudential Annuities Life Assurance Corporation ("PALAC") - subsequently novated to Pruco Life

Accounting Treatment: Deposit method of accounting

Retention: Company cedes its quota share (specific percentage not disclosed)

Note: PALAC was sold effective April 2022

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4. **Prismic Re - Structured Settlement Annuities

Effective Date: September 2023

Reinsurer: Prismic Life Reinsurance, Ltd. ("Prismic Re"), wholly-owned subsidiary of Prismic Life Holding Company LP

Ceding Company: The Prudential Insurance Company of America ("PICA")

Structure:

90%: Coinsurance with funds withheld basis

10%: Coinsurance basis

Covered Products: Certain in-force structured settlement annuities

Accounting Treatment (Mixed):

Reinsurance accounting: For structured settlement annuities providing periodic payments for lifetime of annuitant (contains life contingency risk)

Deposit accounting: For structured settlement annuities providing payments for guaranteed period without life contingency risk

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5. **Prismic Re International - Japanese Whole Life Policies

Effective Date: March 2025

Reinsurer: Prismic Life Reinsurance International, Ltd. ("Prismic Re International"), wholly-owned subsidiary of Prismic Life Holding Company LP

Reserves Ceded: Approximately $7 billion

Structure: Coinsurance basis

Covered Products: Certain USD-denominated Japanese whole life policies

Origin: Policies originated by the Company's Japanese affiliates

Accounting Treatment: Deposit method of accounting

Rationale for Deposit Accounting: Reinsured policies do not include life contingency risk and are accounted for as investment contracts

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6. **AuguStar (formerly The Ohio National Life Insurance Company) - Variable Annuities

Effective Date: April 2023

Reinsurer: The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc.

Account Values Ceded: Approximately $10 billion

Covered Products: PDI traditional variable annuity contracts with guaranteed living benefits

Accounting Treatment: Reinsurance accounting

Financial Impact:

Ceded Market Risk Benefits (MRB) asset balance established at fair value

Fair value includes estimate of Non-Performance Risk (NPR) for AuguStar

NPR spreads for AuguStar developed using methodology similar to Prudential's

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Key Reinsurance Figures & Metrics

Reinsurance Recoverables:

No specific total disclosed in provided text

Modified coinsurance reinsurance payables are netted with reinsurance recoverables on balance sheet

Ceded Premiums & Losses:

Not disclosed in provided text

Net Retention as % of Surplus:

Not disclosed in provided text

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Investment-Related Reinsurance Impacts

Funds Withheld/Modified Coinsurance Arrangements:

Changes in value of reinsurance and funds withheld payables included in investment results

Reflects impact of net investment income on withheld assets ceded to certain reinsurance counterparties under:

Modified coinsurance arrangements

Funds withheld coinsurance arrangements

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Risk Management & Credit Considerations

Counterparty Risk Management:

Company remains liable to underlying policyholders if third-party reinsurer unable to meet obligations

Company evaluates financial condition of reinsurers

Monitors concentration of counterparty risk

Maintains collateral as appropriate

Strategic Rationale for Ceding:

Reduce exposure to loss

Reduce risk volatility

Provide additional capacity for future growth

Facilitate disposition of a block of business

Capital management purposes

Assumed Reinsurance Rationale:

Part of normal product offering process (e.g., certain pension risk transfer products in Retirement business)

Facilitate acquisition of blocks of business

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PML / Risk Metrics

NO_PML_DATA - No Probable Maximum Loss figures disclosed in provided text

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Cat Bond Programs

NO_CAT_BOND_DATA - No catastrophe bonds or ILS structures disclosed in provided text

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Summary of Material Programs

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Note: This filing focuses primarily on reinsurance program descriptions and structures. Specific financial metrics such as ceded premiums written, ceded losses incurred, and detailed recoverable balances are not disclosed in the provided text sections.

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Aspen Insurance (AHL) Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

General Reinsurance Structure

Program Types:

Excess-of-loss reinsurance (various classes)

Proportional treaty (quota share) reinsurance

Facultative reinsurance

Aggregate covers

Whole account covers

Industry loss warranty reinsurance

Collateralized products (indemnity and index-linked basis)

Coverage Scope: Majority of insurance classes of business covered

Natural Perils Coverage: Covers both insurance and reinsurance lines through multiple products

Structure: Excess of loss provides protection in various layers with varying attachment points; proportional covers share premiums and claims on percentage basis

Aspen Re Retrocessional Programs

Program Type: Quota share and retrocessional reinsurance protection

Covered Perils: Range of international perils and worldwide catastrophe losses

Placement: Through ACM (Aspen Capital Markets) and other collateralized reinsurance arrangements

Program Details: Specific limits, retentions, and ceded premiums not disclosed in this section

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Loss Portfolio Transfer (LPT)

Enstar LPT Transaction

Transaction Date: Entered January 2022; Closed May 2022

Program Type: Loss Portfolio Transfer (amended and restated Adverse Development Cover from March 2020)

Counterparty: Enstar subsidiary

Covered Period: Net losses incurred on or prior to December 31, 2019

Reserves Ceded: $3,120.0 million (as of September 30, 2021)

Premium: $3,160.0 million total

Includes $2,610.1 million from Original Agreement

Incremental new premium initially held in funds withheld accounts

Limit: $3,570.0 million

Premium Adjustment: Subject to adjustment for claims paid between October 1, 2021 and closing date

Collateral Structure:

Premium held in trust accounts to secure Enstar obligations

Funds withheld to be released to trust accounts no later than September 30, 2025

Interest Rate: 1.75% annual rate plus (after October 1, 2022) additional 50% of investment returns exceeding 1.75%

Claims Control: Assumed by Enstar subsidiary under administrative services agreement (June 2022)

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Reinsurance Credit Risk Management

Counterparty Selection Criteria:

Preference for highly rated companies with strong trading relationships

Fully collateralized arrangements where appropriate

Maintained list of authorized reinsurers graded for short, medium and long-tail business

Regular review and updates of authorized reinsurer list

Concentration Management:

Limits on exposure from any single reinsured

Limits on aggregate catastrophe loss exposure per event per geographic zone

Ongoing monitoring of reinsurer financial condition

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Key Figures - LPT Transaction Only

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Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED in this section

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PML / Risk Metrics

NO PML FIGURES DISCLOSED in this section

The filing states that the internal model is an economic capital model used for business decision-making and risk-based capital assessment, but specific PML figures (1-in-100, 1-in-250, etc.), net vs gross PML, or peak zones are not provided in this excerpt.

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Other Risk Transfer Information

Collateralized Reinsurance:

Aspen Re purchases protection through ACM and other collateralized arrangements

Products can be on indemnity or index-linked basis

Industry loss warranty reinsurance utilized (provides coverage when industry losses for defined event exceed certain level)

Reinsurance Placement:

Centralized ceded reinsurance department coordinates all treaty reinsurance placements

Amount and type of reinsurance purchased varies annually based on:

Cost and terms of reinsurance contracts

Nature of gross exposures assumed

Aim to secure cost-effective protection

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Key Disclosure Limitations

This section does NOT include:

Specific ceded premiums written (current or prior year)

Specific ceded losses incurred

Total reinsurance recoverables balance

Net retention as % of surplus

Detailed program limits and attachment points for specific lines

Cat bond SPV names or structures

PML figures

Detailed quota share percentages or excess of loss layers

These figures may be disclosed elsewhere in the complete 20-F filing but are not present in the provided excerpt.