Quarterly Reinsurance Data

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Reinsurance and Risk Transfer Programs - Slide Insurance (SLDE)

Reinsurance Programs

Personal Residential Property - Per Risk Excess of Loss Treaty

Program Year: June 1, 2026 - May 31, 2027

Type: Per Risk Excess of Loss Treaty

Retention: $0.7 million per property risk

Limit: $4.3 million excess of retention

Coverage: 100% of all losses except named storms

Effective dates: June 1, 2026 through May 31, 2027

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

Type: Per Risk Excess of Loss Treaty

Retention: $0.7 million per property risk

Limit: $4.3 million excess of retention

Coverage: 100% of all losses except named storms

Effective dates: June 1, 2025 through May 31, 2026

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Personal Residential Property - Facultative Excess of Loss

Program Year: June 1, 2026 - May 31, 2027

Type: Facultative Excess of Loss

Attachment point: $5 million per loss, per risk

Limit: $7 million excess of $5 million

Total occurrence cap: $14 million per reinsurer

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

Type: Facultative Excess of Loss

Attachment point: $5 million per loss, per risk

Limit: $7 million excess of $5 million

Total occurrence cap: $14 million per reinsurer

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Commercial Residential Property - Per Risk Excess of Loss Treaty

Program Year: October 29, 2025 - November 1, 2026

Type: Per Risk Excess of Loss Treaty

Retention: $1 million per risk

Limit: $9 million excess of retention

Coverage: 100% of all losses except named storms

Effective dates: October 29, 2025 through November 1, 2026

Prior Year: October 29, 2024 - November 1, 2025

Type: Per Risk Excess of Loss Treaty

Retention: $1 million per risk

Limit: $9 million excess of retention

Coverage: 100% of all losses except named storms

Status: Expired November 1, 2025

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Commercial Residential Property - Facultative Excess of Loss

Program Year: November 1, 2025 - November 1, 2026

Type: Facultative Excess of Loss

Attachment point: $10 million per loss, per risk

Limit: $65 million excess of $10 million

Coverage: Does not cover named storms

Effective dates: November 1, 2025 through November 1, 2026

Prior Year: October 29, 2024 - November 1, 2025

Type: Facultative Excess of Loss

Attachment point: $10 million per loss, per risk

Limit: $50 million excess of $10 million

Coverage: Does not cover named storms

Status: Expired November 1, 2025

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Catastrophe Excess of Loss Agreement

Program Year: June 1, 2026 - May 31, 2027

Type: Catastrophe Excess of Loss (Cat XOL)

Total aggregate limit: $5,463 million

First event coverage: $3,981 million

Structure: Includes corridor with Florida Hurricane Catastrophe Fund (FHCF)

FHCF covers: 90% of losses

Cat layers cover: 10% of losses

Effective dates: June 1, 2026 through May 31, 2027

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

Type: Catastrophe Excess of Loss (Cat XOL)

Total aggregate limit: $3,304 million

First event coverage: $2,557 million

Structure: Includes corridor with Florida Hurricane Catastrophe Fund (FHCF)

FHCF covers: 90% of losses

Cat layers cover: 10% of losses

Effective dates: June 1, 2025 through May 31, 2026

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Florida Hurricane Catastrophe Fund (FHCF)

Program Year: June 1, 2026

Type: Mandatory participation (state fund)

Estimated FHCF layer: 90% of losses (specific dollar amount not disclosed for 2026)

Covered perils: Named hurricanes only

Ceded premium: Not disclosed for 2026

Prior Year: June 1, 2025

Type: Mandatory participation (state fund)

Layer: 90% of $961.8 million excess of $540.3 million

Retention: $540.3 million

Maximum projected FHCF recovery: $865.6 million

Covered perils: Named hurricanes only

Ceded premium: $69,180 (estimated)

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Quota Share / Captive Reinsurance Arrangements

White Rock Insurance (SAC) Ltd. - Separate Account T104—Slide (VIE)

Program Year: June 1, 2026 - May 31, 2027

Type: Quota Share, Per Risk, and Catastrophe Reinsurance

Structure: Variable Interest Entity (VIE) - consolidated as Company is primary beneficiary

Coverage provided to: Slide Insurance Entities

Effective dates: June 1, 2026 through May 31, 2027

Trust account balance (June 30, 2026): $583,446 thousand (restricted cash and cash equivalents)

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

Type: Quota Share, Per Risk, and Catastrophe Reinsurance

Coverage provided to: Slide Insurance Entities

Effective dates: June 1, 2025 through May 31, 2026

Trust account balance (December 31, 2025): $480,000 thousand (restricted cash and cash equivalents, appears truncated)

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Key Figures

Reinsurance Recoverables

Not explicitly disclosed in provided text

Ceded Premiums

FHCF ceded premium (2025): $69,180 (estimated)

Other ceded premiums: Not itemized in provided text

Recognition: Earned ratably over term of arrangement (typically 12 months)

Ceded Losses

Not explicitly disclosed in provided text

Net Retention as % of Surplus

Not disclosed in provided text

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Cat Bond Programs / ILS

NO CAT BOND PROGRAMS DISCLOSED in provided text

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PML / Risk Metrics

NO PML FIGURES DISCLOSED in provided text

No 1-in-100 or 1-in-250 year loss scenarios mentioned

No gross vs. net PML comparisons

No peak zone disclosures

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Summary of Changes Year-over-Year

Catastrophe Program Enhancement (2026 vs 2025):

Total aggregate limit increased from $3,304M to $5,463M (+65%)

First event coverage increased from $2,557M to $3,981M (+56%)

Commercial Facultative Program Enhancement:

Coverage limit increased from $50M xs $10M to $65M xs $10M

VIE Trust Account:

Restricted cash increased from ~$480M (Dec 2025) to $583.4M

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PALOMAR HOLDINGS (PLMR) - REINSURANCE & ILS DISCLOSURE EXTRACTION

Catastrophe Bond Programs

Torrey Pines Re Ltd. (SPV)

A Bermuda-domiciled special purpose insurer issuing catastrophe bonds for Palomar Holdings.

Cat Bond Series:

Total Outstanding Cat Bond Capacity: $1.505 billion (across all active tranches as of Q2 2026)

Covered Perils: Catastrophe events (specific perils not detailed)

Structure: All provide indemnity-based reinsurance coverage

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PML / Risk Metrics

Earthquake Events:

PML: $135.0 million

Continental U.S. Hurricane Events:

PML: (Earthquake figure stated as $135.0 million; hurricane-specific PML not explicitly stated but referenced)

Note: The filing states "for earthquake events and $135.0 million for continental U.S. hurricane events" - unclear if this is $135M for each or total.

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Reinsurance Program Structure (General)

Program Types Utilized:

1. Treaty XOL Coverage - Catastrophe excess of loss treaties divided into multiple layers

2. Program-Specific Reinsurance:

Quota share

Property per risk

Facultative coverage (individual risks)

Program Details: The filing provides qualitative description of reinsurance types but does not disclose specific:

Layer attachment points

Retention amounts

Ceded premium amounts

Specific treaty names or effective dates

Coverage limits by program

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Key Risk Management Disclosures

Reinsurance Strategy:

Utilizes both traditional reinsurance and insurance-linked securities (ILS)

Catastrophe XOL treaties divided into multiple layers

Mix of treaty and facultative placements

Collateralized protection via cat bonds supplements traditional reinsurance

Risk Modeling:

Uses third-party catastrophe models

Monitors aggregate exposure and probable maximum loss (PML) reports

Models account for: loss adjustment expenses, insurance to value, storm/earthquake intensity, building code compliance, demand surge

Disclosed Risks & Uncertainties:

Reinsurance market cyclicality may impact availability and pricing

Potential gaps in reinsurance coverage due to exclusions

Climate change and secondary perils (severe inland flooding, wildfires, convective storms) may increase frequency/severity

Model uncertainty regarding:

Event frequency and severity accuracy

Vulnerability/damage susceptibility

Unusual or unprecedented events

Inflation impacts

Contract terms and conditions representation

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Financial Strength Ratings (Related to Reinsurance)

A.M. Best Ratings (as of June 30, 2026):

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

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

*Ratings impact reinsurance purchasing power and terms*

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Key Figures - NOT DISCLOSED

The filing does not disclose:

Total reinsurance recoverables (balance sheet figure)

Ceded premiums written (amount)

Ceded losses incurred (amount)

Net retention as % of surplus

Specific treaty limits, attachment points, or retention amounts

Ceded premium costs for cat bonds (expected loss/spread)

Gross vs. net PML figures

Peak zone exposures by geography

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Summary

This 10-Q filing provides extensive qualitative disclosure about Palomar's reinsurance strategy and detailed cat bond information through Torrey Pines Re Ltd., but limited quantitative detail on traditional reinsurance programs. The $1.5+ billion in outstanding cat bonds represents a significant portion of the catastrophe protection program, supplementing undisclosed traditional reinsurance placements.

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Heritage Insurance (HRTG) Reinsurance & Risk Transfer Programs

2026-2027 Reinsurance Program (Effective June 1, 2026)

Catastrophe Excess of Loss Reinsurance

Program Structure:

Insurers Covered: Heritage P&C, Zephyr Insurance Company, Narragansett Bay Insurance Company (NBIC)

Reinsurance Sources:

Florida Hurricane Catastrophe Fund (FHCF) - 90.0% participation

Private reinsurers (rated "A-" or higher by A.M. Best/S&P or fully collateralized)

Osprey Re Ltd. (wholly-owned subsidiary)

Citrus Re Ltd. (catastrophe bond SPV)

First Event Coverage Limits:

Heritage P&C: $1.865 billion

NBIC: $1.245 billion

Zephyr: $1.0 billion

Retentions (1-in-100 year event):

Heritage P&C: $50 million (fully ceded to Osprey via shared contract)

NBIC: $38 million (fully ceded to Osprey via shared contract)

Zephyr: $50 million (fully ceded to Osprey via shared contract)

Total Available Coverage: $3.2 billion aggregate for 2026 (includes reinstatement premium protection)

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NBIC Occurrence Contracts (Non-Named Storm)

Contract Period: December 31, 2025 - December 31, 2026

Layer 1:

Placement: 70%

Limit: $30 million excess of $20 million retention

Reinstatements: 1

Layer 2:

Placement: 30%

Limit: $25 million excess of $25 million retention

Reinstatements: 1

Prior Year (Expired December 31, 2025):

Layer 1:

Placement: 55%

Limit: $15.0 million excess of $25.0 million retention

Reinstatements: 1

Layer 2:

Placement: 45%

Limit: $20.0 million excess of $20.0 million retention

Reinstatements: 1

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Net Quota Share Reinsurance

Program Type: Proportional reinsurance for NBIC business

Term: 1 year

Effective Date: December 31, 2025

Current Program (Renewed December 31, 2025):

Cession Rate: 40% of net premiums

Occurrence Limit: $30.0 million for catastrophe losses

Features: Sliding ceding commissions based on loss performance; subject to aggregate loss limits by reinsurer

Prior Program (Expired December 31, 2025):

Cession Rate: 46.0% of net premiums

Occurrence Limit: $20.0-$25.0 million for catastrophe losses

Features: Subject to aggregate loss limits by reinsurer

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Property Per Risk Coverage

Program 1: Heritage P&C, NBIC (Commercial Residential), Zephyr, NBIC (SE Surplus Lines)

Contract Period: July 1, 2026 - June 30, 2027

Placement: 100%

Coverage: Losses excluding named storms

Attachment Point: $2.0 million per claim

Layer Limit: $8.0 million per claim

Total Aggregate Limit: $24.0 million

Reinstatements: 2 (with additional premium based on layer exhaustion)

Prior Year (July 1, 2025 - June 30, 2026):

Placement: 100%

Attachment Point: $2.0 million per claim

Layer Limit: $8.0 million per claim

Total Aggregate Limit: $24.0 million

Reinstatements: 2

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Program 2: NBIC Commercial Residential

Attachment Point: $1.5 million per claim

Layer Limit: $0.5 million per claim

Total Aggregate Limit: $1.5 million

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Facultative Reinsurance

Program: For properties with total insured value exceeding $10.0 million

Applicable to: Heritage P&C, NBIC (commercial residential), Zephyr (excluding named storms)

Attachment Point: $10.0 million

Maximum Limit: $80.0 million

Hawaii Section:

Limit: $65.0 million excess of $10.0 million

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Cat Bond Programs

Citrus Re Ltd.

Structure: Special purpose vehicle (SPV) for catastrophe bonds

Collateralization: Fully collateralized

Additional Details: Not separately disclosed in filing extract

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2025-2026 Reinsurance Program (Prior Year)

Per Risk Coverage (July 1, 2025 - June 30, 2026)

Same structure as 2026-2027 program listed above

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Key Financial Metrics

Reinsurance Recoverables on Unpaid Losses:

As of June 30, 2026:

Gross unpaid losses: $530,375,000

Reinsurance recoverable on unpaid losses: $225,936,000

Net unpaid losses: $304,439,000

As of December 31, 2025:

Gross unpaid losses: $579,477,000

Reinsurance recoverable on unpaid losses: $269,367,000

Net unpaid losses: $310,110,000

Ceded Losses:

Six Months Ended June 30:

2026: Ceded losses incurred = $152,654,000

2025: Ceded losses incurred = $175,027,000

Note: Q1 and Q2 2025 ceded losses were positive (credits) due to downward adjustments in Hurricane ultimate loss estimates that were fully ceded.

IBNR Reserves (As of June 30, 2026):

Net IBNR: $225.9 million (76.5% of net reserves for unpaid losses and LAE)

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PML / Risk Metrics

Regulatory Standard:

Program designed to meet state regulator requirements based on 1-in-100 year probable maximum loss (PML)

PML varies by geographic concentration and insured portfolio characteristics

Company purchases coverage for multiple catastrophic events in same year

Specific PML figures not disclosed in this filing extract

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Program Administration Notes

FHCF Coverage: Florida admitted market personal and commercial residential only

Reinsurer Credit Quality: All rated "A-" or higher by A.M. Best/S&P or fully collateralized

Osprey Re & Citrus Re: Fully collateralized programs

Shared Coverage: Reinsurance program coverage shared among insurance company affiliates

Company Exposure: Company responsible for all losses exceeding reinsurance program limits

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HCI Group Reinsurance and Risk Transfer Analysis

Reinsurance Programs

Catastrophe Excess of Loss Reinsurance

Program Type: Catastrophe excess of loss reinsurance contracts

Purpose: Cover losses from catastrophes that exceed defined retention levels

Effective Date: Generally becomes effective June 1st of each year

Current Treaty Year: 2025-2026 (referenced in related party transactions)

Next Treaty Year: 2026-2027 (referenced as upcoming)

Key Features:

Reinstatement premium provisions

Contracts in effect prior to June 1, 2025 included retrospective provisions (no adjustments made in Q2 2026 or Q2 2025)

Facultative Reinsurance

Program Type: Facultative reinsurance

Purpose: Provide additional loss coverage on a high-value individual risk basis

Structure: Individual risk basis coverage

Quota Share Reinsurance (Assumed)

Program Type: Quota share agreement

Purpose: Assume a proportional share of losses

Florida Hurricane Catastrophe Fund (FHCF)

Program Type: Mandatory reinsurance coverage

Provider: State of Florida tax-exempt trust fund

Status: One of six major reinsurers representing 75.5% of reinsurance recoverable balance as of June 30, 2026

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Reinstatement Premium Protection (RPP)

RPP Program - 2025-2026 Treaty Year

Insureds: HCPCI, TTIC, CORE, and Tailrow

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

Participating Reinsurer: Oxbridge Reinsurance Limited (among others)

Oxbridge Premium: $930,000 net annual premium

Payment Structure: Four installments

Collateralization: Fully collateralized via trust account with each premium installment deposited

Trust Structure:

Beneficiaries: HCPCI and Tailrow

Grantor: Oxbridge

Purpose: Fully collateralize Oxbridge's obligations

RPP Program - 2024-2025 Treaty Year

Oxbridge Premium: $910,000 total net premiums

RPP Program - 2026-2027 Treaty Year

Transaction Services Fees to Oxbridge: $408,000 (paid during six months ended June 30, 2026)

Oxbridge Participation: Did not participate as subscribing reinsurer (statement incomplete but suggests non-participation)

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Ceded Premiums Written

Three Months Ended June 30:

2026: $101,812,000

2025: $102,522,000

Six Months Ended June 30:

2026: $206,740,000 (implied from partial data)

2025: Amount not fully disclosed in excerpt

Cession Ratios:

Q2 2026: 31.7% of gross premiums earned

Q2 2025: 33.9% of gross premiums earned

Six months 2026: 31.8% of gross premiums earned

Six months 2025: 33.5% of gross premiums earned

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Reinsurance Recoverables

Concentration:

As of June 30, 2026: Approximately 75.5% of reinsurance recoverable balance was from six reinsurers

One of the six major reinsurers: Florida Hurricane Catastrophe Fund

Allowance for Credit Losses: Not material to consolidated balance sheets or statements of income

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Assumed Premiums (Citizens Take-Out Program)

Citizens Property Insurance Corporation Assumptions

Program: Legislatively mandated "take-out program" to reduce state risk exposure

Six Months Ended June 30, 2025:

Policies Assumed: 13,917 policies

Annualized Gross Premiums: $35,820,000

Six Months Ended June 30, 2026:

Policies Assumed: 0

Annualized Gross Premiums: $0

Assumed Premiums Written:

Q2 2026: $(1,006,000) - net reduction

Q2 2025: $(791,000) - net reduction

Six months 2026: $(2,318,000) - net reduction

Six months 2025: $19,999,000 - positive assumption

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Gross Premiums Earned by Segment

Three Months Ended June 30:

2026:

Insurance Operations: $287.2 million

Reciprocal Exchange Operations: $35.6 million

Total: $322.8 million

2025:

Insurance Operations: $282.3 million

Reciprocal Exchange Operations: $21.6 million

Total: $303.9 million

Six Months Ended June 30:

2026:

Insurance Operations: $578.3 million

Reciprocal Exchange Operations: $72.1 million

Total: $650.4 million

2025:

Insurance Operations: $564.4 million

Reciprocal Exchange Operations: $41.1 million

Total: $605.5 million

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Loss Ratios

Gross Loss Ratios:

Q2 2026: 22.2%

Q2 2025: 21.3%

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Policies In Force

As of June 30, 2026: Approximately 290,100 policies

As of June 30, 2025: Approximately 270,100 policies

Increase: ~20,000 policies (7.4% growth)

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PML / Risk Metrics

NO PML DATA DISCLOSED in the provided excerpts.

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Cat Bond Programs

NO CAT BOND DATA DISCLOSED in the provided excerpts.

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Historical Reinsurance Arrangements (Terminated)

United Property & Casualty Insurance Company Quota Share

Program Type: Quota share reinsurance

Coverage Regions: Northeast and southeast U.S.

Status: Terminated March 2023 (United placed into receivership by State of Florida)

Current Liabilities: Not material as of June 30, 2026 and December 31, 2025

Funds Withheld: Not material as of June 30, 2026 and December 31, 2025

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Key Program Features

Reinsurance Purchasing Considerations:

Overall insurance exposure

Modeled probable maximum losses

Risk tolerance and retention levels

Mandatory FHCF coverage

Overall reinsurance market conditions

Contract Features:

Retrospective provisions (in contracts prior to June 1, 2025)

Reinstatement provisions

No deposit accounting treatment mentioned (all contracts transfer insurance risk)

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Universal Insurance (UVE) Reinsurance and Risk Transfer Disclosure

Reinsurance Programs

2026-2027 All States Catastrophe Reinsurance Program

Program Type: Catastrophe Excess of Loss (Cat XOL)

Effective Date: June 1, 2026

Program Year: 2026-2027

Coverage Structure:

Combined Retention: $45 million (first event)

First Event Tower: $2.623 billion total limit

Second Event Exhaustion Point: $1.209 billion (assuming full first event exhaustion)

Co-participation: None in any layers

Loss Adjustment Expenses: No limitation

Accelerated Deposit Premiums: None

Reinstatement Features:

Full Reinstatement Available: $1.098 billion of non-FHCF first event catastrophe coverage

Guaranteed Second Event Coverage: For all layers purchased between $45 million and projected FHCF attachment point

Reinstatement Premium Protection (RPP): Purchased to pay premium necessary for reinstatement or secured via specific second event contracts

First Layer Details:

Layer: 100% of $66 million in excess of $45 million

Attachment Point: $45 million

Limit: $66 million

Program Changes vs. Prior Year:

Tower Increase: Approximately $50 million increase over expiring program (from ~$2.573 billion to $2.623 billion)

Material Terms: No material changes to key terms or conditions

Reinsurance Partners: Maintained continuity with historical partners

Insurers Covered: UPCIC and APPCIC (combined program for both Insurance Entities)

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Ceded Premiums

Q2 2026:

Ceded Written Premium: $612.6 million

Period: June 1, 2026 through May 31, 2027 contract period

Year-over-Year Change: Declined 12.1%

Q2 2025:

Ceded Written Premium: $696.8 million

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Reinsurance Recoverables

Major Reinsurers with Aggregate Balance > 3% of Stockholders' Equity:

Total Reinsurance Recoverables:

June 30, 2026: At least $49,004k (partial disclosure - table appears truncated)

December 31, 2025: At least $206,086k (sum of disclosed amounts)

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Regulatory and Rating Requirements

FLOIR Requirements:

Capital and reinsurance coverage required for single catastrophic event and series of catastrophic events in same hurricane season

2026-2027 program meets FLOIR requirements based on stress test scenarios

Rating Agency Requirements:

Demotech: A rating (Exceptional) - reaffirmed June 19, 2026 for UPCIC and APPCIC

Kroll: A- insurer financial strength rating

Program meets stress test and review requirements for both agencies

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PML / Risk Metrics

NOT DISCLOSED - No specific Probable Maximum Loss figures, net vs gross PML, or peak zone information provided in this filing.

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Cat Bond Programs

NO CAT BOND DISCLOSURE - No Special Purpose Vehicles, ILS transactions, or catastrophe bonds mentioned.

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Key Strategic Notes

Program designed to protect both policyholders and capital structure

Sufficiency tested using third-party catastrophe models for hurricanes, tornadoes, earthquakes, and other catastrophes

Models incorporate property values, construction types, and occupancy classes

Retention level deemed "appropriate" for protecting policyholders and capital

Program supports continued underwriting capacity in Florida and other states

Combined ratio: 91.6% (Q2 2026) vs 97.8% (Q2 2025)

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Credit Risk Management

Company seeks "financially sound" reinsurers

Regular evaluation of reinsurer financial strength

Company remains responsible for settlement of insured losses regardless of reinsurer payment failures

All major reinsurers carry A or better AM Best ratings (or equivalent)

View SEC Filing →

American Coastal Insurance Corporation - Reinsurance and ILS Disclosure

Reinsurance Programs

1. Core Catastrophe Reinsurance Program

Program Type: Excess of Loss and Quota Share (hybrid structure)

Effective Dates: June 1 through May 31, annually

Covered Perils: All perils catastrophe losses

Cat Bond Component: Effective April 2024, December 2024, and June 2026

Limits:

First Occurrence Limit: $1,680,000,000

Aggregate Limit: $1,918,000,000

Retentions:

First Event (GAAP): $49,000,000

AmCoastal STAT retained: $26,500,000

Captive retained: $22,500,000

Second Event (GAAP): $25,000,000

AmCoastal STAT retained: $13,300,000

Captive retained: $11,700,000

Third Event (GAAP): $2,000,000

*Based on three $100,000,000 loss events*

Second and Third Event Coverage:

Retrocession coverage purchased to reduce retentions on subsequent events

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2. All Other Perils Catastrophe Excess of Loss Agreement

Program Type: Catastrophe Excess of Loss

Effective Dates: January 1 through December 31, annually

Covered Perils: All catastrophe loss events excluding named/numbered windstorms and earthquakes

First Event Limit: $95,600,000

Aggregate Limit: $170,400,000

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3. Catastrophe Aggregate Excess of Loss Coverage (CAT Agg)

Program Type: Aggregate Excess of Loss

Effective Dates: January 1 through December 31, annually (2026 treaty year referenced)

Covered Perils: All catastrophe loss events including:

Named windstorms

Severe convective storms

Winter storm events

Structure (Effective January 1, 2026):

Aggregate Limit: $40,000,000

Per Occurrence Cap: $20,000,000

Aggregate Deductible: $40,000,000 (excess of zero after deductible met)

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4. Captive Reinsurance - Shoreline Re Programs

Quota Share Agreement (Current Year)

Effective Dates: 06/01/2026 - 05/31/2027

Cession Rate: 45%

Covered Perils: All catastrophe perils plus attritional losses

Premium Collected: Not disclosed (cession rate provided)

Capital at Risk: $33,041,000

Quota Share Agreement (Prior Year)

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

Cession Rate: 45%

Capital at Risk: $33,346,000

Quota Share Agreement (Prior Period)

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

Cession Rate: 30%

Capital at Risk: $4,200,000

Excess Per Risk Agreement

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

Premium Collected: $1,867,000

Capital at Risk: $633,000

All Other Perils Catastrophe Excess of Loss Agreement (Captive Participation)

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

Premium Collected: $1,296,000

Capital at Risk: $2,304,000

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Cat Bond Programs

Catastrophe Bonds Included in Core Program:

Issue Dates: April 2024, December 2024, and June 2026

Integration: Part of AmCoastal's core catastrophe reinsurance program (June 1 - May 31 annually)

Specific Details: No SPV names, trigger types, spreads, or deal sizes disclosed in this excerpt

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PML / Risk Metrics

Core Catastrophe Program:

Coverage Adequacy: 1-in-286-year return period

Exceedance Probability: ~0.4% probability of single occurrence exceeding purchased protection

Model Used: AIR 13 with:

Long-term catalog

Demand surge included

10% loss adjustment expense included

Total Insured Value (TIV): $78 billion (as of September 30, 2026)

Multi-Event Scenario: Sufficient coverage for 1-in-100-year event followed by 1-in-50-year event in same treaty year (probability <0.1%)

All Other Perils Program:

Coverage Adequacy: 1-in-227-year return period

Exceedance Probability: ≤0.5% probability of single occurrence exceeding purchased protection

Peak Zone:

Not explicitly disclosed (modeled exposure based on $78B TIV)

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Key Figures

Reinsurance Recoverables:

Allowance for Expected Credit Losses on Reinsurance Recoverables:

December 31, 2025: $30,000

June 30, 2026: $39,000

Provision for six months ended June 30, 2026: $9,000

Captive Reinsurance Capital at Risk (Summary):

Current QS (2026-2027): $33,041,000

Prior QS (2025-2026): $33,346,000

Prior QS (2024-2026): $4,200,000

Excess Per Risk: $633,000

All Other Perils XOL: $2,304,000

Other Metrics:

Ceded Premiums Written: Not explicitly disclosed in dollar terms

Ceded Losses Incurred: Not disclosed

Net Retention as % of Surplus: Not disclosed

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Additional Notes

Company uses third-party catastrophe modeling software for program design

Reinsurance protection designed to provide acceptable stockholder returns and reduce earnings variability

Company retains counterparty credit risk on all reinsurance agreements

Shoreline Re is the Company's captive reinsurance entity used to retain risk where premium rates are favorable

All fixed-maturity investments classified as available-for-sale (investment context)

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Oxbridge Re (OXBR) - Reinsurance & ILS Disclosure Extract

Reinsurance Programs

Series 2020-1 Participating Notes / Quota Share Retrocession

Program Type: Quota share retrocession

Effective Date: June 1, 2020

Maturity Date: June 1, 2023 (matured)

Original Size: $216,000

Outstanding Balance: $118,000 (as of June 30, 2026 and December 31, 2025)

Coverage: Global property catastrophe excess of loss reinsurance business

Structure: Fully collateralized via trust account

Counterparties:

Retrocessionaire: Oxbridge Re NS (SPV)

Cedant: Oxbridge Reinsurance Limited

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

Income to Noteholders: $0 (six months ended June 30, 2026 and 2025)

---

ILS / Tokenized Reinsurance Programs

DeltaCat Re Tokens

Issuer: SurancePlus Inc. (80% owned subsidiary)

Launch Date: March 27, 2023

Closing Date: June 27, 2023

Target Size: Up to $5,000,000

Actual Size Raised: $2,447,760

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

Oxbridge Re Holdings: ~$1,167,000

Number of Tokens Issued: 244,776

Price per Token: $10.00

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

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

EpsilonCat Re Tokens

Announcement Date: March 18, 2024

Issuer: SurancePlus Inc.

Security Type: Participation Shares (not equity shares in SurancePlus)

Structure: Digital tokens issued under 3-year Participation Share Investment Contract (PSIC)

Rights: No preemptive or conversion rights; solely contractual

Status: Offering commenced (details incomplete in filing excerpt)

---

Structural Information

Oxbridge Re NS (Special Purpose Insurer)

Domicile: Cayman Islands

Formation Date: December 22, 2017

Purpose: Reinsurance sidecar to increase Oxbridge Reinsurance Limited's underwriting capacity

Rating: Non-rated insurer

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

Business Model: Issues participating notes to investors; proceeds deposited into collateral accounts to fund reinsurance obligations

Return Structure: Principal generally returned at risk period expiration, reduced by noteholder's pro rata share of losses if event occurs; interest payments typically annual

Fee Structure: Company receives origination and structuring fees

SurancePlus Inc.

Incorporation: December 19, 2022 (British Virgin Islands Business Company)

Ownership: 80% indirect subsidiary of Oxbridge Re Holdings Limited

Purpose: Tokenizing reinsurance contracts underwritten by affiliated licensed reinsurer (Oxbridge Re NS)

---

Key Business Focus

Geographic Concentration:

Primary Region: Gulf Coast region of the United States

Emphasis: Florida

Global Scope: Global property catastrophe excess of loss business (via Series 2020-1)

Risk Profile:

Specialty: Medium frequency, high severity risks

Approach: Fully collateralized reinsurance contracts

Target Clients: Property and casualty insurance companies

---

Risk Disclosures

Concentration Risk:

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

Underwriting risks are not significantly diversified

Credit/Counterparty Risk:

Company remains liable if retrocessionaires fail to meet obligations

Company remains liable to extent security held for unpaid obligations is insufficient

Broker concentration risk exists (worldwide marketing through brokers)

Jurisdiction-specific risk re: premium payment timing and liability

Collateral Status:

Series 2020-1: $118,000 remains restricted in trust due to cedant bankruptcy

---

Premium Accounting:

Ceded premiums written during risk inception period

Expensed over contract period proportional to protection period

Unearned Premiums Ceded: $0 (June 30, 2026 and December 31, 2025)

---

PML / Risk Metrics

NO DATA DISCLOSED in this filing excerpt

---

Key Financial Figures

Reinsurance Recoverables:

Not disclosed in excerpt

Ceded Premiums Written:

Not disclosed in excerpt

Ceded Losses Incurred:

Not disclosed in excerpt

Net Retention as % of Surplus:

Not disclosed in excerpt

---

Note: Filing does not contain traditional PML disclosures (1-in-100, 1-in-250 year), net vs gross retention metrics, or peak zone exposures. Focus is on ILS/tokenization structures and legacy participating note obligations.

View SEC Filing →

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

Global Property Catastrophe Reinsurance Program

Program Structure

Program Name: Global Property Catastrophe Reinsurance Program

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

Coverage Scope: Protects primary property operations (excludes Global Reinsurance and Life Insurance segments)

Geography: North American and International operations

Structure: Three-layer excess of loss program on a per occurrence basis

Program Layers - United States (excluding Alaska and Hawaii)

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

Terrorism Coverage Provisions

Covered in all three layers on an aggregate basis above retentions

Exclusions: Nuclear, biological (except personal lines), chemical, and radiation

Inclusion: Biological and chemical coverage for personal lines

No reinstatement for terrorism coverage

International Coverage

Covers Alaska and Hawaii (text truncated, full details not provided)

---

Probable Maximum Loss (PML) Metrics

Modeled Net PML (Pre-tax) - As of June 30, 2026

*Based on in-force portfolio at April 1, 2026, reflecting April 1, 2026 reinsurance program*

PML Coverage Details

Worldwide Aggregate:

Includes: Tropical cyclones, convective storms, earthquakes, wildfires, inland floods

Excludes: "Non-modeled" perils (man-made catastrophes, pandemic)

U.S. Hurricane:

Includes: Wind, storm-surge, precipitation-induced flooding

California Earthquake:

Includes: Fire-following sub-peril

Peak Zones

Primary peak exposure zone: United States

---

Reinsurance Financial Metrics

Reinstatement Premiums

Definition: Additional premiums paid on reinsurance agreements to reinstate exhausted coverage

Calculation: Pro rata portion of original ceded premium based on limit exhaustion

Catastrophe reinstatement activity - Q2 2026: Amount not explicitly disclosed in extracted text

Key Assumptions and Limitations

PML estimates assume reinsurance recoverables are fully collectible

Models rely on meteorology, seismology, and engineering assumptions

Actual losses likely to vary materially from modeled estimates

Climate change stress testing conducted through December 31, 2026 shows no material impact expected to baseline PMLs

---

Additional Disclosures

Crop Derivatives (Economic Reinsurance Substitute)

Purchased to provide economic benefit similar to reinsurance protection

Purpose: Protect against significant commodity price declines impacting underwriting results

Gains/losses included in P&C combined ratio calculation

Reinsurance Recoverables

Specific dollar amounts for total reinsurance recoverables not disclosed in extracted text

Referenced as including restricted assets for regulatory requirements

Program Review Process

Regular review of reinsurance protection and catastrophe exposures

May purchase additional reinsurance prior to renewal dates

Renewal decisions consider:

Modeled PML at various return periods

Reinsurance pricing

Risk tolerance and exposures

Structural considerations

---

Climate Change Impact Analysis

Stress Testing Parameters

Based on IPCC Climate Change 2021 report

Perils tested: Hurricane, inland flood, wildfire (U.S. only)

Reflects frequency and severity increases

Conclusion: No material impact expected to baseline PMLs through December 31, 2026

Exclusions from testing: Changes to building codes, risk mitigation measures, regulation, public policy

---

Data Gaps / Not Disclosed:

Ceded premiums written (specific amounts)

Ceded losses incurred (specific amounts)

Total reinsurance recoverables (dollar amount)

Net retention as % of surplus

Cat bond/ILS programs (none disclosed)

International layer limits beyond header reference

Reinsurer panel/counterparties

Expected loss costs or pricing spreads

Commission structures

View SEC Filing →

AIG 10-Q Reinsurance and Risk Transfer Analysis

Reinsurance Programs

Retroactive Reinsurance Agreements with Fortitude Re

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

Structure:

Reinsurer: Fortitude Re (reinsurer of majority of AIG's run-off operations)

Ceded reserves: $3.0 billion as of June 30, 2026

Funds withheld structure with embedded derivative (total return swap)

Supporting Assets (June 30, 2026):

Fixed maturity securities - available for sale: $1,672 million (carrying value)

Fixed maturity securities - fair value option: $657 million

Commercial mortgage and other loans: $269 million (carrying value)

Short-term investments: $275 million

Total funds withheld investment assets: $2,873 million (carrying value)

Supporting Assets (December 31, 2025):

Fixed maturity securities - available for sale: $1,780 million

Fixed maturity securities - fair value option: $734 million

Commercial mortgage and other loans: $359 million

Short-term investments: $43 million

Total funds withheld investment assets: $2,916 million

---

Ceded Premium & Loss Development

Prior Year Development Ceded Under Retroactive Reinsurance

Three Months Ended June 30:

Q2 2026: $(6) million (unfavorable)

Q2 2025: $67 million (favorable)

Six Months Ended June 30:

H1 2026: $(133) million (unfavorable)

H1 2025: $(62) million (unfavorable)

Amortization Changes (Favorable/Unfavorable Development Ceded)

Three Months Ended June 30:

Q2 2026: $(6) million

Q2 2025: $(53) million

Six Months Ended June 30:

H1 2026: $75 million

H1 2025: $(62) million

---

Reinsurance Recoverables

Reinsurance Recoverable Balances

Reinsurance Recoverable on Loss Reserves:

June 30, 2026: $28,198 million (Q2 ending balance)

March 31, 2026: $28,198 million (Q1 ending balance implied)

June 30, 2025: $27,799 million (Q2 ending balance)

December 31, 2025: $28,871 million

March 31, 2025: $29,026 million

Reinsurance Recoverable Allowance for Credit Losses

Rollforward of Allowance:

Credit Quality of Reinsurance Recoverables

As of June 30, 2026:

88% of non-investment grade reinsurance exposure related to captive insurers

Captive arrangements typically collateralized by letters of credit, funds withheld, or trust agreements

As of December 31, 2025:

87% of non-investment grade reinsurance exposure related to captive insurers

---

Loss Reserves

Gross Loss Reserves

Contractual Deductible Recoverables (High Deductible Programs):

June 30, 2026: $16.1 billion (primarily U.S. Commercial casualty)

December 31, 2025: $13.8 billion

Collateral Held for Deductible Recoverables:

June 30, 2026: $10.2 billion (letters of credit and funded trust agreements)

December 31, 2025: $9.6 billion

Allowance for Credit Losses on Deductible Recoverables:

June 30, 2026: $14 million

December 31, 2025: $14 million

Loss Reserve Rollforward

Net Liability for Unpaid Loss and LAE:

Gross Liability:

Beginning Q2 2026: $69,963 million

Beginning Q2 2025: $68,896 million

Beginning H1 2026: $70,666 million

Beginning H1 2025: $69,168 million

---

Catastrophe Losses (Accident Year)

Q2 2026 Catastrophes by Segment

---

Loss Reserve Discount

Net Loss Reserve Discount Charge/(Benefit):

Three Months Ended June 30:

Q2 2026: $(28) million (charge)

Q2 2025: $(12) million (charge)

Six Months Ended June 30:

H1 2026: $20 million (benefit)

H1 2025: $(29) million (charge)

---

Key Combined Ratio Metrics

North America Commercial

Q2 2026:

Combined ratio: 84.0

Accident year loss ratio impact from catastrophes: disclosed as "lower catastrophe losses (0.6 points)" vs Q2 2025

H1 2026:

Combined ratio: 84.8

Catastrophe impact improvement: 3.9 points (lower than H1 2025)

Prior year development improvement: 2.0 points (favorable, primarily Casualty and Property)

Q2 2025:

Combined ratio: 85.9 (implied from 1.9 point improvement)

H1 2025:

Combined ratio: 89.9 (implied from 5.1 point improvement)

---

Net Retention

Note: Net retention as % of surplus not explicitly disclosed in the provided excerpts.

---

Summary of Key Figures

View SEC Filing →

Travelers (TRV) Q2 2026 10-Q: Reinsurance & Risk Transfer Disclosure

CATASTROPHE REINSURANCE PROGRAMS

1. Long Point Re IV Catastrophe Bond Program

Program Details:

SPV Name: Long Point Re IV Ltd. (Bermuda special purpose insurer)

Type: Indemnity reinsurance / catastrophe bond

Size: $750 million aggregate principal amount

Program Effective Date: May 2026

Maturity: May 24, 2030

Structure:

Total Coverage: Up to $750 million part of $1.00 billion

Attachment Point: $2.85 billion retention

Participation: 75% of losses between $2.85 billion and $3.85 billion (i.e., for every dollar of loss in this layer, the treaty provides 75 cents of coverage)

Coverage Period (Year 1): Through May 24, 2027

Note: Attachment point and maximum limit reset annually to adjust expected loss within a predetermined range

Covered Perils:

Tropical cyclones

Earthquakes

Severe thunderstorms

Winter storms

Geographic Coverage:

Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia

Business Lines Covered:

Personal Insurance: specified property coverages

Business Insurance: Select Accounts, Middle Market (excluding Excess Casualty and Boiler & Machinery), National Property and Other

Bond & Specialty Insurance: Other

Trigger Type: Indemnity

Prior Program:

Previous Long Point Re IV agreement expired May 2026 without any losses/recoveries

---

2. Northeast Property Catastrophe Excess-of-Loss Reinsurance Treaty

Program Details:

Type: Property Catastrophe Excess-of-Loss

Effective Date: July 1, 2026

Expiration: June 30, 2027

Renewal Date: July 1, 2026

Structure:

Limit: $1.00 billion

Retention: $2.75 billion

Trigger: Single occurrence

Reinstatements: One reinstatement allowed

Covered Perils (All Perils Basis):

Hurricanes

Tornadoes

Hail storms

Earthquakes

Wildfires

Winter storms and/or freeze losses

Terrorism events (limited circumstances)

Exclusions:

Cyber events (except in limited circumstances)

Communicable disease

Nuclear, biological and radiological terrorism attacks

Geographic Coverage:

Primary territory: Virginia to Maine

Retention can be satisfied by losses from covered events anywhere in North America and contiguous waters

Coordination with Cat Bond:

Recoveries under the catastrophe bonds (if any) would be first applied to reduce losses subject to this treaty

---

QUOTA SHARE REINSURANCE

3. Pelagos Insurance Capital Limited Assumed Quota Share

Program Details:

Type: Quota Share (assumed reinsurance)

Counterparty: Subsidiaries of Pelagos Insurance Capital Limited (formerly Fidelis Insurance Holdings Limited)

Effective Date: January 1, 2026

Company Participation: 20% of Pelagos subject gross written premiums

Basis: Risk-attaching

Loss Ratio Cap: Yes (specific percentage not disclosed)

Reporting:

Premiums reported in Business Insurance - International segment

Related Investment:

Company has minority investment in Pelagos

---

REINSURANCE RECOVERABLES

Total Reinsurance Recoverables (as of June 30, 2026 vs December 31, 2025)

Reinsurance Recoverable Composition

Credit Quality (per disclosure):

5% related to captive insurance companies

1% related to voluntary pool participation

4% balances from companies not rated by A.M. Best Company

Remaining ~90% from rated reinsurers (specific ratings not disclosed in this excerpt)

Collateralization:

Certain recoverables collateralized by:

Letters of credit

Funds held

Trust agreements

---

RISK METRICS & OUTLOOK

Catastrophe Loss Seasonality

Historical Pattern (10-year period ended December 31, 2025):

Q2 Average: Approximately 37% of annual catastrophe losses

Q2 Primary Perils: Severe wind and hail storms, including tornadoes

Other Seasons: Hurricanes, wildfires, winter storms tend to occur at other times of year

Reinsurance Program Renewal Dates

Most programs renew: January 1 or July 1 of each year

Changes to availability, cost, or coverage terms effective after renewal dates

---

KEY CONTRACTHOLDER RECEIVABLES

Contractholder Receivables & Allowances

---

NOTES & ADDITIONAL DISCLOSURES

1. No PML figures disclosed in this 10-Q excerpt (reference made to 2025 Annual Report for full catastrophe reinsurance details)

2. Ceded premiums and losses: Specific ceded premium amounts and ceded losses incurred for the quarter/period not disclosed in this excerpt

3. Net retention as % of surplus: Not disclosed in this excerpt

4. Investment Portfolio Duration: Weighted average effective duration of 5.0 (5.2 excluding short-term securities) as of June 30, 2026

No open U.S. Treasury futures contracts as of June 30, 2026

5. Regular Review: Company regularly reviews catastrophe reinsurance coverage and may adjust in the future

6. Reference to Full Disclosure: Filing directs readers to "Reinsurance—Catastrophe Reinsurance" section in 2025 Annual Report for complete details

View SEC Filing →

Progressive (PGR) Reinsurance and Risk Transfer Analysis

Reinsurance Programs

1. **Personal Property - Catastrophe Per Occurrence Excess of Loss

Program Type: Catastrophe per occurrence excess of loss

Coverage: Personal property business

Effective Date: Second quarter 2026 (new contract entered)

Retention/Attachment Points:

Non-Florida storms: $300 million retention for losses and ALAE from single catastrophic event

Florida storms: $75 million retention for losses and ALAE from single catastrophic event

Limits: $1.9 billion in losses and ALAE

Additional Coverage: Substantial coverage for second or third hurricane

Florida-Specific Coverage: Estimated $2.2 billion (including Florida Hurricane Catastrophe Fund)

2. **Catastrophe Aggregate Excess of Loss - Personal Property

Program Type: Catastrophe aggregate excess of loss

Coverage: Named storms and other perils (wildfires, winter storms, severe thunderstorms)

Effective Date: 2026 (claims occurring in 2026)

Structure: Multiple layers of coverage

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

Note: New contract entered in 2026

3. **Boat Product - Catastrophe Per Occurrence Excess of Loss

Program Type: Catastrophe per occurrence excess of loss

Coverage: Boat product

Details: Mentioned but specific terms not disclosed

4. **BOP (Business Owners Policy) - Catastrophe Per Occurrence Excess of Loss

Program Type: Catastrophe per occurrence excess of loss

Coverage: Certain BOP product coverages

Details: Mentioned but specific terms not disclosed

5. **BOP - Aggregate Excess of Loss

Program Type: Aggregate excess of loss

Coverage: Certain BOP product coverages

Details: Mentioned but specific terms not disclosed

6. **Workers' Compensation - Excess of Loss

Program Type: Excess of loss reinsurance

Coverage: Workers' compensation insurance

Details: Mentioned but specific terms not disclosed

7. **Personal Property - Aggregate Excess of Loss

Program Type: Aggregate excess of loss

Coverage: Personal property business

Details: Mentioned but specific terms not disclosed

Reinsurance Recoverables

Change in recoverables (Q1-Q2 2026): Decreased by $141 million

Key Program Characteristics

Pricing and Availability

Year-over-year: No material change in aggregate costs of reinsurance programs

2026 programs were readily available and competitively priced

Progressive expects to remain a consistent purchaser of reinsurance coverage

Retention and total coverage limits expected to evolve as business grows

Risk Management Philosophy

Programs evaluated during renewal process, if not more frequently, to ensure alignment with risk tolerance

Focus on catastrophe protection with varying retentions by geography (Florida vs. non-Florida)

Reserve Development Impact

Prior Year Development (Ceded Impact Implied)

First half 2026: Favorable reserve development of $1,002 million

First half 2025: Favorable reserve development of $607 million

This development is reflected as "incurred related to prior years" and would impact ceded loss calculations

Cat Bond / ILS Programs

No specific cat bond or insurance-linked securities programs disclosed in this filing.

PML / Risk Metrics

No Probable Maximum Loss (PML) figures disclosed in this filing.

Missing Data Elements

The filing does not disclose:

Specific ceded premiums written amounts

Specific ceded losses incurred amounts

Net retention as % of surplus

Reinsurer names or counterparty details

Specific pricing/rates paid for coverage

Expected loss ratios for reinsurance programs

Multi-year program details beyond 2026 vs 2025 comparison

Notes

The Florida Hurricane Catastrophe Fund appears to be included in Florida-specific coverage calculations

Program structure indicates layered approach with different retentions for different geographic exposures

Comprehensive coverage excluded from certain trend analyses due to catastrophe volatility

View SEC Filing →

Hartford Financial (HIG) Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

1. Per Occurrence Property Catastrophe Treaty

Program Year: January 1, 2026 to December 31, 2026

Type: Excess of Loss (with co-participation)

Key Features: Excludes pandemic losses; does not cover assumed reinsurance business

Structure:

Attachment Points:

Primary retention: $200M

Enhanced retention for EQ/Named Hurricanes: $350M

Maximum reinsured coverage extends to $1.30B

---

2. Workers' Compensation Catastrophe Treaty

Program Year: January 1, 2026 to December 31, 2026

Type: Excess of Loss

Key Features: Excludes pandemic losses

Structure:

Limits and Retentions:

Retention: $100M per occurrence

Reinsurance limit: $350M excess of $100M

Maximum coverage: $450M per event

---

3. Aggregate Property Catastrophe Treaty

Program Year: January 1, 2026 to December 31, 2026

Type: Aggregate Excess of Loss

Structure:

Key Terms:

Aggregate retention: $750M

Aggregate limit: $200M excess of $750M

Maximum coverage: $950M aggregate annual losses

---

Cat Bond Programs

Program 1: Tropical Cyclone & Earthquake Cat Bond (Layer 1)

Program Year: January 1, 2026 to December 31, 2026

Size: $329M

Covered Perils: Tropical cyclone and earthquake events

Trigger Type: Indemnity (based on actual losses)

Attachment Point: $1.29 billion

Exhaustion Point: $1.62 billion

Structure:

Total Limit: $329M excess of $1.29B

Reinsurance Coverage: 60.79% ($200M)

Retention: 39.21% ($129M)

---

Program 2: Tropical Cyclone & Earthquake Cat Bond (Layer 2)

Program Year: January 1, 2026 to December 31, 2026

Size: $300M

Covered Perils: Tropical cyclone and earthquake events

Trigger Type: Indemnity (based on actual losses)

Attachment Point: $1.60 billion

Exhaustion Point: $1.90 billion

Structure:

Total Limit: $300M excess of $1.60B

Reinsurance Coverage: 90% ($270M)

Retention: 10% ($30M)

Combined Cat Bond Coverage:

Total Cat Bond Capacity: $629M

Coverage Range: $1.29B - $1.90B

Net Retention: Blended 21.8% across both layers

---

Additional Reinsurance Arrangements

Group Life Individual Risk Reinsurance

Type: Individual risk/facultative

Retention: $1.25M per person

Coverage: Excess individual group life losses

---

Government-Administered Programs

1. Florida Hurricane Catastrophe Fund (FHCF)

Participation in state-administered catastrophe fund

2. Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)

Federal terrorism backstop participation

3. Other State/Federal Programs

Various line-specific and peril-specific programs

---

Program Design Features

Peril-Specific Retention Strategy

Earthquakes & Named Hurricanes: $350M retention (enhanced vs. $200M for other perils)

Other Catastrophe Perils: $200M base retention

Workers' Compensation Catastrophe: $100M retention

Co-Participation Structure

Graduated co-participation increases reinsurance coverage at higher loss levels

Lower layers: 40-75% ceded

Upper layers: 90% ceded

Cat bonds: 60.79% - 90% ceded

---

Key Figures & Metrics

Reinsurance Financials

*(Specific dollar amounts for ceded premiums, recoverables, and ceded losses not disclosed in provided text)*

Coverage Summary

Total Property Cat Coverage: $1.90B+ (traditional + ILS combined)

Workers' Comp Cat Coverage: $450M per occurrence

Aggregate Cat Coverage: $950M annual aggregate limit

---

Risk Management Strategy

Exclusions & Limitations

Pandemic exclusion on property and workers' compensation catastrophe treaties (effective 1/1/2021 renewals)

Communicable disease excluded from most reinsurance programs

Assumed reinsurance business purchases separate retrocessional coverage

Finite Risk

No significant finite risk contracts in place

Prior year finite risk contracts have immaterial statutory surplus benefit

---

Risk Tolerances

The Company sets specific risk limits for:

Natural catastrophes

Terrorism risk

Pandemic risk

Cyber events (modeled scenarios include malware, data breach, DDoS, cloud intrusions, power grid attacks)

---

Note: The filing references PML figures and net retention as % of surplus, but these specific metrics are not quantified in the provided text excerpts. Ceded premium amounts and total reinsurance recoverables are referenced in definitions but actual figures are not disclosed in the extracted sections.

View SEC Filing →

Cincinnati Financial Corporation (CINF) - Reinsurance & ILS Disclosure

Q2 2026 10-Q Filing

---

Reinsurance Programs

Cincinnati Re Retrocession Program

Program Type: Property catastrophe excess of loss

Effective Date: June 1, 2026 (renewed)

Coverage Period: One year

Limits: $63 million per occurrence (total available limit)

Retention: Various per occurrence retentions based on territory of subject business

Ceded Premiums: Approximately $14 million (estimated for one-year period)

Special Features: Various triggers, exclusions and unique features

Scope: Covers Cincinnati Re operations only (assumed reinsurance business)

General Ceded Reinsurance Program Components

The filing identifies the following treaty types (structural details not fully 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

---

Ceded Premiums & Key Figures

Consolidated Ceded Written Premiums:

Q2 2026 vs Q2 2025: $5 million decrease in ceded premiums

H1 2026 vs H1 2025: $81 million decrease in ceded premiums

Note: H1 2025 included $52 million net unfavorable reinsurance treaty reinstatement premiums related to California wildfires

Commercial Lines Ceded Premiums:

Q2 2026 vs Q2 2025: Increase of <$1 million in ceded premiums (decreased net written premiums)

H1 2026 vs H1 2025: Increase of ~$1 million in ceded premiums (decreased net written premiums)

---

Assumed Reinsurance Operations

Cincinnati Re (Reinsurance Assumed):

Assumes risks through reinsurance treaties

Cedes part of risk through retrocessions to unaffiliated reinsurers

Total Assumed Written Premiums (Consolidated):

---

Catastrophe Losses (Net of Reinsurance)

Q2 2026:

Cat Losses Impact: 14.5 percentage points to combined ratio

Cat Losses (incurred net of reinsurance): Not separately quantified in dollars

H1 2026:

Cat Losses Impact: 12.6 percentage points to combined ratio

Major Catastrophe Event - January 23-29, 2026:

Region: Midwest, Northeast, South

Total Net Losses (H1 2026): $48 million

Commercial lines: $15M

Personal lines: $32M

E&S lines: $0M

Other: $1M

Comparative Period:

Q2 2025: 12.2 percentage points to combined ratio

H1 2025: 18.4 percentage points to combined ratio (included California wildfires)

---

Risk Retention Metrics

Net Written Premiums to Statutory Surplus Ratio:

12 months ended June 30, 2026: 1.0-to-1

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

---

Cat Bond Programs

No specific catastrophe bond details disclosed in this filing beyond general reference to "catastrophe bonds" as part of the ceded reinsurance program components. No SPV names, deal sizes, perils, triggers, or maturities provided.

---

PML / Risk Metrics

NO PML FIGURES DISCLOSED in this quarterly filing (no 1-in-100, 1-in-250, or other probable maximum loss figures; no peak zones identified)

---

Reinsurance Recoverables

Not disclosed in the excerpted portions of this 10-Q filing. (Typically found on balance sheet or in separate reinsurance recoverable table, which was not included in the provided text)

---

Ceded Losses Incurred

Not separately disclosed in the provided sections of the filing.

---

Reinsurance Counterparty Credit Quality

General risk factor disclosure mentions: "The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers"

No specific reinsurer ratings or credit quality metrics disclosed

---

Other Notable Information

Cincinnati Global:

Reinstatement Premiums:

H1 2025 included $52 million net unfavorable reinstatement premiums related to California wildfires

---

Summary

This 10-Q filing provides limited granular detail on CINF's reinsurance program structures. The most specific disclosure relates to the Cincinnati Re retrocession program ($63M limit, $14M estimated premium, June 1, 2026 renewal). Ceded premium trends show a significant decrease year-over-year (-$81M H1 2026 vs H1 2025), partly due to prior year California wildfire reinstatement premiums. No catastrophe bond details, PML figures, or reinsurance recoverables balances were disclosed in the provided excerpts.

View SEC Filing →

Hanover Insurance (THG) Reinsurance & ILS Disclosure Extract

Reinsurance Programs

1. Property Per Risk Excess of Loss Treaty

First Half 2026 (through June 30, 2026):

Type: Per Risk Excess of Loss

Limit: $100 million

Retention: $3 million

Co-participation by layer:

$3M - $5M layer: 45.75% co-participation

$5M - $12.5M layer: 13.75% co-participation

$12.5M - $100M layers: 0% co-participation (no co-participation)

Effective July 1, 2026:

Type: Per Risk Excess of Loss

Limit: $125 million (expanded from $100M)

Retention: $3 million (unchanged)

Co-participation by layer:

$3M - $5M layer: 39% co-participation (down from 45.75%)

$5M - $12.5M layer: 9.5% co-participation (down from 13.75%)

$12.5M - $125M layers: 0% co-participation

---

2. Core Property Catastrophe Occurrence Excess of Loss Program

First Half 2026 (through June 30, 2026):

Type: Catastrophe Occurrence Excess of Loss

Standard Coverage:

Limit: $1.9 billion

Retention: $200 million

Co-participation: None (0%)

Northeast Named Storm Coverage:

Limit: $2.05 billion

Retention: $200 million

Co-participation: None (0%)

Effective July 1, 2026:

Type: Catastrophe Occurrence Excess of Loss

Limit: $2.05 billion (all perils)

Retention: $200 million

Co-participation: None (0%) across entire program

Note: A portion secured through catastrophe bonds (see below)

---

Cat Bond Programs

Commonwealth Re Ltd. - 2026 Agreement

SPV Name: Commonwealth Re Ltd.

Domicile: Bermuda (Special Purpose Insurer)

Program Type: Per Occurrence Excess of Loss via Catastrophe Bond

Effective Date: July 1, 2026

Maturity / Risk Period: Through June 30, 2029 (3-year term)

Coverage Amount: $150.0 million

Covered Perils: All fifty U.S. states and District of Columbia

Attachment Point: $1.1 billion (initially)

Exhaustion Point: $1.25 billion

Coverage Structure: 100% of covered losses between $1.1B and $1.25B

Layer: $150M xs $1.1B

Reset Provision: Attachment level, exhaustion level, and percentage of coverage may be reset annually to adjust expected loss within predetermined range

Inures to: 2025 Agreement (2026 coverage applies first; 2025 available once 2026 exhausted)

Collateral: Note proceeds deposited in reinsurance trust account

Accounting Treatment: Qualifies for reinsurance accounting

Commonwealth Re Ltd. - 2025 Agreement

SPV Name: Commonwealth Re Ltd.

Effective Date: July 1, 2025

Coverage: Acts as excess to 2026 Agreement

Structure: Available once 2026 Agreement exhausted

Commonwealth Re Ltd. - 2023 Agreement (Expired)

Effective Date: July 1, 2023

Expiration Date: June 30, 2026

Losses Incurred: $0 (expired without losses)

---

Reinsurance Recoverables

Change: +$67.8 million total recoverables Q4 2025 to Q2 2026

Collections: Billed balances outstanding >90 days were not material at both dates

---

Prior Year Development

Six Months Ended June 30, 2026:

Six Months Ended June 30, 2025:

---

Loss & LAE Reserves

---

PML / Risk Metrics

NO SPECIFIC PML FIGURES DISCLOSED in this filing excerpt

---

Other Key Information

Investment Collateral for FHLB:

June 30, 2026: $341.4 million in fixed maturities held as collateral

December 31, 2025: $339.2 million in fixed maturities held as collateral

Fixed Maturity Credit Quality:

~95% investment-grade at both June 30, 2026 and December 31, 2025

---

Summary of Key Structural Changes

1. Property Per Risk Treaty: Expanded from $100M to $125M effective July 1, 2026; co-participation reduced significantly

2. Cat XOL Program: Unified at $2.05B limit for all perils (previously differentiated for Northeast named storms)

3. Cat Bond: New $150M Commonwealth Re 2026 deal layers on top of existing 2025 deal, creating stacked protection

4. Recoverables Growth: +3.4% increase in total reinsurance recoverables H1 2026

View SEC Filing →

Reinsurance and Risk Transfer Analysis - American Financial Group (AFG) 10-Q

Reinsurance Programs

Property Catastrophe Reinsurance Program

Program Type: Comprehensive property catastrophe coverage (combination of traditional reinsurance and catastrophe bond)

Total Limit: $625 million

Net Retention: $70 million per occurrence

Structure:

Traditional Reinsurance Layer: $205 million

Catastrophe Bond Layer: $350 million (fully collateralized)

Coverage: Protects against losses up to $625 million in the vast majority of circumstances

Program Year/Effective Dates: In place as of Q2 2026 (specific dates not disclosed)

---

Cat Bond Programs

AFG Catastrophe Bond

SPV/Deal Name: Not disclosed

Size: $350 million (current year)

Prior Year Size: Not disclosed

Covered Perils: Property catastrophe (specific perils not detailed)

Trigger Type: Not disclosed

Structure: Fully collateralized

Maturity/Risk Period: Not disclosed

Expected Loss/Spread: Not disclosed

---

PML / Risk Metrics

500-Year Catastrophe Exposure

Metric: 1-in-500 year (0.2% annual probability) catastrophic earthquake or windstorm

Net Exposure: Less than 3% of AFG's Shareholders' Equity

Modeling: Based on industry catastrophe models

Measurement Date: December 31, 2025

Peak Zones: Not specifically disclosed, but AFG notes it minimizes coastal and known fault-line exposures through individual risk selection

---

Key Figures

Ceded Premium Trends

Property and Transportation:

Q2 2026 vs Q2 2025: Ceded premium ratio increased 2 percentage points

Six Months 2026 vs 2025: Ceded premium ratio increased 3 percentage points

Drivers:

Growth in heavily ceded crop insurance products

Growth in alternative risk transfer products in transportation businesses (higher cession percentage)

Specialty Casualty:

Q2 2026 vs Q2 2025: Ceded premium ratio comparable

Six Months 2026 vs 2025: Ceded premium ratio comparable

Specialty Financial:

Q2 2026 vs Q2 2025: Ceded premium ratio comparable

Six Months 2026 vs 2025: Ceded premium ratio increased 3 percentage points

Driver: Higher cessions of catastrophe exposed business in financial institutions business

Catastrophe Losses

Q2 2026: $31 million (primarily from convective storms in multiple U.S. regions)

Q2 2025: $38 million (primarily from storms in multiple U.S. regions)

Other Metrics

Total Reinsurance Recoverables: Not disclosed in provided text

Specific Ceded Premiums Written (dollar amounts): Not disclosed in provided text

Specific Ceded Losses Incurred: Not disclosed in provided text

Net Retention as % of Surplus: Not disclosed in provided text

---

Reinsurance Accounting Policies

Amounts recoverable from reinsurers are estimated consistent with claim liability associated with reinsured policies

Assets reported include:

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 due and ceded premiums retained under contracts to fund ceded losses

AFG also assumes reinsurance from other companies; earnings recognized based on information from ceding companies

---

Risk Management Strategy

AFG's catastrophe risk management approach includes:

1. Individual risk selection

2. Minimizing coastal exposures

3. Minimizing known fault-line exposures

4. Purchase of traditional reinsurance

5. Use of fully collateralized catastrophe bonds

View SEC Filing →

Reinsurance and Risk Transfer Programs - Selective Insurance (SIGI)

Reinsurance Programs

1. Casualty Excess of Loss Treaty (Renewed July 1, 2026)

Program Details:

Type: Excess of Loss (Multi-Layer)

Coverage: Standard Commercial Lines, Standard Personal Lines, and E&S Lines

Retention: $3 million per loss occurrence

Total Limit: $87 million excess of $3 million retention

Effective Date: July 1, 2026

Co-participation: 8% co-participation in first layer (reduced from 20% in expiring treaty)

Layer Structure:

Terrorism Coverage (Non-NBCR):

Layer 1: 92% of $3M xs $3M - $15M net annual terrorism aggregate

Layer 2: 100% of $6M xs $6M - $30M net annual terrorism aggregate

Layer 3: 100% of $9M xs $12M - $27M net annual terrorism aggregate

Layer 4: 100% of $9M xs $21M - $18M net annual terrorism aggregate

Layer 5: 100% of $20M xs $30M - $40M net annual terrorism aggregate

Layer 6: 100% of $40M xs $50M - $80M net annual terrorism aggregate

Exclusions: All NBCR losses excluded

Premium Impact:

2026 treaty year deposit premium increased primarily due to increased premium rates and lower co-participation in first layer

---

2. Property Excess of Loss Treaty (Renewed July 1, 2026)

Program Details:

Type: Per-Risk Excess of Loss (Multi-Layer)

Coverage: Standard Commercial Lines, Standard Personal Lines, and E&S Lines

Retention: $5 million per risk

Total Limit: $115 million excess of $5 million (increased $20M from expiring treaty)

Effective Date: July 1, 2026

Coverage: 100% placement across all layers

Layer Structure:

Terrorism Coverage:

NBCR Exclusions: All nuclear, biological, chemical, and radioactive losses excluded (whether TRIPRA-certified or not)

Foreign Terrorism Annual Aggregate Limits (Non-NBCR):

Layer 1: $15M

Layer 2: $60M

Layer 3: $80M

Non-Foreign Terrorism: Covered to same extent as non-terrorism losses

Premium Impact:

Treaty year deposit premium decreased modestly, primarily driven by reduction in rates

---

Ceded Premiums and Reinsurance Activity

Ceded Premiums Written:

Direct and Net Premiums Written:

---

Reinsurance Recoverables

Total Reinsurance Recoverables (as of June 30, 2026):

By Financial Strength Rating:

Non-Rated Reinsurers:

Federal and state pools: $81,022K (current)

Other than federal/state pools: $1,780K (current), $45K (past due)

Total Non-Rated: $82,847K

Summary:

Gross Reinsurance Recoverable: $954,248K

Less: Allowance for Credit Losses: ($2,000K)

Net Reinsurance Recoverable: $952,248K (implied)

Comparison to December 31, 2025:

Allowance for credit losses remained stable at $2,000K (both June 30, 2026 and December 31, 2025)

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics

NO SPECIFIC PML FIGURES DISCLOSED IN THIS FILING

---

Additional Reinsurance Information

Monitoring and Credit Quality:

Company evaluates and monitors financial condition of reinsurers under voluntary arrangements to minimize exposure to insolvencies

Methodology for evaluating expected credit losses on reinsurance recoverables referenced in Note 2 of 2025 Annual Report

Loss Ratio Impact:

Higher current year casualty loss costs driven by higher embedded severity assumptions due to social inflation

Higher non-catastrophe property loss and loss expenses in Q2 2026

Net catastrophe losses provided offset in both periods

California Palisades Fire impacted Q1 2025

Reference to Additional Information:

Full reinsurance details referenced in Note 9 "Reinsurance" in Item 8 of 2025 Annual Report

View SEC Filing →

Allstate (ALL) Reinsurance and ILS Disclosure Analysis

Reinsurance Programs

1. Nationwide Excess Catastrophe Reinsurance Program

Type: Multi-peril catastrophe excess of loss

Coverage: Multi-line catastrophes in all states except Florida

Florida: Personal lines automobile only (unless otherwise stated)

Covers: Personal lines property, personal lines automobile, commercial lines property, commercial lines automobile

Perils: Hurricanes, earthquakes, wildfires, and other multiple perils

Effective Date: Updated Q1 2026

Ceded Premiums: Not separately disclosed (included in aggregate catastrophe reinsurance cost)

2. Canada Catastrophe Excess of Loss Reinsurance Contract

Type: Catastrophe excess of loss

Coverage: Personal lines property and automobile physical damage

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

Effective Date: Updated Q1 2026

3. State-Specific Earthquake-Related Catastrophe Reinsurance

Kentucky Contract

Type: Catastrophe excess of loss

Coverage: Personal lines property

Perils: Earthquakes and fire-following earthquakes

Geographic Scope: Kentucky only

Effective Date: Updated Q1 2026

E&S (North Light) Contract

Type: Catastrophe excess of loss

Coverage: Shake damage from earthquake peril

Lines: Personal lines property policies

Carrier: North Light (E&S lines carrier)

Geographic Scope: California

Effective Date: Updated Q1 2026

4. Florida Excess Catastrophe Reinsurance Program

Type: Multi-layer catastrophe excess of loss program

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

Coverage: Personal lines property

Retention: $30 million

Total Limit: $934 million of property loss capacity

Effective Date: Updated Q2 2026

Layer Structure:

First Layer: $30M - $85M ($55M limit)

First Event:

Traditional reinsurance: $25 million

Catastrophe bond (ILS): $30 million

Total limit: $55 million

Reinstatement: None (not eligible for reinstatement)

Second Event:

Traditional reinsurance: $55 million

Reinstatement: Not specified

Second Layer: $85M - $369M

Hurricane-Specific Coverage:

Total available: $149 million

Placement: 90% placed = $134 million placed limit

Trigger: Qualifying losses to personal lines property in Florida from storms declared as hurricanes by National Hurricane Center

Priority: Inures to benefit of all other reinsurance

Reinstatement: None

First Event Multi-Peril Coverage:

Traditional reinsurance: $150 million

Reinstatement: One automatic reinstatement with premium due

Reinstatement Premium Offset: Separate contract offsets full reinstatement premium amount

Third Layer: $369M+

Participation in Florida Hurricane Catastrophe Fund (FHCF) - details not fully disclosed

5. National General Lender Services Standalone Program

Type: Portfolio reinsurance program

Coverage: Property and automobile products

Portfolio: National General Lender Services

Effective Date: Updated Q2 2026

6. National General Flood Excess of Loss Reinsurance Contract

Type: Excess of loss

Coverage: Private Flood Insurance policies (stand-alone flood coverage)

Portfolio: National General Flood

Effective Date: Updated Q2 2026

---

Cat Bond Programs (ILS)

Florida Program Cat Bond

Program Name: Florida Excess Catastrophe Reinsurance Program (ILS component)

Size: $30 million

Layer: $30M - $85M retention layer (part of $55M first event coverage)

Covered Perils: Florida catastrophe events (personal lines property)

Covered Entities: CKIC, CKI and affiliated companies

Geographic Scope: Florida only

Trigger Type: Indemnity (based on actual losses)

Reinstatement: None (not eligible for reinstatement)

Program Year: 2026 (updated Q2 2026)

Maturity/Risk Period: Not disclosed

---

PML / Risk Metrics

Probable Maximum Loss (PML)

1-in-100 Annual Aggregate PML: ~$3.2 billion (net of reinsurance)

Perils Modeled: Hurricanes, earthquakes, wildfires

Basis: As of June 30, 2026

Modeling Approach: Robust economic capital modeling informed by catastrophe risk models

Peak Zones

Florida: Significant exposure (dedicated program with $934M capacity)

California: Earthquake exposure (separate contracts for Kentucky and E&S/North Light)

Canada: Five provinces (Ontario, Quebec, Alberta, New Brunswick, Nova Scotia)

---

Key Figures

Reinsurance Recoverables

Credit Loss Allowance for Reinsurance Recoverables

Ceded Premiums (Effects on Earned Premium)

*(1) 2026 includes business reinsured to Nationwide Life Insurance Company from group health sale in Q3 2025*

Catastrophe Reinsurance Program Costs

83% of catastrophe placement premium reduction related to homeowners premium

Costs exclude reinstatement premiums

Ceded Losses

*(2025 includes ceded losses related to Nationwide Reinsurance Program for California

View SEC Filing →

Lemonade (LMND) Reinsurance & Risk Transfer Programs

Reinsurance Programs

1. Whole Account Quota Share Reinsurance Program

Program Details:

Type: Quota Share (Proportional)

Counterparties: Hannover Ruck SE ("Hannover") and MAPFRE Re Compania De Reaseguros S.A. ("MAPFRE")

Ceding Entities: Lemonade Insurance Company (LIC), Metromile Insurance Company (MIC), and Lemonade Insurance N.V. (LINV)

Coverage: All products and geographies

2025-2026 Program (Expired):

Effective Period: July 1, 2025 – June 30, 2026

Cession Rate: ~20% of premium

Per Risk Cap: $750,000

Catastrophe Limit: $10,000,000 per occurrence (non-hurricane catastrophes only)

Hurricane Losses: Excluded

Structure: Variable ceding commission, loss ratio caps, primarily settled on funds withheld basis

2026-2027 Program (Current):

Effective Period: July 1, 2026 – June 30, 2027

Cession Rate: 18% of premium (reduced from 20%)

Per Occurrence Limit: $40,000,000

Aggregate Limit: $100,000,000

Catastrophe Coverage: Now includes catastrophe losses (as defined in agreement)

Other Terms: Similar to expired contract

---

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

Program Details:

Type: Per Risk Excess of Loss

Ceding Entities: LIC and MIC

Counterparties: Panel of reinsurance companies

Effective Period: July 1, 2025 – June 30, 2026

Status: NOT RENEWED (expired)

Structure:

Retention: $750,000

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

Subject to certain limitations

---

3. Captive Excess of Loss (XOL) Reinsurance Contracts

Program Details:

Type: Excess of Loss (Catastrophe)

Structure: Through Bermuda captive (variable interest entity)

Primary Coverage: Catastrophe risk on property and car business

2025-2026 Program (Expired):

Effective Period: July 1, 2025 – June 30, 2026

Ceding Entities: LIC and MIC

Attachment Point: $50,000,000

Limit: $80,000,000 per occurrence and in aggregate

2026-2027 Program (Current - LIC Only):

Effective Period: July 1, 2026 – June 30, 2027

Ceding Entity: LIC only (MIC contract NOT RENEWED)

Limit: $50,000,000 per occurrence and in aggregate

Note: No attachment point explicitly stated for renewed contract

---

4. Captive Quota Share (QS) Reinsurance Contracts

Program Details:

Type: Quota Share

Retrocessionaire: Lemonade Re SPC (offshore captive subsidiary in Cayman Islands)

Ceding Entities: LIC and MIC

Coverage: Property, car, and pet insurance

MIC QS Contract:

Original Contract: Effective July 1, 2025 (terminated)

New Contract Effective: July 1, 2026

Cession Rate Change: Increased from 35% to 40%

Term: Indefinite period until terminated by either party

LIC QS Contract:

Effective Period: July 1, 2026 – June 30, 2027 (renewed)

Cession Rate Change: Increased from 15% to 25%

---

Cat Bond Programs

NO CAT BOND DISCLOSURES in this filing

---

PML / Risk Metrics

NO SPECIFIC PML FIGURES DISCLOSED in this filing

General Risk Exposure:

Company exposed to natural catastrophe events and other covered risks through captive reinsurance arrangements

Exposure retained from policies underwritten by LIC and MIC

---

Key Figures

Reinsurance Recoverables:

NOT DISCLOSED in extracted sections

Ceded Premiums Written:

NOT DISCLOSED in extracted sections

Ceded Losses Incurred:

NOT DISCLOSED in extracted sections

Net Retention as % of Surplus:

NOT DISCLOSED in extracted sections

---

Other Relevant Financing Arrangements

New Business Financing Agreement with Hannover Re

Note: While not traditional reinsurance, this involves a reinsurance counterparty:

Counterparty: Hannover Re (Ireland) DAC

Effective Date: June 22, 2026

Purpose: Finance sales and marketing growth efforts

Total Capacity: Up to $250 million outstanding capital

2027 Limit: Maximum $150 million outstanding (January 1 – December 31, 2027)

Subsequent Limit: Up to $250 million (text cuts off)

---

Summary of Program Changes (July 1, 2026 Renewals)

Renewed/Modified:

1. Whole Account QS: Reduced cession (20% → 18%), expanded cat coverage

2. LIC Captive XOL: Renewed with $50M limit

3. LIC QS: Increased cession (15% → 25%)

4. MIC QS: Increased cession (35% → 40%), now indefinite term

Not Renewed:

1. Property Per Risk XOL (PPR Contract)

2. MIC Captive XOL

View SEC Filing →

Hippo Holdings (HIPO) - Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

1. Group Catastrophe XOL ("Group Cat")

Type: Catastrophe Excess of Loss (corporate level)

Effective Date: June 1, 2026

Occurrence Limit: $512.9 million

Aggregate Limit: $776.9 million

Structure:

Covers all catastrophe-exposed business written by the Company

Attaches after inuring:

Program-specific reinsurance

Florida Hurricane Catastrophe Fund (FHCF)

Catastrophe bonds

Consolidated multiple program-level XOL contracts into single structure

Incorporates previous corporate catastrophe cover

2. Whole Account Quota Share

Type: Quota Share (all lines)

Effective Date: June 1, 2026

Coverage: All lines of business (property and casualty)

Key Terms:

Company retains at least equal to reinsurance participation

Provides some property catastrophe relief below Group Cat attachment

Strategic Purpose:

Increase future growth optionality

Manage business on portfolio basis

3. Florida Hurricane Catastrophe Fund (FHCF)

Type: State-sponsored catastrophe reinsurance

Coverage: Part of catastrophe reinsurance structure

Position: Inures before Group Cat attachment

4. Program-Specific XOL Treaties

Type: Excess of Loss

Coverage: Property risks (in some cases)

Primary Use: Business written by Company's MGA

5. Renters Reinsurance Program

Restructuring Date: January 1, 2025

Impact: One-time reduction in ceded unearned premium in Q1 2025

Effect on Retention: Decreased retention in Renters line effective January 1, 2025

---

Cat Bond Programs

Mountain Re Ltd.

SPV Type: Bermuda-based special purpose insurer

Structure: Collateralized reinsurance / catastrophe bonds

Coverage: Multi-year per occurrence

Covered Perils:

Hurricane

Wildfire

Trigger Type: Per occurrence

Business Covered: Business written through Company's MGA

Position: Inures before Group Cat attachment

---

Key Reinsurance Figures

Three Months Ended June 30, 2026 vs 2025:

Six Months Ended June 30, 2026 vs 2025:

Catastrophe Losses (Net):

Note: H1 2025 includes losses from January 2025 LA Wildfires

---

Reinsurance Strategy & Credit Quality

Reinsurer Ratings: "A-" (Excellent) or better by A.M. Best, or require appropriate collateral

Contract Provisions: Include replacement provisions if reinsurer financial condition deteriorates

Strategic Approach: Mix of quota share, XOL structures, and collateralized protection through cat bonds

Objective: Manage risk exposure, reduce earnings volatility, safeguard capital

---

PML / Risk Metrics

Not disclosed in this filing

---

Other Notable Disclosures

Reinsurance Recoverables:

Not specifically quantified in excerpted sections

Mentioned as material cash requirement item with increase in Unpaid Losses and Loss Adjustment Expense

Reserve Changes:

$1.9 million change from catastrophe reserves

Related to ongoing analysis of claims emergence patterns and loss trends

Cash Flow Impact:

Higher cash outflows for settlements of ceded reinsurance in H1 2026 vs H1 2025

Operating cash flow impacted by timing of reinsurance payments and recoveries

---

2026 Program Changes Summary

The Q2 2026 reinsurance program represents a strategic shift in catastrophe buying:

1. Consolidation: Multiple program-level XOLs → Single Group Cat structure

2. Portfolio Management: Enabled placement of whole account quota share across all lines

3. Increased Retention: Net retention increased to 38% (Q2 2026) from 36% (Q2 2025) on quarterly basis

View SEC Filing →

Kingstone Companies (KINS) - Reinsurance and Risk Transfer Disclosure

Reinsurance Programs

1. Quota Share Reinsurance Treaties

2026/2027 Treaty (Current)

Program Type: Quota Share

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

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

Cession Percentage:

5% for all states except California

30% for California only

Ceded Premiums: Decreased by $10,743,000 in Six Months 2026 vs. Six Months 2025

Cutoff Treatment: $13,277,000 returned from reinsurers of previously ceded unearned premiums as of January 1, 2026

2025/2026 Treaty (Expired)

Program Type: Quota Share

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

Line of Business: Personal lines business

Cession Percentage: 16%

Cutoff Treatment: $11,471,000 returned from reinsurers of previously ceded unearned premiums as of January 1, 2025

---

2. Excess of Loss Reinsurance Treaties

2026/2027 XOL Treaties (Current)

Program Type: Excess of Loss

Effective Period: July 1, 2026 through June 30, 2027

Structure:

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

Layer 2: 100% coverage excess of $1,000,000 up to $11,000,000 (plus facultative coverage)

Total Coverage: $10,000,000 ($1M - $11M layer)

Ceded Premiums: Increased $351,000 in Six Months 2026 vs. Six Months 2025

2025/2026 XOL Treaties (Expired)

Program Type: Excess of Loss

Effective Period: July 1, 2025 through June 30, 2026

Structure:

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

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

Retention: $825,000 (increased from $715,000 under prior treaty)

Exclusions: Named storms excluded

Underlying XOL Treaty (Jan-Jun 2025)

Program Type: Underlying Excess of Loss

Effective Period: January 1, 2025 through June 30, 2025

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

Retention: $600,000

Exclusions: Named storms excluded

---

3. Catastrophe Reinsurance Treaties

2026/2027 Catastrophe Treaty (Current - July 1, 2026)

Program Type: Catastrophe Excess of Loss

Effective Period: July 1, 2026 through June 30, 2027

Structure:

Layer 1 (All Perils excluding named storms): 70% of $5,000,000 excess of $5,000,000

Total Tower: $495,000,000 excess of $5,000,000

Retention: $5,000,000

Coverage Increase: $60,000,000 increase vs. expiring treaty ($495M vs. $435M)

2025/2026 Catastrophe Treaty (Expired)

Program Type: Catastrophe Excess of Loss

Effective Period: July 1, 2025 through June 30, 2026

Structure:

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

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

Total Coverage: $434,000,000

Retention: $5,000,000

Ceded Premiums (Six Months 2026): $684,000 (primarily reinstatement premiums related to winter catastrophe losses, offset by no-loss bonus)

Premium Recognition: Entire annual premium recorded at inception in Q3 2025

2024/2025 Catastrophe Treaty (Expired)

Program Type: Catastrophe Excess of Loss

Effective Period: July 1, 2024 through June 30, 2025

Structure:

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

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

Total Coverage: $274,750,000

Coverage Change: $159,250,000 less than 2025/2026 treaty

Winter Storm Catastrophe Coverage (2025/2026)

Program Type: Seasonal Catastrophe Coverage

Effective Period: October 15, 2025 through April 30, 2026

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

Covered Perils: Winter storm losses

Winter Storm Catastrophe Coverage (2024/2025)

Program Type: Seasonal Catastrophe Coverage

Effective Period: October 1, 2024 through April 30, 2025

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

Covered Perils: Winter storm losses

---

Cat Bond Programs

Series 2025-1 Notes

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

Size: $125,000,000

Issue Date: July 1, 2025

Maturity/Risk Period: Four annual risk periods from July 1, 2025 through June 30, 2029

Current Year: Second year of coverage (in 2026/2027 catastrophe program)

Covered Perils: Named storm events

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

Trigger Type: Indemnity trigger, per-occurrence basis

Spread: Priced at 4.5%

Structuring Agent: AON Securities LLC

Collateral: Fully collateralized reinsurance protection

---

Key Financial Figures

Ceding Commission Revenue

Six Months 2026: $2,937,000 total

Provisional: $2,629,000

Contingent: $308,000

Six Months 2025: $6,040,000 total

Provisional: $6,640,000

Contingent: $(600,000)

Change: $(3,103,000) or (51.4)%

Premium Flows (Six Months 2026)

Direct Premiums Written: $142,097,000 (up 19.2% from $119,237,000)

Personal Lines: $134,890,000 (up 20.4%)

Livery Physical Damage: $7,180,000 (up 0.6%)

Net Premiums Written: $145,382,000 (up 28.4% from $113,220,000)

Net Premiums Earned: $116,336,000 (up 29.6% from $89,738,000)

Ceded Premium Changes (Six Months 2026 vs. 2025

View SEC Filing →

Mercury General (MCY) Reinsurance and ILS Disclosures

Reinsurance Programs

1. Catastrophe Portfolio Participation Reinsurance Contract

Type: Aggregate quota share (loss corridor)

Role: Mercury is the assuming reinsurer

Effective Period: Through December 31, 2028

Structure: Proportional share of catastrophe losses when actual loss ratio exceeds 73.5% threshold

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

Maximum Loss Capacity: $30.0 million per year (2025-2028)

Incurred Losses:

Q2 2026: $1.1 million

Q2 2025: $(0.4) million

H1 2026: $(4.1) million

H1 2025: $(2.0) million

*(Negative losses reflect favorable development on prior years' catastrophe losses)*

2. Property Quota Share Reinsurance Contract

Type: Quota share

Role: Mercury is the assuming reinsurer

Effective Period: Through December 31, 2026

Annual Assumed Premium:

2026: ~$17 million

2025: ~$11 million

Maximum Annual Losses:

2026: ~$60 million

2025: ~$32 million

Incurred Losses:

Q2 2026: $3.4 million

Q2 2025: $2.1 million

H1 2026: $6.9 million

H1 2025: $4.2 million

3. Catastrophe Quota Share Reinsurance Agreement

Type: Catastrophe quota share

Role: Mercury is the assuming reinsurer

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

Annual Assumed Premium: ~$5 million (2026)

Maximum Annual Losses: ~$12 million (2026)

Incurred Losses:

Q2 2026: $0.5 million

H1 2026: $1.9 million

*(No prior year comparisons - commenced 1/1/2026)*

4. Catastrophe Reinsurance Treaty (Primary Outward Treaty)

Type: Catastrophe excess of loss

Role: Mercury is the ceding party

Effective Period: Through June 30, 2027

Retention: $200 million per occurrence

Total Coverage:

Treaty ending 6/30/2027: $2,790 million

Treaty ending 6/30/2026: $2,140 million

Reinstatement: One full reinstatement with certain exceptions

Exclusions:

All Florida business

California earthquake losses on fixed property policies (e.g., homeowners)

Does cover: Fires following earthquake

Perils: Wide range (not specifically enumerated)

Treaty Layer Structure (12 months ending June 30, 2027):

Total Coverage: $2,790M excess of $200M retention

---

Cat Bond Programs

Cat Bond #1

Layer Coverage: $150 million xs $1,600 million ($1,600M - $1,750M layer)

Participation: 100% of layer

Effective Period: July 15, 2025 through July 14, 2028

Risk Period: 3 years

Reinstatement: Not subject to reinstatement

Covered Perils: Wide range (consistent with treaty, excludes Florida and CA earthquake on fixed property)

Trigger Type: Not disclosed

SPV Name: Not disclosed

Cat Bond #2

Layer Coverage: $150 million xs $1,750 million ($1,750M - $2,000M layer)

Participation: 60% of layer ($90 million of the $250M layer)

Remaining 40%: Provided by traditional reinsurers at equivalent terms

Effective Period: July 1, 2026 through June 30, 2029

Risk Period: 3 years

Reinstatement: Not subject to reinstatement

Covered Perils: Wide range (consistent with treaty)

Trigger Type: Not disclosed

SPV Name: Not disclosed

---

California Earthquake Authority (CEA)

Program: California homeowners earthquake risks placed directly with CEA

Effect: Reduced catastrophe exposure from earthquakes

Residual Exposure: Fire following earthquake (covered under main treaty)

---

Ceded Premium Activity

Property & Casualty Premiums (Reinsurance Impact):

Note: Ceded premiums decreased significantly in 2026 vs 2025 (H1 2026: $125M vs H1 2025: $161M)

---

Reinsurance Recoverables

Allowance for Credit Losses: Mentioned in context of Q1/Q2 2025

Related to: Losses ceded from Palisades and Eaton wildfires (Q1 2025 events)

Specific Amounts: Not disclosed in extracted text

---

PML / Risk Metrics

NO PML DATA DISCLOSED in the provided filing excerpts.

---

Key Summary Metrics

Treaty Attachment Point: $200 million

Total Treaty Limit (6/30/2027): $2,790 million ($2.79 billion)

Cat Bond Capacity: $150M (Layer 3) + $90M (60% of Layer 4) = $240 million total ILS

ILS as % of Total Program: ~8.6% ($240M / $2,790M)

Retention Strategy: First $200M retained; 5% participation in first excess layer ($200M-$400M)

---

Notable Features

1. Increased Cat Capacity: Treaty limit increased from $2,140M (6/30/2026) to $2,790M (6/30/2027) — a $650M (30%) increase

2. Dual Cat Bonds: Two separate cat bond transactions with staggered maturities (2028 and 2029)

3. Hybrid Structure: Layer 4 uses both ILS (60%) and traditional reinsurance (40%)

4. **Assumed

View SEC Filing →

Safety Insurance (SAFT) Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

1. Catastrophe Excess of Loss Program (2026)

Structure:

Type: Excess of Loss (XOL) - Property Catastrophe

Total Coverage: $770,000

Retention: $80,000

Maximum Coverage: $850,000

Primary Coverage: Homeowners line of business

Protection Level: 140-year storm event

Layers:

Layer 1: $120,000 excess of $80,000

Co-participation: 85.0%

Net coverage: $102,000

Layer 2: $250,000 excess of $200,000

Co-participation: 85.0%

Net coverage: $212,500

Layer 3: $400,000 excess of $450,000

Co-participation: 90.0%

Net coverage: $360,000

2. Casualty Excess of Loss Reinsurance

Type: Per Occurrence XOL

Limit: $8,000 excess of $2,000 (up to $10,000 maximum)

Lines Covered: Automobile, Homeowners, Dwelling Fire, Business Owners

3. Property Excess of Loss Reinsurance

Type: Per Occurrence XOL

Limit: $22,000 excess of $3,000 (up to $25,000 maximum)

Lines Covered: Homeowners, Business Owners

4. Umbrella Liability Excess of Loss

Type: Per Occurrence XOL

Limit: $9,000 excess of $1,000 (up to $10,000 maximum)

Line Covered: Umbrella

5. Equipment Breakdown Quota Share

Type: 100% Quota Share

Reinsurer: Hartford Steam Boiler Inspection and Insurance Company

Cession: 100% of premiums and losses

Coverage: Equipment breakdown coverage under business owner policies

6. Commonwealth Automobile Reinsurers (CAR) Program

Type: Residual Market Program

Market: Commercial Automobile - Massachusetts

Mechanism: State-established body sharing premiums, expenses, losses and LAE among all Massachusetts auto insurers

Recoverable at June 30, 2026: $181,032

Components: Loss adjustment expense reserves, unearned premiums, reinsurance recoverable

---

Reinsurance Recoverables

Total Recoverables (as of June 30, 2026):

Receivable from reinsurers related to unpaid losses and LAE: $149,441 (Q2 2026)

Receivable from reinsurers related to unpaid losses and LAE: $130,792 (Q2 2025)

Composition of Recoverables:

June 30, 2026:

CAR Commercial Automobile Program: 97% of total recoverable

Other XOL and Quota Share contracts: 3% of total recoverable

December 31, 2025:

CAR Commercial Automobile Program: 95% of total recoverable

Other XOL and Quota Share contracts: 5% of total recoverable

---

Reinsurer Credit Quality

Credit Ratings:

Most reinsurers: Rated "A" (Excellent) or "A+" (Superior) by A.M. Best

As of June 30, 2026 and December 31, 2025: Most reinsurers rated "A" or better

Credit Risk Mitigation:

Certain recoverables collateralized by:

Letters of credit

Funds held

Trust agreements

Allowance for Credit Losses:

June 30, 2026: No expected credit losses

December 31, 2025: No expected credit losses

Methodology: Probability-of-default using A.M. Best ratings updated quarterly

---

Loss and LAE Reserves

Six Months Ended June 30:

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics

Catastrophe Risk Management:

Modeling: Company uses "various software products" to measure catastrophe exposure and probable maximum loss

Covered Perils: Hurricanes and other catastrophic events

Protection Standard: 140-year return period event (1-in-140 year storm)

Specific PML figures: Not disclosed in this filing

---

Key Observations

1. Significant CAR Concentration: 97% of reinsurance recoverables tied to CAR Commercial Auto program - state-backed residual market with low credit risk

2. Multi-layer Cat Program: Robust catastrophe protection with three layers totaling $770M in coverage

3. Conservative Credit Position: No allowance for credit losses due to high-quality reinsurers and collateralization

4. Comprehensive Coverage: Multiple XOL programs across property, casualty, and umbrella lines

5. Equipment Breakdown: 100% quota share outsourcing to Hartford Steam Boiler

---

Data Quality Note

This filing provides program structure and limits but does not disclose:

Ceded premiums written (current period)

Ceded losses incurred (current period)

Net retention as % of surplus

Specific PML figures (gross or net)

Peak zones for catastrophe exposure

Program effective dates or renewal terms

Reinsurance pricing or rate-on-line metrics

View SEC Filing →

Reinsurance and Risk Transfer Analysis - Donegal Group (DGICA)

Reinsurance Programs:

1. Pooling Agreement (Proportional Reinsurance)

Type: Quota share / Proportional reinsurance agreement

Parties: Atlantic States and Donegal Mutual

Share: Atlantic States receives 80% of pooled business; Donegal Mutual retains 20%

Scope: Substantially all premiums, losses and loss expenses

Effective Date: In place since 1986

Notes: Donegal Mutual acts on behalf of the underwriting pool

2. 100% Quota-Share Reinsurance Agreements

Type: 100% quota share

Ceding Companies:

Mountain States Commercial Insurance Company

Mountain States Indemnity Company

Southern Mutual Insurance Company

Reinsurer: Donegal Mutual

Notes: Donegal Mutual places assumed business into the underwriting pool

3. Property Excess of Loss Reinsurance (2026)

Type: Excess of loss

Limit: $36.0 million per loss

Retention: $4.0 million

Coverage: Property insurance losses

4. Catastrophe Reinsurance - Third Party (2026)

Type: Catastrophe excess of loss

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

Retention: $25.0 million

Limit: Up to $200.0 million per occurrence

Scope: All insurance subsidiaries and Donegal Mutual

Reinsurer Ratings: A.M. Best A- (Excellent) or better (or equivalent for foreign reinsurers)

5. Liability Excess of Loss Reinsurance (2026)

Type: Excess of loss

Limit: $69.0 million per occurrence

Retention: $6.0 million

Coverage: Liability insurance

6. Workers' Compensation Excess of Loss Reinsurance (2026)

Type: Excess of loss

Limit: $17.0 million on any one life

Retention: $3.0 million

Coverage: Workers' compensation insurance

7. Catastrophe Reinsurance Agreement with Donegal Mutual (Intercompany)

Type: Catastrophe reinsurance (intercompany)

Ceding Companies: All insurance subsidiaries

Reinsurer: Donegal Mutual

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

Retention (Individual Subsidiary): $3.0 million

Limit (Individual Subsidiary): Up to $22.0 million per occurrence

Combined Retention: $6.0 million (for combination of subsidiaries)

Purpose: Lessen effects of accumulation of losses from one event to appropriate levels given subsidiary size, underwriting profile and surplus

8. Liability Reinsurance Agreement with Donegal Mutual (Intercompany)

Ceding Companies:

Southern

MICO

The Peninsula Insurance Company

Reinsurer: Donegal Mutual

Type: Excess of loss

Limit: Up to $3.0 million per occurrence

Retention: $3.0 million

9. Facultative Reinsurance

Type: Facultative

Coverage: Certain exposures including property exposures exceeding treaty reinsurance limits

Purchasers: Insurance subsidiaries and Donegal Mutual

10. Michigan Catastrophic Claims Association (MCCA)

Type: Mandatory state reinsurance pool

Members:

Atlantic States

MICO

The Peninsula Insurance Company

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

Structure: Over a set retention (specific retention amount not disclosed)

---

Cat Bond Programs:

NO_CAT_BOND_DATA

---

PML / Risk Metrics:

NO_PML_DATA

---

Key Figures:

Reinsurance Recoverables:

Methodology: Reported net of allowance for expected credit losses

Allowance Basis: Ongoing review of amounts outstanding, historical loss data, changes in reinsurer credit standing, probability-of-default methodology reflecting current and forecasted economic conditions

Specific Amounts: Not disclosed in this excerpt

Ceded Premiums Written:

Not disclosed in this excerpt

Ceded Losses Incurred:

Not disclosed in this excerpt

Net Retention as % of Surplus:

Not disclosed in this excerpt

---

Additional Notes:

Consolidated Third-Party Reinsurance Program: Coverage and parameters common to all insurance subsidiaries and Donegal Mutual

Farm Business Non-Renewal (2026): Approximately $6 million in annual premiums being non-renewed beginning Q2 2026 due to cost considerations

Reinsurer Quality: All third-party reinsurers rated A.M. Best A- (Excellent) or better

Fair Value Classification: Reinsurance receivables related to paid losses and expenses classified as Level 3; carrying values approximate fair values

View SEC Filing →

Reinsurance and Risk Transfer Information - Horace Mann Educators (HMN) 10-Q

Reinsurance Programs:

General Reinsurance Activity

Three Months Ended June 30, 2026:

Ceded premiums written: $15.2 million

Ceded premiums earned: $15.1 million

Ceded benefits, claims and settlement expenses: $11.1 million

Assumed premiums written: $6.6 million

Assumed premiums earned: $6.7 million

Assumed claims and settlement expenses: $4.5 million

Three Months Ended June 30, 2025:

Ceded premiums written: $15.4 million

Ceded premiums earned: $15.3 million

Assumed premiums written: $6.3 million

Assumed premiums earned: $6.0 million

Six Months Ended June 30, 2026:

Ceded premiums written: $30.1 million

Ceded premiums earned: $30.3 million

Ceded benefits, claims and settlement expenses: $22.1 million

Assumed premiums written: $13.4 million

Assumed premiums earned: $13.4 million

Assumed claims and settlement expenses: $9.2 million

Six Months Ended June 30, 2025:

Ceded premiums written: $30.8 million

Ceded premiums earned: $30.6 million

Assumed premiums written: $12.6 million

Assumed premiums earned: $12.1 million

---

Reinsurance Recoverables:

Property & Casualty Segment

As of June 30, 2026:

Beginning of period (Q2 2026): $101.5 million

End of period (June 30, 2026): $101.7 million

As of June 30, 2025:

Beginning of period (Q2 2025): $98.3 million

End of period (June 30, 2025): $96.8 million

Six Months Ended June 30, 2026:

Beginning of period (January 1, 2026): $101.2 million

End of period (June 30, 2026): $101.7 million

Six Months Ended June 30, 2025:

Beginning of period (January 1, 2025): $100.8 million

End of period (June 30, 2025): $96.8 million

Group Benefits Segment

As of June 30, 2026:

Beginning of period (Q2 2026): $27.0 million

End of period (June 30, 2026): $26.5 million

As of June 30, 2025:

Beginning of period (Q2 2025): $25.9 million

End of period (June 30, 2025): $25.0 million

Six Months Ended June 30, 2026:

Beginning of period (January 1, 2026): $26.5 million

End of period (June 30, 2026): $26.5 million

Six Months Ended June 30, 2025:

Beginning of period (January 1, 2025): $25.2 million

End of period (June 30, 2025): $25.0 million

---

Subsequent Events - Reinsurance Transaction:

Medical Mutual of Ohio Transaction (Announced July 21, 2026)

Structure:

Agreement to reinsure group life and disability insurance contracts from Medical Mutual Life Insurance Company (MML) to an affiliate of Horace Mann

Part of broader Master Transaction Agreement also including acquisition of Reserve National Insurance Company (RNIC)

Financial Terms:

Ceding commission payable to MML: $7.4 million

Expected closing: First quarter 2027

Regulatory approval: Required

Excluded Business:

Existing Medicare supplement insurance policies of RNIC will be excluded and reinsured by RNIC to MMO or otherwise transferred out of RNIC prior to closing

Funding:

Cash on hand and borrowings under existing credit facility

---

Cat Bond Programs:

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics:

NO PML FIGURES DISCLOSED

---

Key Figures Summary:

Total Reinsurance Recoverables (as of June 30, 2026):

Property & Casualty: $101.7 million

Group Benefits: $26.5 million

Total: $128.2 million

Ceded Premiums Written (Six Months Ended June 30, 2026): $30.1 million

Ceded Losses Incurred (Six Months Ended June 30, 2026): $22.1 million

Net Retention as % of Surplus: NOT DISCLOSED

---

Notes:

The filing contains limited detail on specific reinsurance program structures, layers, or attachment points

No catastrophe reinsurance programs are explicitly described

No ILS transactions or cat bonds are mentioned

The company recognizes reinsurance premiums over contract periods in proportion to insurance protection provided

Reinsurance recoverables are estimated consistently with underlying insurance liabilities

Prior year reserve development is disclosed but not specifically broken down by gross vs. net of reinsurance beyond the summary reconciliation tables

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 Reinsurance Program

Program Structure:

Type: Participation in traditional reinsurance/retrocessional placements (both property and casualty)

Scope: Majority of Company's reinsurance placements where more than one open market reinsurer participates

Basis: Fully collateralized

Program Details:

Share/Quota:

30% effective July 1, 2022

Increased to 32.5% effective January 1, 2025

Capitalization: $418 million (from sophisticated global investors, including minority participation by WRB)

---

Key Reinsurance Figures

Lifson Re Transactions

Three Months Ended June 30:

Six Months Ended June 30:

Balance Sheet (as of reporting dates):

Management & Performance Fees:

Q2 2026: $5 million

Q2 2025: $3 million

---

Overall Ceded Reinsurance Metrics

Six Months Ended June 30:

Gross vs Net Premiums Written:

*Calculated based on ceded percentage

Three Months Ended June 30:

Ceded Reinsurance as % of Gross Premiums:

2026: 17%

2025: 16%

---

Segment-Level Gross Premium Activity

Six Months Ended June 30, 2026 vs 2025:

Insurance Segment:

2026: $7,165M

2025: $6,824M

Change: +5% (+$341M)

Reinsurance & Monoline Excess Segment:

2026: $765M

2025: $838M

Change: -9% (-$73M)

Three Months Ended June 30, 2026 vs 2025:

Insurance Segment:

2026: $3,803M

2025: $3,607M

Change: +5% (+$196M)

Reinsurance & Monoline Excess Segment:

2026: $341M

2025: $371M

Change: -8% (-$30M)

---

Other Reinsurance-Related Information

Assumed Reinsurance Premiums Receivable:

June 30, 2026: ~$48M

December 31, 2025: ~$54M

Workers' Compensation Reserve Discounting:

Discounted reserves: $1,436M (June 30, 2026) vs $1,400M (Dec 31, 2025)

Net discount after ceded reinsurance: $434M (June 30, 2026) vs $420M (Dec 31, 2025)

Weighted average discount rate: 3.6% (range: 0.7% to 6.5%)

97% relates to excess workers' compensation reserves

Prior Year Development (Six Months Ended June 30, 2025):

Total: $1M favorable (net)

Reinsurance & Monoline Excess segment: $20M favorable (driven by non-proportional property reinsurance)

Insurance segment: $19M adverse

---

PML / Risk Metrics

NO PML DATA DISCLOSED in this filing excerpt.

---

Cat Bond Programs

NO CAT BOND OR ILS SPV DATA DISCLOSED beyond the Lifson Re collateralized reinsurance arrangement.

---

Summary Notes

1. Lifson Re is the only specifically named reinsurance arrangement disclosed

2. The filing shows increasing ceded reinsurance usage (15% to 17% of gross premiums)

3. No detailed cat XOL, aggregate XOL, or specific excess of loss program details are provided

4. No PML disclosures, peak zones, or modeling outputs are included in this excerpt

5. The filing emphasizes fully collateralized nature of Lifson Re participation

View SEC Filing →

CNA Financial Corporation - Reinsurance and Risk Transfer Disclosure Extract

Reinsurance Programs

1. NICO Loss Portfolio Transfer (LPT) - A&EP Reserves

Type: Aggregate Excess of Loss / Loss Portfolio Transfer

Counterparty: NICO (Berkshire Hathaway subsidiary)

Coverage: Asbestos & Environmental Pollution (A&EP) claims

Aggregate Limit: $4.0 billion

Initial Consideration Paid: $2.2 billion

Cash premium: $2.0 billion

Transferred receivables: $215 million (net book value)

Initial Ceded Reserves: $1.6 billion net ($2.8 billion gross less $1.2 billion existing third-party reinsurance)

Cumulative Ceded (as of June 30, 2026): $3.9 billion

Coverage includes: Credit risk on existing third-party reinsurance related to these liabilities

Accounting Treatment: Retroactive reinsurance accounting (contract in gain position)

Collateral: Trust account with fair value of $1.8 billion as of June 30, 2026

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

Claims Handling: NICO responsible for claims handling and billing/collection from third-party reinsurers

Financial Impact:

Deferred Retroactive Reinsurance Benefit:

Q2 2026: $24 million

Q2 2025: $8 million

YTD Q2 2026: $46 million

YTD Q2 2025: $25 million

Unrecognized Deferred Benefit:

June 30, 2026: $424 million

December 31, 2025: $470 million

---

2. Group North American Property Catastrophe Treaty

Type: Corporate Catastrophe Excess-of-Loss Treaty

Term: June 1, 2026 to June 1, 2027

Coverage: U.S. states, territories, and Canadian property exposures

Entities Covered: North American and European companies

Retention: $300 million per occurrence

Limit: $1.5 billion per occurrence (above retention)

Total Protection: $1.8 billion per occurrence

Reinstatement: One full reinstatement on all layers

Covered Perils: Catastrophe occurrences including terrorism (excluding nuclear, biological, chemical, or radiation events)

---

3. Additional Reinsurance Programs (Referenced but not detailed)

Property Quota Share Treaty: Mentioned as utilized to manage catastrophe exposure

Excess-of-Loss Treaties: Covering property and workers' compensation

Individual Risk Agreements: Reinsure specific classes or lines of business

TRIPRA Coverage: Terrorism Risk Insurance Program Reauthorization Act of 2019

---

Catastrophe Losses and Reinstatement Premiums

Net Catastrophe Losses:

*Driven by severe weather-related events*

Reinstatement Premiums:

YTD Q2 2026: $9 million

Q2 2026: $0 million

Q2 2025: $0 million

YTD Q2 2025: $0 million

---

Reinsurance Recoverables and Credit Quality

Reinsurance Receivables:

Credit Quality: Majority from reinsurers rated A- or higher

Lower-Rated Receivables: Primarily from captive reinsurers backed by collateral arrangements

Ceded Reserves:

---

Prior Year Development

Net Unfavorable Development (Pretax):

*Corporate & Other includes A&EP development subject to NICO LPT*

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED

---

PML / Risk Metrics

NO PML FIGURES DISCLOSED (though document mentions use of industry-standard natural catastrophe models for hurricane/earthquake loss estimation)

---

Summary of Key Figures

View SEC Filing →

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

Reinsurance Programs

1. **Asbestos & Environmental Pollution Loss Portfolio Transfer

Program Type: Retroactive reinsurance / Loss Portfolio Transfer (LPT)

Counterparty: National Indemnity Company (NICO), a Berkshire Hathaway subsidiary

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

Effective Date: 2010

Aggregate Limit: $4.0 billion

Initial Reserves Ceded: ~$1.6 billion net A&EP claim and allocated claim adjustment expense reserves

Net of $1.2 billion of existing third-party reinsurance

Premium Paid to NICO: $2.0 billion

Additional Consideration: $215 million (third-party reinsurance receivables transferred)

Total Consideration: $2.2 billion

Cumulative Amounts Ceded (as of June 30, 2026): $3.9 billion

Cumulative Amounts Ceded (as of December 31, 2025): $3.9 billion

Coverage: Legacy A&EP liabilities plus credit risk on existing third-party reinsurance

Financial Impact:

Retroactive reinsurance benefit recognized:

Q2 2026: $24 million

Q2 2025: $8 million

H1 2026: $46 million

H1 2025: $25 million

Unrecognized deferred retroactive reinsurance benefit:

June 30, 2026: $424 million

December 31, 2025: $470 million

Collateral & Security:

Collateral trust account fair value (June 30, 2026): $1.8 billion

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

NICO handles claims and bills/collects from third-party reinsurers

---

2. **Group North American Property Catastrophe Treaty

Program Type: Excess-of-loss catastrophe reinsurance treaty

Geography: U.S. states and territories and Canadian property exposures

Underwriting Entities: North American and European companies

Effective Period: June 1, 2026 to June 1, 2027

Retention: $300 million per occurrence

Total Coverage: $1.5 billion per occurrence (all losses above retention)

Reinstatement: One full reinstatement for all layers

Covered Perils: Catastrophe occurrences including natural catastrophes and terrorism events

Exclusions: Nuclear, biological, chemical, or radiation terrorism events

---

3. **Other Reinsurance Programs (General Description)

CNA utilizes various reinsurance programs to mitigate catastrophe losses, including:

Property Quota Share Treaty (mentioned but not detailed)

Workers' Compensation Excess-of-Loss Treaty (mentioned but not detailed)

TRIPRA Coverage: Terrorism Risk Insurance Program Reauthorization Act of 2019

Individual Risk Agreements: Covering specific classes or lines of business

---

Credit Quality Disclosure

Reinsurance Recoverables Credit Profile:

Majority of outstanding voluntary reinsurance receivables due from reinsurers rated A- or higher

Lower-rated receivables primarily from captive reinsurers backed by collateral arrangements

---

PML / Risk Metrics

No specific PML figures disclosed in this filing excerpt. The filing references:

Use of "industry standard natural catastrophe models" to estimate hurricane and earthquake losses at various return periods

Models inform underwriting and reinsurance purchase decisions

No specific 1-in-100 or 1-in-250 year PML figures provided

---

Cat Bond Programs

NO CAT BOND PROGRAMS DISCLOSED in this filing excerpt.

---

Key Figures

NICO LPT-Related:

Total reinsurance recoverables (NICO LPT): Not separately disclosed

Ceded premiums written: $2.0 billion (initial premium in 2010)

Deferred gain position: $424 million unrecognized (June 30, 2026)

General Reinsurance:

Total reinsurance recoverables: Not disclosed in excerpt

Ceded premiums written: Not disclosed in excerpt

Ceded losses incurred: Not disclosed in excerpt

Net retention as % of surplus: Not disclosed in excerpt

---

Summary

The filing provides detailed disclosure on:

1. A significant legacy A&EP loss portfolio transfer to NICO/Berkshire Hathaway with $4.0B aggregate limit

2. A recently renewed $1.5B excess-of-loss property cat treaty with $300M retention

3. References to additional reinsurance programs (quota share, workers' comp XOL, TRIPRA) without detailed terms

The NICO LPT is in a deferred gain position with $424M unrecognized benefit as cumulative ceded losses ($3.9B) exceed consideration paid ($2.2B), demonstrating significant adverse development on legacy A&EP reserves since 2010.

View SEC Filing →

Employers Holdings (EIG) Reinsurance & Risk Transfer Disclosure

Reinsurance Programs

1. Loss Portfolio Transfer (LPT) Agreement - Legacy Program

Program Type: 100% Quota Share Retroactive Reinsurance

Structure:

Covers substantially all of the Nevada State Industrial Insurance System (Fund) outstanding losses as of June 30, 1999

Coverage for claims with original dates of injury prior to July 1, 1995

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

Effective Date: 1999 (assumed by EICN on January 1, 2000)

Termination Provisions:

Terminates upon earliest of: (i) all claims closed; (ii) mutual commutation; or (iii) aggregate maximum limit exhausted

No additional termination terms

Financial Impact:

Deferred reinsurance gain recorded as liability on balance sheet

Q2 2026 Loss and LAE Ratio Impact: -0.9% (benefit)

YTD 2026 Loss and LAE Ratio Impact: -0.8% (benefit)

Q2 2025 Loss and LAE Ratio Impact: -0.8% (benefit)

YTD 2025 Loss and LAE Ratio Impact: -0.9% (benefit)

Note: Characterized by management as non-recurring with limited significance to current operations

---

2. Annual Reinsurance Program (Current)

Program Type: Not specified (generic program reference)

Ceded Premiums Written:

Q2 2026: $1.4 million

YTD 2026: $2.8 million

Q2 2025: $1.8 million

YTD 2025: $3.6 million

Note: Specific structure, limits, layers, and attachment points not disclosed in this filing

---

Key Reinsurance Metrics

Net vs. Gross Premium Position:

Ceded Premium Ratio: <1% (minimal reinsurance utilization)

Reinsurance Recoverables:

Total not explicitly disclosed in extracted text

Noted as significant area requiring management judgment in estimates

---

Cat Bond Programs

None disclosed

---

PML / Risk Metrics

None disclosed in this filing excerpt

---

Net Retention Metrics

Not explicitly disclosed as % of surplus in this filing

---

Other Relevant Information

Business Line: Workers' compensation and excess workers' compensation specialist

Bound first excess workers' compensation policy in Q2 2026

Combined Ratios (excluding LPT):

Q2 2026: 106.7%

YTD 2026: 107.2%

Q2 2025: 106.4%

YTD 2025: 104.8%

Note: The company maintains very low reinsurance cession ratios, operating primarily on a net retention basis with minimal third-party reinsurance participation beyond the legacy LPT agreement.

View SEC Filing →

Reinsurance and Risk Transfer Analysis - RLI Corp 10-Q

Reinsurance Programs

Casualty Segment

Type: Quota share and excess of loss reinsurance agreements (assumed basis)

Description: Assumes limited amount of risks through these arrangements

Notable Development: Discontinued participation in reinsurance agreement with Prime (referenced as reason for decline in "other casualty premiums")

Property Segment

Catastrophe Management Strategy:

Limits net aggregate exposure to catastrophic events through:

Managing total policy limits written by region

Purchasing reinsurance (program details not disclosed)

Maintaining policy terms and conditions throughout insurance cycles

Computer-assisted modeling techniques for concentration management

Peak Catastrophe Exposures:

Windstorms: Commercial properties in coastal regions of United States

Earthquakes: Primarily West Coast

Reinsurance Balances & Recoverables

As of June 30, 2026:

Reinsurance balances recoverable on unpaid losses and settlement expenses (net): $718.5 million

Less: Allowance for uncollectible amounts: $11.0 million

Gross recoverable: ~$729.5 million

Paid reinsurance balances receivable:

Allowance for uncollectible amounts: $17.0 million

As of December 31, 2025:

Reinsurance balances recoverable on unpaid losses and settlement expenses (net): $746.8 million

Less: Allowance for uncollectible amounts: $11.1 million

Gross recoverable: ~$757.9 million

Paid reinsurance balances receivable:

Allowance for uncollectible amounts: $17.0 million

Six Months Ended June 30, 2026:

Allowance write-offs: $0 million

Recoveries on previously written-off amounts: Less than $1 million

Loss Reserve Development

Six Months Ended June 30, 2026:

Favorable development on prior years' loss reserves: $75 million

Primary accident years affected: 2019-2022, 2024, and 2025

Products with favorable development:

Commercial property

Marine

Commercial transportation

Executive products

Professional services

Commercial excess liability

Products with adverse development: Personal umbrella (not significant)

Six Months Ended June 30, 2025:

Favorable development on prior years' loss reserves: $59 million

Primary accident years affected: 2019-2022 and 2024

Products with favorable development:

Marine

Commercial excess liability

Surety

Commercial property

General liability

Mortgage reinsurance program

Products with adverse development: Commercial transportation (auto exposures; not significant)

Reinsurance Credit Risk Management

Monitoring Practices:

Continuous monitoring of reinsurers' financial condition

Review of annual financial statements and SEC filings (for publicly traded reinsurers)

Analysis of AM Best and S&P ratings

Detailed recoverability testing including segment-based analysis using S&P average default rating percentages

In-depth reinsurer financial condition analysis prior to renewal of placements

Write-off Policy:

Full write-off upon regulatory action (receivership, insolvency finding, conservation order, or liquidation order)

Allowance re-evaluated after each write-off

Premium & Loss Trends by Segment

Casualty - Six Months Ended June 30, 2026:

Gross premiums written: Increased $61 million vs prior year

Drivers: Positive rate movement, personal umbrella distribution expansion, commercial transportation market opportunities

Reinsurance impact: Decline in other casualty premiums partially due to exit from Prime reinsurance agreement

Property - Six Months Ended June 30, 2026:

Gross premiums written: Decreased $28 million vs prior year

Commercial property: Down $36 million (increased market capacity and competition)

Marine: Up $5 million

Strategy: Limits catastrophe exposure through reinsurance purchases (specific program terms not disclosed)

PML / Risk Metrics

No specific PML figures disclosed (1-in-100, 1-in-250, net vs gross, or peak zone dollar amounts not provided)

Qualitative Risk Exposure:

Major catastrophe exposure: Windstorms (coastal U.S.) and earthquakes (West Coast)

Risk management: Computer-assisted modeling techniques used to estimate and manage catastrophic event concentrations

---

Summary of Key Figures

---

Note: This filing contains limited detailed disclosure on specific reinsurance program structures, layers, attachment points, ceded premium amounts, or individual treaty terms. The company references purchasing reinsurance for catastrophe protection but does not disclose program specifics, limits, retentions, or treaty years. No cat bond, ILS, or SPV programs are mentioned.

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

---

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.

---

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 →

Skyward Specialty (SKWD) Reinsurance & Risk Transfer Disclosures

Reinsurance Strategy & Structure

General Program Information

Reinsurance Types Purchased:

Quota share reinsurance

Excess of loss reinsurance (including catastrophe program)

Facultative coverage

Contract Terms:

Predominantly one-year contracts

Renew annually throughout the year

Primary renewal dates: January and April

---

Key Reinsurance Metrics

Net Retention Ratios** (Net Written Premiums ÷ Gross Written Premiums)

---

Ceded Premium Activity

Three Months Ended June 30:

Six Months Ended June 30:

---

Ceded Loss Activity

Loss and LAE Incurred (Ceded)

---

Reinsurance Recoverables

As of June 30, 2026:

As of December 31, 2025:

Change:

Increase of $291,768 (26.0%) from 12/31/25 to 6/30/26

---

Ceded Unearned Premium

Change:

Increase of $98,232 (41.1%)

---

Lloyd's Syndicates - Apollo Acquisition

Syndicate Structure (acquired January 1, 2026):

Notes:

Apollo participates through corporate member Apollo No. 16 Limited

Apollo No. 16 has a quota share agreement with Apollo Bermuda Limited

9 Lloyd's syndicates managed by ASML

---

Credit Quality

Financial Strength Rating:

A.M. Best Rating: A (Excellent)

Outlook: Stable

Date Affirmed: August 14, 2025

Credit Loss Allowance:

Allowance for credit losses on reinsurance recoverables: $2,295 thousand (unchanged from 12/31/25)

---

Premium Flow Analysis

Q2 2026 Gross vs. Net:

Q2 2025 Gross vs. Net:

---

Notable Items

No cat bond or ILS programs disclosed in this filing

No PML figures disclosed in this 10-Q

No specific treaty limits, attachment points, or layer details provided

Managing agency fees and profit commission earned by ASML from syndicate management (eliminated on consolidation)

Profit commission typically paid 36 months after inception when underwriting results mature

---

Filing Period: Q2 2026 (Six months ended June 30, 2026)

Source: Skyward Specialty Insurance Group 10-Q

View SEC Filing →

James River Group (JRVR) Reinsurance & Risk Transfer Disclosure

EXCESS & SURPLUS LINES SEGMENT

Ceded Reinsurance Programs (as of June 30, 2026)

Casualty Programs

Specialty Casualty Treaty Detail:

Type: Excess of loss

Coverage: $9.0M in excess of $2.0M

Treaty Years: July 1, 2016 through July 1, 2022

Reinstatement Premiums: Subject to aggregate caps per treaty year; once cap reached, no additional reinstatement premiums required

Remaining Exposure: Less than $10.0M of additional reinstatement premiums at June 30, 2026

Property Programs

Property Catastrophe Treaty:

Type: Catastrophe XOL

Limit: $25.0M per event

Reinstatements: One reinstatement

Additional Coverage: Proportional quota share treaty for property risks + facultative reinsurance

---

SPECIALTY ADMITTED INSURANCE SEGMENT

Ceded Reinsurance Programs (as of June 30, 2026)

Casualty Programs

Property Programs

Property within Package - Programs (structure not detailed in extract)

---

LOSS PORTFOLIO TRANSFERS & ADVERSE DEVELOPMENT COVERS

1. Commercial Auto LPT with Aleka Insurance

Effective Date: September 27, 2021

Type: Loss Portfolio Transfer

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

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

Structure: Fully collateralized, no aggregate limit, subject to certain exclusions

Cumulative Ceded Amount: $451.4M (as of both June 30, 2026 and December 31, 2025)

Retroactive Accounting: Subject to gain deferral and recovery method recognition

---

2. E&S ADC with State National

Effective Date: January 1, 2024

Execution Date: July 2, 2024 (closed upon signing)

Counterparty: State National Insurance Company, Inc.

Type: Combined Loss Portfolio Transfer and Adverse Development Cover

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

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

Structure:

State National reinsures 85% of losses paid on/after Effective Date

Retention: $716.6M

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

Premium Paid: $313.2M

Benefit of Third-Party Reinsurance: James River continues to manage claims and collect third-party reinsurance benefits, which inure to the E&S ADC

Status: EXHAUSTED – Additional adverse development of $35.0M (net of 15% retention) in year ended December 31, 2025 exhausted remaining limit

Retroactive Accounting: Subject to gain deferral and recovery method recognition

---

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

Effective Date: January 1, 2024

Execution Date: November 11, 2024

Close Date: December 23, 2024

Counterparty: Cavello Bay Reinsurance Limited (Enstar subsidiary)

Type: Adverse Development Cover

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

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

Structure:

Coverage: 100% of losses

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

Aggregate Limit: $75.0M

Premium: $52.8M (less federal excise tax)

Initial Recognition: $52.8M reduction in pre-tax income upon closing

Usage:

2025: $51.4M adverse development ceded → Remaining limit: $23.6M at December 31, 2025

Six months ended June 30, 2026: $23.6M adverse development ceded → LIMIT EXHAUSTED

Of the $23.6M in Q2 2026, $22.2M was subject to deferral under retroactive reinsurance accounting

Retroactive Accounting: Subject to gain deferral and recovery method recognition

---

KEY REINSURANCE METRICS

Net Premium Retention

Six months ended June 30, 2026: 53.1%

Six months ended June 30, 2025: 45.2%

Reinsurance Treaty Features

Some treaties subject to loss ratio caps or aggregate limits

At June 30, 2026: Ceded losses within caps and aggregate limits where applicable

---

PROBABLE MAXIMUM LOSS (PML) / CATASTROPHE EXPOSURE

Property Catastrophe PML Analysis

Modeling Approach:

Catastrophe modeling software used to analyze severe losses from hurricanes and earthquakes

Model utilized for risk selection, pricing, and portfolio PML accumulation management

E&S and Specialty Admitted Insurance Segments:

Event Threshold: Greater than 1-in-1,000 year PML required to exhaust the $25.0M property catastrophe reinsurance

Pre-tax Cost Estimate (if $25M cat reinsurance exhausted): Not to exceed 2.5% of shareholders' equity (including reinstatement premiums and net retentions)

Additional Retention: Company would retain losses in excess of reinsurance coverage limits

Property Underwriting Note:

E&S segment writes small book of excess property insurance

E&S segment does NOT write primary property insurance

---

RETROACTIVE REINSURANCE ACCOUNTING METHODOLOGY

Applicable Contracts:

Commercial Auto LPT

E&S ADC

E&S Top Up ADC

Accounting Treatment:

Periodic reevaluation of remaining reserves subject to each agreement

When cumulative ceded amounts exceed consideration paid → gain position subject to deferral

Gain Recognition: Deferred and recognized in earnings in proportion to actual paid recoveries using recovery method

Volatility Impact: Can introduce short-term operating result volatility

Long-term Expectation: No economic impact over contract life (assuming counterparty performance)

Note: Retroactive reinsurance accounting impact not indicative of current/ongoing operations

---

CORPORATE LEVERAGE & CAPACITY

Leverage Ratio

June 30, 2026:

View SEC Filing →

Everest Group Reinsurance and ILS Disclosure Extract

Reinsurance Sidecar Program

Annapurna Re Ltd.

Program Type: Reinsurance sidecar / collateralized insurer structured as segregated accounts company

Domicile: Bermuda

Launch Date: June 17, 2026

Investors: Stone Point Insurance Solutions (funds managed by Stone Point as inaugural anchor investors)

Structure: Multi-year vehicle with legally isolated segregated accounts separating third-party investor assets/liabilities from Company's general accounts

Covered Business: Global casualty and specialty reinsurance and facultative portfolios

Ceded Premiums and Losses (Q2 2026 and 6M 2026):

Written premiums ceded: $274 million

Earned premiums ceded: $81 million

Losses and LAE ceded: $58 million

---

Catastrophe Bond Programs

Kilimanjaro Re Limited

General Information:

SPV Type: Bermuda-based special purpose reinsurer

Covered Perils: Named storm and earthquake events

Covered Regions: US, Canada, Puerto Rico

Program Type: Multi-year collateralized reinsurance agreements

Individual Tranches:

Series 2024-1 Class A

Limit: $75 million

Effective Date: June 27, 2024

Expiration Date: June 30, 2028

Coverage Basis: Occurrence

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

Series 2024-1 Class B

Limit: $125 million

Effective Date: June 27, 2024

Expiration Date: June 30, 2028

Coverage Basis: Occurrence

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

Series 2025-1 Class A-1

Limit: $105 million

Effective Date: June 26, 2025

Expiration Date: July 9, 2029

Coverage Basis: Aggregate

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

Series 2025-2 Class A-2

Limit: $105 million

Effective Date: June 26, 2025

Expiration Date: July 8, 2030

Coverage Basis: Aggregate

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

Series 2025-1 Class B-1

Limit: $120 million

Effective Date: June 26, 2025

Expiration Date: July 9, 2029

Coverage Basis: Aggregate

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

Series 2025-2 Class B-2

Covered Perils: Named Storm and Earthquake Events

Covered Region: US, Canada, Puerto Rico

*Note: Limit, dates, and coverage basis truncated in filing text*

New Kilimanjaro Agreements (2026)

Agreement Date: June 29, 2026

Effective Date: July 1, 2026

Structure: Similar in nature to existing Kilimanjaro agreements

Covered Perils: Named storm and earthquake events

Covered Region: Same as previous agreements (US, Canada, Puerto Rico)

Total Kilimanjaro Limits (as of filing date):

Minimum $630 million across disclosed tranches (Series 2025-2 Class B-2 details incomplete)

---

Other Reinsurance Programs

Adverse Development Cover - October 2025

Effective Date: October 1, 2025

Type: Adverse development reinsurance agreements

Reinsurers:

State National Insurance Company, Inc. ("State National Reinsurer")

MS Transverse Insurance Company ("MS Transverse Reinsurer")

*Note: Related to sale of commercial retail insurance business renewal rights to AIG*

---

Key Figures

Assets Held-for-Sale (Investments)

Canadian and Colombian Operations (June 30, 2026):

Fixed maturity securities - available for sale: $141 million

Short-term investments: $41 million

Total: $182 million

Comparative (December 31, 2025):

Fixed maturity securities - available for sale: $163 million

Short-term investments: $12 million

Total: $175 million

---

Transaction Details

Colombian Operations Sale

Entity: Everest Compañía de Seguros Generales Colombia S.A.

Buyer: American International Group, Inc. (AIG)

Agreement Date: May 19, 2026

Anticipated Close: Early 2027

Canadian Operations Sale

Entity: Everest Insurance Company of Canada

Buyer: The Wawanesa Mutual Insurance Company

Agreement Date: March 22, 2026

Purchase Price: C$410 million (subject to adjustment)

Anticipated Close: Second half of 2026

Loss Portfolio Transfer: ERC - Canadian Branch to reinsure pre-closing liabilities

---

PML / Risk Metrics

*No PML figures disclosed in this filing*

Total Reinsurance Recoverables

*Not disclosed in extracted text*

Net Retention as % of Surplus

*Not disclosed in extracted text*

View SEC Filing →

RenaissanceRe (RNR) Reinsurance and ILS Programs - 10-Q Filing Analysis

Cat Bond / ILS Programs

Mona Lisa Re Ltd.

Structure:

Entity Type: Bermuda domiciled Special Purpose Insurer (SPI)

Function: Provides reinsurance capacity to RenaissanceRe subsidiaries through principal-at-risk variable rate notes issued to third-party investors

Collateralization: Fully collateralized; all note proceeds deposited into segregated collateral accounts by series

Interest Payments: Quarterly, as determined by governing documents

Program Size:

Total Assets (June 30, 2026): $941.8 million

Total Liabilities (June 30, 2026): $941.8 million

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

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

Ceded Premiums:

Six months ended June 30, 2026: $83.6 million written / $41.2 million earned

Six months ended June 30, 2025: $71.8 million written / $44.6 million earned

RNR Investment:

Fair Value (June 30, 2026): $4.5 million (net of third-party investors)

Fair Value (December 31, 2025): $3.4 million (net of third-party investors)

Key Features:

Principal returned at expiration unless loss event occurs

Noteholders bear pro rata share of losses

Not consolidated by RNR (VIE but RNR not primary beneficiary)

---

AlphaCat Programs

Structure:

Entities: AlphaCat Reinsurance Ltd., AlphaCat Master Fund Ltd., and OmegaCat Reinsurance Ltd.

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

Fund Types: Closed-end and open-end Bermuda mutual funds plus one managed account

Investment Type: Variable funding notes providing access to property catastrophe risks

Status: In run-off (substantially all funds received full redemption requests)

Program Size:

Combined Total Assets (June 30, 2026): $429.3 million

Combined Total Liabilities (June 30, 2026): $196.6 million

Combined Total Assets (December 31, 2025): $1.1 billion

Combined Total Liabilities (December 31, 2025): $496.1 million

RNR Investment:

Fair Value (June 30, 2026): $2.2 million (direct equity ownership)

Fair Value (December 31, 2025): $2.2 million

Key Features:

Primarily funded by third-party capital investors

Not consolidated by RNR (VIE but RNR not primary beneficiary)

Generates fee income from management activities

---

Reinsurance Programs

Property Segment Retrocessional Coverage

Structure & Strategy:

Type: Market opportunistic retrocessional purchases (not fixed annual program)

Purpose: Reduce exposure to large losses and manage risk portfolio

Key Program Changes:

Upsilon: Non-deployment through June 1 renewals (2026)

Ceded Premiums Written:

Q2 2026: $348.3 million

Q2 2025: $406.4 million

Change: -$58.1 million (-14.3%)

Driver: Non-deployment of Upsilon through June 1 renewals

---

Casualty & Specialty Segment Retrocessional Coverage

Structure & Strategy:

Type: Market opportunistic retrocessional purchases (not fixed annual program)

Primary Type: Quota share retrocessional coverage

Ceded Premiums Written:

Q2 2026: $369.2 million

Q2 2025: $244.5 million

Change: +$124.7 million (+51.0%)

Driver: Increased quota share retrocessional coverage to support gross-to-net strategy, most notably within casualty classes

---

Key Financial Metrics

Reserve Development

Property Segment (Q2 2026):

Net Favorable Development: $257.5 million (29.2% of net premiums earned)

Catastrophe class: $132.7 million (from 2021, 2022, 2024, 2025 large loss events and small events)

Other property class: $124.7 million (lower reported losses and attritional experience)

Casualty & Specialty Segment (Q2 2026):

Net Adverse Development: $58.0 million (4.4% of net premiums earned / 4.6 percentage points)

Baltimore Bridge Collapse shift: $54.0 million (4.1 percentage points)

Purchase accounting adjustments: $5.5 million (0.4 percentage points)

Offset by favorable development in other specialty and credit classes

Operational Cash Flow Items

Six months ended June 30, 2026:

Reinsurance balances payable increase: $515.5 million (timing of payments and increased retrocessional coverage)

Premiums receivable increase: $1.0 billion (timing and additional gross written premiums)

Prepaid reinsurance premiums increase: $574.0 million (ceded book renewal and increased retrocessional purchases)

---

Program Philosophy

Consistent Approach Across Segments:

Reinsurance purchases based on market opportunities, not fixed annual programs

Strategy: Use retrocessional coverage when appropriately priced

Purpose: Reduce large loss exposure and manage risk portfolio volatility

Casualty & Specialty specifically employing gross-to-net strategy with quota share coverage

---

*Note: No PML figures, net vs gross PML comparisons, peak zones, total reinsurance recoverables, or net retention as % of surplus were disclosed in the extracted text.*

View SEC Filing →

Arch Capital Group Ltd. (ACGL) - Reinsurance and ILS Disclosure

Bellemeade Re - Aggregate Excess of Loss Mortgage Reinsurance Programs

Program Structure

Type: Aggregate excess of loss mortgage reinsurance

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

Counterparties: Special purpose reinsurance companies domiciled in Bermuda

Structure: Multi-layer coverage

First layer: Retained by Arch MI U.S.

Second layer: Provided by Bellemeade SPVs (up to outstanding coverage amount)

Third layer: Retained by Arch MI U.S. (losses exceeding coverage limit)

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

Premium Calculation: Coverage amount × (SOFR + contractual risk margin) - actual investment income from reinsurance trust assets

---

Individual Bellemeade Cat Bond Programs

Bellemeade Re 2021-3 Ltd.

Issue Date: September 2021

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

Initial Coverage at Issuance: $639 million

ILS notes funding: $508 million

Separate reinsurer panel: $131 million

Current Coverage (June 30, 2026): $29 million

Remaining Retention, Net: $128 million

Coverage Remaining from Reinsurers: $9 million

Total VIE Assets:

June 30, 2026: $20 million

December 31, 2025: $21 million

Bellemeade Re 2022-1 Ltd.

Issue Date: January 2022

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

Initial Coverage at Issuance: $317 million

ILS notes funding: $284 million

Separate reinsurer panel: $33 million

Current Coverage (June 30, 2026): $52 million

Remaining Retention, Net: $132 million

Coverage Remaining from Reinsurers: $10 million

Total VIE Assets:

June 30, 2026: $42 million

December 31, 2025: $42 million

Bellemeade Re 2022-2 Ltd.

Issue Date: September 2022

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

Initial Coverage at Issuance: $327 million

ILS notes funding: $201 million

Separate reinsurer panel: $126 million

Current Coverage (June 30, 2026): $124 million

Remaining Retention, Net: $181 million

Coverage Remaining from Reinsurers: $81 million

Total VIE Assets:

June 30, 2026: $43 million

December 31, 2025: $43 million

Bellemeade Re 2023-1 Ltd.

Issue Date: October 2023

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

Initial Coverage at Issuance: $233 million

ILS notes funding: $186 million

Separate reinsurer panel: $47 million

Current Coverage (June 30, 2026): $153 million

Remaining Retention, Net: $152 million

Coverage Remaining from Reinsurers: $31 million

Total VIE Assets:

June 30, 2026: $122 million

December 31, 2025: $149 million

Bellemeade Re 2024-1 Ltd.

Issue Date: August 2024

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

Initial Coverage at Issuance: $204 million

ILS notes funding: $163 million

Separate reinsurer panel: $41 million

Current Coverage (June 30, 2026): $118 million

Remaining Retention, Net: $161 million

Coverage Remaining from Reinsurers: $24 million

Total VIE Assets:

June 30, 2026: $94 million

December 31, 2025: $130 million

Bellemeade Re 2025-1 Ltd.

Issue Date: November 2025

Covered Policies: In-force policies issued July 1, 2024 - September 30, 2025

Initial Coverage at Issuance: $249 million

ILS notes funding: $199 million

Separate reinsurer panel: $50 million

Current Coverage (June 30, 2026): $215 million

Remaining Retention, Net: $161 million

Coverage Remaining from Reinsurers: $43 million

Total VIE Assets:

June 30, 2026: $172 million

December 31, 2025: $191 million

---

Bellemeade Program Totals

Total Initial Coverage at Issuance: $1,969 million

Total Current Coverage (June 30, 2026): $691 million

Total Remaining Retention, Net: $915 million

Total Coverage Remaining from Reinsurers: $198 million

Total VIE Assets:

June 30, 2026: $493 million

December 31, 2025: $576 million

---

Ceded Premiums - Three Months Ended June 30, 2026

---

Reinsurance Recoverables

Total Reinsurance Recoverables on Paid and Unpaid Losses

June 30, 2026: $9,964 million

December 31, 2025: $9,526 million

Credit Quality of Reinsurance Recoverables

% from carriers with A.M. Best rating of "A-" or better:

June 30, 2026: 62.3%

December 31, 2025: 62.1%

% from carriers with no A.M. Best rating:

June 30, 2026: 37.7%

December 31, 2025: 37.9%

Collateralization: Over 95% collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other

Concentration

Largest balance from any one carrier as % of total shareholders' equity:

June 30, 2026: 8.4%

December 31, 2025: 8.1%

Allowance for Expected Credit Losses on Reinsurance Recoverables

Balance at end of period: $9,044 million

Allowance: $19 million

---

Additional Program Notes

Bellemeade Features:

Trigger Type: Indemnity (aggregate excess of loss on mortgage insurance claims)

Covered Peril: Mortgage default losses

Optional Features: Provisional call options embedded in certain agreements

Early Termination: Pre-defined delinquency triggering events may cause early termination

Accounting Treatment: VIEs not consolidated (c

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Markel Group (MKL) Reinsurance & ILS Disclosure Extract

Reinsurance Programs

Retroactive Reinsurance Agreement - Hagerty

Type: Retroactive reinsurance

Counterparty: Hagerty Reinsurance Limited (Hagerty Re)

Effective Date: January 1, 2026

Coverage: Reinsures retained exposures on business written on behalf of Hagerty, Inc. prior to January 1, 2026

Net losses ceded: $62.2 million (as of December 31, 2025)

Consideration paid: $54.1 million to Hagerty Re

Note: This transaction transitioned the Hagerty relationship to a fronting arrangement

Fronting Operations - Program Services

Structure: Third-party capacity provider programs (substantially all premiums ceded)

Net Retention Impact:

Hagerty business ceded at approximately 80% in 2025

Transitioned to fronting arrangement in 2026

Key Reinsurance Figures

Ceded Premiums - Underwriting Operations

Q2 2026:

Direct: $2,282,932k

Assumed: $184,138k

Ceded: $(343,419)k

Net: $2,123,651k

Q2 2025:

Direct: $2,414,799k

Assumed: $471,869k

Ceded: $(643,567)k

Net: $2,243,101k

Q2 2026 Earned:

Direct: $2,209,012k

Assumed: $316,465k

Ceded: $(453,697)k

Net: $2,071,780k

Q2 2025 Earned:

Direct: $2,210,284k

Assumed: $451,071k

Ceded: [not fully shown in excerpt]

Net Retention Ratios

2026:

Q2: 86% of gross premium volume

Six months: 83% of gross premium volume

2025:

Q2: 77% of gross premium volume

Six months: 79% of gross premium volume

Note: Increase driven by Hagerty fronting transition (previously ceded at ~80%)

Reinsurance Recoverables & Credit Risk

Allowance for Credit Losses

Material Credit Event - Q2 2026

Bankrupt Capacity Provider:

Provision recorded: $205.3 million (Q2 2026)

Operations affected: Program services fronting operations (Financial segment)

Status: Capacity provider currently in bankruptcy

Collateral: As of December 31, 2025, collateral held exceeded reinsurance recoverables

Increased reserves: Company completed actuarial reserve assessment (including third-party study) showing adverse loss trends

Collateral outlook: Company does not expect to obtain additional collateral to secure increased reinsurance recoverables

Actions: Company continues to pursue additional collateral and contractual recovery means

Impact: Increased gross and ceded losses; reserves set at "more likely redundant than deficient" philosophy

Other Credit Risk Changes (H1 2026)

Fronting operations: No other material changes in credit risk exposures

Underwriting operations: No material changes in credit risk exposures

Loss Events & Catastrophe Impact

Middle East Conflict (2026)

Event Details:

Regional military conflict following U.S. and Israeli airstrikes on Iran in February 2026

Q2 2026 net losses: $41.0 million (2 points on combined ratio)

H1 2026 net losses: $76.0 million (2 points on combined ratio)

Primary coverages: Terrorism, energy, and marine war

Division: International division (Markel Insurance segment)

Uncertainty: Wide range of variability; estimates based on known losses, reported claims, and ceded reinsurance contract analysis

Ongoing: Potential for additional material losses in future periods

California Wildfires (January 2025)

Q2 2025:

Net reduction of estimate: $(5.2) million

H1 2025:

Net losses: $60.9 million (1.5 points on combined ratio)

Reserve Development

Favorable Development on Prior Years

Q2 2026: $166.6 million favorable

Primary drivers: Property insurance lines, less adverse development on U.S. and Bermuda professional liability

Most significant: Recent accident years in property, marine & energy, workers' compensation

Q2 2025: $78.9 million favorable

Most significant: Property and marine & energy

Net of adverse: $127.0 million adverse on run-off risk-managed D&O and general liability (Global Reinsurance division)

H1 2026: $273.5 million favorable ($270.4 million in loss expense line item)

Breakdown: $248.7 million net favorable on property, marine & energy, workers' compensation, credit & surety (Markel Insurance segment)

H1 2025: $227.8 million favorable ($228.8 million in loss expense line item)

Breakdown: $179.9 million net favorable on marine & energy, property, general liability, workers' compensation (Markel Insurance segment)

Net of adverse: $127.9 million on run-off D&O and general liability (Global Reinsurance division)

Rate Environment

Overall: Relatively flat in aggregate across diversified portfolio (H1 2026)

Rate increases: U.S. personal lines, commercial package, general liability

Rate decreases: U.S. property (softening market, particularly large accounts), international cyber, professional liability, energy

Philosophy: Target premium growth only where confident in rate adequacy

Reinsurance Strategy

Purpose: Manage net retention on individual risks, control overall exposure to losses, enable sufficient policy limits for policyholder needs

Products: Reinsurance and retrocessional reinsurance

Credit risk mitigation: Select well-capitalized, highly rated authorized capacity providers OR require substantial collateral

Legal liability: Company remains primarily liable even after ceding risk

---

Cat Bonds / ILS Programs

NO_CAT_BOND_DATA

---

PML / Risk Metrics

NO_PML_DATA

---

Note: Filing does not contain explicit PML figures (1-in-100, 1-in-250), cat bond/ILS SPV structures, or detailed excess of loss tower specifications. Disclosure focuses primarily on credit risk in fronting operations, net retention metrics, and major loss events.

View SEC Filing →

Greenlight Capital Re (GLRE) - Reinsurance and Risk Transfer Analysis

Reinsurance Programs

Open Market Segment - Retrocession Programs

Multiline Business - New Retrocession Treaties

Type: Not specified (appears to be multiple new treaties)

Program Year: 2026

Ceded Premiums Impact: Primary driver of Q2 2026 ceded premium increase of 134.3%

Ceded Premiums Written:

Q2 2026: $24.0 million (segment total, including all lines)

YTD 2026: $53.0 million (segment total)

Q2 2025: $10.2 million

YTD 2025: $35.3 million

Specialty Business - Excess of Loss Retrocession

Type: Excess of Loss (XOL) retrocession

Purpose: Manage overall exposure to aviation, marine and energy risks

Program Year: New in 2026

Note: Contributed to YTD 2026 ceded premium increase of 50.1%

Specialty Business - Quota Share Retrocession

Type: Quota Share

Trend: Reduced activity in 2026 due to lower estimated inward premiums

Impact: Partially offset increases in other retrocession activity

Property Business - Quota Share Retrocession

Type: Quota Share

Trend: Reduced activity in 2026 due to lower estimated inward premiums

Innovations Segment - Retrocession Programs

Whole-Account Retrocession Program

Type: Quota Share (whole-account)

Cession Percentages:

28.5% - Programs incepting Q4 2024 onwards

33% - Programs from January 1, 2026 onwards

Ceded Premiums Written:

Q2 2026: $12.4 million (segment total)

YTD 2026: $27.8 million (segment total)

Q2 2025: $4.9 million

YTD 2025: $8.4 million

Ceded Premium Change:

Q2: 153.1% increase

YTD: 230.9% increase

Additional Quota Share Treaties - Innovations

Type: Quota Share

Number: Two new treaties

Program Year: 2026

Impact: Contributed to increased ceded premiums alongside whole-account program

---

CAT Event Losses (Retention Analysis)

2026 CAT Events

Middle East Conflict

Total Incurred: $25.0 million (YTD 2026)

Q1 2026: $5.0 million

Q2 2026: $20.0 million additional

Known full-limit loss: $7.6 million

Specific event losses: $9.9 million

IBNR estimate: $7.5 million

Retrocession Recovery: None triggered from excess of loss treaties

QatarEnergy Facility Explosion

Total Incurred: $6.5 million (Q2/YTD 2026)

Retrocession Recovery: None triggered from excess of loss treaties

Total 2026 CAT Losses

YTD 2026: $31.5 million

Q2 2026: $26.5 million

2025 CAT Events

California Wildfires

YTD 2025 Initial: $27.0 million

Q2 2026 Adjustment: Reduction in loss estimate (favorable development)

Retrocession Recovery: None triggered from excess of loss treaties

---

Large Event Losses (Non-CAT)

2026 Large Events

YTD 2026 Total: $4.8 million

Four large event losses in Property and Specialty lines

Q2 2026: $3.8 million (net)

Two energy losses incurred

Offset by reduction in Q1 2026 estimates

2025 Large Events

YTD 2025 Total: $7.1 million

Three event losses in Specialty line

Q2 2025: Air India crash in India (predominant driver)

---

Key Financial Figures

Gross Premiums Written

Net Premiums Written

Ceded Premiums Written

Net Premiums Earned

Net Loss and LAE Incurred

Net Investment Income

---

Loss Ratios and Combined Ratio Metrics

Open Market Segment - Key Ratios

CAT Event Loss Ratio

Q2 2026: 19.8% (driven by Middle East conflict + Qat

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SiriusPoint (SPNT) Reinsurance & Risk Transfer Programs

Loss Portfolio Transfer (LPT) Programs

1. **2024 LPT (Third Point Re)

Type: Loss Portfolio Transfer on funds withheld basis

Counterparty: Third Point Re

Effective Date: Q4 2024

Reserves Ceded: $220.0 million (initial estimate as of transaction date)

Funds Held Payable: $175.7 million (as of June 30, 2026)

Included within Reinsurance balances payable

Aggregate Limit: 150% of premium paid

Structure: Funds withheld basis

2. **2023 LPT (Pallas/SiriusPoint International)

Type: Loss Portfolio Transfer on funds withheld basis

Counterparty: Pallas Reinsurance Company Ltd. (subsidiary of Compre Group)

Effective Date: March 2, 2023 (closed June 30, 2023)

Valuation Date: September 30, 2022

Reserves Ceded (Initial): $1,300.0 million (as of valuation date)

Reserves Ceded (Closing): $905.6 million (as of June 30, 2023)

Reduction due to paid losses and favorable prior accident year reserve development

Coverage: Several classes of business from 2021 and prior underwriting years

Aggregate Limit: 130% of roll forward reserves at inception

As of June 30, 2026:

Funds held payable: $297.6 million (in Reinsurance balances payable)

Reinsurance recoverable: $305.4 million

Structure: Funds withheld basis

---

Key Reinsurance Metrics

Reinsurance Recoverables

Total assets in scope for credit loss assessment (June 30, 2026): $4,678.4 million

Insurance and reinsurance balances receivable, net: $2,606.7 million

Loss and LAE recoverable, net: $1,991.4 million

Other assets: $80.3 million

Total assets in scope for credit loss assessment (December 31, 2025): $4,437.8 million

Insurance and reinsurance balances receivable, net: $2,260.3 million

Loss and LAE recoverable, net: $2,102.3 million

Other assets: $75.2 million

Allowance for Expected Credit Losses

June 30, 2026: $28.4 million

December 31, 2025: $27.6 million

CECL Provision - Q2 2026: $0.6 million

CECL Provision - H1 2026: $1.0 million

2025 Period: $0 (no CECL recorded)

Credit Assessment Methodology

Pools financial assets by counterparty credit rating

Applies credit default rates from rating agencies (AM Best, S&P, Fitch, Demotech)

Uses internally developed default rates when ratings unavailable (based on historical experience and reference data)

---

Reinsurance Program Structure (General)

Reinsurance Segment Overview

Provides reinsurance to insurance/reinsurance companies, government entities, and risk bearing vehicles

Distribution: Treaty and facultative basis via broker market

Geographic Focus:

US/Bermuda: North American distribution, risks, and clients

International: Primarily European distribution, risks, and clients

Product Mix:

Treaty reinsurance: Both proportional and excess of loss

Facultative reinsurance: Selected business lines

Lines of Business:

Casualty:

Financial and Professional Liability

General Liability

Specialty niche classes

Personal lines

Clients: Multi-nationals, nationwide carriers, regional carriers, risk retention groups, captives

Property:

Critical catastrophe protection

Worldwide coverage for natural perils

Residential, commercial, industrial risks

Geography: United States, Europe, Asia

Clients: Global brokers, large national writers, regional companies

Other Specialties:

Aviation & Space

Marine & Energy

Credit

Both proportional and excess of loss, treaty and facultative

---

Corporate Eliminations & Ceded Premium Activity

Q2 2026 Written Premium Activity:

Gross Written Premium: $978.2 million (after $(3.3) million corporate elimination)

Net Written Premium: $710.3 million (after $0.8 million corporate adjustment)

Implied Ceded Premium: ~$267.9 million (27.4% cession rate)

Reinsurance Segment (Q2 2026):

Gross Written Premium: $336.9 million

Net Written Premium: $287.1 million

Ceded Premium: ~$49.8 million (14.8% cession rate)

Insurance & Services Segment (Q2 2026):

Gross Written Premium: $644.6 million

Net Written Premium: $422.4 million

Ceded Premium: ~$222.2 million (34.5% cession rate)

---

Other Risk Transfer & Capital Facilities

Federal Home Loan Bank Access

Member: SiriusPoint America (subsidiary)

Approval Date: September 25, 2025

FHLB Partner: Federal Home Loan Bank of New York

Borrowing Limit: 5% of admitted assets of SiriusPoint America

Admitted Assets (March 31, 2026): $3.4 billion

Outstanding Borrowings (June 30, 2026): $0

Purpose: General corporate purposes, subject to eligible collateral availability

Senior Revolving Credit Facility

Size: $400.0 million

Type: Senior unsecured revolving credit facility

Administrative Agent: JPMorgan Chase Bank, N.A.

Effective Date: December 19, 2024

Extension Option: 12-month extension available (subject to conditions and majority lender consent)

Purpose:

Working capital and general corporate purposes

Letters of credit for insurance/reinsurance agreements

Letters of credit for retrocessional agreements

Outstanding Borrowings (June 30, 2026): $0

Covenant Compliance: In compliance as of June 30, 2026

---

Run-Off & Legacy Business

Corporate Run-Off Portfolio:

Certain classes of business ceased as part of 2022 restructuring

Reinsurance contracts with interest crediting features

Asbestos and Environmental exposures: Mostly ceded on gross basis

Other latent liability exposures: Mostly ceded

Specific workers' compensation programs (no longer written)

Cyber programs (no longer written)

---

PML / Risk Metrics

NO SPECIFIC PML DATA DISCLOSED in this filing extract.

---

Cat Bond / ILS Programs

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

---

Summary

SiriusPoint's reinsurance and risk transfer strategy centers on two significant Loss Portfolio Transfers (2023 and 2024) totaling over $1.1 billion in initial reserves ceded, both structured on a funds withheld basis with aggregate limits of 130-150% of initial reserves. The company maintains $1.99 billion in loss recoverables as of Q2 2026, with credit exposure managed through rating-agency based default modeling. Cession rates vary significantly by segment (14.8% Reinsurance vs 34.5% Insurance & Services), and the company has access to $400 million in unutilized credit capacity plus FHLB borrowing capability.

View SEC Filing →

Hamilton Insurance Group Reinsurance & ILS Disclosure Extract

Reinsurance Programs

Loss Portfolio Transfer (LPT)

Type: Retroactive reinsurance / Loss portfolio transfer

Effective Date: February 6, 2020

Covered Business: Casualty risks from Lloyd's Years of Account 2016, 2017, and 2018

Premium: $72.1 million (total)

Reinsurance Recoverables on Unpaid Losses:

June 30, 2026: $23.5 million

December 31, 2025: $22.7 million

Deferred Gain Amortization:

Q2 2026: Income of $2.4 million

Q2 2025: Expense of $2.2 million

H1 2026: Income of $2.6 million

H1 2025: Expense of $2.7 million

Structure: Third-party retrocession arrangement; deferred gain amortized over settlement period in proportion to cumulative losses collected

---

Catastrophe Bond Programs

Easton Re Ltd. - Series 2024-1 Class A Notes

SPV Name: Easton Re Ltd. (Bermuda domiciled)

Sponsor: Hamilton Group

Issuance Date: December 2023

Size: $200 million (multi-year risk transfer capacity)

Covered Perils:

Named storm risk (United States)

Earthquake risk (United States and Canada)

Trigger Type: Industry loss index-triggered

Risk Period: January 1, 2024 to December 31, 2026

Ceded Premiums:

Q2 2026: $Nil

Q2 2025: $Nil

H1 2026: $15.9 million

H1 2025: $15.2 million

Beneficiaries: Company's operating platforms

---

Related Party Reinsurance Vehicles

Ada Re

Type: Special purpose insurer (fully collateralized)

Structure: Funded by investors

Business: Provides reinsurance and retrocession to both Hamilton Group and third-party cedants

Status: Unconsolidated related party

TS Hamilton Fund

Type: Investment fund (consolidated)

Governance: Sixth Amended and Restated Limited Liability Company Agreement dated May 21, 2026

Investment Agreement: Amended and restated June 1, 2026 (replaced Original Investment Agreement from April 1, 2026)

Prior Agreement: Commitment agreement dated July 1, 2023, as amended January 1, 2025

---

Key Reinsurance Figures

Reinsurance Recoverables

Total Reinsurance Recoverable on Unpaid Losses:

June 30, 2026: $1,375,857 thousand

December 31, 2025: $1,375,857 thousand (beginning of period)

June 30, 2025: $1,171,040 thousand

Ceded Premiums Written

Six Months Ended June 30:

2026: $209,346 thousand (calculated: $831,041 gross - $621,695 net)

2025: $155,712 thousand (calculated: $712,026 gross - $556,314 net)

Concentration Risk

Top Three Reinsurers: Represent 37% and 12% of paid losses recoverable and unpaid losses/LAE recoverable (respectively)

---

PML / Risk Metrics

NO PML DATA DISCLOSED in this filing excerpt.

---

Loss Reserves & Reinsurance Impact

Gross vs. Net Unpaid Losses and LAE

Six Months Ended June 30, 2026:

Gross unpaid losses and LAE (beginning): $4,415,176 thousand

Reinsurance recoverable on unpaid losses: $1,375,857 thousand

Net unpaid losses and LAE (beginning): $3,039,319 thousand

Six Months Ended June 30, 2025:

Gross unpaid losses and LAE (beginning): $3,532,491 thousand

Reinsurance recoverable on unpaid losses: $1,171,040 thousand

Net unpaid losses and LAE (beginning): $2,361,451 thousand

Net Retention Calculation

Implied Net Retention Rate: ~68.8% of gross reserves (2026: $3,039,319 / $4,415,176)

Ceded Percentage: ~31.2% of gross reserves

---

Summary Metrics

---

Investment Agreement Changes

The June 1, 2026 amendment to the TS Hamilton Fund Investment Agreement primarily relocated withdrawal provisions to the LLCA without substantive changes to withdrawal terms. No other material modifications were made to the investment structure.

View SEC Filing →

White Mountains Insurance (WTM) Reinsurance & ILS Disclosure Analysis

Reinsurance Programs

1. Outrigger Re Ltd. / WM Outrigger Re - Quota Share Reinsurance

Program Type: Collateralized Quota Share Reinsurance

Coverage: Provides collateralized reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio

Program Years: 2023, 2024, 2025 underwriting years

Structure:

Special purpose insurer (Bermuda segregated accounts company)

White Mountains owned 100% of preferred equity in segregated cell "WM Outrigger Re" for 2023-2025 underwriting years

2026 Renewal: Ark renewed Outrigger Re Ltd. for 2026 underwriting year with $70.0 million of unaffiliated third-party capital (White Mountains did not participate in 2026)

Ark increased use of traditional quota share reinsurance for 2026, reducing need for Outrigger Re capacity

Ceded Premiums (Q2 2026):

Ark ceded written premiums: $(239.7) million

WM Outrigger Re ceded: $(0.4) million

Total segment ceded written premiums: $(240.1) million

Intercompany Eliminations:

WM Outrigger Re's quota share reinsurance agreement with GAIL eliminates in consolidated financials

WM Outrigger Re exclusively provides reinsurance protection to Ark

Distributions:

H1 2026: White Mountains received $144.9 million of distributions, primarily return of capital related to non-renewal for 2026 underwriting year

Consolidation: White Mountains consolidates WM Outrigger Re in financial statements

---

2. HG Re First-Loss Reinsurance Treaty (FLRT)

Program Type: First-loss quota share reinsurance

Coverage: Municipal bond insurance policies issued by BAM (Build America Mutual Assurance Company)

Retention/Limit: Up to 15%-of-par outstanding for each policy assumed from BAM

Aggregate Limit: Equal to assets in two Collateral Trusts at any point in time

Collateral Structure:

Regulation 114 Trust:

Balance as of June 30, 2026: $409.3 million

Balance as of December 31, 2025: $399.4 million

Consists of cash, investments and accrued investment income

Target balance = HG Re's unearned premiums + unpaid loss and LAE reserves

Monthly deposits: BAM deposits ceded premiums net of ceding commissions directly into trust

Rebalancing: If balance >102% of target, excess transferred to Supplemental Trust; if below target, funds withdrawn from Supplemental Trust

Supplemental Trust:

Balance as of June 30, 2026: $604.4 million (includes $320.7M cash/investments, $276.8M BAM Surplus Notes at nominal value, $6.9M other)

Balance as of December 31, 2025: $607.1 million (includes $323.3M cash/investments, $276.8M BAM Surplus Notes, $7.0M other)

Target balance: $603.0 million, less excess in Regulation 114 Trust

Distributions to HG Re:

Q2 2026: $13.8 million ($6.9M assigned BAM Surplus Notes interest + $6.9M cash)

H1 2026: $28.8 million ($14.0M assigned interest + $14.8M cash)

Q2 2025: $22.2 million ($15.2M assigned interest + $7.0M cash)

H1 2025: $22.2 million (same as Q2)

BAM Surplus Notes:

HG Global initially funded BAM capitalization through purchase of $503.0 million of surplus notes

Surplus notes being replaced over time by cash and fixed income securities in Supplemental Trust

Earned Premiums (H1 2026): $7.7 million (Q2 2026)

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3. Excess of Loss Reinsurance Treaty (XOLT)

Program Type: Excess of Loss Reinsurance

Counterparty: BAM

Coverage: Last-dollar protection for municipal bond exposures insured by BAM in excess of New York State Department of Financial Services (NYDFS) single issuer limits

Aggregate Limit: Lesser of:

$125.0 million, OR

Assets held in Supplemental Trust at any point in time

Accounting Treatment: Deposit accounting (does not meet risk transfer requirements for reinsurance accounting)

Revenues: Financing revenues recorded in "other revenues" (insignificant for Q2 and H1 2026 and 2025)

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Ownership & Control

Ark Ownership:

White Mountains owns 65.9% of Ark (after management equity incentives)

Remaining shares owned by current and former Ark employees

Future dilution potential: Management rollover shareholders could earn additional 12.4% if MOIC return thresholds achieved

Fully-diluted ownership: Would be 53.5% if additional shares fully earned

HG Global Ownership:

White Mountains owned 96.9% of HG Global's preferred equity (as of June 30, 2026 and Dec 31, 2025)

88.4% of common equity (both periods)

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PML / Risk Metrics

NO PML DATA DISCLOSED in this filing excerpt

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Key Financial Figures

Reinsurance Recoverables:

Not explicitly disclosed in this excerpt

Ceded Premiums Written:

Q2 2026 (Ark/WM Outrigger segment): $(240.1) million

Ceded Losses Incurred:

Not disclosed in this excerpt

Net Written Premiums:

Q2 2026 (Ark/WM Outrigger segment): $537.4 million

Gross Written Premiums:

Q2 2026 (Ark/WM Outrigger segment): $777.5 million

Net Retention:

Implied retention ratio (Q2 2026): ~69% ($537.4M / $777.5M)

Collateral Trust Totals:

Combined Collateral Trusts (June 30, 2026): $1,013.7 million ($409.3M + $604.4M)

Combined Collateral Trusts (Dec 31, 2025): $1,006.5 million ($399.4M + $607.1M)

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Notable Items

1. Strategic shift at Ark: Increased use of traditional quota share reinsurance in 2026, reducing reliance on captive ILS vehicle (Outrigger Re)

2. Capital return: $144.9M returned to White Mountains in H1 2026 following Outrigger Re non-renewal

3. No new cat bonds disclosed in this filing period

4. Municipal bond focus: HG Re provides specialized first-loss and excess coverage exclusively for municipal bond insurance market through BAM relationship

View SEC Filing →

AXIS Capital Reinsurance and Risk Transfer Disclosures

Reinsurance Programs

1. Liability Lines Quota Share Treaty

Type: Quota Share

Program Details:

Restructured during 2026 (Insurance segment)

Effect: Increased company retention on liability business

Impact on Q2 2026: Decrease in ceded premiums earned contributed to 15% increase in net premiums earned

Impact on H1 2026: Decrease in ceded premiums earned contributed to 14% increase in net premiums earned

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2. Property Lines Quota Share Treaties

Type: Multiple Quota Share arrangements (Insurance segment)

Program Details:

New quota share treaties implemented in 2026

Existing quota share treaty restructured in 2026

Effect: Decreased company retention on property business

Impact on H1 2026: Increase in ceded premiums earned partially offset gross premium growth

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3. Motor Lines Quota Share Treaties with Strategic Capital Partners

Type: Quota Share (Reinsurance segment)

Program Details:

Multiple existing treaties restructured during 2026

Effect: Decreased company retention on motor lines

Impact on Q2 2026:

Contributed to 8% (10% constant currency) decrease in net premiums earned

Increase in ceded premiums earned

Impact on H1 2026:

Contributed to 3% (5% constant currency) decrease in net premiums earned

Increase in ceded premiums earned combined with decrease in gross premiums

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Collateralized Reinsurance / ILS Programs

Monarch Point Re - Casualty Retrocession Program

Structure:

Entity Type: Incorporated Segregated Accounts Company (ISAC) under Bermuda ISAC Act 2019

Investment Manager: Stone Point Credit Adviser LLC (wholly owned subsidiary of Stone Point Capital, LLC)

Portfolio: Diversified casualty reinsurance business

AXIS Equity Ownership (18% in each vintage):

Accounting Treatment:

Not a Variable Interest Entity (VIE)

Not consolidated

Accounted for under equity method

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Loan Advances to Monarch Point Re

2026 Loan Program:

Loan Advances Made (H1 2026): $183 million

Outstanding Balance (June 30, 2026): $313 million

Interest Rates: Between 4.2% and 4.4%

Interest Received (H1 2026): $8 million (received in advance, included in other liabilities)

Maturity Date: August 15, 2027

Settlement: Loan balances settled against amounts due under retrocession agreements (treated as non-cash activity)

2025 Loan Program (Comparative):

Loan Advances Made (H1 2025): $227 million

Outstanding Balance (June 30, 2025): $228 million

Interest Rates: Between 4.3% and 4.8%

Interest Received (H1 2025): $5 million

Maturity Date: May 15, 2027

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Key Financial Metrics

Gross Premiums Written:

Net Premiums Written:

Net Premiums Earned:

Loss Ratios:

Insurance Segment:

Q2 2026: 59.5% (Current year: 60.5%, Prior year development: -1.0%)

Q2 2025: 54.4% (Current year: 55.9%, Prior year development: -1.5%)

H1 2026: 57.9% (Current year: 59.0%, Prior year development: -1.1%)

H1 2025: 54.0% (Current year: 56.4%, Prior year development: -1.4%)

Reinsurance Segment:

Q2 2026: 68.2% (Current year: 69.1%, Prior year development: -0.9%)

Q2 2025: 66.6% (Current year: 68.0%, Prior year development: -1.4%)

H1 2026: 67.5% (Current year: 68.4%, Prior year development: -0.9%)

H1 2025: 67.1% (Current year: 68.4%, Prior year development: -1.3%)

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Strategic Objectives

Monarch Point Re Benefits:

Underwriting fee income from retrocession

Investment income and capital appreciation from Stone Point's investment management

Risk transfer on diversified casualty reinsurance portfolio

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Note: No PML figures, catastrophe bond programs, or detailed reinsurance recoverables balances were disclosed in the extracted sections of this 10-Q filing.