Question · Q4 2025
David Samar inquired about the source of funds for the special dividend, asking if it would come from cash on hand, the Two Sigma fund, the fixed income portfolio, or a mix. He also requested more information on the elevated large losses experienced in both segments during the quarter.
Answer
Craig Howie, Group Chief Financial Officer, confirmed that the special dividend would be sourced from available cash on hand and the fixed income portfolio. He explained that Q4 2025 saw more large losses compared to Q4 2024, with the largest being a satellite loss impacting both specialty segments. This type of event prompted the change in the catastrophe and headline loss threshold to $10 million to better capture truly headline losses.
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