Reserve Strengthening Impact
Q: Will reserve strengthening impact capital or buybacks?
A: Management does not see a scenario where reserve strengthening will impact share buybacks or excess capital strength. Elevated risk in North American casualty is an industry-wide issue, and they are monitoring it carefully.

Property CAT Pricing Outlook
Q: What is the outlook for property CAT pricing at 1/1 renewals?
A: Management expects property CAT pricing to increase by 5-10% in both the U.S. and Europe at the January renewals due to recent natural catastrophes like Hurricanes Milton and Helene and Storm Boris. Demand for capacity is rising, and losses have been significant.

Elevated Casualty Loss Trends
Q: Are you seeing elevated loss activity in casualty lines?
A: Yes, they are experiencing elevated loss activity in U.S. casualty lines, particularly in excess casualty, general liability, and commercial auto in the third quarter. Social inflation and higher loss trends are impacting these lines.

Shift to Short-tail Lines
Q: Will shifting to short-tail lines reduce loss ratios?
A: Generally yes, shifting to property and specialty short-tail lines is expected to reduce loss ratios. However, elevated losses in casualty lines are offsetting some benefits, resulting in a flat attritional loss ratio.

Combined Ratio Guidance
Q: Can you achieve the 93-94% combined ratio guidance?
A: They believe they can achieve the 93-94% combined ratio, depending on catastrophe losses, and are confident about reaching 92% in the second half of 2025 through scaling premiums, favorable mix, and expense leverage.

Reinsurance vs Insurance Reserves
Q: Why more confidence in reinsurance reserves than insurance?
A: The reinsurance portfolio is highly diversified with conservative underwriting and less exposure to U.S. casualty lines. In contrast, the insurance portfolio is heavier in U.S. casualty, experiencing elevated losses, leading to more caution.

International Expansion Progress
Q: What's the status of international operations?
A: All international operations are up and running, with licenses obtained and business being written in all targeted countries. Earned premiums are exceeding expectations.

Expense Ratio Outlook
Q: How should we think about the expense ratio in insurance?
A: The commission ratio is expected to remain stable around 12%. General expenses are currently elevated due to upfront investments but will decrease as earned premiums scale, improving the expense ratio over time.

Cyber Insurance Outlook
Q: What's the outlook for cyber insurance pricing?
A: Cyber pricing is declining slightly. Cyber represents a very small portion of the portfolio. Reinsurance terms remain excellent with tight loss ratio caps. They are cautious but still find it attractive.