- Reinsurance of 75% of in-force individual life block with RGA closed on July 31.
- Significantly reduces future mortality claims exposure and earnings volatility.
- Generated over $2 billion in value through ceding commission and capital release.
- Plan to execute $500 million of share repurchases in second half of 2025.
- Remaining capacity for opportunistic growth investments or additional buybacks.
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- RenaissanceRe has significantly diversified and grown its underwriting portfolio, including constructing its largest net retained property catastrophe portfolio to date.
- 80% of recent premiums in Florida were at private terms above market rates, indicating strategic positioning and premium quality.
- The company is expanding across classes, leveraging scale to secure better-than-market terms, especially in property catastrophe, casualty, and specialty lines.
- Globe Life submitted a preliminary business plan to Bermuda Monetary Authority to establish a reinsurance affiliate in Bermuda.
- The plan aims to reinsure a portion of new and in-force life insurance policies, with an initial reinsurance of a small block of reserves.
- The company expects to cede approximately 25% of total statutory life reserves over time, including in-force and new business.
- The first reinsurance transaction is targeted for the end of the year, with subsequent transactions possibly following.
- The Bermuda entity is expected to enhance the company's economic capital framework, support growth, and improve earnings emergence.
- Regulatory and rating agency discussions are ongoing, with formal licensing expected later in the year.
- Management highlighted a 10% decline in Property gross premiums due to increased competition and rate pressure, especially on catastrophe-exposed business.
- Casualty and Surety segments experienced growth, but Property's decline reflects a strategic shift away from less profitable lines amid market softening.
- The company is emphasizing disciplined underwriting and selective growth, particularly in challenging segments like E&S Property and auto.
- Despite headwinds, RLI remains optimistic about long-term opportunities, focusing on profitable niches rather than market share.
- Management noted that rate decreases are primarily in specific lines like E&S Property and auto, with some segments still seeing rate increases to maintain profitability.
- The company is actively managing exposure to natural catastrophe risks, including hurricane season, with a cautious approach to new business.
- RILA account balances increased by nearly 80% from Q2 2024 to support sustainable investment spread income.
- Growth in RILA assets under management driven by product launches like Market Link Pro III and Market Link Pro Advisory III, offering NASDAQ 100 Index options and principal protection.
- RILA now accounts for nearly 1/3 of total retail annuity sales, highlighting Jackson’s leadership in equity participation with downside protection.
- Radian expects to pay up to $795 million in total distributions to shareholders in 2025, with $400 million already paid in the first half.
- The company maintains a stable PMIERs cushion of $2 billion, indicating strong capital buffers.
- Total holding company liquidity was $784 million at the end of Q2, down from over $1 billion two years ago due to share repurchases.
- The company has an undrawn credit facility of $275 million, providing additional financial flexibility.
- Management emphasizes a cautious yet opportunistic approach to liquidity and capital allocation, balancing share repurchases with maintaining sufficient buffers.
- Brokerage segment revenue growth was 17%, organic growth 5.3%, adjusted EBITDAC margin expanded 334 basis points to 36.4%.
- Completed 9 mergers in Q2 representing $290 million of estimated annualized revenue.
- For combined Brokerage and Risk Management segments, posted 16% revenue growth, 5.4% organic growth, net earnings margin of 17.3%, adjusted EBITDAC margin of 34.5% up 307 basis points YoY, adjusted EBITDAC growth of 26%.
- GAAP earnings per share of $2.11 and adjusted earnings per share of $2.95.
- Reinsurance, wholesale and specialty businesses delivered nearly 7% organic growth, including 5% from Gallagher Re and over 7% from wholesale and specialty.
- Retail operations delivered 4% organic growth; U.S. organic 5%, international operations around 3%.
- Risk Management segment revenue growth was 9%, organic growth 6.2%, adjusted EBITDAC margin was 21%, better than June expectations.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by offshore Infrastructure K-Series vehicle performance allocation.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by performance allocation from offshore Infrastructure K-Series vehicle.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months ending June 30, 2025.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with all-in pretax ROE approaching 20%.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with pretax ROE approaching 20% when including related economics.
- KKR reported fee-related earnings (FRE) of $0.98 per share, total operating earnings (TOE) of $1.33 per share, and adjusted net income (ANI) of $1.18 per share for Q2 2025, all among the highest in company history.
- Management fees in Q2 were $996 million, up 18% year-over-year, driven by Americas XIV fund activation and broader fundraising and deployment initiatives.
- Private equity portfolio appreciated 5% in the quarter and 13% over 12 months; Real Assets and Credit portfolios showed positive returns across sub-segments.
- Private equity portfolio appreciated 5% in the quarter and 13% over the last 12 months; Real Assets and Credit portfolios also showed positive returns.
- Realized performance income was $419 million and realized investment income was $154 million, driven by public secondary sales, private transactions, and K-PRIME crystallization.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings driven by recurring earnings streams.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings from recurring streams over the last 12 months.
- Total transaction and monitoring fees were $234 million, with $200 million from Capital Markets, over half from European activities.
- Total transaction and monitoring fees were $234 million, with Capital Markets transaction fees at $200 million, over half from European activities.
- Ellington Financial (EFC) generated a GAAP net income of $0.45 per share in Q2, with an annualized return of nearly 14%.
- The company had a large credit hedge portfolio coming into the quarter, which helped stabilize book value during widening credit spreads amid tariff-related uncertainty.
- During the April sell-off, EFC's credit hedges not only stabilized book value but also enhanced liquidity by providing daily access to mark-to-market gains, enabling the company to capitalize on attractively priced securities.
- Market dislocation in April led to a strategic pause in securitization issuance, which was resumed after spreads stabilized, resulting in six securitizations in Q2 at attractive levels.
- Overall portfolio size remained roughly unchanged, with securitizations, tactical sales, and principal repayments offset by opportunistic purchases and growth in non-QM, reverse, and commercial mortgage bridge loans.
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