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- **Record Growth**: Q3 GWP up 17.5% to $232M, driven by 20% Casualty and 83% Baleen premium growth. Adjusted EPS of $0.47 reflects 25.5% net income increase.
- **Operational Efficiency**: Expense ratio drops to 29.5% via automation, with plans for further reductions through tech scaling.
- **Investment Strength**: 31% YoY investment income growth to $15M, supporting 16% equity increase to $431M.
- **Strategic Focus**: Expanding into cyber liability and healthcare exclusions, avoiding competitive D&O and financial institution markets.

**【CEO Summary Section】**
- Q3 2025 gross written premiums (GWP) increased 17.5% YoY to $232 million, driven by 20% growth in Casualty and 11% in Healthcare Liability. Adjusted net income rose 25.5% to $15.8 million, with EPS of $0.47.
- Casualty division focuses on excess liability for construction, distribution, and public entities, avoiding high-risk classes. Healthcare division benefits from exclusions for sexual abuse claims.
- Baleen, the digital underwriting platform, generated $6.2 million in Q3, 83% growth from Q2, targeting small to mid-market cyber liability.
- Expense ratio improved to 29.5% (down 40bps YoY) due to automation and workflow optimization.

**【COO Operational Efficiency】**
- Technology initiatives streamlined underwriting, claims processing, and actuarial modeling, reducing manual tasks and enhancing scalability.
- Targeting further expense ratio reductions through operational leverage and technology-driven growth.

**【CFO Financial Highlights】**
- Net investment income grew 31% YoY to $15 million, with a book yield of 4.8% and AA credit quality. Total equity reached $431 million, up 16% YoY.
- Combined ratio improved to 95.4%, with a 1.4pt increase in loss ratio due to casualty mix shift. Fee increases with American Family offset by expense management.
- Planning to access non-equity capital by end-2025 to support growth without equity dilution.

**【Q&A Highlights】**
- Cyber and D&O markets remain competitive, with limited pricing power. Construction project growth expected post-government shutdown, but lumpy and selective.
- Sexual abuse exclusions gaining traction in healthcare, creating new market opportunities. No immediate plans for new product lines beyond existing tech-driven expansion.
- 2026 capital strategy excludes equity raises; exploring debt and reinsurance options. Reserves remain conservative with 88% IBNR reliance on industry data.

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