Published: 27th March 2026

For 20 years our focus has never changed: underwriting has always come first.
The business we are today delivers franchise value by playing to our strengths.
 

Download our Annual Report 2025

2025 At a Glance



 

2025 at a glance key statistics
Paid in dividends to our shareholders Profit after tax Change in DBVS
$296.5 million $293.4 million 20.9%



 

Gross premiums written Underwriting capacity acquired for Syndicate 2010 Colleagues across our offices
$2,259.3 million 100% 447



 

Participation rate in employee survey Donated through the Lancashire Foundation Employer in Bermuda
84% $0.84 million Top 3

Creating value across two decades

Lightbulb gear icon on orange circle


Proactive and consistent capital returns when excess builds

Gear flow with triangles and circles icon on orange circle


Since inception we have returned $3.7 billion to our shareholders

Tick gear icon with arrows on orange circle


Proven track record of active capital management across the cycle

magnifying glass icon on orange circle


Disciplined capital management, with flexibility to optimise capital levels as market conditions evolve

Capital returns to shareholders

Capital returns to shareholders graph. Covering 2007 till 2025. Across ordinary dividends, special dividends, and share repurchases
  Ordinary dividends Special dividends Share repurchases
2025 $54.4 million $242.1 million $0
2024 $54 million $300.2 million $0
2023 $35.8 million $119.5 million $0
2022 $36.2 million $0 $23.3 million
2021 $36.4 million $0 $6.9 million
2020 $32.3 million $0 $0
2019 $30.2 million $0 $0
2018 $30.1 million $40.1 million $0
2017 $29.9 million $0 $0
2016 $29.8 million $149.1 million $0
2015 $29.7 million $287.8 million $0
2014 $31.5 million $289.5 million $25.0 million
2013 $29.7 million $295.9 million $0
2012 $28.8 million $172.6 million $0
2011 $28.4 million $152.0 million $0
2010 $30.2 million $264.0 million $136.4 million
2009 $10.5 million $263.0 million $16.9 million
2008 $0 $0 $58.0 million
2007 $0 $239.1 million $100.2 million

Leadership statements

Non-Executive Chairman's statement

"Our strong returns during the year were down to a combination of the solid underwriting performance, and an excellent investment performance from our growing portfolio."
 


 

Philip Broadley
Non-Executive Chair

Download statement
Group Chief Executive Officer's statement

"What we have achieved in 2025 shows that the work that we began in 2018 to refocus the business and become more diversified was the right strategy at the right time."
 


 

Alex Maloney
Group Chief Executive Officer

Download statement
Group Chief Financial Officer's statement

“We have improved our capital efficiency, continued to build a good margin in our reserves and increased investment leverage, so we are in a strong position as we begin to go into the next part of the underwriting cycle."

 

Natalie Kershaw
Group Chief Financial Officer

Download statement
Group Chief Underwriting Officer's statement

“We have improved our capital efficiency, continued to build a good margin in our reserves and increased investment leverage, so we are in a strong position as we begin to go into the next part of the underwriting cycle."

 

Paul Gregory
Group Chief Underwriting Officer

Download statement
OUR PURPOSE

1. Deliver bespoke risk solutions that protect our clients and support economies, businesses and communities in the face of uncertain loss events.

 

2. Manage our risk exposures and capital resources to generate returns for our investors.

 

3. Support our people and work with our stakeholders, fostering a positive, sustainable and open business culture to the benefit of society.

KEY PERFORMANCE INDICATORS

Our strategy since 2018 to refocus the business and become more diversified was the right one. Our capital usage is more efficient and the volatility of our earnings has been significantly reduced.

Download KPIs
Our strategy

Our goal is to maximise risk-adjusted returns for our shareholders. Our strategy has always been to actively manage the market cycle and we are achieving results that support more sustainable outcomes.

Download Strategic overview
Business review

Having a broader and more diversified underwriting portfolio provides us with more options for growth and, more importantly, sustainable returns through the cycle.

Download Business review
2025 TCFD REPORT

Our TCFD report provides a concise snapshot of the Group’s response to the risks and opportunities presented by climate change. This is our sixth TCFD report, and since our inaugural disclosure, we have progressively expanded the scope and depth of our reporting. The document summarises recent progress and is structured around TCFD’s four pillars, aligning our disclosures with its recommendations, to improve transparency and support informed decision-making.

Download our 2025 TCFD Report