Apex Re — CEO Command Center

Command Center

Q1 2026 · Fiscal Year Performance

Solvency II: 186% AM Best: A+

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Last updated: Feb 25, 2026 · 08:00 UTC

📈 Gross Written Premium — Quarterly

📉 Combined Ratio Trend

Company Health

Financial & operational metrics

💰 Revenue Composition (LTM)

🏥 Loss Ratio by Line of Business

📊 Capital & Solvency

Solvency II Ratio

186%

Debt / Capital

21%

Risk-Based Capital (RBC)

412%

Reinsurance Recoverables

$2.1B

Investment Grade Assets

94%

Liquidity Coverage Ratio

148%

📅 Net Investment Income Trend

🌪️ Catastrophe Exposure by Region

Underwriting Portfolio

Treaty & Facultative book analysis

Renewal Season: Apr 2026

📋 Portfolio Mix

🌍 Geographic Distribution

⚡ Renewal Rate Changes

Property Cat+8.2%

Casualty XL+4.1%

Marine & Energy+6.7%

Aviation+2.3%

Life & Health Re+0.9%

Credit & Surety-1.2%

📑 Top Treaty Accounts (Q1 2026)

Client	Line	GWP ($M)	Loss Ratio	Combined	Status
Atlas Insurance Group	Property Cat XL	$142M	48.2%	71.4%	Profitable
Pacific Shield Re	Casualty Quota Share	$118M	68.1%	94.3%	Watch
Nordic Mutual	Marine XL	$95M	52.4%	78.2%	Profitable
Horizon Life Corp	Life Re Quota Share	$87M	74.2%	88.7%	Stable
Delta Specialty	Facultative Property	$76M	91.3%	118.6%	Unprofitable
Crown Re	Credit & Surety	$64M	61.8%	84.1%	Stable

What Changed & Why

Key drivers vs. prior quarter

HIGH IMPACT

Hurricane Helena — Q4 2025 Cat Loss

Atlantic hurricane made landfall in Florida & Gulf Coast. Estimated gross losses of $680M, net of retrocession $285M. Elevated loss ratio by +6.8 pts in Property Cat book.

HIGH IMPACT

Casualty Reserve Strengthening

Social inflation trends in US liability lines required $145M reserve strengthening. Impacted net income by $102M after tax. IBNR development 2.4x expected.

POSITIVE

Rate Hardening — Property Lines

Jan 1 renewals achieved +8.2% rate on Property Cat vs. risk-adjusted loss cost. $312M of new premium written at improved terms. Margin expansion expected in 2026.

MEDIUM IMPACT

Investment Yield Improvement

Portfolio repositioned toward higher-yield fixed income. NII increased $38M QoQ as reinvestment rates improved to 5.2%. Duration kept at 3.8 years to manage rate risk.

MEDIUM IMPACT

Delta Specialty Facultative Account

Combined ratio of 118.6% driven by 3 large property losses. Non-renewal decision made for 40% of the account. Expected $22M reduction in GWP at April renewals.

LOW IMPACT

Asia-Pacific Market Expansion

New treaty agreements with 4 APAC cedents added $58M GWP at Jan 1. Portfolio diversification reduces peak cat PML by estimated 3%. Full earnings contribution from Q2 2026.

📊 What-If Analysis — Combined Ratio Scenarios

BEAR CASE

101.2%

+2 more Cat events, reserve dev.

ROE: 4.1%

BASE CASE

94.3%

Normal cat load, stable reserves

ROE: 12.8%

BULL CASE

88.7%

Benign cat, positive reserve dev.

ROE: 18.3%

Decision Log

Strategic and underwriting decisions — Q1 2026

🚫 Non-Renew Delta Specialty Facultative Account (40%)Feb 18, 2026

ApprovedUnderwriting

Combined ratio of 118.6% over 3-year period. Three large attritional losses in H2 2025. Non-renewal of 40% of the account at April 1 expected to reduce GWP by $22M but improve portfolio combined ratio by 0.4 pts. Retaining profitable elements. Owner: Chief Underwriting Officer.

📈 Increase Property Cat Capacity by $500M at Jan 1Jan 3, 2026

ApprovedStrategy

Hardening market conditions post-Helena event. Average rate change of +8.2% on renewed business. Additional capacity deployed at improved risk-adjusted returns. Expected incremental GWP of $312M at ~72% combined ratio. Capital adequacy confirmed at 186% post-deployment. Owner: CEO / Board Risk Committee.

🌏 APAC Market Entry — 4 New Treaty CedentsDec 15, 2025

ApprovedStrategy

Strategic diversification into Southeast Asia and Australia markets. Four treaties underwritten at January 1 renewal. Total GWP $58M. Lines: Property Cat (Australia), Marine (Singapore), Casualty QS (Japan). Local underwriting office opening in Singapore Q2 2026. Owner: Chief Strategy Officer.

💰 Retrocession Program Restructure — 2026Nov 28, 2025

ApprovedFinance

Purchased additional $200M occurrence retro protection for 2026 at improved pricing post-Helena. Net retention reduced on peak perils. All-in retro cost: $47M (vs. $62M in 2025). Net PML reduction of 18% on 1-in-100yr event. Owner: Chief Risk Officer.

📊 Casualty Reserve Review — US Liability LinesOct 14, 2025

ApprovedFinance

Actuarial review concluded additional $145M reserve strengthening required for US casualty business (accident years 2019-2022). Social inflation trends accelerating in general liability and commercial auto. Reserve adequacy now at 106% confidence. One-time charge taken Q3 2025. Owner: Chief Actuary / CFO.

🤖 AI Underwriting Pilot — Cat Modeling EnhancementFeb 1, 2026

In ProgressTechnology

Pilot program to integrate ML-enhanced catastrophe models with proprietary claims data. Expected to improve pricing accuracy by 12-15% on Property Cat. Phase 1 completion Q2 2026. Investment: $8M. Vendor: CatIQ / internal data science team. Owner: CTO.