Achieved a 15.3% Adjusted Net Operating Return on Tangible Common Equity for 2025. Tangible Common Equity per Share grew by 34% in 2025. Reported Adjusted Net Operating Income of $16.0 million and Net Income Available to Common Shareholders of $30.1 million in Q4 2025, which included a $14.1 million tax benefit from redomicile. The Excess & Surplus (E&S) Combined Ratio was 89.4% for 2025, with a Group Expense Ratio of 30.2%. Realized 9% expense savings in 2025 across E&S, Specialty Admitted, and Corporate segments. Experienced a 9% E&S renewal rate change and a 4% increase in submission volume in 2025. The E&S market demonstrated significant growth, with an 18% average growth rate from 2020-2025, reaching $105.0 billion in Direct Written Premium in 2025. Maintained a strong balance sheet with $538 million in total shareholders' equity and $4.9 billion in total assets as of December 31, 2025. The investment portfolio generated $83.4 million in net investment income for 2025, with a 4.7% annualized gross investment yield. Underwriting actions since 2023 have led to a stable E&S segment accident year loss ratio of 63.5% in 4Q25 and a pervasive declining trend in claims counts post-2022.