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Jeremy Witte Appointed CEO of Fast Track IT (BIDFTA.COM) as Former CEO Transitions to Board Role

Jeremy Witte Appointed CEO of Fast Track IT (BIDFTA.COM) as Former CEO Transitions to Board Role

CINCINNATI, April 2, 2025 /PRNewswire/ -- BIDFTA.COM, a leading provider of reverse logistics services as a comprehensive, data-driven, and technology-enabled recommerce platform, is pleased to announce the appointment of Jeremy Witte as Chief Executive Officer, effective April 1, 2025.
Mr. Witte is a seasoned professional in the reverse supply chain industry, and military veteran, with more than 15 years of leadership experience. He has led the multi-billion dollar recommerce and reverse logistics businesses of Amazon, Best Buy, and GENCO/FedEx. Additionally, he has had entrepreneurial experience and success co-founding a cross-border trade company that was previously acquired by Pitney Bowes.
Mr. Witte's appointment follows the announcement that Greg Konicki, the company's former President, will transition to a new role as a member of the Board of Directors. Mr. Konicki has guided the company through a period of remarkable transformation, and the Board is eager to continue benefiting from his expertise and leadership in this new capacity.
The reverse logistics industry is experiencing significant growth and transformation, and BIDFTA.COM's unique advantage as a comprehensive, scalable solution is invaluable to both its customers and suppliers. It simultaneously promotes sustainability and reduces landfill waste.
Melissa Truong, a member of BIDFTA.COM's Board of Directors and Principal at ACON Investments, emphasized this value, commenting, 'Jeremy has a proven track record of success in the reverse logistics industry. His extensive and multifaceted experience in strategic partnerships and operational excellence will be a significant asset as we continue to build on the momentum established under Greg's leadership.'
Mr. Konicki expressed his confidence in the transition and Mr. Witte's ability to guide the company into its next phase, remarking, 'I am immensely proud of BIDFTA.COM's accomplishments and am confident that the company will continue to thrive under Jeremy's strategic leadership. As I transition to the Board, I look forward to continuing to support the team and contribute to the company's future success.'
'I am honored and excited to assume the role of CEO at BIDFTA.COM, a company I have long admired as a pioneer of sustainable inventory recovery and a more circular economy,' said Mr. Witte. 'I eagerly anticipate collaborating with the team, the Board, and our valued partners to continue creating long-term value for our customers and stakeholders in the years to come.'
About BIDFTA.COM
Founded in 2006, BIDFTA.COM is a leader in reverse logistics offering full-service liquidation, tech-driven tools, and custom partnerships as well as the BidFTA online auctions. The company is dedicated to providing leading retailers with a complete solution for maximizing recovery of excess inventory and returned goods through a secure marketplace while promoting sustainability. The company's efficient, scalable, data-driven and customized client-first solutions simplifies the liquidation process, maximizes recovery and keeps products in circulation rather than in landfills.
About ACON Investments, LLC
ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City and São Paulo, ACON has managed $7.2 billion in assets since inception and has a 29-year track record. For more information, visit www.aconinvestments.com.
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RBA interest rate cut 'all but nailed on' after ABS reveals key inflation data: 'Pull the trigger'
RBA interest rate cut 'all but nailed on' after ABS reveals key inflation data: 'Pull the trigger'

Yahoo

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  • Yahoo

RBA interest rate cut 'all but nailed on' after ABS reveals key inflation data: 'Pull the trigger'

Homeowners could soon see another slice of mortgage relief delivered in just a few weeks after positive inflation data was released. The Australian Bureau of Statistics (ABS) revealed trimmed inflation, which is the metric the Reserve Bank of Australia (RBA) closely follows, fell from 2.9 per cent to 2.7 per cent, the lowest level since December 2021. That puts inflation in touching distance of the Board's desired midpoint of 2-3 per cent, and could help secure an interest rate cut at its August 11 and 12 meeting. Canstar's director of data and insights, Sally Tindall, told Yahoo Finance this result is the confirmation the RBA "has been waiting for". 'This, combined with the surprise lift in Australia's unemployment rate, should be more than enough for the RBA to pull the trigger on the third cash rate cut for the year," she said. RELATED Dark $95,420 property cloud looming for new buyers Centrelink pension warning for 4.3 million Aussies facing super nightmare Aussie couple reveal 'cheaper' $400,000 housing solution 'Inflation is cooling in key categories that have been cause for concern for the central bank. Services inflation is still too high, at an annual rate of 3.3 per cent, but it's now at the lowest level since June 2022. Canstar found a homeowner with a $600,000 mortgage would save $90 per month with a 0.25 per cent cut next month. That goes up to $150 per month with a $1 million mortgage. eToro market analyst Josh Hilbert said this latest data point is making it "harder" for the RBA to keep holding interest rates. "After the surprise pause in July, today's data means an August rate cut is all but nailed on," he added. He said markets have priced in a 93 per cent chance of a cut next month, and cited how cost-of-living pressures on homeowners would mount more pressure on the RBA to provide some relief. But he hinted there might not be much more movement in the cash rate for several months."The RBA's inflation fight looks all but won, and the board has a narrow window to move before downside risks mount further," Gilbert said. "The RBA's measured approach so far means that following a cut in August, we may only see one further cut until the end of the year. Nonetheless, rates are coming down, and that's a win for equity markets and mortgage holders." Commonwealth Bank (CBA), Westpac, NAB and ANZ all believe the RBA will cut interest rates next month. But they're divided on how many more there will be in this cutting cycle. CBA and ANZ predict there will be two additional cuts coming, which would bring the cash rate down to 3.35 per cent. NAB thinks there will be three, while Westpac is the outlier with four predicted reductions in the cash rate. That would bring the rate down to 2.85 per cent. Why the RBA held rates in July The RBA shocked experts and homeowners earlier this month when it decided to hold interest rates at 3.85 per cent. The Big Four banks all thought the July meeting would have concluded with a cut. However, the Board said concerns around unemployment and lack of broader inflation data made them play it safe. The jobless rate jumped to 4.3 per cent in June and beat market expectations of 4.1 per cent. The RBA only had monthly CPI data to work with when members met over July 7 and 8, but today's inflation data release spans across April, May, and June. This gives the RBA a much better snapshot with where inflation is headed. KPMG chief economist Brendan Rynne agreed the RBA should have everything it needed to cut interest rates. 'Consumer and business confidence has continued to remain in the doldrums, with households and investors looking for continued rate relief before they open their wallets further,' he said. AMP chief economist Shane Oliver said if the inflation reading for the June quarter came in at 2.8 or 2.9 per cent, the RBA would likely hold rates again and wait until there was decent enough downward movement. Buyer warning ahead of another possible interest rate cut Scott Kuru, CEO of property advisory firm Freedom Property Investors, warned prospective buyers shouldn't twiddle their fingers if they wanted to avoid higher prices. 'We've seen home prices rise 1.8 per cent across the capital cities over the last quarter, with all cities up and Brisbane and Perth starring with 2.3 per cent and 2.4 per cent growth," he said, which he estimated meant annual price growth of 7 to 10 per cent. 'We're seeing some of the strongest auction clearance rates in years.' 'Home buyers and investors realise there's only a small window before we see the end of affordable property in Australia,' 'They're not waiting for the RBA - they're acting with their feet."Sign in to access your portfolio

AXIS Capital Reports Second Quarter Net Income Available to Common Shareholders of $216 Million, or $2.72 Per Diluted Common Share and Operating Income of $261 Million, or $3.29 Per Diluted Common Share
AXIS Capital Reports Second Quarter Net Income Available to Common Shareholders of $216 Million, or $2.72 Per Diluted Common Share and Operating Income of $261 Million, or $3.29 Per Diluted Common Share

Business Wire

time11 hours ago

  • Business Wire

AXIS Capital Reports Second Quarter Net Income Available to Common Shareholders of $216 Million, or $2.72 Per Diluted Common Share and Operating Income of $261 Million, or $3.29 Per Diluted Common Share

PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2025. Commenting on the second quarter 2025 financial results, Vince Tizzio, President and CEO of AXIS Capital said: "AXIS delivered an excellent second quarter highlighted by record profitability and we continued our trend of strong performance, with 18.6% diluted book value per share growth over the prior year. In the quarter, we produced an annualized operating return-on-equity of 19% and an 88.9% combined ratio. In addition, we set new company records for first half underwriting income and production, while targeting premium adequate business that meets our risk-adjusted returns. Our Insurance segment continued to excel, generating an 85.3% combined ratio and all time highs in premium volume at $1.9 billion and underwriting income at $152 million, with increasing contributions from our new and expanded products. Our reinsurance business again generated steady positive bottom-line results, with a 92% combined ratio. Our sustained profitable growth is supported by the ongoing enhancement of our operations through our 'How We Work' program, which is enabled by investments in technology and AI. While we acknowledge the progress achieved, we remain steadfast in advancing our strategy and providing value to our customers and the broader market." Second Quarter Consolidated Results* Net income available to common shareholders for the second quarter of 2025 was $216 million, or $2.72 per diluted common share, compared to net income available to common shareholders of $204 million, or $2.40 per diluted common share, for the second quarter of 2024. Operating income 1 for the second quarter of 2025 was $261 million, or $3.29 per diluted common share 1, compared to operating income of $250 million, or $2.93 per diluted common share, for the second quarter of 2024. Completed loss portfolio transfer reinsurance agreement ("LPT") to retrocede net reserves for losses and loss expenses of approximately $2 billion to Enstar. Net investment income for the second quarter of 2025 was $187 million, compared to $191 million, for the second quarter of 2024, with lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments. Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024. The market yield was 5.0% at June 30, 2025. The effective tax rate of 20.1% for the quarter was due to pre-tax income in our Bermuda, U.K., U.S., and European operations. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025. Common share repurchases pursuant to our Board-authorized share repurchase program of $50 million and common share dividends of $35 million. Book value per diluted common share was $70.34 at June 30, 2025, an increase of $3.86, or 5.8%, compared to March 31, 2025, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $0.44 per share. Book value per diluted common share increased by $11.05, or 18.6%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $1.76 per share. Adjusted for net unrealized investment gains (losses), after-tax, book value per diluted common share was $70.29 at June 30, 2025, an increase of $2.44, or 3.6%, compared to $67.85 at March 31, 2025, and an increase of $6.75, or 10.6%, compared to $63.54 at June 30, 2024. * Amounts may not reconcile due to rounding differences. 1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. Expand Second Quarter Consolidated Underwriting Highlights 2 Gross premiums written increased by $76 million, or 3%, to $2.5 billion with an increase of $118 million, or 7% in the insurance segment, partially offset by a decrease of $43 million, or 7% in the reinsurance segment. Net premiums written increased by $62 million, or 4%, to $1.6 billion with an increase of $96 million, or 8% in the insurance segment, partially offset by a decrease of $35 million, or 9% in the reinsurance segment. Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $37 million ($31 million, after-tax), (Insurance: $36.4 million; Reinsurance: $0.2 million), or 2.6 points, primarily attributable to weather-related events. Net favorable prior year reserve development was $20 million (Insurance: $15 million; Reinsurance: $5 million), compared to $nil in 2024. 2 All comparisons are with the same period of the prior year, unless otherwise stated. 3 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums. 4 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is provided later in this press release. Expand Year to Date Consolidated Underwriting Highlights Gross premiums written increased by $216 million, or 4% ($246 million, or 5%, on a constant currency basis (5)), to $5.3 billion with an increase of $200 million, or 6% in the insurance segment, and an increase of $16 million, or 1% in the reinsurance segment. Net premiums written increased by $90 million, or 3% ($118 million or 4%, on a constant currency basis), to $3.4 billion with an increase of $119 million, or 5% in the insurance segment, partially offset by a decrease of $29 million, or 3% in the reinsurance segment. Pre-tax catastrophe and weather-related losses, net of reinsurance, were $86 million ($69 million after-tax), (Insurance: $84 million; Reinsurance: $2 million), or 3.2 points, including $32 million, or 1.2 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Net favorable prior year reserve development was $38 million (Insurance: $29 million; Reinsurance: $9 million), compared to $nil in 2024. General and administrative expense ratio decreased by 0.6 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program, partially offset by increases in personnel costs and information technology costs. 5 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative. Expand Segment Highlights Insurance Segment Three months ended June 30, ($ in thousands) 2025 2024 Change Gross premiums written $ 1,932,435 $ 1,814,066 6.5 % Net premiums written 1,290,510 1,194,197 8.1 % Net premiums earned 1,032,961 958,212 7.8 % Underwriting income 151,639 115,640 31.1 % Underwriting ratios: Current accident year loss ratio, excluding catastrophe and weather-related losses 52.3 % 51.8 % 0.5 pts Catastrophe and weather-related losses ratio 3.6 % 4.8 % (1.2 pts) Current accident year loss ratio 55.9 % 56.6 % (0.7 pts) Prior year reserve development ratio (1.5 %) — % (1.5 pts) Net losses and loss expenses ratio 54.4 % 56.6 % (2.2 pts) Acquisition cost ratio 18.9 % 19.6 % (0.7 pts) Underwriting-related general and administrative expense ratio 12.0 % 11.7 % 0.3 pts Combined ratio 85.3 % 87.9 % (2.6 pts) Current accident year combined ratio 86.8 % 87.9 % (1.1 pts) Current accident year combined ratio, excluding catastrophe and weather-related losses 83.2 % 83.1 % 0.1 pts Expand Gross premiums written increased by $118 million, or 7% ($116 million, or 6%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines which decreased in the quarter, principally due to a lower level of premiums associated with program business. Net premiums written increased by $96 million, or 8%, reflecting the increase in gross premiums written in the quarter, together with decreased cession rates in property and liability lines, partially offset by an increased cession rate in accident and health lines. The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters. The acquisition cost ratio decreased by 0.7 points, primarily related to an increase in ceding commissions. The underwriting-related general and administrative expense ratio increased by 0.3 points, due to the inclusion of personnel costs associated with new underwriting teams, together with investments in information technology in 2025, compared to the inclusion of elevated severance expenses in reorganization expenses in 2024. Gross premiums written increased by $200 million, or 6%, attributable to all lines of business with the exception of cyber lines which decreased in the period, principally due to a lower level of premiums associated with program business. Net premiums written increased by $119 million, or 5% ($124 million, or 6%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in property lines, partially offset by increased cession rates in accident and health, and cyber lines. Gross premiums written decreased by $43 million, or 7%, primarily attributable to the timing of renewals in multiple lines, together with a lower level of premiums associated with accident and health lines, partially offset by premium adjustments and new business in credit and surety lines. Net premiums written decreased by $35 million, or 9%, reflecting the decrease in gross premiums written in the quarter, together with increased cession rates to our strategic capital partners. The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with the first quarter as we continue to take a cautious stance given uncertainty in the current environment. Gross premiums written increased by $16 million, or 1% ($40 million, or 2%, on a constant currency basis), primarily attributable to new business and premium adjustments in credit and surety lines, together with the timing of renewals in liability lines, partially offset by decreased line sizes and non-renewals in accident and health, marine and aviation, and motor lines. Net premiums written decreased by $29 million, or 3% ($6 million, or 1%, on a constant currency basis), reflecting the increased cession rates to our strategic capital partners in the period, partially offset by the increase in gross premiums written in the period. Net investment income decreased by $4 million, or 2%, compared to the second quarter of 2024, primarily attributable to lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments. Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net unrealized gains on equity securities, partially offset by realized losses on the sale of fixed maturities. Change in net unrealized gains on fixed maturities, pre-tax of $142 million ($86 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of fixed maturities attributable to the decline in yields and the strengthening of the euro and pound sterling against the US dollar, compared to change in net unrealized gains, pre-tax of $21 million ($22 million excluding foreign exchange movements) recognized during the second quarter of 2024. Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024 and 4.5% at December 31, 2024. The market yield was 5.0% at June 30, 2025. 6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end. 7 The average cash and investments balance is the average of the monthly fair value balances. 8 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $97 million and $(5) million for the three months ended June 30, 2025 and 2024, respectively and foreign exchange (losses) gains of $144 million and $(30) million for the six months ended June 30, 2025 and 2024, respectively. Expand Total capital of $7.5 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2024, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common shares repurchased pursuant to our Board-authorized share repurchase programs of $490 million and common share dividends. On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted. On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2025, we had $110 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases. Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months. Book value per diluted common share increased by $3.86 in the quarter, and by $11.05 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends. Adjusted for net unrealized investment gains (losses), after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $70.29. 9 Total capital represents the sum of total shareholders' equity and debt. 10 Calculated using the treasury stock method. Expand Conference Call We will host a conference call on Wednesday, July 30, 2025 at 8:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 9336672 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 4028900. The webcast will be archived in the Investor Information section of our website. In addition, an investor financial supplement for the quarter ended June 30, 2025 is available in the Investor Information section of our website. About AXIS Capital AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.2 billion at June 30, 2025, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at Website and Social Media Disclosure We use our website ( and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program which can be found in the Investor Information section of our website ( The contents of our website and social media channels are not part of this press release. Follow AXIS Capital on LinkedIn ( and X Corp ( AXIS CAPITAL HOLDINGS LIMITED FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 Three months ended Six months ended 2025 2024 2025 2024 (in thousands, except per share amounts) Revenues Net premiums earned $ 1,393,431 $ 1,304,478 $ 2,734,251 $ 2,562,519 Net investment income 187,297 190,975 395,009 358,358 Net investment gains (losses) 43,468 (53,479 ) 13,462 (62,687 ) Other insurance related income 8,662 8,526 12,240 16,867 Total revenues 1,632,858 1,450,500 3,154,962 2,875,057 Expenses Net losses and loss expenses 801,754 765,988 1,587,679 1,494,659 Acquisition costs 275,897 265,091 540,477 519,345 General and administrative expenses 161,078 148,441 320,241 311,813 Foreign exchange losses (gains) 94,885 (7,384 ) 151,920 (30,936 ) Interest expense and financing costs 16,586 17,010 33,158 34,157 Reorganization expenses — 14,014 — 26,312 Amortization of intangible assets 2,396 2,729 5,125 5,458 Total expenses 1,352,596 1,205,889 2,638,600 2,360,808 Income before income taxes and interest in income (loss) of equity method investments 280,262 244,611 516,362 514,249 Income tax (expense) benefit (56,199 ) (40,547 ) (100,521 ) 84,107 Interest in income (loss) of equity method investments (705 ) 7,900 1,586 9,069 Net income 223,358 211,964 417,427 607,425 Preferred share dividends 7,563 7,563 15,125 15,125 Net income available to common shareholders $ 215,795 $ 204,401 $ 402,302 $ 592,300 Per share data Earnings per common share: Earnings per common share $ 2.75 $ 2.42 $ 5.04 $ 6.99 Earnings per diluted common share $ 2.72 $ 2.40 $ 4.98 $ 6.93 Weighted average common shares outstanding 78,378 84,475 79,757 84,677 Weighted average diluted common shares outstanding 79,329 85,326 80,845 85,509 Cash dividends declared per common share $ 0.44 $ 0.44 $ 0.88 $ 0.88 Expand AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED SEGMENTAL DATA (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024 2025 2024 (in thousands) Gross premiums written $ 1,932,435 $ 583,536 $ 2,515,971 $ 1,814,066 $ 626,170 $ 2,440,236 Net premiums written 1,290,510 344,924 1,635,434 1,194,197 379,547 1,573,744 Net premiums earned 1,032,961 360,470 1,393,431 958,212 346,266 1,304,478 Other insurance related income (loss) 6 8,656 8,662 (61 ) 8,587 8,526 Current accident year net losses and loss expenses (576,986 ) (244,997 ) (821,983 ) (542,591 ) (223,397 ) (765,988 ) Net favorable prior year reserve development 15,216 5,013 20,229 — — — Acquisition costs (194,912 ) (80,985 ) (275,897 ) (188,026 ) (77,065 ) (265,091 ) Underwriting-related general and administrative expenses (11) (124,646 ) (10,595 ) (135,241 ) (111,894 ) (8,874 ) (120,768 ) Underwriting income (12) $ 151,639 $ 37,562 189,201 $ 115,640 $ 45,517 161,157 Net investment income 187,297 190,975 Net investment gains (losses) 43,468 (53,479 ) Corporate expenses (11) (25,837 ) (27,673 ) Foreign exchange (losses) gains (94,885 ) 7,384 Interest expense and financing costs (16,586 ) (17,010 ) Reorganization expenses — (14,014 ) Amortization of intangible assets (2,396 ) (2,729 ) Income before income taxes and interest in income (loss) of equity method investments 280,262 244,611 Income tax (expense) benefit (56,199 ) (40,547 ) Interest in income (loss) of equity method investments (705 ) 7,900 Net income 223,358 211,964 Preferred share dividends 7,563 7,563 Net income available to common shareholders $ 215,795 $ 204,401 Current accident year loss ratio 55.9 % 68.0 % 59.0 % 56.6 % 64.5 % 58.7 % Prior year reserve development ratio (1.5 %) (1.4 %) (1.5 %) — % — % — % Net losses and loss expenses ratio 54.4 % 66.6 % 57.5 % 56.6 % 64.5 % 58.7 % Acquisition cost ratio 18.9 % 22.5 % 19.8 % 19.6 % 22.3 % 20.3 % Underwriting-related general and administrative expense ratio 12.0 % 2.9 % 9.7 % 11.7 % 2.5 % 9.3 % Corporate expense ratio 1.9 % 2.1 % Combined ratio 85.3 % 92.0 % 88.9 % 87.9 % 89.3 % 90.4 % 11 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $26 million and $28 million for the three months ended June 30, 2025 and 2024, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio. 12 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above. Expand 2025 2024 (in thousands) Gross premiums written $ 3,588,337 $ 1,722,285 $ 5,310,622 $ 3,388,571 $ 1,706,092 $ 5,094,663 Net premiums written 2,335,090 1,050,383 3,385,473 2,216,551 1,079,266 3,295,817 Net premiums earned 2,043,047 691,204 2,734,251 1,876,159 686,360 2,562,519 Other insurance related income (loss) 162 12,078 12,240 (39 ) 16,906 16,867 Current accident year net losses and loss expenses (1,153,052 ) (472,793 ) (1,625,845 ) (1,039,455 ) (455,204 ) (1,494,659 ) Net favorable prior year reserve development 29,194 8,972 38,166 — — — Acquisition costs (388,933 ) (151,544 ) (540,477 ) (364,055 ) (155,290 ) (519,345 ) Underwriting-related general and administrative expenses (13) (244,238 ) (21,441 ) (265,679 ) (233,981 ) (24,580 ) (258,561 ) Underwriting income (14) $ 286,180 $ 66,476 352,656 $ 238,629 $ 68,192 306,821 Net investment income 395,009 358,358 Net investment gains (losses) 13,462 (62,687 ) Corporate expenses (13) (54,562 ) (53,252 ) Foreign exchange (losses) gains (151,920 ) 30,936 Interest expense and financing costs (33,158 ) (34,157 ) Reorganization expenses — (26,312 ) Amortization of intangible assets (5,125 ) (5,458 ) Income before income taxes and interest in income of equity method investments 516,362 514,249 Income tax (expense) benefit (100,521 ) 84,107 Interest in income of equity method investments 1,586 9,069 Net Income 417,427 607,425 Preferred share dividends 15,125 15,125 Net income available to common shareholders $ 402,302 $ 592,300 Current accident year loss ratio 56.4 % 68.4 % 59.5 % 55.4 % 66.3 % 58.3 % Prior year reserve development ratio (1.4 )% (1.3 )% (1.4 )% — % — % — % Net losses and loss expenses ratio 55.0 % 67.1 % 58.1 % 55.4 % 66.3 % 58.3 % Acquisition cost ratio 19.0 % 21.9 % 19.8 % 19.4 % 22.6 % 20.3 % Underwriting-related general and administrative expense ratio 12.0 % 3.1 % 9.6 % 12.5 % 3.6 % 10.1 % Corporate expense ratio 2.0 % 2.1 % Combined ratio 86.0 % 92.1 % 89.5 % 87.3 % 92.5 % 90.8 % 13 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $55 million and $53 million for the six months ended June 30, 2025 and 2024, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio. 14 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above. Expand Three months ended Six months ended 2025 2024 2025 2024 (in thousands, except per share amounts) Net income available to common shareholders $ 215,795 $ 204,401 $ 402,302 $ 592,300 Net investment (gains) losses (43,468 ) 53,479 (13,462 ) 62,687 Foreign exchange losses (gains) 94,885 (7,384 ) 151,920 (30,936 ) Reorganization expenses — 14,014 — 26,312 Interest in (income) loss of equity method investments 705 (7,900 ) (1,586 ) (9,069 ) Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024) (15) 3,384 — 3,384 (162,705 ) Income tax benefit (16) (9,997 ) (6,621 ) (19,440 ) (8,435 ) Operating income $ 261,304 $ 249,989 $ 523,118 $ 470,154 Earnings per diluted common share $ 2.72 $ 2.40 $ 4.98 $ 6.93 Net investment (gains) losses (0.55 ) 0.63 (0.17 ) 0.73 Foreign exchange losses (gains) 1.20 (0.09 ) 1.88 (0.36 ) Reorganization expenses — 0.16 — 0.31 Interest in (income) loss of equity method investments 0.01 (0.09 ) (0.02 ) (0.11 ) Amortization of Bermuda net deferred tax asset (2025) Bermuda net deferred tax asset (2024) 0.04 — 0.04 (1.90 ) Income tax benefit (0.13 ) (0.08 ) (0.24 ) (0.10 ) Operating income per diluted common share $ 3.29 $ 2.93 $ 6.47 $ 5.50 Weighted average diluted common shares outstanding 79,329 85,326 80,845 85,509 Average common shareholders' equity $ 5,488,599 $ 5,032,313 $ 5,581,889 $ 4,911,334 Annualized return on average common equity 15.7 % 16.2 % 14.4 % 24.1 % Annualized operating return on average common equity (17) 19.0 % 19.9 % 18.7 % 19.1 % 15 Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. 16 Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions. 17 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this press release. Expand Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates. Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following: Insurance Risk the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks; the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions; actual claims exceeding reserves for losses and loss expenses; losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses; the adverse impact of social and economic inflation; the failure of any of the loss limitation methods we employ; the failure of our cedants to adequately evaluate risks; the use of industry models and changes to these models; Strategic Risk increased competition and consolidation in the insurance and reinsurance industry; general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures; changes in the political environment of certain countries in which we operate or underwrite business; the loss of business provided to us by major brokers; a decline in our ratings with rating agencies; the loss of one or more of our key executives; increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters; the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity; Credit and Market Risk the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased; the failure of our policyholders or intermediaries to pay premiums; breaches by third parties in our program business of their obligations to us; Liquidity Risk the inability to access sufficient cash to meet our obligations when they are due; Operational Risk changes in accounting policies or practices; difficulties with technology and/or data security; the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties; Regulatory Risk changes in governmental regulations and potential government intervention in our industry; inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and Risks Related to Taxation changes in tax laws. Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Rationale for the Use of Non-GAAP Financial Measures We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Underwriting-Related General and Administrative Expenses Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses. The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release. Consolidated Underwriting Income (Loss) Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis. We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss). Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release. Current Accident Year Loss Ratio Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release. Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development. Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events. We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events. The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release. Current Accident Year Combined Ratio Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release. Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events. We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events. The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release. Operating Income (Loss) Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments, amortization of Bermuda net deferred tax asset in 2025 and Bermuda net deferred tax asset in 2024 ("Bermuda deferred tax"). Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss). Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss). Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss). Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense (benefit) is not related to the underwriting process. Therefore, this income is excluded from operating income (loss). Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax in order to understand the profitability of recurring sources of income. We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release. We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this press release. Constant Currency Basis We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release. Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.

Dr. You-Zhi Tang Appointed to the CWTI Board of Directors
Dr. You-Zhi Tang Appointed to the CWTI Board of Directors

Hamilton Spectator

time12 hours ago

  • Hamilton Spectator

Dr. You-Zhi Tang Appointed to the CWTI Board of Directors

GUELPH, Ontario, July 29, 2025 (GLOBE NEWSWIRE) — Current Water Technologies Inc. (TSX-V: WATR) ('CWTI' or 'the Company') is pleased to announce that Dr. You-Zhi Tang has joined CWTI as director effective immediately. Dr. Tang will serve on the Audit and Compensation Committees of the Board. Dr. You-Zhi Tang is an internationally recognized cleantech expert and entrepreneur. Dr. Tang served as a senior manager and executive in major Canadian engineering and environmental companies, with technical and management responsibilities in air quality, IAQ and occupational health & safety, environmental science and engineering, as well as sustainability practice for businesses. In the past 15 years, Dr. Tang has been heavily involved in renewable energy projects, including solar, wind, bio-energy, small hydro, and geothermal. His most recent interest is hydrogen technologies, with multiple patents awarded for inventions in hydrogen-related technologies and their applications. He has also several patents in wastewater treatment and motor vehicle emission control. Dr. Tang is Formal President of Air & Waste Management Association - Ontario Section. He is the recipient of many awards including the Green Toronto Award – 2007 Environmental Award of Excellence, and the Toronto Climate Hero Award. Dr. Gene Shelp, President and CEO, commented, 'I look forward to collaborating with Dr. Tang on the development and implementation of a strategic hydrogen management plan related to commercialization of our AmmEL-H2 wastewater treatment system.' Mr. Alex Kaszuba steps down as Director Mr. Alex Kaszuba has stepped down as Director to accommodate this new appointment. Mr. Kaszuba has served on the Board since January 01, 2020. The Board of Directors wishes to thank Mr. Kaszuba for his past service as Director of the Company. About Current Water Technologies Inc. Current Water Technologies is a 'Technology Company' applying its patented and proprietary 'Electrochemical Technologies' to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated, a division of the Company, is an integrated pump station manufacturer specializing in custom design and automation. The common shares trade on Tier ll of the TSX Venture Exchange under the symbol 'WATR'. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Dr. Gene S. Shelp, Ph.D., President and CEO Tel: (519) 836-6155 Fax: (519) 836-5683 E-mail: gshelp@ Web Site: Forward Looking Statements This news release contains forward-looking statements within the meaning of the 'safe harbour' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words 'anticipate', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'should', 'believe' and 'confident' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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