The Company repurchased 1.0 million common shares for $250 million during the quarter. This demonstrates a commitment to returning capital to shareholders, although the pace has slowed compared to prior periods.

The Company announced a 5% increase in its regular quarterly dividend from $1.05 to $1.10 per share. This suggests that management is confident in the company's ability to generate sufficient cash flow to support increased dividend payments.

Effective January 1, 2025, the Company renewed a quota share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited (Fidelis) for 2025 pursuant to which the Company assumes 20% of the subject gross written premiums of Fidelis on a risk-attaching basis, subject to a loss ratio cap.

The underlying combined ratio, excluding catastrophe losses and prior year reserve development, improved in Business and Personal Insurance, indicating better risk selection and pricing. However, this was partially offset by Bond & Specialty Insurance.

TRV held $1.63 billion in total cash and short-term invested assets in the United States, exceeding its holding company liquidity target. This indicates strong financial flexibility and ability to meet obligations.

Management, with the participation of the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025. This provides assurance regarding the reliability of financial reporting.

Catastrophe losses accounted for 21.2 points of the combined ratio, highlighting the vulnerability of the company to large-scale events such as the January 2025 California wildfires and severe wind and hail storms.

The company acknowledges the uncertainties surrounding the final resolution of asbestos claims and related litigation, stating that additional liabilities may arise for amounts in excess of current reserves.

The company's investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses. The net unrealized investment loss is primarily due to the impact of movements in interest rates.

Business Insurance gross written premiums in the first quarter of 2025 increased by 6% over the same period of 2024. The underlying combined ratio in the first quarter of 2025 was 1.0 points lower than the 2024 ratio on the same basis, primarily reflecting the impact of the benefit of earned pricing.

Segment loss in the first quarter of 2025 was $374 million, compared with segment income of $220 million in the same period of 2024. The segment loss before income taxes was driven by the pre-tax impacts of (i) higher catastrophe losses.

Segment income in the first quarter of 2025 was $220 million, $25 million or 13% higher than segment income of $195 million in the same period of 2024.

The underwriting expense ratio of 28.3% in the first quarter of 2025 was 0.4 points lower than the underwriting expense ratio of 28.7% in the same period of 2024.

General and administrative expenses in the first quarter of 2025 were $1.46 billion, $53 million or 4% higher than in the same period of 2024, primarily reflecting the impact of costs associated with higher business volumes.

Amortization of deferred acquisition costs in the first quarter of 2025 was $1.78 billion, $80 million or 5% higher than in the same period of 2024, generally consistent with the increase in earned premiums.

General and administrative expenses in the first quarter of 2025 were $396 million, $21 million or 6% higher than in the same period of 2024, primarily reflecting higher contingent commissions and technology related expenses.

The Company emphasizes the importance of artificial intelligence and innovation agenda, including executing on that agenda with respect to artificial intelligence.

The Company regularly seeks to identify, develop, and implement improvements to its technology systems and business processes, some of which may affect its internal control over financial reporting.

The Company repurchased 1.0 million common shares for $250 million during the quarter, compared to $360 million in the same period of 2024. This indicates a continued commitment to returning capital to shareholders, but at a slower pace.

The Company increased its quarterly dividend by 5% to $1.10 per share, signaling confidence in its ability to generate sustainable earnings and cash flow.

Total debt of $8.03 billion, resulting in a debt-to-total capital ratio of 22.2% (20.3% excluding net unrealized investment losses, net of tax).

There are no mentions of any ESG initiatives.

Property and casualty insurance market conditions are expected to remain competitive during the remainder of 2025 for new business.

Net written premiums may also be impacted by the structure of reinsurance programs and related costs, as well as changes in foreign currency exchange rates.

Geopolitical tensions are noted as a risk factor in the forward-looking statements.