Ladies and gentlemen, thank you for standing by. Hello, and welcome to James River Group Holdings, Ltd. Fourth Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. I would now like to turn the conference over to Bob Zimardo, Senior Vice President of Investor Relations. Please go ahead, sir.

Thank you. Good morning, everybody, and welcome to James River Group Holdings, Ltd.'s Fourth Quarter 2025 Earnings Conference Call. A reminder that during the call, we will be making forward-looking statements that are based on current beliefs, intentions, expectations, and assumptions that are subject to various risks and uncertainties, which may cause actual results to differ materially. Such risks and uncertainties are detailed in the cautionary language regarding forward-looking statements in yesterday's earnings release, and the risk factors of our most recent Form 10-Ks and other reports and filings we have made with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements. In addition, during this presentation, we may reference non-GAAP financial measures. Please refer to our earnings press release for a reconciliation of these numbers to GAAP, a copy of which can be found on our website. Lastly, unless otherwise specified, for the reasons described in our earnings press release, all underwriting performance ratios referred to are for our continuing operations, business that is not subject to retroactive reinsurance accounting loss portfolio transfers. Thank you, and I will now turn the call over to Frank D’Orazio, Chief Executive Officer of James River Group Holdings, Ltd. Frank D’Orazio: Okay. Thanks, Bob. Good morning, everyone, and thank you for joining our call today. We are speaking to you this morning, already two months into 2026, and keenly focused on executing our business plan and strategic objectives for the year. Today, I am eager to discuss our fourth quarter and full year results with you, but just as importantly, I want to communicate our vision and share our optimism for 2026. Over the past few quarters, we have commented at length on the strides that the company has taken to focus on its wholesale-only E&S…

Thank you, Frank, and good morning, everyone. James River Group Holdings, Ltd. generated very strong financial results for 2025. We reported $47,400,000 of net income, $39,600,000 of it available to common shareholders, which is a marked improvement from the $81,100,000 net loss of 2024. Operating earnings were $54,100,000, or $0.79 per diluted share, for the 2025 year. As Frank pointed out, we delivered a full-year combined ratio of 96.6% as compared to 117.6% for 2024. Our operating return on average tangible common equity was 15.3% for the year, and tangible common book value per share increased 34% to $8.94 per share. For the fourth quarter, we reported operating earnings of $16,000,000 as compared to a loss of $40,800,000 in the prior-year quarter. Annualized return on tangible common equity was 16.2%. As we review them, our results included strong underwriting income, meaningfully improved expenses, solid investment returns, as well as a tax benefit, which I will address first. As previously discussed, the one-time $14,100,000 tax benefit was driven by interest expense deduction from Bermuda to Delaware in connection with the company’s November redomicile. Importantly, we excluded that tax benefit from our operating earnings due to its one-time nature. I am drawing this important distinction as most analysts did include it in operating earnings, which distorted a comparison this quarter. If we had included it, fourth quarter operating earnings would have been $0.53 per share rather than the $0.30 per share that we reported. On top of that, annualized operating return on tangible equity would have been 19.7% for the quarter, and 19.3% for the full year. Looking ahead, alongside the expense work accomplished in 2025, we see meaningful efficiency benefits to our tax rate coming out of the redomicile, as on a go-forward basis we expect our effective tax rate to…

Thank you. Quick reminder before we start the Q&A. Press number 1 on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question or your question has been answered or has been asked, please press 1 again. Thank you. We will pause for just a moment to compile our roster. We have not received any questions from any of our analysts. I will be turning the call back over to Frank D’Orazio, our CEO, for closing remarks. Frank D’Orazio: Thank you, operator, and many thanks to those of you who were able to join our call this morning. To conclude, we are pleased with how the organization performed in 2025, particularly given the competitive market we are operating in. The progress we have made reflects a continued focus on bottom line profitability, and with new leadership in place across the organization, we are motivated and encouraged to perform well in 2026. Thank you again for your time, and we look forward to speaking to you again in just a few short weeks.

The meeting has now concluded. Thank you all for joining. You may now disconnect.