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Safe Harbor Statement
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document 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 document, 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 ("U.S.") 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 document 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, 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, 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 and fluctuations in interest rates,
credit spreads, equity securities' prices, and/or foreign currency
exchange rates;
• 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 (including COVID-19)
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 www.sec.gov.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise |
