SHARPE
Reported results
- GAAP net loss attributable to common shareholders was $161.4 million, or $(4.02) per diluted common share.
- Non-GAAP operating income available to common shareholders was $512.6 million, or $12.71 per diluted common share.
- GAAP underwriting income was $426.1 million and GAAP net investment income was $440.9 million.
- GAAP combined ratio was 79.7%, compared to a non-GAAP adjusted combined ratio of 78.6%.
- GAAP annualized return on average common equity was (6.0)%, while non-GAAP annualized operating return on average common equity was 18.9%.
Price and volatility reaction
The stock moved -2.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -5.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 341.22 | 2026-10-27 |
| Close after release | 332.19 | 2026-10-28 |
| Realised move | -2.6% | close to close |
| 30d ATM IV change | -5.1 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-27 (8-K, Item 2.02). Read the original filing on sec.gov.