HALCYON INSURANCE HOLDINGS, LTD.
FORM 10-K
For the fiscal year ended December 31, 2024
Commission File Number 001-99003
SEC CIK: 0009900003
NYSE ticker: HIH

Jurisdiction of Incorporation: Bermuda
Fiscal Year End: December 31
Independent Registered Public Accounting Firm: Blackpine LLP (engaged since 2016; audit fees $9,100,000 for 2024)

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ITEM 1. BUSINESS

Halcyon Insurance Holdings, Ltd. ("HIH", "the Company") is a Bermuda-domiciled global
property-and-casualty insurance and reinsurance group. We operate through three reportable
segments: Property, Casualty, and Life & Annuities. Our U.S. banking subsidiary, Halcyon
Trust Bank, is separately supervised by the Federal Reserve.

We are subject to oversight by the Bermuda Monetary Authority (BMA), the U.S. Securities and
Exchange Commission (SEC), the New York Department of Financial Services and other state
insurance regulators, and — for our banking subsidiary — the Board of Governors of the
Federal Reserve System.

We are subject to Sarbanes-Oxley, Solvency II (via our EU subsidiaries), and Federal Reserve
Supervisory Letter SR 11-7 (Supervisory Guidance on Model Risk Management) with respect to
our banking subsidiary and our internal capital models.

ITEM 1A. RISK FACTORS

Catastrophe risk. Increased frequency and severity of natural catastrophes — particularly
Atlantic hurricanes and Pacific typhoons — driven in part by climate change trends may cause
underwriting losses in excess of modeled expectations. In 2024 we recorded $2.4 billion in
gross catastrophe losses.

Model risk. Our pricing, reserving, and capital adequacy depend on quantitative models. Under
SR 11-7 the Model Risk Management function (reporting to the Chief Risk Officer) maintains
independent validation and performance monitoring of these models. Our tier-1 Property
Catastrophe Pricer, Property-Catastrophe-Pricer-v2, was deployed on November 1, 2022.

Regulatory risk. Divergent capital requirements across the U.S., Bermuda, and the EU may
materially increase compliance cost.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS

Gross written premium grew 8% year-over-year. Combined ratio improved to 94.1% (2023: 96.7%)
despite elevated catastrophe activity. Net investment income grew 22% on higher fixed-income
yields.

ITEM 8. FINANCIAL STATEMENTS

Selected financial data (in $ millions):
    Gross written premium     32,140
    Net income                 4,880
    Total assets             112,050
    Shareholders' equity      21,760

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Board of Directors:
    The Rt. Hon. Sir Alistair Pemberton (Chair; independent)
    Dr. Ingrid Larsson (Audit Committee chair; independent)
    Rafael Nunes (Risk Committee chair; independent)
    Charlotte Weyland (Nominating & Governance chair; independent)
    Elena Rossi (President and Chief Executive Officer)
    (five additional independent directors)

Standing Committees:
    Audit Committee
    Risk Committee
    Compensation Committee
    Nominating & Governance Committee
    Investment Committee

Executive Officers:
    Elena Rossi — President and Chief Executive Officer (since 2019)
    Nathaniel Cross — Chief Financial Officer (since 2020)
    Dr. Yohei Nakamura — Chief Risk Officer (since 2021)

MODEL RISK MANAGEMENT DISCLOSURE (SR 11-7)

Our Model Risk Management framework applies SR 11-7 principles to all material internal capital
and pricing models. Controls include independent validation, benchmarking against challenger
models, and quarterly outcome analysis reported to the Risk Committee.
