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Financial report summary
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NIRisks
- Our success depends on our ability to establish accurate loss reserves.
- Our insurance operating results have been and will likely continue to be materially adversely affected by severe weather or other catastrophe events, and climate change may be exacerbating these events and their impacts.
- Our success will depend on our ability to continue to accurately predict our reinsurance needs, obtain sufficient reinsurance coverage for our Property and other businesses at reasonable cost, and collect under our reinsurance contracts.
- Our business depends on the secure and uninterrupted operation of our systems, facilities, and business functions and the operation of various third-party systems.
- Our business could be materially adversely affected by a security breach or other attack involving our technology systems or the systems of one or more of our vendors.
- We must maintain a brand and reputation that is recognized and trusted by consumers.
- Our success depends on our ability to innovate effectively and respond to our competitors’ initiatives.
- We must effectively manage complexity as we develop and deliver high-quality products and customer experiences.
- Our ability to attract, develop, and retain talent, including employees, managers, and executives, and to maintain appropriate staffing levels, is critical to our success.
- Misconduct or fraudulent acts by employees, agents, and third parties may expose us to financial loss, disruption of business, and/or regulatory assessments.
- We compete in property and casualty insurance markets that are highly competitive.
- Our success depends on our ability to adjust claims accurately.
- We are subject to a variety of complex laws and regulations.
- Lawsuits challenging our business practices, and those of our competitors and other companies, are pending and more may be filed in the future.
- Our long-term business strategy and efforts to acquire or develop new products or enter new areas of business may not be successful and may create enhanced risks.
- Intellectual property rights could affect our competitiveness and our business operations.
- The performance of our fixed-income and equity investment portfolios is subject to a variety of investment risks.
- New regulations and societal pressures relating to ESG and other public policy matters could negatively impact our returns or cause us to change our investing strategies in ways that could negatively impact our results.
- The inability to access our cash accounts or to convert investments into cash on favorable terms when we desire to do so may materially and adversely affect our business, cash flows, and capital position.
- Our financial condition may be adversely affected if one or more parties with which we enter into significant contracts or transact business (including under certain government programs) become insolvent, experience other financial difficulties, or default in the performance of contractual or reimbursement obligations.
- Our insurance subsidiaries may be limited in the amount of dividends that they can pay, which in turn may limit our ability to repay indebtedness, make capital contributions to other subsidiaries or affiliates, pay dividends to shareholders, repurchase securities, or meet other obligations.
- If we are unable to obtain capital when necessary to support our business, our financial condition, and our ability to grow could be materially adversely affected.
- Our access to capital markets, ability to obtain or renew financing arrangements, obligations to post collateral under certain derivative contracts, and business operations are dependent on favorable evaluations and ratings by credit and other rating agencies.
- Our dividend policy will likely result in varying amounts being paid to our common shareholders, or no payment in some periods, and the dividend policy ultimately may be changed in the discretion of the Board of Directors.
- Our investments in certain tax-advantaged projects may not generate the anticipated tax benefits and related returns.
- Our goal is to maximize the long-term value of the enterprise and we do not manage to short-term earnings expectations, which may adversely affect short-term results.
- Our business and results of operations could be adversely affected by epidemics, pandemics, or other widespread health risks.