AddedRisk Factors
Terrorism is an example of a significant man-made potential catastrophe. Private sector catastrophe reinsurance is limited and generally unavailable for terrorism losses caused by attacks
The 10-K against last year's
252 changes: 32 added, 27 removed, 190 reworded, 3 quiet changes
10-K 0000874766-26-000012 (2026-02-20) vs 10-K 0000874766-25-000023 (2025-02-21) Not compared: Legal Proceedings, Accounting Policies.
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The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 205 words changed in this paragraph; it is 32% similar to last year's version.
Lawmakers and regulators at the federal, state and international levels are enacting laws and promulgating regulations and guidance related to climate change, with conflicts conflicting policies from jurisdiction to jurisdiction possible, which may impose additional costs on the Company, or expose us to new or additional risks. For example, regulators The Company could impose new disclosure requirements regarding underwriting or investment in certain industry sectors or take other actions such be subject to these enactments both as implementing a temporary moratorium on cancellation of policies within catastrophe prone areas. In March of 2024, the U.S. Securities public company generally and Exchange Commission (“SEC”) issued final rules to enhance and standardize climate-related disclosures for investors. The rules were challenged by various stakeholders and have been stayed pending the outcome of that litigation. If allowed to take effect in their current form, the rules will require extensive narrative and quantitative reporting on climate change and decarbonization in SEC filings and could pose potential compliance and litigation risks to the Company. In addition, the Federal Insurance Office continues to analyze the potential for climate change to affect insurance and reinsurance coverage, which could result in increased data collection and reporting. Regulators may also impose new requirements affecting our operations such specifically as disclosure related to greenhouse gas emissions (GHGe) and other climate-related information, increasing our operating expenses and litigation risk. The state of California is adopting mandatory climate reporting for companies doing business there, and other state regulators may impose similar obligations and related risks. an insurer.
Source: Item 1A, 10-K 0000874766-26-000012 vs Item 1A, 10-K 0000874766-25-000023
MD&A 181 words changed in this paragraph; it is 49% similar to last year's version.
While the Company has significant discretion in making voluntary contributions to the U.S. qualified defined benefit pension plan, minimum contributions are mandated in certain circumstances pursuant to the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006, the Worker, Retiree, and Employer Recovery Act of 2008, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, the Moving Ahead for Progress in the 21st Century Act of 2012 (MAP-21) and Internal Revenue Code regulations. The Company did not make any contributions to the U.S. qualified defined benefit pension plan in 2024, 2023 and 2022. In 2023, the Company funded $3 to a rabbi trust that is designated for other defined benefit pension plans and contributed $1 to the Canadian Pension Plan. There were no plan contributions in 2024 or 2022 for other defined benefit pension plans. The Company made direct benefit payments of $6, $5 and $5 on behalf of the other postretirement plans in 2024, 2023 and 2022, respectively. No other contributions were made to the other postretirement plans in 2024, 2023 and 2022. The Company’s 2024, 2023 and 2022 required minimum funding contributions were immaterial. The Company does not have a 2025 required minimum funding contribution for the U.S. qualified defined benefit pension plan and the funding requirements for all pension plans are expected to be immaterial. The Company has not determined whether, and to what extent, contributions may be made to the U.S. qualified defined benefit pension plan in 2025. The Company will monitor the funded status of the U.S. qualified defined
Source: Item 7, 10-K 0000874766-26-000012 vs Item 7, 10-K 0000874766-25-000023
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of HIG's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.
AddedRisk Factors
We conduct the vast majority of our business through licensed insurance company subsidiaries. In the United States, statutory accounting standards and statutory capital and reserve
AddedRisk Factors
based capital, accounting and financial reporting, enterprise risk management and reinsurance which could, among other things, affect statutory measures of capital adequacy, including risk-based capital ratios.
AddedRisk Factors
Lawmakers and regulators at the federal, state and international levels are enacting laws and promulgating regulations and guidance related to climate change, with conflicting policies from jurisdiction to jurisdiction possible, which may impose additional costs on the Company, or expose us to new or additional risks. The Company could be subject to these enactments both as a public company generally and specifically as an insurer.
AddedRisk Factors
As a public company, we continue to monitor the development of various climate disclosure regimes. Such developments have stalled at the federal level, with the SEC having withdrawn its defense of its 2024 comprehensive climate rules, but have continued to expand in certain state and international jurisdictions. We may be subject to these reporting regimes based on the particulars of our corporate footprint. Other regulators may impose additional reporting requirements affecting our operations, such as disclosure related to greenhouse gas emissions (GHGe) and other climate-related information, thereby increasing our operating expenses and litigation risk.
AddedRisk Factors
Any proposed or future legislation or NAIC initiatives, if adopted, may be more restrictive on our ability to conduct business than current regulatory requirements or may result in higher costs or
AddedMD&A
Written premium growth, for the Company's property and casualty insurance businesses, is a function of retention, pricing, exposure growth and new business, all of which can be impacted by competitive market conditions and general economic conditions. Changes in reinsurance programs can also impact written premium growth.
AddedMD&A
•Employee Benefits earned premium was up slightly as an increase in exposure on existing accounts was largely offset by lower fully insured ongoing sales during the past year.
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AddedMD&A
•Greater depreciation in value of fixed maturities, at fair value using the fair value option (“FVO securities”) in the 2025 period due to changes in credit spreads;
AddedMD&A
These losses were partially offset by fewer net losses on sales of fixed maturities.
AddedMD&A
Limited partnerships and other alternative investments increased primarily driven by additional investments and higher valuations.
AddedMD&A
It typically takes many months or years to pay claims incurred under a property and casualty insurance product; accordingly,
AddedMD&A
on a policy year basis and then converted to accident year. A policy year is the calendar year in which a policy incepts.
AddedMD&A
Reinsurance Recoverables- Through both facultative and treaty reinsurance agreements, the Company cedes a
AddedMD&A
As losses emerge or develop in periods subsequent to a given accident year, reserving actuaries use other methods to
AddedMD&A
The following discussion discloses possible variation from current estimates of loss reserves due to a change in certain
AddedMD&A
[1]Represents a reallocation of expected A&E ADC recoveries from Run-off A&E primarily to Business Insurance.
AddedMD&A
[3]In addition to the $1,436 billion of ceded unpaid reinsurance loss and LAE recoverables related to the A&E ADC, the Company has also recorded $64 of paid reinsurance loss and LAE recoverables related to the A&E ADC on the Consolidated Balance Sheet as of December 31, 2025.