Vantage Group Holdings reported that net income more than doubled in 2025, as the Bermudian-based speciality insurer continued its rapid growth ahead of the leadership transition announced this week.

The company reported net income of $201.7 million for the year ended December 31, 2025, compared with $100.5 million in 2024. Net income attributable to Vantage shareholders rose to $197 million, up from $97 million a year earlier.

The results, included in financial statements released as part of Howard Hughes Holdings' regulatory filings, also showed net earned premiums increasing to $1.04 billion from $798 million, while total assets grew to $4.86 billion from $3.83 billion.

The insurance segment returned to an underwriting profit of $3.7 million after posting a $44.5 million underwriting loss in 2024, while reinsurance underwriting income improved to $52.7 million from $35.6 million.

The financial results come after Howard Hughes Holdings announced a leadership transition at Vantage, with Marc Grandisson, former Arch Capital chief executive, appointed executive chairman, effective immediately, and David Gansberg named CEO-designate.

The filing also disclosed that Vantage incurred $18.2 million in catastrophe losses related primarily to the January California wildfires during 2025.

In June, Vantage was acquired by Howard Hughes for approximately $2.1 billion.