American Integrity Insurance Group Inc (AII) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Jade, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Integrity Insurance Group First Quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

您好，感謝各位稍候。我是 Jade，今天將擔任各位的電話會議接線員。此刻，我謹代表美國誠信保險集團（American Integrity Insurance Group），歡迎各位參加 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次通話將被錄音。

Before we begin, please note that today's remarks may contain forward-looking statements, including comments about the company's outlook, strategy, plans and expected performance. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. A full discussion of the risk factors can be found in the company's SEC filings, including its most recently filed annual report on Form 10-K and quarterly report on Form 10-Q. Management undertakes no obligation to update any forward-looking statements.

在開始之前，請注意今天的發言可能包含前瞻性陳述，包括對公司展望、策略、計畫及預期表現的評論。這些陳述係基於目前的預期與假設，並受可能導致實際結果出現重大差異的風險與不確定性影響。關於風險因素的完整討論，請參閱公司向美國證券交易委員會（SEC）提交的文件，包括最近提交的 Form 10-K 年度報告與 Form 10-Q 季度報告。管理層不承擔更新任何前瞻性陳述的義務。

Furthermore, today's remarks may contain non-GAAP financial measures. A reconciliation of non-GAAP financial measures to their most comparable GAAP measures is included in the company's quarterly press release and can also be found on its website at www.aii.com. References to American Integrity or the company prior to the consummation of the IPO refer to American Integrity Insurance Group, LLC and after the consummation of the IPO, refer to American Integrity Insurance Group, Inc.

此外，今天的發言可能包含非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與其最可比 GAAP 指標之調節表，已收錄於公司季度新聞稿中，亦可於公司網站 www.aii.com 查閱。首次公開募股（IPO）完成前提及 American Integrity 或本公司，係指 American Integrity Insurance Group, LLC；IPO 完成後，則係指 American Integrity Insurance Group, Inc.。

With that, I'll turn the call over to American Integrity's Founder and Chief Executive Officer, Bob Ritchie. Please go ahead.

接下來，我將把電話交給 American Integrity 的創辦人兼執行長 Bob Ritchie。請開始。

Thank you, and good morning, everyone. Before we get into the quarter, I want to take a minute to recognize the change to our executive management team. and Ben Lurie is right here with us. Ben, I want to thank you for everything you've done over the past two years. You played a key role in our successful public listing. You helped guide us through our very first year as a public company.

謝謝，各位早安。在進入本季內容之前，我想花一點時間說明我們高階管理團隊的變動，Ben Lurie 也在現場與我們同在。Ben，我要感謝你在過去兩年所做的一切。你在我們成功上市的過程中扮演了關鍵角色。你也協助引導我們度過成為上市公司後的第一年。

I'm happy to report Ben will continue to support us through the transition, and he'll remain on the insurance company Board and is with us here this morning to answer questions during the Q&A portion of the call. I and our entire team are very grateful, Ben, for your contributions, particularly around capital markets execution and IPO readiness. We want to wish you all the best as you return to Sowell Company, our lead investor. Thank you for your support. Thank you for helping us achieve this important milestone as a public company.

我很高興向各位報告，Ben 將在過渡期間持續支持我們；他也將繼續擔任保險公司董事會成員，並於今天早上在此，於問答環節回答問題。我以及整個團隊都非常感謝你，Ben，對我們的貢獻，特別是在資本市場執行與 IPO 準備方面。當你回到我們的主要投資人 Sowell Company 之際，我們祝福你一切順利。謝謝你的支持。謝謝你協助我們以上市公司身分達成這個重要里程碑。

I also want to officially welcome Brian Foley, who is here with us as our new Chief Financial Officer. Brian brings impressive and significant capital markets and insurance experience, including his personal and professional work as one of our lead investment bankers when we went public at KBW and the tireless nights that Ben knows, especially and David, 24/7, sometimes you were there. You worked closely with our team as we prepare for and successfully executed our public listing. You've been a trusted adviser with us for many years.

我也要正式歡迎 Brian Foley，他今天在場，並將擔任我們的新任財務長。Brian 擁有令人印象深刻且深厚的資本市場與保險業經驗，包括在我們於 KBW 上市時，他以我們主要投資銀行家之一的身分所投入的個人與專業工作；Ben 也知道那些不眠不休的夜晚，尤其是你和 David，全天候 24/7，有時你也在場。在我們準備並成功完成上市的過程中，你與我們團隊密切合作。多年來，你一直是我們信賴的顧問。

And Brian, you played a meaningful role in helping position the company for the public markets. Brian's familiarity with our business and investor base allows for immediate continuity as we scale as a public company. And I and David Clark, our Executive Chairman; and John, our President, couldn't be any happier to welcome Brian, and we're really excited to have you on board.

而且 Brian，你在協助公司為公開資本市場做好定位方面，發揮了重要作用。Brian 對我們業務與投資人基礎的熟悉，使我們在作為上市公司擴張之際能立即保持延續性。我與我們的執行董事長 David Clark，以及我們的總裁 John，都非常高興歡迎 Brian 加入，我們也非常期待你加入團隊。

Now let's turn to the quarter. It's been remarkable. The business is performing in line with our expectations, and the underlying trends are consistent with the normal earnings profile that we've outlined to all of you post our initial public offering. In fact, our performance this quarter reflects the continued execution across our core growth drivers with improving visibility into the forward earnings and growth of this business. At a high level, the quarter represents and reflects a business that is transitioning toward more durable, voluntary-driven growth with a more normalized earnings profile.

現在讓我們談談本季表現。這一季相當出色。業務表現符合我們的預期，且基本趨勢與我們在首次公開募股後向各位說明的正常獲利輪廓一致。事實上，本季表現反映我們在核心成長驅動因素上的持續執行，並提升了對未來獲利與成長的可視性。整體而言，本季代表並反映公司正轉型為更具韌性、由自願性需求驅動的成長，同時呈現更為正常化的獲利輪廓。

Our results also reflect our continued expansion into this very voluntary production with early traction in new product lines, which Jon will talk about and incremental geographic diversification across the Southeast. To put data behind that positioning, our multichannel distribution model continues to deliver consistent diversified growth. Through March, policies in force are growing double digits across nearly every channel, with independent agents up approximately 9%, company alliances up nearly 40%, builders up over 38% and national accounts up in excess of 40%. This consistency across our channels reinforces that our 18% year-over-year voluntary customer growth is not dependent on a single source, but reflects broad-based demand and execution across the platform.

我們的結果也反映出我們持續擴張至這些以自願性為主的承保來源，並在新產品線上取得初步進展，Jon 稍後會談到；同時也在東南部地區逐步增加地理多元化。為了以數據佐證這樣的定位，我們的多通路分銷模式持續帶來穩定且多元的成長。截至 3 月，在保保單（policies in force）在幾乎每個通路皆呈現雙位數成長：獨立代理人約成長 9%，公司聯盟接近 40%，建商通路超過 38%，全國性帳戶更是超過 40%。各通路的這種一致性，進一步證明我們年增 18% 的自願性客戶成長並不依賴單一來源，而是反映平台各面向的廣泛需求與執行力。

While we have clear momentum, there has been much discussion on the state of the property market, particularly in Florida, where increased capital formation and new entrants are influencing pricing dynamics. Our view is straightforward. Florida needs more carriers, not fewer. 11 companies are not a business. Large portions of the market continue to remain underserved, and we see the continued meaningful room to grow on a disciplined and profitable basis.

儘管我們動能明確，市場對財產保險市場的狀況仍有許多討論，尤其是在佛羅里達州；當地資本形成增加與新進業者正影響定價動態。我們的看法很直接。佛羅里達需要更多承保公司，而不是更少。11 家公司稱不上是一個市場。市場中仍有很大部分需求未被滿足，我們看到在維持紀律與獲利的前提下，仍有相當可觀的成長空間。

I'm pleased to report this is particularly evident in the Tri-County region and the middle-aged home market that we've been describing to you. We're executing on that. And as we've told you, these are areas where we previously reduced exposure due to historical unfavorable litigation environments that are longer. With the recent legislative reforms, the market has become much more rational and has allowed us to reengage profitably across a series of new markets. And importantly, rate adequacy remains regulated and actuarially supported which we believe limits the sustainability of any particular irrational pricing behavior over time.

我很高興報告，這一點在我們一直向各位描述的三郡（Tri-County）地區與屋齡中等住宅市場上尤其明顯。我們正在落實執行。如同我們先前所說，這些是我們過去因歷史上不利且拖延較久的訴訟環境而曾降低曝險的區域。隨著近期立法改革，市場變得更為理性，使我們得以在一系列新市場中以獲利方式重新投入。更重要的是，費率充足性仍受到監管並有精算支持；我們相信這將限制任何特定非理性定價行為在長期的可持續性。

In our core Florida market, we're seeing strong traction, as I told you, in middle-aged homes in Tri-County for HO3 homeowners policies. These are markets we recently reentered because of these reforms. And during the first quarter, here's what's important. We wrote 120 new policies per business day in these markets, up from only 6 policies a day in the same period last year. That's a 20x increase year-over-year. These markets represent more than half of the homes in Florida, reinforcing both the scale and durability of the opportunity.

在我們佛羅里達的核心市場中，正如我所提到的，我們在三郡地區的屋齡中等住宅之 HO3 住宅保險保單方面，看到強勁的進展。由於這些改革，我們近期重新進入了這些市場。而在第一季，重點如下。我們在這些市場中，每個營業日承保 120 張新保單，較去年同期每天僅 6 張大幅提升。這相當於年增 20 倍。這些市場涵蓋佛羅里達州超過一半的住宅，進一步凸顯此機會的規模與持久性。

This momentum is being driven across all distribution channels, as I mentioned, and supported by long-standing agency relationships, continued disciplined underwriting and expanded product availability. This is a large and unpenetrated segment of the market for us and one where our product positioning and underwriting discipline are clearly resonating.

如我所提到的，這股動能正由所有分銷通路共同推動，並受到長期的代理通路關係、持續且嚴謹的核保紀律，以及產品供給擴大的支持。對我們而言，這是一個規模龐大且尚未充分滲透的市場區隔，而我們的產品定位與核保紀律顯然正在引起共鳴。

I'm happy to report we're also seeing that momentum translates into our expansion states. As of March 31, South Carolina policies in force increased 119% year-over-year, albeit a small base but important growth. Georgia increased 332% and our brand-new state of North Carolina, in just the third quarter, we wrote 360 policies after we entered there. So while Florida remains our core and will continue to remain our core, this is early evidence that our model is portable and it's scalable beyond the state of Florida.

我也很高興地報告，我們看到這股動能也延伸到我們的擴張州。截至3月31日，南卡羅來納州的在保保單數年增119%，雖然基期較小，但成長很重要。喬治亞州年增332%；而我們全新進入的北卡羅來納州，在進入後僅第三季就承保了360張保單。因此，雖然佛羅里達仍是我們的核心、也將持續是核心，但這是早期證據，顯示我們的模式具可移植性，且可擴展到佛州以外並具規模化能力。

While you may see some headline rate movement across our peers and our own business, the effective pricing impact is actually much more modest than it appears given the inflation guard that we have in place for our residential business. Why? Because inflation is not gone and homes continue to rise in the cost to rebuild. As a result, the reported rate changes can overstate the true earned premium impact when adjusted for exposure growth and as I mentioned, inflation guard mechanisms.

雖然你可能會看到同業以及我們自身業務在名目上有一些費率變動，但考量我們住宅業務已設置的通膨防護機制，實際定價影響其實遠比表面看起來溫和。為什麼？因為通膨尚未消失，房屋重建成本仍在上升。因此，在就曝險成長以及我提到的通膨防護機制進行調整後，所報告的費率變動可能會高估真正的已賺保費影響。

Additionally, I'm happy to report we're seeing very meaningful reinsurance market improvement and expect substantial and meaningful rate softening on our June 1 renewal, which we're nearly done with. And John is going to touch on this in more detail in just a minute. So taken together, we expect to deliver consistent profitability with improving earnings and quality driven by voluntary mix and reinsurance tailwinds.

此外，我也很高興地報告，我們看到再保險市場出現非常顯著的改善，並預期在6月1日的續保（我們幾乎已完成）將出現大幅且明顯的費率走軟。John 將在稍後用更多細節說明。綜合來看，我們預期在自願業務組合改善與再保險利多的推動下，實現穩定的獲利能力，並帶來更佳的盈餘與品質。

Additionally, I want to touch on one of our core advantages, our agent distribution network. Florida is an agent-driven market, we spent two decades building strong partnership with agents throughout the state as well as with national firms. One example of this engagement is our annual Diamond Gold agent event, which we just had a few weeks ago. We bring together our top-performing partners and they compete every year for this. What continues to stand out is the depth of these relationships and their willingness to direct incremental business to us as we expand our appetite.

另外，我想談談我們的一項核心優勢：代理分銷網絡。佛羅里達是一個以代理為主導的市場，我們花了二十年在全州以及與全國性公司建立與代理的強健合作關係。其中一個互動例子是我們每年的 Diamond Gold 代理活動，我們就在幾週前剛舉辦。我們把表現最好的合作夥伴聚在一起，他們每年都為此競逐。持續最突出的，是這些關係的深度，以及在我們擴大承保偏好時，他們願意把更多增量業務導向我們。

Their feedback is consistent and valuable. They value how we operate and they view us as a differentiated partner in this marketplace. And this translates directly into the production flow and improved quality of submissions that we're seeing day after day, week after week and quarter after quarter.

他們的回饋一致且很有價值。他們重視我們的營運方式，並將我們視為這個市場中具差異化的合作夥伴。而這也直接反映在我們每天、每週、每季所看到的承保產出流量，以及投保申請品質的提升。

Importantly, this growth continues to be concentrated within our highest performing distribution partners. Among our leading agencies, three-year gross non-cat loss ratios are consistently below 20% and, in many cases, significantly lower. We're growing exactly where we want to grow with the partners, the segments, the geographies that align with our profitability objectives.

重要的是，這項成長仍然集中在我們表現最好的分銷合作夥伴之中。在我們的領先代理機構中，三年期的毛非巨災損失率一貫低於20%，且在許多情況下顯著更低。我們正精準地在我們想成長的地方成長——與那些合作夥伴、區隔與地理區域一致，並符合我們的獲利目標。

We're seeing particularly strong momentum with partners such as Goosehead, [Avantage] Allstate, Brightway, State Insurance and Sand Group, among others, where growth is being driven by both scale and sustained underwriting profitability. And this gives all of us here the confidence that we're not just growing, but we're growing with discipline and continued strong underlying profitability.

我們在 Goosehead、[Avantage] Allstate、Brightway、State Insurance、Sand Group 等合作夥伴上看到特別強勁的動能；其成長同時由規模與持續的核保獲利能力所驅動。這也讓我們所有人更有信心：我們不只是成長，而是在有紀律的前提下成長，並維持強勁的基礎獲利能力。

From a product standpoint, we have a product solution for the vast majority of approximately 9 million homes in Florida on our terms, conditions and prices. And we remain broadly open for business across our expansion states, which continues to support growth momentum and geographic diversification. We also believe we're well positioned to support future consolidation of competitor books as market conditions have normalized. Our API-enabled single entry capabilities are also increasingly important, particularly with large agent partners, and this improves the ease of doing business and it drives incremental submission flow.

從產品角度來看，對佛羅里達約900萬戶住宅中的絕大多數，我們都能以我們的條款、條件與價格提供產品解決方案。同時，我們在各擴張州仍大致維持開放承保，持續支撐成長動能與地理多元化。我們也相信，隨著市場狀況趨於正常化，我們具備良好條件來支持未來同業保單簿的整併。我們以 API 啟用的單一入口能力也愈來愈重要，特別是對大型代理合作夥伴而言，這提升了合作便利性並帶動更多投保申請流量。

So in closing, when we talk about growth across areas like Tri-County or middle-aged homes, it really comes back to that foundation of long-standing relationships that we have built, combined with improved legislative and market conditions. We believe American Integrity is well positioned to continue scaling our business with improved earnings quality and disciplined growth across our targeted markets.

最後總結，當我們談到在 Tri-County 或中屋齡住宅等領域的成長時，核心仍回到我們所建立的長期關係基礎，再加上立法與市場環境的改善。我們相信 American Integrity 已具備良好定位，能在目標市場中以更佳的盈餘品質與有紀律的成長，持續擴大我們的業務規模。

With that, I'll turn the call over to Jon to walk through these very growth drivers in more detail.

接下來，我把電話會議交給 Jon，請他更詳細地說明這些成長驅動因素。

Thanks, Bob. I'll spend a few minutes going a bit deeper on what we are seeing in the business and how that's translating into our results and then spend much of my time on the many opportunities that we have in front of us to expand our franchise.

謝謝你，Bob。我會花幾分鐘更深入談談我們在業務上看到的情況，以及這如何轉化為我們的成果，接著我會把大部分時間放在我們面前眾多擴大特許經營版圖的機會上。

Starting with our results, we continue to see growth in our core Florida market. In the first quarter, we wrote over 94,000 new and renewal policies in the voluntary market, reflecting continued momentum in our core business. Combined with healthy retention levels of approximately 83.6% this quarter, our policies in force increased to over 437,000 policies, representing approximately 14% growth year-over-year.

先從我們的業績談起，我們在佛羅里達核心市場仍持續成長。第一季，我們在自願市場承保了超過94,000張新單與續保保單，反映核心業務動能延續。再加上本季約83.6%的健康續保率，我們的在保保單數增加至超過437,000張，年增約14%。

As we've discussed, that growth only includes very modest Citizens takeout activity. What you're seeing now is more representative of the underlying run rate of the business. At the same time, we're seeing an increasing contribution from our targeted growth areas, which is starting to show up in our new business production. So when we step back, production remains strong, retention remains stable, and we're seeing growth come through clearly in the areas we've been focused on.

如我們先前討論，這項成長僅包含非常有限的 Citizens takeout 活動。你現在看到的，更能代表業務的基本運行速度（run rate）。同時，我們也看到來自目標成長領域的貢獻增加，開始反映在我們的新業務產出上。因此，回頭看整體，承保產出仍然強勁、續保率保持穩定，而我們也清楚看到成長正出現在我們一直聚焦的領域。

Starting with our entry into the Tri-County, this is one of the largest and most important insurance markets in Florida. To put that in perspective, the region represents roughly 28% of the state's households, while today it represents approximately 7% of our policies in force. While early from a penetration standpoint, we are seeing substantial writings growth in our new business production as we reengage with our agent partners and reestablish our presence.

先談我們進入 Tri-County，這是佛羅里達最大且最重要的保險市場之一。為了提供一些背景，該地區約占全州家庭戶數的28%，但目前僅約占我們在保保單的7%。雖然就滲透率而言仍屬早期，但隨著我們重新與代理合作夥伴互動並重建市場能見度，我們在新業務產出上看到顯著的承保成長。

During the first quarter, we saw approximately 1/4 of our voluntary Florida new business gross written premium come from Tri-County HO3 policies, up from low single digits in the year ago first quarter. We believe our reentry into middle-aged homes represent an equally large market opportunity. Like the Tri-County, we are underpenetrated relative to the size of that market opportunity.

第一季，我們看到佛羅里達自願市場的新業務毛簽保費中，約有四分之一來自 Tri-County 的 HO3 保單；而在去年第一季，該占比仍是低個位數。我們認為，重新進入中屋齡住宅市場同樣代表一個同等規模的市場機會。與 Tri-County 類似，相較於該市場機會的規模，我們目前的滲透率仍偏低。

Additionally, this has historically been the core of our book of business, our bread and butter and an area where we have deep underwriting experience and long-standing agent relationships. We stepped away from this area of the market due to the litigation environment, which made it difficult to write that business profitably. As we have discussed over prior calls, the recent reforms in Florida have changed the dynamic, and we're now able to move back into that market in a way that meets our return expectations. And importantly, that's not just a market opportunity. It's an area we have a proven track record.

此外，從歷史上看，這一直是我們業務組合的核心、我們的主要收入來源，也是我們具備深厚核保經驗並與代理人建立長期合作關係的領域。由於訴訟環境的影響，使得該類業務難以以獲利方式承保，我們曾一度退出這個市場領域。正如我們在先前的電話會議中所討論，佛羅里達近期的改革改變了市場動態，我們現在能以符合我們報酬預期的方式重新回到該市場。而且重要的是，這不僅僅是一個市場機會。這也是我們擁有經驗證明的成功領域。

We understand the risk characteristics. We have established pricing and underwriting frameworks, and we have long-standing relationships with agents who specialize in this type of business. We are pleased with our early results here as well. In the first quarter, voluntary HO3 middle-aged homes, excluding Tri-County, contributed approximately 1/4 of our Florida new business voluntary gross written premium, up from the low single digits in the comparable quarter last year.

我們了解其風險特性。我們已建立定價與核保架構，並與專精於此類業務的代理人維持長期合作關係。我們也對這裡的初期成果感到滿意。第一季，自願性HO3中屋齡住宅（不含Tri-County）約貢獻我們佛羅里達新承作自願性毛簽單保費的1/4，較去年同期的低個位數占比明顯提升。

We're also seeing encouraging early progress in our commercial residential product. This is a program we launched late last year focused on providing coverage for garden-style two- and three-storey condo associations, townhome communities and homeowners associations across Florida. We are pleased with our modest pace of new business writings in this new line of business, having written 81 policies during the first quarter, inclusive of takeouts.

我們也在商業住宅產品方面看到令人鼓舞的早期進展。這是一項我們於去年底推出的方案，聚焦於為佛羅里達州各地的花園式兩層與三層公寓協會、聯排住宅社區以及屋主協會提供保障。我們對這條新業務線的新增承保以穩健步調推進感到滿意，第一季共承作81張保單，包含接管（takeouts）。

In addition to our opportunities within Florida, we're also continuing to make progress in our expansion across the Southeast, including North Carolina, South Carolina and Georgia. In South Carolina and Georgia, where we already have an established presence, we're seeing continued growth as we build on our existing homebuilder relationships and gradually expand our footprint.

除了佛羅里達州內的機會之外，我們也持續推進在東南部地區的擴張，包括北卡羅來納州、南卡羅來納州與喬治亞州。在南卡羅來納州與喬治亞州，我們已具備既有據點；隨著我們在既有建商合作關係上持續深化並逐步擴大覆蓋範圍，我們看到成長延續。

In North Carolina, we've more recently entered the market, and our focus is on building the business in a measured way, consistent with how we approach new markets more broadly. While these markets are still a smaller portion of the overall portfolio today at less than 4% of our in-force premium, they represent an attractive long-term opportunity to carefully extend our operating model beyond Florida.

在北卡羅來納州，我們較近期才進入市場，我們的重點是以審慎、循序漸進的方式建立業務，這也符合我們更廣泛地進入新市場時的一貫作法。雖然目前這些市場在整體投保組合中仍占比較小，現行有效保費占比低於4%，但它們代表一個具吸引力的長期機會，讓我們能在佛羅里達州之外審慎延伸我們的營運模式。

Finally, on reinsurance, we are actively working on our 6/1 renewal. As we discussed previously, market conditions have continued to improve, both in terms of pricing and overall available capacity for growth. We're seeing strong engagement from our reinsurance partners and the environment is more constructive on both pricing and terms than what we have experienced in recent years. It's too early to talk about the final results, but we anticipate a meaningful reduction in risk-adjusted pricing at renewal.

最後，關於再保險，我們正積極進行6/1續約作業。如同先前所討論，市場狀況持續改善，無論在價格或整體可用承保容量（以支持成長）方面皆然。我們看到再保夥伴高度投入，且相較近年經驗，目前在價格與條款兩方面的環境都更具建設性。現在談最終結果仍為時過早，但我們預期續約時風險調整後的價格將有顯著下降。

This reflects a combination of factors, including improved underwriting performance across the industry, a broader normalization of the market and most importantly, the improved litigation environment in Florida, given the legislative changes passed over the last few years. So when you step back across all of these areas, the Tri-County, middle-aged homes, commercial residential and our expansion across the Southeast, we're seeing not only a significant opportunity set, but just as important, early signs of traction and accelerating new business. Production is strong, policy growth is improving, and we have a long runway ahead of us as we execute on our growth initiatives.

這反映多項因素的綜合作用，包括全產業核保表現改善、市場更廣泛的正常化，以及最重要的，鑑於過去幾年通過的立法變更，佛羅里達州訴訟環境的改善。因此，綜觀這些領域——Tri-County、中屋齡住宅、商業住宅，以及我們在東南部的擴張——我們不僅看到龐大的機會集合，同樣重要的是，也看到初期的動能跡象與新業務加速。產能強勁，保單成長正在改善，而在我們執行成長計畫的過程中，前方仍有很長的跑道。

With that, let me also welcome Brian to the company. Brian has been a tremendous partner over the years, and I'm looking forward to working with him as we continue to build our business. With that, let me turn the call over to Brian to walk through the financials.

接著，也讓我歡迎Brian加入公司。多年來，Brian一直是非常重要的合作夥伴，我期待與他一起合作，持續打造我們的業務。接下來我把電話會議交給Brian，請他帶大家回顧財務表現。

Thank you, Jon, and thank you, Bob. I'm really excited to be here. I've been with you both for many years and have seen not only the business that you were building, but also the incredible culture that you have developed, which translates to a real focus on your employees, agents and customers. I couldn't be more excited to be here and working with the American Integrity team.

謝謝你，Jon，也謝謝你，Bob。我真的很興奮能在這裡。我和你們兩位合作多年，不僅見證你們打造的業務，也看到你們建立的卓越企業文化，這轉化為對員工、代理人與客戶的高度重視。我非常期待在這裡，並與American Integrity團隊一起工作。

Now let me turn to our results. I'll walk through the first quarter and highlight the key drivers, including comparisons to the prior year period. Starting with earnings. We generated net income available for common shareholders of $19.9 million or $1.02 per diluted share for the first quarter compared to $35.9 million or $2.78 per diluted share in the prior year period.

現在讓我來談談我們的業績。我將回顧第一季並說明關鍵驅動因素，包括與去年同期的比較。先從獲利開始。第一季我們為普通股股東創造的淨利為1,990萬美元，或稀釋後每股1.02美元；相較之下，去年同期為3,590萬美元，或稀釋後每股2.78美元。

The year-over-year comparison is impacted by elevated Citizens takeout activity in the first quarter of 2025, which created a temporary benefit to earnings. As that activity has moderated, we believe this quarter provides a more representative view of the underlying earnings power of the business.

年對年比較受到2025年第一季Citizens接管（takeout）活動偏高的影響，該活動對獲利帶來了暫時性的助益。隨著該活動趨於緩和，我們認為本季更能代表公司基礎獲利能力的真實樣貌。

Turning to premiums. Gross premiums written were $220 million compared to $212.2 million in the prior year period, representing an increase of 3.7%. This growth was driven by continued expansion in the voluntary market. As Jon highlighted, we're seeing increasing contributions from our targeted growth areas, which is supporting production and shaping the mix of the business. Gross premiums earned increased $20.6 million to $230.8 million compared to $210.2 million in the prior year period.

接著看保費。毛簽單保費為2.20億美元，較去年同期的2.122億美元增加3.7%。此成長主要由自願市場的持續擴張所帶動。如Jon所強調，我們看到來自目標成長領域的貢獻持續提升，這支撐了產出並塑造了業務組合。毛已賺保費較去年同期的2.102億美元增加2,060萬美元至2.308億美元。

Ceded premiums earned increased $3.8 million to $148.6 million compared to $144.8 million in the prior year period, driven primarily by the higher gross earned premiums, partially offset by the reduction in our quota share session from 40% to 25% beginning Jan 1. As a result, net premiums earned increased 25.7% to $82.2 million compared to $65.4 million in the prior year period. So stepping back, what you're seeing is the combination of underlying growth in the business and a shift in our quota share session rate, both of which are contributing to higher net earned premiums and greater earnings exposure.

分出已賺保費較去年同期的1.448億美元增加380萬美元至1.486億美元，主要由較高的毛已賺保費所帶動，但部分被自1月1日起我們的比例分保（quota share）分出比例由40%降至25%所抵銷。因此，淨已賺保費較去年同期的6,540萬美元增加25.7%至8,220萬美元。回頭看，你們看到的是兩項因素的結合：業務的內生成長，以及我們比例分保分出比例的調整；兩者共同推升淨已賺保費並提高獲利曝險。

Net investment income increased $1.6 million to $5.7 million compared to $4.1 million in the prior year period. This increase was primarily driven by higher invested assets supported by premium growth and our IPO proceeds. Loss and loss adjustment expenses increased $10.9 million to $31.7 million compared to $20.9 million in the prior year period, primarily the result of our larger book of business due to the increase in net premiums earned driven by the voluntary growth and change in our quota share I previously mentioned.

淨投資收益較去年同期的410萬美元增加160萬美元至570萬美元。此增幅主要由投資資產增加所帶動，而投資資產的增加受保費成長與我們IPO募資所得的支持。損失及損失調整費用較去年同期的2,090萬美元增加1,090萬美元至3,170萬美元，主要是因為我們的業務規模更大；淨已賺保費增加（由自願市場成長及我先前提到的比例分保調整所驅動）使然。

Our loss ratio was 37.3% compared to 30.9% in the prior year quarter. The prior year period benefited from favorable reinsurance dynamics associated with Citizens takeout activity, which resulted in an unusually low loss ratio. Importantly, there were no catastrophe losses or prior year development in the quarter.

我們的損失率為 37.3%，相較於去年同期的 30.9%。去年同期受惠於與 Citizens 退保（takeout）活動相關的有利再保動態，因此損失率異常偏低。重要的是，本季沒有巨災損失，也沒有前期年度損失發展。

Turning to expenses. Policy acquisition expense increased by $12.9 million to $16 million as compared to $3.1 million in the prior year period, primarily driven by the increase in policies written during the first quarter, the windfall from Citizens takeouts during the first quarter of 2025 and less ceding commission due to the reduction in our non-catastrophe quota share reinsurance treaty.

接著談費用。保單取得費用增加 1,290 萬美元至 1,600 萬美元，相較於去年同期的 310 萬美元，主要受第一季承保保單增加、2025 年第一季 Citizens 退保帶來的意外收益，以及因我們降低非巨災配額分保再保合約而導致分出佣金（ceding commission）減少所驅動。

G&A expenses increased $11 million to $16 million compared to $5 million in the prior year. As a result, our expense ratio increased to 37.6% compared to 12% in the prior year period. The increase in both the absolute expense levels and the expense ratio was driven by three key factors. First, we had an absence of the favorable impact from Citizens-related activity in the prior year. Second, the reduction in the quota share resulted in lower ceding commission income. And third, we delivered higher levels of new business production, which naturally increases acquisition costs. It's important to emphasize that this increase was largely structural.

一般及管理（G&A）費用增加 1,100 萬美元至 1,600 萬美元，相較於去年同期的 500 萬美元。因此，我們的費用率上升至 37.6%，相較於去年同期的 12%。費用絕對金額與費用率的上升主要由三個關鍵因素所驅動。第一，去年同期有 Citizens 相關活動帶來的有利影響，而本期則沒有。第二，配額分保比例降低導致分出佣金收入減少。第三，我們帶來更高水準的新業務產出，這自然會提高取得成本。需要強調的是，這次增加在很大程度上屬於結構性因素。

As we retain more premium through a lower quota share ceding percentage, we also retain more of the associated expenses while receiving less ceding commission. That dynamic increases the reported expense ratio, but also increases net premiums earned and the long-term earnings potential of the business. So while the year-over-year changes in some key ratios were significant, these changes were consistent with our strategy and do not reflect a deterioration in the underlying cost structure. The combined ratio for the quarter was 75% compared to 42.9% in the prior year period. The prior year period benefited from several nonrecurring items, including Citizens-related dynamics.

隨著我們透過較低的配額分保分出比例保留更多保費，我們也會保留更多相關費用，同時收到的分出佣金更少。這種動態會推高報表上的費用率，但也會提高已賺淨保費以及業務的長期獲利潛力。因此，儘管部分關鍵比率的年對年變動幅度很大，這些變化與我們的策略一致，並不代表基礎成本結構惡化。本季綜合率為 75%，相較於去年同期的 42.9%。去年同期受惠於數項一次性因素，包括 Citizens 相關動態。

Turning to our balance sheet. Shareholders' equity was $335.5 million at quarter end compared to $337 million at year-end. During the quarter, we returned $20 million of capital to shareholders through a special dividend, which drove a slight decline in shareholders' equity during the period. We believe our capital position remains strong and provides flexibility to support both underwriting growth and shareholder return. We are very focused on capital management, and we'll plan to reevaluate our uses of capital after the conclusion of wind season.

接著談資產負債表。季末股東權益為 3.355 億美元，相較於年末的 3.37 億美元。本季我們透過特別股利向股東返還 2,000 萬美元資本，導致期間股東權益小幅下降。我們認為資本部位仍然強健，並提供彈性以同時支持承保成長與股東回饋。我們非常重視資本管理，並計畫在風季結束後重新評估資本用途。

With that, I'll turn the call back to the operator to open the line for questions.

接下來我把電話交回給接線員，開放提問。

Tommy McJoynt, KBW.

KBW 的 Tommy McJoynt。

This is Molly Knoell calling in for Tommy. My first question is on what you're seeing in terms of competition from the Florida specialists and the national carriers. So when you're winning share in the new target markets of Tri-County and middle aged roof, who are you winning that share from?

我是代替 Tommy 來電的 Molly Knoell。我的第一個問題是，您看到來自佛羅里達專業保險公司與全國性承保公司的競爭情況如何？也就是說，當你們在 Tri-County 與中屋齡屋頂（middle aged roof）等新目標市場贏得市占時，你們是從哪些競爭對手手中搶到這些份額的？

This is Bob Ritchie. Thank you for the question. Our growth engine is multifaceted. Let me touch first on competition. I mentioned it in my talking points just a few minutes ago.

我是 Bob Ritchie。謝謝你的提問。我們的成長引擎是多面向的。我先談競爭。我在幾分鐘前的重點說明中有提到。

We don't have too much competition. Over 11 carriers and then some the last series of years and the old crisis went belly up. There are some headlines that we have 17 new companies. We don't. We have about 8 or 9 new capital groups. Some companies form sister companies, reciprocal, et cetera.

我們面臨的競爭不算太多。過去幾年有超過 11 家承保公司以及其他一些，在先前那波危機中倒閉了。有些新聞標題說我們有 17 家新公司。其實沒有。我們大約只有 8 或 9 個新的資本團體。有些公司會成立姊妹公司、互助保險（reciprocal）等等。

The second thing I want to point out is that these are important niche carriers, except for one being slide that did a lot of successful book deals. These are small niche carriers that will take numbers of years to create a voluntary program. And I'm happy to say a few of them, I highly respect and wish them great success. So as we look at the numbers of business opportunities for the company, they're growing, not shrinking. Here's a case in point.

第二點我想指出的是，除了其中一家 Slide 透過多筆成功的保單組合交易（book deals）之外，這些多屬於重要的利基型承保公司。這些小型利基承保公司需要多年時間才能建立自願市場（voluntary program）。我也很高興地說，其中有幾家我非常尊敬，並祝他們成功。因此，當我們看公司的商機數量時，是在增加，而不是縮減。我舉個例子。

Over 130,000 new homes are still being built in Florida. We're being awarded one out of every three of those brand-new homes. Number two, since reforms, we're able to reemerge into middle-aged homes in South Florida. And as I mentioned, as I look at the numbers of homes that we're writing that fit this category, it's a 20x from where we were just four quarters ago.

佛羅里達仍有超過 13 萬戶新屋正在興建。這些全新住宅中，每三戶就有一戶由我們承保。第二，改革之後，我們得以重新回到南佛羅里達的中屋齡住宅市場。如我所提，當我看我們承保且符合此類別的住宅數量時，與僅僅四個季度前相比，已成長到 20 倍。

So for me anyway, and it may be different from what others might be saying in the market, the issue is not scarcity of abundance. Now what's important is rate adequacy, and I'm happy to report that there is not a competitor out there being allowed to file rates to buy business and to take this reform into a wrong scenario.

所以至少對我而言，而且可能與市場上其他人所說不同，問題不在於機會稀缺，而在於機會充裕。現在重要的是費率是否足夠，而我很高興地報告，目前沒有任何競爭對手被允許申報以低價搶業務的費率，進而把這次改革帶向錯誤的情境。

So as we look at this, the momentum that we're creating across the entire state, American Integrity in its 20-year history has never been more positioned for profitable growth. Thank you for the question.

因此，當我們看到我們在全州所創造的動能時，美國誠信保險（American Integrity）在其 20 年歷史中，從未像現在這樣更具備實現獲利性成長的有利位置。謝謝你的提問。

I appreciate it. And then in terms of your capital priorities going forward, would you consider buybacks or issuing another special dividend this year? Or do you plan to primarily use excess capital for growth at this point?

了解，謝謝。另外，就你們未來的資本優先順序而言，今年你們會考慮庫藏股回購或再發放一次特別股利嗎？還是目前計畫主要把超額資本用於成長？

Yes. This is Brian, and thanks for the question. So look, growth is our top priority, as you've heard from both Bob and Jon. And we feel very strongly that we can execute on our growth plan. We're heading into wind season. So like I mentioned, I think it's prudent to not make any decisions at this moment. And in the conclusion of that, if there is excess capital, we will consider both.

會的。我是 Brian，謝謝你的提問。你也聽到 Bob 和 Jon 都提到，成長是我們的首要優先事項。我們也非常有信心能夠執行我們的成長計畫。我們正要進入風季。所以如我所說，我認為此刻不做任何決定是審慎的。等風季結束後，如果仍有超額資本，我們會兩者都納入考量。

Mitchell Rubin, Raymond James.

Mitchell Rubin，Raymond James。

So first, on the Tri-County, middle age group and high net worth initiatives, how do those influence the way you guys are thinking about reinsurance structure and limit needs heading into the 6/1 renewals?

首先，關於三郡（Tri-County）、中屋齡族群以及高淨值客群的各項倡議，這些會如何影響你們在 6/1 續約前，對再保結構與所需限額的思考？

Yes. This is Jon. Thanks for the question. The diversification, both of geography and risk characteristics certainly is additive in terms of the benefit to our overall reinsurance structure here within the state of Florida. Specifically, South Florida is taking some pressure off of other peak zones where we have written a fair amount of business, quality business, and we're happy with our market share in the regions that we have a higher market share.

是的。我是 Jon。謝謝你的提問。地理分散與風險特性分散，確實能為我們在佛羅里達州內的整體再保結構帶來額外的效益。具體而言，南佛羅里達正在替其他我們承保了相當多業務的峰值區域分擔一些壓力；那些都是優質業務，我們也對在市占率較高的區域所取得的市占表現感到滿意。

But overall, it smooths out the portfolio throughout the state. both in South Florida and the middle-aged homes are disproportionately coming from Central Florida, where throughout the litigation crisis that we just exited, we had to non-renew a healthy amount of that business. So it's complementary to the portfolio, and we're really happy with the results that we're seeing thus far.

但整體而言，這讓我們在全州的投保組合更為平滑。南佛羅里達與中屋齡住宅的業務來源中，有不成比例的部分來自佛羅里達中部；在我們剛走出的訴訟危機期間，我們不得不對其中相當一部分業務進行不續保。因此這對投保組合具有互補性，我們也對目前看到的成果感到非常滿意。

Thanks for the color on that. So on Citizens, how should investors think about the remaining takeout opportunity? And what portion of the current Citizens book still meets your underwriting return thresholds?

謝謝你補充這些細節。那麼關於 Citizens，投資人應該如何看待剩餘的承接（takeout）機會？目前 Citizens 的保單組合中，還有多少比例仍符合你們核保報酬門檻？

This is Bob Ritchie. I'll tell you how we view it. I'm not saying it's like every other carrier. The days of robust, profitable Citizens takeouts are over. Matter of fact, I believe as you look at the Citizens book of business, sort of a few drips and drabs that we'll always participate in, it would be very unwise for any carrier, be it American Integrity or a new company to rely solely upon takeouts as a growth engine.

我是 Bob Ritchie。我來說說我們的看法。我不是說這跟其他每一家保險公司都一樣。過去那種規模大、獲利佳的 Citizens 承接時代已經結束了。事實上，我認為當你檢視 Citizens 的業務組合時，頂多只剩下一些零星的案子我們會一直參與；但對任何保險公司而言——不論是 American Integrity 或新公司——若只依賴承接作為成長引擎，都是非常不明智的。

For us, it never has been a growth engine. It was an opportunity, a remarkable one. We were founded as a takeout company. Takeout can be a great strategy. Yet if we dig any more as an industry, there's going to be trouble.

對我們來說，它從來就不是成長引擎。它曾是一個機會，而且是非常難得的機會。我們就是以承接公司起家。承接可以是一個很好的策略。但如果整個產業再繼續深挖下去，就會出問題。

For us, I'm happy to report we are among the strongest voluntary platforms in the industry. And I as the CEO, I'm very, very bullish about running the business as we want, where we want with whom we want. As matter of fact, our growth has never been stronger. And with that, we're continuing to increase customer count.

就我們而言，我很高興可以報告，我們是業界最強的自願承保平台之一。而身為執行長，我對於以我們想要的方式、在我們想要的地區、與我們想要合作的對象來經營這門生意，抱持非常、非常樂觀的態度。事實上，我們的成長從未如此強勁。同時，我們也持續增加客戶數。

At this time, there are no further questions. I will now turn the call back to Bob Ritchie for closing remarks.

目前沒有其他問題。我現在把電話交回給 Bob Ritchie 作結語。

Thank you, Jade, and thanks to all of you that joined this morning. I want to start by saying how proud I am of our team. I'm so proud of our leadership team. They've been with us for years and years, and our leadership team is collaborative and works so well together. I'm equally proud of every one of our 340 American Integrity associates.

謝謝你，Jade，也謝謝各位今天早上加入。我想先說，我為我們的團隊感到非常自豪。我也為我們的領導團隊感到非常自豪。他們與我們並肩多年，我們的領導團隊彼此協作、配合得非常好。我同樣為我們 340 位 American Integrity 同仁中的每一位感到驕傲。

It's because of our team and the strong execution that we're seeing across all business and the collaboration between departments makes us successful. The results this quarter reflect the continued momentum that we've been building and the strength of the foundation that we've been put in place.

正因為有我們的團隊，以及我們在各項業務上展現的強勁執行力，還有部門之間的協作，才讓我們成功。本季的成果反映了我們持續累積的動能，以及我們所建立之基礎的強度。

As we look ahead, a few important things stand out. First, we're operating from a position of strength. Our balance sheet and our capital are solid. Our leadership is solid. Our business model is solid.

展望未來，有幾件重要的事情特別突出。第一，我們是在優勢地位下營運。我們的資產負債表與資本很穩健。我們的領導團隊很穩健。我們的商業模式也很穩健。

Our agent relationships are solid, and all of these are increasingly being driven. Here's the important thing by repeatable voluntary production. We don't rely upon deals. This is repeatable voluntary production is increasing in its quantity and in its diversification.

我們與代理人的關係很穩健，而這一切也愈來愈由一個關鍵因素所驅動：可重複的自願承保產出。我們不依賴交易案。這種可重複的自願承保產出，在量與分散度上都在提升。

Second, we're seeing meaningful, very effective results across, as I mentioned, and John did, our multiple growth and distribution initiatives. So whether it's our entry into Tri-County again, our expansion back into middle-aged homes, the continued progressive successful build of our commercial residential product or our progress across the Southeast in Georgia, in South Carolina and North Carolina. These are all areas where we have experience, established relationships and a clear path to win.

第二，正如我提到的、Jon 也提到的，我們在多項成長與通路拓展倡議上，正看到具體且非常有效的成果。無論是我們再次進入三郡、重新擴展回中屋齡住宅、持續循序且成功地打造我們的商業住宅產品，或是我們在美國東南部喬治亞州、南卡羅來納州與北卡羅來納州的進展。這些都是我們具備經驗、既有關係，且有清晰致勝路徑的領域。

And finally, the third point, we remain focused as ever on disciplined execution, and that means maintaining underwriting quality, managing expenses and structuring our reinsurance program to support both growth and long-term profitability. In a few weeks, we will be able to report a remarkable renewal on our 6/1 program that we're almost completed with. We're building a business that is not only growing, but we're doing so in a way that we believe is sustainable and is durable across every cycle. We've proven that in 20 years. I couldn't feel better.

最後第三點，我們一如既往地專注於紀律性的執行；這意味著維持核保品質、管理費用，並建構我們的再保方案，以同時支援成長與長期獲利能力。再過幾週，我們將能就幾乎已完成的 6/1 方案，報告一次非常出色的續約成果。我們正在打造一家不僅成長、而且我們相信能以可持續、並能跨越每個循環都具韌性的方式成長的公司。我們在 20 年來已經證明了這一點。我再也沒有比現在更好的感受。

The team couldn't feel better about where we are today and the opportunities ahead. And I want to thank you for your support and your time this morning.

團隊對於我們今天所處的位置與未來的機會，也同樣感到非常振奮。也謝謝各位今天早上的支持與撥冗參與。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。