Accelerant Holdings (ARX) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to Accelerant Fourth Quarter and Full Year 2025 Earnings Call. Please note that this call is being recorded. (Operator Instructions).

各位好，歡迎參加 Accelerant 2025 年第四季暨全年財報電話會議。請注意，本次電話會議將被錄音。(接線員指示)。

I'd now like to hand the call over to [Hamed Ali Yaqorbi], Investor Relations at Blueshirt Group. Please go ahead.

現在我想把電話交給 Blueshirt Group 的投資人關係 [Hamed Ali Yaqorbi]。請開始。

Good morning, everyone. Welcome to Accelerant's Fourth Quarter 2025 Earnings Conference Call.

各位早安。歡迎參加 Accelerant 2025 年第四季財報電話會議。

Joining me today to share our results are Jeff Radke, Accelerant's Co-Founder and CEO; Jay Green, Accelerant's CFO; and Ryan Schiller, Accelerant's Head of Strategy. Their remarks will be followed by a Q&A session. We issued a press release and presentation concerning our financial results for the fourth quarter of 2025 yesterday, and they are available on our Investor Relations website.

今天與我一同分享業績成果的有 Accelerant 共同創辦人兼執行長 Jeff Radke、財務長 Jay Green，以及策略主管 Ryan Schiller。他們的發言之後將進行問答環節。我們昨日發布了關於 2025 年第四季財務結果的新聞稿與簡報，並已上傳至我們的投資人關係網站。

Before we get started, I would like to remind you that our remarks today will include forward-looking statements, including those regarding our future plans, objectives, expected performance and in particular, our guidance for 2026. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings including those stated in the Risk Factors section of our filings with the SEC. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to revise or update any forward-looking statements.

在開始之前，我想提醒各位，我們今天的發言將包含前瞻性陳述，包括關於我們未來的計畫、目標、預期表現，尤其是我們對 2026 年的指引。實際結果可能與今日陳述有重大差異。可能導致結果不同的風險、不確定性及其他因素之相關資訊，已載於我們向 SEC 提交的文件中，包括我們向 SEC 申報文件之「風險因素」章節所述。這些前瞻性陳述僅代表截至本次電話會議日期的展望。我們不承擔修訂或更新任何前瞻性陳述的義務。

Additionally, the matters we will discuss today will include both GAAP and non-GAAP financial measures related to both our consolidated results as well as our operating segments. Reconciliation of any non-GAAP financial measures to the most directly comparable GAAP measures is set forth in our earnings release. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. Finally, today's conference call is being recorded and webcast.

此外，我們今天將討論的事項將包含 GAAP 與非 GAAP 財務衡量指標，涵蓋我們的合併業績以及各營運分部。任何非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節，已載於我們的財報新聞稿中。非 GAAP 財務衡量指標應作為 GAAP 指標的補充，而非替代。最後，今天的電話會議將被錄音並進行網路直播。

Now I will turn the call over to Jeff.

現在我把電話交給 Jeff。

Good morning. Thank you for joining us to discuss our fourth quarter results. We had a fantastic quarter, beating our expectations on exchange written premium, third-party premium and adjusted EBITDA. All of these figures were in line with our pre-released results. Like last quarter, in addition to our earnings press release, we provided a presentation with more detail on our company. We also filed our first Form 10-K last night. All of these materials can be found on our Investor Relations website.

各位早安。感謝各位參與，與我們一同討論第四季業績。我們本季表現非常出色，在交易所承保保費（exchange written premium）、第三方保費（third-party premium）以及調整後 EBITDA 方面均優於預期。上述數據皆與我們先前預先發布的結果一致。如同上一季，除了財報新聞稿之外，我們也提供了一份更詳細介紹公司的簡報。我們昨晚也提交了第一份 10-K 表格。所有資料皆可在我們的投資人關係網站上取得。

Let me start with the topic that is on many of your minds, Artificial Intelligence. AI is the architecture of our business. It is embedded in how we operate and how we win. From our founding, we designed our platform to capture, structure and continuously learn from specialty risk data at scale. And I'll be direct, the more AI transforms the insurance industry, the more it plays to our strength.

我先從許多人關心的主題談起：人工智慧。AI 是我們業務的架構核心。它深植於我們的營運方式與致勝方式之中。自創立以來，我們就將平台設計為能以規模化方式擷取、結構化並持續從專業風險資料中學習。我直說，AI 對保險業的改造越深，就越能發揮我們的強項。

We've built what we believe is the largest proprietary decision-ready data set in specialty commercial insurance. We use that data to power algorithm-aided underwriting at scale. And we distribute that advantage through the most technologically adaptive segment of the market, MGA. Everything we are about to describe flows from three structural advantages: first, our proprietary usable data. Next, algorithm-supported underwriting and last, technologically adaptive distribution.

我們建立了我們認為是專業商業保險領域中最大、具專有性的「可直接用於決策」資料集。我們運用這些資料，推動以演算法輔助的規模化核保。並透過市場中科技適應性最強的分支——MGA——來擴散這項優勢。接下來我們將描述的一切，皆源自三項結構性優勢：第一，我們專有且可用的資料。第二，演算法支援的核保；第三，科技適應性的分銷。

Let's start with the first. Our moat is our proprietary decision-ready data. We have assembled 134 million rows of specialty insurance data across 58,000 unique attributes. All of it is proprietary. But data alone is not the differentiator, usable is the critical word.

先從第一項開始。我們的護城河是專有、可直接用於決策的資料。我們已彙整 1.34 億列的專業保險資料，涵蓋 58,000 個獨特屬性。全部皆為專有資料。但僅有資料並非差異化關鍵，「可用」才是關鍵字。

Our position in the value chain allows us to stitch together upfront underwriting submission data with the claims outcomes on the back end. That seems obvious, but it is rare for one entity to have this ability. That closed feedback loop, submission to binding to loss emergence is what transforms raw information into decision-grade intelligence. We don't think anyone else can do that across a multitude of independent MGAs and 600-plus different specialty products.

我們在價值鏈中的位置，使我們能將前端的核保投保申請資料，與後端的理賠結果串接起來。這聽起來理所當然，但能具備此能力的單一機構其實很少見。這個封閉式回饋迴路——從申請、到承保生效（binding）、到損失浮現——正是把原始資訊轉化為可供決策的情報的關鍵。我們認為，沒有人能在眾多獨立 MGA 與 600 多種不同的專業產品之間做到這一點。

We then augment this proprietary data with third-party data to further enhance our understanding of risks. The combination is powerful. The internal performance linked data layered with external enrichment. No large language model or AI start-up is going to have that kind of data, and we're adding more and more each day. The difficulty of building this kind of infrastructure should not be underestimated.

接著，我們以第三方資料補強這些專有資料，以進一步提升對風險的理解。這種組合非常強大。以內部、與績效連結的資料為基礎，再疊加外部資料增益。任何大型語言模型或 AI 新創都不可能擁有這種資料，而我們每天都在持續增加。建置這類基礎設施的難度不容低估。

Industry modernization efforts have struggled to connect and synthesize data across multiple different systems. Our platform was architected from inception to do exactly that. In fact, 34% of our workforce consists of engineers, data scientists, product managers and designers. Experts that are focused on building and honing our platform. And as AI capabilities increase, the value of our data set compounds.

產業現代化的努力一直難以在多個不同系統之間連結並整合資料。我們的平台自一開始就以能做到這件事為架構設計目標。事實上，我們的員工中有 34% 是工程師、資料科學家、產品經理與設計師。這些專家專注於打造並精進我們的平台。而隨著 AI 能力提升，我們資料集的價值也會複利式增長。

In a world where models will be increasingly commoditized, differentiated data is the durable competitive advantage. And every submission, every underwriting decision, every claim flowing through the Risk Exchange deepens that advantage.

在模型將日益商品化的世界裡，具差異化的資料才是持久的競爭優勢。而每一份投保申請、每一次核保決策、每一筆透過 Risk Exchange 流轉的理賠，都在加深這項優勢。

Our second structural advantage is our engine. Data alone does not create value. It must inform decisions. The set of tools that we have developed mutually support one another to form an end-to-end engine. We deploy risk scoring models, AI risk ingestion and real-time portfolio monitoring to optimize underwriting performance.

我們的第二項結構性優勢是我們的引擎。僅有資料無法創造價值。資料必須用來支援決策。我們所開發的一整套工具彼此相互支援，形成端到端的引擎。我們部署風險評分模型、AI 風險匯入，以及即時投資組合監控，以最佳化核保績效。

As an example, just last month, we uploaded a portfolio of 1,679 new risks and in just over a minute, our engine told us that 84% of those risks were in appetite. 9% needed underwriting review given specific concerns identified by the tool. And 7% were simply out of appetite. The engine then went on to draft exclusions and coverage specifications to optimize underwriting performance. That achievement is monumental.

舉例來說，就在上個月，我們上傳了一個包含 1,679 個新風險的組合，在一分多鐘內，我們的引擎就告訴我們其中 84% 的風險符合承保偏好（in appetite）。有 9% 因工具識別出的特定疑慮需要核保覆核。另外有 7% 則完全不在承保偏好範圍內（out of appetite）。接著，引擎還會起草除外條款與承保範圍規格，以最佳化核保績效。這項成果意義重大。

That would have taken a team of people at least a week, and that's how we continue to win in the market at increasing scale. Our engine provides tangible advantages for Accelerant and its members in three ways: upfront underwriting precision, real-time portfolio management and claims optimization.

若由一個團隊人工處理，至少需要一週時間；而這正是我們能在市場上以更大規模持續取勝的方式。我們的引擎以三種方式為 Accelerant 及其成員帶來具體優勢：前端核保精準度、即時投資組合管理，以及理賠最佳化。

Let's dive into specific examples of each. Upfront underwriting precision. We identify complex, nonobvious relationships across variables like financial health, industry stresses, crime indices, prior loss patterns, and we integrate all those insights directly into the member underwriting workflows. That enables more precise risk selection and pricing. It also helps us to systematically avoid loss driving outliers.

接下來我們深入說明各項的具體例子。前端核保精準度。我們能在財務健康狀況、產業壓力、犯罪指數、既往損失型態等變數之間，辨識複雜且不易察覺的關聯，並將所有洞見直接整合到成員的核保工作流程中。這使得風險篩選與定價更為精準。也有助於我們系統性地避開導致損失的離群值。

That is a powerful combination. Proprietary, data-driven, AI-enabled tools pushing profitable growth, while avoiding poorly performing micro segments. That is how, based on our onboarding data, after the risk scoring models have done their work, members see a 2- to 3-point average improvement in their gross loss ratio, while growing at a rate over 35% since inception.

這是一個強而有力的組合。專有、數據驅動、AI 賦能的工具推動獲利成長，同時避開表現不佳的微型細分市場。這就是為什麼，根據我們的導入（onboarding）數據，在風險評分模型完成其工作之後，會員的總損失率平均可改善 2 到 3 個百分點，且自成立以來仍能以超過 35% 的速度成長。

The second advantage is real-time portfolio management. We ingest member data as it is created and monitor performance continuously. That allows us to detect deterioration earlier, protect underwriting margin and identify attractive growth opportunities. That's how we maintain a loss ratio in the low 50s.

第二個優勢是即時投資組合管理。我們在會員資料生成的同時即加以擷取，並持續監控績效。這使我們能更早偵測到惡化情況、保護核保利潤，並辨識具吸引力的成長機會。這也是我們能將損失率維持在 50% 出頭的原因。

Finally, claims cost optimization. Our predictive analytics prioritize claims handling and surface subrogation opportunities, reducing loss creep and preserving profitability. Since inception, we saved our risk capital partners at least $100 million of loss using this capability.

最後是理賠成本最佳化。我們的預測分析可優先排序理賠處理，並揭示代位求償（subrogation）機會，降低損失蔓延並維持獲利能力。自成立以來，我們運用這項能力已為風險資本合作夥伴至少減少 1 億美元的損失。

In total, the trajectory is clear. Underwriting is becoming increasingly autonomous. We've been building towards that shift for years. Whether underwriting is executed by members using our tools or as is happening increasingly automated within the platform itself. The Risk Exchange remains the infrastructure that evaluates, prices and aligns capital. Strategically, that means that Accelerant wins regardless of who originates the business. Every policy bound and every claim resolved strengthens the model and improve the next decision.

總體而言，發展軌跡很清楚。核保正變得愈來愈自主化。我們多年來一直在為這個轉變做準備。無論核保是由會員使用我們的工具來執行，或如目前愈來愈常見地在平台內部本身自動化完成。Risk Exchange 仍是評估、定價並使資本對齊的基礎設施。在策略上，這意味著不論由誰發起業務，Accelerant 都能勝出。每一張承保保單與每一件結案理賠都會強化模型，並改善下一次決策。

Our third structural advantage is our technologically adaptive decentralized MGA. From the very beginning, we have focused exclusively on MGAs because they are more agile and faster at adopting technology than traditional insurance company incumbents. And AI enhances that advantage. Members on our platform gained access to capabilities that would be difficult and expensive for them to build independently. With our help, they achieve faster submission triage and quoting, AI-driven coverage recommendations, enhanced risk selection tools, real-time portfolio insights and life cycle management, policy to claim.

我們第三個結構性優勢是具技術適應性的去中心化 MGA。從一開始，我們就專注於 MGA，因為相較於傳統保險公司既有業者，MGA 更敏捷、也更快採用科技。而 AI 進一步放大了這項優勢。平台上的會員得以取得一些若要自行建置將既困難又昂貴的能力。在我們協助下，他們能更快完成投保案件分流與報價、AI 驅動的保障範圍建議、強化的風險篩選工具、即時投資組合洞察與全生命週期管理，從保單到理賠。

Today, our members can ask Accelerant AI what's driving my loss ratio? And they can track the tools reasoning to identify key performance drivers and unlock unseen opportunities. MGAs are entrepreneurial specialists operating in defined niches. That means that when Accelerant empowers its members with improvements in underwriting precision and faster response time, it translates directly into market share gains. And anything we can do to make our members better, makes us better.

今天，我們的會員可以詢問 Accelerant AI：是什麼在驅動我的損失率？他們也能追蹤工具的推理過程，以辨識關鍵績效驅動因素並解鎖未被看見的機會。MGA 是在特定利基中運作的創業型專家。這意味著，當 Accelerant 透過提升核保精準度與加快回應速度來賦能會員時，會直接轉化為市占率提升。而我們能讓會員變得更好的一切，也會讓我們變得更好。

So what does this all mean practically for our business? First, we can do diligence potential new members more quickly and completely. Our tools enable us to analyze their books of business and design underwriting guidelines in 20% of the time that it would take us to do so manually. The move from prospect to producing member takes half the time. When we onboard over 50 members a year, that makes a big difference.

那麼，這一切在實務上對我們的業務意味著什麼？第一，我們能更快速且更完整地對潛在新會員進行盡職調查。我們的工具使我們能分析其業務組合並設計核保指引，所需時間僅為手動作業的 20%。從潛在客戶到成為產出保費的會員，所需時間縮短一半。當我們每年導入超過 50 位會員時，這會帶來很大的差異。

Second, once onboarded, those members grow more quickly with 25% underwriter productivity uplift emerging in our initial efforts. Third, we can lower loss ratios for our risk capital partners, delivering more predictable underwriting performance as we grow. That is highlighted by our attractive loss ratio track record.

第二，一旦完成導入，這些會員成長更快；在我們初期的努力中，核保人員生產力提升了 25%。第三，我們能為風險資本合作夥伴降低損失率，讓我們在成長的同時提供更可預測的核保表現。這也反映在我們具吸引力的損失率歷史紀錄上。

The future of specialty insurance will be data-rich, near autonomous and capital efficient. AI enables Accelerant specialized underwriters to win even more in their markets and moves capital closer to origination. What's the impact of all this? When data, underwriting intelligence and capital alignment are integrated into a single infrastructure layer, that layer becomes disproportionately valuable.

專業保險的未來將是數據豐富、近乎自主化且資本效率更高。AI 讓 Accelerant 的專業核保人員在其市場中更具勝算，並使資本更貼近業務起源端。這一切的影響是什麼？當數據、核保智慧與資本對齊整合到單一的基礎設施層時，該層就會變得具有不成比例的價值。

Our Exchange Services segment already reflects the operating leverage of that architecture with near 70% EBITDA margins driven by near zero marginal cost on incremental data and recurring revenue economics. And as automation increases, those structural advantages become more pronounced.

我們的 Exchange Services 事業部已反映出該架構的營運槓桿：EBITDA 利潤率接近 70%，主要由增量數據幾乎為零的邊際成本以及經常性收入的經濟模式所驅動。而隨著自動化程度提高，這些結構性優勢將更加明顯。

Before leaving the topic of artificial intelligence, let's take a step back. At Accelerant, we set out to make the specialty insurance market work better for everyone. We believe the Risk Exchange is fulfilling that mission more quickly and completely because of the three structural advantages AI gives us.

在結束人工智慧這個主題之前，讓我們先退一步。在 Accelerant，我們的目標是讓專業保險市場對所有人都運作得更好。我們相信，因為 AI 帶給我們的三項結構性優勢，Risk Exchange 正更快速且更完整地實現這項使命。

Turning back to the quarter. For those newer to our story, the Risk Exchange is a two-sided platform: the supply side and the demand side. The supply side is driven by the specialty underwriters, our members, who underwrite specialty insurance policies. These policies fuel our exchange. The demand side consists of our risk capital partners comprised of insurance companies, reinsurance companies and institutional investors.

回到本季。對於較不熟悉我們故事的各位，Risk Exchange 是一個雙邊平台：供給端與需求端。供給端由專業核保人員（也就是我們的會員）所驅動，他們承作專業保險保單的核保。這些保單為我們的交易平台提供燃料。需求端則由我們的風險資本合作夥伴構成，包括保險公司、再保險公司與機構投資人。

Those risk capital partners pay us a fee for access to our portfolio of policies. We sit in the middle, sourcing members, monitoring them and helping them to grow profitably by leveraging our AI advantages I just described.

這些風險資本合作夥伴為了取得我們的保單投資組合之使用權而支付費用給我們。我們位於中間，負責招募會員、監控他們，並運用我剛才描述的 AI 優勢協助他們實現獲利成長。

We leverage the scale of our Accelerant platform to deliver technology to our members that they would struggle to develop on their own. As discussed, our engineers and data scientists are developing agentic solutions for our members and for internal use in the Risk Exchange. These solutions help members grow more quickly, reduce their loss ratios and thus increase their profits.

我們運用 Accelerant 平台的規模，向會員提供他們自行開發會相當吃力的技術。如前所述，我們的工程師與資料科學家正在為會員以及 Risk Exchange 的內部使用開發代理式（agentic）解決方案。這些解決方案協助會員更快成長、降低損失率，進而提高其利潤。

Our members value these tools and services, which is why we've consistently had an industry-leading 80s-plus Net Promoter Score. And Accelerant's reputation as the preferred partner for the best MGAs in the world is what drives the growth in new member MGAs joining quarter after quarter.

會員重視這些工具與服務，這也是為什麼我們一向擁有業界領先、80 分以上的淨推薦值（Net Promoter Score）。而 Accelerant 作為全球最佳 MGA 首選合作夥伴的聲譽，正是推動新會員 MGA 一季接一季加入成長的原因。

For the demand side, we create value by sourcing, managing and monitoring a high-quality portfolio of insurance policies. Why is our portfolio of business so valuable to our risk capital partners? Well, it's stable, diversified and highly profitable. You can best measure that using gross loss ratio, which has been in the low 50s. That attractive loss ratio leads to consistent and attractive returns for our risk capital partners.

在需求端，我們透過尋找、管理並監控高品質的保單投資組合來創造價值。為什麼我們的業務組合對風險資本合作夥伴如此有價值？因為它穩定、多元分散且獲利能力很高。衡量這點的最佳方式是總損失率，而我們的總損失率一直維持在 50% 出頭。這個具吸引力的損失率，為風險資本合作夥伴帶來穩定且可觀的報酬。

With that overview complete, let's talk about the KPIs that we saw this quarter. Now last quarter, I set out the six key metrics that track the health of our business. During the fourth quarter, all six of those metrics were better than we forecasted.

完成上述概覽後，讓我們談談本季看到的 KPI。上季我提出了追蹤我們業務健康狀況的六項關鍵指標。在第四季，這六項指標全都優於我們的預測。

On the supply side, the first KPI is exchange written premium. Exchange written premium was $1.1 billion for the quarter. That's 24% year-over-year growth. Recall, we had a large premium, low-margin member that we terminated in Q3, excluding that one member, the year-over-year growth would have been 32%.

在供給端，第一個 KPI 是交易平台簽單保費（exchange written premium）。本季交易平台簽單保費為 11 億美元。這代表年增 24%。請記得，我們在第三季終止了一位保費規模大但利潤率低的會員；若排除該會員，年增率本會是 32%。

The second KPI is our member count, and we continue to attract the best MGAs in the world with 15 additions in the fourth quarter, bringing the total to 280 as of year-end 2025. And the third KPI for the supply side is net revenue retention. For us, net revenue retention is the trailing 12-month exchange written premium growth of our pre-existing members year-over-year. That includes terminated members.

第二個 KPI 是會員數量；我們在第四季新增 15 家，持續吸引全球最優秀的 MGA，使得截至 2025 年底總數達到 280 家。供給端的第三個 KPI 是淨收入留存率（net revenue retention）。對我們而言，淨收入留存率是既有會員在過去 12 個月的交易平台簽單保費年對年成長。其中包含已終止的會員。

Net revenue retention was 126% for the quarter and 131%, excluding the large premium, low-margin member we terminated. So our members continue to benefit from the advantages our proprietary data and tools give them.

本季淨收入留存率為 126%，若排除我們已終止合作的高保費、低毛利大型會員，則為 131%。因此，我們的會員持續受益於我們專有數據與工具所帶來的優勢。

On the demand side of the platform, our first KPI is gross loss ratio. That measures how profitable our portfolio is for our risk capital partners. We target a low 50s loss ratio over time. And for the fourth quarter of 2025, the gross loss ratio was 51%.

在平台的需求端，我們的第一項 KPI 是總損失率。該指標衡量我們的投資組合對風險資本合作夥伴而言的獲利能力。我們的長期目標是將損失率維持在 50% 出頭的水準。而在 2025 年第四季，總損失率為 51%。

The second demand side KPI is the amount of third-party direct written premium. That measures our ability to attract insurers to participate on our Risk Exchange. Over the medium term, we expect this measure to reach 2/3 of total exchange written premium. And we have made stellar progress on this measure in 2025.

需求端的第二項 KPI 是第三方直接簽單保費金額。該指標衡量我們吸引保險公司參與我們 Risk Exchange 的能力。在中期，我們預期此指標將達到交易所簽單保費總額的 2/3。而我們在 2025 年於此指標上取得了卓越進展。

For the first quarter, the measure was 19%. In the second, 27%. Third quarter, 32%. And for the fourth quarter, 40% of exchange written premium. We are well on our way to our medium-term goal and have demonstrated our ability to attract a growing and diverse stable of insurance company partners.

第一季該指標為 19%。第二季為 27%。第三季為 32%。而第四季，第三方占交易所簽單保費的 40%。我們正穩步邁向中期目標，並已展現吸引日益成長且多元的保險公司合作夥伴陣容的能力。

The third KPI on the demand side is our net retention. That's defined as a trailing 12-month ratio of premiums retained on Accelerant's balance sheet to the total exchange written premium. One important reminder here, by lowering our net retention, we also lowered the revenue and EBITDA we book in our underwriting segment.

需求端的第三項 KPI 是我們的淨留存率。其定義為過去 12 個月 Accelerant 資產負債表上留存的保費占交易所簽單保費總額的比率。這裡提醒一點：降低淨留存率的同時，我們在承保業務分部入帳的營收與 EBITDA 也會降低。

Now we welcome reducing the revenue in our underwriting segment as it means we have placed more risk with our risk capital partners and generated relatively more fee-based revenue. For the fourth quarter, our net retention was 9%. That's in line with our expectations.

我們樂見承保業務分部營收下降，因為這代表我們已將更多風險配置給風險資本合作夥伴，並相對產生更多以費用為基礎的營收。第四季我們的淨留存率為 9%。這符合我們的預期。

In total, those six metrics, three on the supply side and three on the demand side, capture the health of our business. Short answer, we're executing extremely well. And because we are executing so well, we exceeded our guidance on all metrics.

總體而言，這六項指標——供給端三項與需求端三項——反映了我們業務的健康狀況。簡短回答：我們的執行表現非常出色。也因為執行得如此到位，我們在所有指標上都超越了指引。

Ryan and Jay will share more details. Ryan?

Ryan 和 Jay 會分享更多細節。Ryan？

Thank you, Jeff. Starting on the supply side. As Jeff said, in Q4, we delivered $1.1 billion of exchange written premium, a 24% increase from last year. And that number was 32%, excluding the terminated low-margin Canadian member we mentioned last quarter.

謝謝你，Jeff。先從供給端開始。如 Jeff 所說，第四季我們達成 11 億美元的交易所簽單保費，較去年成長 24%。若排除我們上季提到已終止合作的低毛利加拿大會員，該數字為 32%。

For the full year, we produced $4.2 billion of exchange written premium, representing 35% year-over-year growth or 41% excluding that same member. Either way, really strong growth. That expansion came from existing members boosting new volume on existing products, new products written with us and, to a lesser extent, rate. Existing members represented 75% of our growth in 2025 and more than 80% of that comes from volume. While rate continues to be additive to our top line, it was just 3 percentage points of our 35% growth in 2025.

全年而言，我們產生 42 億美元的交易所簽單保費，年增 35%；若排除同一位會員，則年增 41%。無論以哪種口徑來看，成長都非常強勁。這一擴張來自既有會員在既有產品上增加新量、與我們合作承作的新產品，以及較小程度的費率因素。既有會員貢獻了我們 2025 年成長的 75%，其中超過 80% 來自量的增加。雖然費率仍對營收有正向貢獻，但在 2025 年 35% 的成長中，費率僅貢獻 3 個百分點。

Volume has always been the core driver of our growth. As a reminder, our book of business is 95% policies that are under $10,000 in annual premium. On these small premium policies, you don't typically see large rate acceleration or deceleration. So Accelerant's results are not as meaningfully impacted by the insurance pricing cycle. And as a side note, we are very comfortable our rate is keeping up with loss trend. The balance of our expansion comes from new members we add.

量一直是我們成長的核心驅動因素。提醒一下，我們的業務組合中有 95% 的保單年保費低於 10,000 美元。在這些小額保費保單上，通常不會看到費率大幅加速或減速。因此，Accelerant 的結果不會那麼顯著地受到保險定價循環影響。另外補充一點，我們對於費率能跟上損失趨勢非常有信心。其餘的擴張則來自我們新增的會員。

In 2025, our number of members grew from 217 last year to 280, 63 additions, which is our best annual result ever and represents 29% year-over-year growth. We believe our member count is a good leading indicator for future exchange written premium.

2025 年，我們的會員數從去年的 217 家成長至 280 家，新增 63 家，這是我們史上最佳的年度成果，年增 29%。我們認為會員數是未來交易所簽單保費的良好領先指標。

At the end of Q4, we had over $4 billion of annualized premium in our member pipeline, another record amount giving us confidence in our future growth. In 2025, we made great strides on the captive front. We added over $40 million of captives premium to the Risk Exchange, which is a testament to the team building out an entirely new, high-quality offering. We are just scratching the surface there and believe over time, captives could be a multibillion-dollar opportunity. Over the long term, what we're focused on being is a predictable organic growth machine as we expand into a really big market.

截至第四季末，我們的會員管線中年化保費超過 40 億美元，再創新高，讓我們對未來成長更具信心。2025 年我們在自保公司（captive）方面取得重大進展。我們為 Risk Exchange 新增超過 4,000 萬美元的自保保費，這證明團隊成功打造出一個全新且高品質的產品方案。我們在這方面才剛起步，並相信長期而言，自保可能是一個數十億美元的機會。長期來看，我們專注於成為一部可預測的有機成長機器，並在一個非常龐大的市場中持續擴張。

Moving to the demand side. We ended the quarter with 95 risk capital partners, up three from last quarter, all three are Risk Exchange insurers. That brings our Risk Exchange insurer count to 18 versus 13 at the end of 2024. Our goal is to maintain a diverse group of risk capital partners to maximize the stability and efficiency of our platform in the long run. We seek to use third-party insurance company for a growing proportion of the portfolio over time, which in turn improves Accelerant's capital lightness.

接著看需求端。本季末我們有 95 家風險資本合作夥伴，較上季增加 3 家，且這 3 家皆為 Risk Exchange 的保險公司。這使我們的 Risk Exchange 保險公司數量達到 18 家，而 2024 年底為 13 家。我們的目標是維持多元的風險資本合作夥伴群，以在長期最大化平台的穩定性與效率。我們希望隨時間推進，讓第三方保險公司承作投資組合的比重持續提高，進而提升 Accelerant 的輕資本程度。

Our medium-term expectation is that third-party insurance companies will represent approximately 2/3 of exchange written premiums. And as you heard from Jeff, we have made great progress here with 40% of our fourth quarter exchange written premium coming from third-party insurance companies. And we've also made great progress in diversifying our portfolio of third-party Risk Exchange insurers. The largest Hadron has been declining steadily throughout 2025, from 67% in Q1 to 58% in Q2 to 54% in Q3 and finally 47% in Q4. When we do use Accelerant owned insurance companies to issue policies, we transfer the vast majority of the underwriting economics to our reinsurer and institutional investor risk capital partners.

我們的中期預期是，第三方保險公司將約占交易所簽單保費的 2/3。如同 Jeff 今早提到的，我們在此已取得很大進展：第四季交易所簽單保費中有 40% 來自第三方保險公司。我們也在第三方 Risk Exchange 保險公司組合的多元化方面取得顯著進展。最大單一合作方 Hadron 的占比在 2025 年持續下降，從第一季的 67% 降至第二季的 58%、第三季的 54%，並在第四季降至 47%。當我們使用 Accelerant 自有保險公司出單時，我們會將絕大部分承保經濟利益轉移給再保人與機構投資人等風險資本合作夥伴。

In 2025, 9% of the premium written was retained by Accelerant insurance companies, driven by regulatory minimum retention. We continue to expect net retention to approximate 10% in calendar year 2026. To summarize, our goal is to preserve a diverse group of risk capital partners to maximize the stability and efficiency of the platform for the long run.

2025 年，Accelerant 保險公司留存的簽單保費為 9%，主要受監管最低留存要求所驅動。我們仍預期 2026 曆年淨留存率約為 10%。總結而言，我們的目標是維持多元的風險資本合作夥伴群，以在長期最大化平台的穩定性與效率。

And now I'll pass the baton to Jay, our CFO, to address our financial performance.

接下來我把棒子交給我們的財務長 Jay，請他說明我們的財務表現。

Thanks, Ryan. Hello, everyone. I'm excited to share our fourth quarter performance and guidance for the first quarter and full year 2020. As you've heard this morning, we had a great fourth quarter with continued strong profitable growth and expanding margins. We placed $1.1 billion of exchange written premium, an increase of 24% year-over-year and 32%, excluding the one member that Ryan and Jeff both mentioned. That resulted in revenue of $248 million, which grew 30% year-over-year.

謝謝你，Ryan。各位好。我很高興分享我們第四季的表現，以及 2020 年第一季與全年指引。如同各位今早所聽到的，我們第四季表現非常出色，持續實現強勁且具獲利性的成長，並擴大利潤率。我們完成 11 億美元的交易所簽單保費，年增 24%；若排除 Ryan 與 Jeff 都提到的那位會員，則年增 32%。因此帶來 2.48 億美元營收，年增 30%。

As you have consistently heard from us, our goal is to maximize the revenue associated with our Exchange Services and MGA Operations segment, while continuing to keep our Underwriting net retention near our 10% target. You will see from our segment results for the quarter that we are successfully executing on that strategy. Adjusted EBITDA was $71 million, growing 52% year-over-year. Adjusted EBITDA margin rose to 28%, up from 24% last year. Included in adjusted EBITDA was more than $2 million of nonrecurring investment gains from our stake in the same own member that concluded a third-party capital raise last quarter.

如同各位一直以來從我們這裡聽到的，我們的目標是在持續將承保業務的淨留存率維持在接近10%目標的同時，最大化與我們的交易所服務（Exchange Services）及MGA營運（MGA Operations）分部相關的營收。從本季的分部業績中，各位將會看到我們正成功執行該策略。調整後EBITDA為7,100萬美元，年增52%。調整後EBITDA利潤率升至28%，高於去年的24%。調整後EBITDA中包含超過200萬美元的一次性投資收益，來自我們對同一名自有成員（own member）的持股；該成員於上季完成第三方資本募集。

Excluding that investment gain this quarter, we generated EBITDA of approximately $68 million with excellent performance in each of our operating segments. This represents an increase of 132% over last year when you exclude $17 million of investment gains from fourth quarter '24 results. This momentum is driven by strong top line premium growth and consistent operating leverage improvement.

若排除本季該投資收益，我們的EBITDA約為6,800萬美元，且各營運分部皆表現優異。若排除2024年第四季業績中的1,700萬美元投資收益，則此數字較去年增加132%。此一動能來自強勁的保費收入成長，以及營運槓桿的持續改善。

Adjusted net income for the fourth quarter '25 grew nicely to $51 million compared to $39 million last year resulting in $0.23 of adjusted net income per share. We measure adjusted net income as GAAP income less profit interest distribution expenses, share-based compensation expenses and other nonoperating expenses net of tax.

2025年第四季調整後淨利穩健成長至5,100萬美元，較去年的3,900萬美元增加，折合每股調整後淨利0.23美元。我們將調整後淨利定義為：GAAP淨利扣除利潤分成（profit interest）分配費用、股份基礎給付費用，以及其他非營運費用（稅後淨額）。

In the fourth quarter, you will also see $19 million of profit-sharing expenses related to Mission that represents management incentive awards of $4 million, a noncash expense and $15 million elective cash acquisition of incremental equity stakes in several Mission numbers to buy back interest in the heads of those members. These management equity awards and equity buybacks are part of our strategy of long-term alignment with both the managers of the Mission business as well as a number of series through performance-based equity incentives.

在第四季，各位也會看到與Mission相關的1,900萬美元利潤分成費用，其中包括400萬美元的管理層激勵獎酬（屬非現金費用），以及1,500萬美元的選擇性現金收購，用於增持數個Mission成員的額外股權，以回購我們在這些成員負責人名下的權益。這些管理層股權獎酬與股權回購，是我們長期對齊Mission業務管理團隊，以及透過以績效為基礎的股權激勵，與多個系列（series）對齊的策略之一部分。

The Mission business continues to perform well beyond our expectations both the management incentivization and equity acquisitions represent significant long-term value for Accelerant. Over time, we expect to increase our ownership stakes in many of the well-performing Mission members beyond our initial investment of 70% to 80% ownership.

Mission業務的表現持續大幅優於我們的預期；無論是管理層激勵安排或股權收購，皆為Accelerant帶來顯著的長期價值。隨著時間推進，我們預期將把對許多表現良好的Mission成員之持股比例，從初始投資的70%至80%進一步提高。

On a segmental basis, we also outperformed our expectations across the board. Exchange Services is the core of our business, flowing from the 8% plus fee we make on all the premium running through our exchange. In Q4, we had revenue of $93 million, growing 46% year-over-year, well ahead of the premium growth over the same period because our take rate expanded to 8.4% from 7.2% in 2024. Exchange Services adjusted EBITDA was $63 million at a 67% margin.

以分部來看，我們也全面優於預期。交易所服務是我們業務的核心，主要來自我們對所有透過交易所流轉的保費收取8%以上的費用。第四季營收為9,300萬美元，年增46%，明顯高於同期保費成長，因為我們的抽成率（take rate）由2024年的7.2%擴大至8.4%。交易所服務的調整後EBITDA為6,300萬美元，利潤率為67%。

MGA operations is the host of MGAs we have ownership stakes in, consisting mostly of our Mission MGA incubation business. In Q4, we had revenue of $59 million with $2 million of that coming from the aforementioned nonrecurring investment gain. Excluding that gain, revenue was $57 million, growing 23% year-over-year. Adjusted EBITDA was $23 million or $21 million, excluding the gain, resulting in a margin of 36%.

MGA營運包含我們持有股權的多家MGA，主要由Mission的MGA孵化業務構成。第四季營收為5,900萬美元，其中200萬美元來自前述一次性投資收益。若排除該收益，營收為5,700萬美元，年增23%。調整後EBITDA為2,300萬美元；若排除該收益則為2,100萬美元，利潤率為36%。

Our healthy operating cash flow and IPO proceeds have enabled us to maintain a strong balance sheet. At the end of the quarter, we held $524 million of cash in the entities outside of our Underwriting segment, including Exchange Services and MGA operations and $121 million of outstanding debt. As included in the appendix of our investor presentation, these segments generated 87% free cash flow conversion adjusting for IPO-related expenses and nonoperating cash flow investment gain. That added $157 million of unrestricted, unlevered free cash flow in 2025.

健康的營運現金流與IPO募資所得，使我們得以維持強健的資產負債表。截至季末，我們在承保分部以外的實體（包括交易所服務與MGA營運）持有5.24億美元現金，且有1.21億美元未償債務。如同投資人簡報附錄所示，若就IPO相關費用及非營運現金流投資收益進行調整，這些分部的自由現金流轉換率為87%。這使得2025年新增1.57億美元不受限制、無槓桿的自由現金流。

Our business produces really high free cash flow conversion, even considering the investments we continue to make in the platform. We expect our free cash flow to grow nicely in 2026 as a result of growth across these two segments and the absence of IPO-related costs.

即使考量我們持續對平台進行投資，我們的業務仍能產生非常高的自由現金流轉換率。由於這兩個分部的成長，以及不再有IPO相關成本，我們預期2026年的自由現金流將有不錯的成長。

Our Underwriting segment houses our own insurance and reinsurance companies. And as we have consistently stated, our goal is to limit the use of these entities and write more business directly with third-party insurers. The largest driver of Underwriting revenue is how much business we retain as net earned premium. In Q4, we had revenue of $111 million as our net retention of exchange written premium was 9% in the last 12 months. This resulted in adjusted EBITDA of $13 million.

我們的承保分部包含自有的保險與再保險公司。且如同我們一再強調的，我們的目標是限制使用這些實體，並更多直接與第三方保險公司承作業務。承保營收的最大驅動因素，是我們以淨已賺保費（net earned premium）形式留存多少業務。第四季營收為1.11億美元，因為過去12個月我們對交易所簽單保費（exchange written premium）的淨留存率為9%。因此調整後EBITDA為1,300萬美元。

Our margin in the quarter was consistent with results in prior quarters, in part driven by good performance in the gross loss ratio at 51%. Our overall expectation of single-digit margin generation in the Underwriting segment has not changed in the medium term. We also expect in the near term that our net retention of exchange written premium will trend at similar levels, sub-10% that we have talked about previously.

本季利潤率與前幾季結果一致，部分原因是總損失率（gross loss ratio）表現良好，為51%。我們對承保分部在中期產生個位數利潤率的整體預期並未改變。我們也預期在短期內，交易所簽單保費的淨留存率將維持在相近水準，也就是我們先前提到的10%以下。

Within our Underwriting entities, we had $633 million of equity capital at the end of Q4. As we continue to accelerate the shift of premium to third-party insurers, we do not expect to need to put much, if any, additional capital into our Underwriting segment in 2026 and would expect to be in a surplus capital position over the long term.

在我們的承保實體內，截至第四季末的股東權益資本為6.33億美元。隨著我們持續加速將保費轉向第三方保險公司，我們預期2026年對承保分部不需要投入太多、甚至不需要額外資本，並預期長期將處於資本盈餘（surplus capital）狀態。

So in summary, Q4 was another step forward with strong growth and meaningful acceleration of adjusted EBITDA and adjusted net income, just like in Q3. As we look ahead, we have a lot of organic growth embedded in our pipeline. In Q1 2026, we expect exchange written premium of $1.07 billion to $1.13 billion, third-party direct written premium of $450 million to $470 million, and adjusted EBITDA of $64 million to $66 million. For the full year, '26, we expect exchange written premium of at least $5.1 billion and third-party direct written premium of at least $2.2 billion. To build a $2.2 billion of third-party direct written premium, we have $2.1 billion under contract and flowing today, another $100 million under contract that will start flowing in the coming months.

總結而言，第四季在強勁成長以及調整後EBITDA與調整後淨利的顯著加速方面，再次向前邁進一步，與第三季相同。展望未來，我們的管線中蘊含大量有機成長。在2026年第一季，我們預期交易所簽單保費為10.7億至11.3億美元，第三方直接簽單保費（third-party direct written premium）為4.50億至4.70億美元，調整後EBITDA為6,400萬至6,600萬美元。就2026年全年而言，我們預期交易所簽單保費至少51億美元，第三方直接簽單保費至少22億美元。為了達成22億美元的第三方直接簽單保費，我們目前已有21億美元在合約之下並已開始流入，另有1億美元已簽約，將在未來數月開始流入。

We also expect adjusted EBITDA of at least $275 million, which does not assume any nonrecurring investment gain will recur during the year. It's important to highlight that we are expecting a greater proportion of third-party premium in the first quarter and full year 2026. As I mentioned before, this reduces the use of our risk-taking entities and increases EBITDA from our fee-based segments.

我們也預期調整後EBITDA至少2.75億美元，且此預測並未假設任何一次性投資收益會在年度內再次發生。需要特別強調的是，我們預期2026年第一季及全年第三方保費占比將更高。如我先前所提，這將降低我們風險承擔實體的使用，並提升以費用為基礎分部的EBITDA。

Slide 13 of our investor presentation shows the expected EBITDA shift to more fee-based segments during 2026. Remember, when you think about '26 and beyond, our EBITDA growth engine is and will be the high-quality fee generation of the Risk Exchange accelerated and enabled by the AI-first strategy that is core to our DNA.

我們投資人簡報的第13頁顯示，2026年預期EBITDA將轉向更多以費用為基礎的分部。請記住，當你思考2026年及之後，我們EBITDA的成長引擎是、也將會是風險交易所（Risk Exchange）的高品質費用收入，而這一切由我們DNA核心的AI優先（AI-first）策略所加速並賦能。

We are not providing a GAAP reconciliation for this guidance, including net income due to the inherent difficulty in forecasting and quantifying items such as tax rate variations, foreign currency fluctuations or nonrecurring adjustments that may occur prior to quarter close.

由於在預測與量化例如稅率變動、外匯波動或可能在季度結束前發生的一次性調整等項目方面存在固有困難，我們不會就本次指引提供 GAAP 調節表（reconciliation），包括淨利。

Lastly, our Board authorized a share repurchase program of up to $200 million effective through December of 2028. This authorization reflects our confidence in the strength of our balance sheet, the durability of our cash flows and the long-term value of our business. Consistent with our disciplined capital allocation, we believe share repurchases at today's trading levels are compelling and should be highly accretive as we continue to invest in our growth.

最後，我們的董事會已授權一項最高達 2 億美元的股票回購計畫，有效期至 2028 年 12 月。此項授權反映我們對資產負債表實力、現金流的持久性以及業務長期價值的信心。秉持我們嚴謹的資本配置紀律，我們認為以目前的交易水準進行股票回購具吸引力，且在我們持續投資成長的同時，應可帶來高度的增益效果（accretive）。

With that, I'll turn things back to Jeff for closing remarks.

接下來，我把時間交回 Jeff 作結語。

To take a step back and remind us all of the bigger picture, what matters in the long run is that Accelerant becomes the rails on which specialty insurance runs. We're making the best MGAs better with our data and analytics and connecting them to deep, high-quality risk capital. And we're doing more and more of that each year. The momentum is building in the market, the flywheel is accelerating.

退一步提醒大家更大的全局，長期而言重要的是 Accelerant 成為專業保險運作所依賴的「軌道」。我們運用數據與分析讓最優秀的 MGA 變得更好，並將他們連結到深厚且高品質的風險資本。而且我們每一年都在做得更多。市場動能正在累積，飛輪正在加速。

The future of specialty insurance is data-driven, increasingly autonomous and capital efficient. That future favors platforms built on proprietary data and architected for automation from the outset. We believe Accelerant sits squarely at that intersection. AI is a force multiplier for the model we've been building for years, and it's why I believe we're going to be the leading specialty insurance platform. 2025 was another exceptional year. We grew exchange premiums 35%, revenues 51% and adjusted EBITDA 149%. I want to thank our members, our risk capital partners, and our world-class team of experts that made it all possible.

專業保險的未來將以數據驅動、愈加自主化且資本效率更高。那樣的未來將有利於從一開始就建立在專有數據之上、並以自動化為架構核心的平台。我們相信 Accelerant 正位於這個交會點的核心位置。AI 是我們多年來打造之模式的力量倍增器，也正因如此，我相信我們將成為領先的專業保險平台。2025 年又是非凡的一年。我們的交易所保費（exchange premiums）成長 35%，營收成長 51%，調整後 EBITDA 成長 149%。我要感謝我們的會員、風險資本合作夥伴，以及促成這一切的世界級專家團隊。

Before we move to your questions, let me welcome Cliff Jenks, our soon-to-be new General Counsel and Ray Iardella, our new Head of Investor Relations. Our team keeps getting better and better, and we couldn't be more excited to have them both on our side.

在進入提問之前，讓我歡迎 Cliff Jenks——即將上任的新任總法律顧問，以及 Ray Iardella——我們新任投資人關係主管。我們的團隊持續變得更強，我們非常興奮能有他們兩位加入。

Additionally, I would like to personally thank Jay Green for serving as Accelerant's Chief Financial Officer since 2022. He has been an invaluable partner, helping grow the business and successfully leading us through the IPO process. He recently informed the Board of his desire to step away from the business to pursue personal interest. On behalf of the Board and the entire team, thank you. We wish you all the best in the future, Jay.

此外，我也想親自感謝 Jay Green 自 2022 年起擔任 Accelerant 的財務長（CFO）。他一直是不可或缺的夥伴，協助推動業務成長，並成功帶領我們完成 IPO 流程。他近期已告知董事會，希望離開公司以追求個人興趣。我代表董事會與全體團隊向你致謝。Jay，祝你未來一切順利。

I'm excited to announce that Linda Huber has joined Accelerant and will be named CFO effective March 31. Linda is a very accomplished and seasoned executive. In fact, some of you likely know Linda from her previous CFO positions at leading business services firms, including FactSet, MSCI and Moody's. We are extremely pleased that a finance executive of Linda's caliber has joined the team and believe she will play a key role in our next chapter of growth. I know she is very much looking forward to engaging with the investment community in the future.

我很高興宣布 Linda Huber 已加入 Accelerant，並將自 3 月 31 日起正式出任財務長（CFO）。Linda 是一位成就卓著且資歷深厚的高階主管。事實上，在座各位中可能有人因她先前在多家領先商業服務公司擔任 CFO 而認識她，包括 FactSet、MSCI 與 Moody's。我們非常高興能有 Linda 這樣等級的財務主管加入團隊，並相信她將在我們下一階段的成長篇章中扮演關鍵角色。我知道她也非常期待未來與投資界互動交流。

I think we'll now open it up to questions.

我想我們現在開放提問。

(Operator Instructions) Rowland Mayor, RBC Capital Markets.

(接線員指示) Rowland Mayor，RBC Capital Markets。

I just wanted to ask on the actual 4Q adjusted EBITDA. It came in almost 15% above the high end of the guidance range. I just wanted to understand kind of what the upside was in the quarter?

我想問一下實際的第四季調整後 EBITDA。結果比指引區間上緣高出將近 15%。我想了解本季超出預期的主要來源是什麼？

Great. Jay, do you want to take that please?

很好。Jay，你要不要來回答？

Sure. Yes, happy to. Yes, so I think upside, we really saw contribution from all three segments. So if you look at performance in Exchange Services, right? We beat on volume, right? And with the take rate going up, that contributed to the increase in EBITDA there. MGA Operations, again, we saw outperformance relative to expectations going in.

當然。好的，很樂意。我認為超出預期主要來自三個業務分部的貢獻。如果你看交易所服務（Exchange Services）的表現，對吧？我們在量（volume）上優於預期，對吧？而且隨著抽成率（take rate）上升，也推動了該分部 EBITDA 的增加。MGA 營運方面，同樣地，我們的表現也優於原先的預期。

And then, of course, greater contribution coming from Underwriting. We have -- even with lower net earned premium due to the retention being lower over time, the loss ratio coming in at 51% produced higher earnings there. So I wouldn't point to just one thing. I think we saw really strong performance across the board.

然後，當然，承保（Underwriting）的貢獻也更大。即使因留存率（retention）隨時間下降而使淨已賺保費（net earned premium）較低，但損失率（loss ratio）為 51%，帶來了更高的獲利。所以我不會只歸因於單一因素。我認為我們整體各方面的表現都非常強勁。

Okay. Perfect. And then I wanted to ask on the quarterly and annual guidance for the written premiums. I think it implies the second, third and fourth quarter have much higher growth than first quarter. Is that the MGA cancellation? And then can you remind me when that occurred and kind of what the size was in the premium through Canada?

好的。完美。接著我想問一下季度與年度的簽單保費（written premiums）指引。我認為這暗示第二、第三與第四季的成長會明顯高於第一季。這是因為那個 MGA 取消合作嗎？另外你能提醒我那件事發生在什麼時候，以及透過加拿大的保費規模大概是多少嗎？

That's right. It is higher. Ryan, do you want to give some of the details?

沒錯。確實會更高。Ryan，你要不要補充一些細節？

The size of the member generally, Rowland was around USD50 million of premium per quarter. And so that is impacting Q1 and should also impact Q2 of this year. I think that's what baked into our guidance and our expectations. But you're exactly right on Q1 growth.

那位會員的規模一般而言，Rowland，大約是每季 5,000 萬美元的保費。因此這會影響第一季，也應該會影響今年第二季。我想這些都已反映在我們的指引與預期之中。不過你對第一季成長的判斷完全正確。

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，Wells Fargo。

My first question was on Hadron. I think I have in my notes that you guys had said it would be around 35% to 40% of third-party premium in '26. And I think going to below 33% in the fourth quarter and then drifting down over the longer term. Is that still the guidance when you laid out for everything for 2026 today?

我的第一個問題是關於 Hadron。我記得你們之前提到，到了 2026 年它大約會占第三方保費的 35% 到 40%。而且在第四季會降到 33% 以下，之後長期還會逐步下滑。在你們今天針對 2026 年所提供的整體規劃中，這仍然是相同的指引嗎？

Yes, we still feel very comfortable with those numbers. As you can see, we're making terrific progress there.

是的，我們對這些數字仍然非常有信心。如你所見，我們在那方面進展非常出色。

Okay. And then my second question, I guess, it's just on member count. Can you just give us a sense for '26, just how you're thinking about member count increasing throughout the year?

好的。那我的第二個問題是關於會員數（member count）。你能否談談對 2026 年的看法：你們預期會員數在一年當中會如何增加？

Ryan, do you want to take that?

Ryan，你要不要回答？

Of course. Elyse at least generally, I would say the last, call it, 9 to 12 quarters, we've added roughly speaking, 15 new members a year. As you know, we try to sort of set expectations low and outperform. But our pipeline as we flagged, it's the largest we've ever seen. And so I think we're feeling good about our go-forward ability to add new members and grow.

當然。Elyse，概括來說，我會說過去大約 9 到 12 個季度，我們每年大致新增約 15 位新會員。如你所知，我們通常會把市場預期設定得保守一些，然後再超越。但正如我們先前提到的，我們的案源管道（pipeline）是我們見過最大的一次。因此，我們對未來持續新增會員並推動成長的能力感到樂觀。

Just one thing, Ryan. I think the context made it obvious. But if I heard it right, you said over the last 9 to 12 quarters, we've added 15 members per quarter.

只有一件事，Ryan。我想在這個脈絡下已經很明顯了。但如果我沒聽錯的話，你說在過去9到12個季度裡，我們每季新增了15位成員。

That's correct. Yes. Sorry. Thank you, Jeff.

沒錯。是的。抱歉。謝謝你，Jeff。

Mike Zaremski, BMO Capital Markets.

Mike Zaremski，BMO Capital Markets。

First question on cash flow. Thanks for the slide and the disclosure there. I heard in the prepared remarks about your commentary about not seeking to put a material amount of capital into the subs in '26, and you can correct me if that's incorrect. But my question is regarding how to think about cash flow on a forward basis. Do you guys expect kind of the trajectory to be similar to EBITDA growth? Or any context you can provide, I don't know if you think about it maybe as a percentage of revenues, et cetera.

第一個問題關於現金流。謝謝你們提供投影片與相關揭露。我在事先準備的發言中聽到你提到，到了'26年你們不打算再把大量資本投入那些子公司（subs），如果我理解有誤請糾正我。但我的問題是，該如何以前瞻角度來看現金流。你們是否預期其走勢大致會與EBITDA成長相近？或你能提供任何脈絡，例如把它視為營收的某個百分比之類。

Thanks. Before I ask Ryan to address those expectations, can I just highlight that it's an important turning point, at least in our mind, that we no longer will be putting material amounts of capital into those insurance company balance sheets, I think it should be noted. So forgive me, Mike, go ahead, Ryan.

謝謝。在我請Ryan回應這些預期之前，我想先強調一點：至少在我們看來，這是一個重要的轉折點——我們將不再把大量資本投入那些保險公司資產負債表，我覺得這點值得特別指出。所以請原諒我，Mike，請繼續，Ryan。

Right. Thank you, [Charlie]. I think from a cash flow perspective, especially if you look at '24 versus '25, and I know we hadn't fully shared '24, but our cash flow conversion continues to improve. Obviously, we'd also expect not to have IPO-related costs next year -- this year, rather. And so I actually expect free cash flow conversion will continue to mix up and therefore, grow slightly faster than adjusted EBITDA. But we'll look forward to sharing those results in the future.

好的。謝謝你，[Charlie]。我認為從現金流角度來看，特別是比較'24年與'25年——我知道我們還沒有完全分享'24年的情況——但我們的現金流轉換率持續改善。顯然，我們也預期明年——更正，是今年——不會再有IPO相關成本。因此我其實預期自由現金流轉換率會持續上升，因而成長速度會略快於調整後EBITDA。不過我們也期待未來再與各位分享這些結果。

The other thing I would point out, Charlie, and Jay mentioned this in the prepared remarks, but on Page 13 of the investor presentation, we pointed out, I think, how we expect 2026 adjusted EBITDA to come together. And what you'll see is, right, 45% year-over-year growth within the fee-based segments.

另外我想指出的是，Charlie，Jay在事先準備的發言中也提到，在投資人簡報第13頁，我們說明了我們預期2026年調整後EBITDA將如何組成。你會看到的是，在以費用為基礎（fee-based）的業務分部中，年增成長為45%。

Got it. That's helpful. And definitely noted that we would have thought there would have been some capital being put at this up. So good news there. In terms of thinking about them the buyback program. Is that -- would there be potential not putting you guys -- not making you guys give us guidance, but would there be potential or the ability to upsize that based on free cash flow generation levels, that to the extent valuation remained attractive in terms of the share repurchase program?

了解。這很有幫助。而且也確實注意到，我們原本以為會有一些資本投入到這裡。所以這是好消息。至於回購計畫的思考。這個——不是要讓你們提供指引——但是否有可能、或有能力在自由現金流產生水準提高的情況下擴大規模？也就是說，只要估值仍具吸引力，就在股票回購計畫上加碼？

Yes. So the question has two parts. We feel really good, as Ryan said, about the cash generation. And as that free cash gets generated, we and the board will have to make a decision about what's the best place to put that to work. And with the shares at anywhere even approximately near these levels, it's pretty hard to beat from our perspective and the Board's perspective. So it's early days, right, that we announced the buyback, obviously, last night. So it seems a little premature to be talking about what happens after that, but that would be our thinking.

是的。這個問題有兩個部分。如Ryan所說，我們對現金產生能力感到非常有信心。而當這些自由現金被產生出來時，我們與董事會必須決定把它用在什麼地方最合適。以我們與董事會的角度來看，若股價大致仍在目前這些水準附近，幾乎很難找到比這更好的用途。不過現在還很早，對吧？我們顯然是昨晚才宣布回購。所以現在談回購之後會怎麼做似乎有點言之過早，但我們的思路會是如此。

Excellent. And lastly, the gross loss ratio remains excellent. Just from an industry-wide perspective, the entire industry continues to add a bit of reserves to other liability occurrence, especially. And so then my question is just kind of around the reserve addition, the small reserve addition, if you can give any context on the -- whether the gross and net impact were similar or just context about what took place there?

非常好。最後，總損失率（gross loss ratio）仍然非常出色。從全產業角度來看，整個產業仍在對其他責任險（尤其是事故發生制，occurrence）增加一些準備金。因此我的問題是關於這次準備金增加——這次小幅的準備金增加——你能否提供一些脈絡：總額與淨額的影響是否相近？或說明一下當時發生了什麼？

Yes. We feel really good about the gross loss ratios on each underwriting or accident year. Those numbers are terrific. The small adjustments between underwriting or accident years, I don't think is meaningful at all. Most importantly, to our risk capital, right?

是的。我們對每個承保年度或事故年度的總損失率都感到非常滿意。那些數字非常好。承保年度或事故年度之間的小幅調整，我認為完全不具重大意義。最重要的是，對我們的風險資本而言，對吧？

They're still receiving spectacular returns. Their enthusiasm to participate in the book continues to grow. So in all the ways that matter, we're doing great, as you said, on that loss ratio. I think the shifting around of reserves on the underwriting years, I don't think it's all that important.

他們仍在獲得極佳的報酬。他們參與這個業務組合（book）的熱情持續升高。所以在所有重要的面向上，正如你所說，我們在損失率方面表現非常好。至於在各承保年度之間挪動準備金，我不認為那有多重要。

Rob Cox, Goldman Sachs.

Rob Cox，Goldman Sachs。

Thanks for all the helpful commentary on AI. And just a follow-up, given 95% of the accounts are sub-10,000 in premium. I just wanted you guys to maybe talk to us about what are the hurdles of this business going direct or through a more digital process than through a broker? And how can Accelerant members make sure they're still in line to win new business, if that happens?

謝謝你們對AI提供的所有有幫助的評論。我再追問一下，鑑於95%的帳戶保費低於10,000。我想請你們談談，這個業務若要改為直銷（direct）或透過比經紀人更數位化的流程來進行，會面臨哪些障礙？如果真的發生那樣的轉變，Accelerant的成員要如何確保自己仍能在爭取新業務時保持競爭力？

Well, first of all, Rob, while we don't anticipate a wholesale shift of business, this commercial specialty business to go from a brokered transaction to a completely online transaction, whether that's AI-enabled or not. While we don't anticipate that to be the case. Were it to be the case, that would be great news for Accelerant and its members.

首先，Rob，我們並不預期這類商業專業保險（commercial specialty）業務會出現全面性的轉變，從經由經紀人撮合的交易，改成完全線上的交易，不論是否由AI賦能。我們不預期會是那樣。但如果真的變成那樣，對Accelerant及其成員而言會是非常好的消息。

The reason it would be great news is the production would be highly efficient, right? The data, which is the lifeblood of Accelerant's Risk Exchange would become that much cleaner and that much easier to process. I think given the fact that we are consistently the fastest response, so the first quote, I also think that given that our members consistently have the most specialized products, I think we and our members have a lot to gain if there were to be a shift away from retail brokers in this commercial space and towards some sort of automated AI-driven distribution.

之所以會是好消息，是因為產能（production）會變得非常高效率，對吧？資料——也就是Accelerant風險交易所（Risk Exchange）的命脈——會變得更乾淨、更容易處理。我認為，鑑於我們一貫是回應最快、也就是最先報價的一方，同時我們的成員也一貫提供最專精的產品，如果商業領域的分銷從零售經紀人轉向某種自動化、AI驅動的分銷模式，我認為我們與成員將有很大的受益空間。

Okay. Awesome. And then just on the new third-party insurer that was added since we all last spoke on a call like this. Can you just give us a little more color around what role you would expect that insurer to play over time in the context of the portfolio and maybe also like just the pipeline of third-party insurers?

好的。很棒。另外關於自從我們上次在這類電話會議中交流以來新增的第三方保險公司。你能否多提供一些細節，說明你預期該保險公司隨時間推進在投資組合中的角色？也想請你談談第三方保險公司的管線情況。

Sure. Rob, one of the things that I'd point out is as we add third-party insurers, that are of really, really material size. We do our best to identify them clearly. So we've talked about Lloyd's, and we've talked about others in the past, as you know. This one that we've added, we're delighted to add them. We don't have their consent to use their name. They are going to participate on a couple of really interesting but specialty books of business that we'll see how big they grow.

當然。Rob，我想指出的一點是，當我們新增規模非常、非常可觀的第三方保險公司時，我們會盡力清楚地辨識他們。所以如你所知，我們過去談過勞合社（Lloyd's），也談過其他機構。這次新增的這一家，我們很高興能加入他們。但我們沒有取得他們同意使用其名稱。他們將參與幾個非常有趣但屬於專業型的業務組合，至於會成長到多大，我們將拭目以待。

The important thing, though, is I think this story of adding this one that's highly specialized. Sort of talks about how we expect this develop -- to develop, I'm sorry. We have all the third-party insurer relationships we need to achieve our long-term guidance of 2/3 of the business going to third-party insurers. We don't need to make new relationships. Will we? Of course, of course, we will. Some of them will be much more significant and much more across the board and some of them will be more specialized like the latest one this quarter. So that's sort of how we think about what the likely progression is.

不過，我認為重要的是，這個故事在於新增了這一個高度專業化的合作夥伴。某種程度上也在談我們預期這會如何發展——如何發展，抱歉。我們已具備達成長期指引所需的所有第三方保險人合作關係，也就是有 2/3 的業務將由第三方保險人承接。我們不需要建立新的合作關係。我們會嗎？當然，當然會。其中有些會更為重要、涵蓋面更廣；也有些會像本季最新這一個一樣更為專業化。所以，這就是我們對可能演進路徑的看法。

And then you asked about the pipeline. As the Risk Exchange continues to prove out its ability to produce this low volatility, very high profitability book of business. It's no surprise that interest levels increase. It's a -- the sales cycle is not short. I guess, is the best way to say it.

然後你問到案源管線。隨著 Risk Exchange 持續證明其能夠產出低波動、極高獲利性的業務組合。利害關係人的興趣提高也就不足為奇。這——銷售週期並不短。我想這是最貼切的說法。

And we will methodically add partners where we think that they're really additive and can improve the Risk Exchange. But I wouldn't want people to think that achieving our long-term goals requires us to create new relationships. It does not. We have sufficient relationships now. Ryan?

而且我們會有條不紊地新增合作夥伴，在我們認為他們確實能帶來增量、並能改善 Risk Exchange 的地方。但我不希望大家以為，要達成我們的長期目標就必須建立新的合作關係。並不需要。我們目前的合作關係已經足夠。Ryan？

And just to be clear, Jeff kept saying long-term goals, just to be clear on the 2/3, that's a medium-term goal. I think you know that, Rob.

另外澄清一下，Jeff 一直在說長期目標；就 2/3 這個目標而言，澄清一下，那其實是中期目標。我想你知道的，Rob。

Yes.

是的。

I got the earnings call higher graphics wrong -- sorry, medium term. Medium term.

我把財報電話會議的圖表標示弄錯了——抱歉，是中期。中期。

Paul Newsome, Piper Sandler.

Paul Newsome，Piper Sandler。

I was hoping if you could give us a little bit more commentary around the expansion in the captive businesses? And just to sort of maybe give us a better sense of how the risks and trade-offs of that business compare with sort of a traditional MGA kind of source premium stuff?

我想請你們就自保公司（captive）業務的擴張多做一些評論？另外，也想請你們幫我們更好地理解，該業務的風險與取捨，與傳統 MGA 那種保費來源型業務相比如何？

Sure. We're pleased with the development, the development we've seen on the captive book. I think we've said in the past that we expect in 2026, the captive book to contribute over $100 million of premium. That's growing to what we think over the medium term to be a really significant contributor to the overall portfolio.

當然。我們對自保公司業務組合的發展感到滿意，也對我們在該自保業務組合上看到的進展感到滿意。我想我們過去曾說過，我們預期在 2026 年，自保業務組合將貢獻超過 1 億美元的保費。而在我們認為的中期內，這將成長為對整體投資組合非常重要的貢獻來源。

Now in the context of your question is the fact that if you did a market analysis of where does most captive premium dollars come from, they come from very, very large companies retaining very large portions of their significant complicated, sophisticated risks. That's not where we try to play. Where we try to play is in the again, small to medium-sized companies trying to be more efficient in how they buy their insurance. And keep in mind, the real driver here is when the insured or the sponsor of the captive feels like the market insurance rate is mispricing them, obviously too high.

就你問題的脈絡而言，如果你做一個市場分析，看看大多數自保保費美元來自哪裡——它們來自非常、非常大型的公司，這些公司保留其重大、複雜且高度精密風險中非常大的一部分。那不是我們想參與的領域。我們想參與的是——同樣地——中小型公司，試圖在購買保險的方式上更有效率。而且請記住，這裡真正的驅動因素是：當被保險人或自保安排的發起人覺得市場保險費率對他們定價錯誤——顯然是定得過高時。

So we get really excited about opportunities to go after self-selected, outperforming books of business. I would say that the lines of business are the same as our overall portfolio. I would say the limits issued are very, very similar. We avoid the same things that we avoid in our traditional MGA book being coastal catastrophe exposures than anything that aggregates with the industry portfolio at large. So I would say, while not perfectly homogeneous, they're really, really close. And the key there is we're avoiding the big giant companies captives.

因此，對於鎖定那些自我篩選、表現優於平均的業務組合的機會，我們會非常興奮。我會說，承保險種與我們整體投資組合相同。我會說，核發的保額上限也非常、非常相近。我們同樣會避開在傳統 MGA 業務組合中會避開的項目，例如沿海巨災曝險，以及任何會與整體產業投資組合形成聚集風險的曝險。所以我會說，雖然不是完全同質，但真的非常、非常接近。而關鍵在於，我們避開那些大型、巨型企業的自保公司。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Most of my questions have been asked and answered. But I wanted to ask about the net retention ratio. It's bounced around a little bit in recent quarters, but below the 10% target. I was wondering if there's a natural limit to how low that can go as you continue to shift to fee-based segments?

我大部分的問題都已經被問過也回答了。但我想問一下淨自留比率（net retention ratio）。它在最近幾季有些波動，但低於 10% 的目標。我想知道，隨著你們持續轉向以費用為主的業務分部，這個比率自然能降到多低？是否有一個自然下限？

As we described, the vast majority of our net retention is now driven by different jurisdictions, regulatory minimums. So obviously, there's not much we can do about those. As we -- what we've said is we'll be around but slightly below 10%. And it does jump and there's nothing we can do about that because of mix. But you're quite right that as the business more and more goes to third-party insurers, what I think -- what I anticipate saying someday is, it's going to jump around 5% as the overall share of exchange written premium goes down for the Accelerant-owned carriers. Does that make sense?

如我們所描述的，我們的淨自留目前絕大多數是由不同司法管轄區的監管最低要求所驅動。所以很明顯，我們對那些要求能做的並不多。我們所說的是，我們會維持在 10% 附近但略低於 10%。而它確實會跳動，我們也無能為力，因為這取決於組合結構。但你說得很對，隨著越來越多業務轉由第三方保險人承接，我認為——我預期有一天我會這樣說：隨著 Accelerant 自有承保公司所承作的交易所簽單保費（exchange written premium）整體占比下降，這個比率會在 5% 左右跳動。這樣說有道理嗎？

Yes.

是的。

Our next question comes from the line of -- (Operator Instructions) We don't have any pending questions. I'd now like to hand the call back to Mr. Jeff Radke for final remarks.

我們的下一個問題來自——（接線員指示）目前沒有任何待答問題。現在我想把電話交回給 Jeff Radke 先生作結語。

Great. Thank you very much, and thank you all for being with us this morning. We have significant momentum, a world-class team and are executing our strategy to grow the Accelerant Risk Exchange. We look forward to updating you on our progress throughout the year. Thank you again. Thanks, operator.

很好。非常感謝，也謝謝各位今天早上與我們一同參與。我們動能強勁，擁有世界級團隊，並正執行我們的策略以成長 Accelerant Risk Exchange。我們期待在今年內持續向各位更新我們的進展。再次感謝。謝謝，接線員。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以掛線。再見。