Accelerant Holdings (ARX) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Accelerant first-quarter 2026 earnings call. (Operator Instructions)

感謝各位稍候。我叫 Jay，今天將擔任本次電話會議的會議接線員。此時，我想歡迎各位參加 Accelerant 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Ray Iardella, Head of Investor Relations. You may begin.

現在我想將會議交給投資人關係主管 Ray Iardella。您可以開始了。

Thank you, operator, and welcome, everyone, to Accelerant's first-quarter 2026 earnings conference call. Joining me on today's call are Jeff Radke, Accelerant's Chairman and CEO; Linda Huber, CFO; and Ryan Schiller, Head of Strategy. The remarks will be followed by a Q&A session.

謝謝，接線員，也歡迎各位參加 Accelerant 2026 年第一季財報電話會議。今天與我一同出席的有 Accelerant 董事長兼執行長 Jeff Radke；財務長 Linda Huber；以及策略主管 Ryan Schiller。管理層發言後將進行問答環節。

Yesterday, we issued a press release related to our first-quarter 2026 financial results, filed our Form 10-Q and have also posted our updated investor presentation. All of these can be found on our IR website at www.investor.accelerant.ai. Before we get started, I'd 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, guidance for second-quarter and full-year 2026.

昨天，我們發布了與 2026 年第一季財務結果相關的新聞稿，提交了 Form 10-Q，並且也上傳了更新後的投資人簡報。以上資料皆可於我們的投資人關係網站 www.investor.accelerant.ai 查閱。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，包括關於我們未來計畫、目標、預期表現，尤其是 2026 年第二季與全年指引的相關內容。

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.

實際結果可能與今日陳述存在重大差異。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」章節所述內容。這些前瞻性陳述僅代表截至本次電話會議日期的觀點。我們不承擔修訂或更新任何前瞻性陳述之義務。

Additionally, today's discussion 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 webcast and recorded.

此外，今天的討論將包含 GAAP 與非 GAAP 財務衡量指標，涵蓋我們的合併結果以及營運部門。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 指標之補充，而非替代。最後，今天的電話會議將進行網路直播並錄音。

Now I'll turn the call over to Jeff.

現在我把電話交給 Jeff。

Thanks, Ray, and good morning, everyone. Before we dive into our discussion, I'd like to welcome Linda Huber, our new CFO, to her first earnings call at Accelerant. Linda joined us about two months ago, and her impact across the finance organization can already be felt. Welcome to the call, Linda. Moving to my comments about the business.

謝謝，Ray，各位早安。在進入討論之前，我想歡迎我們的新任財務長 Linda Huber 參加她在 Accelerant 的第一場財報電話會議。Linda 大約兩個月前加入我們，她對整個財務組織的影響已經可以感受到。歡迎加入電話會議，Linda。接下來談談我對業務的看法。

We had a fantastic first quarter, reflecting strong momentum across our platform. Once again, we exceeded the midpoint of our quarterly guidance across exchange written premium, third-party premium and adjusted EBITDA. We also continued to compound and deepen our data moat during the quarter, adding an additional 22 million rows and 4,000 incremental risk attributes.

我們第一季表現非常出色，反映出平台各方面的強勁動能。我們再次在交易所承保保費（exchange written premium）、第三方保費（third-party premium）以及調整後 EBITDA（adjusted EBITDA）三項指標上，均超越季度指引的中位數。我們也在本季持續累積並加深我們的資料護城河，新增了 2,200 萬列資料以及 4,000 個新增風險屬性。

Our mantra from the very beginning of Accelerant has been no data left behind. We capture and ingest exposure characteristics, price per exposure, policy provisions, geospatial information, public sentiment vectors and environmental features, just to name a few.

從 Accelerant 一開始，我們的信念就是不讓任何資料被遺漏（no data left behind）。我們擷取並匯入曝險特徵、每單位曝險的價格、保單條款、地理空間資訊、公共情緒向量以及環境特徵等，僅舉幾例。

Today, we have 156 million rows of information across more than 62,000 unique risk attributes, further widening our position as having the largest usable decision-ready specialty insurance data set. You might be asking, so what? And I think that's a fair question. The so what for Accelerant is higher growth with better loss ratios and minimal churn from members or risk capital partners. How is that?

目前，我們擁有 1.56 億列資訊，涵蓋超過 62,000 個獨特風險屬性，進一步擴大我們作為最大、可用且可直接用於決策的專業保險資料集之領先地位。你可能會問：那又如何？我認為這是個合理的問題。對 Accelerant 而言，「那又如何」意味著更高的成長、更好的損失率，以及來自會員或風險資本合作夥伴的極低流失。為什麼能做到？

We leverage this proprietary data through a closed-loop AI-native system to enhance underwriting decisions. The Accelerant Risk Exchange position in the insurance value chain allows us to quickly link underwriting submission and exposure data with claims outcomes. Thus, our underwriting models are updated in very short cycles, nearly continuously. That feedback loop today influences tomorrow's underwriting decisions. When members can outselect risk versus the market, it clearly drives profitability.

我們透過封閉迴路（closed-loop）、AI 原生（AI-native）的系統運用這些專有資料，以強化核保決策。Accelerant Risk Exchange 在保險價值鏈中的位置，使我們能快速將核保投保資料與曝險資料連結到理賠結果。因此，我們的核保模型能在非常短的週期內更新，幾乎是持續不斷地更新。今天的回饋迴路會影響明天的核保決策。當會員能相較市場更精準地挑選風險時，將明顯推動獲利能力。

But what's less obvious and more impactful is that better risk selection also drives growth in premium volume across the Accelerant Risk Exchange. And growing profitable and predictable specialty insurance risk is exactly what our risk capital partners are looking for. We discussed with you last quarter how artificial intelligence is the architecture of our business and how its use benefits members and risk capital partners alike.

但較不那麼顯而易見、卻更具影響力的是：更好的風險選擇也會推動 Accelerant Risk Exchange 的保費量成長。而成長具獲利性且可預測的專業保險風險，正是我們的風險資本合作夥伴所尋求的。我們在上季已與各位討論過，人工智慧是我們業務的架構，以及其使用如何同時讓會員與風險資本合作夥伴受益。

Another important benefit of artificial intelligence is the productivity gains Accelerant is generating internally. We are using the latest AI capabilities to augment cumbersome workflows and are already developing beta versions of solutions that we believe may reduce our reliance or even replace expensive third-party software systems.

人工智慧的另一項重要效益，是 Accelerant 在內部所產生的生產力提升。我們正在使用最新的 AI 能力來強化繁瑣的工作流程，並已在開發解決方案的 Beta 版本；我們相信這些方案可能降低我們對昂貴第三方軟體系統的依賴，甚至取而代之。

Additionally, we've seen significant improvements from AI within our product and technology team of engineers. They're focused on the core operations of the Accelerant Risk Exchange, and AI has become a meaningful execution enabler for us. This has led to higher output per engineer and a productivity lift of more than 24%. We think that being able to do more with less is going to become table stakes in tomorrow's world. The ultimate winners will grow their technical workforce and deploy AI augmented teams to solve the most complex problems.

此外，我們也看到 AI 在產品與技術工程團隊中帶來顯著改善。他們專注於 Accelerant Risk Exchange 的核心營運，而 AI 已成為我們重要的執行助力。這帶來了每位工程師更高的產出，以及超過 24% 的生產力提升。我們認為，在未來的世界裡，以更少資源做更多事將成為基本門檻（table stakes）。最終的贏家將擴大其技術人力，並部署 AI 強化的團隊來解決最複雜的問題。

Thus, our higher output allows us to move faster and faster, fund new areas of investment and deliver on our strategic priorities. In 2026, we plan to invest productivity gains into AI-enabled teams across priority areas. For example, we endeavor to cut the member onboarding cycle from three months, which we believe is already 3 to 4 times faster than the industry to a matter of days.

因此，更高的產出讓我們能以更快速度推進、資助新的投資領域，並交付我們的策略優先事項。2026 年，我們計畫將生產力提升再投入到各優先領域的 AI 賦能團隊。例如，我們致力於將會員導入（onboarding）週期從三個月縮短至數天；我們認為目前三個月已比業界快 3 到 4 倍。

Additionally, we will be building 24/7 AI-enabled claims monitoring, agent-driven actuarial support and early profit signals directly into our members' underwriting workflow. We are excited about our AI-driven productivity. But as we scale, greater efficiency will lead to more investment and better outcomes as we continue our journey to transform the specialty insurance marketplace.

此外，我們將把 24/7 AI 賦能的理賠監控、由代理人驅動的精算支援，以及早期獲利訊號，直接建置到會員的核保工作流程中。我們對 AI 驅動的生產力提升感到振奮。但隨著規模擴大，更高效率將帶來更多投資與更佳成果，並持續推進我們改造專業保險市場的旅程。

Next, let me move to the six KPIs that track the health of our business. These metrics balance both sides of the Accelerant Risk Exchange, including three on the supply side and three on the demand side. All six of these metrics were in line with or better than we expected for our first quarter. Beginning with the supply side, exchange written premium was $1.14 billion in the first quarter, above the high end of our expectations.

接下來，我談談追蹤我們業務健康狀況的六項 KPI。這些指標平衡 Accelerant Risk Exchange 的兩端，包括供給端三項與需求端三項。這六項指標在第一季皆符合或優於我們的預期。先從供給端開始，第一季交易所承保保費為 11.4 億美元，高於我們預期區間的上緣。

This translates to headline year-over-year growth of 16%. Now importantly, that growth would have been 22%, excluding the large premium low-margin member that we terminated at the end of Q2 last year. Our second KPI is our member count. We added 16 new MGAs during the first quarter, similar to our average over the past four quarters of 2025. That brings the total to 296 member MGAs.

這相當於年增 16% 的表面成長率。重要的是，若排除我們在去年第二季末終止合作的一家大額保費、低毛利會員，成長率本應為 22%。第二項 KPI 是會員數。我們在第一季新增 16 家 MGA，與 2025 年過去四個季度的平均水準相近，使會員 MGA 總數達到 296 家。

These new members were added across numerous geographies, including the US, Canada, UK, and EU and offer specialty insurance coverages that run the gamut from management liability to captives. The third and final supply side KPI is net revenue retention. We define net revenue retention as the trailing 12-month exchange written premium growth of our pre-existing members year over year. That includes terminated members.

這些新會員分布於多個地理區域，包括美國、加拿大、英國與歐盟，並提供涵蓋範圍廣泛的專業保險保障，從管理責任險到自保公司（captives）皆有。第三項也是最後一項供給端 KPI 是淨營收留存率（net revenue retention）。我們將淨營收留存率定義為既有會員在過去 12 個月的交易所承保保費年增率。該指標包含已終止的會員。

First-quarter net revenue retention was 116%. That continues to demonstrate the edge that our proprietary data, tools and platform provide our members. Again, it's worth noting that the net revenue retention would have been 122% if we excluded the one-off terminated member. Moving to the other side of the platform. The first of our three demand-side KPIs is gross loss ratio.

第一季淨營收留存率為 116%。這持續證明我們的專有資料、工具與平台為會員帶來的優勢。同樣值得注意的是，若排除該一次性終止的會員，淨營收留存率本應為 122%。接著轉到平台的另一端。三項需求端 KPI 的第一項是總損失率（gross loss ratio）。

The gross loss ratio is a key profitability measure of the business produced for our risk capital partners. And for the first quarter of 2026, the gross loss ratio remained very attractive at 52.1%. That increase of 80 basis points over the full-year 2025 figure is primarily due to seasonal differences in business mix. The second demand-side KPI is third-party direct written premium. This metric measures our ability to attract non-accelerant insurers to participate on the risk exchange.

總損失率是衡量我們為風險資本合作夥伴所產生業務獲利能力的關鍵指標。2026 年第一季總損失率仍維持在非常具吸引力的 52.1%。相較 2025 年全年數據增加 80 個基點，主要是由於業務組合的季節性差異所致。第二項需求端 KPI 是第三方直接承保保費（third-party direct written premium）。此指標衡量我們吸引非 Accelerant 保險公司參與風險交易所的能力。

We continued to make progress during the first quarter with 41% of exchange written premium going to third-party insurers. That's up from 19% in last year's first quarter and up from 30% for the full year of 2025. Over the medium term, our goal is for third-party insurers to represent two-thirds of the total exchange written premium. Additionally, we continued to mix away from Hadron during the quarter. Ryan will comment further on this in his remarks.

我們在第一季持續取得進展，交易平台承保保費（exchange written premium）中有 41% 流向第三方保險公司。這一比例高於去年第一季的 19%，也高於 2025 全年的 30%。在中期內，我們的目標是讓第三方保險公司占交易平台承保保費總額的三分之二。此外，本季我們也持續降低 Hadron 的占比。Ryan 將在他的發言中進一步說明。

The third and final KPI on the demand side is our net retention. That's defined as the trailing 12-month ratio of premiums we retain in relation to total exchange written premium. This ratio was 10% for the trailing 12 months, which is in line with our expectations and where we expect to be for the full year of 2026. Our objective is to pass along the favorable underwriting economics to our risk capital partners in exchange for fees, not to grow our share of net premiums.

需求端第三個也是最後一個 KPI 是我們的淨留存率（net retention）。其定義為過去 12 個月我們保留的保費相對於交易平台承保保費總額的比率。過去 12 個月該比率為 10%，符合我們的預期，也符合我們對 2026 全年的預期水準。我們的目標是以收取費用為交換，將有利的承保經濟效益傳遞給我們的風險資本合作夥伴，而不是擴大我們的淨保費占比。

In summary, we had an excellent quarter of performance against all six of our KPIs. This continues our positioning to be the rails on which specialty insurance runs and delivering long-term value to our shareholders.

總結來說，我們在本季於六項 KPI 上的表現都非常出色。這使我們持續朝著成為專業保險運作之「軌道」的定位前進，並為股東創造長期價值。

I'll turn it over to Ryan to cover Accelerant's risk exchange metrics in more detail. Ryan?

接下來我把時間交給 Ryan，請他更詳細說明 Accelerant 的風險交易平台指標。Ryan？

Thank you, Jeff, and good morning, everyone. Today, I will begin with the demand side of the platform. We ended the first quarter with 96 risk capital partners, in line with our strategy of maintaining a diverse group in order to maximize the stability and efficiency of our platform. Total third-party written premium this quarter was $462 million versus $184 million in the first quarter of last year. We currently have 18 third-party insurers and are actively engaging with a range of potential new partners.

謝謝你，Jeff，各位早安。今天我將先從平台的需求端談起。我們在第一季結束時共有 96 位風險資本合作夥伴，符合我們維持多元化夥伴組合、以最大化平台穩定性與效率的策略。本季第三方承保保費總額為 4.62 億美元，相較去年第一季的 1.84 億美元大幅成長。我們目前有 18 家第三方保險公司，並正積極與一系列潛在新合作夥伴洽談。

When we grow with third-party insurers, we are less dependent on our balance sheet, increasing Accelerant's capital lightness. Additionally, we are continuing to work on reducing the concentration of Hadron within our third-party insurers. Consistent with our plan, Hadron's gross written premiums were just 41% of third-party premiums in Q1 2026, down from 67% in Q1 2025.

當我們與第三方保險公司共同成長時，對資產負債表的依賴就會降低，進一步提升 Accelerant 的輕資本（capital light）特性。此外，我們也持續致力於降低 Hadron 在第三方保險公司中的集中度。依照我們的計畫，Hadron 在 2026 年第一季的毛承保保費僅占第三方保費的 41%，低於 2025 年第一季的 67%。

We have executed well on the shift away from Hadron, decreasing the percentage of third-party premium to 58% in Q2 of 2025, 54% in Q3 and 47% in Q4. Looking ahead, we continue to expect Hadron to mix down further to 35% to 40% of third-party premium for full-year 2026, including less than one-third in the fourth quarter.

我們在降低 Hadron 占比的轉移上執行良好，第三方保費中 Hadron 的比例在 2025 年第二季降至 58%，第三季 54%，第四季 47%。展望未來，我們仍預期 Hadron 在 2026 全年將進一步降至第三方保費的 35% 至 40%，其中第四季將低於三分之一。

Shifting to the supply side of the platform. We delivered $1.14 billion of exchange written premium, a 16% increase from last year's first quarter. And as Jeff noted, year-over-year growth would have been 22% excluding the terminated member. That's a really strong result, especially considering the low to mid-single-digit growth of the commercial P&C industry. Existing members represented more than 90% of our growth in the first quarter of 2026.

接著談平台的供給端。我們實現了 11.4 億美元的交易平台承保保費，較去年第一季成長 16%。如 Jeff 所提，若排除已終止的成員，年增率將為 22%。這是非常強勁的成果，特別是考量商業財產與意外險（commercial P&C）產業僅有低至中個位數的成長。2026 年第一季，我們超過 90% 的成長來自既有成員。

That's driven by higher premium volume on existing insurance products and incremental products being offered and written with the Accelerant Risk Exchange. Over the past year, existing members have added more than 100 products to the Accelerant Risk Exchange.

這主要由既有保險產品的保費量增加，以及透過 Accelerant Risk Exchange 新增提供並承保的增量產品所帶動。過去一年，既有成員已在 Accelerant Risk Exchange 上新增超過 100 項產品。

The balance of the exchange written premium growth was driven by the addition of new members, while rate was not a significant driver of our premium growth at just 1% during the quarter, with greater increases in the US versus our international business. Our book of business is not cat exposed and is focused on low limit, low premium specialty policies within the commercial SME space, both admitted and non-admitted.

交易平台承保保費成長的其餘部分來自新增成員；而費率並非本季保費成長的重要驅動因素，本季僅為 1%，其中美國業務的增幅高於國際業務。我們的業務組合不暴露於巨災（cat）風險，聚焦於商業中小企業（SME）領域的低保額、低保費之專業保單，涵蓋核准（admitted）與非核准（non-admitted）市場。

The book of business is made up of thousands of policies with 95% of them less than $10,000 in annual premium. These policies are much smaller than even the CIAB's small business cohort, which is consistently referenced as seeing more stable rates given their size. The bottom line is exchange written premium is not as meaningfully impacted by the insurance pricing cycle, including what you're reading about across E&S property lines.

我們的業務組合由數千張保單構成，其中 95% 的年保費低於 10,000 美元。這些保單甚至比 CIAB 的小型企業族群還要小；該族群常被引用為因規模因素而呈現較穩定的費率。重點在於，交易平台承保保費不會那麼顯著地受到保險定價循環影響，包括你在超額與剩餘（E&S）財產險線別所看到的相關報導。

Moving to our member growth. We continue to believe member count is a good leading indicator for future exchange written premium. In the first quarter, we added 16 new members, which was just a bit above our plan. Make no mistake, we are not just looking to add volume through member growth, anyone can do that. Rather, we are undertaking significant due diligence on each new potential member, analyzing their underwriting and making sure their targeted business aligns with our value proposition to our risk capital partners.

再來談成員成長。我們仍相信成員數是未來交易平台承保保費的良好領先指標。第一季我們新增 16 位新成員，略高於我們的計畫。請不要誤會，我們並非只是想透過成員成長來增加量，任何人都做得到。相反地，我們對每一位潛在新成員都進行嚴謹的盡職調查，分析其承保能力，並確保其目標業務與我們對風險資本合作夥伴的價值主張一致。

Looking ahead, we have more than $4 billion of annualized premium in our member pipeline at the end of the first quarter, which makes us excited about the remainder of '26 and looking forward to 2027. In summary, Q1 2026 was another excellent quarter of execution with a stable but increasing diverse group of risk capital partners and continued member growth.

展望未來，截至第一季末，我們的成員管線（member pipeline）中有超過 40 億美元的年化保費，這讓我們對 2026 年剩餘期間感到振奮，也期待 2027 年的表現。總結而言，2026 年第一季是另一個執行出色的季度：風險資本合作夥伴群體穩定且多元性持續提升，同時成員成長延續。

The Accelerant Risk Exchange is well positioned to balance the increasing supply and the rising demand across the platform. I'll now turn it over to Linda to discuss our financial performance in more detail.

Accelerant Risk Exchange 已具備良好條件，在平台上平衡日益增加的供給與上升的需求。接下來我把時間交給 Linda，請她更詳細說明我們的財務表現。

Thanks, Ryan, and good morning, everyone. I'm excited to participate on my first earnings call with Accelerant as a CFO. Today, I'll be discussing our quarterly financial performance and will walk you through our guidance for 2026. Now as you heard this morning, we had a great first quarter with continued strong growth in operating revenue and adjusted EBITDA. Overall, revenue was up 54% over the prior year to $273 million.

謝謝你，Ryan，各位早安。很高興以 CFO 身分首次參與 Accelerant 的法說會。今天我將說明我們的季度財務表現，並帶各位了解我們對 2026 年的財測指引。如同各位今早所聽到的，我們第一季表現非常強勁，營運收入與調整後 EBITDA 持續強勁成長。整體而言，營收較去年同期成長 54% 至 2.73 億美元。

Operating revenue, which is before the impact of realized and unrealized investment gains and losses, was up 57%. We posted pretax income of $2 million, a GAAP net after-tax loss of $4 million and adjusted net income of $38 million. The reconciliation of our non-GAAP adjusted net income can be found in our earnings release.

營運收入（operating revenue，未計入已實現與未實現投資損益的影響）成長 57%。我們錄得稅前淨利 200 萬美元、GAAP 稅後淨損 400 萬美元，以及調整後淨利 3,800 萬美元。我們的非 GAAP 調整後淨利之調節表可見於財報新聞稿。

The largest driver of the difference between GAAP and adjusted net income was share-based compensation expense. This quarter includes approximately $8 million related to the acceleration of certain awards associated with the CFO transition, so we expect share-based compensation expense to be lower in subsequent quarters of 2026.

GAAP 與調整後淨利差異的最大驅動因素是股份基礎給付（share-based compensation）費用。本季包含約 800 萬美元，與 CFO 交接相關的部分獎酬加速歸屬有關，因此我們預期 2026 年後續季度的股份基礎給付費用將會降低。

Adjusted EBITDA was $66 million for the first quarter compared to $39 million in the comparable quarter last year. Importantly, our fee-based operating revenue and adjusted EBITDA, which we define as consolidated results less the underwriting segment grew 52% and 112%, respectively.

第一季調整後 EBITDA 為 6,600 萬美元，去年同期為 3,900 萬美元。重要的是，我們以費用為基礎的營運收入與調整後 EBITDA（我們定義為合併結果扣除承保分部）分別成長 52% 與 112%。

Remember, our goal is to drive adjusted EBITDA growth within our Exchange Services and MGA operations while continuing to keep our trailing 12-month underwriting net retention at around the 10% level. Our segment results show that we are successfully executing on that strategy. Consolidated GAAP earnings per diluted share was a loss of $0.02, while adjusted non-GAAP EPS was $0.17.

請記得，我們的目標是在交易服務（Exchange Services）與 MGA 營運中推動調整後 EBITDA 成長，同時將過去 12 個月的承保淨留存率維持在約 10% 水準。我們的分部結果顯示，我們正成功執行該策略。合併 GAAP 稀釋後每股盈餘為虧損 0.02 美元，而調整後非 GAAP EPS 為 0.17 美元。

And just a reminder, we updated our non-GAAP measures to exclude the impact of net realized and unrealized investment gains and losses. We believe these updates improve comparability and better align us with others in the industry. The impact of these changes on our non-GAAP results were de minimis this quarter. Now let me move on to some comments on our financial performance by segment. I'll begin with the core of Accelerant Exchange Services.

另外提醒一下，我們已更新非 GAAP 指標，排除已實現與未實現投資損益的影響。我們認為這些更新可提升可比性，並使我們與同業更一致。本季這些變更對我們的非 GAAP 結果影響不大。接下來我將就各分部的財務表現做一些說明。我先從 Accelerant 交易服務這個核心業務開始。

First-quarter Exchange Services operating revenue was $100 million, up 41% over last year. That's due to the $1.14 billion of exchange written premium and the 8% plus take rate we make on the premium running through our exchange.

第一季交易服務（Exchange Services）營運收入為 1 億美元，較去年成長 41%。這主要來自 11.4 億美元的交易平台承保保費，以及我們對流經交易平台的保費所收取的 8% 以上抽成率（take rate）。

We believe the take rate will be in the mid-8% range for the remainder of the year, reflecting the strong value proposition we provide to our risk capital partners. Exchange Services adjusted EBITDA was $67 million, leading to an adjusted EBITDA margin of 67%. We expect adjusted EBITDA margins will be approximately 70% for the remainder of 2026.

我們預期今年剩餘期間的抽成率將落在 8% 中段區間，反映我們為風險資本合作夥伴提供的強勁價值主張。交易服務調整後 EBITDA 為 6,700 萬美元，對應調整後 EBITDA 利潤率 67%。我們預期 2026 年剩餘期間的調整後 EBITDA 利潤率約為 70%。

And moving now to our other fee-based segment, MGA operations. This segment represents MGAs we have ownership stakes in, predominantly our Mission MGA incubation business. For the first quarter, operating revenue was $54 million, growing 10% year over year. That 10% growth was impacted by a little bit of timing between the quarters and leveling for that, year-over-year growth would have been in the high teens. MGA operating adjusted EBITDA was $17 million, resulting in a healthy margin of 31%.

接著談到我們另一個以費用為基礎的業務分部：MGA 營運。此分部代表我們持有股權的 MGA，主要是我們的 Mission MGA 孵化業務。第一季營運收入為 5,400 萬美元，年增 10%。這 10% 的成長受到季度間時點差異的些許影響；若將時點因素平滑化，年增幅本會落在十幾個百分點的高段。MGA 營運調整後 EBITDA 為 1,700 萬美元，帶來 31% 的健康利潤率。

And shifting to our underwriting segment, which is the home of our own insurance and reinsurance company results. In the first quarter of 2026, we generated operating revenue of $149 million and adjusted EBITDA of $7 million. Adjusted EBITDA margin in the mid-single digits was driven in part by continued strong performance in the gross loss ratio at 52.1%.

接著轉到我們的承保分部，這裡包含我們自有保險與再保險公司的業績。2026 年第一季，我們產生營運收入 1.49 億美元，調整後 EBITDA 為 700 萬美元。調整後 EBITDA 利潤率落在中個位數，部分受惠於毛損失率持續強勁表現，為 52.1%。

Operating cash used in the first quarter was $21 million, predominantly reflecting the timing of reinsurance payments within the underwriting segment and to a much lesser extent, increases in personnel-related payments and other expenses to support our growth. Cash flow can be volatile from quarter-to-quarter. But importantly, we still expect to convert our 2026 fee-based adjusted EBITDA to free cash flow at a level similar to 2025.

第一季營運現金流出為 2,100 萬美元，主要反映承保分部內再保險付款時點的影響；較小部分則來自為支援成長而增加的人員相關付款及其他費用。現金流可能在各季度間波動。不過重要的是，我們仍預期 2026 年以費用為基礎的調整後 EBITDA 轉換為自由現金流的水準，將與 2025 年相近。

And jumping now to our balance sheet. At March 31, we had about $450 million of unrestricted cash and investments outside the insurance company. That's after our first-quarter repurchase of 828,000 Class A shares for $11 million at a weighted average price of $13.11 per share. We find share repurchases very attractive at current levels and have repurchased another $52 million so far in the second quarter. We will continue to evaluate repurchases against the backdrop of valuation, our future expected cash flows and investments back into the business.

接著看資產負債表。截至 3 月 31 日，我們在保險公司之外持有約 4.5 億美元的不受限制現金與投資。這是在第一季以每股加權平均價格 13.11 美元、總額 1,100 萬美元回購 828,000 股 A 類普通股之後的數字。我們認為在目前水準進行庫藏股回購非常具吸引力，且截至第二季目前為止我們又回購了 5,200 萬美元。我們將持續在估值、未來預期現金流，以及再投資於業務之間權衡，評估是否進一步回購。

Within our insurance entities, we had approximately $630 million of capital at the end of the first quarter. We expect minimal capital contributions to these entities during 2026 as we continue to grow with third-party insurers.

在我們的保險實體內，第一季末資本約為 6.3 億美元。隨著我們持續與第三方保險公司共同成長，我們預期 2026 年對這些實體的資本挹注將非常有限。

And moving now to our financial outlook. We are providing the following financial guidance based on our strong first quarter performance and more favorable outlook for the year. In the second quarter, we expect, first, exchange written premium of $1.27 billion to $1.32 billion; second, third-party direct written premium of $580 million to $620 million and adjusted EBITDA of $60 million to $66 million.

接著談我們的財務展望。基於第一季強勁表現以及對全年更有利的展望，我們提供以下財測指引。第二季我們預期：第一，交易所簽單保費（exchange written premium）為 12.7 億至 13.2 億美元；第二，第三方直接簽單保費（third-party direct written premium）為 5.8 億至 6.2 億美元；以及調整後 EBITDA 為 6,000 萬至 6,600 萬美元。

For the full-year 2026, we expect first, exchange written premium of at least $5.2 billion; secondly, third-party direct written premium of at least $2.3 billion; and finally, adjusted EBITDA of at least $285 million, which includes fee-based or non-underwriting adjusted EBITDA of at least $276 million. And two additional comments regarding the second quarter of 2026.

就 2026 全年而言，我們預期：第一，交易所簽單保費至少 52 億美元；第二，第三方直接簽單保費至少 23 億美元；最後，調整後 EBITDA 至少 2.85 億美元，其中包含以費用為基礎或非承保的調整後 EBITDA 至少 2.76 億美元。另外，針對 2026 年第二季再補充兩點說明。

First, our second-quarter adjusted EBITDA guidance includes eliminations in the $20 million range and the second-quarter segmental adjusted EBITDA is estimated to be much higher than the consolidated figure. Over time, we expect elimination adjustments to decline given the expected increase in the proportion of premiums written by third-party insurers. Importantly, we increased our full-year guidance given our confidence in continued adjusted EBITDA growth in the second half of 2026.

第一，我們第二季調整後 EBITDA 指引包含約 2,000 萬美元等級的抵銷（eliminations），因此第二季分部別調整後 EBITDA 估計將顯著高於合併數字。隨著由第三方保險公司承作的保費占比預期提高，長期而言我們預期抵銷調整將下降。重要的是，基於我們對 2026 年下半年調整後 EBITDA 持續成長的信心，我們上調了全年指引。

Second, from time to time, we make strategic investments in financially attractive business partners. And in late April, there were transactions resulting in an observed increase in the fair value of an investment we had made in a third-party claims administration business.

第二，我們會不時對財務上具吸引力的業務夥伴進行策略性投資。4 月下旬發生的交易，使我們先前投資於一家第三方理賠管理業務的投資，其公允價值出現可觀察到的上升。

We participated in the capital transactions and sold a portion of interest and generated $52 million of cash proceeds. We also expect to recognize both the realized gain on the sale and an unrealized gain on the portion we continue to hold in aggregate of $55 million during the second quarter. Our non-GAAP metrics will exclude the revenue, EBITDA and net income of this transaction.

我們參與了該等資本交易並出售部分持股，取得 5,200 萬美元的現金收入。我們也預期在第二季合計認列 5,500 萬美元的收益，包含出售的已實現利益，以及我們仍持有部分的未實現利益。我們的非 GAAP 指標將排除此交易的收入、EBITDA 與淨利。

So in summary, first quarter was further proof of the strength of our business model. Looking ahead, we see continued strong growth in exchange written premium and adjusted EBITDA. That positive momentum is reflected in our increased 2026 financial outlook relative even to eight weeks ago. And with that, I'll turn things back to Jeff.

總結而言，第一季再次證明我們商業模式的強韌。展望未來，我們看到交易所簽單保費與調整後 EBITDA 將持續強勁成長。這股正向動能反映在我們上調的 2026 年財務展望中，甚至相較於八週前亦是如此。接下來我把時間交還給 Jeff。

Thanks, Linda. Before we move to your questions, I'd like to welcome our two new independent Board members who were elected at our Annual General Meeting earlier this week, David Talach and Simon Wainwright.

謝謝，Linda。在進入提問之前，我想歡迎本週稍早在年度股東大會上當選的兩位新任獨立董事：David Talach 與 Simon Wainwright。

Both are skilled and talented executives and bring diverse perspectives, which will be valuable to the Board and the management team as we endeavor to make Accelerant the rails on which specialty insurance runs. We are well on our way to realizing that vision. We are actively attracting and growing with the industry's most talented and entrepreneurial underwriters, our MGA members.

兩位都是能力出眾且才華洋溢的高階主管，並帶來多元觀點，將有助於董事會與管理團隊，推動我們把 Accelerant 打造成專業保險運作所依循的「軌道」。我們正穩步朝該願景邁進。我們正積極吸引並與業界最具才華與創業精神的承保人——也就是我們的 MGA 會員——共同成長。

We are making them even better with our data, analytics and increasingly autonomous underwriting tools. And we are connecting them to diversified, committed and high-quality risk capital that is looking to generate attractive, predictable returns. The growth in exchange written premium over the past year is continued affirmation of the value our platform provides to our members and risk capital partners.

我們透過資料、分析，以及日益自主化的承保工具，讓他們變得更強。同時，我們也把他們連結到多元化、長期承諾且高品質、希望創造具吸引力且可預期報酬的風險資本。過去一年交易所簽單保費的成長，持續印證我們的平台為會員與風險資本夥伴所提供的價值。

Operator, we will now open it up for questions.

接線員，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 wanted to start on the new adds in the MGA partners in the first quarter. It looked like it was more tilted towards mission and owned MGAs. And was there anything specific that drove that? And are we reaching a point where the majority of quality MGAs are already on your platform?

我想先從第一季新增的 MGA 夥伴談起。看起來新增更偏向 mission 與自有的 MGA。這背後是否有任何特定因素驅動？另外，我們是否已經接近一個階段：大多數優質的 MGA 都已經在你們的平台上了？

Rowland, it's Ryan. Thanks for the question. So a few odd things that happened in the quarter. One, we actually had an existing independent member that shifted to be a mission member, which was one of those in the quarter. I still think we expect going forward, just like we saw last year that the vast majority of new members will be independent members.

Rowland，我是 Ryan。謝謝你的問題。這一季發生了幾件比較特殊的事。第一，我們其實有一位既有的獨立會員轉為 mission 會員，這就是本季其中之一。我仍然認為，往後我們的預期與去年相同：絕大多數新會員會是獨立會員。

And I think as suggested by the size of our pipeline, we don't think we're sort of touching or getting anywhere close to the bottom in terms of the opportunity out there and the number of high-quality underwriters that we're seeing and hopefully being able to partner with.

而且從我們案源管線的規模來看，我們不認為自己已經觸及、或接近觸及市場機會的底部；我們仍看到大量高品質承保人，並希望能與他們合作。

That's helpful. Maybe one more quick one. Can you -- on the fee-based definition, does that include corporate and eliminations?

很有幫助。再快速問一個：關於以費用為基礎（fee-based）的定義，是否包含公司層級（corporate）以及抵銷（eliminations）？

It does.

包含。

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO Capital Markets。

If I take your EBITDA guide as a percentage of premium for 2Q and the full year, it points to that ratio moving lower year over year, both in 2Q and for the full year. I appreciate you have a lot of eliminations. You said that, that will go down over time. But given you've lowered the -- or sorry, increased the percentage of premium coming from third parties year over year, why would that move lower? Can you expand on what's driving that?

如果我把你們第二季與全年 EBITDA 指引換算成占保費的百分比，看起來該比率在第二季與全年都會年減。我理解你們有不少抵銷，你也提到那會隨時間下降。但既然你們已經把來自第三方的保費占比逐年提高，為什麼該比率反而會下降？能否說明背後的驅動因素？

Yes, Charlie, great question. Particularly in Q2, I think we're expecting a higher level of eliminations than would be normal. I think we're expecting very strong segmental results. And we'd expect that as you look at the full-year guide for both Q3 and Q4 and what that implies, right, some elevated performance that we expect to come through as the overall platform continues to sing.

是的，Charlie，這是個好問題。特別是在第二季，我們預期抵銷水準會高於一般正常情況。我們預期分部別結果會非常強勁。而當你看全年指引、以及第三季與第四季所隱含的內容時，我們也預期會有一些較高的表現，因為整體平台持續發揮效能。

Further, as you'll recall from prior conversations, the more and more business we're writing with those third-party insurers, we're shifting more and more towards our fee-based segments and away from underwriting, right?

此外，如同你從先前的討論所記得的，隨著我們與那些第三方保險公司承作的業務愈來愈多，我們會愈來愈往以費用為基礎的分部移動，並遠離承保分部，對吧？

That is obviously going to reduce overall revenue, but that's a good thing. And so what we're very focused on is how are we maximizing those fee-based segments and having those -- essentially those eliminations earn through as we write more and more business with third-party insurance companies.

這顯然會降低整體營收，但那其實是好事。因此我們非常專注的是：如何把以費用為基礎的分部做到最大化，並在我們與第三方保險公司承作愈來愈多業務時，讓那些——本質上是那些抵銷——逐步轉為實現。

And switching gears, Jeff, on -- in the 10-Q, we can see you opened up a new 10b5-1 plan. I appreciate you'll still have alignment via holding a significant number of shares, but wondering if you can provide some color or expand on that.

接著換個話題，Jeff，關於——在 10-Q 裡我們看到你新設了一個 10b5-1 計畫。我理解你仍會因持有相當數量的股份而與股東利益一致，但想請你能否提供一些背景或進一步說明？

Sure. And thank you for the question. Quite simply, it's to pay a tax bill. And as you said, I'd just point out to listeners, it's a small percentage of the position that I and the rest of the senior management team have.

當然。也謝謝你的提問。很簡單，就是為了繳稅。如你所說，我也想提醒各位聽眾，這只占我以及其他高階管理團隊持股部位的一小部分。

Okay. Maybe just one last one. So you're clearly having success remixing Hadron. As you move closer to that being 33% in the back half of the year, can you share how spread out the exposure from the other 17 carriers on the exchange is going to be? Are there any concentrations there? Any color?

好的。也許最後再問一個。你們顯然在重新配置 Hadron 方面很成功。當你們逐步接近在下半年讓它占比達到 33% 時，能否分享一下交易所上其他 17 家承運人的曝險分布會有多分散？是否有任何集中度？能否提供一些說明？

I think our experience with Hadron, I'm not sure we needed to be taught a lesson, but we are very focused on making sure that there isn't a concentration issue that emerges in the others. They're all terrific companies, and they're all growing really, really well. So I don't think that there'll be another concentration thing that emerges that will concern you or us.

我想我們在 Hadron 的經驗——我不確定我們是否需要被上一課——但我們非常專注於確保其他合作方不會出現集中度問題。它們都是很棒的公司，而且成長都非常、非常好。所以我不認為會再出現另一個會讓你或我們擔心的集中度問題。

Robert Cox, Goldman Sachs.

Robert Cox，高盛。

So just looking at the share buyback, numbers are really strong in the first, call it, few months here relative to your outstanding authorization. But my question is on the cash in the nonregulated entities. I think the firm has around $450 million in cash and investments in the non-underwriting entities.

我想就股票回購來看，與你們尚未用完的授權額度相比，這裡前幾個月的數字非常強勁。但我的問題是關於非受監管實體的現金。我認為公司在非承保實體中大約有 4.5 億美元的現金與投資。

Can you just help us think through your thought process on how that should grow along with the business over the next three years? And any context around what you think might be a floor for those cash levels as we think about capital deployment through the buyback?

你能否協助我們理解你們的思考：在未來三年，這個水位應如何隨著業務一起成長？以及在透過回購進行資本配置時，你們認為這些現金水位的底線大概會是多少？

Yes. Sure, Robert. It's Linda. Thank you very much for the question. Focusing just on where we are with the buyback first.

可以。當然，Robert。我是 Linda。非常感謝你的提問。先聚焦在我們目前的回購狀況。

On March 18, you'll remember we announced $200 million of authorization. And through yesterday, we've repurchased about $63 million of shares. So that leaves us with about $137 million outstanding on our authorization. And we'll continue to look at that and evaluate where we stand with our expectations on cash flow, our views on valuation and thoughts regarding investments back into the business. You're right, we have about $450 million of cash outside the entities.

你會記得我們在 3 月 18 日宣布了 2 億美元的回購授權。截至昨天，我們已回購約 6,300 萬美元的股票。因此，我們的授權額度尚餘約 1.37 億美元。我們會持續觀察並評估：我們對現金流的預期、對估值的看法，以及對回投業務的投資想法。你說得對，我們在各實體之外約有 4.5 億美元現金。

And what we would like to do is maintain a safe cash level across the business. We haven't disclosed what that would be, but we're very optimistic about future cash flows for the business. So we'll continue to update you as we move through the next quarter's earnings call in terms of what we've done with share repurchase, but we're very comfortable with the cash situation and the cash flow outlook.

我們希望在整個業務中維持一個安全的現金水位。我們尚未披露具體數字，但我們對未來的業務現金流非常樂觀。因此，在下一季的財報電話會議中，我們會持續向你更新股票回購的進展；不過我們對目前的現金狀況以及現金流前景都非常有信心。

Okay. And then just wanted to follow up, Jeff, thanks for all the helpful comments on how Accelerant is leveraging AI. I just wanted to double check or double-click on your comments for reducing reliance or replacing third-party software systems.

好的。接著我想追問一下，Jeff，謝謝你對 Accelerant 如何運用 AI 的說明，非常有幫助。我想再確認或更深入追問你提到的：降低對第三方軟體系統的依賴或以其替代。

Can you just provide a little more color on what types of functions these systems are providing that you might be able to bypass and if you think Accelerant is uniquely capable of bypassing these systems due to the company's technology stack?

你能否再多提供一些細節：這些系統提供的是哪些類型的功能，而你們可能可以繞過？以及你是否認為 Accelerant 因為公司的技術堆疊而具備獨特能力去繞過這些系統？

Great question. Let me set the stage more broadly, and then eventually, I'll get to your question. From our perspective, AI and our team is how we're going to become a $20 billion platform. So we're reinventing Accelerant to speed up every critical process inside Accelerant using AI and that terrific team we built.

問得很好。我先從更宏觀的角度鋪陳一下，然後再回到你的問題。從我們的角度來看，AI 加上我們的團隊，將是我們成為 200 億美元平台的方式。因此，我們正在用 AI 以及我們打造的那支優秀團隊，重新發明 Accelerant，讓 Accelerant 內部每一個關鍵流程都加速。

And while there are great efficiencies to that, some of that is the third-party software that you described. What we're really excited about is the speed and how quickly we can move. And the reason that's important is moving faster means we will capture more of that specialty insurance marketplace.

這樣做雖然能帶來很大的效率提升，其中一部分就涉及你提到的第三方軟體。但我們真正感到興奮的是速度，以及我們能以多快的速度推進。而這之所以重要，是因為更快的速度意味著我們能在專業保險市場中取得更多份額。

And as you know, every percentage point share that we gain, that means more data, which means a bigger moat. More data means better loss ratios and the ability to grow smarter, faster. So you run that flywheel for a year or two and the growth potential of the portfolio is really, really extraordinary.

而且如你所知，我們每多拿到 1 個百分點的市占，就代表更多數據，也就意味著更深的護城河。更多數據代表更好的損失率，以及更聰明、更快速成長的能力。把這個飛輪運轉一到兩年，投資組合的成長潛力就會非常、非常驚人。

So I want to be clear that the real excitement about reinventing Accelerant with AI comes on the offensive side of the ball. Now having said that, what types of software was I talking about? I was talking about the historically very, very tailored insurance and reinsurance software around administration of policies and administration of reinsurance. We were having great luck in replacing or reducing the reliance on those pieces of software.

所以我想說清楚：用 AI 重新打造 Accelerant，真正令人興奮的是進攻端。話雖如此，我指的是哪些軟體呢？我指的是歷來非常、非常客製化的保險與再保險軟體，用於保單管理以及再保險管理。我們在替換或降低對這些軟體的依賴方面進展很順利。

I suspect that other -- well, I can't answer how fast other organizations will be able to do that. I'm pleased with what the team has been achieving week-to-week over here, though.

我猜其他——嗯，我無法回答其他組織能以多快速度做到這點。不過我對我們這邊團隊每週所達成的成果感到很滿意。

Paul Newsome, Piper Sandler.

Paul Newsome，Piper Sandler。

I think at the end of the year, there was a fairly big shift in the cost industry-wide fronting. And curious as we have moved towards using other fronts beyond Hadron, has there been a change in the sort of incremental economics because of the competition and change in the fronting business in the last several months?

我記得在去年年底，整個產業在 fronting（代出單/前端承保）成本上有一個相當大的變化。我想了解的是，隨著我們開始使用 Hadron 以外的其他 front（前端承保方），過去幾個月因競爭以及 fronting 業務的變化，增量經濟性是否有任何改變？

Thanks for the question, Paul. I hope you're doing well. Nothing to do with -- I don't believe, anything to do with Hadron or any of our other risk exchange insurance partners. What I will say is that we have experienced the ability to get better and better unit economics as the portfolio grows, and we're able to become a bigger and bigger and more important partner of our risk exchange insurance partners.

謝謝你的提問，Paul。希望你一切都好。我認為這與 Hadron 或我們其他風險交易所的保險合作夥伴無關。我想說的是，隨著投資組合成長，我們確實感受到單位經濟性越來越好，因為我們能成為風險交易所保險合作夥伴越來越大、也越來越重要的合作方。

We've been able to improve the unit economics, which is a fancy way, Paul, of saying they're charging less to use their balance sheets.

我們能改善單位經濟性——Paul，用比較花俏的說法——就是他們對我們使用其資產負債表所收取的費用更低了。

Sort of different question. There's a lot of talk in the industry about -- at the broker level, that have a ton of MGAs about sort of a war on talent and some -- as you know, some interesting strategies towards poaching people. But does that have any impact on MGA formations for you in any way, shape or form, kind of that's happening at some of these brokers levels?

換個問題。業界有很多討論——在經紀商層級，那些擁有大量 MGA 的機構——談到所謂的人才戰，以及一些——如你所知——挖角人才的有趣策略。但這是否會以任何方式影響你們的 MGA 成立情況，尤其是在某些經紀商層級正在發生的這些事情？

Paul, I'm going to read that back to you because for me, it was a little hard to hear you. I think what I heard is there have been a lot of comments about the war for talent and whether that -- I think you asked, did that, in our view, slow down the formation of pace of MGAs. Did I get that right, Paul?

Paul，我先把你的問題複述一次，因為我這邊聽得有點不清楚。我想我聽到的是：外界有很多關於人才戰的評論，而你問的是，這是否——我想你是在問——在我們看來，是否會放慢 MGA 成立的速度或節奏。我理解得對嗎，Paul？

Yes, that's the general thought.

是的，大致就是這個想法。

Yes. I don't think so. Not that we felt. We were able to add, as Ryan said, predominantly independent MGAs, but we've been able to add MGAs at a pace that's very consistent. So I don't think so, not that we've noticed, Paul.

是的。我不這麼認為。至少我們沒有這種感受。正如 Ryan 所說，我們新增的主要是獨立 MGA，而且我們新增 MGA 的速度一直非常一致。所以我不認為有影響，至少我們沒有注意到，Paul。

(Operator Instructions) Andrew Kligerman, TD Cowen.

（接線員指示）Andrew Kligerman，TD Cowen。

I want to follow up a little bit on the MGAs. You had another robust quarter with 16 members. And I'm wondering if you could size the market? How long can you continue to add quality members at this kind of a pace? And maybe just along those lines, a lot of the traditional underwriters have been throwing mud at MGAs.

我想再追問一下 MGA。你們又有一個很強勁的季度，新增了 16 個成員。我想請問你們能否估算一下市場規模？你們還能以這樣的速度持續新增優質成員多久？另外也順著這個話題，很多傳統承保人一直在對 MGA 潑髒水。

And I'm curious as to what your thoughts are on that.

我也很好奇你對此有什麼看法。

Sure. Well, first of all, Andrew, thank you for the question. I guess the only way that Accelerant can really answer that question is based on what we see in front of it. The question is about how big is the market or how long can this continue? We can only talk about, I think, the pipeline ahead of us.

當然。首先，Andrew，謝謝你的提問。我想 Accelerant 能回答這個問題的唯一方式，是基於我們眼前所看到的情況。你的問題是市場有多大、或這樣的趨勢能持續多久？我們大概只能談談我們前方的管線。

And here's what I'd say. What I would say is in the US, in the UK and especially in Europe, there continue to be just spectacular opportunities that we're so excited about because of the quality of the underwriting teams that are looking to be able to join the Accelerant platform that Andrew, I don't know if and when we run out of runway, but I'll tell you the runway is looking longer and larger quarter-by-quarter instead of shorter.

我會這麼說：在美國、英國，尤其是在歐洲，仍然有非常精彩的機會，讓我們非常興奮，因為有高品質的承保團隊希望能加入 Accelerant 平台。Andrew，我不知道我們是否、以及何時會用完跑道，但我可以告訴你，這條跑道看起來是每一季都更長、更大，而不是更短。

And the other thing, Andrew, sorry, this is Ryan, just hopping in sort of on the first part of your question, particularly at the market sizing. Look, a large part of our team was just recently at the Target Markets Conference here in the United States. There was also an MGA conference in Barcelona I think earlier this week that a large part of our team was at.

還有另一件事，Andrew，抱歉，我是 Ryan，插話回應你問題的第一部分，特別是關於市場規模。你看，我們團隊有很大一部分最近才剛在美國這裡參加 Target Markets Conference。另外本週稍早我想在巴塞隆納也有一場 MGA 會議，我們團隊也有很大一部分人出席。

And I think we're seeing more and more fervent demand and excitement around the space from within sort of MGAs broadly or focused on MGAs broadly. And I think you can see that also in the Note 19 data about the overall MGA market continuing to take share.

我認為我們看到來自整體 MGA 領域（或更聚焦於 MGA 的圈子）對這個領域的需求與熱度愈來愈高、愈來愈強烈。我想你也可以從附註 19 的數據看到，整體 MGA 市場仍在持續擴大市占。

When we think about the target market, right, and I think you saw this in our prospectus, et cetera, right, we've always talked about a $252 billion market that MGAs just keep taking share of sort of within our core space. And what the -- in our opinion, what the scarce resource is there is truly the specialty underwriting talent, whether it sits in an MGA or whether it sits in what you'd call a direct underwriter at an insurance company, either way, right? That's the scarce resource.

當我們思考目標市場時，對吧，我想你在我們的招股說明書等文件中也看到了，我們一直談的是一個 2,520 億美元的市場，而 MGA 在我們核心領域中持續取得更多市占。而在我們看來，那裡真正稀缺的資源其實是專業核保人才，不論是在 MGA 裡，或是在你所稱的保險公司直保核保人那裡，無論哪一種，對吧？那就是稀缺資源。

And that scarce resource is going to continue to find whatever ways make the most sense for it, right, to do and conduct business. I think, Jeff, maybe it's worth you commenting on the second part of Andrew's question related to, obviously, I think some folks in the broader market have been throwing stones at MGAs.

而這個稀缺資源將會持續以對它最合理的方式去尋找並採用各種途徑來做生意、經營業務。我想，Jeff，也許值得你評論一下 Andrew 問題的第二部分，因為顯然我想市場上有些人一直在對 MGA 說三道四、冷嘲熱諷。

Yes, which is pretty standard if you've been through an up-cycle rotation. This is the time for those pithy comments. One of the comments that I read, I thought was great, is the speaker said, this is short-tail business. The report card comes home pretty quickly. We couldn't agree more, and we love our report card, right?

是的，如果你經歷過上行週期的輪動，這其實很常見。這就是那些尖酸刻薄評論出現的時候。我讀到一則評論，我覺得很棒：講者說，這是短尾業務，成績單很快就會寄回家。我們完全同意，而且我們很喜歡我們的成績單，對吧？

The gross loss ratio is still terrific. And what's perhaps more important and more comforting, at least to me, is the fact that what we're looking through and seeing in our portfolio is not loss experience. That's a trailing indicator. What we're looking through, and we're seeing all that exposure characteristics that I described about our data edge, we know the quality of our book. And we know the quality of our book of business is getting better.

總損失率仍然非常出色。而或許更重要、至少對我而言更令人安心的是，我們在投資組合中所檢視與看到的並不是損失經驗。那是落後指標。我們在檢視的是、我們看到的是我所描述的那些曝險特徵——關於我們的數據優勢。我們知道我們承保簿的品質，也知道我們的業務承保簿品質正在變得更好。

So I'm sure there are lots of different kinds of MGAs out there in the world. We say no to most of the MGAs that want to join. So I can only speak to the ones that are Accelerant members, and they're doing terrifically.

所以我確定世界上有很多不同類型的 MGA。我們對大多數想加入的 MGA 都說不。因此我只能談 Accelerant 的成員，而他們表現得非常出色。

Yes. That's a great comment. And I do like the report card that we saw this quarter at 52% gross loss ratio. So maybe thinking about that 52%, Jeff, Ryan and team, could you talk a little bit about the pricing by your major product areas that you're seeing in terms of rate? I think you talked about only 2% of last 12 months growth coming from rate.

是的。這是很好的評論。我也確實喜歡我們本季看到的成績單：總損失率 52%。所以也許就這個 52% 來想，Jeff、Ryan 和團隊，你們能否談談你們在主要產品領域所看到的定價（就費率而言）？我記得你提到過，過去 12 個月的成長只有 2% 來自費率。

So that was a good sign. But maybe just break down a few of your key product areas. What kind of rate were you seeing? And does that allow you to sustain that kind of 52% strike zone for a gross loss ratio over the intermediate term?

所以那是個好跡象。但也許請拆解一下幾個你們的關鍵產品領域：你們看到的費率大概是什麼情況？而這是否讓你們能在中期維持總損失率約 52% 這樣的「甜蜜點」？

Sure, Andrew. You know this, but for other listeners, as always, it's a mixed bag, right? Depending on geography and class of business, things -- rates are moving up or down at different levels. The other thing that's worth noting is the largest rate increases that we get and every other underwriter gets is on the worst business sort of by definition, right? Because the market has decided the rates have to go up.

當然可以，Andrew。你知道的，但也給其他聽眾說明，一如往常，情況是好壞參半，對吧？取決於地理區域與業務類別，費率在不同層級上升或下降。另一個值得注意的是，我們以及其他所有核保人所獲得的最大幅度費率上調，按定義來說通常發生在最差的業務上，對吧？因為市場已經認定費率必須上調。

So almost by definition, it needs sort of a correction. Here's what I would say is the US market from a rate perspective is much -- is healthier than the UK or Europe. However, across all classes of business, we were up 1% this quarter.

所以幾乎按定義來說，它需要某種修正。我會這麼說：就費率角度而言，美國市場比英國或歐洲健康得多。不過，跨所有業務類別，我們本季上升了 1%。

So we were up 1% this quarter. And Andrew, again, for everyone listening, I just have to remind everyone how atypical our portfolio is with 95% of the policies being really, really small. What we're seeing in this cycle is what we've seen in cycles past over the past several decades, i.e., this small business does not suffer or enjoy big rate increases or decreases. I said that backwards, but you know what I mean.

所以我們本季上升了 1%。而 Andrew，再次提醒所有在聽的人，我必須提醒大家，我們的投資組合非常不典型，因為 95% 的保單都非常、非常小。我們在這個週期看到的，與過去幾十年在以往週期中看到的一樣，也就是：小型業務不會遭遇或享受到大幅的費率上升或下降。我剛剛說反了，但你知道我的意思。

Yes. That was super helpful. So do you feel like you're still in the strike zone for that 52%-ish? I forget guidance, maybe could see 52% to 53% over the longer haul. But do you feel like that strike zone is a good place for the future?

是的。這非常有幫助。所以你覺得你們仍然處在那個約 52% 的甜蜜點嗎？我忘了指引，也許長期可能看到 52% 到 53%。但你覺得那個甜蜜點對未來來說是個好位置嗎？

Andrew, I think we're very comfortable saying that we expect the loss ratio in 2026 to be in the low 50s.

Andrew，我們很有信心地說，我們預期 2026 年的損失率會落在 50% 出頭的低段。

And longer term, you feel like there's some sustainability there?

那更長期來看，你覺得這具有一定的可持續性嗎？

Absolutely.

絕對是。

Absolutely for the reasons that I described, which are -- let's just review them. We're better loss -- we're better risk selectors because we have better data, and that gets better and better all the time and with every turn of the flywheel. That's the first thing. Second thing, small business tends not to have the same rate movements. So we won't have the pressure on average across our classes of business that larger business would show.

絕對是，原因就是我剛才描述的——我們來回顧一下。第一，我們是更好的損失——我們是更好的風險篩選者，因為我們有更好的數據，而這些數據會隨著時間、以及飛輪每一次轉動而愈來愈好。這是第一點。第二點，小型業務的費率變動幅度通常不會那麼大。因此，相較於大型業務，我們在各業務類別的平均層面不會承受同樣的壓力。

So with the superior data, the better technology, making us and our members better risk selectors and operating in the small business segment, we feel really comfortable about continued loss ratio performance.

因此，憑藉更優越的數據、更好的科技，讓我們與我們的成員成為更好的風險篩選者，再加上我們運作於小型業務區隔，我們對於損失率表現能持續維持感到非常有信心。

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO Capital Markets。

Just a follow-up on Rob's question earlier on cash flows. So you guys have said the last couple of quarters, you don't anticipate contributing much capital to your insurance companies going forward. I guess we can see in the 10-Q that you put in, I think, $59 million into some insurance subs this quarter. Just wondering if you could provide some color around that.

我想就 Rob 先前關於現金流的問題再追問一下。你們在過去幾季都說，往後不預期會再對你們的保險公司投入太多資本。我想我們在 10-Q 裡看到，你們本季對一些保險子公司投入了大約 5,900 萬美元。想請問你們能否就此提供一些背景說明？

I think you're referring to my comments, so maybe I should answer it. It's the difference between statutory recognition and GAAP recognition. I was thinking that capital contribution counted for 12/31/25. And I probably should have given a more complete answer, but that's the answer. It's timing difference between GAAP and statutory.

我想你指的是我的評論，所以也許我應該來回答。這是法定會計認列與 GAAP 認列之間的差異。我當時想的是資本投入是以 12/31/25 計入。我可能應該給更完整的回答，但答案就是這樣：這是 GAAP 與法定口徑之間的時間差。

With no further questions, that concludes our Q&A session. I will now turn the conference back over to Jeff Radke for closing remarks.

若沒有進一步的問題，我們的問答環節到此結束。我現在把會議交回給 Jeff Radke 作結語。

Thanks very much, operator. And thank you all for participating on our earnings call. We look forward to continuing to execute and speaking to you in a quarter. Thank you.

非常感謝，接線員。也謝謝各位參與我們的財報電話會議。我們期待持續推進執行，並在下一季再與各位交流。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。