Ategrity Specialty Insurance Company Holdings (ASIC) 2025 Q2 法說會逐字稿

Good afternoon, everyone. Thank you for joining us today for Ategrity's second-quarter fiscal year 2025 earnings results conference call.

大家下午好。感謝您今天參加 Ategrity 2025 財年第二季收益業績電話會議。

Speaking today are Justin Cohen, Chief Executive Officer; Chris Schenk, President and Chief Underwriting Officer; and Neelam Patel, Chief Financial Officer.

今天發言的有執行長賈斯汀·科恩 (Justin Cohen)、總裁兼首席承銷官克里斯·申克 (Chris Schenk) 和首席財務官尼拉姆·帕特爾 (Neelam Patel)。

(Operator Instructions)

（操作員指示）

Before we begin, I would like to mention that certain matters discussed in today's conference call are forward-looking statements relating to future events, management's plans and objectives for the business, and the future financial performance of the company that are subject to risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements.

在我們開始之前，我想提一下，今天的電話會議中討論的某些事項是前瞻性陳述，涉及未來事件、管理層的業務計劃和目標以及公司未來的財務業績，這些都受風險和不確定性的影響。實際結果可能與這些前瞻性陳述中預期的結果有重大差異。

The risk factors that may affect the results are referred to in our press release issued today and our IPO prospectus filed with the SEC. We do not undertake any obligation to update these forward-looking statements made today.

可能影響結果的風險因素請參閱我們今天發布的新聞稿和向美國證券交易委員會提交的 IPO 招股說明書。我們不承擔更新今天所作的這些前瞻性陳述的任何義務。

Finally, the speakers may refer to certain adjusted or non-GAAP financial measures on this call. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is also available in our press release issued today.

最後，發言者可能會在本次電話會議上提及某些調整後或非公認會計準則的財務指標。我們今天發布的新聞稿中還提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。

A copy of today's press release may be obtained by visiting the Investor Relations page of the website at investors.ategrity.com.

您可以透過造訪 investors.ategrity.com 網站的投資者關係頁面來取得今天的新聞稿副本。

I'll now turn the call over to Justin Cohen.

現在我會把電話轉給賈斯汀·科恩。

Great. Thank you and good afternoon, everyone.

偉大的。謝謝大家，下午好。

As we kick off our first earnings call as a public company, I want to thank our new investors for their trust and support. We take very seriously our responsibility as stewards of your capital. We are committed to delivering world-class returns over time.

在我們作為上市公司召開首次財報電話會議之際，我要感謝新投資者的信任與支持。我們非常重視身為您資本管理者的責任。我們致力於長期提供世界一流的回報。

We're excited today to share our results for the quarter and a view into where Ategrity is headed, going forward.

今天，我們很高興與大家分享本季的業績以及 Ategrity 未來發展方向的展望。

For those new to the story, let me give, first, a quick introduction. We are a specialty E&S company focused on insuring small- to medium-sized businesses across the US. We've built a proprietary underwriting platform to penetrate this high-volume market with consistency, speed, and rigor. We've developed a competitive edge in how we segment, price, and process risk. We've deployed technology and analytics to stay ahead of the market.

對於那些剛了解這個故事的人，讓我先做一個簡短的介紹。我們是一家專業的 E&S 公司，專注於為美國各地的中小型企業提供保險。我們建立了專有承保平台，以一致性、速度和嚴謹性的方式滲透到這個高容量市場。我們在風險細分、定價和處理方面形成了競爭優勢。我們已經部署了技術和分析來保持市場領先地位。

We call this approach productionized underwriting. We believe it will enable us to grow profits and build market share in the E&S space.

我們將這種方法稱為生產化承保。我們相信它將使我們在 E&S 領域增加利潤並擴大市場份額。

We saw evidence of that in this quarter, as we produced adjusted net income of $17.9 million, a 365% increase over last year. Our gross written premiums outpaced the market, growing 32% year over year. Our focus on rigorous and efficient underwriting contributed to a record combined ratio of 88.9%. Our loss ratio was strong at 58%, supported by solid loss performance in Property. Our expense ratio was 31%, down 2.3 points year over year while we continued to drive efficiencies. These are balanced results that translated into a 14.5% adjusted ROE for the quarter.

我們在本季看到了這項證據，因為我們的調整後淨收入為 1,790 萬美元，比去年成長了 365%。我們的毛承保保費成長超過市場，較去年同期成長 32%。我們注重嚴格、有效率的承保，綜合成本率達到創紀錄的 88.9%。我們的損失率高達 58%，這得益於房地產業務穩健的損失表現。我們的費用率為 31%，年減 2.3 個百分點，同時我們持續提高效率。這些是平衡的結果，轉化為本季 14.5% 的調整後 ROE。

Now, we are certainly paying attention to the competitive pressures in E&S. We recognize that our reported growth this quarter bucks that trend. We are benefiting from our growth initiatives and distribution strength, as well as some barriers-to-entry in the small and mid-sized market.

現在，我們當然關注 E&S 領域的競爭壓力。我們認識到，本季度報告的成長逆轉了這一趨勢。我們受益於我們的成長計劃和分銷實力，以及中小型市場的一些進入障礙。

With that said, we think we will continue to see competition over time. We will also continue to win and gain market share. But you should know that we prioritize underwriting profits, first and foremost. We will only grow the top line at a pace that allows us to deliver strong expected returns to our shareholders.

話雖如此，我們認為隨著時間的推移，競爭仍將繼續。我們還將繼續贏得並獲得市場份額。但您應該知道，我們首先優先考慮承保利潤。我們只會以能為股東帶來強勁預期回報的速度來增加營收。

With that, I'll turn it over to Neelam Patel, Chief Financial Officer, to walk through our financial results. And then, Chris Schenk, our President and Chief Underwriting Officer, will describe how we generated these outcomes. Neel?

接下來，我將把時間交給財務長 Neelam Patel，來介紹我們的財務表現。然後，我們的總裁兼首席承保官 Chris Schenk 將描述我們如何產生這些成果。尼爾？

Thank you, Justin. This was a strong quarter for Ategrity.

謝謝你，賈斯汀。對於 Ategrity 來說，這是一個強勁的季度。

Adjusted net income came in at $17.9 million, up from $4.9 million in the same quarter last year. These results were driven by solid top-line growth, improving margins, and higher investment income.

調整後淨收入為 1,790 萬美元，高於去年同期的 490 萬美元。這些業績是由穩健的營收成長、利潤率提高和投資收益增加所推動的。

I'll take you through the main line items, starting with premiums. As already mentioned, our gross written premiums grew by 32% in the quarter; net return premiums grew 38%, driven by higher retention rates year over year; net earned premiums grew at a 20% pace, reflecting the lagged recognition of quota share reinsurance replaced in 2024 -- as we move through the second quarter, second half of 2025, that headwind should gradually abate.

我將帶您了解主要項目，從保費開始。如前所述，本季度我們的總承保保費增長了 32%；淨回報保費增長了 38%，這得益於留存率同比上升；淨賺保費增長了 20%，這反映了 2024 年替換的份額再保險的滯後確認——隨著我們進入第二季度，即 2025 年下半年，這種不利因素應該會逐漸減弱。

Fee income was $1.5 million versus $191,000 a year ago, reflecting increased policy fees. Historically, we hadn't implemented standard market fees, which we began doing this year.

費用收入為 150 萬美元，而去年同期為 191,000 美元，反映出保單費用增加。從歷史上看，我們從未實施過標準市場費用，但今年我們開始實施。

Turning to underwriting, our underwriting income in 2025 was $9.6 million, up 119% year over year. This translates into a combined ratio of 88.9%, down from 94% due to reductions in both our loss and expense ratio. The loss ratio declined 2.8 points to 58%, with strong results in our Property business.

談到承保，我們 2025 年的承保收入為 960 萬美元，年增 119%。由於我們的損失和費用率均有所下降，綜合比率從 94% 下降至 88.9%。損失率下降了 2.8 個百分點至 58%，我們的房地產業務表現強勁。

In 2Q '25, we had no prior year development compared to 3.5 points in 2Q '24 that were related to a change in how we reserved for legal expenses. Cat losses represented 4.1% of net earned premiums this quarter, down from 8.8% last year, which had a very active tornado season.

與 2024 年第二季的 3.5 個百分點相比，2025 年第二季我們沒有出現上年同期的成長，這與我們為法律費用預留的方式的變化有關。本季巨災損失佔淨保費收入的 4.1%，低於去年的 8.8%，因為去年正值龍捲風多發季節。

Our expense ratio declined 2.2 points to 31%, mainly due to lower policy acquisition costs. Policy acquisition costs as a percentage of net earned premiums declined to 18.5% from 21.1%, thanks to higher-seating commissions and a more favorable business mix.

我們的費用率下降了 2.2 個百分點至 31%，這主要是因為保單取得成本降低。由於更高的席位佣金和更有利的業務組合，保單獲取成本佔淨保費收入的百分比從 21.1% 下降到 18.5%。

On expenses, operating expenses as a percentage of net earned premiums was 12.4%, up marginally from last year but roughly flat compared to the first quarter of 2025. The year-over-year increase reflects the front-loaded investments we made in 2024 to support growth and transition to becoming a public company.

在費用方面，營業費用佔淨保費收入的百分比為 12.4%，較去年略有上升，但與 2025 年第一季相比基本持平。同比成長反映了我們在 2024 年為支持成長和轉型為上市公司的前期投資。

Moving on to investment results, net investment income was $11.9 million in the second quarter, driven primarily by increased assets from our recent IPO and higher yields on our fixed income portfolio. Meanwhile, realized and unrealized gains contributed another $1.4 million.

談到投資結果，第二季淨投資收入為 1,190 萬美元，主要得益於我們最近 IPO 帶來的資產增加以及固定收益投資組合收益率的提高。同時，已實現和未實現收益又貢獻了 140 萬美元。

Our effective tax rate for the quarter was 21.1%. That brings us to net income of $17.6 million. Adjusted net income, which adds back IPO-related compensation costs, was $17.9 million or $0.41 per diluted share.

本季我們的有效稅率為 21.1%。這樣我們的淨收入就達到了 1760 萬美元。調整後的淨收入（加上 IPO 相關薪酬成本）為 1,790 萬美元，即每股攤薄收益 0.41 美元。

Turning briefly to the balance sheet, our investments grew from year end by $180 million to $955 million, which reflects $122 million of net IPO proceeds, with the remainder coming in from operating cash flow.

簡單看一下資產負債表，我們的投資從年底成長了 1.8 億美元，達到 9.55 億美元，其中反映了 1.22 億美元的淨 IPO 收益，其餘部分來自營運現金流。

Book value increased by $161 million, with $115 million being attributable to the IPO and (inaudible) driven by retained earnings and a modest move up in [AOCI]. The quarter ended with book value per share of $11.64.

帳面價值增加了 1.61 億美元，其中 1.15 億美元來自首次公開發行 (IPO)，（聽不清楚）受留存收益和適度上漲的推動[AOCI]。本季末每股帳面價值為 11.64 美元。

With that, I will hand it over to Chris to talk about our underwriting and operating performance.

說完這些，我將把話題交給克里斯，讓他談談我們的承保和營運表現。

Thanks. This quarter, we executed our underwriting playbook with fidelity.

謝謝。本季度，我們忠實地執行了承保策略。

We delivered 32% gross written premium growth and a sub-[90%] combined ratio. Let me walk you through how we did that.

我們實現了 32% 的毛承保保費成長，綜合成本率低於 90%。讓我向您介紹一下我們是如何做到的。

To start, submission volume grew significantly, well in excess of our top line. The volume came from three sources: activation of new partners, launch of our new verticals and products, and increased penetration from our Midwest strategy.

首先，提交量大幅成長，遠遠超過了我們的最高限額。銷售來自三個面向：新合作夥伴的活化、新垂直產業和產品的推出、以及中西部策略滲透率的提高。

As submission volume grew, we maintained a conservative underwriting posture and we deployed capacity with discipline. As a reminder, we operate within a technical and quantitative underwriting framework. As such, we were able to achieve firm-wide renewal rate increases in the high single digits, with new business rate levels well above technical targets.

隨著提交量的增長，我們保持了保守的承保態度，並有紀律地部署了容量。提醒一下，我們在技術和定量承保框架內運作。因此，我們能夠實現全公司續約率的高個位數成長，新業務率水準遠高於技術目標。

Our quote-to-bind ratio on middle market business was in the high single digits. This is in line with plan. It is deliberately set low because of our selective risk-taking approach.

我們的中端市場業務的報價與約束比率處於較高的個位數。這符合計劃。由於我們採取選擇性冒險的做法，所以故意將其設定得較低。

On the expense side, our service delivery center absorbed higher volumes with only marginal increases in headcount. We continued to deploy automation to reduce manual work. There was more utilization of our pre-price and auto-quote solutions.

在費用方面，我們的服務交付中心僅略微增加了員工數量，卻吸收了更大的業務量。我們繼續部署自動化以減少人工工作。我們的預定價格和自動報價解決方案的使用率得到了更高的提高。

This combination of factors lowered our unit cost. And as expected, our model is delivering economies of scale while enhancing underwriting quality.

這些因素的結合降低了我們的單位成本。正如預期的那樣，我們的模式在提高承保品質的同時，也實現了規模經濟。

A big part of what's powering our submission growth is our expanding distribution network. Since mid-2022, we have invested toward market access for emerging growth opportunities. This has resulted in a 150% increase in unique distribution relationships, with submissions growing at a much faster pace.

推動我們提交量成長的很大一部分因素是我們不斷擴大的分銷網絡。自 2022 年中期以來，我們一直致力於投資新興成長機會的市場准入。這使得獨特分銷關係增加了 150%，提交量的成長速度也更快。

Our earlier cohorts are ramping up across multiple products now. We are seeing faster and deeper engagement from our recent appointments.

我們早期的客戶群現在正在拓展多種產品。從我們最近的任命中我們看到了更快、更深入的參與。

We believe our value proposition built around a clearly articulated appetite, fast quote delivery, and a hassle-free digital transaction process is resonating with all of our partners. In short, our growth was a function of an expanding distribution funnel.

我們相信，我們圍繞著清晰表達的需求、快速的報價交付和無憂的數位交易流程所建立的價值主張正在引起我們所有合作夥伴的共鳴。簡而言之，我們的成長得益於分銷管道的不斷擴大。

Our combined ratio results resulted from maintaining underwriting discipline and improving operational efficiency. These two pieces were mutually reinforcing. We are achieving lower cost at each step, from submission to bind. This offsets the cost of a lower quote-to-bind ratio, which, in turn, empowers us to adhere to technical rates, maintain discipline, and avoid appetite creep.

我們的綜合成本率結果源自於維持核保紀律和提高營運效率。這兩部分是相輔相成的。從提交到裝訂，每一步我們都在降低成本。這抵消了較低報價與約束比率的成本，進而使我們能夠遵守技術費率，保持紀律，並避免需求下滑。

With that, let's take a look at our performance by Casualty and Property, which had very different growth dynamics this quarter.

接下來，讓我們來看看傷亡險和財產險的表現，這兩個險種本季的成長動力截然不同。

Starting with Casualty, we produced 57% growth in gross written premium in Casualty. Growth was driven by a combination of new initiatives, as well as continued strength in our core segments.

從意外險開始，我們的意外險毛承保保費增加了 57%。成長是由一系列新舉措以及核心業務的持續強勁表現所推動的。

First, we expanded into new verticals in Casualty; most notably, retail trades, launched in Q1 in our broker channel. This is now fully operational and scaling.

首先，我們擴展到意外險的新垂直領域；最值得注意的是零售交易，我們於第一季在我們的經紀管道中推出。目前，它已全面投入營運並開始擴大規模。

We also saw strong momentum in our professional liability verticals. These new products, launched in January, reach full operating potential in Q2. This [line] contributed to the growth. That is reflected in our professional services vertical.

我們也看到專業責任垂直領域發展勢頭強勁。這些新產品於一月推出，並將於第二季充分發揮營運潛力。這條[線路]促進了成長。這體現在我們的專業服務垂直領域。

Second, we advanced our geographic expansion strategy through Project Heartland. As a reminder, Project Heartland is an initiative designed to win targeted business across 30 urban Midwest markets built on deeply researched underwriting plans, local partnerships, and tailored offering for the region. Project Heartland contributed meaningfully to Q2 growth.

其次，我們透過「心臟地帶計畫」推進了地理擴張策略。提醒一下，「心臟地帶計劃」是一項旨在贏得中西部 30 個城市市場目標業務的計劃，該計劃以深入研究的承保計劃、本地合作夥伴關係和針對該地區的定制服務為基礎。「心臟地帶計畫」對第二季的成長做出了重大貢獻。

Altogether, retail, professional liability, Heartland, and a handful of other initiatives accounted for nearly half of the total Casualty growth this quarter.

整體而言，零售、專業責任、Heartland 和其他一些措施佔本季意外險總成長的近一半。

We also performed on track or better in our established verticals like hospitality, daycare, and residential real estate.

我們在飯店、日托和住宅房地產等現有垂直領域的表現也達到或超越了預期。

In Casualty, renewal rate change was in line with our targets and well above trend. We saw new business rates well above technical levels.

在意外險方面，續保率變化符合我們的目標，遠高於趨勢。我們看到新業務率遠高於技術水準。

It is critical for our investors to understand that we believe we hold a clear, technical, and strategic advantage. We are going deeper into each of our segments and finding insights that is allowing us to capitalize on emerging opportunities well before our peers see them.

對於我們的投資者來說，至關重要的是要了解，我們相信我們擁有明顯的技術和策略優勢。我們正在深入研究每個細分市場並尋找洞察力，以便我們能夠在同行發現新興機會之前充分利用它們。

As a result, we are leaning in as our competitors are pulling back from key Casualty classes.

因此，當我們的競爭對手退出關鍵傷亡險類別時，我們正在傾力追趕。

Moving on to Property, despite contraction in the E&S sector, we grew Property gross premiums by 4%. While there's talk of a softening market, in Property, we are only seeing modest pressure in the small- and mid-sized space. Competition is still rational and far less severe than the large-ticket property.

談到房地產，儘管 E&S 行業出現萎縮，但我們的房地產毛保費仍增加了 4%。儘管有傳言稱房地產市場正在走軟，但在房地產領域，我們只看到中小型房地產市場面臨適度的壓力。競爭仍然理性，遠遠沒有大宗房產的競爭激烈。

Our 4% growth reflected proactive rate actions implemented in Q3 last year. We held firm on substantive rate increases, pricing above technical levels. We granted flat or down renewals only when justified by performance and exposure stability.

我們的 4% 成長反映了去年第三季實施的主動利率行動。我們堅持實質升息，定價高於技術水準。只有當業績和風險敞口穩定性證明合理時，我們才會批准平價或降價續約。

We price prospectively with an 18-month view on frequency and severity trends. Accordingly, we have raised our severity assumptions to reflect the pending impact of tariffs on building material and labor costs. These factors influence overall replacement costs for Property.

我們根據 18 個月的頻率和嚴重程度趨勢進行前瞻性定價。因此，我們提高了嚴重程度假設，以反映關稅對建築材料和勞動力成本即將產生的影響。這些因素影響財產的整體重置成本。

Here, again, we're doing something different: deep analysis, finding insights, and taking early action to protect our economics. We believe we are leading proactively, rather than waiting to react to a bad outcome.

在這裡，我們再次做了一些不同的事情：深入分析，尋找見解，並儘早採取行動來保護我們的經濟。我們相信，我們正在積極主動地領導，而不是等待對糟糕的結果做出反應。

Accordingly, we've made a deliberate trade-off, prioritizing price over volume in Property. This is consistent with our forward view of lost cost.

因此，我們做出了謹慎的權衡，優先考慮價格而不是房地產數量。這與我們對成本損失的前瞻性看法一致。

We also managed our property footprint. We also took action to carefully manage our Property footprints in [cat-prone] geographies, raising rates to cover increasing cat reinsurance costs. We expect to see these benefits in lower-than-anticipated cost, even though in the short term, it has led to growth and stalled growth in some areas.

我們也管理我們的財產足跡。我們也採取行動，精心管理我們在[易受巨災影響]地區的財產足跡，提高費率以彌補不斷增加的巨災再保險成本。我們期望以低於預期的成本看到這些好處，儘管在短期內，它導致了一些領域的成長和停滯。

Finally, Project Heartland meaningfully contributed to our results. In the Midwest, we achieved accelerated market penetration, writing profitable business, optimizing our geographic spread, and reducing reliance on large E&S states.

最後，「心臟地帶計畫」對我們的成果做出了有意義的貢獻。在中西部地區，我們實現了加速市場滲透，創造了盈利業務，優化了地理分佈，並減少了對大型 E&S 州的依賴。

To wrap it up, this was a high-quality underwriting quarter marked by disciplined growth, strong pricing, and continued efficiency gains. We are scaling deliberately while maintaining technical standards and control. This is the impact of the productionized underwriting model we have built. We believe it positions us for consistent results, going forward.

總而言之，這是一個高品質的承保季度，其特點是穩健的成長、強勁的定價和持續的效率提升。我們在保持技術標準和控制的同時，正在有意識地擴大規模。這就是我們建構的生產化承保模式所帶來的影響。我們相信，這將使我們在未來取得一致的成果。

Back to Justin.

回到賈斯汀。

Thanks, Chris.

謝謝，克里斯。

This was a solid quarter for Ategrity: profitable growth, disciplined underwriting, and clear progress on our strategic objectives. As we look ahead into the second half of '25, our expectations are consistent with what we shared with you during the IPO process: a mid- to high 20%s growth rate year over year in gross written premiums; and a combined ratio in the low %90s.

對 Ategrity 來說，這是一個穩健的季度：獲利成長、承保嚴謹、策略目標取得明顯進展。展望 2025 年下半年，我們的預期與我們在 IPO 過程中與您分享的內容一致：總承保保費年增率將達到 20% 左右；綜合成本率將在 90% 以下。

That outcome assumes competitive dynamics stay consistent with what we've experienced to date. But even if competition intensifies beyond our expectations, we expect to continue taking share in the market.

該結果假設競爭動態與我們迄今為止所經歷的一致。但即使競爭超出我們的預期，我們仍有望繼續佔據市場份額。

Meanwhile, behind the scenes, we are advancing our next phase of productionized underwriting. We're developing automation and pre-price solutions that we believe will solidify our position in the market. We will share more with you on that as we move closer to deployment.

同時，在幕後，我們正在推動生產化承保的下一階段。我們正在開發自動化和預定價格解決方案，相信這將鞏固我們在市場上的地位。隨著部署的臨近，我們將與您分享更多相關資訊。

For now, we thank you again for your support and for spending time with us today. We look forward to updating you on our progress in the quarters ahead.

現在，我們再次感謝您的支持以及今天與我們共度的時光。我們期待在未來幾季向您通報我們的進展。

With that, [Eric], you can please open it up for Q&A.

有了這個，[Eric]，你可以打開它進行問答了。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey. Thanks for your question.

嘿。謝謝你的提問。

First one I want to ask you is on the mix shift towards Casualty. Like, if I look at the mix year over year, it is a pretty meaningful change.

我想問您的第一個問題是關於向 Casualty 的混合轉變。例如，如果我逐年觀察這種組合，就會發現這是一個非常有意義的改變。

And so I just wanted to understand, is that changing at all like the duration of the liabilities and just the way you have to think about the tail on the lost reserves.

所以我只是想了解，這是否會發生改變，例如負債期限以及你必須考慮損失準備金尾部的方式。

Yeah. These actions of having more Casualty business is extending the tail of the liabilities, just in terms of -- to make sure that we understand the drivers. The driver is excellent performance in our Casualty business.

是的。進行更多意外險業務的這些行動正在延長負債的尾部，只是為了確保我們了解驅動因素。該司機在我們的意外險業務中表現出色。

As Chris was talking about, we did raise rates in the third quarter of last year. That decelerated growth this year. That's what's driving that mix shift. But we are very comfortable with it. Our overall targets of Casualty within the 60% to 70% range is on a clear path now.

正如克里斯所說，我們確實在去年第三季提高了利率。今年的成長速度有所放緩。這就是推動混合轉變的因素。但我們對此感到非常滿意。我們的傷亡率總體目標在 60% 至 70% 範圍內，目前已步入正軌。

Got it. That's helpful. And then, can you provide us a little more color on just the update on Project Heartland: how many distributors you're adding, how far along in that process, how much more growth is there to come from those initiatives?

知道了。這很有幫助。然後，您能否向我們提供更多關於「Heartland 專案」最新進展的詳細資訊：您增加了多少經銷商，這個過程進展到了什麼程度，這些舉措還能帶來多少成長？

Yeah. This project is really just getting going.

是的。這個項目實際上才剛開始。

Chris, you want to give some details?

克里斯，你想提供一些細節嗎？

Yeah. We are just starting to see the dividends from the investment last year come through. We have activated more than three dozen partners. Most of them are just starting to come online, in terms of production.

是的。我們剛開始看到去年投資的紅利。我們已經啟動了三十多個合作夥伴。從生產角度來看，大多數企業才剛開始上線。

So it's just the beginning. There's a huge runaway.

所以這只是一個開始。有一起大規模逃亡事件。

Got it. Thank you.

知道了。謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Andrew Kligerman, TD.

安德魯·克里格曼（Andrew Kligerman），TD。

Hey. Thanks a lot. Apologize if I go over something. I had a little technical difficulty.

嘿。多謝。如果我重複了某件事，請原諒。我遇到了一點技術困難。

But just getting a sense on the Property component growing 3.7%, could you clarify how much pricing was down, if at all? And then, how much of that lower premium level was due to you more effectively managing your [PMLs] for catastrophe exposures?

但是，僅了解房地產部分成長 3.7% 的情況，您能否說明價格下降了多少，如果有的話？那麼，較低的保費水準在多大程度上是由於您更有效地管理了 [PML] 以應對災難風險？

Yeah. We actually achieved meaningful rate increases in Property.

是的。我們實際上實現了房地產利率的大幅上漲。

I'll pass it over to Chris to. talk about that.

我會把它交給克里斯來討論這個問題。

Our Property rate increases were in the low 10%s. We stay firm on rates. We were targeting a higher number but we made concessions to protect our renewal base. That was prudent.

我們的房地產利率漲幅在10%出頭。我們對利率的政策保持穩定。我們的目標是更高的數字，但我們做出了讓步以保護我們的更新基礎。這是非常謹慎的做法。

[On new business, we have firm]. We are seeing attractive rating opportunities, not just from the new Midwest business coming in but elsewhere around the country.

[在新業務方面，我們有信心]。我們看到了頗具吸引力的評級機會，不僅來自中西部的新業務，也來自全國其他地區。

Generally, most of our peers are concentrating on the big E&S states. The opportunities elsewhere seems to be somewhat unaffected.

總體而言，我們的大多數同行都集中在大型 E&S 州。其他地方的機會似乎並未受到影響。

Beyond just the geography, there is also the size element. Smaller business, it tends to be a lot more sticky. There's less of a desire to dislocate those accounts.

除了地理位置之外，還有規模因素。對於規模較小的企業來說，這種依賴往往更強。人們不太想取消這些帳戶。

Part of our philosophy of pricing the account right in year one so that we can maintain it for a lifetime around three years. Part of that involves pricing; discipline, upfront; and making sure that we make the process simple downstream.

我們的理念之一是在第一年就為帳戶定價，以便我們可以將其維持三年左右。其中一部分涉及定價、紀律、前期；並確保我們簡化後續流程。

So by making the process simple, it somewhat insulates you from the rate change dynamics.

因此，透過簡化流程，它可以在某種程度上使您免受利率變化動態的影響。

If we hadn't taken our view on tariffs, which we did, we could have grown more meaningfully in that area.

如果我們沒有對關稅採取我們的觀點，我們可能會在該領域取得更有意義的發展。

And then, there were certain geographic zones -- coastal zones; coastal states, I should say -- where we did reduce exposure. That did drive down policy count but it will improve our cap [XoL] costs.

然後，在某些地理區域——沿海地區；應該說是沿海州——我們確實減少了暴露。這確實減少了政策數量，但會改善我們的上限 [XoL] 成本。

Thank you for that. Justin, you just mentioned tariffs. How are you thinking about the impact now that it looks like we've gotten a little more clarity there?

謝謝你。賈斯汀，你剛才提到了關稅。現在看來我們已經更清楚了，您如何看待其影響？

Yeah. We are anticipating that the inflationary environment still does come through on building costs. We've done the analytics to do that.

是的。我們預期通膨環境仍將對建築成本產生影響。我們已經完成了相關分析。

If we were to find out that we were ahead of the curve and the tariffs didn't have as much of a bite, that would be a bigger opportunity for us, given that we've priced for it.

如果我們發現我們處於領先地位，而且關稅沒有那麼大的影響，那麼對我們來說這將是一個更大的機會，因為我們已經為此做好了準備。

Yeah. We are anticipating around mid-single digits increases due to the tariffs' cost. That's a combination of building material as well as labor dynamics. But purely, if you were to isolate building materials, that tends to be very sensitive to even the threat of tariffs.

是的。由於關稅成本，我們預期增幅約為個位數中段。這是建築材料和勞動力動態的結合。但單純地，如果你要隔離建築材料，它往往對關稅威脅非常敏感。

Majority of a lot of buildings in the E&S space tend to be framed buildings, right? So we're talking about lumber prices. Just, even relations with Canada can affect that.

E&S 領域的建築大多是框架建築，對嗎？我們正在討論木材價格。只是，即使與加拿大的關係也會影響這一點。

There's a reality of tariffs. And then, there's the threat of tariffs and what that does in the short term.

關稅是現實存在的。然後，還有關稅的威脅以及其在短期內的影響。

Maybe if I could sneak the last one in: does Q2 feel like a snapshot of what we may see in the next quarter or two in terms of premium growth? I know Casualty is super robust. You seem a bit more cautious on the Property. But are these numbers that might be in the ballpark for the upcoming quarters?

也許我可以偷偷問最後一個問題：第二季是否感覺像是我們在未來一兩個季度可能看到的保費成長情況的快照？我知道 Casualty 非常強大。您似乎對財產問題更加謹慎。但這些數字是否能代表未來幾季的大致情況呢？

Yeah. Andrew, at the end of those prepared remarks, we gave a confirmation of what we had previously talked about, which was mid- to high-20%s growth for 2H. So that gives you a sense of what we're expecting.

是的。安德魯，在準備好的發言結束時，我們確認了先前談到的內容，即下半年的成長率將達到 20% 左右。這讓您了解我們的期望。

We also said that that assumes that we do not see a change in the competitive intensity in the environment. That it remains what we are seeing today, which is modest. It's different in the small- and medium-sized spaces but that's the premise there. So that is the outlook that we confirmed.

我們也說，這假設我們沒有看到環境競爭強度的改變。它仍然是我們今天所看到的樣子，這是適度的。在小型和中型空間中情況有所不同，但前提是這樣的。這就是我們確認的觀點。

That makes a lot of sense. I'm sorry I had a little technical difficulty at the beginning.

這很有道理。很抱歉一開始我遇到了一點技術困難。

Overall, just to say: we're not, as I said in the beginning of the remarks, top-line focused. We really are focused on delivering alpha. You've heard that in the way that we've done that throughout this call.

總的來說，正如我在演講開始時所說的那樣，我們並不關注營收。我們確實專注於提供 alpha。你們已經聽到了我們在整個通話過程中所採取的方式。

We are finding unique situations and opportunities that are driving growth in excess of the market, but they are not based on the beta of the market growth. So that's really what we're focused on. And that's what we're endeavoring to deliver.

我們正在尋找推動超過市場成長的獨特情況和機會，但它們並非基於市場成長的貝塔值。所以這確實是我們關注的重點。這正是我們努力想要實現的。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

Pablo Singzon, J.P. Morgan.

摩根大通的 Pablo Singzon。

Thank you. For my [teeth], it's always hard to parse the drivers of growth for companies such as yourself, right? You're growing fast, pursuing a bunch of initiatives.

謝謝。對我來說，分析像您這樣的公司的成長動力總是很困難，對嗎？您正在快速成長，並正在推行一系列舉措。

I realized this might be an unfair question but I was wondering if you could provide some perspective on some metric for same-store sales growth rate, whether it's growth from existing agencies without considering recent additions or maybe freezing verticals or products reserves -- some sense of what growth is coming from what's already in the book versus what you're actively pursuing, quarter to quarter.

我意識到這個問題可能不太公平，但我想知道您是否可以提供一些關於同店銷售額增長率的指標，無論是來自現有機構的增長（不考慮最近增加的機構），還是凍結垂直行業或產品儲備——哪些增長是來自賬面上已有的，哪些是您正在積極追求的，逐季度增長。

Yeah. One of the things that was mentioned in the call but just to reiterate here is that almost half of our growth came from the new initiatives. And so if you back that out, you get a sense of what the same-store looks like. But we are seeing compounding of our existing cohort --- the more recent and the older cohorts of brokers and agents.

是的。電話會議中提到但在此重申的一件事是，我們幾乎一半的成長來自新措施。所以如果你回想一下，你就會知道同一家商店是什麼樣子的。但我們看到現有群體的複合性——較新和較老的經紀人和代理人群體。

Chris, you want to add anything there?

克里斯，你想添加什麼嗎？

It is hard to fully dissect it because initiatives overlap. For example, in the Midwest, as part of Project Heartland, we are gaining significant market share in our legacy verticals. Those are residential real estate, restaurants, and hotel/motels. We've written those for a very long time. We're gaining a lot of traction in the Heartland. Our offering there is strong. It's because it's much more mature.

由於措施重疊，因此很難完全剖析它。例如，在中西部，作為「心臟地帶計畫」的一部分，我們在傳統垂直領域中獲得了顯著的市場份額。這些是住宅房地產、餐廳和酒店/汽車旅館。我們已經寫這些很久了。我們在美國中心地帶獲得了極大的發展。我們在那裡提供的服務非常強大。這是因為它更加成熟了。

Similarly, however, we're gaining much more market share across other geographies. In the Northwest, for example, we have seen significant growth in our core classes.

然而，同樣地，我們在其他地區的市佔率也大幅增加。例如，在西北地區，我們的核心課程取得了顯著成長。

Thank you. And then, second question, as you think about the current economic environment and perhaps some more permanent impact from tariffs, which of your small business and markets are you most concerned about? If the economy is slow, what impact are you expecting on your growth projector?

謝謝。然後，第二個問題，當您考慮當前的經濟環境以及關稅可能帶來的一些更持久的影響時，您最擔心哪些小型企業和市場？如果經濟發展放緩，您預計會對您的成長預測產生什麼影響？

You talked about the inflation piece. But from an economic, fundamental perspective, are you assuming some headwinds there?

您談到了通貨膨脹問題。但是從經濟基本面來看，您是否認為存在一些阻力？

Just to add some context around this: we are continuously studying the environment and observing new trends that are emerging. We're monitoring a number of trends. So whatever we react to might be very contained to few things.

只是為了補充一些背景資訊：我們正在不斷研究環境並觀察正在出現的新趨勢。我們正在監測多種趨勢。因此，無論我們對什麼做出反應，可能都僅限於少數事物。

But we have had to take action on something similar to tariffs, such as inflation in 2022. What we experienced there is, initially, we took the same; we did the same; execute the same playbook. We saw that severities were going to increase.

但我們必須對類似關稅的措施採取行動，例如 2022 年的通貨膨脹。我們最初的經驗是，我們採取了同樣的做法，做了同樣的事情，執行了同樣的劇本。我們看到嚴重程度將會加劇。

We price on a perspective basis so we're looking 18 months out, expecting higher severities. We implemented rate increases that were meaningful.

我們根據預期來定價，因此我們展望 18 個月後的情況，預計嚴重程度會更高。我們實施了有意義的升息。

Now, what happens is, initially, the market doesn't fully understand why we're an outlier. We are willing to be an outlier, in that case. But the market contemplates it for a while and then, eventually, our competitors catches back up and catches up to us and they push their rate increases.

現在的情況是，市場最初並不完全理解我們為何成為一個異常值。在這種情況下，我們願意成為一個異類。但市場考慮了一段時間後，最終我們的競爭對手又趕上來並追上我們，並提高了利率。

What we experienced there is the market comes back to us in droves. We've had a few cycles like that. So that's what we are expecting here.

我們在那裡所經歷的是市場大批回歸。我們已經經歷過幾次這樣的循環。這就是我們所期待的。

Yeah. In terms of the defensiveness of our portfolio, we may have talked about that in the past. We have a fairly defensive set of industries that we focus on: multi-family, the non-profits, and certain others as well -- gas stations and grocery stores.

是的。關於我們投資組合的防禦性，我們過去可能已經談論過這個問題。我們專注於一系列具有相當防禦性的行業：多戶住宅、非營利組織以及其他一些行業——加油站和雜貨店。

The ones that would have an impact would be, potentially, contractors where there are -- but the contractors we focus on are of a smaller scale and less economically sensitive than hospitality. Those would be the areas if there were to be an economic shift.

可能產生影響的是那些承包商——但我們關注的承包商規模較小，而且經濟敏感性不如酒店業。如果發生經濟轉變，這些就是其中的領域。

Thank you, both.

謝謝你們兩位。

Thank you.

謝謝。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi. Thanks. Good evening.

你好。謝謝。晚安.

My first question, mid- to high-20%s growth rate that you highlighted for the second half of the year, right, reaffirming your outlook, what's embedded within that for Property versus Casualty growth?

我的第一個問題是，您強調的下半年成長率將達到 20% 左右，這再次證實了您的觀點，那麼，對於財產險和意外險的成長來說，這其中蘊含著什麼呢？

At least, we have not broken that down in terms of the guidance. But what we'll say is that we are somewhat optimistic on the Property book in that we applied our rate increases in 3Q of last year. But that was opportunistic in nature.

至少，我們還沒有在指導方面對此進行細分。但我們要說的是，我們對房地產帳簿有些樂觀，因為我們在去年第三季就實施了升息。但這本質上是機會主義的。

What happened this year was we maintained those rate increases because of our view on tariffs. And so as we get towards the back end of this year, there's some potential for us to not be changing rates on those accounts. Therefore, we may see some potential additional benefit there.

今年的情況是，我們根據對關稅的看法維持了這些升息。因此，隨著今年年底的臨近，我們可能不會改變這些帳戶的利率。因此，我們可能會看到一些潛在的額外好處。

But we're not breaking down the projected growth by product yet.

但我們尚未按產品細分預期的成長情況。

And then, as part of the guide, Justin, you said that it's based on consistent competitive dynamics. Did you guys see any pricing, changes in July, relative to what you saw and observed in the Q2 in either Property or Casualty lines?

然後，作為指南的一部分，賈斯汀，您說它是基於一致的競爭動態。與第二季財產險或意外險的價格相比，你們 7 月份的價格有什麼變化嗎？

No. It's been consistently marginally tightening pressure but nothing material to talk about. So there's nothing embedded within that, other than to say that we can't predict -- we're not in the business of predicting the beta of this market. Competitors will do what they're going to do.

不。一直持續小幅收緊壓力，但沒有什麼實質的東西可談。因此，這其中並沒有什麼特別之處，只能說我們無法預測──我們的業務不是預測這個市場的貝塔值。競爭對手會做他們想做的事。

We're trying to lay out that we have these initiatives and these approaches that we take that are truly differentiated. So even in a tougher market, we're going to still keep winning. And so that's really where we want to focus.

我們正在努力表明，我們採取的這些舉措和方法確實與眾不同。因此，即使在更艱難的市場中，我們仍將繼續獲勝。所以這確實是我們想要關注的重點。

We know the top line's strong. We're just caveating with all that.

我們知道營收表現強勁。我們只是對這一切提出警告。

More generally., our peers -- there's chatter, there's discussions around that. But we're not necessarily focused in the same geography as they are. That is coming out of the three big E&S states -- a lot of the talk on Property.

更普遍地說，我們的同行——有閒聊，有圍繞此的討論。但我們並不一定和他們關注同一地理區域。這是來自三個 E&S 州的討論——很多都是關於房地產的。

So in a way, where we are going is fairly overlooked by the market. He opportunities there are so great.

因此從某種程度上來說，我們的發展方向相當被市場忽略了。那裡的機會非常多。

Yeah. Overall, as we're a technical underwriting firms so we have a technical rate and we're not going to go below that. So that is also important to keep in mind.

是的。總的來說，由於我們是一家技術承保公司，所以我們有一個技術費率，我們不會低於這個費率。所以記住這一點也很重要。

And then, one last one, I think the paid to incurred ratio did go up in the quarter. Was there something, related to business fix or something else that that impacted that in the second quarter?

最後一點，我認為本季的支付與發生比率確實上升了。是否存在與業務修復或其他相關因素對第二季產生了影響？

Are you talking sequentially or year over year?

您說的是連續的還是逐年？

I think it went up both, so any color you could provide would be helpful.

我認為兩者都上升了，所以您提供的任何顏色都會有幫助。

Overall, the pay to incurred were actually lower than our internal expectations. On a year-over-year basis, it's partly due to just the maturation of a casualty book.

總體而言，實際支付的金額實際上低於我們的內部預期。與去年同期相比，這部分是由於傷亡帳簿的成熟。

And also, there is, as you're describing, there is some shift in the having had more property -- previously, we were growing Property pretty quickly, previously, and so that may be contributing to the higher (inaudible) that we're seeing today.

而且，正如您所描述的，在擁有更多財產方面發生了一些轉變——以前，我們的財產增長相當快，所以這可能導致了我們今天看到的更高的（聽不清楚）。

But now, you'll see that transition going forward as you're seeing this deceleration in property, going forward. So a little bit of mix but more just the casualty reserves which we have been accelerating higher because of our growth rate, just starting to pay.

但現在，隨著房地產市場的發展放緩，你會看到這種轉變不斷推進。因此，有一點混合，但更多的只是意外事故準備金，由於我們的成長率，我們的意外事故準備金一直在加速增加，剛開始支付。

Thank you.

謝謝。

Great. There are no further questions at this time.

偉大的。目前沒有其他問題。

I would now like to turn the call back over to management for closing remarks.

現在我想將電話轉回給管理階層，請他們作最後發言。

Well, thank you, all, very much. We appreciate your support, again. We look forward to being in touch with you in the months and quarters ahead.

好吧，非常感謝大家。我們再次感謝您的支持。我們期待在未來的幾個月和幾個季度與您保持聯繫。

Thank you very much.

非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。