Ategrity Specialty Insurance Company Holdings (ASIC) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for joining us today for Ategrity's third-quarter fiscal year '25 earnings results conference call.

大家下午好，感謝大家今天參加 Ategrity 25 財年第三季收益結果電話會議。

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)。

After Justin, Chris, and Neelam have made their formal remarks, we will open the call to questions.

賈斯汀、克里斯和尼拉姆發表正式演講後，我們將開始提問。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

The after the speakers emerged, (Operator Instructions)

揚聲器出現後，（操作員指示）

Thank you.

謝謝。

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.

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、管理層的計劃、業務目標和公司未來的財務業績，這些都受風險和不確定性的影響。

Actual results could differ materially from those anticipated in these forward-looking statements.

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 results are referred to in our press release issued today, our final prospectus, and other filings filed with the SEC.

我們今天發布的新聞稿、最終招股說明書以及向美國證券交易委員會提交的其他文件中提到了可能影響結果的風險因素。

We do not undertake any obligation to update the forward-looking statements made today.

我們不承擔更新今天所作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.

最後，發言者可能會在本次電話會議中提及某些調整後或非公認會計準則的財務指標。

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is also available in our press release issued today. A copy of which may be obtained by visiting the investor relations website at investors.ategrity.com

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。您可以透過造訪投資者關係網站 investors.ategrity.com 取得副本

I'll now turn the call over to Justin.

我現在將電話轉給賈斯汀。

Good evening and thank you all for joining Ategrity's third-quarter 2025 earnings call. This is Justin Cohen, and I am joined here today by Chris Schenk, our President and Chief Underwriting Officer, and Neelam Patel, our CFO.

晚上好，感謝大家參加 Ategrity 2025 年第三季財報電話會議。我是賈斯汀·科恩 (Justin Cohen)，今天和我一起來這裡的還有我們的總裁兼首席承銷官克里斯·申克 (Chris Schenk) 和我們的首席財務官尼拉姆·帕特爾 (Neelam Patel)。

Ategrity delivered record results this quarter. Gross written premiums grew 30% year over year, including accelerating growth in property lines. Our combined ratio improved to 88.7% as we began to demonstrate operating leverage. With investment Neelam Patel

Ategrity 本季取得了創紀錄的業績。毛承保保費年增 30%，其中財產險業務成長加速。隨著我們開始展現經營槓桿，我們的綜合比率改善至 88.7%。投資方為 Neelam Patel

income, our adjusted net income was $22.8 million, translating into 78% year-over-year growth.

收入，我們的調整後淨收入為 2,280 萬美元，年增 78%。

These results were ahead of guidance, despite industry data pointing to a deceleration in the ENS market. We believe that's because we are executing a model that is truly differentiated. It's built on specialization, analytics, automation, and distribution, and we are capitalizing on these strengths to drive sustainable growth and profits. This was a quarter characterized by expanding top-line, operating leverage, and improved economics.

儘管行業數據顯示 ENS 市場成長放緩，但這些結果仍超乎預期。我們相信這是因為我們正在執行一個真正差異化的模型。它建立在專業化、分析、自動化和分銷的基礎上，我們利用這些優勢來推動永續成長和利潤。本季的特點是營業收入擴大、經營槓桿增加、經濟狀況改善。

First, on top-line growth, we achieved a 30% increase in gross written premiums, supported by 70% submission growth. That's 70%, not 1.7%. Our distribution network is exceptionally large for a company our size, and we are driving deeper engagement by bringing new and attractive solutions to the market.

首先，在營業收入成長方面，我們的總承保保費增加了 30%，這得益於 70% 的提交量成長。那是 70%，而不是 1.7%。對於我們這樣規模的公司來說，我們的分銷網絡非常龐大，我們透過向市場推出新的、有吸引力的解決方案來推動更深入的參與。

Second, on operating leverage. Our operating expense ratio improved 2.7 percentage points as prior investments in infrastructure and process efficiency began to deliver.

第二，關於經營槓桿。由於先前對基礎設施和流程效率的投資開始產生效果，我們的營運費用率提高了 2.7 個百分點。

Expense growth moderated while earned premiums accelerated, and we are realizing this upside even as we invest in new lines of business and next generation technology that are expected to drive the next phase of leverage.

費用成長放緩，而賺取保費卻加速成長，即使我們投資於預計將推動下一階段槓桿率的新業務線和下一代技術，我們也意識到了這一好處。

Finally, on improved economics, our policy acquisition ratio improved 1.8 percentage points as we continue to optimize our business mix. We have been deliberately increasing the percentage of our premiums written in our brokerage channel where acquisition costs are lower. This has been underway for several quarters and is now earning through in our results.

最後，隨著經濟狀況改善，隨著我們繼續優化業務組合，我們的保單取得率提高了 1.8 個百分點。我們一直在刻意提高透過收購成本較低的經紀管道承保的保費比例。這項工作已經進行了幾個季度，目前已在我們的業績中取得成效。

Now, turning back to the broader ENS market, where headwinds have emerged in certain areas, competitive intensity has increased, but conditions remain rational in the small and medium-sized space. This segment has remained relatively insulated given the challenges that new entrants face in trying to profitably write $10,000 policies without the requisite scale.

現在，回到更廣泛的 ENS 市場，某些領域出現了阻力，競爭強度增加，但中小型領域的條件仍然合理。由於新進業者在沒有達到所需規模的情況下試圖以盈利的方式簽發 10,000 美元的保單，因此這一細分市場一直保持相對穩定。

Against that backdrop, we are focused on extending Ategrity's structural advantages of speed, competitive products, and technical pricing to drive disciplined share gains. So, with that, I'll now turn it over to Neelam for the financials.

在此背景下，我們專注於擴大 Ategrity 的速度、競爭產品和技術定價的結構優勢，以推動穩健的市場份額成長。因此，現在我將把財務問題交給 Neelam。

Thanks, Justin. We delivered another strong quarter of financial performance. Adjusted net income came in at $22.8 million, up from $12.9 million in the same quarter last year, driven by top-line growth, improving margins, and higher investment income. Let me walk you through the main line items starting with premiums. Gross written premiums grew by 30% in the quarter. Casualty premiums increased by 41% while property premiums went up by 11%, both contributing meaningfully to our overall growth.

謝謝，賈斯汀。我們又一個季度取得了強勁的財務業績。調整後淨收入為 2,280 萬美元，高於去年同期的 1,290 萬美元，這得益於營業收入成長、利潤率提高和投資收益增加。讓我從保費開始向您介紹主要項目。本季總承保保費增加了 30%。意外保險保費上漲了 41%，而財產保險保費上漲了 11%，這兩項都對我們的整體成長做出了重大貢獻。

Net return premiums grew by 42%, reflecting a higher retention rate year-over-year.

淨退保費成長了 42%，反映出留存率較去年同期有所提高。

Net earned premiums were up by 29%, reflecting the net lagged earnings recognition of our growth trajectory and a quota share range treaty be placed in 2024. Net earned premium growth accelerated sequentially, consistent with our prior comments of abating headwinds in the second half.

淨賺保費成長了 29%，反映了我們成長軌跡的淨滯後收益確認以及 2024 年的配額份額範圍條約。淨保費收入成長連續加速，與我們先前對下半年逆風減弱的評論一致。

Our fee income came in at $2.2 million compared to $0.2 million a year ago, reflecting higher policy fees as we continue to implement standard market practices. According to underwriting results, our underwriting income for the quarter was 10.6 million, up nearly 208% year-over-year.

我們的費用收入為 220 萬美元，而去年同期為 20 萬美元，這反映出我們繼續實施標準市場慣例導致保單費用增加。根據核保結果，我們本季的承保收入為1,060萬美元，較去年同期成長近208%。

This translates into a combined ratio of 88.7%, an improvement from 95.3% last year due to reductions in both our loss and expense ratio.

這意味著綜合比率為 88.7%，由於損失和費用率的降低，比去年的 95.3% 有所改善。

The loss ratio declined 2.1 points to 60% with strong underlying results in our property business.

由於房地產業務表現強勁，損失率下降了 2.1 個百分點，至 60%。

In the current quarter, we had no prior year development compared to 1.7 points last year that were related to a change in how we reserved for legal expenses.

本季度，我們沒有比去年同期有所發展，而去年同期則增長了 1.7 個百分點，這與我們為法律費用預留的方式的變化有關。

Catastrophe losses represented 4% of net earned premium this quarter, down from 12.1% last year, which had an active hurricane season.

本季巨災損失佔淨保費收入的 4%，低於去年颶風季節活躍時的 12.1%。

Our expense ratio declined 4.5 points to 28.7%, reflecting improvements in both operating efficiency and business mix.

我們的費用率下降了4.5個百分點至28.7%，反映了營運效率和業務結構的改善。

Operating expenses represented 10.8% of net earned premiums down 2.7 points from last year and also lower than the second-quarter of '25.

營業費用佔淨保費收入的 10.8%，比去年下降 2.7 個百分點，也低於 25 年第二季。

The declines were driven by expense leverage and higher fee income.

下降的原因是費用槓桿和費用收入增加。

Policy acquisition costs as a percentage of net earned premiums declined to 17.9% from 19.7%. The improvement was primarily driven by favourable mix shift, as growth has been concentrated in lines of businesses carrying lower gross commission rates and higher seating commissions.

保單獲取成本佔淨保費收入的百分比從 19.7% 下降至 17.9%。這項改善主要得益於有利的組合轉變，因為成長集中在毛佣金率較低、座位佣金較高的業務線上。

Moving on to investments.

繼續討論投資。

Net investment income was $11 million in the third quarter, up from $6.8 million last year, driven by increased assets from our IPO and higher yields on our fixed income portfolio.

第三季淨投資收入為 1,100 萬美元，高於去年的 680 萬美元，這得益於我們 IPO 帶來的資產增加以及固定收益投資組合收益率的提高。

Realized and unrealized gains contributed another $9.2 million, supported by strong results in our absolute return portfolio.

已實現和未實現收益又貢獻了 920 萬美元，這得益於我們絕對回報投資組合的強勁業績。

Our effective tax rate for the quarter was 20.6%, bringing the net income to $22.7 million.

本季我們的有效稅率為 20.6%，淨收入達到 2,270 萬美元。

Adjusted net income, which adds back IPO-related compensation costs for $22.8 million or $0.46 per diluted share.

調整後的淨收入加上 IPO 相關薪酬成本為 2,280 萬美元或每股攤薄收益 0.46 美元。

Turning briefly to the balance sheet, our cash and investments grew by $86 million from the second-quarter to $1.1 billion, reflecting strong operating cash flow.

簡單回顧一下資產負債表，我們的現金和投資較第二季增加了 8,600 萬美元，達到 11 億美元，反映出強勁的營運現金流。

Book value increased by $29 million, driven by $23 million attributable to increased retained earnings and the rest to increase AOCI.

帳面價值增加了 2,900 萬美元，其中 2,300 萬美元歸因於留存收益的增加，其餘歸因於 AOCI 的增加。

Our book value per share ended the quarter at $12.24.

本季末我們的每股帳面價值為 12.24 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經營績效。

Thanks, Neelam. Ategrity grew 30% and improved margins this quarter. I'll talk to you about the contributors to those results, and then I will provide some perspective on why our differentiated underwriting approach is resonating in the current market.

謝謝，Neelam。Ategrity 本季成長了 30%，利潤率也有所提高。我將與你們討論這些結果的貢獻因素，然後我將提供一些觀點來解釋為什麼我們的差異化核保方法在當前市場中引起共鳴。

I'll start with topline production. Retentions remained stable. We achieved mid to high single-digits renewal rate increases. That was in both property and casualty, and new business growth was very strong.

我將從頂線生產開始。留存率保持穩定。我們實現了中高個位數的續約率成長。這涉及財產險和意外險，新業務成長非常強勁。

Four key points illustrate the quality of this growth.

四個關鍵點體現了這一成長的品質。

First, there was record high demand for Ategrity quotes.

首先，對 Ategrity 報價的需求達到了創紀錄的高點。

This was in both property and casualty where we saw submissions increase more than 70% year-over-year.

無論是財產險還是意外險，我們看到投保數量比去年同期增加了 70% 以上。

Second, we saw stronger partner engagement. Our '23 and '24 distribution cohorts contributed meaningfully. They delivered same store growth in the range of 80%.

其次，我們看到了更強而有力的合作夥伴參與。我們的 23 和 24 分銷群體做出了重大貢獻。他們實現了 80% 左右的同店成長率。

Third, we expanded our distribution reach. After more than doubling our distribution network from '22 to '24, the number of active distribution partner once again grew this year by another 25%. This extends our runway for growth. And fourth, we maintain discipline underwriting. Our hit ratio was in line with plan, that is low single-digits in brokerage, and this is because we are staying selective and firm on price.

第三，擴大了分銷範圍。從 22 年到 24 年，我們的分銷網絡規模增加了一倍多，今年活躍的分銷合作夥伴數量再次增加了 25%。這延長了我們的成長空間。第四，我們保持承保紀律。我們的命中率符合計劃，即經紀業務的命中率較低，這是因為我們對價格保持選擇性和堅定性。

Last quarter we highlighted three growth initiatives through Retail Trade Vertical, which we launched in brokerage, our professional liability lines, and Project Heartland, our Midwest Regional strategy.

上個季度，我們重點介紹了零售貿易垂直領域的三項成長舉措，這些舉措是在經紀業務、專業責任險和中西部區域戰略「心臟地帶計劃」中推出的。

Each once again contributed meaningfully in Q3. Together they accounted for about half of our growth.

他們各自在第三季再次做出了有意義的貢獻。它們加起來貢獻了我們成長的一半左右。

Turning to underwriting margins, in our property book, we experience lower frequency and lower severity. And relative to expectations, casualty losses are developing favourably.

談到承保利潤率，在我們的財產帳簿中，我們經歷的頻率較低，嚴重程度也較低。相對於預期，人員傷亡損失正在改善。

We recorded a conservative firm-wide loss ratio of 60%, although our pricing loss ratio is meaningfully lower.

儘管我們的定價損失率明顯較低，但我們記錄的全公司損失率保守為 60%。

From an operating leverage standpoint, while net written premium grew more than 40%, we realized efficiency gains across our business. This translated into only moderate expense growth.

從營運槓桿的角度來看，雖然淨承保保費增加了 40% 以上，但我們實現了整個業務的效率提升。這意味著支出僅會適度成長。

In Q3 we process record submissions and quotes and manage a larger enforced book all while delivering the speed and service that our brokers expect.

在第三季度，我們處理記錄提交和報價並管理更大的強制執行帳簿，同時提供我們的經紀人期望的速度和服務。

As we maintain a conservative hit ratio, automation continues to safeguard operating margins.

由於我們維持保守的命中率，自動化繼續保障營業利益率。

We also reduced acquisition costs. This is because we wrote more business in our broker channel and capitalized on two new growth initiatives.

我們也降低了收購成本。這是因為我們在經紀管道中開展了更多業務，並利用了兩項新的成長措施。

The first initiative is our digital brokerage channel. We launched a technology enabled solution that provides small business agents with streamlined access to our brokerage products.

第一項舉措是我們的數位經紀管道。我們推出了一項技術支援解決方案，為小型企業代理商提供簡化的經紀產品存取方式。

These agents occasionally need to place mid-sized policies and have limited options to do so.

這些代理人偶爾需要製定中型保單，但選擇有限。

Through Ategrity's digital brokerage, they can now receive quotes on mid-size accounts with what we believe is market leading response times.

透過 Ategrity 的數位經紀服務，他們現在可以獲得中型帳戶的報價，並且我們認為其回應時間是市場領先的。

The second initiative is a specialty offering for our real estate vertical. We innovated a product that addresses the evolving lending requirements for multi-family developers.

第二項措施是針對我們的房地產垂直領域提供特色服務。我們創新了一款產品，以滿足多戶型開發商不斷變化的貸款需求。

These requirements are imposed by Fannie Mae, Freddie Mac, and the larger banking sector, and we have developed a casualty product that responds to those requirements.

這些要求是由房利美、房地美和更大的銀行業提出的，我們已經開發出滿足這些要求的意外險產品。

This is very different than our standard casualty offering, and as far as we know, there's nothing comparable in the market. As a result, we have been able to distribute it while achieving superior policy acquisition economics.

這與我們的標準意外險產品有很大不同，據我們所知，市場上沒有可比較產品。因此，我們能夠在實現卓越的政策獲取經濟的同時進行分發。

Finally, turning to our competitive positioning, in Q3, a record number of brokers wanted to present an Ategrity quote to their clients. As we've talked about, our pricing tends to be higher than our competitors, so we believe that this demand is driven by the appeal of our product.

最後，談到我們的競爭定位，在第三季度，創紀錄數量的經紀人希望向其客戶提供 Ategrity 報價。正如我們所討論的，我們的定價往往高於競爭對手，因此我們相信這種需求是由我們產品的吸引力所驅動的。

Instead of relying on unfair exclusions and wording ambiguity, we deliver fast, high-quality quotes with coverage that the insured actually needs, and for that we charge a fair and technically sound price. Brokers are telling us that they want an Ategrity quote because they know and trust our product. With tighter lending standards and a more volatile political and judicial environment, there is heightened focus on coverage quality and contract certainty.

我們不會依賴不公平的排除條款和措辭模糊性，而是提供快速、高品質的報價，涵蓋被保險人實際需要的保險範圍，並收取公平且技術上合理的費用。經紀人告訴我們，他們想要 Ategrity 的報價，因為他們了解並信任我們的產品。隨著貸款標準越來越嚴格，政治和司法環境越來越不穩定，人們更加關注保險品質和合約確定性。

And our product strategy, which offers clear comprehensive coverage but only the necessary exclusion, is standing out in a very crowded marketplace.

我們的產品策略明確提供全面的覆蓋範圍，但只提供必要的排除，這在競爭激烈的市場中脫穎而出。

So those are some of the dynamics behind our results. In short, Ategrity's production and underwriting model is doing exactly what it was designed to do. It's delivering discipline growth and expanding margins, and at the same time it's strengthening our position in the market.

這些就是我們研究結果背後的一些動力。簡而言之，Ategrity 的生產和承保模式完全按照其設計目的運作。它帶來了紀律成長和利潤率的提高，同時也鞏固了我們在市場上的地位。

With that, I'll hand it back to Justin.

說完這些，我就把它交還給賈斯汀。

Thanks, Chris.

謝謝，克里斯。

This was another strong quarter for Ategrity. It reflects an organization that is analytical, efficient, and innovative. We are a company that does what we say we're going to do, and we remain focused on driving towards sustainable world-class returns. For the second-quarter in a row, we delivered gross written premium growth more than 20 percentage points above the ENS market.

對於 Ategrity 來說，這是另一個表現強勁的季度。它體現出一個具有分析能力、高效性和創新性的組織。我們是一家言出必行的公司，我們始終致力於實現永續的世界級回報。連續第二個季度，我們的總承保保費成長率比 ENS 市場高出 20 個百分點以上。

As we look toward the fourth-quarter, we believe we have the partner engagement, submission flow, and delivery capabilities to achieve that outcome again. Based on the industry's current growth pace, we believe that would translate into roughly 30% year-over-year growth.

展望第四季度，我們相信我們擁有合作夥伴的參與、提交流程和交付能力，可以再次實現這一成果。根據該行業目前的成長速度，我們認為這將轉化為約 30% 的同比增長。

From a march in perspective, we are aiming to deliver a 90% combined ratio in the fourth-quarter.

從長遠來看，我們的目標是在第四季度實現 90% 的綜合比率。

Finally, we look forward to spending time with investors and analysts in the days ahead.

最後，我們期待在未來的日子裡與投資者和分析師共度時光。

In addition to discussing our results and strategy, we would love to hear investor input on balancing additional insider support through open market purchases with the desire to increase public float.

除了討論我們的績效和策略之外，我們還希望聽取投資者的意見，以平衡透過公開市場購買獲得的額外內部支持與增加公眾持股的願望。

We intend to increase our float in the course of time at appropriate valuations, as other specialty insurance companies have after their IPOs. We greatly care about doing the right thing for investors, so we would appreciate your feedback on this topic.

我們打算隨著時間的推移，以適當的估值增加我們的浮動資金，就像其他專業保險公司在首次公開募股後所做的那樣。我們非常關心為投資者做正確的事情，因此我們非常感謝您對此主題的回饋。

With that, I thank you again for your time and interest at Ategrity.

最後，我再次感謝您對 Ategrity 的關注和付出的時間。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey thanks for taking the question. First one I had is on the property market and just what you're seeing in the environment on the casualty side it sounded like some of the things you're doing are pretty bespoke and nuanced.

嘿，謝謝你回答這個問題。我首先想到的是房地產市場，就您在傷亡方面的環境來看，聽起來您所做的一些事情是相當有針對性和細緻的。

Do you feel like as we head into '26 you're going to be able to continue growing in property at the rates you've been growing though?

您是否覺得，當我們進入 26 年時，您的房地產業務還能繼續以目前的速度成長？

Yeah, and property, if you'll recall, we talked about last quarter, then the third-quarter of '24, we began raising rates actually somewhat materially in small to medium sized property. In the third-quarter of this year, therefore, we lapped those rates. We're not going to get into '26, but as we're looking forward, you see that we accelerated in this quarter from the growth from last quarter, and we're hopeful that we can achieve the same. And it's more of just doing executing our business model and having now gotten ahead of the curve on pricing.

是的，如果您還記得的話，我們上個季度討論過房地產，那麼在 24 年第三季度，我們開始大幅提高中小型房地產的利率。因此，今年第三季度，我們達到了這些比率。我們不會進入 26 年，但展望未來，您會看到本季我們的成長速度比上一季有所加快，我們希望能夠實現相同的目標。這不僅僅是執行我們的商業模式，而且現在我們在定價方面已經領先一步。

That's really helpful.

這真的很有幫助。

The second thing I want to ask you about is just some of the, continuation we've been doing with technology, but I think it was mentioned earlier on the call that you were looking to advance some of that further and was just interested in some of the things you're working on some of the areas you might push on the tech front to further what you're doing in the market.

我想問您的第二件事是關於我們一直在技術方面做的一些延續性工作，但我認為在電話會議中早些時候提到過，您希望進一步推進其中的一些工作，並且只是對您正在進行的一些工作感興趣，您可能會在技術領域推動一些領域，以進一步推動您在市場上的工作。

Right, I'll pass that over to Chris to talk about some of the innovations that are actually launching now and others as well in the future.

好的，我將把這個交給克里斯，讓他談談現在正在推出的一些創新以及未來的其他創新。

Yeah, so as we've been launching fee price solutions and some OCR AI enabled intake automation processes, and a number of different innovations across the business.

是的，我們一直在推出費用價格解決方案和一些 OCR AI 支援的攝取自動化流程，以及整個業務中的許多不同創新。

We have an innovation lab that we funded about a year ago that is now bringing all of these stand-alone solutions into one single platform that is going to be a critical unlock for us in the coming quarters, but what it does, it makes delivery of innovation much more efficient and we already have an efficient approach to development, but in terms of maintenance of an innovation ecosystem, having everything in one platform allows us to get more value out of it and also enhance it as technology evolves.

我們大約在一年前資助了一個創新實驗室，現在將所有這些獨立的解決方案整合到一個平台中，這將成為我們未來幾個季度的關鍵解鎖，但它的作用是使創新的交付更加高效，我們已經有了高效的開發方法，但就維護創新生態系統而言，將所有內容放在一個平台上可以讓我們從中獲得更多價值，並隨著技術的發展而增強​​它。

It's very helpful, thanks.

這非常有幫助，謝謝。

Thanks Alex.

謝謝亞歷克斯。

Pablo Singzon, JP Morgan.

摩根大通的 Pablo Singzon。

Please go ahead.

請繼續。

With the employment picture and small business optimism softening a bit, have you seen any change in the economic health of your Clients?

隨著就業情況和小型企業樂觀情緒有所減弱，您是否看到客戶的經濟健康狀況發生了任何變化？

We have not seen any direct change, but it really matters vertical by vertical.

我們沒有看到任何直接的變化，但它確實對垂直方向產生了影響。

Yeah, so, in a small bit, you said change in our clients, yeah, the end client, So, there is a dynamic of what we call nano accounts.

是的，所以，從小處來說，您說的是我們的客戶發生了變化，是的，最終客戶發生了變化，因此，我們稱之為奈米帳戶的動態。

Nano accounts are accounts that, they're very they're priced at admitted market pricing, so let's say a small business with $1000 pricing. That business is always, in between ENS and admitted. And you know there is some pulling back of it into the minute space. Sometimes a lot of that business also go away, so it has never been core to us, and they don't provide really good economics because lower retention and you know they could be volatile. So, we are seeing that sort of disappearance again of the nano account. So, it's not a lot of premium it can be volume.

奈米帳戶是按照公認的市場價格定價的帳戶，假設一家小型企業的定價為 1000 美元。該業務始終處於 ENS 和承認之間。你知道，它被拉回微小的空間。有時很多業務也會消失，所以它從來都不是我們的業務核心，而且它們並沒有提供真正好的經濟效益，因為保留率較低，而且你知道它們可能會不穩定。所以，我們再次看到奈米帳戶的消失。所以，這不是大量的溢價，而是數量。

But in terms of the, we are two degrees removed from our end clients, but we do study that and we study the economy. We talked about last quarter how each of our verticals has a different sensitivity, but overall, we have not seen any material change in our end clients financial and economic health.

但就此而言，我們與最終客戶相距兩個層次，但我們確實對此進行了研究，並且研究了經濟。我們在上個季度討論了我們的每個垂直行業如何具有不同的敏感度，但總體而言，我們沒有看到最終客戶的財務和經濟健康狀況發生任何重大變化。

Yeah, so what you know where we are seeing. Some change in consumer preference or insured preferences is in the mid-size middle market clients. So, think of a family real estate investment firm, 5 apartment buildings.

是的，所以你知道我們看到了什麼。中型市場客戶的消費者偏好或投保偏好發生了一些變化。因此，想像一下家族房地產投資公司，有 5 棟公寓大樓。

They're now facing tougher lending requirements from Fannie Mae and Freddie Mac. Banks are scrutinizing their financing. Meanwhile, there is regulatory uncertainty that's been driven by adoption of building codes on the property side as well as some things like even the New York City municipal elections which would affect housing and real estate development. So, you have all these dynamics that they are really attentive to coverage. So, I've had the privilege of meeting some of our retailers and actually some end in shorts over the last quarter, and that's what I'm hearing from them, they're worried about these developments and how they will affect coverage.

他們現在面臨房利美和房地美更嚴格的貸款要求。銀行正在審查他們的融資。同時，由於房地產方面的建築規範的採用以及紐約市市政選舉等一些因素影響住房和房地產開發，監管方面也存在不確定性。所以，你可以看到他們非常關注報導的所有這些動態。因此，我有幸會見了我們的一些零售商，實際上有些零售商在上個季度就陷入了困境，這就是我從他們那裡聽到的，他們擔心這些發展以及它們將如何影響覆蓋範圍。

Okay, thanks. And then my second question, the submission volumes, interesting data point there, are you able to process and quote as much of those submissions as you're seeing, or is there any bottleneck in your operations right now?

好的，謝謝。然後我的第二個問題是提交量，有趣的數據點在那裡，您是否能夠處理和引用您所看到的盡可能多的提交，或者現在您的操作是否存在瓶頸？

No, we have a very efficient operation, and that's been part of our story is to be able to handle this kind of volume, and we've done it and we talked about during the IPO process how we had front loaded the investments ahead of growth to be able to manage these. One thing we have done is we've been very conservative about the box and our underwriting appetite. Chris, you want to talk about that.

不，我們的營運非常高效，而我們的故事的一部分就是能夠處理這種數量，我們已經做到了，我們在 IPO 過程中談到了我們如何在增長之前預先投入投資，以便能夠管理這些。我們所做的一件事就是，我們對這個盒子和承保意願非常保守。克里斯，你想談談這個嗎？

Yeah, so.

是的，是這樣。

On.

在。

The underwriting, sorry, the restriction ultimately what we're what you're seeing is a lower hit rates for our business or stable hit rates at relatively low levels which really speaks to the conservatism of what we're doing, but we can handle this volume.

承保，抱歉，限制最終是我們的業務命中率較低或命中率穩定在相對較低的水平，這確實說明了我們所做的事情的保守性，但我們可以處理這個數量。

And sorry, yeah, so in one of the in my comments I said also quote volumes went up.

抱歉，是的，我在一條評論中也說過報價量上升了。

I think that's a really strong story for us because we have been investing in the technology capability to handle high volume at the top of the funnel being submissions, right, where you need to sort through a lot, not everything is going to fit the box, and we've been tightening the box in each of our channels.

我認為這對我們來說是一個非常強大的故事，因為我們一直在投資技術能力來處理漏斗頂部的大量提交，對的，你需要對很多東西進行分類，並不是所有的東西都適合這個盒子，我們一直在收緊每個渠道的盒子。

So, we are able to we were able to handle and absorb that volume with. Significantly lower relative cost. And when it comes to quotes, our streamlined quoting process for the small to medium size to low medium sized accounts, which is our simplified production underwriting where we're Looking at the essential things that matters for the risk at hand and not, following the industries, randomness, if you will, for that category, we were able to, crank through a lot of quotes with the resources we had in place.

因此，我們能夠處理和吸收該數量。相對成本明顯較低。說到報價，我們針對中小型到中低規模帳戶的精簡報價流程，也就是我們的簡化生產承保，我們關注的是與當前風險相關的基本事項，而不是跟隨行業的隨機性，如果你願意的話，對於這個類別，我們能夠利用現有的資源快速完成大量報價。

Thanks for your answers.

感謝您的回答。

Thanks Pablo.

謝謝 Pablo。

Elise Greenspan, Wells Fargo.

富國銀行的 Elise Greenspan。

Hi, thanks. My first question, within the fourth-quarter guide, right, you guys said that you expect to, continue to grow about 20% above the industry. Is that a target like when we think out to, 26, 27, and beyond, is that something that you guys think, you can kind of, hit on a consistent basis?

你好，謝謝。我的第一個問題是，在第四季的指導中，你們說預計將繼續保持比行業高出約 20% 的成長。當我們考慮 26、27 甚至更遠的時候，這個目標是否是你們認為可以持續實現的？

So, thanks for that question. We're not going to talk about 26 guidance, but this is the way we think about the business, and you can, as we come to the next quarter, you'll hear from us and how we describe how we expect to take share and we measure that in outsized growth relative to the market. We obviously think we have a big runway here. Our network continues to grow, and we have lots of not only our existing growth initiatives that you've been that you've been hearing about are still in the early days. We also have new growth initiatives in the pipeline that are to come. These, as you heard, these are, these type of growth opportunities are really truly proprietary to us and therefore we think we have an edge to be able to continue taking share in the market.

所以，謝謝你提出這個問題。我們不會談論 26 條指導意見，但這是我們對業務的看法，隨著我們進入下個季度，您將聽到我們的消息，我們將描述我們如何期望獲得份額，並以相對於市場的超額增長來衡量這一點。我們顯然認為我們在這裡有一條很大的跑道。我們的網路不斷擴大，我們不僅擁有您聽說過的現有成長計劃，而且還處於早期階段。我們還將推出新的成長計劃。正如您所聽到的，這些是，這些類型的成長機會實際上是我們獨有的，因此我們認為我們有優勢能夠繼續佔據市場份額。

And then the fee income rate piece continues to grow a little bit over $2 million in the quarter, and I think right just around 2.4 points on a contra on the expense ratio. Is that, how do we think about modelling going forward, just relative to the fee income contribution?

然後，費用收入率部分在本季繼續成長略高於 200 萬美元，我認為與費用率相比，成長率約為 2.4 個百分點。那麼，我們如何看待未來的建模，僅相對於費用收入貢獻呢？

Yes, the fees can be variable depending on the type of business that we write in the quarter. This happened to be a quarter that lined up for higher fees. We think that it will even guide to hear that as we look to Q4, we think the number would be more like a million and 1/2.

是的，費用可能會根據我們在本季度開展的業務類型而有所不同。這恰好是排隊等待更高費用的一個季度。我們認為，當我們展望第四季時，這個數字甚至會達到一百五十萬。

But furthermore, when you think about how you model that as well, there are direct third-party expenses that go along with those fees, so it's not just a pure top-line adjustment.

但此外，當您考慮如何建模時，您會發現這些費用還伴隨有直接的第三方費用，因此這不僅僅是純粹的頂線調整。

So, it's really important to understand there's a service at the end of the fee, right? So, if the service is required for the insured at hand, that's when we charge it. So, depending on what we're writing, it's not premium driven, it's volume driven.

所以，了解費用結束後的服務非常重要，對嗎？因此，如果被保險人需要該服務，我們就會收取費用。因此，根據我們所寫的內容，它不是由保費驅動，而是由數量驅動。

That makes sense. And then from a from a loss ratio perspective, it doesn't sound like there was anything one off in the loss ratio. Obviously, some shifting with mixed shift towards casualty, but anything within the loss ratio, I know there was no PYD and a small amount of CATs, but anything else you would call out in the quarter?

這很有道理。然後從損失率的角度來看，損失率似乎沒有什麼一次性的。顯然，有些轉變與傷亡有關，但損失率之內的任何事情，我知道沒有 PYD 和少量 CAT，但您在本季還會提到什麼嗎？

No, I would just describe that if you're looking at our ex-CAT ratios, for example, and you will see that they, there was some increases there, this is really all associated with conservatism and property. And so we have had a lower effectively a lower amount of claims, but as a public company we are not taking any risk in terms of late claims coming in. So, we have booked at a higher loss. So, that's really the dynamic that you're seeing their conservatism in our property.

不，我只是想描述一下，例如，如果你查看我們的前 CAT 比率，你會發現它們有一些增加，這實際上都與保守主義和財產有關。因此，我們的索賠金額實際上有所降低，但作為一家上市公司，我們不會承擔任何延遲索賠的風險。因此，我們承受了更高的損失。所以，這就是你在我們的財產上看到的他們的保守主義的動態。

And with the conservatism and property, would you settle that in the fourth-quarter, like in the current year, or if there's favourable development, or would that be something you would think about next year?

考慮到保守主義和財產問題，您會像今年一樣在第四季度解決這個問題嗎？或者如果有有利的發展，或者您會在明年考慮這個問題嗎？

It really is rolling, and it's really actuarial based and so we leave that to our head of reserving to do that and look at it on a claim-by-claim basis as well as the trends and the expected downside in terms of late reported claims.

它確實是滾動的，而且確實是基於精算的，所以我們把它留給我們的準備金主管去做，並根據每項索賠的情況以及趨勢和延遲報告的索賠的預期下行趨勢來審查。

Thank you.

謝謝。

Thank you.

謝謝。

Andrew Kligerman, TD Cowan.

安德魯·克里格曼 (Andrew Kligerman)，TD Cowan。

Hey Justin, I think you guided to just a little while ago to like a 90 combined in the next quarter and, I thought that the expense ratios were particularly compelling. Particularly the operating expense ratio at 10.8, but the acquisition expense ratio looked better than I had expected as well. Should we be looking at the overall expense ratio is about 29%, maybe a touch less than that is a run rate in that 90 combined ratio that you just cited?

嘿，賈斯汀，我想你剛剛指導說下個季度的合併率為 90，而且我認為費用率特別引人注目。特別是營業費用率為 10.8，但收購費用率看起來也比我預期的還要好。我們是否應該看看整體費用率是否約為 29%，也許略低於您剛才提到的 90 綜合比率的運行率？

Yeah, that is not far from it. We, there will be some small be benefits coming through on the commission ratio sequentially.

是的，距離那不遠了。我們，佣金比例上會有一些小的收益。

But that is going to be an overtime type situation. On a gross basis, it is there are strengths there. Remember also that we have the quota share rolling off, which is going to provide more income to us, but that will be an offset as we move forward as well. And then with the operating expense ratio with the adjustment in fees, there will be a tick up in the fourth-quarter, but we are very enthusiastic about our ability to continue to drive operating leverage over time. And so those are some of the dynamics there, and that would lead to that 90% combined.

但這將是加時賽的情況。從總體上看，那裡有優勢。還要記住，我們的配額份額正在減少，這將為我們提供更多收入，但隨著我們前進，這也將是一種抵消。然後，隨著費用調整後的營運費用率將在第四季度出現上升，但我們對我們繼續推動營運槓桿的能力非常有信心。這些就是其中的一些動態，它們將導致 90% 的綜合結果。

Got it. That was helpful and yeah, I mean pretty exciting 70% increase in submissions, and I know earlier you were talking about the hit ratio not being super high, but what I'm kind of interested in is the2 expansion of your distribution.

知道了。這很有幫助，是的，我的意思是提交量增加了 70%，這非常令人興奮，我知道你之前說過命中率不是很高，但我感興趣的是你的分發範圍的擴展。

And the type of expansion is this coming mostly from the brokers as opposed to the agents that are doing kind of smaller ticket stuff like may maybe a little colour around.

這種擴張主要來自經紀人，而不是那些做小額業務的代理商，例如可能有點色彩業務。

The type of distribution expansion you're seeing more of.

您越來越多地看到分銷擴張的類型。

Yes, it is very broad based across both brokers and agents, and it also weighs in with our growth initiatives which are we're obviously opening new relationships for these growth initiatives.

是的，它在經紀人和代理商中具有非常廣泛的基礎，並且它也與我們的成長計劃有關，我們顯然正在為這些成長計劃建立新的關係。

Pass it over to Chris to talk further about the details there.

將其交給克里斯，以進一步討論那裡的細節。

So, we're attractive.

所以，我們很有吸引力。

Sort of a broad spectrum of agents and brokers who focus on the small and medium sized risk that we are aligned to plus those who have access to unique geographies such as the Midwest. So, it's really exciting to watch the numbers come in on our Midwest strategy because you know these are partners who are, in South Dakota and you may not think how many of our peers would. Maybe not even visit them, and we have built a strong relationship and explained the value proposition and it's appealing. So, that's one demographic that's driving and the other demographic is really what we've talked about before, it's the digital native brokers. It is that new generation of brokers who are a little bit fed up with the way the business is business is transacted in this space, and the 5 days, waiting 5 days to hear back if you're even going to get a quote is just not working for them. We're able to offer something, that is appealing, right?

我們有各種各樣的代理商和經紀人，他們專注於我們所針對的中小型風險，以及那些可以進入中西部等獨特地區的代理商和經紀人。因此，看到我們中西部策略的數據真的令人興奮，因為你知道這些都是在南達科他州的合作夥伴，你可能不會想到有多少同行會這麼做。也許甚至沒有拜訪他們，但我們已經建立了牢固的關係並解釋了價值主張，而且很有吸引力。所以，這是一個正在推動的人口統計數據，另一個人口統計數據就是我們之前討論過的，那就是數位原生經紀人。新一代經紀人對這個領域的業務處理方式有點厭倦了，等待 5 天才能得到報價，這對他們來說是行不通的。我們能夠提供一些有吸引力的東西，對嗎？

There's a lot of enthusiasm there.

那裡充滿了熱情。

And then, there is your, what we call your, sort of more established brokers within the larger agencies, within the larger brokerages who really value. Just the straightforwardness of what we're offering to the market. They know what they're getting, they've gone through cycles, they've seen the gimmicks and, they're kind of over it. And when you can speak plainly to them and say this is what we offer, this is what we don't do, it works.

然後，還有我們所說的大型代理商、大型經紀公司中真正重視的更成熟的經紀人。我們提供給市場的只是直截了當的產品。他們知道自己得到了什麼，他們經歷了週期，他們看到了噱頭，他們對此已經有點厭倦了。當你可以坦率地告訴他們這是我們提供的，這是我們不做的，它就會起作用。

Got it. And maybe if I could just sneak one more in, I was on the chubb call this morning and they talked about pricing being, particularly soft in property in the large end of the market and now it's kind of seeped into the larger end of mid, but, the lower end of mid, it just hasn't gotten there yet and certainly not. And small for their commentary as well as many others. So, my question to you is how are you thinking about pricing down the road? Do you think do you think your small business, and maybe the lower end of mid will hold up for a long period of time, or do you see this pricing pressure seeping in eventually and maybe sooner than later?

知道了。也許我可以再偷偷插一句，今天早上我參加了 Chubb 的電話會議，他們談到了價格，特別是高端市場的房地產價格疲軟，現在它已經滲透到中端市場的高端，但是，中端市場的低端，它還沒有到達那裡，當然還沒有。他們的評論和許多其他人的評論一樣少。那麼，我想問一下，您如何考慮以後的定價？您是否認為您的小型企業以及中低端企業能夠長期維持下去，或者您是否認為這種定價壓力最終會滲透進來，甚至可能很快就會出現？

Thanks Andrew.

謝謝安德魯。

We are endeavouring not to make a market call here. We are what we are seeing is we are getting mid to high single-digit rate increases in property, which is in our space, which is really quite good.

我們盡力不在此做出市場預測。我們看到的是，房地產利率正在以中高個位數成長，這在我們的領域中，這確實相當不錯。

You'll remember that we mentioned earlier that we had had higher rate increases that we've anniversary, but we're getting solid rates.

您會記得，我們​​之前提到過，我們的利率在周年紀念日期間有所上漲，但我們的利率保持穩定。

Yeah, so pricing is one of those foundation stones for us, technical pricing cost charging the cost of product is essential, so.

是的，定價對我們來說是基石之一，技術定價成本收取產品成本至關重要。

I mentioned product and that's becoming more and more the requirement. It is, it's not optional for the insured, right? So, there's been this hypothesis that, it's all low price and customers don't care about coverage once they're in E&S. Well, that's not the case anymore because there's a mandate.

我提到了產品，而這也變得越來越重要。是的，對於被保險人來說這不是可選的，對嗎？因此，有這樣的假設：一切都是低價，客戶一旦加入 E&S 就不會關心覆蓋範圍。嗯，現在情況不再如此了，因為有授權。

There's a requirement at a federal level. So, I'll give you, if you'll indulge me, I'll give you a very obscure example that is really impactful in what's happening in the industry. Right now and nobody else is thinking about it, which is a problem. So, there were there's new national electrical codes that were established in '23.

聯邦層面有此要求。所以，如果你願意的話，我會給你一個非常模糊的例子，但它對行業正在發生的事情確實有影響。現在還沒有其他人考慮這個問題，這是一個問題。因此，1923 年制定了新的國家電氣規範。

They have to do with things like basically [grinifying] of buildings, right? So, when there's a coverage on the property ordinance and law where you have to, effectively use coverage for bringing buildings back up to code once they are repaired, well, these new requirements are driving up the requirements for ordinance law. So, people might say the property market is soft, but someone is going to get a loan, and they need to now have 25% of their building value towards ordinance and loan.

它們基本上與建築物的[咧嘴笑]有關，對嗎？因此，當財產條例和法律中有保障時，您必須有效地利用保障，使建築物在修復後恢復到規範，那麼，這些新要求就提高了條例法的要求。因此，人們可能會說房地產市場疲軟，但有人會獲得貸款，他們現在需要將其建築價值的 25% 用於法令和貸款。

So, when you start talking about coverage and what's required, they're going to pay a premium for that because they need the loan. So, it's not a, in that mid space. I don't see the soft market or a perceived soft market, filtering up. I see, actually maybe a hardening in that space because of lending requirements.

因此，當你開始談論保險範圍和所需內容時，他們會為此支付保費，因為他們需要貸款。所以，它不是在那個中間空間。我沒有看到疲軟的市場或被認為疲軟的市場出現好轉。我明白，實際上，由於貸款要求，該領域的要求可能會變得更加嚴格。

Very interesting, Thank you for that.

非常有趣，謝謝你。

Matthew Heimerman, Citi.

花旗銀行的馬修·海默曼。

A couple of quick ones I think just it it's not like you're growing property very rapidly well the total, but I'm just curious, does what, how much more growth before we'd have to think about reinsurance structures changing relative to how you've historically articulated PMLs and other risk tolerance metrics?

我想快速問幾個問題，這並不意味著您的財產增長非常快，但我只是好奇，在我們考慮再保險結構相對於您歷史上表達的 PML 和其他風險承受能力指標的變化之前，還需要增長多少？

Yeah, no, if you'll recall, we operate a limited cat strategy and so we are not exposing ourselves to incremental amounts of CAT risk and our growth is manageable here and it's well within the context of our existing reinsurance contracts.

是的，不，如果您還記得的話，我們實行的是有限的巨災戰略，因此我們不會讓自己面臨增量的巨災風險，而且我們的增長在這裡是可控的，並且完全符合我們現有再保險合約的範圍。

Okay, and that's just tying the or connecting the dots that's a lot of the property growth you talked about getting was going to come out of Midwest strategy and that's effectively what we're seeing at this point.

好的，這只是將各個點聯繫起來，您談到的許多房地產增長將來自中西部策略，而這正是我們目前所看到的。

Yeah, so we've talked about our geospatial spread approach to writing property, that's really coming through in the Midwest.

是的，我們已經討論了我們的地理空間傳播方法來書寫財產，這種方法在中西部地區確實有效。

You know there are about 730 hamlets I'll call them in across the Midwest where, we never had a footprint,and you know we are now writing business there. Those are large spaces where we are spread out, right, so that that geospatial spread element is coming through as we win in the Midwest. The Midwest, as I mentioned, was along with some other initiatives, was responsible for about 50% of our growth, and that was particularly strong in property. So, we're not adding in Florida. That's the thing. We're not adding in Texas. We're not only adding in Texas and Florida rather. It's everywhere.

你知道，在美國中西部大約有 730 個村莊，我們從來沒有在那裡留下足跡，但你知道，我們現在正在那裡開展業務。這些都是我們分佈的廣闊空間，對吧，因此，當我們在中西部取得勝利時，地理空間分佈元素就會顯現出來。正如我所提到的，中西部地區以及其他一些舉措為我們帶來了約 50% 的成長，尤其是在房地產領域。因此，我們不會在佛羅裡達州增加業務。就是這樣。我們不會在德克薩斯州增加。我們不僅增加了德克薩斯州和佛羅裡達州。它無所不在。

Okay, that's good. As a Minnesota kid, I never really thought about my backyard as the English countryside, but I appreciate the compare, a couple other questions I have was just, can you give us any sense of just kind of what the growth rates look by maybe the premium cohorts? Because, you add a couple, brokerage clients through your digital channel with a small agent in the Midwest, right? Like that's a disproportionate kind of impacts. I just wonder if there's other another lens on growth kind of by account size or cohorts.

好的，那很好。作為一個明尼蘇達州的孩子，我從來沒有真正想過我的後院是英國的鄉村，但我很欣賞這種比較，我還有另外幾個問題，你能否讓我們了解一下高端群體的增長率是什麼樣的？因為，您可以透過中西部的一家小代理商的數位管道添加幾個經紀客戶，對嗎？這是一種不成比例的影響。我只是想知道是否有其他透過帳戶規模或群組來觀察成長的視角。

The account size bands have not changed meaningfully in any way. We have, as Chris mentioned earlier, we've written less of these nano accounts, but we're also writing small mid-sized accounts. So, there are offsets there. So, really overall the bands themselves are not changing very much.

帳戶規模範圍並未發生任何有意義的變化。正如克里斯之前提到的，我們寫的奈米帳戶較少，但我們也在編寫中小型帳戶。因此，存在偏移。所以，整體而言，樂團本身並沒有太大的變化。

Okay.

好的。

That's helpful, and I guess the last one is, well, one numbers question quick was just, can you split the utility income disclosure in the press release between kind of income and marked and press? Sorry, in your investment income disclosure, can you split the utility income between income and marks?

這很有幫助，我想最後一個問題是，嗯，一個數字問題很快，您能否將新聞稿中的公用事業收入揭露分為收入類型和標記和新聞？抱歉，在您的投資收入揭露中，您能將公用事業收入分為收入和分數嗎？

Yeah, it's less than $100,000 NII for the utility and infrastructure investments in NII. Are you asking for further split in the realized and unrealized gains?

是的，NII 中的公用事業和基礎設施投資不到 10 萬美元。您是否要求進一步分割已實現和未實現的收益？

No, if I've got that, I can, I think I can back that out of the utility and then I can wait for the queue for the rest.

不，如果我有這個，我可以，我想我可以將其從實用程式中撤出，然後我可以等待其餘的隊列。

Thank you. The other question was just, can you elaborate, use this term improved economics, and it wasn't clear as I was listening and maybe I didn't hear what you were trying to say, but in your opening comments you talked about improved economics in the quarter and is and it implied more than just kind of what's happening with the expense ratio, but I just wondered if you could revisit that if there's any anything you'd embellish or clarify there.

謝謝。另一個問題是，您能否詳細說明一下，使用「經濟狀況改善」這個術語，我在聽的時候不太清楚，也許我沒有聽清您想說什麼，但在您的開場白中，您談到了本季度經濟狀況的改善，這不僅僅意味著費用率發生了什麼變化，但我只是想知道您是否可以重新討論一下，看看您是否有任何可以修飾或澄清的地方。

Yeah, we were referring to the holistic nature of now that we have scale and brokerage, that as we're writing more business and brokerage, that is a creative to our bottom line, and you're seeing that in the commission ratio you're, you can see it in the expense ratio, but you can't exactly see how that's coming through, but that's what's happening.

是的，我們指的是現在我們擁有規模和經紀業務的整體性，隨著我們開展更多的業務和經紀業務，這對我們的底線來說是一個創造性的，你可以在佣金率中看到這一點，你可以在費用率中看到這一點，但你不能確切地看到它是如何實現的，但這就是正在發生的事情。

(multiple speakers) I was trying to contrast it with your rate comment, and it didn't, it wasn't obvious from that would have in and of itself, explained it. So, okay, thank you for that.

（多位發言者）我試圖將它與您的評價評論進行對比，但結果並不明顯，因為它本身並不能解釋這一點。那麼，好的，謝謝你。

We’re just going to acquire an account and pistol it.

我們只是要取得一個帳戶並使用它。

Okay, thanks everyone, have a good night.

好的，謝謝大家，祝大家晚安。

Thank you.

謝謝。

Alex Scott, Barclays

巴克萊銀行的亞歷克斯·斯科特

Hey guys, thanks for taking the follow-up. I just wanted to see if you could give any colour on products that that you may be, prepping to expand into the brokerage area like going upmarket a bit. Can you talk about if you have any of that kind of activity going on over the next 6 months or so?

嘿夥計們，感謝你們的關注。我只是想看看您是否可以對您可能準備擴展到經紀領域的產品進行任何介紹，例如稍微進入高端市場。您能談談在接下來的 6 個月左右您是否會進行此類活動嗎？

Right, in terms of this question of upmarket, what you've seen, we don't think of it that way what we've done in the past 6 months is we have taken a products and verticals that we underwrite, and we have opened them in the brokerage channel. Those are paying off and those we're going to continue to pay those, have those work over the next several quarters. Anything else, Chris, you'd like to add to that on product?

是的，就高端市場這個問題而言，正如您所看到的，我們並不這麼認為，我們在過去 6 個月中所做的是，我們採用了我們承保的產品和垂直行業，並在經紀管道中開放了它們。這些舉措正在產生回報，我們將繼續支付這些款項，並在接下來的幾季內發揮作用。克里斯，您還有什麼想補充的嗎？

Yes, so we launched retail vertical most recently and brokerage. That's an example of what's to come in terms of product launches, nothing on the roadmap that we can discuss now. And what we are continuously doing though for the microsegments we're in, we are genuinely studying the external environment and trying to model out those cause-and-effect scenarios and optimize our offering within each of those verticals. So, when we think of products, we don't think about doing more products, we think about like really meeting the evolving needs of these markets that we're already in, and that's a huge opportunity for us.

是的，我們最近推出了零售垂直業務和經紀業務。這是產品發布方面的一個例子，目前路線圖上還沒有我們可以討論的內容。然而，我們一直在針對所處的微細分市場進行研究，認真研究外部環境，嘗試模擬因果情景，並優化我們在每個垂直領域的產品。因此，當我們考慮產品時，我們不會考慮生產更多的產品，而是考慮真正滿足我們已經進入的這些市場不斷變化的需求，這對我們來說是一個巨大的機會。

Very helpful.

非常有幫助。

Thank you, guys.

謝謝你們。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Management, do you have any closing remarks?

管理階層，您還有什麼結束語嗎？

No, we just want to thank everyone for joining and listening, and we look forward to catching up with many of you in the days ahead. Take care.

不，我們只是想感謝大家的加入和聆聽，我們期待在未來的日子裡與你們中的許多人見面。小心。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect.

感謝大家的加入，現在可以斷開連線了。