Ategrity Specialty Insurance Company Holdings (ASIC) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for joining us today for Ategrity's first quarter fiscal year 2026 earnings results conference call. Speaking today are Justin Cohen, Chief Executive Officer; Chris Schenk, President and Chief Underwriting Officer; and Neelam Patel, Chief Financial Officer. After Justin, Chris and Neelam have made their formal remarks, we will open the call for questions. (Operator Instructions)

各位下午好，感謝各位今天參加 Ategrity 2026 會計年度第一季財報電話會議。今天出席的講者包括：執行長 Justin Cohen；總裁兼首席核保長 Chris Schenk；以及財務長 Neelam Patel。在 Justin、Chris 與 Neelam 發表正式談話後，我們將開放提問。(接線員指示)

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.

在開始之前，我想提醒各位，今天電話會議中討論的某些事項屬於前瞻性陳述，涉及未來事件、管理階層對業務的計畫與目標，以及公司未來財務表現，並可能受到風險與不確定性影響。

Actual results could differ materially from those anticipated in these forward-looking statements. 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. We do not undertake any obligation to update the forward-looking statements made today.

實際結果可能與這些前瞻性陳述所預期者存在重大差異。可能影響結果的風險因素已載於我們今日發布的新聞稿、最終招股說明書，以及向美國證券交易委員會（SEC）提交的其他文件中。我們不承擔更新今日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. 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. I will now turn the call over to Justin.

最後，講者在本次電話會議中可能會提及某些經調整或非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表亦載於我們今日發布的新聞稿中；您可造訪投資人關係網站 investors.ategrity.com 取得該新聞稿副本。現在我把電話交給 Justin。

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

各位晚安，感謝各位參加 Ategrity 第一季財報電話會議。我是 Justin Cohen，今天與我一同出席的有我們的總裁兼首席核保長 Chris Schenk，以及財務長 Neelam Patel。

Ategrity delivered another quarter of record earnings, generating outstanding margins while gaining market share. We produced a combined ratio of 87.4% and grew gross written premiums by 23.1% in an industry that was relatively flat with both metrics better than guidance.

Ategrity 再度交出創紀錄獲利的一季，在擴大市占的同時創造了優異的利潤率。我們的綜合比率為 87.4%，在整體產業相對持平的情況下，毛簽保費成長 23.1%，且兩項指標皆優於指引。

We are winning by identifying underserved segments, building solutions that give our distribution partners an advantage, and improving the quality and renewability of our portfolio. While competition is increasing, we are defining distinct markets where we can compete on our own terms. This quarter, we extended that momentum by launching several new strategic initiatives, including new regional strategies in Texas, Florida, and New England while maintaining strict technical rigor in risk selection and pricing. We will discuss these initiatives in more detail later in the call.

我們之所以能勝出，是因為我們辨識服務不足的細分市場，打造能讓通路合作夥伴更具優勢的解決方案，並提升我們投資組合的品質與續保性。儘管競爭正在加劇，我們正界定可依自身條件競爭的明確市場。本季我們延續這股動能，推出多項新的策略性計畫，包括在德州、佛羅里達與新英格蘭的區域策略，同時在風險篩選與定價上維持嚴格的技術紀律。我們將在稍後的會議中更詳細討論這些計畫。

As our footprint expands, we are demonstrating operating leverage. Our expense ratio improved 2.5 percentage points year over year as earned premium growth outpaced expenses. We continue to optimize our business mix and leverage our centralized underwriting model to improve profitability and lower unit costs. At the same time, we are investing in the business, both to support our growth initiatives and to advance automation and AI across the organization.

隨著我們的版圖擴大，我們正展現營運槓桿效益。由於已賺保費的成長速度超過費用增幅，我們的費用率年增改善 2.5 個百分點。我們持續優化業務組合，並運用集中式核保模式提升獲利能力、降低單位成本。同時，我們也持續投資於業務，一方面支持成長計畫，另一方面推動全組織的自動化與 AI 應用。

Turning to the market. Competitive pressure continued to intensify in parts of the E&S market this quarter, but its impact on our business remain limited. By focusing on small- and medium-sized businesses and delivering differentiated solutions, we continue to operate outside the more commoditized parts of the market. We are seeing this play out consistently across the portfolio, reinforcing our confidence that we can continue to build profitable market share.

接著談市場面。本季 E&S 市場部分領域的競爭壓力持續升高，但對我們業務的影響仍然有限。透過聚焦中小型企業並提供差異化解決方案，我們持續在較不商品化的市場區塊運作。我們在整體投資組合中持續看到這一點的展現，進一步強化我們對於持續建立具獲利性的市占成長之信心。

With that, I'll turn it over to Neelam to review our financials, followed by Chris to discuss our underwriting performance and go-to-market strategy.

接下來我把時間交給 Neelam 回顧財務表現，之後由 Chris 討論核保績效與市場進入策略。

Thanks, Justin. We delivered another strong quarter with adjusted net income of $25.6 million, up from $8.5 million in the same quarter last year, driven by top line growth, improving margins, and continued strength in our investment income. Gross written premiums were up 23% in the quarter and growth was broad-based. Casualty premiums grew 27% and property premiums grew 13%.

謝謝你，Justin。我們再度交出強勁的一季，經調整後淨利為 2,560 萬美元，高於去年同期的 850 萬美元，主要受惠於營收成長、利潤率改善，以及投資收益持續強勁。本季毛簽保費年增 23%，成長動能涵蓋各業務線。意外險保費成長 27%，財產險保費成長 13%。

Net written premiums increased 32%, which reflects higher retention year over year, while net earned premiums were up by 34%. Fee income was $2.2 million compared to $0.6 million a year ago, reflecting standard policy fees introduced over the course of 2025.

淨簽保費成長 32%，反映續保留存率較去年同期提高，而淨已賺保費成長 34%。手續費收入為 220 萬美元，較一年前的 60 萬美元增加，反映我們在 2025 年期間導入的標準保單費用。

Our underwriting income for the quarter was $13.3 million, up 87% year over year. That translates into a combined ratio of 87.4% compared to 90.9% last year due to reductions in both our loss and expense ratio.

本季核保利益為 1,330 萬美元，年增 87%。這對應的綜合比率為 87.4%，相較去年為 90.9%，主要因損失率與費用率皆下降。

Our loss ratio came in at 58.8%, down 1 point year over year, driven by strong underlying results in our property business. We had favorable development this period equal to 0.5% of net earned premium. Catastrophe losses were 4% of net earned premium, down from 6.2% last year due to very few CAT events in the first quarter compared to the prior year, where we had modest losses from California wildfires.

本季損失率為 58.8%，較去年同期下降 1 個百分點，主要受惠於財產險業務強勁的基本面表現。本期出現有利發展，約相當於淨已賺保費的 0.5%。巨災損失占淨已賺保費的 4%，低於去年的 6.2%，原因是第一季 CAT 事件很少；相較之下，去年我們因加州野火而有小幅損失。

On expenses, the overall expense ratio improved 2.5 points to 28.6% Operating expense was 10.9% of net earned premiums, down 1.4 points year over year. That improvement was driven by earned premiums growing faster than operating expenses, along with the benefit of higher fee income.

在費用方面，整體費用率改善 2.5 個百分點至 28.6%。營運費用占淨已賺保費的 10.9%，較去年同期下降 1.4 個百分點。此改善主要來自已賺保費成長快於營運費用增加，以及較高的手續費收入帶來的效益。

Policy acquisition costs as a percentage of net earned premiums declined to 17.6% from 18.8%. The improvement was primarily mix driven as growth has been concentrated in lines of business carrying lower acquisition costs and higher ceding commissions.

保單取得成本占淨已賺保費的比例由 18.8% 降至 17.6%。改善主要由組合結構所驅動，因為成長集中在取得成本較低且分出佣金較高的業務線。

Moving on to investment results. Net investment income was $12 million, up from $7.9 million last year, reflecting a larger investment portfolio. Realized and unrealized gains were $9.5 million, supported by strong results in our utility and infrastructure portfolio. Our effective tax rate was 20.6%, bringing the net income to $25.5 million. Adjusted net income was $25.6 million or $0.51 per diluted share.

接著看投資結果。淨投資收益為 1,200 萬美元，高於去年的 790 萬美元，反映投資組合規模擴大。已實現與未實現收益為 950 萬美元，主要受我們公用事業與基礎建設投資組合的強勁表現支撐。有效稅率為 20.6%，使淨利達 2,550 萬美元。經調整後淨利為 2,560 萬美元，或稀釋後每股 0.51 美元。

Turning to the balance sheet. Cash and investments increased by $42 million from the fourth quarter to $1.15 billion, reflecting strong operating cash flow. Book value increased by $17 million, driven by retained earnings, offset by a decrease in AOCI. Our book value per share ended the quarter at $13.13, up 24% since the IPO.

接著看資產負債表。現金與投資自第四季增加 4,200 萬美元至 11.5 億美元，反映強勁的營運現金流。帳面價值增加 1,700 萬美元，主要由保留盈餘帶動，但部分被 AOCI 下降所抵銷。本季每股帳面價值為 13.13 美元，自 IPO 以來上升 24%。

Overall, the quarter reflects strong growth, underwriting discipline, and increased operating leverage. With that, I'll turn it over to Chris to discuss underwriting and operating performance.

整體而言，本季反映出強勁成長、核保紀律，以及營運槓桿提升。接下來我把時間交給 Chris，請他說明核保與營運表現。

Thanks, Neelam. Last quarter, we described our business as having multiple differentiated pathways for growth and how that has allowed us to operate independently of market cycles. This quarter is another validation of that model. In a competitive environment, Ategrity delivered another record quarter with all of our key metrics trending favorably. Top line growth of 23.1% with more than 50% coming from strategies unique to us.

謝謝你，Neelam。上季我們提到，我們的業務具備多條差異化的成長路徑，這使我們能夠在市場循環之外獨立運作。本季再次驗證了這個模式。在競爭環境下，Ategrity 再度創下紀錄性的一季，我們所有關鍵指標皆呈現有利趨勢。營收端成長 23.1%，其中超過 50% 來自我們獨有的策略。

Expense ratio declined, even as we continued investing in production capacity, technology, marketing, and partnership management. Rate change remained positive. Cost of product indicators continued to track favorably. We are succeeding because our model is built on two key principles: a long-term view of customer value and a deliberate approach to creating new markets for growth. These are uncommon in E&S.

即使我們持續投資於產能、科技、行銷與合作夥伴管理，費用率仍然下降。費率變動仍維持正向。產品成本指標持續呈現有利走勢。我們之所以成功，是因為我們的模式建立在兩項關鍵原則之上：以長期角度看待客戶價值，以及以審慎方式創造新的成長市場。這些在 E&S 市場中並不常見。

At a fundamental level, all carriers operate within the same growth equation, renewal contribution plus new business production. These are driven by the same inputs. What is your renewal base? What is your retention ratio, average premium, submission growth, quote ratio, and buying ratio. The difference in carrier results is driven by which levers they can move and which levers they're willing to move. For us, what we adjust is driven by our view of risk taking and that long-term view is measured in terms of customer lifetime value.

從基本層面來看，所有保險公司都在同一個成長方程式下運作：續保貢獻加上新業務產出。這些都由相同的投入因素所驅動。你的續保基礎是什麼？你的續保留存率、平均保費、投保申請（submission）成長、報價率以及購買率分別是多少？保險公司之間結果的差異，取決於它們能夠撬動哪些槓桿，以及它們願意撬動哪些槓桿。對我們而言，我們調整什麼取決於我們對承擔風險的看法，而那個長期觀點是以客戶終身價值來衡量的。

For several years, we have optimized the inputs that matter to us, and as the market shifted, these became a clear structural advantage. On renewal inputs, since 2021, we have focused on writing durable, sticky business. That showed up this quarter in a record renewal base and our highest retention since going public.

過去幾年，我們已將對我們重要的投入因素最佳化；隨著市場轉變，這些因素成為明確的結構性優勢。在續保端的投入方面，自2021年以來，我們專注於承保具耐久性、黏著度高的業務。這在本季反映為創紀錄的續保基礎，以及自上市以來最高的留存率。

We optimized our retention rate through targeted rate actions while maintaining positive rate across the portfolio. On new business, the levers we can actively manage are submission growth, quote production, and average premium. Submission growth was strong. This was driven by our distribution investments as well as our strategic initiatives.

我們透過有針對性的費率行動來最佳化留存率，同時維持整體組合的正向費率。在新業務方面，我們能主動管理的槓桿是投保申請成長、報價產出與平均保費。投保申請成長強勁。這主要由我們在通路上的投資以及我們的策略性計畫所驅動。

Quote production reached an all-time high, supported by the submission volume as well as the quality of those submissions. Our investments in AI and our operating model allowed us to process that volume efficiently while maintaining fast turnaround.

報價產出達到歷史新高，受惠於投保申請量以及這些投保申請的品質。我們在AI與營運模式上的投資，使我們能在維持快速周轉的同時，高效率地處理該等量能。

Shifting to conversion. Conversion moderated modestly, but that was expected. Conversion is often the least controllable lever for a technical underwriting organization. We were able to win at a higher rate in areas where we have a regional strategy.

接著談轉換率。轉換率小幅趨緩，但這在預期之內。對於技術型核保組織而言，轉換率往往是最難控制的槓桿。在我們採取區域策略的領域，我們能以更高的勝出率取得業務。

And finally, average premium. As the competition intensified in larger accounts, we leaned into small and middle market risk in our core verticals where precision, speed, and consistency matters most. Those dynamics combined improved the overall quality and renewability of the portfolio.

最後是平均保費。隨著大型帳戶競爭加劇，我們更聚焦於核心垂直領域中的小型與中型市場風險，因為精準度、速度與一致性在那裡最為關鍵。這些動態的結合提升了整體組合的品質與可續保性。

Our results this quarter is straightforward. We retained more of what we wanted, and we added new business with higher expected lifetime value. Our model only works if we acquire business on the right terms, which is why we continue to build targeted growth pathways that position us where competition is less aggressive. This quarter, we launched three new regional strategies in areas with attractive economics and lower competition. Let me take you through how we did this.

我們本季的成果很直接。我們留住了更多我們想要的業務，並新增了預期終身價值更高的新業務。我們的模式只有在以正確條件取得業務時才會奏效，這也是為什麼我們持續建立有針對性的成長路徑，讓我們站在競爭較不激烈的位置。本季，我們在具吸引力的經濟性且競爭較低的地區，推出三項新的區域策略。我來帶各位看看我們是如何做到的。

While headlines suggest that the E&S market is losing share to admitted carriers, the reality is there's a 2-way flow, and we are focused on the inflows. Ultimately, there are 50 state-level markets, each with its own distinct dynamics and even more localized submarkets beneath that.

雖然新聞標題暗示E&S市場正被核准承保（admitted）保險公司搶走市占，但實際上存在雙向流動，而我們專注於流入端。歸根究柢，美國有50個州層級市場，各自具有不同的動態，而其下還有更在地化的次級市場。

Dislocations are constant, and our advantage is identifying them early. To be clear, what we're doing goes beyond simply tracking state-level trends. We analyze municipal level economic, legal, and policy trends. We look at submission flows and loss experience, and we even look at admitted market filings to pinpoint opportunity. That work drove targeted strategies in Texas, New England, and Florida in the last quarter. Those strategies are focused at a city and even at a neighborhood level.

市場錯位（dislocations）是常態，而我們的優勢在於及早辨識它們。需要說清楚的是，我們做的不只是追蹤州層級趨勢。我們分析市政層級的經濟、法律與政策趨勢。我們觀察投保申請流向與損失經驗，甚至也會查看核准承保市場的申報資料（filings）以精準鎖定機會。這些工作在上一季推動了我們在德州、新英格蘭與佛羅里達的精準策略。這些策略聚焦到城市，甚至到街區層級。

For example, along the I-10 corridor in Texas, we have seen wholesale trade moving into the E&S space, while in Springfield, Massachusetts, older mixed-use properties are flowing into the market. We have built strategies around these specific profiles, and we are offering solutions.

例如，在德州I-10走廊沿線，我們看到批發貿易正流入E&S領域；而在麻薩諸塞州斯普林菲爾德，較老的混合用途物件正流入市場。我們已圍繞這些特定風險輪廓建立策略，並提供解決方案。

And furthermore, we equip our partners with the insights through interactive city guides and targeted marketing, enabling them to source the business more effectively. In doing so, we're establishing ourselves as the go-to-market for these risks. This will, in turn, drive future submission growth, provide offsets should there be any declines in conversion rates. and it will allow us to win on our terms. And finally, this will all feed back into our future renewal base.

此外，我們透過互動式城市指南與精準行銷，將洞見提供給合作夥伴，使他們能更有效地開發業務來源。藉此，我們正在把自己建立為這些風險的首選上市（go-to-market）平台。這反過來將推動未來投保申請成長，並在轉換率若有任何下滑時提供抵銷，同時也讓我們能以我們的條件勝出。最後，這一切也將回饋到我們未來的續保基礎。

This is how our differentiated growth strategies translate into above-market performance. Combined with our focus on lifetime value, they create a compounding growth model while preserving underwriting discipline, and this ultimately positions us for superior results going forward. With that, I'll turn it back to Justin.

這就是我們差異化成長策略如何轉化為優於市場的表現。再加上我們對終身價值的聚焦，它們在維持核保紀律的同時，創造出複利式成長模型，並最終讓我們在未來具備更優異的成果定位。接下來我把時間交回給Justin。

Thanks, Chris. Our model is standing out in an increasingly competitive market as we have built a repeatable advantage and are executing against it with discipline.

謝謝，Chris。在競爭日益激烈的市場中，我們的模式脫穎而出，因為我們已建立可重複的優勢，並以紀律執行。

Turning to our outlook. Our top line guidance for the second quarter of 2026 remains consistent with last quarter. We expect direct written premium growth of approximately 20 percentage points above the E&S market, reflecting continued market share gains and the strength of our model. From an underwriting margin perspective, we expect a combined ratio in the 87s, representing continued year-over-year improvement. We thank you for your time listening.

接著談我們的展望。我們對2026年第二季的營收（top line）指引與上季一致。我們預期直接簽單保費（direct written premium）成長將比E&S市場高出約20個百分點，反映我們持續提升市占以及模式的強勁性。就核保利潤率而言，我們預期綜合比率落在87%左右，代表年對年持續改善。感謝各位撥冗聆聽。

And operator, can you please open the line for questions?

接線員，請開放提問線路，好嗎？

(Operator Instructions)

（接線員指示）

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行。

I was hoping just going back, I guess, tying it a little bit to your growth outlook. If you could just give us a sense when you think you're going to be 20% above, I guess, the industry for the second quarter. What are you thinking about just in terms of property versus casualty top line growth?

我想回到前面，應該說把它和你們的成長展望連結一下。你們能否讓我們了解一下，你們認為在第二季何時會比產業高出20%？另外，就財產險相對於意外險（casualty）的營收成長，你們是怎麼看的？

Elyse, at this stage, we're not breaking out the growth by property and casualty, although what I would say is that we do believe that there is an opportunity in the second quarter for property to accelerate a little bit compared to the first quarter.

Elyse，在這個階段，我們不會把成長拆分為財產險與意外險；不過我想說的是，我們確實認為第二季財產險相較第一季有機會稍微加速。

And then if that's the case, I guess, what are you guys seeing from a pricing perspective -- sorry, go ahead.

如果是這樣的話，我想問你們在定價面看到什麼——抱歉，你先說。

Yes. So the catalyst for growth, as we mentioned, are the regional strategies and our -- those are all packaged products. So that alone should give you a signal in terms of how they will move.

好的。如我們提到的，成長的催化劑是區域策略，而我們——那些都是套裝式產品。因此，僅就這點本身，就應該能讓你對它們將如何帶動變化有所判斷。

Okay. That's helpful. But then what are you seeing, I guess, when we -- we've heard of a lot of just aggressive pretty substantial price cuts on the property side within the E&S market. What are you guys seeing from a pricing perspective, both in property as well as within casualty?

好的。這很有幫助。但就定價而言，我想問的是——我們聽到在E&S市場的財產險端有很多相當激進、幅度不小的降價。你們在定價面看到什麼情況？包括財產險以及意外險。

So we -- there's two dynamics. There is there's CAT property where there's very aggressive competition. Those tend to be larger accounts also. We are not in that space. We -- that's not core to us.

我們——有兩個動態。一個是巨災（CAT）財產險，那裡競爭非常激烈。那通常也是較大型的帳戶。我們不在那個領域。那——不是我們的核心。

So we have not observed those dynamics. as severely as our peers had. When it comes to just large non-CAT accounts, we did see some more pressure there, and we chose to walk away because the rates were not right. We had more than enough opportunities in small and medium to compensate.

因此，我們沒有像同業那樣嚴重地觀察到那些動態。至於大型非巨災（non-CAT）帳戶，我們確實看到一些更大的壓力，而我們選擇退出，因為費率不合適。我們在小型與中型市場有足夠多的機會可以補上。

Okay. And then I think you guys said there was 0.5 point of, I believe, was favorable development for the quarter. What drove that? Just some color on lines and accident years?

好的。另外我想你們提到本季有0.5個點的——我記得是有利發展。那是由什麼驅動的？能否就險種與事故年度（accident years）提供一些說明？

Elyse, if you may recall from the last earnings call, we talked about how we have been very conservative in recent years on both property and casualty. In particular, we spoke about how property, we were booking at a prudent accident year ratio -- current accident year ratio, even though we hadn't quite seen the losses come through. As we went through this quarter, that continued. So we haven't seen that development that we expected. And even into this quarter as well, that trend continues.

Elyse，如果你還記得上次的財報電話會議，我們談到過，近年來我們在財產險與意外險兩方面都一直非常保守。特別是財產險，我們一直以審慎的事故年度比率入帳——也就是當期事故年度比率，儘管我們尚未完全看到損失實際浮現。在本季的過程中，這一點仍然延續。因此，我們尚未看到我們原先預期會出現的那種發展。而且即使到了本季，這個趨勢也仍在持續。

So we think we're very prudently reserved there. And that this quarter was a release of some of those reserves in property 2025.

所以我們認為在那裡的準備金提列非常審慎。而本季則是釋放了部分 2025 年財產險的準備金。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通。

Your attritional loss ratio, I think, was up year over year. And then I guess if you take a step back and look at it on an annual basis, it seems like it's been going up as well. And I assume that's mainly mix. I was wondering if you could talk to what's going on beneath the surface there?

我認為你們的常態性（attritional）損失率年增了。然後如果退一步、以年度角度來看，似乎也一直在上升。我猜主要是產品組合（mix）因素。想請你談談這背後更深層的原因是什麼？

Yes. We have not changed our underlying liability loss pick. So there is a component of that, that is mix. And the other component is that, again, in this year, we are booking our attritional property in a conservative way relative to last year and especially relative to the losses that emerged in the first quarter that have actually emerged in the first quarter.

是的。我們並沒有改變我們對責任險基礎損失的估計（loss pick）。所以其中一部分確實是組合因素。另一部分則是，再次強調，今年我們在常態性財產險的入帳上，相較去年採取更保守的方式，尤其是相較於第一季實際浮現的損失——那些確實在第一季已經浮現的損失。

Makes sense. And then second question on reinsurance retention. So that stepped up year over year as you sort of communicated before. How will that ratio look for the balance of the year? And is there more appetite to bring it up in subsequent years?

了解。第二個問題是再保自留（reinsurance retention）。如你們先前溝通的那樣，這個比率年增提高了。那麼今年剩餘期間這個比率會是什麼樣子？未來幾年是否還有意願再進一步提高？

Yes. There is -- this year should be relatively consistent with regard to reinsurance. We had stopped or nonrenewed a casualty quota share formally this year. So we had done a half step in the beginning of '25 and half step in 2026. And so what you've seen in the first quarter is relatively consistent.

是的。就再保而言，今年應該會相對一致。我們今年正式停止或不再續保一個意外險的比例分保（quota share）。因此我們在 2025 年初先走了半步，另一半步在 2026 年完成。所以你們在第一季看到的情況是相對一致的。

There is some mix amongst quarters because there's more property in some quarters than others, but this is a good benchmark.

各季之間會因為某些季度的財產險占比高於其他季度而出現一些組合差異，但這是一個不錯的基準。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

And I'd like to get a sense of pricing a little more granularly. I know Elyse was asking. But on the property that you are writing, and I suspect that's a lot of the smaller property accounts as well as casualty, could you talk about the rate that you're getting there?

我想更細緻地了解一下定價。我知道 Elyse 也在問。但就你們正在承保的財產險而言，我猜這包含很多較小的財產險帳戶以及意外險，你能談談你們在那裡取得的費率水準嗎？

Yes. So as part of our renewal playbook, we sought to -- we managed to lifetime value. So we actually had accounts that performed really well, and we give back some rates there, as I said on the call. Overall, we had net positive rate change.

可以。作為我們續保作戰手冊的一部分，我們追求的是——我們以客戶終身價值（lifetime value）來管理。因此，對於表現非常好的帳戶，我們確實會回饋一些費率，如我在電話會議上所說。整體而言，我們的淨費率變動仍為正向。

In terms of what we're seeing on new business -- there is the pressure on the CAT-exposed business. There's pressure on business in certain parts of Texas, certain parts of Florida. We have a regional strategy for Texas and Florida.

就新業務而言——對於暴露於巨災（CAT）的業務確實有壓力。在德州某些地區、佛州某些地區的業務也有壓力。我們對德州與佛州有區域策略。

We are -- where we are, there is less competition. So most of the market is competing for and competing on price. In Houston and Galveston, we are in Laredo and Waco and El Paso and San Antonio. Those are -- it's a different risk profile and also smaller markets. That's really what is driving the new business growth.

我們——在我們所處的區域，競爭較少。因此市場大多是在爭奪業務並以價格競爭。在休士頓與加爾維斯頓之外，我們在拉雷多、韋科、艾爾帕索與聖安東尼奧。那些——風險輪廓不同，而且也是較小的市場。這才是真正推動新業務成長的因素。

And we -- as a result, new business rate levels are slightly above our -- what we would expect, if not flat.

因此——新業務的費率水準略高於我們——我們原先的預期，至少不會是持平以下。

Got it. That was helpful. And with regard to those regional strategies, and that was an interesting comment, Chris, about being in some of the smaller markets in Texas, for example. Could you elaborate a little more on what industries you're looking for with these smaller businesses in smaller markets?

了解。這很有幫助。另外關於這些區域策略——Chris，你提到例如在德州一些較小市場布局，這個評論很有意思。你能否再多說一些，在這些較小市場、較小企業方面，你們在尋找哪些產業？

Yes. So the binding constraint here is that we do not go beyond our core verticals as we go into a region and build our playbook. So we look for opportunities within our core verticals which we have talked about in the past, construction, hotel, hotels, restaurants, retail, residential, real estate. So we are still sticking to our core verticals. We have some emerging verticals like wholesale trade, which we do in small business, and we're now expanding into middle market. That is -- I mentioned that one on the call. A lot of that is emerging in Texas.

可以。這裡的關鍵限制是：當我們進入某個區域並建立作戰手冊時，我們不會超出我們的核心垂直領域（core verticals）。因此我們會在核心垂直領域內尋找機會，我們過去也談過，包括建築、旅館（hotel）、旅館、餐廳、零售、住宅、不動產。所以我們仍然堅持核心垂直領域。我們也有一些新興垂直領域，例如批發貿易（wholesale trade），我們在小型企業端有做，現在也正在擴展到中型市場（middle market）。這個——我在電話會議上有提到。其中很多正在德州浮現。

In addition, we have mixed-use retail. So those are effectively occupancies that are a little bit more complex because you have multiple types of businesses on the first floor of a building with an apartment building with apartments above. So that type of mixed occupancy is something that you need specialized knowledge for, right? So we are a restaurant and a retail on the first floor is something we can figure out. Those are the types of classes.

此外，我們也有複合式零售（mixed-use retail）。這類其實是更複雜的使用型態（occupancies），因為一棟建築的一樓可能有多種類型的商家，而樓上則是公寓住宅。因此，這種複合使用型態需要專業知識，對吧？例如一樓是餐廳加零售，這是我們能夠掌握並評估的。這些就是我們所聚焦的類別。

So we are not deviating from our core specialist classes because, in fact, it's the specialized knowledge that makes the difference.

所以我們不會偏離我們的核心專業類別，因為事實上，正是這些專業知識帶來差異化。

That sounds very thoughtful. And if I could sneak one last one in. So with the policy acquisition costs at $17.6 million and the operating expense at 10.9%, just given the rationale that you provided, these seem like sustainable numbers. So 28.6% on the expense ratio seems like a decent run rate. Am I thinking about it right?

聽起來非常周全。如果我可以再塞最後一個問題。以保單取得成本 1,760 萬美元、營運費用率 10.9% 來看，基於你剛才提供的理由，這些看起來是可持續的數字。所以費用率 28.6% 似乎是一個不錯的常態水準（run rate）。我這樣理解對嗎？

Yes, Andrew, I think that's right. The 17.6% in the acquisition cost is a strong ratio, and it's been going down because we've been mixing into brokerage, which has lower commissions. There will be a very, very modest upward trend there in terms of one as the earning of the ceding commissions on the quota share go away, but that will be very modest. And we still do believe we have meaningful opportunity on the expense ratio over time because we are -- we have the scalable model.

是的，Andrew，我認為你說得對。取得成本 17.6% 是一個很強的比率，而且一直在下降，因為我們的業務組合正轉向經紀通路（brokerage），那裡的佣金較低。未來在這方面會有非常、非常溫和的上升趨勢，原因之一是比例分保（quota share）的分出佣金（ceding commissions）隨著時間不再認列，但幅度會非常有限。而且我們仍然相信，隨著時間推進，我們在費用率方面仍有顯著的改善空間，因為我們——我們的模式具備可擴展性。

We have talked about AI. We have talked about technology that is in development right now. We have a number of solutions that are in pilot phase. And as those get fully implemented, they will provide for further leverage. And as we have been developing those, we are doing them in a relatively cost-effective way.

我們談過 AI。我們也談過目前正在開發中的技術。我們有多項解決方案正處於試點（pilot）階段。當這些全面落地後，將帶來進一步的營運槓桿。而在開發這些方案時，我們也以相對具成本效益的方式來進行。

So -- we're not building that legacy tech debt which one might assume based on what the historic cost around these types of solutions might have been.

所以——我們並沒有累積那種傳統的技術負債（legacy tech debt），也就是人們可能會根據過往這類解決方案的歷史成本所推測的那種情況。

Alex Scott, Barclays.

Alex Scott，巴克萊。

First one is on distribution. Can you talk me through sort of the timing of when you launch some of these new initiatives like the Texas-based initiative in New England? And is that -- are we starting to get new business coming through from that? Are we still in the phase where we're kind of building out distribution? And how will -- if we are building out distribution still, like how does that roll in over the next 12 months?

第一個問題是關於通路（distribution）。你能否帶我梳理一下，你們何時會推出一些新的計畫，例如以德州為基礎、在新英格蘭推動的那個計畫，其時間點大概是什麼？而那個計畫——我們是否已開始看到由此帶來的新業務？還是我們仍處於某種正在建置通路的階段？如果我們仍在建置通路，那麼在接下來 12 個月會如何逐步反映出來？

So the way we approach the regional strategy, it does start with an appointment strategy. So that starts well ahead of our official launches. So New England launched two weeks ago, for example. But starting in September, the distribution buildup was in progress. So we actually did get some contributions from New England as a result, even though the official launch event, if you will, was just two weeks ago.

因此，我們在推進區域策略時，確實是從委任（appointment）策略開始。而且這會在我們正式上市（launch）之前很早就啟動。例如，新英格蘭是兩週前才正式啟動。但從九月開始，通路建置就已在進行中。所以實際上我們也因此已經從新英格蘭獲得了一些貢獻，儘管你可以說正式的啟動活動其實只是兩週前。

Similarly -- similar for Texas, similar for Florida. There is a market -- there's an engagement phase where we get feedback from the market regarding solutions that we're willing to offer, and that alone starts to generate interest in doing business with us. Then there's an appointment phase and then there's the official launch event, which is really a marker more than anything else.

同樣地——德州也是類似，佛州也是類似。市場會有一個——有一個互動（engagement）階段，我們會從市場端取得回饋，了解我們願意提供的解決方案，而光是這一點就開始帶動市場對與我們合作的興趣。接著是委任階段，然後才是正式的啟動活動，而那其實更多只是個里程碑標記而已。

Got it. Okay. Could you talk about gross versus net premiums and just how we should think about your retention and how that will be expected to trend here?

了解。好。你能談談總保費（gross）與淨保費（net）的差異，以及我們應該如何看待你們的自留（retention），以及接下來預期會如何走勢嗎？

Yes. So as you probably saw the retention is up meaningfully year over year, which we expected. And that was, as I referred to earlier, the cessation of the quota share on our primary casualty business, which was purely opportunistic in nature. So we are deploying capital through that, and that's why our retention ratio has gone up into the 80s, which we think is the -- in the low 80s is the right place to think about it going forward.

可以。如你可能看到的，自留率年比年顯著上升，這也在我們預期之內。而這是——如我先前提到——我們停止在主要意外險（primary casualty）業務上採用配額分保（quota share），那原本純粹是機會性安排。因此我們透過這件事部署資本，這也是為什麼我們的自留比率上升到 80% 多；我們認為未來以 80% 出頭、偏低 80% 的水準來看待，是比較合適的。

(Operator Instructions)

（接線員指示）

Matthew Heimermann, Citi.

Matthew Heimermann，花旗。

Two quick ones or one quick one and then a follow-up. Do you have losses in the quarter, right?

兩個快問——或一個快問再加一個追問。你們這一季有損失（losses）對吧？

We do -- it will be in the Q, but the -- I think the [ paid-to-incurred ] just to back into it, we're in the mid-50s.

有——會反映在本季（Q）裡；但——我想如果用[已付對已發生（paid-to-incurred）]去倒推的話，我們大概在 50% 中段。

Okay. And then just for -- I don't know if this is for you, Chris or Justin or both. But just thinking about like with the regional strategy going focused on the smaller account sizes, I'm curious just what the -- what competitors you're potentially displacing there? And is it legacy carriers? Is it some of the MGAs that maybe are -- is it traditional MGAs or tech-enabled MGAs where maybe the cost structure is a little less advantageous relative to what you can do?

好的。接著——我不確定這題是問你，Chris，還是 Justin，或兩位都可以。但就區域策略聚焦在較小的帳戶規模來看，我很好奇你們可能在那裡取代哪些競爭對手？是傳統老牌保險公司嗎？還是一些 MGA（管理型一般代理）——可能是傳統 MGA 或科技賦能的 MGA——其成本結構相對於你們能做到的，可能沒那麼有利？

Just be curious your thoughts on kind of who you might be competing with there, given it's different than the majority of the calls that we would listen to as we go through the quarter?

想請教你們對於在那個領域可能會跟誰競爭的看法，因為這跟我們在一季當中聽到的大多數電話會議內容不太一樣。

Yes. So on the E&S side, very few carriers truly have a playbook for the places that we are -- where we're competing. We are positioning ourselves to absorb business coming out of the [admitted market]. Part of this is studying what is flowing in E&S and being proactive in designing solutions. That is very different than what many of our peers do.

是的。就 E&S（超額及剩餘險）端而言，真正針對我們所處——我們競爭的那些領域——擁有一套作戰手冊的承保公司其實很少。我們的定位是要承接從[核准市場（admitted market）] 流出的業務。其中一部分是研究有哪些業務正在流入 E&S，並主動設計解決方案。這跟許多同業的做法非常不同。

And in fact, is a more traditional E&S playbook would be take whatever comes in, wait to see what comes in, build solutions in a bespoke way for whatever comes across the underwriter's desk.

事實上，更傳統的 E&S 作法會是：不管什麼案子進來就先收下，等著看會進來什麼，然後針對每一個送到核保人桌上的案子，以客製化（bespoke）的方式去建立解決方案。

We are studying what's actually exiting the market, building a solution. And as I mentioned on the call, we have these city guides, right? So we are actually giving our partners, our wholesale partners, wholesale distributors, the city guides, they're interactive. The up on their iPhone and they can have a conversation with their retailer that says, this is what's coming out of the admitted markets. I have a home for it.

我們是在研究實際上有哪些正在退出市場，然後建立一個解決方案。而且如我在電話會議中提到的，我們有這些城市指南（city guides），對吧？所以我們其實是把城市指南提供給合作夥伴、我們的批發合作夥伴、批發通路商；這些指南是互動式的。他們在 iPhone 上打開，就能跟其零售端合作夥伴對話，說：這些就是正在從核准市場退出的業務。我有地方可以承接。

It's called Ategrity. And that is what we're doing here. So it's less about displacing more so kind of guerrilla marketing, if you will.

它叫 Ategrity。這就是我們在做的事。所以與其說是在取代誰，不如說更像是一種游擊式行銷（guerrilla marketing），如果你願意這麼說的話。

Okay. And it does sound like it's fair to read you a few carriers doing this as it is other intermediaries who might be aggregating or it's just rifle shot -- excuse me, it's just kind of a shotgun approach for a retailer if they have one of these particular risks previously?

好的。聽起來也可以合理解讀為：做這件事的承保公司其實不多，反而是其他中介可能在做彙整；或者——用「步槍點射」——抱歉，是說對零售端而言，如果他們過去有這類特定風險，可能只是「散彈槍式」地到處找？

You're asking do the retailers have this risk, the wholesalers to the retailers. I think as Chris was saying, we're helping -- we're providing the opportunity for growth for our retail partners more than anything else.

你是在問零售端是否有這個風險——批發端對零售端。我想如 Chris 所說，我們做的更多是——為我們的零售合作夥伴提供成長機會，勝過其他任何事。

For our wholesale partners...

對我們的批發合作夥伴……

For our wholesale partners.

對我們的批發合作夥伴。

Their clients are the retailers in a framework.

他們的客戶是在這個架構下的零售端。

My question was as they're going -- yes, but is that like -- sorry, I should have said wholesaler, not retailer. But the point was, is that wholesaler kind of like shotgun isn't quite sure where to go in the market in the past or it's still going to traditional carriers? Or are there, in your mind, some other intermediaries kind of playing in these channels? That's -- I get what you're doing. I'm just trying to figure out what the home -- what might have been in the past for this business if you haven't stuck in front of it?

我的問題是當他們要——是的，但那是否像——抱歉，我應該說批發商（wholesaler），不是零售商（retailer）。但重點是：過去這個批發商是否有點像散彈槍式地不太確定該往市場哪裡去，或仍然是去找傳統承保公司？或者在你們看來，是否有其他中介也在這些通路裡運作？那就是——我理解你們在做什麼。我只是想弄清楚：如果你們沒有先站到前面攔下來，過去這些業務可能會落到哪裡、原本的歸宿會是什麼？

So that retailer did not need to work with a wholesaler because they would have been able to go to an admitted market. So in this scenario, now that they need to find a home for that specific profile, we are being proactive in telling them where that home is. That's what our wholesalers are doing. And that's why we invested in the marketing because we want to be the first in the door to make sure that we establish ourselves in that way.

所以那個零售端原本不需要透過批發商，因為他們本來可以去核准市場。因此在這個情境下，既然他們現在需要為那個特定風險輪廓找到承保歸宿，我們就主動告訴他們那個歸宿在哪裡。這就是我們的批發商在做的事。也因此我們投資在行銷上，因為我們希望成為第一個進門的，確保我們以這種方式建立起定位。

Alex Scott, Barclays.

Alex Scott，巴克萊。

I just want to see if you could give us a feel for how persistency has been running. Any kind of metrics you can give us and particularly as you've kind of lapped some of these bigger initiatives, how is that trending?

我想了解你們保單持續率（persistency）目前的表現大概如何。有沒有任何指標可以提供，尤其是當你們已經跨過（lapped）一些較大型的計畫之後，這個趨勢如何？

Yes. So our retention rate was the highest since we've gone public. And we had a larger renewal pool, so which means that our theory of kind of a highly -- high lifetime value for each account acquired is starting to prove out. And in fact, so with the newer strategies, in fact, though, with Project Heartland, for example, where we're now two or three renewal in, we are now starting to see that lifetime value target come into place, which we have not disclosed, but we do have a target.

有的。我們的自留率是自上市以來最高。而且我們的續保池更大，這表示我們的假設——每個取得的帳戶都具有很高的終身價值（lifetime value）——開始被驗證。事實上，隨著較新的策略，例如 Project Heartland，我們現在已經進入第二或第三次續保，我們也開始看到那個終身價值目標逐步到位；我們沒有對外揭露，但我們確實有一個目標。

Okay. But you guys aren't willing to offer up just at a high level how persistency is running for the overall book?

好的。但你們不願意在高層次上提供一下整體保單組合的持續率大概如何嗎？

When you say persistency, you mean the retention rate? Policy retention rate?

你說的持續率，是指自留率嗎？保單自留率？

Yes. Yes, correct.

是的。對，沒錯。

We're not disclosing it.

我們不予揭露。

Okay, all right.

好的，了解。

We have reached the end of the Q&A session. I will now turn the call back to Justin for closing remarks.

問答環節到此結束。我現在把電話交回 Justin 作結語。

Well, thank you all for joining us this evening. We thank you for your interest in the company, and we look forward to speaking with you in the weeks ahead. Take care.

好的，感謝各位今晚加入我們。感謝各位對本公司的關注，我們也期待在接下來幾週與各位再度交流。保重。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。