Ategrity Specialty Insurance Company Holdings (ASIC) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for joining us today for Ategrity's Second Quarter Fiscal Year 2026 Earnings Results Conference Call. Speaking today are Justin Cohen, Chief Executive Officer; Chris Schenk, President and Chief Underwriting Officer; and Neil Adler, Chief Financial Officer. After Justin, Chris and Neil have made their formal remarks, we will open the call to questions. (Operator Instructions)

各位下午好，感謝各位今天參加 Ategrity 2026 會計年度第二季財報結果電話會議。今天出席並發言的有執行長 Justin Cohen、總裁兼首席核保長 Chris Schenk，以及財務長 Neil Adler。在 Justin、Chris 與 Neil 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有重大差異。可能影響結果的風險因素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.

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 的財務衡量指標。非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之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。

I will now turn the call over to Justin.

現在我把電話交給 Justin。

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

各位晚安，感謝各位參加 Ategrity 第二季財報電話會議。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 Neil Adler。

Ategrity delivered another quarter of record results, including our highest ever quarterly written premiums, underwriting income and net income. In a quarter in which the E&S industry contracted as a whole, we produced 23.4% growth in gross written premiums alongside an 85.9% combined ratio with both metrics well ahead of guidance.

Ategrity 再度交出創紀錄的一季成果，包括我們史上最高的單季簽單保費、核保利益與淨利。在 E&S 產業整體收縮的一季中，我們的總簽單保費仍成長 23.4%，同時綜合比率為 85.9%，兩項指標均明顯優於指引。

These results reflect the strength of our productionized underwriting platform and the disciplined execution of our strategy. Growth was broad-based across both casualty and property with more than 20% premium growth in each, driven by expanding distribution relationships, targeted regional strategies and new products launched over the past year.

這些成果反映出我們已產品化的核保平台之實力，以及對策略的紀律性執行。成長動能同時來自意外險與財產險，兩者保費皆成長超過 20%，主要受惠於擴大的通路合作關係、聚焦的區域策略，以及過去一年推出的新產品。

Importantly, our operating model demonstrated further scale this quarter. The combined ratio improved 3 points year-over-year, driven primarily by a reduction in our operating expense ratio to 9.5%. As premiums have grown, our centralized underwriting platform has processed higher volumes with expanding profitability.

更重要的是，我們的營運模式在本季展現出更進一步的規模效益。綜合比率較去年同期改善 3 個百分點，主要由營運費用率降至 9.5% 所帶動。隨著保費成長，我們的集中式核保平台得以處理更高的業務量，同時提升獲利能力。

Turning to the market. While competitive pressure continued to intensify across portions of the E&S market, our differentiated positioning contributed to outperformance. We continue to identify attractive market segments in the small- and medium-sized space that have less competition and in which we offer unique solutions that are resonating with our growing network of distribution partners.

接著談市場面。儘管 E&S 市場部分領域的競爭壓力持續升高，我們的差異化定位仍促成優於同業的表現。我們持續在中小型市場中辨識具吸引力、競爭較少的細分領域，並提供獨特解決方案，正與我們日益擴大的通路合作夥伴網路產生共鳴。

The strengths we've built across the business are increasingly reinforcing one another, and Chris will explain how that played out this quarter later in the call.

我們在各項業務面所建立的優勢正日益相互強化，Chris 稍後將在會議中說明本季如何展現這一點。

But first, I would like to turn it over to Neil Adler, our Chief Financial Officer, to review our financial results.

但首先，我想把時間交給我們的財務長 Neil Adler，請他回顧本季財務結果。

Thank you, Justin. We delivered another strong quarter with adjusted net income of $33.5 million, up from $17.9 million in the same quarter last year, driven by top line growth, improving margins and continued strength in investment income. Gross written premiums were up 23.4% with casualty premiums up 24.7% and property premiums up 21.3%.

謝謝你，Justin。我們再度交出強勁的一季，經調整後淨利為 3,350 萬美元，高於去年同期的 1,790 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。總簽單保費成長 23.4%，其中意外險保費成長 24.7%，財產險保費成長 21.3%。

Net written premiums increased 30.8%, which reflects higher retention year-over-year, while net earned premiums were up 30.9%. Fee income was $3.4 million compared to $1.5 million a year ago, with growth coming from standard policy fees introduced over the course of 2025.

淨簽單保費成長 30.8%，反映留存率較去年同期提高，而淨已賺保費成長 30.9%。手續費收入為 340 萬美元，較一年前的 150 萬美元增加，成長主要來自於 2025 年期間導入的標準保單費用。

Our underwriting income for the quarter was $16 million, up 66.9% year-over-year. That translated into a combined ratio of 85.9% compared to 88.9% last year, driven primarily by a reduction in our expense ratio. Our loss ratio came in at 58.5%, which was up 0.5 percentage point year-over-year, reflecting the continued shift in business towards our brokerage channel and lower catastrophe activity in prior year’s quarter.

本季核保利益為 1,600 萬美元，年增 66.9%。這對應的綜合比率為 85.9%，相較去年為 88.9%，主要由費用率下降所帶動。損失率為 58.5%，年增 0.5 個百分點，反映業務持續轉向經紀通路，以及去年同期巨災活動較低。

Catastrophe losses were 4.3% of net earned premiums, up from 4.1% last year. We also had favorable developments this quarter equal to 0.9% of net earned premium.

巨災損失占淨已賺保費的 4.3%，高於去年的 4.1%。本季亦有有利發展，相當於淨已賺保費的 0.9%。

On expenses, the overall expense ratio improved 3.5 points to 27.5%. Our operating expense ratio declined 2.9 points year-over-year to 9.5% of net earned premiums. The improvement reflected earned premiums growing faster than operating expenses together with higher fee income. Policy acquisition costs as a percentage of net earned premiums also declined in the second quarter to 17.9% from 18.5%.

在費用方面，整體費用率改善 3.5 個百分點至 27.5%。營運費用率年減 2.9 個百分點至淨已賺保費的 9.5%。改善主要反映已賺保費成長快於營運費用，並且手續費收入提高。保單取得成本占淨已賺保費的比率在第二季亦下降至 17.9%，去年同期為 18.5%。

The continued shift in our business mix towards the brokerage channel also reduced policy acquisition costs, resulting in an overall economic benefit to our margins. Moving on to investment results. Net investment income was $12.7 million, up from $11.9 million last year, reflecting a larger investment portfolio, partially offset by lower short-term interest rates.

業務組合持續轉向經紀通路也降低了保單取得成本，從而在經濟上為我們的利潤率帶來整體效益。接著談投資結果。淨投資收益為 1,270 萬美元，高於去年的 1,190 萬美元，反映投資組合規模擴大，但部分被短期利率下降所抵銷。

Realized and unrealized gains were $18.6 million or $14.9 million net of noncontrolling interest, supported by strong results in our utility and infrastructure portfolio. Our effective tax rate was 20%, bringing net income to stockholders to $33.5 million. Adjusted net income was also $33.5 million or $0.67 per diluted share.

已實現與未實現收益為 1,860 萬美元，或扣除非控股權益後為 1,490 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持。有效稅率為 20%，使歸屬於股東的淨利達 3,350 萬美元。經調整後淨利亦為 3,350 萬美元，或每股稀釋後 0.67 美元。

Turning briefly to the balance sheet. Cash and investments increased by $62.3 million from the first quarter to $1.2 billion, reflecting strong operating cash flow. Book value increased by $33.4 million since the first quarter, driven by retained earnings and an increase in AOCI, offset by the impact of shares purchased in the quarter under our stock repurchase program. Our book value per share ended the quarter at $13.86 per share, up 31% since our IPO.

簡要談一下資產負債表。現金與投資自第一季增加 6,230 萬美元至 12 億美元，反映強勁的營運現金流。自第一季以來，帳面價值增加 3,340 萬美元，主要由保留盈餘與 AOCI 增加所帶動，但部分被本季依股票回購計畫買回股份的影響所抵銷。本季每股帳面價值為每股 13.86 美元，自我們 IPO 以來上升 31%。

With that, I'll turn it over to Chris to discuss underwriting and operating performance.

接下來我把時間交給 Chris，請他說明核保與營運表現。

Thank you, Neil. When you consider this quarter's results, record direct premium and underwriting operating expense ratio that we believe is among the best in our peer group and continued underlying improvement in our loss performance, any one of those metrics would represent a strong quarter on its own, especially against the backdrop of an increasingly competitive market.

謝謝你，Neil。回顧本季結果，無論是創紀錄的直接保費、我們認為在同業中名列前茅的核保營運費用率，或是損失表現持續改善的基本面，任何一項指標單獨來看都足以代表一個強勁的季度，尤其是在市場競爭日益激烈的背景下。

Taken together, they speak to how the capabilities we have built are increasingly reinforcing one another and helping us overcome the usual trade-off between growth, cost and underwriting quality. This is why we believe these results are not only repeatable, but sustainable over the long term.

綜合來看，這些結果顯示我們所建立的能力正日益相互強化，並協助我們克服成長、成本與核保品質之間常見的取捨。這也是我們相信這些成果不僅可重複，而且長期可持續的原因。

Let me explain. Starting with revenues. Growth this quarter wasn't driven by a single initiative. First, we benefited from a larger renewal portfolio. Year-over-year, we have consistently acquired new business on our terms at the right technical rates.

我來說明一下。先從營收談起。本季的成長並非由單一措施所驅動。首先，我們受惠於更大的續保組合。就年對年而言，我們一直以符合我們條件的方式、在正確的技術費率水準下，持續取得新業務。

This compounded into our largest renewal portfolio ever entering this quarter. In addition, new business growth was broad-based. On our last earnings call, I talked about the record submission volumes we are seeing across the business. Those submissions reflected investments we have made in distribution, regional strategies and new products.

這使得本季進入的續保組合累積成為我們史上最大的續保投保組合。此外，新業務成長呈現全面性擴張。在上次財報電話會議中，我提到我們在整體業務中看到創紀錄的投保申請量。這些投保申請反映了我們在通路、區域策略與新產品上的投資。

Those submissions became premium this quarter. Existing distribution partners continued to place more business with us. Newer relationships became increasingly productive. Project Heartland continued to outperform. Our New England strategy launched in April, got off to an excellent start. Property growth accelerated and our newer professional liability and management liability products contributed meaningfully.

這些投保申請在本季轉化為保費。既有的通路合作夥伴持續把更多業務交由我們承作。較新的合作關係也變得愈發有產出。Heartland 專案持續表現優於預期。我們的新英格蘭策略於四月啟動，開局非常亮眼。財產險成長加速，而我們較新的專業責任險與管理責任險產品也做出了顯著貢獻。

Turning to operating expense. This quarter, we processed record premium volume while simultaneously launching new products and executing new growth initiatives. Yet our underwriting expense ratio improved to 9.5%. This isn't simply a function of scale. Technology and AI are a big part of the story.

接著談營運費用。本季我們在處理創紀錄的保費量的同時，也推出新產品並執行新的成長計畫。然而，我們的核保費用率改善至 9.5%。這不僅僅是規模效應的結果。科技與 AI 是其中的重要因素。

Our technology platform is built on a modular architecture. That means every capability we develop can be reused across products, channels and growth initiatives. In addition, we are increasingly benefiting from Agentic AI. This is now being used across functions ranging from marketing to governance.

我們的技術平台建立在模組化架構之上。這意味著我們開發的每一項能力都能在不同產品、通路與成長計畫間重複使用。此外，我們也日益受益於 Agentic AI（代理式 AI）。目前它已被運用於從行銷到治理等各項職能。

Notably, our architects and engineer product was brought to market earlier this month using what we estimate to be approximately 60% fewer resources because of AI. We have all but eliminated the fixed cost of launching a new product while accelerating speed to market.

值得一提的是，我們的建築師與工程師產品在本月稍早上市；我們估計因為 AI 的助力，所需資源約減少 60%。我們幾乎已消除推出新產品的固定成本，同時加快上市速度。

We believe our underwriting model, technology design and innovations help deliver one of the lowest underwriting operating expense ratio in our peer group. Finally, underwriting performance. Importantly, we did not need to compromise underwriting standards to achieve growth.

我們相信，我們的核保模型、技術設計與創新，有助於我們在同業中實現最低水準之一的核保營運費用率。最後談核保表現。重要的是，我們不需要為了成長而犧牲核保標準。

A larger opportunity set simply allowed us to remain selective, maintain technical pricing and continue delivering fast response times to our partners. We continue to price the business using an 18-month forward view of expected loss costs rather than reacting to short-term pricing trends. That gives us confidence that our technical margins remain stable.

更大的機會集合讓我們得以維持挑選性、維持技術性定價，並持續為合作夥伴提供快速回應時間。我們持續以對未來 18 個月預期損失成本的前瞻觀點來為業務定價，而不是對短期定價趨勢作出反應。這讓我們有信心，我們的技術性利潤率仍然穩定。

Our prior year reserves continued to develop favorably during the quarter. supporting our view that our underwriting discipline continues to produce consistent outcomes over time. Taken together, these three metrics tell the story of a business that can grow faster than its peers without sacrificing underwriting quality or inflating expenses.

本季前期年度準備金持續出現有利發展，支持我們的看法：我們的核保紀律能隨時間推移產生一致的結果。綜合而言，這三項指標描繪出一個能在不犧牲核保品質或推高費用的情況下、以快於同業的速度成長的業務。

We believe this is because our approach to the market and the way we build the business are self-reinforcing. Investments in distribution, products and technology expand our opportunity set.

我們認為，這是因為我們的市場策略與建構業務的方式具有自我強化的效果。在通路、產品與科技上的投資擴大了我們的機會集合。

A larger opportunity set allows us to underwrite more selectively, selective underwriting generates stronger margins, stronger margins allows us to continue investing in technology, products and distributions, and those investments further expand our opportunity set. We have intentionally built Ategrity to become stronger as it grows, and we believe this quarter demonstrated exactly that.

更大的機會集合讓我們能更有選擇性地核保；選擇性核保帶來更強的利潤率；更強的利潤率讓我們能持續投資於科技、產品與通路；而這些投資又進一步擴大我們的機會集合。我們刻意打造 Ategrity，使其隨著成長而更強大，而我們相信本季正好展現了這一點。

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

接下來我把時間交回給 Justin。

Thanks, Chris. This quarter demonstrated that the investments we've made over the past several years continue to translate into profitable growth. While we expect competitive pressure to continue in the E&S market, we believe our ability to identify differentiated growth opportunities and execute them through our scalable operating platform positions us to continue gaining profitable market share, which leads to our guidance for the third quarter.

謝謝，Chris。本季顯示，我們過去幾年所做的投資持續轉化為具獲利性的成長。雖然我們預期 E&S 市場的競爭壓力仍將持續，但我們相信，憑藉我們辨識差異化成長機會並透過可擴展的營運平台加以落地執行的能力，我們有望持續取得具獲利性的市占提升，這也引出我們對第三季的指引。

We expect to achieve further market share gains with gross written premiums growing more than 20 percentage points above the E&S market. From an underwriting margin perspective, we expect a combined ratio of approximately 87%, representing continued year-over-year improvement.

我們預期將進一步提升市占，總簽單保費（GWP）成長將比 E&S 市場高出超過 20 個百分點。就核保利潤率而言，我們預期綜合比率約為 87%，代表年對年持續改善。

With that, we thank you for your time. And operator, please open the line for questions.

最後，感謝各位撥冗參與。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行。

My first question, I just wanted to, I guess, flesh out, I guess, on the top line as you guys are thinking about growth from here. I think you said in the third quarter, more than 20%. How do you see that trending between property and casualty? And then can you just give us a sense of just the current pricing conditions you guys are seeing in both?

我的第一個問題，我想更深入了解一下你們對未來營收端成長的看法。我想你們提到第三季會超過 20%。你們如何看待財產險與意外險之間的趨勢？另外，也請你們談談目前在兩者上看到的定價狀況。

Yeah. Thanks, Elyse. This was a good top line quarter for the company, and we did give that guidance, and we expect to see continued momentum in both property and casualty along the lines of what you've seen this quarter. Chris, do you want to talk about that?

是的。謝謝你，Elyse。本季公司在營收端表現不錯，我們也給出了該指引；我們預期財產險與意外險都將延續本季所見的動能。Chris，你要不要談談？

Yes. We are seeing a lot of momentum in property that is unusual in this market, but it is somewhat explainable by primarily our strategies. So Project Heartland, the New England strategy, those are both product-centric strategies that are really unique to us, very differentiated. They take a lot of research, a lot of technology, a lot of capabilities. So they're not -- it's not easy to follow us in those specific regions.

好的。我們在財產險看到很強的動能，這在目前市場中並不常見，但主要可由我們的策略來解釋。例如 Heartland 專案、新英格蘭策略，這兩者都是以產品為核心的策略，對我們而言非常獨特、差異化明顯。它們需要大量研究、科技與能力建置。因此，在那些特定區域要跟進我們並不容易。

So that alone is contributing.

光是這一點就帶來了貢獻。

When it comes to rates, we were effectively flat, low negative single digits on property, and that is because we chose to protect our renewal portfolio in some key regions where it made sense for us from a portfolio balance standpoint and also because of the fact that those were accounts that were performing well, worth preserving.

就費率而言，我們在財產險上基本持平，略為下滑至低個位數的負成長；這是因為我們選擇在某些關鍵區域保護續保組合，從組合平衡的角度對我們是合理的，同時也因為那些帳戶表現良好，值得保留。

On new business, the pricing levels on new business is up slightly year-over-year. That's not a metric we have disclosed, but directionally, it is something that we keep an eye on internally to tell us how we're pricing new business.

在新業務方面，新業務的定價水準年對年略有上升。這不是我們對外揭露的指標，但就方向性而言，這是我們內部會持續關注、用來判斷新業務定價狀況的指標。

Okay. And then my second question, you guys called out some reserve releases this quarter. And I was just hoping to get a sense, I guess, I think it was just under 1 point. What was driving the reserve releases, just what years and lines?

好的。第二個問題，你們提到本季有一些準備金釋出。我希望了解一下，我想大概不到 1 個點。準備金釋出的原因是什麼？主要是哪些年度與哪些險種？

Thanks, Elyse. So this is similar and a continuation of what we discussed last quarter, which was in the past few years, we have booked our property results with a degree of prudence, expecting reported losses to come in over the course of this year. They have not materialized to the degree that we expected, and that's what led to the reserve releases.

謝謝你，Elyse。這與我們上季討論的內容類似且是一個延續：過去幾年，我們在認列財產險結果時採取較為審慎的做法，預期已報告損失會在今年逐步出現。但實際發生的程度不如我們原先預期，因此導致準備金釋出。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通。

First question, are you able to quantify or provide more context on the new business submissions that you saw? Did the pace of growth accelerate from last quarter? And just in general, I want to get a sense of the magnitude of growth there.

第一個問題，你們能否量化或提供更多背景，說明你們看到的新業務投保申請量？成長速度是否較上季加快？整體而言，我想了解那個成長幅度的量級。

We're not providing the number itself, but what we can say is that it was in excess of our premium.

我們不會提供具體數字，但我們可以說，它高於我們的保費。

Yes. It was in excess of our premium growth. We continue to remain selective. We are finding excellent opportunities on new business across all products, first of all. So there are some beyond property, which tends to be the headline when there's a discussion around soft market.

是的。它高於我們的保費成長。我們仍然維持挑選性。首先，我們在所有產品的新業務上都找到非常好的機會。因此，除了財產險之外也有一些機會；在討論軟市時，財產險往往是焦點。

It is -- there's also a soft market in management liability and to some extent, professional liability, but we continue to find unique opportunities there also. In casualty, some say there are softening parts of that market.

確實如此——管理責任險市場也呈現疲軟，某種程度上專業責任險亦然，但我們仍持續在那裡找到獨特的機會。在意外險方面，有些人說該市場的某些部分正在走軟。

And nevertheless, we are coming across great opportunities from not just the areas where we have a regional strategy, but across the country in some very low volatility jurisdictions. And that is a factor of our distribution network who very often are in those smaller markets.

儘管如此，我們仍在不僅是我們採取區域策略的地區，而且是在全國一些波動性非常低的司法管轄區，發現很好的機會。而這在很大程度上得益於我們的分銷網絡，因為他們往往就在那些較小的市場中。

And then second question, I was hoping you could discuss, I guess, the mix shift dynamics that are affecting the year-over-year compare in attritional. I think you guys are unique, right, where you tend to book property losses actually above casualty picks. But anyway, you sort of like talk through why that attritional went up year-over-year.

接著第二個問題，我希望你們能談談，我想，是哪些組合轉移（mix shift）的動態在影響損耗性損失（attritional）的同比比較。我認為你們很特別，對吧，你們往往在入帳時，財產損失其實會高於意外險的損失預估。不過無論如何，請你們梳理一下為什麼損耗性損失同比上升。

Yeah. Thanks. This is really driven by mix shift and the mix shift into our brokerage channel. So we have 2 channels, brokerage and small business. The brokerage channel has a booked loss ratio that is above the small business. So as you've seen that mix come through, that's been what's driving that.

是的。謝謝。這主要是由組合轉移所驅動，且是轉向我們的經紀渠道（brokerage channel）的組合轉移。我們有兩個渠道：經紀與小型企業。經紀渠道的入帳損失率高於小型企業渠道。因此，正如你所看到的，隨著該組合變化發生，這就是推動因素。

At the same time, that's also driving our commission ratio lower. So that is an offsetting dynamic. So a couple of elements there. But from a loss ratio perspective, it is having written greater brokerage business with a higher -- that comes with a higher loss ratio. And there has been no change in our underlying loss picks by line of business and channel.

同時，這也在推動我們的佣金率下降。因此這是一個相互抵消的動態。所以這裡有幾個因素。但從損失率角度來看，原因在於我們承保了更多經紀渠道業務，而該業務伴隨較高的損失率。而我們在各業務線與各渠道的基礎損失預估（loss picks）並沒有任何變化。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

So I want to touch on the growth initiatives. And the part A of it kind of revolves around your regional growth where I think over a year ago, it was Project Heartland in the Midwest and then it moved to New England. And I think last quarter, you talked a little bit about Texas and Florida.

我想談談成長計畫。其中A部分大致圍繞你們的區域成長；我記得一年多前是中西部的「Heartland 計畫」，之後轉到新英格蘭。而我想在上一季，你們也稍微談到德州和佛州。

So the part A of it is, do you see a lot of geographic opportunity post these regions that I just touched on? And the part B is in the press release, I didn't hear it on the call, I don't think anyway that you see opportunities for middle market growth. I think last quarter, you talked about it in Texas, I think, mixed-use retail.

所以A部分是：在我剛提到的這些區域之後，你們是否還看到很多地理上的機會？B部分是：在新聞稿裡我看到了，但在電話會議上我不確定是否有聽到——你們看到中型市場（middle market）成長的機會。我記得上一季你們在德州談到過，我想是混合用途零售（mixed-use retail）。

But maybe it's the management and professional liability that you mentioned on this call. But I would like a little more clarity around your middle market segment growth.

也許是你們在這通電話裡提到的管理責任與專業責任險。但我希望能更清楚了解你們中型市場分部的成長。

Yes. What you're seeing in our numbers were the seeds that were planted, as you were saying, back many months ago. And those seeds continue to be planted, and that is what's fueling our growth. I'll pass it to Chris to talk about that.

是的。你在我們數字中看到的，是如你所說在數月前播下的種子。而這些種子仍在持續播下，這正是推動我們成長的動力。我把問題交給Chris來談。

Yeah. So I think we can take a step -- if you take a step back and look at the regional strategies, they're not just a benefit to us, they are a benefit to our partners because we are stepping in to fill a market need that we typically identify very early on. And we also are very intentional about how we craft solutions for those markets.

好的。我想我們可以退一步看：區域策略不僅對我們有利，對我們的合作夥伴也有利，因為我們介入以填補我們通常很早就識別出的市場需求。而且我們也非常有意識地為那些市場打造解決方案。

So there's the initial entry -- there's the initial strategy and then there is -- there are the residual benefits that we get from that. So I mentioned we are seeing attractive business and lower volatility jurisdictions. Those are -- so we are in the Midwest. We have a very specific set of states that we characterize under the Midwest strategy.

因此有初始進入——有初始策略，然後還有——我們從中獲得的後續效益。所以我提到我們在一些具吸引力的業務與較低波動性的司法管轄區看到機會。那些——例如我們在中西部。我們對於哪些州歸類為中西部策略，有一套非常明確的州別清單。

But Wyoming is not on that list, but we're seeing business in Wyoming because we were in Nebraska. That's just an example of just how the regional strategies work. And what's beneath that is the fact that we are really solving a market problem. And by doing so, we're really becoming important to our distribution partners.

但懷俄明州不在那份清單上，可是我們在懷俄明州看到了業務，因為我們在內布拉斯加州已有布局。這只是區域策略如何運作的一個例子。而其背後的本質是：我們確實在解決一個市場問題。而透過這麼做，我們也真正成為分銷合作夥伴的重要夥伴。

And from the middle market perspective, I think that's your question was about middle market. That goes back to that earlier question on brokerage versus small business. Small business is the more micro-type accounts and middle market are small accounts, but they're in the -- we call them in the midsize range. And so we have been growing in that brokerage channel in a meaningful way, and that's been part of these numbers that you're seeing here.

至於中型市場的角度，我想你的問題是關於中型市場。這又回到先前那個關於經紀渠道與小型企業的問題。小型企業是更微型的帳戶，而中型市場是小型帳戶，但處於——我們稱之為中等規模（midsize）的範圍。因此，我們在經紀渠道的成長相當顯著，而這也是你在這裡看到這些數字的一部分。

Yeah. Yes, we have talked about this also before. But for us, small is like two gas stations, and then it goes into medium once it goes above five. So let's say, a family are running three gas stations, they purchased two more. We take a long-term view on risk. So we are very -- we tend to stay on those accounts. And as they grow, they move into our middle market segment. So there's some of that dynamic happening also.

是的。我們之前也談過。但對我們而言，「小型」就像兩家加油站；一旦超過五家，就進入「中型」。比如說，一個家庭經營三家加油站，之後又買了兩家。我們對風險採取長期視角。所以我們非常——我們往往會留在那些帳戶上。而當他們成長時，就會進入我們的中型市場分部。因此也有一些這樣的動態正在發生。

Got it. So it sounds like both are in your key verticals. And then if I would like to follow up on the prior year development question. So you've got the release in property. It sounds like casualty was just kind of nothing positive or negative. But any color you could share on how your casualty book is developing and how you feel about that book over the last several years?

了解。所以聽起來兩者都在你們的關鍵垂直領域中。另外我想追問一下先前關於前期年度發展（prior year development）的问题。你們在財產險有釋放。聽起來意外險大概沒有正面或負面的變化。但你們能否分享一些意外險業務的發展情況，以及你們對過去幾年該業務組合的看法？

Yeah. You characterized it correctly. There's nothing in the casualty book in terms of development this quarter. And the book is developing well. Our actual reportings are coming in below expected.

是的。你的描述是正確的。本季意外險業務在發展（development）方面沒有任何變化。而且該業務組合的發展情況良好。我們實際的報告結果低於預期。

As you know, we're a quantitative firm, and we do a lot of analytics around that. And the firm-wide casualty actuals are coming in below expected, and that's reflective of strong performance.

如你所知，我們是一家量化導向的公司，並且在這方面做了大量分析。公司整體的意外險實際結果低於預期，這反映了強勁的表現。

Yeah. We have maintained underwriting discipline on how we deploy coverage. Furthermore, we charge for the trickier coverage on the casualty side. Many of our peers do not. That is -- that ensures that as the exposure within a $1 million limit, if it is slightly higher, we are getting adequate rates.

是的。我們在如何配置承保範圍方面一直維持核保紀律。此外，在意外險端較棘手的承保範圍，我們會收取相應費率。我們許多同業並不會這麼做。這——可確保在100萬美元限額內，若曝險略高，我們仍能取得足夠的費率。

So that technical pricing discipline, which can sound a little abstract, really has layers to it. And what it does, though, is it -- it insulates us from some of the usual casualty pitfalls. So things like putting up assault and battery limits too liberally or deploying human trafficking limits.

因此，這種技術性的定價紀律，聽起來可能有點抽象，但其實有很多層次。而它所做的，是——它讓我們能免受一些常見的意外險陷阱影響。例如在提供攻擊與毆打（assault and battery）限額時過於寬鬆，或是配置人口販運（human trafficking）限額。

Those are -- many of our peers do not have a rule book for that. We have very, very specific prescriptive rules. So there's casualty, then there's what are you covering and how broad is that coverage. We tend to be on a conservative side, what we call sensible coverage. And when we deploy coverage in those categories, we charge for it.

這些——我們許多同業對此沒有一套規則手冊。我們有非常、非常具體且規範性的規則。所以有意外險本身，然後還有你到底承保什麼，以及承保範圍有多廣。我們傾向於較保守的一側，也就是我們所說的「合理的承保範圍」。而當我們在這些類別中提供承保時，我們會為此收費。

Alex Scott, Barclays.

Alex Scott，巴克萊。

First one I had for you is just maybe some broad commentary on the marketplace. I mean, I've kind of thought about you all, as you say, coming into regions and solving coverage gaps and issues and finding interesting niches to play in.

我第一個問題想請您就市場環境做一些較宏觀的評論。我的意思是，我一直在想你們如同你們所說，進入各個地區，解決承保覆蓋缺口與問題，並找到一些有趣的利基市場切入。

Does that get harder as the market is becoming more competitive? And are you seeing any of that kind of activity where it's maybe some of the issues out there get solved by capacity and it gets a little harder to find places to go? Or are there still lots of regions and products? I'm just trying to understand how it's shifting.

隨著市場競爭愈來愈激烈，這件事會不會變得更難？你們是否看到那種情況：一些外部問題可能因為市場產能而被解決，導致更難找到可以進入的領域？還是說仍然有很多地區與產品機會？我只是想了解這個趨勢如何在變化。

We believe we're in some unique spaces, one, because we took the time to understand them. But we are succeeding in those spaces, and this is really the catalyst because we are providing a unique solution. We're taking the time to design the intake rules in the right way, to craft the product in the right way and develop the pricing in the right way for those markets.

我們相信我們身處一些獨特的領域，首先是因為我們花時間去理解它們。而我們也正在這些領域取得成功，這其實就是催化劑，因為我們提供的是獨特的解決方案。我們花時間以正確的方式設計承保受理規則、以正確的方式打造產品，並為這些市場以正確的方式制定定價。

Most of our peers, if they are participating in those spaces, they tend to take a very generic approach. And as a result, we are seeing more momentum and more opportunities there. There's always going to be a shift of business in and out of the space.

我們的大多數同業即使參與這些領域，往往採取非常通用的做法。因此，我們在那裡看到更強的動能與更多機會。業務在這些領域之間進進出出，總是會有變化。

I think the competitive advantage here is the fact that we have a machine to study that external environment, and we are able to quickly, and when I say quickly, I mean in a matter of weeks, go from research to deployment of solutions.

我認為這裡的競爭優勢在於，我們有一套機制來研究外部環境，而且我們能夠很快——我說的很快，是指在幾週之內——從研究走到解決方案的部署。

Got it. That's all helpful. Next question, I wanted to see if I could just get you to give a little color around, I guess, the CFO transition and how that's proceeding and just sort of what led to that and anything operationally we should expect to change that sort of thing?

了解。這些都很有幫助。下一個問題，我想請你們多補充一些關於財務長（CFO）交接的情況：目前進展如何、是什麼原因促成這次變動，以及在營運上我們是否應預期會有任何改變之類的？

Thanks for the question, Alex. So in terms of the transition, this was a scheduled expiration of an existing contract, and we were excited to have the opportunity to have Neil join our company. I've known Neil for seven years, and he is an extraordinary CFO.

謝謝你的問題，Alex。就交接而言，這是既有合約到期的既定安排；我們也很高興有機會讓Neil加入我們公司。我認識Neil七年了，他是一位非常出色的財務長。

He's been around this business since its foundation, and he really takes a forward-looking view into how we can scale this business as you're seeing us grow. We are looking to have a finance department that scales in the same way. So focused on automation and streamlined processes. So that is it. Neil, is there anything you want to add about your outlook or any changes?

他自公司創立以來就一直在這個業務領域，並且以更前瞻的角度思考，隨著你們看到我們成長，我們要如何擴大規模。我們也希望財務部門能以同樣方式擴張。因此會聚焦在自動化與流程精簡。大致就是這樣。Neil，你是否想補充你對未來的看法或任何變更？

No, I would just reinforce that I've been involved in Ategrity since its founding. And everything I've seen since taking the reins have just been reinforcing that it's an experienced finance group with established reporting and control processes.

沒有，我只是想再次強調，我自Ategrity創立以來就一直參與其中。而我接手以來看到的一切，都更印證這是一個經驗豐富的財務團隊，具備成熟的報告與控制流程。

Matthew Heimermann, Citi.

Matthew Heimermann，花旗。

A couple of numbers questions, and then I have just a business development question. Just do you have the paid loss number in the quarter by chance? I just want to double check on that.

我有幾個數字方面的問題，然後還有一個業務發展的問題。請問你們是否剛好有本季的已付賠款（paid loss）金額？我只是想再確認一下。

I don't have the dollars, but the paid to incurred, so you can back into it, was in the high 50s.

我手上沒有金額，但已付對已發生（paid-to-incurred）的比例——你可以用它回推——是在50%後段。

All right. Then I'm roughly close. Okay. It looked like the recoverable balance popped up in the quarter. I wasn't sure if that was a reflection of losses picking up sequentially and you just haven't got recoveries yet or if that was a function of some of the growth you have is naturally larger size, and so there's a bit more session to reinsurers just as you manage your own limits.

好。那我大概就接近了。好的。看起來本季的可回收餘額（recoverable balance）跳升了。我不確定這是否反映損失按季增加、只是你們尚未收到回收款；或是因為你們部分成長自然來自較大規模的案件，因此在管理自有承保限額時，分出給再保人的比例更高。

Yeah. That is associated with the shift to the brokerage channel, as we said previously. You also saw that retentions like net written to gross was also down. It's an unusually low quarter. But that's all associated with having more reinsurance in the brokerage channel.

是的。這與我們先前提到的轉向經紀通路有關。你也看到留存（例如淨簽單保費對總簽單保費）也下降了。這是一個異常偏低的季度。但這都與經紀通路配置更多再保有關。

So those are midsized accounts, and we have more programs there, more reinsurance placements there. So that's what you've probably been seeing in the numbers.

那些是中型帳戶，我們在那裡有更多方案，也有更多再保安排。所以你在數字上看到的，大概就是這些因素。

Okay. And then I guess the last question is just thinking about as you grow, you're eventually going to have some claims or a greater volume of it. So I'm just curious how the staffing plans have unfolded in the claims operation to date. I know it's something we talked about as you guys were going public.

了解。最後一個問題是，隨著你們成長，最終會出現一些理賠案件或更大的理賠量。所以我想了解截至目前理賠營運的人力配置規劃是如何推進的。我知道這是你們準備上市時我們談過的議題。

But I'm just curious if you could give an update and just -- are we staffing ahead or in step with that? Just curious.

但我想請你們更新一下——我們的人力配置是超前部署，還是與業務量同步？只是好奇。

Yeah. We have over 30 people in our in-house claims team. We have a sophisticated staffing model that they utilize, and we make sure that we are ahead of the curve. We have actuals versus expected on claim counts, so that all feeds into that. And so we're very focused on making sure we have the right resources.

是的。我們內部理賠團隊有超過30人。他們採用一套成熟的人力配置模型，我們確保配置會走在需求之前。我們會比較實際與預期的理賠件數，這些都會納入模型。因此我們非常專注於確保擁有正確的資源。

We're also doing -- working to do some more innovative things on claims over time, which we'll introduce at a later date. But the idea is that there is -- we are well resourced for the claim volume that we are receiving, and we're also deploying technology as well.

我們也正在——隨著時間推進——在理賠方面做一些更具創新的事情，之後會再對外介紹。但核心概念是：就目前收到的理賠量而言，我們的資源配置是充足的，同時也在導入科技。

Yes. So in parallel with our core operating system improvements, there is a -- we've been deploying new capabilities product-by-product on the claims side. I'd say it includes integration estimation tools and includes an array of new functionality that allows us to get more precise on how we do case reserves, but also it allows us to handle claims in the right way and put each claim on a track to resolution.

是的。因此，與我們核心作業系統的改善並行，我們在理賠端也正以產品為單位部署新能力。我會說這包括整合估算工具，以及一系列新功能，讓我們在案件準備金（case reserves）的提列上更精準，同時也讓我們能以正確方式處理理賠，並將每一件理賠導向解決的流程軌道。

So we -- across the business, including in finance, as Neil mentioned, we are looking to utilize the current technology to get the most benefits. But when it comes to core staffing, we're really looking for strong people, not more man hours necessarily as the path forward.

所以——在整個公司，包括財務端，如Neil所提——我們都希望運用現有科技以取得最大效益。但在核心人力配置方面，我們更著重於尋找優秀人才，而不一定是未來需要更多工時。

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

問答環節到此結束。我現在把電話交回Justin Cohen作結語。

Well, thank you so much all for your questions and for taking your time this evening. We appreciate your interest in Ategrity, and we look forward to having further conversations with you in the months ahead. All the best.

非常感謝各位的提問，也謝謝各位今晚撥冗參與。我們感謝各位對Ategrity的關注，也期待在接下來幾個月能與各位有更多交流。祝一切順利。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。