Bowhead Specialty Holdings Inc (BOW) 2025 Q3 法說會逐字稿

Hello and welcome to Bowhead Specialties Q3 2025 earnings call. After the prepared remarks, we will hold a question-and-answer session. (Operator Instructions) with that, I would like to turn the call over to Shirley Yap, Head of Investor Relations. Shirley, you may begin.

大家好，歡迎參加 Bowhead Specialties 2025 年第三季財報電話會議。在準備好的發言結束後，我們將進行問答環節。 （操作說明）接下來，我將把電話交給投資者關係主管葉雪莉女士。雪莉，你可以開始了。

Thanks, operator. Good morning and welcome to Bowhead's third quarter 2025 earnings conference call. I'm Shirley Yap, Bowhead's Chief Accounting Officer and head of investor relations. Joining me today are Steven Sills, our Chief Executive Officer, Brad Mulcahey, our Chief Financial Officer, and Steve Feltner, our Chief Operating Officer.

謝謝接線生。早安，歡迎參加 Bowhead 2025 年第三季財報電話會議。我是 Shirley Yap，Bowhead 的首席會計長兼投資者關係主管。今天與我一同出席的有我們的執行長 Steven Sills、財務長 Brad Mulcahey 和營運長 Steve Feltner。

Before we jump into our performance and financial highlights, I wanted to introduce a new format we plan to use for today's call and going forward. Each quarter, we plan to invite an additional member of our management team to share insights from their area of expertise.

在我們深入探討業績和財務亮點之前，我想介紹一下我們計劃在今天的電話會議以及今後的電話會議中採用的新格式。每個季度，我們計劃邀請管理團隊的另一位成員分享他們在專業領域的見解。

Today, we are joined by Steve Feltner, our Chief Operating Officer, who will discuss our technology initiatives and other efficiencies that are enabling us to scale profitably while growing rapidly across market cycles. Turning to our performance, earlier this morning, we released our financial results for the third quarter of 2025. You can find our earnings release in the investor relations section of our website. Our Forum 10-Q will also be made available on our website later this evening.

今天，我們邀請到了首席營運長史蒂夫·費爾特納，他將與我們探討我們的技術舉措和其他效率提升措施，這些措施使我們能夠在市場週期中快速增長的同時實現盈利規模化。再來談談我們的業績，今天早上早些時候，我們發布了 2025 年第三季的財務業績。您可以在我們網站的投資者關係版塊找到我們的獲利報告。我們的論壇 10-Q 也將在今晚晚些時候發佈在我們的網站上。

I'd like to remind everyone that this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors should not place undue reliance on any forward-looking statement. These statements are made only as of the date of this call and are based on management's current expectations and beliefs.

我想提醒大家，本次電話會議包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。投資者不應過度依賴任何前瞻性陳述。這些聲明僅代表截至本次電話會議當天的觀點，並且是基於管理階層目前的預期和信念。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. You should review the risks and uncertainties fully described in our SEC filings. We expressly disclaim any duty to update any forward-looking statement except as required by law.

前瞻性陳述存在風險和不確定性，可能導致實際結果與這些陳述所預期的結果有重大差異。您應仔細閱讀我們在提交給美國證券交易委員會的文件中詳細描述的風險和不確定性。除法律要求外，我們明確聲明不承擔更新任何前瞻性聲明的義務。

Additionally, we will be referencing certain non-GAAP financial measures on this call. Reconciliations of these non-GAAP financial measures to their respective, most directly comparable GAAP measure can be found in the earnings releasereis issued this morning and in the investor relations section of our website. With that, it's my pleasure to turn the call over to Steven Sills.

此外，我們將在本次電話會議上提及一些非GAAP財務指標。這些非GAAP財務指標與其各自最直接可比較的GAAP指標的調節表可以在今天早上發布的盈利報告以及我們網站的投資者關係部分找到。接下來，我很高興將電話交給史蒂文·西爾斯。

Thank you Shirley. Good morning everyone and thank you for taking the time to join our call today. I'm pleased to share that Bowhead once again delivered consistent, strong top and bottom line growth in Q3. Gross written premiums increased 17.5% year over year, while adjusted net income increased 25.5% and diluted adjusted earnings per share increased 23.7%. To $0.47 a share, these results are a testament to our disciplined approach to underwriting, the continued expansion of our craft and flow underwriting operations, and our commitment to operational excellence.

謝謝你，雪莉。各位早安，感謝大家今天抽出時間參加我們的電話會議。我很高興地宣布，Bowhead 在第三季再次實現了持續強勁的營收和利潤成長。毛保費收入年增 17.5%，調整後淨收入年增 25.5%，稀釋後調整後每股收益年增 23.7%。每股收益達到 0.47 美元，這些業績證明了我們嚴謹的核保方法、不斷擴大的專業核保和流程核保業務以及我們對卓越營運的承諾。

Starting with GWP, Bowhead generated approximately $232 million in gross written premiums during the third quarter. Our casualty division grew 20% to $145 million for the quarter. We believe the most favorable segment in the marketplace today is excess casualty business. Our excess casualty book was the primary driver of our 20% growth.

從 GWP 開始，Bowhead 在第三季創造了約 2.32 億美元的毛保費收入。本季度，我們的意外險業務成長了 20%，達到 1.45 億美元。我們認為，目前市場上最有利的細分市場是超額責任險業務。我們的超額意外險業務是我們實現 20% 成長的主要驅動力。

Given the recent industry adverse reserve development reported in casualty lines, I wanted to take a moment to revisit the two key areas we believe set us apart from the markets experiencing these challenges. First, our timing. We launched our casualty division at the end of 2020, giving us the opportunity to capitalize on the hardening ENS casualty market.

鑑於近期意外險業務準備金出現不利變化，我想藉此機會回顧我們認為使我們區別於其他面臨這些挑戰的市場的兩個關鍵領域。首先，是時機。我們在 2020 年底推出了意外險部門，這讓我們有機會利用日益嚴峻的 ENS 意外險市場。

While legacy carriers were grappling with pre 2020 losses, we entered a market being able to properly price business, a market that could be characterized by compounded rate increases, stronger terms and conditions, and lower average limit deployment.

當傳統保險公司還在為 2020 年前的虧損而苦苦掙扎時，我們進入了一個能夠合理定價的市場，這個市場的特點是費率不斷上漲、條款和條件更加嚴格以及平均限額部署更低。

Second, our discipline. We are highly selective in the casualty risks we write and equally intentional about the risks we choose to avoid. In our business picking winners is not as important as avoiding losers. Our casualty division offers specialized primary and excess general liability coverage through a wholesale only distribution channel focusing on the construction, distribution, manufacturing, real estate, and public entity segments.

第二，我們的紀律。我們對承保的意外傷害風險有著非常嚴格的選擇，對我們選擇避免的風險也同樣有明確的目標。在我們的產業裡，挑選贏家不如避免輸家重要。我們的意外險部門透過僅限批發的分銷管道，提供專門的初級和超額一般責任保險，重點服務於建築、分銷、製造、房地產和公共實體領域。

Our casualty division rarely writes Fortune 1,000 business, which we believe has historically been underpriced. We also do not write primary commercial auto business, as well as many of the other classes that have been the source of adverse reserve development for others over the past several years.

我們的意外險部門很少承保財富 1000 強企業的業務，我們認為這些業務歷來定價偏低。我們也不承保主要商業汽車業務，以及過去幾年中導致其他公司準備金產生不利影響的許多其他類別的業務。

Although we have auto exposure on our excess follow form policies, we believe we appropriately price for this risk. With the timing of our casualty division launch, the specialized products we offer, the risks we deliberately avoid, and our disciplined underwriting approach, we believe we have built a casualty underwriting operation positioned for profitable and sustainable growth.

雖然我們的超額後續保單存在汽車保險風險，但我們認為我們已經對這種風險進行了適當的定價。憑藉我們推出意外險部門的時機、我們提供的專業產品、我們刻意規避的風險以及我們嚴謹的承保方法，我們相信我們已經建立了一個能夠實現盈利和可持續增長的意外險承保業務。

Turning to our health care liability division, our premiums increased 11% to $35 million, driven by the growth in our health care management liability, hospitals, and senior care portfolios. As we review both new and renewal submissions, we remain disciplined. When an account's conditions no longer meet our underwriting standards, we're prepared to let other carriers write those accounts.

再來看我們的醫療保健責任險部門，由於醫療保健管理責任險、醫院和老年護理險組合的增長，我們的保費增長了 11%，達到 3500 萬美元。在審核新申請和續簽申請時，我們始終保持嚴謹的態度。當某個帳戶的條件不再符合我們的承保標準時，我們準備讓其他保險公司承保這些帳戶。

In our professional liability division, premiums increased 2% to $46 million for the quarter, driven by the growth in commercial, public DNO and cyber liability. This growth was partially offset by the decline in premiums written in our financial institutions portfolio, a sector we highlighted last quarter that suffers from an overabundance of competitors.

在我們的專業責任險部門，本季保費成長了 2%，達到 4,600 萬美元，主要得益於商業責任險、公共配電網路營運商責任險和網路責任險的成長。這一成長部分被我們金融機構投資組合中保費收入的下降所抵消，我們上個季度重點介紹了該行業，該行業面臨著競爭對手過多的問題。

The growth in our cyber liability portfolio was made possible by utilizing the technology driving Bayleen's growth. Speaking of Bayen, we're pleased to report that we generated $6.2 million in premium during the quarter, which was 83% growth from Q2. And exceeded total premiums written by Beyen in the first half of 2025. We're excited about the momentum we've achieved in the third quarter and look forward to reporting Bayen's continued strong growth in Q4.

我們網路責任險業務組合的成長得益於利用了推動 Bayleen 發展的技術。說到 Bayen，我們很高興地報告，本季度我們獲得了 620 萬美元的保費收入，比第二季度增長了 83%。並且超過了 Beyen 在 2025 年上半年承保的總保費。我們對第三季度取得的良好勢頭感到興奮，並期待在第四季度繼續報告 Bayen 的強勁增長。

Turning to our views on the broader ENS market, I wanted to address the September ENS stamping data that came out of California, Florida, and Texas. Together these top ENS states reported a 1% decline in overall ENS premiums during the third quarter. However, the decline was primarily driven by the decrease in ENS property premiums, which is, I've mentioned in the past, is a segment that Bowhead does not participate in.

談到我們對更廣泛的 ENS 市場的看法，我想談談 9 月來自加州、佛羅裡達州和德克薩斯州的 ENS 沖壓數據。這些 ENS 主要州在第三季整體 ENS 保費下降了 1%。然而，下降的主要原因是 ENS 財產保險費的下降，正如我之前提到的，這是 Bowhead 沒有參與的領域。

ENS casualty premiums, which are more relevant to Bowhead, continued to grow during the quarter, and we expect this trend to persist as complex risks continue to move into the ENS market. During the quarter in casualty, we saw markets maintaining discipline in their deployment of limits and pricing. With carriers reporting recent adverse reserve development from prior accident years and increasing current accident year loss picks in casualty, we do not expect to see limits going back up or an across the board price drop anytime soon.

與 Bowhead 更相關的 ENS 意外保險保費在本季持續成長，我們預計隨著複雜風險繼續進入 ENS 市場，這一趨勢將會持續下去。本季意外險市場表現良好，我們看到各市場在限額和定價方面保持了紀律性。由於保險公司報告稱，由於前幾年的事故，近期準備金發展不利，並且本年度意外傷害損失選擇增加，我們預計短期內不會看到限額回升或價格全面下降。

Further, the Everest AIG renewal rights deal should create an opportunity for the industry to re-underwrite a large segment of the business. Turning to the ENS construction project sector, we've seen a deceleration of new large residential projects due to the uncertainty around interest rates, building materials, and labor costs. We're also seeing delays in infrastructure projects that receive public financing due to the government shutdown.

此外，Everest AIG 的續保權交易應該會為該行業創造機會，重新承保很大一部分業務。就 ENS 建築項目領域而言，由於利率、建築材料和勞動力成本的不確定性，我們看到新的大型住宅項目有所放緩。由於政府停擺，一些獲得公共資金支持的基礎設施項目也出現了延誤。

The health care liability market continues to be a competitive sector. But we've seen encouraging developments in a couple of areas. First, our reputation within the healthcare industry is generating increased opportunities for us. And second, we're starting to see exclusions for sexual abuse and molestation gain traction.

醫療責任市場仍然是一個競爭激烈的領域。但我們在一些領域看到了令人鼓舞的進展。首先，我們在醫療保健產業的聲譽正在為我們創造更多機會。其次，我們開始看到針對性虐待和性騷擾的豁免條款逐漸被認可。

In professional liability similar to last quarter with the exception of commercial public D&O, we're continuing to see challenging market conditions. Particularly in the financial institutions and large cyber liability account space as we mentioned earlier in the call, we're utilizing the technology driving Baleen's growth to cost effectively underwrite small and middle market cyber liability accounts, a space we believe to be very favorable.

專業責任險方面，與上季類似，但商業公眾董事及高階主管責任險除外，我們繼續看到充滿挑戰的市場環境。尤其是在金融機構和大型網路責任帳戶領域，正如我們之前在電話會議中提到的，我們正在利用推動 Baleen 成長的技術，以經濟高效的方式承保中小市場網路責任帳戶，我們認為這是一個非常有利的領域。

Finally, last quarter, I made a statement that I was confident that we can get our expense ratio below 30%. I'm proud to say that we achieved an expense ratio of 29.5% during the quarter. We're using technology to do more than streamline processes. It's helping us enhance decision making, improve risk selection, and support our distribution partners more effectively. In other words, we're managing expenses while also accelerating top-line growth.

最後，在上個季度，我曾表示我有信心將我們的費用率降至 30% 以下。我很自豪地宣布，本季我們的費用率達到了 29.5%。我們利用科技的目的不僅僅是簡化流程。它幫助我們提升決策能力、改善風險選擇，並更有效地支持我們的分銷合作夥伴。換句話說，我們既控制了支出，也加快了營收成長。

Leading the charge in this area is Steve Feltner, our Chief Operating Officer. I'd like to now turn the call over to Steve to discuss these initiatives. Steve.

負責這一領域的是我們的營運長史蒂夫·費爾特納。現在我想把電話交給史蒂夫，讓他來討論這些措施。史蒂夫。

Thanks, Steven, and good morning everyone. Our expense ratio improved 40 basis points year over year, reflecting continued benefits from automation, workflow optimization, and sharper execution. We've streamlined submission intake, enriched underwriting data from third-party sources, and enabled underwriters to more effectively triage opportunities. We've achieved this by delivering the information they need by the time they open the file.

謝謝史蒂文，大家早安。我們的費用率比去年同期下降了 40 個基點，反映出自動化、工作流程優化和更有效率的執行所帶來的持續效益。我們簡化了申請接收流程，豐富了來自第三方來源的承保數據，使承保人能夠更有效地對機會進行分類。我們透過在使用者開啟文件時提供他們所需的資訊來實現這一點。

We are also optimizing our rating experience. For underwriters, it means efficient data integration and a clearer view of how each risk fits into the broader portfolio.

我們也在優化評分體驗。對核保人員而言，這意味著高效的數據整合，以及更清楚地了解每項風險如何融入更廣泛的投資組合。

For actuaries, it simplifies model development and maintenance, freeing up time to collaborate more closely with underwriters. In claims, we are developing a system that will process incoming claims, provide initial assessments, and help triage workload. Allowing our claims professionals to focus where human judgment adds the most value.

對於精算師而言，它簡化了模型開發和維護，從而騰出時間與承保人更緊密地合作。在理賠方面，我們正在開發一個系統，該系統將處理收到的理賠申請，提供初步評估，並幫助分流工作量。讓我們的理賠專業人員專注於人類判斷能創造最大價值的領域。

Our approach to operating leverage is about building a foundation that scales efficiently as we grow.

我們運用營運槓桿的方法在於建構一個能夠隨著公司發展而有效率地擴展的基礎。

We expect continued improvement in our operating expense ratio as we leverage the technology investments we've made over the past 18 months in our core functions.

我們預計，隨著過去 18 個月在核心職能部門進行的技術投資得到充分利用，我們的營運費用率將持續改善。

We want to grow premium without a commensurate increase in expense. That is the essence of sustainable profitability and long-term shareholder value. Bohead has already made great strides in capturing efficiency gains, and we look forward to continuing our progress as we move through the quarters and years ahead. With that, I'll turn the call over to Brad. Brad.

我們希望在不相應增加成本的情況下提高保費收入。這就是永續獲利能力和長期股東價值的本質。Bohead 在提高效率方面已經取得了長足的進步，我們期待在未來的幾個季度和幾年裡繼續取得進展。這樣，我就把電話交給布萊德了。布拉德。

Thanks, Steve. Bowhead generated adjusted net income of $15.8 million or $0.47 per diluted share, and adjusted return on average equity of 15.1% for the third quarter of 2025. Our strong results were driven by top and bottom line growth.

謝謝你，史蒂夫。Bowhead 2025 年第三季調整後淨收入為 1,580 萬美元，即每股攤薄收益 0.47 美元，調整後平均權益回報率為 15.1%。我們強勁的業績得益於營收和利潤的成長。

Gross written premiums increased approximately 18% to $232 million for the quarter. As Stephen mentioned, we achieved growth in each of our divisions, with casualty continuing to be the largest driver and Bayleen generating $6.2 million of premiums in the quarter.

本季毛保費收入成長約 18%，達到 2.32 億美元。正如 Stephen 所提到的，我們各個部門都實現了成長，其中意外險業務仍然是最大的成長動力，Bayleen 在本季度創造了 620 萬美元的保費收入。

Turning to our loss ratio, the story is the same as the past. First, as a reminder, since we're writing long tail lines with a short history of losses, when setting our loss reserves, we're heavily reliant on industry observed loss information over our own internal data.

從虧損率來看，情況與過去一樣。首先提醒大家，由於我們寫的是損失歷史較短的長尾險，因此在設定損失準備金時，我們主要依賴行業觀察到的損失信息，而不是我們自己的內部數據。

This reliance is evident in our high ratio of IBNR as a percentage of total reserves, which was 88.2% at the end of the quarter. Second, product mix continues to affect our industry reliant loss ratio because casualty products naturally have higher current accident year loss ratio assumptions. Since these products make up an ever larger portion of our net earned premium, our loss ratio has been trending higher. This mixed change had the effect of increasing our current accident-year loss ratio by 30 basis points, from 64.5% in Q3 of last year to 64.8% this quarter.

從我們較高的 IBNR 佔總儲備金的比例可以看出這種依賴性，該比例在本季末為 88.2%。其次，產品組合持續影響我們產業所依賴的損失率，因為意外傷害產品自然有較高的當期事故損失率假設。由於這些產品在我們淨已賺保費中所佔比例越來越大，我們的賠付率也呈現上升趨勢。這項混合變化導致我們目前的事故年度損失率上升了 30 個基點，從去年第三季的 64.5% 上升到本季的 64.8%。

As I mentioned in the past few earnings calls, the change in our prior accident year loss ratio is simply due to IDNR booked on audit premiums that were billed and fully earned in the current quarter but related to policies from prior accident years. This is not based on actual losses settling for more than reserved and does not represent an increase in estimated reserves on unresolved claims. We are simply putting lost reserves into the appropriate accident year regardless of when the premiums are billed and earned. As we continue to grow and our history continues to develop, we expect the impact of the audit premiums to be less pronounced on our prior accident year reserves.

正如我在過去幾次財報電話會議上提到的，我們上一事故年度損失率的變化僅僅是因為本季度已開票並已完全賺取的審計保費中計入了 IDNR，但這些保費與上一事故年度的保單有關。這並非基於實際損失賠償金額超過準備金，也不代表未決索賠的預計準備金增加。我們只是將損失的準備金計入相應的事故年度，而不管保費何時開出帳單和賺取。隨著我們不斷發展壯大，我們的歷史也在不斷發展，我們預計審計保費對我們上一個事故年度準備金的影響將不再那麼明顯。

As a result, our loss ratio for the quarter was 65.9%, a 1.4 point increase from 64.5% year over year. As we already mentioned, our expense ratio for the quarter was 29.5%, a decrease of 40 basis points year over year.

因此，本季我們的損失率為 65.9%，比去年同期的 64.5% 增加了 1.4 個百分點。正如我們之前提到的，本季我們的費用率為 29.5%，較去年同期下降 40 個基點。

The decrease was driven by the reduction in our operating expense ratio from the continued scaling of our business, as well as the prudent management of our expenses. There's also an increase in our other insurance-related income that contributed to the reduction in our expense ratio from last year.

這一下降是由於我們業務持續擴大規模，導致營運費用率降低，以及我們對費用的審慎管理。此外，我們其他保險相關收入的增加也促成了我們費用率較去年的下降。

These favorable improvements were partially offset by the increase in our net acquisition ratio, specifically the increase in the fee we pay to American family, and to a lesser extent, increasing brokerage commissions due to portfolio mix.

這些有利的改善被淨收購率的上升部分抵消，特別是我們向美國家庭支付的費用增加，以及在較小程度上由於投資組合組合而增加的經紀佣金。

As we mentioned last quarter, we expect the increased fee we pay to American families to be offset by the continued scaling of our business and the prudent management of our expenses. Overall, the loss ratio and expense ratio contributed to a combined ratio of 95.4% for the quarter.

正如我們上個季度所提到的，我們預計向美國家庭支付的增加的費用將被我們業務的持續擴張和我們謹慎的費用管理所抵消。整體而言，本季的賠付率和費用率合計為 95.4%。

Turning to our investment portfolio, net investment income increased 31% year over year to $15 million for the quarter, primarily due to higher balance of investments and higher yields on invested assets. Our investment portfolio had a book yield of 4.8% and a new money rate of 4.6% at the end of the quarter.

再來看我們的投資組合，本季淨投資收益年增 31% 至 1,500 萬美元，主要原因是投資餘額增加和投資資產收益率提高。截至季末，我們的投資組合帳面殖利率為 4.8%，新資金利率為 4.6%。

The average credit quality of our investment portfolio remained at AA and our average duration was 2.9 years at the end of the quarter. We expect net investment income to grow in the future as the balance of our investment portfolio continues to grow. Total equity was $431 million giving us a diluted book value per share of $12.75 at the end of the quarter, an increase of 16% from year end.

截至季末，我們投資組合的平均信用品質維持在 AA 級，平均久期為 2.9 年。我們預計，隨著投資組合規模的持續成長，未來的淨投資收益也將成長。截至季末，總權益為 4.31 億美元，稀釋後每股帳面價值為 12.75 美元，比年末成長 16%。

Lastly, we announced earlier in the year that we would assess our capital needs and the appropriate source of capital based on our growth in 2025. Since we're growing faster than we anticipated at the time of the IPO and have available debt capacity in our capital structure, we are planning to access capital through resources other than the equity markets by the end of the year. With that, we'll turn the call over for questions.

最後，我們在今年稍早宣布，我們將根據 2025 年的成長評估我們的資金需求和合適的資金來源。由於我們的成長速度比 IPO 時預期的要快，並且我們的資本結構中還有可用的債務融資能力，因此我們計劃在年底前透過股權市場以外的資源獲取資金。接下來，我們將把通話交給提問環節。

Thank you. (Operator Instructions) Meyer Shields, Keefe, Bruyette & Woods.

謝謝。（操作說明）Meyer Shields、Keefe、Bruyette 和 Woods。

I'm hoping you can hear me. Good morning. Stephen, I was hoping for a little bit more color on, I guess what we had talked about as maybe some green shoots in the various D&O and cyber markets. So you talked a little bit about growth, but I was hoping for a bigger picture of how pricing for those product lines is evolving.

希望你能聽到我說話。早安.史蒂芬，我原本希望你能更詳細地介紹一下我們之前討論過的，各種董事及高階主管責任險和網路安全市場的一些復甦跡象。您剛才談到了一些成長方面的內容，但我希望您能更全面地介紹一下這些產品線的定價是如何演變的。

Sure, Pretty much flat, maybe a little bit up, but it's still highly competitive and certainly a lot more competitive than what we're seeing in the casualty space and what we're seeing in, the hospital space and the senior living space, but it's not an area that we're seeing or looking for big growth anytime soon. As I've mentioned before, the financial institution space which, a few years back used to be viewed as kind of rarefied air. If there were 50 commercial DNO markets, there were maybe 20 financial institution markets. Now for some reason I think a lot of people are piling into that space. I think it was last quarter, the quarter before I mentioned the private equity firm that that had a tower loss and they ended up securing. A, decrease on their renewal and we stepped away from it, but it's still very competitive. I would not look for big growth from us in that space.

當然，基本上持平，可能略有上升，但競爭仍然非常激烈，而且肯定比我們在急診領域、醫院領域和養老領域看到的競爭要激烈得多，但我們預計這個領域近期不會出現大幅增長。正如我之前提到的，金融機構領域，幾年前被視為一種高不可攀的領域。如果商業配電網路營運商 (DNO) 市場有 50 個，那麼金融機構市場可能只有 20 個。現在不知何故，我覺得很多人都湧入了這個領域。我想應該是上個季度，就是我提到那家私募股權公司之前那個季度，他們遭遇了塔樓損失，但最後還是獲得了賠償。A，他們的續約率下降了，我們也放棄了，但競爭仍然非常激烈。我不認為我們在這個領域會有很大的成長。

Okay, that's very helpful. And moving to healthcare, are there markets for the sexual molestation cover that's being excluded? Is that something that Bohood is interested in?

好的，這很有幫助。再來看醫療保健方面，目前被排除在外的性騷擾保險是否有市場？Bohood對這個有興趣嗎？

There is some talk of that with lower limits, that's been the source of some very serious, very large claims, on a lot of health care systems, and for the most part it's not totally excluded everywhere now it's, but the market is starting to accept that exclusion in that space going forward. But, I think there will be some markets available, I believe, offering lower limits, for that SA coverage.

有人談到降低賠償限額，這導致許多醫療保健系統出現了一些非常嚴重、數額巨大的索賠，而且現在大部分地區還沒有完全排除賠償限額，但市場開始接受未來在這一領域排除賠償限額的做法。但我認為，市面上應該會有一些市場提供較低限額的SA保險。

Great. Thank you so much.

偉大的。太感謝了。

Daniel Lee at Morgan Stanley.

摩根士丹利的丹尼爾李。

My first question is just on growth for the casualty business. I know the construction projects book was a driver for top-line previously, but I feel the construction market feels softer now except for maybe data centers. Can you talk about Business opportunities going forward with that instruction.

我的第一個問題是關於意外險業務的成長情況。我知道建築專案訂單以前是營收成長的驅動力，但我覺得現在建築市場似乎比較疲軟，也許資料中心除外。您能否談談根據這項指示，未來的商業機會有哪些？

Well, you're right, there is expected growth in the data center space. I'm not sure how much we'll participate in that because some of the terms and conditions that are being looked for are things that, we may not find favorable whether in terms of reinstatement of limits or things like that, but there will be plenty of other construction projects, we think that once the government shutdown.

沒錯，資料中心領域預計會有成長。我不確定我們會參與到什麼程度，因為他們提出的一些條款和條件可能對我們不利，例如恢復限制之類的，但我們認為一旦政府停擺，就會有很多其他的建設項目。

Ends, it'll shake loose funds for projects that were planned and, so we still think that there's going to be plenty of opportunity in the future. One of the things, of course we are concerned about is, by planning too much in doing project business. It becomes very lumpy, so we're available when the opportunities come, but it's less predictable in terms of, future opportunities, but we do see, the practice policies we see opportunities there and the construction will come, it's just going to be lumpy.

結束後，這將釋放出一些資金用於已計劃的項目，因此我們仍然認為未來會有很多機會。當然，我們擔心的問題之一是，在專案業務中計劃太多。情況變得非常不穩定，所以我們會在機會來臨時抓住它，但未來的機會不太可預測，但我們確實看到，實踐政策中存在機會，建設也會隨之而來，只是情況會比較不穩定。

Got it. Thank you. My second question is more on Bayne. As we head into 2026 and, Bayen continues to ramp up, Will you pursue more wholesale partnerships to kind of expand the distribution network or maybe potentially new product lines that you may consider adding for Bale?

知道了。謝謝。我的第二個問題更與貝恩有關。隨著我們邁入 2026 年，Bayen 繼續擴大規模，您是否會尋求更多批發合作夥伴關係來擴大分銷網絡，或者考慮為 Bale 添加新的產品線？

The question was adding.

問題是補充。

Yeah, they'll be doing, partnerships or.

是的，他們會進行合作或其他形式的合作。

Yeah, we'll keep it a couple of things. Let me talk around the whole subject. Beyen at the current time is wholesale only. We started out with, a limited number of wholesalers. There will be opportunities to add more wholesalers down the road.

是的，我們會保留幾樣東西。讓我繞個彎子說說這個話題吧。Beyen目前只提供批發服務。我們最初只有數量有限的批發商。未來還有機會增加更多批發商。

But just as important as what we're doing with Beleen itself is the technology that we're using that technology that, products that we're going to be using that for in the, future and even what we're using it for right now. Keep in mind it enabled us to go almost virtually no touch in some very small business. And that's a lot of what we're seeing right now, that technology is enabling us to leverage our underwriting capabilities in risk that's starting to become a little bit larger, a little bit more complex, and one area that that's happening is in the small cyberspace companies we started out.

但與我們對 Beleen 本身所做的工作同樣重要的是，我們正在使用的技術，這項技術，我們將來將用這項技術開發的產品，甚至是我們現在正在用這項技術開發的產品。請記住，這使我們能夠在一些非常小的企業中幾乎完全實現零接觸。而這正是我們目前所看到的，科技使我們能夠利用承保能力來應對風險，這些風險開始變得更大、更複雜，而這種情況正在我們最初起步的小型網路空間公司中出現。

With companies less than $25 million in revenue now moving up to $50 million in revenue that are now virtually no touch, so whereas an underwriter by the time they started to look through all the material, the file gets set up, it took a certain amount of time and we just didn't have, the resources to be able to do that. What we're able to do now is leverage underwriters that are compensated less than the highest paid people in the company and enable them to spend a few minutes on the account for it to get underwritten and, quoted, and we think that once we extend that into areas. Beyond, cyber, such as small casualty business where we actually get hundreds if not thousands of submissions that are just too small for our appetite and capabilities today, we're ultimately and not too long in the future be able to start underwriting those, in very short order.

如今，收入低於 2,500 萬美元的公司發展到收入高達 5,000 萬美元的公司，幾乎不再與保險公司接觸。以前，保險公司要審查所有資料，建立文件，這需要一定的時間，而我們沒有足夠的資源來完成這項工作。我們現在能夠做到的，是利用公司裡收入低於最高薪員工的承保人，讓他們花幾分鐘時間處理保單，完成承保和報價。我們認為，一旦我們將這種模式推廣到其他領域，就能取得更大的成功。除了網路安全業務，例如小型意外傷害業務，我們實際上會收到數百份申請，但這些申請的規模對於我們目前的能力和需求來說都太小了。最終，在不久的將來，我們將能夠開始承保這些業務，而且速度會非常快。

Got it. Thank you.

知道了。謝謝。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

All right. Hopefully the unmute worked. Good morning. My first question, maybe I'll take a The fact that Steve is on the line right now and that's on the operating expense ratio.

好的。希望取消靜音功能生效了。早安.我的第一個問題，也許我會說，史蒂夫現在正在處理這件事，這與營運費用率有關。

Thank you for the caller on the call about the technology advancements that you're putting through to help on that front. How much of the improvement, the operating expense ratio this quarter was kind of due to, these efficiencies, the technology-driven improvement, and where do you think that operating expense ratio can go to? In 2026, 2027, or over the medium term.

感謝來電者就貴公司為解決此問題而推進的技術進步進行諮詢。本季營運費用率的改善有多少是由於這些效率提升和技術驅動的改進所造成的？您認為營運費用率還能降低到什麼程度？2026年、2027年或中期內。

Hey, Cave, this is Brad. Maybe I'll take a stab first at some of your trajectory questions and then hand over to Steve to give some more color, but, and thanks for joining us in initiating coverage recently on this, but it, it's really hard, as you can imagine, to parse out, how much of the efficiency gains is driving the expense ratio.

嘿，凱夫，我是布萊德。也許我會先試著回答你的一些關於發展軌跡的問題，然後再交給史蒂夫來補充更多細節。感謝你最近加入我們，開始關注這個問題。但是，正如你所能想的，要弄清楚效率提升究竟有多少導致了費用率的上升，這真的很難。

But we are comfortable that that's what's driving it. Obviously, we've got the American family fee going up. We've got commissions, pretty steady going up maybe a little bit. So, there's some puts and takes in there. But, when we look at our staff costs in particular, there's no doubt that that is driving some savings into our expense ratio because of these efficiencies that Steve mentioned. So, hopefully that helps me I'll I'll hand it over to Steve, if you want to get some color on those efficiencies.

但我們相信這就是背後的驅動力。顯然，美國家庭費用要漲了。我們有佣金，而且相當穩定，可能還有小幅成長。所以，這裡面有一些投入和收穫。但是，當我們特別關注員工成本時，毫無疑問，由於史蒂夫提到的這些效率提升措施，我們的費用率正在節省一些費用。希望這對我有幫助。如果你想更詳細地了解這些效率方面的情況，我會把它交給史蒂夫。

Yeah, sure, I'd love to. Thanks, Kate, for the question. Some of these initiatives we have in place, others are coming and we're working on in progress. I think as we continue down this road, the efficiencies will be had by the underwriters and other core functions, and as Brad mentioned, we'll continue to see.

當然，我很樂意。謝謝凱特的提問。有些措施我們已經落實到位，有些措施正在籌備和推進中。我認為，隨著我們繼續沿著這條路走下去，承保人和其他核心職能部門將會提高效率，正如布拉德所提到的那樣，我們將繼續看到這一點。

The influence of that on our operating expense ratio, as we go forward. We're kind of in, we're in the stage now where, we're taking our processes, and procedures, up to industrial strength so we can continue to scale, efficiently, in the quarters and years ahead.

這將對我們的營運費用率產生影響，讓我們拭目以待。我們現在正處於這樣一個階段：我們將流程和程序提升到工業級水平，以便在未來的幾個季度和幾年裡繼續有效率地擴大規模。

Okay. My, follow-up question, Brad, is for you. Right at the end of your prepared remarks, you mentioned that you won't need to tap the equity market to fund, growth for 2026. Could you maybe give us a bit more color, just given that your net premium to equity is already above 1.2x, are you thinking about, getting some kind of a debt that has equity-like features?

好的。布拉德，我的後續問題是問你的。在您準備好的發言稿的最後，您提到您不需要藉助股票市場來為 2026 年的成長提供資金。能否再詳細說明一下？鑑於您的淨溢價已經超過 1.2 倍，您是否考慮過獲得某種具有類似股權特徵的債務？

Still TBD. I don't want to get into too many details on that. But I think what we are comfortable with is we're not going to go to the equity markets to raise equity on this. We do think that, net premium, the surplus ratio, will continue the trajectory under 1, for the, in the next couple of years, but, stay tuned on the exact details of what we're looking at.

待定。我不想過多贅述細節。但我認為我們可以放心的是，我們不會為了這個專案而進入股票市場籌集資金。我們認為，在未來幾年內，淨保費和盈餘比率將繼續低於 1，但請繼續關注我們正在研究的具體細節。

Okay. Thanks for that.

好的。謝謝。

Pablo Singzon, J.P. Morgan.

巴勃羅·辛格松，摩根大通。

Hi, can you hear me?

你好，你聽得到我說話嗎？

Yes.

是的。

Okay, thanks. So first question, I wanted to get an update on your medium-term view of gross premium growth, right? So, 18%, the score is still a good number. It's off a tough comp in '24, but it is slower than the high 20s you're putting up in the first half of the year. So it's just any thoughts and recognizing that you don't write properly, right? So that's good. But any thoughts there? And I guess I really question that as you grow the premium book, How much incremental expense you need to add, right? And here I'm thinking more about underwriting teams, to generate the growth you anticipate. Thanks.

好的，謝謝。首先，我想了解一下您對毛保費成長的中期看法，對嗎？所以，18%這個分數還是個不錯的數字。雖然 2024 年的比賽競爭很激烈，但比起今年上半年打出的 20 多桿的成績，這個成績還是慢一些。所以，就是隨便想想，然後才意識到自己寫得不好，對吧？那很好。大家有什麼想法嗎？我想問的是，隨著高階客戶群的成長，需要增加多少額外支出，對吧？我在這裡更多地是在考慮承保團隊，以實現你所期望的成長。謝謝。

Well, We're always on the lookout for places where we can grow in terms of new opportunities. We did that, with environmental last last year that's slowly growing, but back to the technology for second, that's an area where there's some small environmental business that our technology will be able to, enable us to really grow that business without adding to a lot more staff. But we're interested in new products along the way. American Family is, open to discussions in opening new areas.

我們一直在尋找能夠帶來新發展機會的地方。去年我們在環境領域取得了進展，雖然成長緩慢，但回到科技領域，這是其中一個領域，有一些小型環境企業，我們的技術能夠幫助他們真正發展業務，而無需增加大量員工。但我們對一路走來的新產品也感興趣。美國家庭保險公司對開拓新領域持開放態度，樂於進行相關討論。

So that is an area to grow, having said that, there's still a lot more growth available, we think in the casualty space, whether it's, Bayen type growth, the small business that we're calling express at this time. And also in the healthcare space, so, we don't think we're running out of runway by any means in what it is we have to do, with what it is we've got on our plate right now but we are open to new opportunities.

所以這是一個有待發展的領域，話雖如此，我們認為在意外險領域，無論是像 Bayen 那樣的發展，還是我們目前稱之為「快速通道」的小型企業，都還有很大的發展空間。在醫療保健領域也是如此，所以我們不認為我們在必須做的事情上，在我們目前正在處理的事情上，會面臨任何困難，但我們對新的機會持開放態度。

Understood. So it sounds like, and I don't want to put words in your mouth, Stephen, but it sounds like just given what you have now, you think the market is growing and without adding significant headcount or expense, you think the premiums will come your way? Is that sort of a fair assessment of where things stand now?

明白了。所以聽起來，我不想替你說話，史蒂芬，但聽起來你認為就你目前的情況而言，市場正在成長，而且無需增加大量人員或開支，你認為保費就會隨之而來？這樣評估目前的狀況是否合理？

Yes, I think when you talk about, headcount, it's the type of headcount that we've been adding. When you look at the type of people that were necessary to start up the business versus, now as we move down into smaller business, it's a different level of headcount. And so, but in terms of how we see the growth and the number of headcount for the year going forward versus the year in the past, it'll definitely be leveraged that the growth per headcount ad will be a lot more, going forward than in the past.

是的，我認為當你談到人員數量時，指的是我們一直在增加的人員類型。當你比較當新創企業所需的人員類型，再看看現在我們進入小型企業領域，就會發現所需的人員數量已經截然不同了。因此，就我們如何看待未來一年的成長和員工人數與過去一年相比而言，可以肯定的是，未來每人成長的幅度將比過去大得多。

Understood. And this will be my third question, so my apologies. I'll just squeeze this one in, but, I think there's a broad view at this point that accident years during the hard markets post 2020 might not have as much margin as initially thought, right? Mainly because lost trends just developed more unfavorably than what people had expected. So I guess, either for you, Steven or Brad, do you agree with this? The sort of like, I, I'll call it like broad consensus view. Are you seeing it in your book in some way, right? I know it's a long tale, but maybe there's something that's showing in the page, and then I guess me for, at what point would you actually start recognizing favorable or unfavorable reserve development, right? Again, recognizing that your book is quite young and you want to have credibility in the data. Thanks.

明白了。這將是我的第三個問題，請見諒。我再補充一點，我認為目前普遍認為，2020 年之後市場低迷時期發生的意外事件可能沒有最初想像的那麼大的利潤空間，對嗎？主要原因是，失去的趨勢發展得比人們預期的還要不利。所以我想問，無論是你，史蒂文還是布拉德，你們同意這種說法嗎？我姑且稱之為，廣泛的共識觀點。你在書中以某種方式看到了這一點，對嗎？我知道這說來話長，但也許頁面上會透露出一些信息，然後我想問的是，你究竟會在什麼時候開始意識到有利或不利的儲備開發情況，對吧？再次強調，你的書出版時間還很短，你希望數據有可信度。謝謝。

Yeah, I think your last thought is important that it's still young and it is too early to say. I think, over the last few years, people have been cutting limits while they're raising price. So maybe people who haven't cut limits fast enough or put out too much limits, there could be some adverse development. I have no idea at this point in time. But it's certainly better than it was prior to when, we got into the marketplace. Brad, do you want to add some more color on that? Yeah, oh.

是的，我認為你最後一點很重要，這項技術還處於發展初期，現在下結論還為時過早。我認為，在過去幾年裡，人們在提高價格的同時卻在削減消費限額。所以，那些沒有及時削減限製或製定過多限制的人，可能會出現一些不利的發展。目前我還沒有任何頭緒。但肯定比我們進入市場之前的情況要好得多。布萊德，你想再給它加點顏色嗎？是啊，哦。

I just mentioned everybody that we've seen on the more recent accident years. That have come out with adverse development. When we've looked at what we could see, we're comfortable that we're not in the same space. It's auto business, or it's primary hub, or, just not reflective of our book. That being said, we are doing, in Q4, we do our annual re review of our reserves with our external actuaries. So, we, we'll have more color, I think, on reserves and some of our characteristics, how those are developing, after year end, but so far, so good from our perspective.

我剛才提到的都是我們在最近幾年事故中遇到的那些人。這些都出現了不利的發展。當我們審視了我們所能看到的一切之後，我們確信我們不在同一個空間。它要不是汽車產業，就是主要樞紐，或者，根本就與我們的帳目不符。也就是說，在第四季度，我們會與外部精算師一起對我們的準備金進行年度重新審查。所以，我認為，在年底之後，我們會對儲備金和我們的一些特點，以及它們的發展情況，有更詳細的說明，但就目前而言，從我們的角度來看，一切都很好。

All right. Thank you both.

好的。謝謝你們兩位。

(Operator Instructions) Paul Newsome, Piper Sandler.

（操作說明）保羅·紐瑟姆，派珀·桑德勒。

Good morning. Thanks for the call. I would like to revisit the capital, question a little bit. Beyond, debt and equity, are you also looking at other alternative sources of capital like reinsurance changes?

早安.謝謝你的來電。我想重訪首都，問一些問題。除了債務和股權之外，您是否也在考慮其他替代性資金來源，例如再保險變更？

Hey Paul, it's Brad. Yeah, I mean, that's always an option. The, when we look at our capital specifically for 2025, we have a requirement to maintain a certain level of capital for our RBC by the end of the year. So, reinsurance, options to meet that requirement are kind of limited, but we do look at reinsurance long-term and do we have the optimal structure both from a risk appetite, as well as from a capital, balance. But for now, I think the only thing we've really taken off of the schedule for the current year's capital raises, an equity raise, and we just wanted to be clear with everybody on that.

嘿，保羅，我是布萊德。是的，我的意思是，這始終是一個選擇。那麼，當我們具體檢視 2025 年的資本時，我們需要在年底前維持一定的 RBC 資本水準。因此，滿足這項要求的再保險選擇相當有限，但我們會從長遠角度考慮再保險，看看我們是否擁有最佳的結構，無論從風險承受能力還是資本平衡的角度來看都是如此。但就目前而言，我認為我們今年的融資計畫中唯一真正取消的就是股權融資，我們只是想就這一點向大家說明清楚。

Thank you. And the different topic, the investment portfolio is obviously maturing, it's reliability line sums. You're, I would imagine you're still in the position where your float is growing as your book matures. Does that imply any changes perspectively as the float grows relative to equities, capital that you might be making in the future?

謝謝。另一個主題是，投資組合顯然正在走向成熟，這是可靠性指標的總和。我想你現在的情況應該是，隨著你的書越來越成熟，你的資金也不斷增加。隨著流通股相對於股票的成長，這是否意味著你未來可能獲得的資本會改變？

I'm not sure I understand the question. Can you maybe restate it, Paul float in.

我不太明白這個問題。保羅，你能再複述一次嗎？

The, you, you're all liability business, which means that the float will become an increasingly important part of what you do, and you'll have higher amount of float relative to your equity over time. I'm just curious if that potential change in the portfolio itself implies any changes in the investment portfolio perspective.

你，你所有的業務都是負債業務，這意味著浮存金將成為你業務中越來越重要的一部分，隨著時間的推移，你的浮存金相對於你的權益將會更高。我只是好奇，投資組合本身的這種潛在變化是否意味著投資組合觀點的任何變化。

Got you. Okay, sorry, I was thinking float on our own equity, but, oh, got you. I see what you're saying. No, I don't think so. We, we're really happy with our portfolio as it is, our investment portfolio. We are still adding to it quite a bit. As you mentioned, we write long tail lines.

抓到你了。好的，抱歉，我原本想的是用我們自己的股權進行上市，但是，哦，我明白了。我明白你的意思了。不，我不這麼認為。我們對目前的投資組合非常滿意。我們還在不斷地添加新的內容。正如您所提到的，我們撰寫長尾文案。

So, the benefit of that is collecting the premium and hopefully not pay a claim, until much later, in the policy. But, we're still growing that portfolio. We think, when we look at our returns, we focus on risk-adjusted returns, and we think on a risk-adjusted basis, our returns are best in class. So, we're really happy with the current structure. We'll continue to assess it as obviously the, Interest rates change and the macro environment changes, but presently we're pretty happy with it.

因此，這樣做的好處是收取保費，並且希望在保單生效後的很長一段時間內都不會支付賠款。但是，我們仍在不斷擴大投資組合。我們認為，當我們審視我們的收益時，我們關注的是風險調整後的收益，我們認為，從風險調整的角度來看，我們的收益是同類最佳的。所以，我們對目前的組織架構非常滿意。我們會繼續評估情況，因為利率和宏觀環境都會發生變化，但目前我們對情況相當滿意。

Great. Appreciate the help as always. Thank you very much.

偉大的。一如既往地感謝您的幫助。非常感謝。

That concludes the question-and-answer portion of today's call. I will now hand the call back to Stephen Sills, CEO, for closing remarks.

今天的電話會議問答環節到此結束。現在我將把電話轉回給執行長史蒂芬·西爾斯，請他作總結發言。

Thank you. Bowhead delivered another quarter of strong results. Thank you to our Bowhead team members for your continued dedication to everyone else joining us on the call today, we appreciate your support and we'll speak to you along the way. Thank you and goodbye.

謝謝。Bowhead公司又一個季度取得了強勁的業績。感謝 Bowhead 團隊成員們一直以來的奉獻精神，也感謝今天所有參加電話會議的朋友們，我們感謝你們的支持，我們稍後會與你們交流。謝謝，再見。

Thank you for joining today's session. The call has now concluded.

感謝您參加今天的會議。通話已結束。