Bowhead Specialty Holdings Inc. (BOW) 2026 Q1 法說會逐字稿

Hello, and welcome to Bowhead Specialty Q1 2026 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

您好，歡迎參加 Bowhead Specialty 2026 年第一季財報電話會議。(接線員指示) 另外提醒各位，本次會議將被錄音。如有任何異議，請於此時中斷連線。

With that, I'd like to turn the call over to Shirley Yap, Head of Investor Relations. Shirley, you may begin.

接下來，我想把電話會議交給投資人關係主管 Shirley Yap。Shirley，請開始。

Thanks, Mariana. Good morning, and welcome to Bowhead's first-qarter 2026 earnings conference call. I'm Shirley Yap, Bowhead's Chief Accounting Officer and Head of Investor Relations. Joining me today are Stephen Sills, our Chief Executive Officer; and Brad Mulcahey, our Chief Financial Officer. And as we have done in previous quarters, we have invited a key member of our management team to our earnings calls to share insights from their area of expertise.

謝謝你，Mariana。各位早安，歡迎參加 Bowhead 2026 年第一季財報電話會議。我是 Shirley Yap，Bowhead 的首席會計官兼投資人關係主管。今天與我一同出席的有我們的執行長 Stephen Sills，以及財務長 Brad Mulcahey。如同過去幾季一樣，我們也邀請了管理團隊的一位關鍵成員參與財報電話會議，分享其專業領域的洞見。

Today, we are joined by Brandon Mezick, our Head of Digital, who will walk us through Bowhead's Digital Underwriting initiatives, which cover Baleen Specialty and Bowhead Express.

今天我們邀請到數位業務主管 Brandon Mezick，他將帶領我們了解 Bowhead 的數位核保（Digital Underwriting）計畫，涵蓋 Baleen Specialty 與 Bowhead Express。

Turning to our performance. Earlier this morning, we released our financial results for the first quarter of 2026. You can find our earnings release in the Investor Relations section of our website. And later this evening, you'll also be able to find our Form 10-Q on our website.

接著談我們的表現。今天稍早，我們已公布 2026 年第一季的財務結果。您可在我們網站的投資人關係專區找到財報新聞稿。此外，今晚稍晚您也將可在我們網站上找到 Form 10-Q。

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. 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.

提醒各位，本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。投資人不應過度依賴任何前瞻性陳述。這些陳述僅截至本次電話會議日期，並以管理層目前的預期與信念為基礎。前瞻性陳述受風險與不確定性影響，可能導致實際結果與這些陳述所預期者出現重大差異。請您查閱我們向 SEC 申報文件中對風險與不確定性的完整說明。除法律要求外，我們明確聲明不承擔更新任何前瞻性陳述之義務。

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 release we issued this morning and in the Investor Relations section of our website.

此外，我們在本次電話會議中將引用若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與其各自最直接可比的 GAAP 指標之調節表，可在我們今早發布的財報新聞稿以及網站投資人關係專區中找到。

With that, it's my pleasure to turn the call over to Stephen Sills.

接下來，我很高興把電話會議交給 Stephen Sills。

Thank you, Shirley. Good morning, everyone, and thank you for taking the time to join us today. Bowhead delivered a strong start to 2026 with gross written premiums increasing 24% year over year to approximately $217 million. Once again, we delivered disciplined premium growth across all divisions, with casualty driving the largest growth complemented by strong execution in Baleen.

謝謝你，Shirley。各位早安，感謝大家今天撥冗參與。Bowhead 在 2026 年開局表現強勁，總簽單保費（GWP）年增 24%，至約 2.17 億美元。我們再次在所有事業部門實現有紀律的保費成長，其中以意外險（Casualty）帶動最大增幅，並由 Baleen 的強勁執行表現相輔相成。

Starting with Casualty, GWP increased more than 20% to $147 million in the quarter. We continue to grow in areas where terms and pricing were favorable, while contracting in areas where we saw downward pricing pressure due to an overabundance of supply. This quarter, growth in casualty was driven by our excess portfolio. The major contributors included strong rate on our real estate book, new construction projects, and an increase in manufacturing and hospitality business.

先從意外險（Casualty）談起，本季 GWP 成長超過 20%，達 1.47 億美元。我們持續在條款與定價有利的領域擴張，同時在因供給過剩而出現下行定價壓力的領域收縮。本季意外險的成長主要由我們的超額（excess）組合所帶動。主要貢獻包括我們不動產業務的強勁費率、新建工程專案，以及製造業與餐旅業務的增加。

Though we see some downward pressure from admitted carriers, nonrisk-bearing MGAs and broker sidecars overall, while there are certainly exceptions, we still see the market exercising discipline in limit deployment and coverage expansion. That said, we continue to believe excess casualty remains the most favorable segment in our marketplace today.

儘管我們整體上看到來自持牌（admitted）保險公司、不承擔風險的 MGA，以及經紀商 sidecar 的一些下行壓力，但雖然確實有例外情況，我們仍看到市場在承保額度（limit）投放與保障範圍擴張方面維持紀律。即便如此，我們仍相信超額意外險（excess casualty）仍是目前我們市場中最有利的細分領域。

Turning to professional liability, GWP increased 6% to approximately $28 million in the quarter. Our growth was primarily driven by our Cyberliability Express portfolio, which targets small and midsized accounts through our digital underwriting platform. Partially offsetting this growth was a reduction in our commercial public D&O portfolio, driven by lost renewals to markets who we believe have overaggressive appetites and little to no discipline.

再看專業責任險（professional liability），本季 GWP 成長 6%，至約 2,800 萬美元。我們的成長主要由 Cyberliability Express 組合所帶動，該組合透過我們的數位核保平台鎖定中小型客戶。部分抵銷此成長的是我們商業公共 D&O（董事及高階主管責任險）組合的縮減，原因是續保流失至我們認為承保胃納過於激進、且幾乎沒有紀律的市場。

In our Healthcare Liability division, GWP increased 28% to more than $30 million in the quarter. Growth was driven by our hospitals, senior care and miscellaneous medical facilities portfolios. While we remain disciplined in expanding the book and reducing average limits deployed, the market remains challenging, particularly in connection with coverage associated with sexual abuse and molestation.

在我們的醫療照護責任險（Healthcare Liability）事業部，本季 GWP 成長 28%，至超過 3,000 萬美元。成長動能來自我們的醫院、長者照護以及其他醫療機構組合。雖然我們在擴大業務組合並降低平均投放額度方面仍維持紀律，但市場依然充滿挑戰，特別是在與性侵害與猥褻相關的保障方面。

Finally, we're pleased to report that Baleen generated over $11 million in premiums during the quarter, an encouraging start to the year that reinforces the confidence we have in our digital underwriting platform.

最後，我們很高興報告 Baleen 本季產生超過 1,100 萬美元的保費，為今年帶來令人鼓舞的開局，也強化了我們對數位核保平台的信心。

As a reminder, we built Bowhead to deliver sustainable and profitable growth across market cycles, and we do so by delivering our products through two complementary underwriting platforms. The first is our craft underwriting platform, which is our foundation, led by experienced underwriters who specialize in complex, non-standard, high-severity risks and who deliver tailored solutions for our brokers and insurers.

提醒各位，我們打造 Bowhead 的目標，是在不同市場循環中提供可持續且具獲利性的成長；我們透過兩個相輔相成的核保平台來交付產品。第一個是我們的工匠式核保（craft underwriting）平台，這是我們的基礎，由資深核保人員領導，專精於複雜、非標準、高嚴重度風險，並為我們的經紀商與被保險人提供量身打造的解決方案。

The second is our digital underwriting platform comprised of Baleen and Express, which represents our cutting-edge approach to specialty flow business. As Shirley mentioned, we have Brandon Mezick, our Head of Digital, here with us today.

第二個是由 Baleen 與 Express 組成的數位核保平台，代表我們對專業險流量型業務（specialty flow business）的前沿作法。如 Shirley 所提到的，今天我們也邀請到數位業務主管 Brandon Mezick 與我們同在。

Having launched our digital underwriting platform and is leading the expansion of our digital initiative, I'm pleased to pass the call over to Brandon to walk you through the details. Brandon?

他已推出我們的數位核保平台，並領導數位計畫的擴張；我很高興把電話會議交給 Brandon，請他帶各位了解細節。Brandon？

Thanks, Stephen. I'll take a few minutes to describe our digital underwriting businesses, Baleen Specialty and Bowhead Express, and why we believe they represent a long-term structural advantage for Bowhead.

謝謝你，Stephen。我將用幾分鐘介紹我們的數位核保業務——Baleen Specialty 與 Bowhead Express——以及我們為何相信它們能為 Bowhead 帶來長期的結構性優勢。

The core thesis is straightforward. Craft underwriting by its nature, is hyper cycle sensitive. As market conditions shift, the risk-adjusted opportunity set in large account E&S narrows. Digital underwriting gives us a durable complementary channel, one that is specifically designed to access the SME E&S market efficiently and we believe more profitably with less volatility.

核心論點很直接。工匠式核保（craft underwriting）本質上對市場循環高度敏感。隨著市場狀況變化，大型帳戶 E&S（超額及剩餘險）中經風險調整後的機會集合會縮小。數位核保為我們提供一個持久且互補的通路，該通路專為高效率地切入 SME E&S 市場而設計；我們相信它能以更高獲利、較低波動性來運作。

The SME E&S market represents a massive opportunity, one that has historically required more underwriting effort than the returns justified because the right technology wasn't available. Our digital platforms change that equation, bringing technology-enabled efficiencies without sacrificing the underwriting discipline that defines Bowhead.

SME E&S 市場代表龐大機會；過去由於缺乏合適的技術，所需的核保投入往往高於其合理回報。我們的數位平台改變了這個等式，在不犧牲 Bowhead 所定義的核保紀律下，帶來以科技驅動的效率提升。

Starting with Baleen, we focus exclusively on the E&S market. We target customers who are not eligible for admitted products, and we work through binding and light brokerage teams at our wholesale partners. Our current product offering is targeted at SME E&S customers in construction and real estate, where we provide primary general liability coverage for hard-to-place risks with minimum premiums below $1,000.

先從 Baleen 談起，我們專注於 E&S 市場。我們鎖定不符合持牌（admitted）產品資格的客戶，並透過批發合作夥伴的承保綁定（binding）與輕量經紀（light brokerage）團隊合作。我們目前的產品供給鎖定建築與不動產領域的 SME E&S 客戶，為難以承保的風險提供主險一般責任（primary general liability）保障，最低保費低於 1,000 美元。

The process is nearly fully automated from the moment a submission arrives via e-mail and not a proprietary portal through quote generation and policy delivery, the workflow is straight through. We meet brokers where they are, and that simplicity is a competitive advantage. In the SME E&S market, being first to quote matters enormously, and our brokers often tell us we are the first.

從透過電子郵件（而非專有入口網站）收到投保資料開始，到產生報價與交付保單，整個流程幾乎完全自動化，工作流程可直通式處理（straight through）。我們在經紀人所在的地方與其合作，而這種簡單性就是競爭優勢。在 SME E&S 市場中，率先報價極其重要，而我們的經紀人經常告訴我們，我們往往是第一個報價的。

In the first quarter, more than 75% of our new business submissions received a response within 15 minutes and 100% of submissions received a response within one business day. Those responses are overwhelmingly bindable quotes. Our new business quote ratio was above 75% in the first quarter. And if a customer decides to purchase, we deliver a complete policy in under five minutes.

在第一季，我們超過 75% 的新業務投保申請在 15 分鐘內收到回覆，且 100% 的申請在一個營業日內收到回覆。這些回覆絕大多數都是可承保的報價。我們第一季的新業務報價率高於 75%。而如果客戶決定購買，我們可在五分鐘內交付完整保單。

The market has long wrestled with a fundamental tension, how to deliver speed without sacrificing underwriting quality. Various approaches have emerged in an attempt to resolve it. Some have leaned on large teams of low-cost labor to process volume. Others have relied on legacy systems that while familiar, were never built for the demands of today's market. Still others have simply asked their people to work harder and faster, substituting effort for infrastructure.

市場長期以來一直在面對一個根本性的張力：如何在不犧牲核保品質的情況下提供速度。為了解決這個問題，各種方法相繼出現。有些依賴龐大的低成本人力團隊來處理大量案件。另一些則依靠傳統系統，雖然熟悉，但從未為今日市場的需求而打造。還有一些只是要求員工更努力、更快速，以人力投入取代基礎設施。

Each of these approaches trades something essential away. Baleen was built on a different premise. Our platform combines modern, modular technology with experienced underwriting judgment at every critical decision point. The result is a process that is both disciplined and scalable, rigorous and repeatable, deliberate and fast. What separates Baleen from our competitors is not just the workflow. It's the underwriting rigor embedded within it.

上述每一種方法都會犧牲某些關鍵要素。Baleen 的建立基於不同的前提。我們的平台在每個關鍵決策點，將現代化、模組化技術與資深核保判斷相結合。其結果是一個既有紀律且可擴展、嚴謹且可重複、審慎且快速的流程。讓 Baleen 與競爭對手區隔開來的不僅是工作流程。更在於其中內嵌的核保嚴謹性。

Behind the automation is a highly codified set of business rules governing eligibility, pricing and coverage built by experienced underwriters with direct input from our actuarial and claims teams. Third-party data is integrated at the point of submission to validate risk characteristics before any quote is generated and underwriters are engaged where judgment is required, but discretion, particularly on coverage, is intentionally constrained.

自動化背後是一套高度編碼化的商業規則，用以規範承保資格、定價與保障範圍；該規則由資深核保人員建立，並直接納入我們精算與理賠團隊的意見。第三方資料在提交申請時即被整合，用於在產生任何報價前驗證風險特徵；在需要判斷之處會由核保人員介入，但其裁量權（尤其在保障範圍方面）被刻意加以限制。

This isn't a black box. It's a disciplined rules-based framework with experienced people behind it, underpinned by regular performance monitoring led by our actuarial and analytics teams. The results reflect that.

這不是黑箱。這是一個以規則為基礎、具紀律的框架，背後有經驗豐富的人員支撐，並由我們的精算與分析團隊主導定期的績效監測作為基礎。結果也反映了這一點。

In the first quarter, Baleen generated over $11 million in premium, more than 3 times the same period last year. New business submissions were up over 140%. New business quotes were up over 110% and new business bus were up over 260%. We're also seeing strong repeat engagement from broker partners, which tells us this is about consistency and ease of doing business, not just speed.

第一季，Baleen 產生超過 1,100 萬美元的保費，較去年同期成長超過 3 倍。新業務投保申請量成長超過 140%。新業務報價量成長超過 110%，新業務承保量成長超過 260%。我們也看到來自經紀合作夥伴的強勁重複互動，這告訴我們，重點在於一致性與交易便利性，而不只是速度。

Looking ahead, we see two clear avenues for continued growth. The first is broker expansion, both deepening relationships with our existing wholesale partners who have significant volumes of the business we want and extending into digitally native programmatic platforms where very few markets with our appetite and product set currently exist. Those platforms experience real leakage when risks fall outside the standard appetite, and we are well positioned to fill that gap.

展望未來，我們看到兩條清晰的持續成長路徑。第一是經紀通路擴張：一方面深化與現有批發合作夥伴的關係（他們擁有我們想要承作之業務的可觀量能），另一方面延伸至數位原生的程式化平台；在這些平台上，具備我們風險偏好與產品組合的市場目前仍非常稀少。當風險落在標準承保偏好之外時，這些平台會出現實質的流失，而我們具備良好條件來填補這個缺口。

The second is product development, guided by our wholesale partners who actively bring us opportunities. We have a disciplined internal process to evaluate each opportunity on its merits and a team that can move from concept to launch quickly. Last week, we launched a supported access offering for construction risks that is nearly frictionless for our wholesale partners. Both paths, broker expansion, and product development expand our addressable market without requiring us to compromise on limits, coverage, or what's made Baleen work.

第二是產品開發，由我們的批發合作夥伴引導，他們會主動帶來機會。我們有一套嚴謹的內部流程，按各項機會本身的價值進行評估，並擁有能夠快速從概念推進到上市的團隊。上週，我們針對建築風險推出一項 supported access 方案，對我們的批發合作夥伴而言幾乎無摩擦。這兩條路徑——經紀通路擴張與產品開發——在不要求我們於限額、保障範圍或 Baleen 成功要素上妥協的前提下，擴大了我們的可服務市場。

Turning now to Bowhead Express. This is a distinct model from Baleen, but relies on the same underlying technology. Bowhead Express is being built to serve smaller versions of the risks our craft business already underwrites. Express is generally low touch.

接下來談 Bowhead Express。這是一個不同於 Baleen 的模式，但依賴相同的底層技術。Bowhead Express 正在打造，用以服務我們 Craft 業務已在承作之風險的較小版本。Express 一般而言屬於低接觸模式。

Nearly every risk is reviewed by an underwriter, but that review is structured to take less than 15 minutes per risk. We aggregate internal and third-party data upfront, so an underwriter sees everything they need at the outset. There are no additional data requests and practically no back and forth with our broker partners. This frees our underwriters from repetitive, low-value work and allows them to focus their judgment where it matters most. The result is significant operating leverage.

幾乎每一個風險都會由核保人員審查，但該審查被設計為每個風險少於 15 分鐘即可完成。我們在前端即彙整內部與第三方資料，讓核保人員一開始就能看到所需的一切資訊。不需要額外的資料請求，與經紀合作夥伴之間也幾乎不必來回溝通。這使核保人員免於重複、低價值的工作，並能將判斷力聚焦在最重要之處。其結果是顯著的營運槓桿。

A key objective with Express is radical simplification, streamlining our process to the point where we can introduce no-touch capabilities while maintaining underwriting integrity. Our offering in Cyber Express is a good example, where we've evolved into a no-touch model for the smallest, simplest risks. The products offered through Express use the same core policy framework as Craft, the same forms and the same endorsement philosophy, but with much less customization.

Express 的一個關鍵目標是徹底簡化，將流程精簡到我們能在維持核保完整性的同時導入無接觸能力。我們在 Cyber Express 的方案就是很好的例子：對於最小、最簡單的風險，我們已演進為無接觸模式。透過 Express 提供的產品，使用與 Craft 相同的核心保單架構、相同的條款表單與相同的批單理念，但客製化程度大幅降低。

That means we're not introducing new underwriting exposure. We're simply applying a more efficient delivery model to a segment that was previously uneconomic for us to serve while driving more submissions to Craft as we deepen our relevance with brokers. In the first quarter, Express generated over $3 million in premium with a quote ratio of approximately 65%. The growth opportunity ahead for Express follows a similar pattern to Baleen.

這表示我們並未引入新的核保曝險。我們只是將更高效率的交付模式，應用於過去對我們而言不具經濟效益的客群區隔；同時，隨著我們與經紀的相關性加深，也為 Craft 帶來更多投保申請。第一季，Express 產生超過 300 萬美元的保費，報價率約為 65%。Express 未來的成長機會與 Baleen 類似。

On the broker side, our existing wholesale partners have significant volumes of the business Express is designed to serve. To earn more of that flow, we are focused on being visible and delivering a great experience.

在經紀端，我們現有的批發合作夥伴擁有大量 Express 所設計服務的業務量。為了爭取更多這些流量，我們專注於提升能見度並提供卓越的體驗。

On the product side, our road map is informed by two sources: our wholesale partners who actively tell us what they want us to build and our own craft underwriters who surface risks that Express could solve for.

在產品端，我們的路線圖由兩個來源所驅動：一是主動告訴我們希望我們打造什麼的批發合作夥伴；二是我們自己的 Craft 核保人員，他們會提出 Express 可以解決的風險。

We have a disciplined process to evaluate each opportunity and a team that can move quickly. Later this month, we expect to be launching a primary casualty offering for middle market construction risks, which is a segment where we've received considerable submission flow but have been unable to serve economically until Express. Each new product and each expanded appetite expands our addressable market, and we are well supplied with opportunities to pursue. Stepping back, I want to offer a clear framework for how we think about digital underwriting within Bowhead.

我們有一套嚴謹的流程來評估每個機會，並有一支能快速推進的團隊。本月稍晚，我們預期將推出一項面向中型市場建築風險的主要責任險（primary casualty）方案；這一區隔我們收到相當可觀的投保申請流量，但在 Express 出現之前，我們一直無法以具經濟效益的方式提供服務。每一項新產品與每一次承保偏好的擴張，都會擴大我們的可服務市場，而我們也有充足的機會可供追求。退一步來看，我想提供一個清晰的框架，說明我們如何在 Bowhead 內部看待數位核保。

First, growth. Digital underwriting represents just under 7% of total Bowhead GWP in the first quarter, and we expect that contribution to grow as both of our Baleen and Express platforms scale throughout the year, driven by strong broker engagement and a product pipeline that continues to expand our addressable market.

第一，成長。第一季數位核保占 Bowhead 總簽單保費（GWP）的比重略低於 7%，我們預期隨著 Baleen 與 Express 兩個平台在全年持續擴張，其貢獻將增加；成長動能來自強勁的經紀參與，以及持續擴大我們可服務市場的產品管線。

Second, economics. Our digital underwriting businesses are structurally designed for attractive unit economics, shorter limit profiles and smaller average risks mean lower expected severity. And because technology replaces manual steps, the expense ratio for digital should be lower than Craft as these platforms scale.

第二，經濟性。我們的數位核保業務在結構上即被設計為具吸引力的單位經濟：較短的限額結構與較小的平均風險規模，意味著較低的預期嚴重度。此外，由於技術取代了人工步驟，隨著平台規模化，數位業務的費用率應低於 Craft。

Third, discipline. Digital underwriting at scale only works if the underwriting works. We believe our approach, codified rules designed by experienced underwriters, data enhancement and validation and actuarial oversight is the right framework. We monitor performance daily and early results are consistent with our long-term expectations.

第三，紀律。數位核保要能在規模化下運作，前提是核保本身必須有效。我們相信，我們的方法——由資深核保人員設計並編碼化的規則、資料增強與驗證，以及精算監督——是正確的框架。我們每日監控績效，而早期結果與我們的長期預期一致。

And finally, differentiation. We built and launched both businesses in a matter of months with strong alignment across the organization.

最後是差異化。我們在數個月內就建立並推出兩項業務，且在全組織範圍內高度一致。

Our technology is modular and not legacy bound. That combination, the speed of execution, underwriting expertise and operational flexibility is difficult to replicate, particularly in large or more complex organizations. We're still early, but the first quarter results give us real confidence in both the model and the opportunity ahead.

我們的技術採模組化設計，且不受傳統舊系統所束縛。這樣的組合——執行速度、核保專業與營運彈性——很難被複製，尤其是在大型或更複雜的組織中。我們仍處於早期階段，但第一季的結果讓我們對此模式以及未來的機會充滿信心。

With that, I'll turn the call over to Brad to discuss our financial results.

接下來，我把電話交給 Brad，請他說明我們的財務結果。

Thanks, Brandon. Bowhead generated adjusted net income of $16 million in the first quarter of 2026, up approximately 40% year over year. Diluted adjusted earnings per share was $0.48 for the quarter and adjusted return on average equity was 14.1%. Our strong results were driven by top and bottom line growth. Gross written premiums increased 24% to approximately $217 million for the quarter.

謝謝，Brandon。Bowhead 在 2026 年第一季創造調整後淨利 1,600 萬美元，年增約 40%。本季稀釋後調整每股盈餘為 0.48 美元，調整後平均股東權益報酬率為 14.1%。我們的強勁表現來自營收與獲利的同步成長。本季總簽單保費（GWP）成長 24%，至約 2.17 億美元。

As Stephen mentioned, we achieved growth in each of our divisions with casualty continuing to be the largest driver and Baleen generating $11.4 million of premiums during the quarter. Our loss ratio for the quarter was 66.9%, unchanged from the same period in 2025.

如 Stephen 所提到，我們在各事業部都達成成長，其中以意外險仍是最大成長動能，而 Baleen 本季產生 1,140 萬美元保費。本季損失率為 66.9%，與 2025 年同期持平。

Our current accident year loss ratio was flat as the impact of the loss picks we made in the fourth quarter of 2025 were offset by changes in our business mix. As I've mentioned in past earnings calls, the continuation of approximately $600,000 of prior accident year reserves is simply due to IBNR booked on additional premiums that were billed and fully earned in the current quarter, but relating 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.

本期事故年度損失率持平，因我們在 2025 年第四季所做的損失準備調整（loss picks）影響，被業務組合變化所抵銷。如我在過往法說會中提到，約 60 萬美元的前期事故年度準備金延續，單純是因為我們就本季開立並已全數賺取的額外保費提列 IBNR，但其對應的是前期事故年度的保單。這並非基於實際損失結案金額高於既有準備金，也不代表對未結案理賠的估計準備金增加。

We are simply putting IBNR into the appropriate accident year regardless of when the premiums are billed and earned. As a reminder, since we're writing long-tail lines and have relatively short history of losses, when setting our loss reserves, we're heavily reliant on industry observed loss information over our own internal data. This reliance is evident in our high ratio of IBNR as a percentage of total reserves, which was 91% at the end of the quarter.

我們只是將 IBNR 歸入正確的事故年度，而不論保費何時開立帳單與賺取。提醒一下，由於我們承作長尾險種且損失歷史相對較短，在設定損失準備金時，我們高度依賴產業觀察到的損失資訊，而非僅依靠自身內部資料。這種依賴反映在 IBNR 占總準備金的高比重上，本季末該比重為 91%。

Our expense ratio for the quarter was 28.4%, a decrease of 2 points compared to 30.4% year over year. The reduction was primarily driven by a 2.9 point decrease in our operating expense ratio, which is partially offset by a 1.2 point increase in our net acquisition ratio.

本季費用率為 28.4%，較去年同期 30.4% 下降 2 個百分點。下降主要來自營運費用率降低 2.9 個百分點，但部分被淨取得成本率上升 1.2 個百分點所抵銷。

The decrease in our operating expense ratio was due to the continued scaling of our business as well as the prudent management of our expenses, including new estimates of deferrable costs. The increase in our net acquisition ratio was driven by the increase in broker commissions due to mix changes in our portfolio, especially as more premiums are sourced from wholesalers and the ceding fee we pay to American Family. These increases were partially offset by an increase in earned ceding commissions from our outward reinsurance treaties. Overall, the effect of our loss ratio and expense ratio contributed to a combined ratio of 95.3% for the quarter.

營運費用率下降，主要是因業務持續規模化，以及我們審慎管理費用（包含對可遞延成本的新估計）。淨取得成本率上升，則是因投資組合結構變化導致經紀人佣金增加，特別是更多保費來自批發經紀（wholesalers），以及我們支付給 American Family 的分出費用（ceding fee）。上述增加部分被我們自對外再保合約所賺取的分出佣金（ceding commissions）增加所抵銷。整體而言，損失率與費用率的影響使本季綜合率為 95.3%。

Turning to our investment portfolio, pre-tax net investment income increased approximately 44% year over year to $18 million for the quarter, primarily due to a larger investment portfolio resulting from increased free cash flow and our $150 million debt raise in late 2025. The investment portfolio had a book yield of 4.6% and a new money rate of 4.7% at the end of the quarter.

談到投資組合，稅前淨投資收益本季年增約 44% 至 1,800 萬美元，主要因投資組合規模更大，來自自由現金流增加，以及我們在 2025 年底舉借的 1.5 億美元債務。本季末投資組合帳面殖利率為 4.6%，新增資金利率（new money rate）為 4.7%。

The average credit quality of the investment portfolio was AA- at the end of the quarter, and the average duration increased from 3 years at the end of 2025 to 3.2 years at the end of the quarter. As we mentioned during last quarter's earnings call, we expect to extend our duration slightly over the course of the year from three to four years to closer match the duration of our investments to the duration of our liabilities.

本季末投資組合的平均信用評等為 AA-，平均存續期間由 2025 年底的 3 年增加至本季末的 3.2 年。如我們在上季法說會提到，我們預期今年會將存續期間由 3 年略為延長至 4 年，以使投資的存續期間更貼近負債的存續期間。

Our effective tax rate for the quarter was 22.2%. As a note, our effective tax rate may vary due to items such as state taxes, stock-based compensation and nondeductible excess officer compensation. Total equity at the end of the quarter was $459 million. This resulted in a diluted book value per share of $13.80 at the end of the quarter.

本季有效稅率為 22.2%。補充說明，我們的有效稅率可能因州稅、股份基礎給付，以及不可扣抵的超額高階主管薪酬等項目而有所波動。本季末股東權益總額為 4.59 億美元。因此，本季末稀釋後每股帳面價值為 13.80 美元。

I also wanted to provide an update on our May 1 ceded reinsurance renewals, which apply to all of our departments, except for our cyber liability products. Overall, we increased our quota share treaty from 26% in 2025 to 33.5%, while increasing our ceding commissions. We also had a decrease in our excess of loss treaty from 65% in 2025 to 57.5%. Our renewals continue to be placed with reinsurers with an AM Best financial strength rating of A or better.

我也想更新我們 5 月 1 日的分出再保續約情況，該續約適用於除網路責任險產品外的所有部門。整體而言，我們將比例分保（quota share）合約由 2025 年的 26% 提高至 33.5%，同時提高分出佣金。我們的超額損失再保（excess of loss）合約比例則由 2025 年的 65% 降至 57.5%。我們的續約仍持續配置於 AM Best 財務實力評等為 A 或以上的再保人。

Finally, we expanded our agreement with American Family to support the around 20% GWP growth we're expecting this year. This update raises the $1 billion annual premium cap, which we are projected to exceed this year if we grow around 20%.

最後，我們擴大了與 American Family 的協議，以支援我們今年預期約 20% 的總簽單保費（GWP）成長。此更新提高了每年 10 億美元的保費上限；若我們成長約 20%，預計今年將超過該上限。

For more details, please refer to the Form 8-K we filed earlier today. With that, we'll turn the call over for questions.

更多細節請參閱我們今天稍早提交的 Form 8-K。接下來，我們開放提問。

(Operator Instructions) Rowland Mayor, RBC Capital Markets.

（接線員指示）Rowland Mayor，RBC Capital Markets。

Hi, good morning. I wanted to quickly ask Brandon, the stats you cited on Baleen imply a pretty sharp increase in the bind rate year over year. Could you maybe elaborate on that change and how Baleen has iterated?

嗨，早安。我想先快速問 Brandon，你提到的 Baleen 數據顯示其承保綁定率（bind rate）年增幅度相當明顯。你能否進一步說明這個變化，以及 Baleen 是如何迭代優化的？

Sure. I think the major contributors to our buying rate include just simply the time we've spent in market. We are more well known to the brokers that we are working with. The process is more familiar. We're giving them a great experience.

當然。我認為影響我們成交率（buying rate）的主要因素之一，就是我們在市場上投入的時間。與我們合作的經紀人對我們更熟悉、知名度更高。流程也更為熟悉。我們為他們提供了很好的體驗。

We've also invested a lot in distribution. We have a great head of distribution in Baleen that has us way more active and visible in the marketplace. And I think those two relevance and being top of mind are the biggest contributors for the buying rate increase year over year.

我們也在通路方面投入很多。Baleen 有一位非常出色的通路負責人，讓我們在市場上更積極、能見度更高。我認為這兩點——相關性與保持在對方心中的優先順位（top of mind）——是成交率年增的最大推動因素。

Okay. Perfect. And then I was wondering if we could go through the growth in the underwriting expenses and how we should think about it for the full year. It looks like in the first quarter, they were up about 8%. And should the remainder of 2026 be higher than that? Or is there any major investment down the road that we need to have?

了解。很好。另外我想請教，核保費用的成長我們應該如何看待、以及對全年該如何預期。看起來第一季約成長 8%。那 2026 年剩餘期間會高於這個水準嗎？或是後續是否有任何我們需要留意的重大投資？

Rowland, this is Brad. Just to be clear, are you talking in overall Bowhead or just in Baleen?

Rowland，我是 Brad。我想確認清楚，你指的是整體 Bowhead，還是只有 Baleen？

Overall Bowhead, I think it was up 7.8% year over year on the other underwriting expenses.

整體 Bowhead。我記得其他承保費用年增約 7.8%。

Yes. A couple of things going on there. Obviously, I think don't pay too much attention to one individual quarter. It's more the trend, but we are seeing the trend increase in our underwriting expenses. We've got investments, obviously, still hiring people.

是的。那邊有幾個因素在發生。很明顯地，我認為不要太過聚焦單一季度。更重要的是趨勢，但我們確實看到承保費用的趨勢在上升。我們也在投資，當然也還在持續招募人員。

We -- on the acquisition side, we've got ceding expenses kind of, I think, offsetting some of that, some of our ceding commission coming from reinsurers. We are getting continued commission increases though from the book as we pivot to more of a wholesale source book, so kind of going the opposite direction there. And then obviously, the American Family ceding fee going up as we've talked about in the past. So I don't think there's anything in particular on the underwriting expenses, though to call out necessarily.

我們——在收購端，我們有分出費用（ceding expenses），我想在某種程度上抵銷了其中一部分，因為我們從再保人那邊拿到一些分出佣金。不過，隨著我們把業務組合轉向更多批發來源的業務，我們從該業務組合取得的佣金仍在持續增加，所以方向有點相反。另外，正如我們過去談過的，美國家庭（American Family）的分出費用也在上升。所以我不認為承保費用這塊有什麼特別需要點名的單一項目。

Meyer Shields, Keefe, Bruyette & Woods.

Meyer Shields，Keefe, Bruyette & Woods。

Am I coming through?

我這邊聲音有傳過去嗎？

We can hear you.

聽得到。

Sorry. Brad, you mentioned a reevaluation of deferrable costs. Was that an offset to operating expenses? Or is this just like a newer run rate going forward?

抱歉。Brad，你提到對可遞延成本（deferrable costs）做了重新評估。那是用來抵銷營運費用（operating expenses）嗎？還是說，這只是未來往前看的新常態費用水準（run rate）？

Thanks for the question, Meyer. On the overall expense ratio, we mentioned we updated an estimate on some of our deferrable internal costs that relate to acquisitions or acquisition costs. So that's a sort of, I would call it, a favorable timing item in Q1 that's going to normalize eventually in future quarters.

謝謝你的問題，Meyer。就整體費用率而言，我們提到我們更新了對部分可遞延的內部成本之估計，這些成本與收購或取得成本（acquisition costs）相關。所以我會把它稱為第一季一個有利的時點性因素，未來幾季最終會回歸正常。

So I think that's maybe the one item in Q1 I would highlight. But again, like I said, the expense ratio trend, we're comfortable with being under 30%. I don't want to read too much into one quarter. Obviously, it can be volatile.

所以我想這可能是第一季我會特別點出的那一項。但同樣地，如我所說，費用率的趨勢方面，我們對維持在 30% 以下感到有信心。我不想從單一季度解讀太多。很明顯地，它可能會有波動。

Okay. That's helpful. And when we look at the changes that you went through on the 5/1 renewals, is the bottom line impact of that higher or lower net to gross written premium?

了解。這很有幫助。另外，當我們看你們在 5/1 續保所做的變更時，這些變更對最終結果的影響，是讓淨保費相對於總簽單保費（net to gross written premium）提高還是降低？

Yes, the headline on that is it's basically neutral to net income. There will be some puts and takes, obviously, as we see more premium, net earned premium will go down. But obviously, our losses will go down and our ceding commission should come up. There will also be maybe a little bit of pressure on investment income as we pay more to our reinsurers upfront. But otherwise, I think overall, it should be pretty much neutral to the bottom line.

是的，重點是它對淨利基本上是中性。當然會有一些此消彼長；因為我們看到更多分出保費後，淨已賺保費（net earned premium）會下降。但同時，我們的損失也會下降，而我們的分出佣金（ceding commission）應該會上升。另外，因為我們要預先支付更多給再保人，投資收益可能也會有一點壓力。除此之外，我認為整體而言對最終損益應該大致是中性的。

Cave Montazeri, Deutsche Bank.

Cave Montazeri，德意志銀行（Deutsche Bank）。

First question is on the health care liability, which is a line we don't really talk about or spend much time on. There was some pretty strong growth this quarter. So -- could you maybe tell us, I guess, where are we in the underwriting cycle for health care liability? And if you can unpack some of the growth drivers in the sector and how we should think about growth going forward this year?

第一個問題是關於醫療照護責任險（health care liability），這條線我們其實不太常談、也不太花時間討論。本季那邊成長相當強勁。所以——你能否談談，我們在醫療照護責任險的承保循環（underwriting cycle）目前處於什麼階段？以及如果可以的話，請拆解一下該領域的成長驅動因素，並說明我們今年接下來該如何看待成長？

Sure. I think it's a marketplace in flux. There's -- the last several years have experienced an increase in sexual abuse and molestation claims. And part of that was driven by the creation of these reviver statutes that suddenly brought claims to light that then got reported. I think the marketplace is bifurcating some in that some people are just saying, well, it's behind us, and they're prepared to give full coverage for that.

當然。我認為這個市場正在變動之中。過去幾年，性侵與猥褻（sexual abuse and molestation）理賠案件增加。其中一部分是因為所謂的「復活法」（reviver statutes）的制定，讓一些原本未被揭露的索賠突然浮上檯面並被通報。我認為市場在某種程度上正在分化：有些人認為這已經過去了，並願意對此提供完整保障。

We think it's very situational in terms of attachment points and retentions. So I think overall, we're going to continue to see growth in that space driven mostly by hospitals themselves. I think senior care also, some areas though, are still -- this goes back to different pockets again, that there are some areas where people just get really aggressive. And so it's difficult to say. I don't know how satisfying that answer was because it really goes on a risk-by-risk basis.

我們認為這非常取決於個案情境，尤其是在起賠點（attachment points）與自留額（retentions）方面。所以整體而言，我們預期該領域仍會持續成長，主要由醫院本身所帶動。我認為高齡照護（senior care）也會帶動一些成長；但某些區域仍然——這又回到不同「口袋」市場的問題——有些地方競爭者會變得非常激進。因此很難一概而論。我不確定這個回答是否令人滿意，因為它真的得逐一風險（risk-by-risk）來看。

People -- sometimes they get confronted, we believe, with having to make budgets for the month of the quarter and suddenly get a lot more aggressive. But we think our positioning, our reputation where we -- where people like capping us on their business, I think, holds us in good stead for increasing that -- our volume in that space.

有時候——我們認為——人們在面臨必須為當月或當季做預算時，會突然變得更積極。但我們認為，我們的市場定位與聲譽——也就是客戶會希望在其業務中對我們的承保份額設上限（capping us）——我想這讓我們在擴大該領域的業務量方面處於有利位置。

Okay. And then my follow-up is on cyber. I'm just wondering how you protect yourself against tail risk as we see like new AI technologies like Anthropic because -- just wondering how you're thinking about the risk that some of those new technology could bring into the world of cyber insurance if, I guess, if cyber attacks become more frequent or more destructive.

好的。接著我的追問是關於網路險（cyber）。我想知道，當我們看到像 Anthropic 這類新的 AI 技術出現時，你們如何保護自己免於尾端風險（tail risk）？因為——我只是想了解，你們如何看待這些新技術可能為網路保險帶來的風險；例如若網路攻擊變得更頻繁或更具破壞性。

Sure. We obviously think about it a lot. It is a concern on one level. But on the other hand, the type of business we're going after and the way we underwrite the business, we think, makes a big difference. Keep in mind that our large Fortune 500 type cyber risk is business that we have become less and less competitive on.

當然。我們確實經常思考這件事。在某個層面上，這是一個疑慮。但另一方面，我們所鎖定的業務類型，以及我們承保的方式，我們認為會帶來很大的差異。請記得，我們針對大型《財富》500 強（Fortune 500）類型的網路風險，這部分業務我們已經變得越來越沒有競爭力。

And we've definitely lost ground in that space. We have picked up ground in the space that Brandon was talking about in the express area. And there, once again, the underwriting is key. that we believe things like having a multifactor authentication makes a big difference, making that an important screen of what it is we're looking at, whether they're -- whether they operate in the cloud or not. Those are -- so I think our underwriting, I think, will provide a lot of protection for us.

而且我們在那個領域確實流失了一些市占。我們則在 Brandon 提到的快速通道（express）領域取得了一些進展。而在那裡，再一次，承保是關鍵。我們認為像是採用多因素驗證（multifactor authentication）會帶來很大差異，並把它作為我們評估的重要篩選條件之一；以及他們是否——是否在雲端運作。這些都是——所以我認為，我們的承保方式會為我們提供相當多的保護。

And also, I think there's -- the general conversation goes that the -- all these new cyber hacking tools are only available to the bad guys, but the good guys have them also. And so I'm sure there's going to be a battle going forward as fast as people evolve to try and hack systems, the good guys are finding ways to close systems. So for the time being, we're very comfortable with what we see, the way we do it. in the type of business we're writing.

另外，我認為一般的討論常說——所有這些新的網路駭客工具只會被壞人使用，但好人其實也有這些工具。因此我相信未來會是一場攻防戰：當人們快速演進、試圖入侵系統時，好人也在找方法把系統漏洞補起來。所以就目前而言，我們對我們所看到的情況、我們的做法，以及我們所承作的業務類型，都感到非常安心。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通（JPMorgan）。

Can you hear me?

聽得到我嗎？

Yes.

是的。

All right. Perfect. One first question for Brad. I just wanted to follow up on the deferable cost, right? Were these costs that you previously reported as OpEx will now amortize way back over time?

好。太好了。第一個問題想問 Brad。我想追問一下可遞延成本（deferable cost），對吧？這些成本以前是以營運費用（OpEx）列報的，現在會改為隨時間回溯攤銷（amortize way back over time）嗎？

And if yes, are you able to size how much the impact was in the first quarter?

如果是的話，您能否量化第一季的影響有多大？

Yes and yes. Yes. So they will amortize into the acquisition costs. And when we submit the Q later today, you'll see the full disclosure on how much that is. Happy to point that out to you later if you want.

是，也可以。是。因此它們將攤銷進併購成本。而當我們稍晚在今天提交 Q 時，您會看到完整揭露其金額。如果您願意，我也很樂意之後幫您指出來。

And then second one for Brandon. So some insurers and brokers have said they're seeing more small case E&S moving back to admitted on the margin. It probably doesn't matter as much to you just given your growth rate of where you are. But I wonder, as you're looking out to the broader market, small case market, if you're seeing any of that trend?

接著第二個問題給 Brandon。有些保險公司與經紀商表示，他們看到更多小額 E&S 業務在邊際上回流到 admitted（核准）市場。考量到你們目前的成長率與所處位置，這對你們可能影響不大。但我想問的是，當你們觀察更廣泛的市場、尤其是小額案件市場時，是否也看到這樣的趨勢？

We are -- especially as the property market continues to experience declines, we see admitteds playing more in the -- what is traditionally E&S segment. We're comfortable with the experience we're delivering to brokers. We're comfortable with the relationships we have with them. And we don't expect the emergence or reemergence of admitted markets to have any effect on the growth rate for digital.

我們有看到——尤其是當財產險市場持續下滑時，我們看到 admitted 市場在——傳統上屬於 E&S 的區隔——參與度提高。我們對於提供給經紀商的服務體驗很有信心。我們對與他們的合作關係也很有信心。我們不預期 admitted 市場的出現或再度興起，會對數位業務的成長率造成任何影響。

And as a reminder, we do not write property insurance.

另外提醒一下，我們不承作財產保險。

Daniel Lee, Morgan Stanley.

Daniel Lee，摩根士丹利。

My first one is just on the expense ratio. I know you guys are scaling and longer term, maybe I just wanted to think -- what's a good way to think about the expense ratio for -- as you guys continue to grow the business and maintain momentum with your tech investments and with Express. Is lower teams operating expense ratio possible in the long term for Bowhead?

我的第一個問題是關於費用率。我知道你們正在擴張規模，從長期來看，我想請教——在你們持續成長、同時維持科技投資與 Express 動能的情況下，費用率應該如何思考比較合適？Bowhead 長期而言有可能做到更低的營運費用率嗎？

Hey Dan, this is Brad. Thanks for the question. Yes, I think -- you're right. Look at it longer term, like I said, there can be volatility each quarter for the expense ratio. Below 30s in total is where we are comfortable at.

嗨 Dan，我是 Brad。謝謝你的問題。是的，我認為——你說得對。從長期來看，如我先前提到的，費用率每一季可能會有波動。總費用率在 30% 以下（30 多以下）是我們覺得舒適的水準。

Not really -- we haven't really talked about the split between acquisition and operating. But I think if you're below 30s for the remaining quarters of this year, I think that's probably pretty good.

我們其實——還沒有特別談過取得成本與營運費用之間的拆分。但我認為，如果今年剩下的季度能維持在 30% 以下，我覺得那就相當不錯。

My second question is also on the Casualty segment. I know construction projects has been a driver in the past, but with the market kind of softening now, how should we think about the business opportunities going forward for construction? Or how should we think about construction in 2026?

我的第二個問題也關於意外險（Casualty）部門。我知道過去建築工程專案一直是驅動因素，但現在市場似乎正在轉軟，未來在建築相關業務方面的機會應該如何看待？或者我們應該如何看待 2026 年的建築業務？

Sure. We're still seeing opportunities in that space. It's still an important driver of ours. Obviously, we can't predict what's going to be in the news, whether that starts to slow down construction projects or if interest rates were to spike. But at the current time, we're seeing a steady as she goes in the construction opportunities for our book.

當然。我們在那個領域仍然看到機會。它仍是我們的重要驅動因素。顯然，我們無法預測新聞會出現什麼，是否會開始讓建築專案放緩，或是利率是否會飆升。但就目前而言，我們看到我們承保組合中的建築機會仍是穩定前行。

Paul Newsome, Piper Sandler.

Paul Newsome，Piper Sandler。

A couple of broad questions. One is we focus a lot on pricing. I wanted to ask if you're seeing any changes in terms and conditions. I tend to think of that as a pretty important determinant of rational or irrational behavior in the market. Anything out there of notable with terms and conditions in the businesses that you're running?

幾個比較宏觀的問題。第一個是，我們常把焦點放在定價上。我想問你們是否看到條款與條件方面有任何變化。我通常認為那是判斷市場行為理性或非理性的相當重要因素。在你們經營的業務中，條款與條件方面有沒有什麼值得注意的情況？

I would say it's mostly in the pricing world that we're seeing changes like particularly in publicly traded D&O, we're seeing people doing risks at rate per million that we think are not wise. And that's caused a decrease in that business for us. We're -- I mentioned earlier about the SAM coverage, sexual abuse and moestation with health care. Different markets are somewhat sporadic on that in terms of when they give it and how they give it. But I would say the biggest driver to the extent that there's a driver of the market going south would be price.

我會說我們看到的變化主要還是在定價面——特別是在上市公司 D&O（董監事責任險）方面，我們看到有人以我們認為不明智的「每百萬保額費率」在承作風險。這也導致我們在該業務上的量有所下降。我先前提到 SAM 保障，也就是醫療照護領域的性侵害與猥褻（sexual abuse and molestation）保障。不同市場在這方面的提供相當零星，包含何時提供以及如何提供。但我會說，若要談市場走弱的最大驅動因素，那就是價格。

People maybe having good few years and thinking that they can still drive things lower. We don't see that in the casualty space. We're seeing -- still, we're seeing rate increases in that space. But we have not seen that much, I would say, in the broadening of coverage area. There's -- we've still seen a good market for our Baleen product that Brandon talked about that offers somewhat restricted coverage.

有些人可能過去幾年表現不錯，就認為仍然可以把價格再往下壓。我們在意外險領域沒有看到這種情況。我們看到——在那個領域仍然看到費率上升。但我會說，我們並沒有看到太多保障範圍擴大。我們仍然看到 Brandon 提到的 Baleen 產品有不錯的市場，它提供的是相對受限的保障。

But that hasn't -- the need or the desire for that product has not diminished.

但對該產品的需求或意願並沒有減弱。

That's great. Second question, just any updates? It doesn't sound like you are, but I just want to make sure any updates on capital management from philosophy here.

很好。第二個問題是，有沒有任何更新？聽起來你們沒有，但我想確認一下，在資本管理理念方面是否有任何更新。

Yes, no updates other than maybe the reinsurance changes will help us. So that was something we plan to do. Anyway, the increase in our ceding quota share was more of a capital play than it was an appetite or anything like that. So I think the debt raise we did in Q4 of last year should be enough to last us at least through this year. Reinsurance changes help.

是的，沒有更新，除了再保的變更可能會對我們有幫助。那本來就是我們計畫要做的事。無論如何，我們提高分出比例的 quota share（成數分保）更多是出於資本考量，而不是承保偏好或類似因素。因此，我認為我們在去年第四季進行的舉債融資，至少足以支應我們到今年年底。再保變更也會有所幫助。

We also have a credit facility available for $35 million with an accordion of $15 million. So I think we're good this year, absent anything growth much higher than we expected or something that would hopefully be good news. So I think we're set on capital.

我們也有一筆 3,500 萬美元的可用信用額度，並附有 1,500 萬美元的擴增額度（accordion）。所以我認為今年我們沒問題，除非成長遠高於我們預期，或發生某些——希望會是好消息的——情況。因此我認為我們的資本已經就位。

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.

以上為今天電話會議的問答部分。接下來我將把電話交回給執行長 Stephen Sills 作結語。

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

謝謝。Bowhead 在年初又交出一個強勁的季度表現。感謝 Bowhead 團隊成員持續的投入與辛勤工作。也感謝今天加入電話會議的各位支持，我們後續再與各位保持聯繫。謝謝。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝各位的參與。您現在可以掛線。