辛辛納提金融 (CINF) 2025 Q3 法說會逐字稿

Good day, and welcome to the Cincinnati Financial Corporation 2025 third-quarter earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Dennis McDaniel, Investor Relations Officer. Please go ahead.

各位好，歡迎參加辛辛那提金融公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係官丹尼斯·麥克丹尼爾。請繼續。

Hello. This is Dennis McDaniel at Cincinnati Financial. Thank you for joining us for our third-quarter 2025 earnings conference call. Late yesterday, we issued a news release on our results, along with our supplemental financial package, including our quarter-end investment portfolio. To find copies of any of these documents, please visit our investor website, investors.cinfin.com. The shortest route to the information is the Quarterly Results section near the middle of the Investor Overview page.

你好。我是辛辛那提金融公司的丹尼斯·麥克丹尼爾。感謝您參加我們2025年第三季財報電話會議。昨天晚些時候，我們發布了業績新聞稿，以及補充財務報告，其中包括季度末投資組合。如欲查閱上述任何文件，請造訪我們的投資者網站 investors.cinfin.com。獲取資訊的最快捷途徑是位於「投資者概覽」頁面中間附近的「季度業績」部分。

On this call, you'll first hear from President and Chief Executive Officer, Steve Spray; and then from Executive Vice President and Chief Financial Officer, Mike Sewell. After their prepared remarks, investors participating on the call may ask questions. At that time, some responses may be made by others in the room with us, including Executive Chairman, Steve Johnston; Chief Investment Officer, Steve Soloria; and Cincinnati Insurance's Chief Claims Officer, Marc Schambow; and Senior Vice President of Corporate Finance, Andy Schnell.

在本次電話會議中，您將首先聽到總裁兼執行長史蒂夫·斯普雷的演講；然後是執行副總裁兼首席財務官邁克·塞維爾的演講。在他們發表完準備好的發言後，參加電話會議的投資人可以提問。屆時，與我們同在房間裡的其他人可能會做出一些回應，包括執行主席史蒂夫·約翰斯頓；首席投資官史蒂夫·索洛里亞；辛辛那提保險公司首席理賠官馬克·沙姆博；以及公司財務高級副總裁安迪·施內爾。

Please note that some of the matters to be discussed today are forward looking. These forward-looking statements involve certain risks and uncertainties. With respect to these risks and uncertainties, we direct your attention to our news release and to our various filings with the SEC. Also, a reconciliation of non-GAAP measures was provided with the news release. Statutory accounting data is prepared in accordance with statutory accounting rules and therefore, is not reconciled to GAAP.

請注意，今天討論的一些事項是面向未來的。這些前瞻性陳述涉及某些風險和不確定性。關於這些風險和不確定性，請您注意我們的新聞稿以及我們向美國證券交易委員會提交的各種文件。此外，新聞稿中也提供了非GAAP指標的調節表。法定會計資料是按照法定會計規則編制的，因此與公認會計原則不符。

Now I'll turn over the call to Steve.

現在我把電話交給史蒂夫。

Good morning, and thank you for joining us today to hear more about our results. We had an excellent quarter of operating performance and remain confident in the long-term direction and strategy of our insurance business. We also reported very strong investment income growth in the third quarter of this year, with ongoing benefits from rebalancing our investment portfolio in the second half of last year. Net income of $1.1 billion for the third quarter of 2025 included recognition of $675 million on an after-tax basis for the increase in fair value of equity securities still held.

早安，感謝各位今天收看我們的節目，了解更多關於我們研究結果的資訊。我們本季經營業績優異，對保險業務的長期發展方向和策略充滿信心。今年第三季度，我們的投資收益也實現了非常強勁的成長，這得益於去年下半年我們對投資組合的重新平衡，並持續從中受益。2025 年第三季淨收入為 11 億美元，其中包括確認稅後 6.75 億美元，這是由於仍持有的權益證券的公允價值增加所致。

Non-GAAP operating income of $449 million for the third quarter more than doubled the third quarter from a year ago. Our 88.2% third-quarter 2025 property casualty combined ratio improved by 9.2 percentage points compared with third quarter last year, including a decrease of 9.3 points for catastrophe losses. The 84.7% accident year 2025 combined ratio before catastrophe losses for the third quarter improved by 2.1 percentage points compared with accident year 2024. Although the pace of growth slowed, our consolidated property casualty net written premiums still grew at a healthy 9% for the quarter.

第三季非GAAP營業收入為4.49億美元，比去年同期成長了一倍多。我們2025年第三季財產意外險綜合比率為88.2%，比去年第三季改善了9.2個百分點，其中巨災損失減少了9.3個百分點。2025 年事故年度第三季的綜合事故率（不包括巨災損失）為 84.7%，比 2024 年事故年度改善了 2.1 個百分點。儘管成長速度放緩，但我們的綜合財產意外險淨保費收入在本季度仍實現了 9% 的健康成長。

Our underwriters continue to emphasize pricing and risk segmentation on a policy-by-policy basis in their underwriting decisions. Estimated average renewal price increases for most lines of business during the third quarter were lower than the second quarter of 2025, but still at a level we believe was healthy. Commercial lines in total averaged increases in the mid-single-digit percentage range and excess and surplus lines was again in the high-single-digit range.

我們的核保人在核保決策中，繼續強調逐一保單進行定價和風險細分。第三季大多數業務線的平均續保價格漲幅估計低於 2025 年第二季度，但我們認為仍處於健康水平。商業險種總平均增幅在個位數百分比範圍內，超額和剩餘險種的增幅再次達到個位數百分比以上。

Our personal lines segment included homeowner in the low-double-digit range and personal auto in the high-single-digit range. Additional support for our premium growth objectives includes outstanding claims service and strong relationships with independent insurance agents who enthusiastically partner with us.

我們的個人保險業務包括保費在兩位數低段的房屋保險和保費在個位數高段的個人汽車保險。為了實現我們的高級成長目標，我們還提供了卓越的理賠服務，並與熱情與我們合作的獨立保險代理人建立了牢固的關係。

Next, I'll highlight third-quarter performance by insurance segment compared with a year ago. In addition to premium growth, underwriting profitability for each area was excellent. Commercial lines grew net written premiums 5% with a 91.1% combined ratio that improved by 1.9 percentage points, including 2.8 points from lower catastrophe losses. Personal lines grew net written premiums 14%, including growth in middle market accounts and Cincinnati Private Client. Its combined ratio was 88.2%, 22.1 percentage points better than last year, including a decrease of 19.5 points from lower catastrophe losses.

接下來，我將重點介紹保險業務部門第三季與去年同期相比的業績表現。除了保費成長外，各地區的承保獲利能力也十分出色。商業險種淨保費收入成長 5%，綜合比率為 91.1%，較上年同期改善 1.9 個百分點，其中巨災損失減少帶來了 2.8 個百分點的改善。個人險種淨保費收入成長 14%，其中包括中階市場帳戶和辛辛那提私人客戶的成長。其綜合比率為 88.2%，比去年改善了 22.1 個百分點，其中巨災損失減少導致比率下降了 19.5 個百分點。

Excess and surplus lines grew net written premiums 11% and produced a combined ratio of 89.8%, an improvement of 5.5 percentage points. Cincinnati Re and Cincinnati Global each had an outstanding quarter and continue to reflect our efforts to diversify risk and further improve income stability. Cincinnati Re third-quarter 2025 net written premiums decreased by 2%, primarily due to changing conditions in the property market. Its combined ratio was 80.8%. Cincinnati Global's combined ratio was 61.2%, along with premium growth of 6% as it continues to benefit from product expansion in recent years.

超額和剩餘險種的淨保費收入增加了 11%，綜合比率為 89.8%，提高了 5.5 個百分點。辛辛那提再保險公司和辛辛那提環球保險公司本季業績均十分出色，繼續體現了我們為分散風險和進一步提高收入穩定性所做的努力。辛辛那提再保險公司 2025 年第三季淨保費收入下降 2%，主要原因是房地產市場狀況的變化。其綜合比率為 80.8%。辛辛那提環球保險公司的綜合比率為 61.2%，保費增加 6%，這得益於近年來產品擴張帶來的持續收益。

Our life insurance subsidiary had another strong quarter, including 40% net income growth. In addition, term life insurance earned premiums grew 5%. I'll end my comments with a summary of our primary measure of long-term financial performance, the value creation ratio. Our VCR was 8.9% for the third quarter of 2025. Net income before investment gains or losses for the quarter contributed 3.1%. Higher overall valuation of our investment portfolio and other items contributed 5.8%.

我們的壽險子公司又迎來了一個強勁的季度，淨利潤成長了 40%。此外，定期壽險已賺保費增加了 5%。最後，我將總結我們衡量長期財務表現的主要指標—價值創造率。2025年第三季度，我們的VCR為8.9%。本季扣除投資收益或損失前的淨收入貢獻了 3.1%。投資組合整體估值上升及其他因素貢獻了 5.8%。

Now I'll turn it over to Chief Financial Officer, Mike Sewell, for additional insights regarding our financial performance.

現在我將把發言權交給財務長麥克·塞維爾，請他進一步闡述我們財務表現的情況。

Thank you, Steve, and thanks to all of you for joining us today. We reported growth of 14% in investment income in the third quarter of '25, reflecting efforts during 2024 to rebalance our investment portfolio in addition to strong cash flow from insurance operations. Bond interest income grew 21% and net purchases of fixed maturity securities totaled $232 million for the quarter and $944 million for the first nine months of this year.

謝謝你，史蒂夫，也謝謝今天所有到場的各位。2025 年第三季度，我們的投資收益成長了 14%，這反映了我們在 2024 年期間為重新平衡投資組合所做的努力，以及保險業務帶來的強勁現金流。債券利息收入成長了 21%，本季固定期限證券淨購買總額為 2.32 億美元，今年前九個月淨購買總額為 9.44 億美元。

The third-quarter pretax average yield of 5.10% for the fixed-maturity portfolio was up 30 basis points compared with last year. The average pretax yield for the total of purchased taxable and tax-exempt bonds during the third quarter of this year was 5.52%. Dividend income was up 1% and net purchases of equity securities totaled $57 million for the quarter and $118 million on a year-to-date basis. Valuation changes in aggregate for the third quarter were favorable for both our equity portfolio and our bond portfolio.

第三季固定期限投資組合的稅前平均殖利率為 5.10%，比去年同期成長 30 個基點。今年第三季購買的應稅債券和免稅債券的平均稅前收益率為 5.52%。本季股息收入成長 1%，淨購買股票總額為 5,700 萬美元，年初至今為 1.18 億美元。第三季整體估值變化對我們的股票投資組合和債券投資組合都是有利的。

Before tax effects, the net gain was $846 million for the equity portfolio and $242 million for the bond portfolio. At the end of the third quarter, the total investment portfolio net appreciated value was approximately $8.2 billion. The equity portfolio was in a net gain position of $8.4 billion, while the fixed-maturity portfolio was in a net loss position of $217 million.

稅前收益，股票投資組合淨收益為 8.46 億美元，債券投資組合淨收益為 2.42 億美元。第三季末，投資組合淨增值總額約 82 億美元。股票投資組合淨收益為 84 億美元，而固定期限投資組合淨虧損為 2.17 億美元。

Cash flow, in addition to higher bond yields, contributed to investment income growth. Cash flow from operating activities for the first nine months of 2025 was $2.2 billion, up 8%. Turning to expense management, our third-quarter 2025 property casualty underwriting expense ratio decreased by 0.5 percentage points, primarily due to growth in earned premiums outpacing growth in expenses.

除了債券殖利率上升之外，現金流也促進了投資收益的成長。2025 年頭九個月的營運活動現金流量為 22 億美元，成長 8%。談到費用管理，我們 2025 年第三季財產意外險承保費用率下降了 0.5 個百分點，主要是因為已賺保費的成長超過了費用的成長。

For loss reserves, our approach remains consistent and aims for net amounts in the upper half of the actuarially estimated range of net loss and loss expense reserves. As we do each quarter, we considered new information, such as paid losses and case reserves. We then updated estimated ultimate losses and loss expenses by accident year and line of business. For the first nine months of 2025, our net addition to property casualty loss and loss expense reserves was $1.1 billion, including $900 million for the IBNR portion.

對於損失準備金，我們的方法始終如一，目標是使淨損失和損失費用準備金的淨額達到精算估計範圍的上半部。與每個季度一樣，我們考慮了新的信息，例如已支付的損失和案件準備金。然後，我們按事故年份和業務線更新了最終損失估計值和損失費用。2025 年前九個月，我們的財產意外損失和損失費用準備金淨增加 11 億美元，其中包括 9 億美元的 IBNR 部分。

During the third quarter, we experienced $22 million of property casualty net favorable reserve development on prior accident years that benefited the combined ratio by 0.9 percentage points. On an all-lines basis by accident year, net favorable reserve development for the first nine months of '25 on totaled $176 million, including favorable $236 million for '24, favorable $16 million for '23 and an unfavorable $76 million in aggregate for accident years prior to '23.

第三季度，我們在先前的事故年度獲得了 2,200 萬美元的財產意外淨有利準備金發展，使綜合比率提高了 0.9 個百分點。以事故年度計算，2025 年前九個月的淨有利準備金發展總額為 1.76 億美元，其中包括 2024 年的有利準備金 2.36 億美元、2023 年的有利準備金 1600 萬美元，以及 2023 年之前的事故年度合計的不利準備金 7600 萬美元。

I'll conclude my comments with capital management highlights. We paid $134 million in dividends to shareholders during the third quarter of 2025. During the quarter, we repurchased approximately 404,000 shares at an average price per share of $149.75. We believe both our financial flexibility and our financial strength are in excellent shape. Parent company cash and marketable securities at quarter end was $5.5 billion. Debt-to-total capital remained under 10%.

最後，我將重點談談資本管理方面的問題。我們在 2025 年第三季向股東支付了 1.34 億美元的股利。本季度，我們以每股平均149.75美元的價格回購了約40.4萬股股票。我們認為，我們的財務靈活性和財務實力都非常出色。截至季末，母公司現金及有價證券為55億美元。債務與總資本之比維持在10%以下。

On October 10, we terminated our existing $300 million line of credit agreement that was set to expire on February 4, 2026, and entered into a new $400 million unsecured revolving credit agreement. This new agreement has a five-year term with two optional one-year extensions and is fully subscribed among our four lenders. Our quarter-end book value was a record-high $98.76 per share, with $15.4 billion of GAAP consolidated shareholders' equity providing ample capacity for profitable growth of our insurance operations.

10 月 10 日，我們終止了原定於 2026 年 2 月 4 日到期的 3 億美元現有信貸額度協議，並簽訂了一項新的 4 億美元無擔保循環信貸協議。這項新協議的期限為五年，並可選擇續約兩次，每次一年，並已獲得我們四家貸款機構的全額認購。我們季末的帳面價值創歷史新高，每股 98.76 美元，154 億美元的 GAAP 合併股東權益為我們的保險業務獲利成長提供了充足的空間。

Now I'll turn the call back over to Steve.

現在我把電話轉回給史蒂夫。

Thanks, Mike. I think this quarter's strong results demonstrate that we have the people and plans in place to keep building on our success. Our associates continue to answer the call for our agents and the communities they serve, building strong relationships and informing smart underwriting decisions. In September, Fitch Ratings recognized our decade of delivering profitability and growth by upgrading our insurer financial strength ratings for all of our standard market property casualty and life insurance subsidiaries to AA- (very strong) from A+, all with a stable outlook.

謝謝你，麥克。我認為本季強勁的業績表明，我們擁有足夠的人才和計劃，可以繼續鞏固我們的成功。我們的員工繼續響應代理商及其服務社區的號召，建立牢固的關係，並為明智的承保決策提供資訊。9 月，惠譽評級認可了我們十年來在盈利和增長方面所取得的成就，將我們所有標準市場財產意外險和人壽保險子公司的保險公司財務實力評級從 A+ 上調至 AA-（非常強），展望穩定。

As our 75th anniversary celebration winds down, we are looking ahead to the future, and we are excited by the opportunities we see to keep living the golden rule, meeting the evolving needs of agents and policyholders and creating value for shareholders. I'll also note that Senior Vice President, Andy Schnell, is on the call and will be in future quarters, following Theresa Hoffer's retirement. Andy joined Cincinnati Insurance 23 years ago and has worked his way up the accounting ranks, proving his business acumen and his leadership abilities. He, Theresa and Mike all worked closely over the past year to ensure a smooth transition that maintained our consistent accounting processes and procedures.

在我們75週年慶典即將結束之際，我們展望未來，並對我們所看到的機會感到興奮，這些機會讓我們能夠繼續奉行黃金法則，滿足代理人和保單持有人不斷變化的需求，並為股東創造價值。我還要指出，高級副總裁安迪·施內爾也參加了此次電話會議，並且在特蕾莎·霍弗退休後，他將在未來的幾個季度繼續參加會議。安迪 23 年前加入辛辛那提保險公司，並在會計職位上一步步晉升，證明了他的商業才能和領導能力。在過去一年裡，他和特蕾莎、麥克密切合作，確保平穩過渡，並維持我們一致的會計流程和程序。

As a reminder, with Andy, Mike and me today are Steve Johnston, Steve Soloria and Marc Schambow. Chloe, please open the call for questions.

再次提醒大家，今天和 Andy、Mike 一起的還有 Steve Johnston、Steve Soloria 和 Marc Schambow。Chloe，請開始接受提問。

(Operator Instructions) Michael Phillips, Oppenheimer.

（操作說明）邁克爾·菲利普斯，奧本海默。

I wanted to start with commercial auto, if I could, try to drill down a little bit. So kind of what's happening there for you guys. You've taken small bites, obviously really pretty small bites of the apple, PYD, I think, 5 quarters in a row. But how do we I guess how do we get comfortable with PYD charges at the same time your current picks are kind of coming down at the same time? Can you talk about that, please?

我想先從商用車入手，如果可以的話，試著深入研究一下。所以，你們那邊的情況怎麼了？PYD，顯然你每次都只咬一小口，而且咬的都是很小一口的蘋果，我想，你連續咬了 5 口。但是，我們該如何適應 PYD 收費，同時我們目前的選擇也在下降呢？您能談談這件事嗎？

Yes, Mike, this is Steve Spray. I can start there. Let me just talk about maybe overall reserves in general because I think that's a question that we'd love to address. And the way I look at it is we've had 30-plus years of all-lines favorable development. And through nine months of this year were favorable. The quarter is favorable. Every quarter, we're getting -- I noticed we get movement to and fro. This quarter, commercial property work comp, very favorable.

是的，麥克，我是史蒂夫‧斯普雷。我可以從那裡開始。我想就整體儲備情況談談我的看法，因為我覺得這是我們很想探討的問題。在我看來，我們已經經歷了 30 多年的全方位有利發展。今年前九個月形勢良好。本季情況良好。每個季度，我們都會——我注意到我們會經歷來回的流動。本季商業地產工程補償非常有利。

Obviously, commercial auto and casualty, we’re having a little bit of prior year. I think the one way I get really comfortable– the data point that I'm getting comfortable with – is if you look at, on an all-lines basis from each accident year from 2020 forward, our initial pick for each of those accident years has developed favorably as of 9/30.

顯然，商業汽車和意外保險方面，我們有點像去年同期的情況。我認為讓我真正感到安心的唯一方法——讓我感到安心的數據點——是，從 2020 年開始，按所有險種計算，每個事故年份，我們最初對每個事故年份的選擇，截至 9 月 30 日都發展良好。

Now commercial auto has had maybe a little bit of a noise in it by accident year. But we're profitable through nine months on commercial auto. And I just feel like the prudent approach that we have taken, the consistent approach, the consistent team we're just -- we're trying to stay ahead of that line of business that has a little bit of a temperature.

現在，商用汽車可能因為意外原因在一年內出現了一些噪音。但我們在商用汽車業務上已經實現了九個月的獲利。我覺得我們採取的謹慎方法、始終如一的方法、​​穩定的團隊，我們只是——我們正在努力保持領先於這個略帶緊張氣氛的業務線。

Okay. Steve, I guess that's it. I mean, a little bit of a temperature. We've seen some companies take some charges, some not, but some, I think, more have than those that haven't. And so when we see kind of the decrease in your current picks and maybe has some -- for that line specifically, Steve, they make some worry that maybe down the road, some of that could reverse back and those PYD charges could increase. Anything in particular on commercial auto, specifically that worries you or that you see that would get called for alarm there?

好的。史蒂夫，我想就是這樣了。我的意思是，有點發燒。我們看到一些公司收取了一些費用，有些公司沒有，但我認為，收取費用的公司比沒有收取費用的公司還要多。所以，當我們看到你目前的選擇有所減少，而且可能有一些——特別是對於那條線，史蒂夫，他們擔心將來可能會出現一些逆轉，而這些 PYD 費用可能會增加。在商用汽車領域，有沒有什麼特別讓你擔心或讓你覺得應該引起警覺的事情？

The one thing I look at there too is, as you know, Mike, we're a package underwriter, a package company, typically small- to mid-market. We don't write a lot of transportation business. We don't have a big heavy auto fleet. And I think some of the challenges, especially with severity that you've seen in the industry over the last several years, has really come from that segment.

我關注的另一點是，正如你所知，麥克，我們是一家包裹保險公司，一家包裹公司，通常面向中小市場。我們不太寫運輸業務方面的稿件。我們沒有龐大的重型汽車車隊。我認為，過去幾年行業中出現的一些挑戰，特別是嚴峻的挑戰，實際上都來自這個領域。

So just in the book itself, I've got confidence over the long pull. And especially, again, we're profitable in 2025 here, both for the quarter and for the full nine months in commercial auto. I don't know, Mike, may want to add something here.

所以就這本書本身而言，我對長距離拉力賽充滿信心。尤其值得一提的是，我們預計 2025 年商用車業務將實現盈利，無論是季度盈利還是前九個月的盈利。我不知道，麥克，或許你想在這裡補充點什麼。

Just real quick, Mike, just to put that $10 million of unfavorable development into perspective, about $7 million of it was from accident-year 2019 and 2020. So a little bit older; total reserves for commercial auto is approaching $1 billion. So when you kind of put it all together, like Steve said, I think we're -- we feel really good where we're at and with the reserving that we do.

麥克，簡單說一下，為了讓大家更能理解這 1000 萬美元的不利發展，其中大約 700 萬美元來自 2019 年和 2020 年的事故年度。所以，稍微老一點的一點；商用車的總儲備金接近 10 億美元。所以，當你把所有因素綜合起來考慮時，就像史蒂夫說的那樣，我認為我們——我們對目前的狀況以及我們所做的儲備感到非常滿意。

Okay. Yes. Mike. That's good color. I guess last one then, if you look at your incurred loss detail by the line for Commercial Lines, and this could be just an anomaly.

好的。是的。麥克風。顏色真好看。那我想應該是最後一個了，如果你查看商業險種的已發生損失明細，這可能只是一個異常情況。

But is there anything you're seeing -- so the large losses with 5 million and up kind of picked up, it looks like the largest in quite a while. Anything you're seeing on the large claims that is worrisome or is this more of a quarterly anomaly?

但你有沒有看到什麼變化——比如，500萬及以上的巨額損失似乎有所增加，而且看起來是近一段時間以來最大的損失。您在大額索賠方面發現什麼令人擔憂的情況嗎？還是這只是季度性異常現象？

I would say -- this is Mike Sewell again. So let me just answer that real quick. For the current accident year, we had about the same number of large losses in total. There was 44 new losses in the current year versus 45 last year. So one less large loss.

我想說——這又是麥克·塞維爾。那我就簡單回答一下這個問題。就本事故年度而言，我們總共發生的重大損失數量與往年大致相同。今年新增損失44例，去年為45例。這樣就少了一筆重大損失。

And again, that would be for a current accident year basis. But it's about $34 million higher in the current year than last year. That was led, I'll say, by both the -- or at least the increase was led by commercial property, homeowner -- or the commercial property was up $30 million, the homeowner was up about $27 million. But on the other side, commercial casualty was down $12 million and other commercial was down $12 million.

再次強調，這指的是目前事故年度的情況。但今年比去年高出約 3,400 萬美元。可以說，這主要是由商業地產和住宅地產共同推動的——或者至少增長是由商業地產和住宅地產共同推動的——商業地產增長了 3000 萬美元，住宅地產增長了約 2700 萬美元。但另一方面，商業意外險下降了 1,200 萬美元，其他商業險也下降了 1,200 萬美元。

So you've got some ups and downs, I would say, from looking at the large losses, there was no indication of anything that was an unexpected concentration. I'll say of the large losses, whether it was by risk category, geographic region, agency or field marketing territory. So there's just going to be some volatility from quarter to quarter, but nothing too exciting to point out.

所以，我認為，從巨額虧損來看，市場出現了一些起伏，但沒有任何跡象顯示有任何意外的集中化現象。我會說，就重大損失而言，無論是按風險類別、地理區域、代理商或現場行銷區域劃分。所以每季之間都會有一些波動，但沒有什麼特別值得一提的。

Paul Newsome, Piper Sandler.

保羅‧紐瑟姆，派珀‧桑德勒。

Could you take Mike's question and insert general liability instead of commercial auto? And maybe give us some thoughts there. Obviously, everyone's referring back to the Selective bad quarter and their issues in both of those lines, and it's fairly natural given that they've long thought of themselves as a peer of yours.

你能把 Mike 的問題中的「商業汽車責任險」替換成「一般責任險」嗎？或許您可以給我們一些建議。顯然，這兩句話大家都在提到 Selective 糟糕的季度和他們的問題，考慮到他們一直把自己視為你的同行，這很自然。

Paul, I appreciate the question. Kind of what I was talking about before, where I get the confidence, one thing I would say, again, maybe kind of a bigger picture is I think it's well documented across our country, how legal system abuse is impacting all of us, including our industry, including Cincinnati Insurance.

保羅，感謝你的提問。就像我之前說的，我的信心來自哪裡？我想再說一點，也許從更宏觀的角度來看，我認為全國各地都有充分的記錄，法律體系的濫用正在影響我們所有人，包括我們的行業，包括辛辛那提保險公司。

So that is certainly adding some pressure there. But again, let me go back to what gives me the confidence, and I'll specifically speak to casualty as well. It's just, again, this consistent process we have, a consistent team, the overall all-lines track record of 30-plus years of favorable development, again, favorable for the quarter, favorable for the full nine months.

這無疑會給他們帶來一些壓力。但是，讓我再回到讓我充滿信心的事物上來，我還要特別談談傷亡情況。再次強調，正是我們始終如一的流程、穩定的團隊、30 多年來全線產品線整體良好的發展記錄，使得本季和整個九個月都取得了良好的發展。

And then the other data point that I was really paying attention to for this quarter is just again, if you look at each of the accident years from 2020 -- and forward, if you look at our initial pick for each of those accident years, it has developed favorably on an all-lines basis as of 9/30, and that holds true for casualty as well.

此外，我本季真正關注的另一個數據點是，如果你查看從 2020 年開始的每個事故年份——以及之後的每個事故年份，如果你查看我們對每個事故年份的初始選擇，截至 9 月 30 日，所有險種的初始選擇都發展良好，意外傷害險也是如此。

Fantastic. And then a completely different subject, actually got some questions just morning on the investment portfolio. Ordinarily, never ask about this because the credit quality of the book has been extraordinarily high for a long time. But just kind of looking at a couple of lines, it looks like there may be some subprime borrowers in there?

極好的。然後，完全是另一個話題，今天早上有人問了我一些關於投資組合的問題。通常情況下，不要問這個問題，因為這本書的信用品質長期以來都非常高。但僅從幾行數據來看，似乎其中可能包含一些次級貸款借款人？

And just curious if there's been any change in the credit quality profile and the thoughts that you have about guess what, PrimaLend or whatever you got in there that might be a little different than what you've historically seen in the bond portfolio.

我只是好奇信用品質狀況是否有任何變化，以及您對PrimaLend或其他任何您投資的債券有何看法，這些債券可能與您以往在債券投資組合中看到的情況略有不同。

Thanks, Paul. This is Steve. Overall, the strategy hasn't changed. Our focus has been more on the higher quality bond area. If we were involved in the high-yield area, it would be in the double Bs. But for the most part, we're buying investment-grade quality bonds, tending to keep quality in the portfolio as opposed to reach for yield where we don't need to.

謝謝你，保羅。這是史蒂夫。總體而言，策略沒有改變。我們一直更關注高品質債券領域。如果我們涉足高收益領域，那一定是雙B類資產。但大多數情況下，我們購買的是投資等級債券，傾向於維持投資組合的質量，而不是在不需要的地方追求收益。

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

So the first question is just on the new business trends. And obviously, there's probably some price competition issues that are affecting some of your new business, but maybe you could speak to the results in the third quarter and what you think about new business going forward because it is a competitive marketplace.

所以第一個問題是關於新的商業趨勢。顯然，價格競爭問題可能影響到你們的一些新業務，但或許你們可以談談第三季的業績，以及你們對未來新業務的看法，因為這是一個競爭激烈的市場。

Yes. Thanks, Greg. Steve Spray again here. If you look -- first of all, I would say, feel really good about the new business numbers for all segments, all major -- our standard segments plus our E&S company on an absolute basis. And I -- admittedly, I hate saying there's a tough comp in the prior year. It sounds like an excuse. We don't do that around here. But if you kind of harken back to 2024, let me talk just about talk about personal lines first. For the last couple of years, we've been talking about this once in a generation, once in a lifetime, hard market in personal lines. And 2024 was probably the peak of that.

是的。謝謝你，格雷格。又是史蒂夫·斯普雷。首先，我想說，我對所有主要業務板塊的新業務數據感到非常滿意——包括我們的標準業務板塊以及我們的 E&S 公司，從絕對意義上講。說實話，我很不願意承認去年的競爭非常激烈。聽起來像個藉口。我們這裡不這麼做。但如果展望2024年，讓我先談談個人保險業務。過去幾年，我們一直在討論個人保險市場這一代人或一生中難得一遇的嚴峻市場狀況。而2024年可能是這股趨勢的頂峰。

And we were able, as a company, because of our balance sheet, because of our financial strength, because of the relationships we have with our agents, we are able to take advantage of that hard market opportunity and really pick up the pace, I'd say, on new business growth or take advantage of that opportunity. As a matter of fact, over the last 3.5 years, we've doubled our personal lines net written premium as a company. So again, hard market there, and we were able to take advantage of that. That new business this year is still strong. California is making a little bit of an impact there. But just on an absolute basis, personal lines new business is strong.

作為一家公司，由於我們的資產負債表、財務實力以及與代理商的關係，我們能夠抓住這個艱難的市場機遇，真正加快新業務成長的步伐，或者說抓住這個機會。事實上，在過去的 3.5 年裡，我們公司的個人保險淨保費收入翻了一番。所以，當時的市場行情很艱難，而我們能夠從中獲利。今年的新業務依然強勁。加州在那方面產生了一些影響。但就絕對值而言，個人保險新業務表現強勁。

Commercial lines, same kind of thing going, if you look on an absolute basis, the new business dollars there, are, again, very strong. And you're right, there's pressure from a competitive standpoint. But our underwriters, both new and renewal, are executing on our segmentation strategy and not giving up an ounce of profit over the long term for any short-term top line growth. So I just -- I feel on an absolute basis, with the numbers. I feel really good about the new business, given the market. And I also feel good about more importantly, how we're pricing and underwriting that business.

商業保險領域的情況也類似，從絕對值來看，因為那裡的新業務收入同樣非常強勁。你說得對，從競爭的角度來看，確實存在著壓力。但是，無論是新承保人還是續保人，都在執行我們的細分策略，不會為了任何短期收入成長而放棄長期利潤的一分一毫。所以我只是——從絕對意義上講，從數字上來說。鑑於目前的市場形勢，我對這項新業務感到非常樂觀。更重要的是，我對我們這項業務的定價和核保方式也感到滿意。

And then our E&S company, our E&S company, the new business, again, maybe under a little bit of pressure. But on an absolute basis, it's something that I'm very comfortable with and think that our runway by appointing more agencies continuing to expand our appetite and expertise. I just feel good about where we're heading for the future on that.

然後，我們的 E&S 公司，我們的 E&S 公司，這家新公司，可能又面臨一些壓力。但就絕對意義上講，我對此非常滿意，並認為透過任命更多代理商來不斷擴大我們的視野和專業知識，我們能夠保持發展勢頭。我對我們未來的發展方向感到很樂觀。

Yes. You brought up in your answer, California -- and you also mentioned the once-in-a-generation hard market in personal lines. Given the events of the first quarter, the big fire loss in California, can you talk about how you're viewing California and the opportunity for growth in that state, whether it's E&S, personal or commercial or maybe even admitted as you think about the plans for 2026.

是的。你在回答中提到了加州——你也提到了個人保險市場百年一遇的艱難時期。鑑於第一季發生的事件，加州的大火損失，您能否談談您如何看待加州以及該州的成長機會，無論是環境與社會、個人或商業，還是在您考慮 2026 年計劃時，甚至是承認加州經濟的機會？

Yes, absolutely. First, I'd comment that we've got great agents and policyholders in California. And as a company, we want to continue to be a stable, consistent market for them. As we've talked over the -- since the fire, we always do a deep dive on large losses and see if there's any lessons learned. And I think it's safe to say that we and the industry have an updated view of risk resulting from that fire and kind of cutting to the chase on that for you, Greg, it really is around just updating the model view, conflagration, the sustained level of winds, and it's giving us a different view of risk on aggregation.

是的，絕對的。首先，我想說的是，加州的代理人和投保人都非常優秀。作為一家公司，我們希望繼續成為他們穩定、持續的市場。正如我們之前討論過的——自從那場火災發生以來，我們總是會對重大損失進行深入調查，看看能否從中吸取任何教訓。我認為可以肯定地說，我們和業界對這場火災帶來的風險有了更新的看法。格雷格，直截了當地告訴你，這實際上只是更新了模型視圖、火災蔓延情況、持續風力水平，這讓我們對風險的整體情況有了不同的看法。

And from my perspective, our E&S pricing and terms and conditions pre-fire, even post fire, I look at them and say, very solid, really comfortable with where we were there. So we're focused on just a new view of aggregation and our plans are already in motion and being executed from that standpoint.

從我的角度來看，我們在火災前甚至火災後的 E&S 定價和條款及條件都非常穩固，我對當時的狀況感到非常滿意。因此，我們專注於聚合的新視角，我們的計劃已經從這個角度出發並開始實施。

Now to your question on E&S or admitted and then commercial. As of 12/31 of '24, 77% of our homeowner premiums in California were already written on an E&S basis. You can expect that number will grow. We put some moratoriums in place for new business, while we were gaining our lessons learned, and we've begun writing some more new business in non-aggregation areas, as you might imagine. So I think E&S is going to continue to be a big portion of what we do in California going forward.

現在回答你關於E&S或已獲準經營然後商業經營的問題。截至 2024 年 12 月 31 日，我們在加州的房屋保險保費中，77% 已經以 E&S 為基礎承保。可以預見，這個數字還會成長。在我們吸取教訓的同時，我們暫停了一些新業務，正如你可能想像的那樣，我們已經開始在非聚合領域開展一些新的業務。所以我認為，未來在加州，環境與安全仍將是我們業務的重要組成部分。

Now commercially, we are not active in California on an admitted basis. And when I say active, we're not appointing agencies in California from admitted commercial. We don't have associates on the ground in California calling on agents from an admitted standpoint. We did, just several months ago, enter California for commercial E&S business, and that's going well. It's early, but that's going well also.

目前，我們在加州尚未正式開展商業活動。我說的「積極」並不是指從加州的已獲認可的商業機構中任命代理機構。從官方角度來看，我們在加州沒有派駐人員拜訪代理商。就在幾個月前，我們進入了加州的商業環境與社會業務領域，而且進展順利。現在還為時過早，但目前進展也很順利。

I guess related to that answer, just on California, you said that E&S is still a focus for you for personal lines. Do you have any view on the regulatory framework around the sustainable insurance mechanism that they're trying to roll out. I guess the fact that you're focused still on E&S suggests that you're somewhat skeptical or cautious about that, but just curious if you have a view on that initiative by the politicians in the Department of Insurance.

我想和那個回答有關，就加州而言，您說過 E&S 仍然是您個人保險業務的重點。您對他們正在推行的可持續保險機制相關的監管框架有什麼看法？我猜你仍然關注 E&S 的事實表明你對此有些懷疑或謹慎，但我只是好奇你對保險部門政客們的這項舉措有何看法。

Yes. That's something we're watching closely, and we're continuing to work with the California Department of Insurance to say, in areas where we're not wildfire-prone, in areas where we do write admitted business. Our auto, our other coverages would be written on an admitted basis. The homeowner is primarily where you're going to find the E&S. We just continue to work with the California DOI to try to get to a win-win for everybody.

是的。這是我們密切關注的事情，我們將繼續與加州保險部合作，在那些我們並非易受野火侵襲的地區，在我們確實開展業務的地區。我們的汽車保險和其他保險都將以承保方式承保。E&S 主要會在房主那裡找到。我們將繼續與加州內政部合作，努力實現對各方都有利的雙贏局面。

We -- like I said before, we've got great agents and we've got great policyholders, and our claims staff just did an outstanding job through the fire. The feedback we got from agents and policyholders alike didn't surprise me, but it just validated everything we've done at this company, delivering on the promise for the last 75 years. California was a microcosm of I think everything we do well when things go bad.

就像我之前說的，我們有優秀的代理人，我們有優秀的投保人，我們的理賠人員在火災中表現出色。代理人和保單持有人的回饋並沒有讓我感到意外，但這恰恰驗證了我們公司過去 75 年來所做的一切，兌現了我們的承諾。我認為，加州就像一個縮影，它體現了我們在逆境中擅長的一切。

Mike Zaremski, BMO.

Mike Zaremski，BMO。

Okay. Circling back to -- I was trying to think of a joke, at BMO, obviously. Circling back to the capital investment portfolio questions. Steve, you started out saying, talking about the strength of investment income from the rebalancing last year. I guess we can see the equity markets have been extremely strong year-to-date, which has helped you all.

好的。話說回來——我當時正在想一個笑話，顯然是在BMO銀行。回到資本投資組合的問題。史蒂夫，你一開始就談到了去年重新平衡投資帶來的強勁收益。我想我們可以看到，今年以來股市表現非常強勁，這對大家都有好處。

I'm just trying to understand is there a fast and hard kind of ratio that if the equity markets still keep going up, you'll need to do another rebalancing? And just related has Cincinnati's view of excess capital changed at all in recent quarters?

我只是想了解一下，是否存在一個簡單明了的比例，如果股票市場繼續上漲，就需要再次進行再平衡？另外，辛辛那提對過剩資本的看法在最近幾季是否有所改變？

See, this is -- sorry, this is Steve Soloria. In regards to the equity portfolio, we have always managed and trimmed around growth in individual names or sector exposures, kind of adhering to our investment policy statement. We continue to evaluate it. Last year's move was a kind of a compilation of a lot of internal discussion, but a lot of external factors driving our action, our initial decision to trim was a typical one that we would have. And it just kind of grew as we began to look at external factors like the upcoming election, potential tax rate changes, and the implications for the capital gains we might have to pay.

瞧，這位是——抱歉，這位是史蒂夫·索洛里亞。就股票投資組合而言，我們一直圍繞著個股或產業曝險的成長進行管理和調整，這在某種程度上符合我們的投資政策聲明。我們會繼續評估。去年的舉措是內部大量討論的綜合結果，但也受到許多外部因素的影響，我們最初決定裁員是我們通常會做出的決定。隨著我們開始關注外部因素，例如即將到來的選舉、潛在的稅率變化以及我們可能需要繳納的資本利得稅的影響，這個問題就逐漸擴大了。

So there were a lot of external factors driving it, which made it a big -- a larger bite of the apple, so to speak. I wouldn't take it off the table moving forward. But there -- those external factors aren't weighing on us right now. So we'll continue to kind of manage it more at the individual security and industry level where we need to just trim to manage the portfolio. I'll kind of leave the capital management discussion for a different audience.

因此，有許多外部因素在推動它，這使得它成為一件大事——可以說是咬了一口更大的蘋果。我不會排除這種可能性。但是，目前這些外在因素並沒有對我們造成影響。因此，我們將繼續在單一證券和產業層面進行管理，我們需要精簡資產來管理投資組合。關於資本管理的討論，我還是留給其他聽眾吧。

Yes. Got it. I guess just sticking with excess capital and the investment portfolio from the outside looking in, high level, Cincinnati would appear to have a very large excess capital position. But would you not agree with that because the regulatory framework or your internal model would say, hey, you need to factor in a big equity market decline that stays there for a period of time. So you're really just effectively not holding excess because you want to have that money for potential worst times in the equity markets?

是的。知道了。我想，如果只從外部觀察投資組合，從宏觀層面來看，辛辛那提似乎擁有非常龐大的超額資本。但你不同意嗎？因為監管框架或你的內部模型會說，嘿，你需要考慮股市大幅下跌並持續一段時間的情況。所以你其實只是不持有過多的資金，因為你想把這些錢留到股市可能出現最糟糕的時期使用？

Thanks for the question. This is Mike Sewell. So really, our capital position of how we manage capital really has not -- I'll say, has not changed. We think of it there's five ways to invest your capital and our number one is invest in the business. So we're holding enough capital to grow the business. We've gone through those details with whether it's -- Cincinnati Re, CGU, California, et cetera, et cetera, the E&S business, that's our number one use of capital.

謝謝你的提問。這是麥克·塞維爾。所以實際上，我們的資本狀況，或者說我們管理資本的方式，並沒有真正改變——應該說，並沒有改變。我們認為有五種投資資本的方式，而我們的首選是投資企業。因此，我們擁有足夠的資金來發展業務。我們已經仔細研究過這些細節，無論是辛辛那提再保險公司、CGU、加州保險公司等等，還是E&S業務，這是我們資本的第一用途。

We do think, obviously, of dividends that we pay to shareholders, buybacks and other things. But there are some regulatory requirements that we watch to make sure that we don't hold too much equity securities, and we're well within any parameters there. So I think it's been a winning strategy what Steve Soloria has done with the portfolio and looking at the results this year. I think it's been very exciting. And I'm excited to see what we do with that capital as we grow our business for the remainder of this year and '26, '27 and beyond.

我們當然會考慮支付給股東的股利、股票回購等事項。但是，我們會關註一些監管要求，以確保我們不會持有過多的股權證券，而我們在這方面完全符合任何參數。所以我認為，從今年的業績來看，史蒂夫·索洛里亞對投資組合所做的努力是一個成功的策略。我覺得這非常令人興奮。我很興奮地看到，在今年剩餘的時間裡，以及 2026 年、2027 年和更遠的未來，我們將如何利用這筆資金來發展我們的業務。

Got it. And lastly, moving to the commercial competitive environment, probably not E&S, let’s just say, traditional standard commercial. A lot of questions fielded all around on kind of the cycle. No surprise, right? You talked about pricing power decelerating a bit sequentially.

知道了。最後，轉向商業競爭環境，可能不是 E&S，我們姑且稱之為傳統的標準商業環境。關於這個週期，各方都提出了許多問題。不出所料，對吧？你提到定價權成長速度會逐漸放緩。

Should investors, I guess, be prepared for pricing to continue to decel on average in the coming years, just given the health of the industry and Cincinnati included? Or is there a dynamic on loss trend, right? You've got a lot of questions on casualty flare ups, right, and little additions to the reserves? Or is there a dynamic on on loss cost trend that we're not appreciating that might kind of keep this cycle from looking like many previous soft cycles?

鑑於整個產業以及辛辛那提的現狀，投資人是否應該做好準備，迎接未來幾年平均價格持續放緩？或者說，虧損趨勢是否存在某種動態變化？你有很多關於傷亡事件激增以及後備力量小幅增加的問題，對吧？或者，是否存在我們尚未意識到的損失成本趨勢方面的動態因素，可能會使本輪週期與以往許多疲軟週期有所不同？

Yes. Thanks, Mike. Yes, I'd say on the commercial standard, the admitted business, I would call the market, it's competitive, but I would still call it rational, stable. I think there are still loss headwinds for our industry that impact that commercial severe convective storm or just cat losses in general. Q3 was a light cat quarter.

是的。謝謝你，麥克。是的，就商業標準而言，我承認，就市場而言，它具有競爭性，但我仍然認為它是理性的、穩定的。我認為，我們這個行業仍然面臨一些不利因素，這些因素會影響商業上的強烈對流風暴或一般的災害損失。第三季是淡季。

But let's look at a full year and just the trends that have been going on with catastrophes. I think the legal system, we talk about legal system abuse or social inflation, however you want to look at that. I think that is still facing us as an industry, and certainly here at Cincinnati Insurance we're paying attention to it.

但讓我們縱觀整整一年，看看災難發生的趨勢。我認為，我們談論的是法律體系，無論是法律體系濫用還是社會通貨膨脹，無論你怎麼看待這個問題。我認為這個問題仍然是我們整個行業面臨的挑戰，當然，辛辛那提保險公司也對此高度關注。

So I think we're still in a favorable rate environment. Now for us, specifically, at Cincinnati, it literally -- we talk about this all the time, and I think it's key is it's -- we're underwriting and pricing risk by risk. The next risk in front of us is how we're viewing it. Now maybe on a -- and I won't speak necessarily for the go forward for the industry. But I can tell you for Cincinnati, our net written premium growth for commercial lines here was -- I think we announced 5%.

所以我認為我們目前仍處於有利的利率環境。現在對我們辛辛那提來說，具體來說——我們一直在談論這個問題，我認為關鍵在於——我們逐一風險進行承保和定價。我們面臨的下一個風險是我們如何看待它。現在或許──我不一定代表整個產業的未來發展方向。但我可以告訴你，就辛辛那提而言，我們在這裡的商業保險淨保費增長率是——我想我們宣布的是 5%。

And commercial lines, again, standard admitted commercial lines, 13 consecutive years of underwriting profit. And our underwriters working with our agents, executing on a segmentation strategy are just doing -- they're doing exactly what we ask of them. And as that book continues to perform well, I think it's reasonable to understand that, that the price adequacy of the book continues to improve. And just as we ask our underwriters to take appropriate action on the business that is, we'll call it, least adequately priced. We tell them on the other end, that business that's very adequately priced, do what we need to do to retain it.

商業險方面，同樣是標準的已確認商業險，連續 13 年實現承保獲利。我們的核保人與我們的代理人一起執行細分策略，他們只是在做——他們完全按照我們的要求去做。隨著這本書的銷量持續走高，我認為可以合理地理解，這本書的價格合理性也不斷提高。正如我們要求承銷商對那些我們稱之為定價最不合理的業務採取適當行動一樣。我們告訴對方，對於定價非常合理的業務，我們需要採取一切必要措施來留住它。

So as that book becomes more and more adequately priced, and we are executing on that segmentation strategy, I think what you're seeing is some pressure on the average net rate. Does that make sense?

因此，隨著該書定價越來越合理，並且我們正在執行細分策略，我認為你現在看到的是平均淨價面臨的一些壓力。這樣說得通嗎？

Yes. Yes, it does. I guess we're all trying to figure out if others are also feeling like they've re-underwritten well enough to kind of do the same. But clearly, you guys are in a great position.

是的。是的，確實如此。我想我們都在試圖弄清楚其他人是否也覺得他們已經重新承保了足夠的資金，可以採取同樣的做法。但很顯然，你們處境非常有利。

Yes, Mike, I would -- I'd just make sure I'd make a point that it's -- for us, it's not a re-underwriting. This is the strategy that we've been executing really for the last decade that has served us well, and we're going to stick to it going forward, too. So it's profit first and stable, consistent financial strength for our agents and policyholders over the long pull, which comes with a modest underwriting profit.

是的，麥克，我會——我只是想確保我強調這一點——對我們來說，這不是重新承保。這是我們過去十年一直執行的策略，它對我們非常有效，我們將繼續堅持下去。因此，我們的首要目標是獲利，並為我們的代理人和保單持有人提供長期穩定、持續的財務實力，同時帶來適度的承保利潤。

Josh Shanker, Bank of America.

喬許‧尚克爾，美國銀行。

Obviously, the growth, even though it's decelerating, it's still better than most of your competitors. A lot of that is due to the significant increase in agency appointments and whatnot. Is there anything you can do to help us to sort of disaggregate how much of the growth is expansion into new agencies and how much is further penetration into the agencies you already have?

顯然，儘管成長速度有所放緩，但仍優於大多數競爭對手。這很大程度是由於機構任命等事宜的大幅增加所致。您能否幫助我們區分成長中有多少是向新代理商擴張，又有多少是進一步滲透到您已有的代理商？

Yes, Josh, it's Steve again. We -- I forget the exact number that we disclosed as far as how much the new agency appointments have impacted new business. But what I would tell you there is we've got a proven strategy, I think, of really knowing how to underwrite agencies, and vet agencies and do business with the most professional agencies go into an agency out in the field and find agencies where we're aligned and be very deliberate about expanding the distribution. And then we’ve built deep relationships with them.

是的，喬什，我又是史蒂夫。我們——我忘了​​我們具體透露了多少數字，才能確定新機構的任命對新業務產生了多大影響。但我想告訴你們的是，我們已經制定了一套行之有效的策略，我認為，那就是真正了解如何為代理商提供擔保，審查代理商，並與最專業的代理商開展業務，深入一線，找到與我們理念一致的代理商，並有意識地擴大分銷渠道。然後，我們與他們建立了深厚的關係。

And when we onboard an agency, you've seen one agency, you've seen one agency to be perfectly candid, that some will take off faster than others. But what we focus on is the relationship that we have with those agencies. And I guess a long-winded answer way of saying, this is a long-term thing for us. So can we see an uptick in new business quarter-to-quarter from the new agencies we appoint? Yes.

當我們與一家代理商合作時，你也看到過，坦白說，有些代理商的發展速度會比其他代理商更快。但我們關注的是與這些機構的關係。我想，說了這麼多，其實就是想表達，這對我們來說是一件長期的事。那麼，我們能否看到我們新任命的代理商帶來的新業務逐季成長呢？是的。

But that's not what we're focused on. We're focused on these relationships and making sure that we're aligned and that we're deepening the relationship. We're giving each one of these agencies, what I call, the Cincinnati experience. And then over the long haul, the premium, the growth will take care of itself.

但這並非我們關注的重點。我們專注於這些關係，確保我們目標一致，並不斷加深彼此的關係。我們正在為這些機構中的每一個提供我所謂的「辛辛那提體驗」。從長遠來看，溢價和成長自然會水到渠成。

The Cincinnati experience, I remember when I started covering thesector, I think you had 1,600 agents. And in the last nine months, you've appointed 355. Part of that experience was the direct relationship with the agents in a very infant manner. At this level of growth, how are you maintaining that cultural part of what the Cincinnati agency experience used to be?

我記得剛開始報道辛辛那提地區的時候，那裡好像有 1600 名經紀人。在過去的九個月裡，你任命了 355 人。那段經歷的一部分是以一種非常幼稚的方式與代理人建立直接關係。在這樣的發展速度下，你們如何保持辛辛那提代理商過去那種獨特的文化氛圍？

Yes. Thanks, Josh. I think it's all relative. And you're right, we were at 1,600. Now we're at say roughly 2,300 agencies.

是的。謝謝你，喬希。我覺得這一切都是相對的。你說得對，我們當時是 1600 人。現在我們大約有 2300 家機構。

And if you look at us relative to our peers, we still have an extremely exclusive contract, and agencies run in different circles. Agencies have different centers of influence. They write -- two agencies in the same town, obviously write different business. And we've got plenty of room to continue to expand the distribution to keep appointing agencies across the country in our footprint and not dilute that franchise.

如果將我們與同行進行比較，我們會發現我們仍然擁有極其獨家的合同，而且各家經紀公司都在不同的圈子裡運作。各機構的影響中心各不相同。他們寫道──同一城鎮的兩家機構，顯然承接不同的業務。我們有足夠的空間繼續擴大分銷範圍，繼續在我們的業務覆蓋範圍內為全國各地的委任機構提供服務，而不會削弱此特許經營權。

The franchise value, I think, is the -- like you said, the Cincinnati experience. And by that, I mean, associates on the ground in the community where the agents are calling on them on a regular basis, making decisions locally. That's the Cincinnati experience, and we can repeat that over -- even continuing to add more and more agencies. And we've seen over the last several years as we've added more agencies in our current footprint, that our relationships with our long-term partners stay solid.

我認為，特許經營的價值在於——就像你說的，辛辛那提體驗。我的意思是，在經紀人經常拜訪的社區裡，有當地工作人員參與決策。這就是辛辛那提的經驗，我們可以不斷重複──甚至不斷增加更多的機構。過去幾年，隨著我們在現有業務範圍內增加了更多代理機構，我們看到與長期合作夥伴的關係仍然穩固。

In many cases, we continue to grow even more with those agencies. And then now we've picked up an additional partner, and we get access to the book of business that they have. So we're going to be -- I don't want to be willy-nilly about it, Josh, at all because it's anything but that. This is the same thing we've done for 75 years in partnering with professional agents. It's just that we are picking up the pace a bit.

在很多情況下，我們與這些機構的合作甚至會持續成長。現在我們又增加了一位合作夥伴，我們可以利用他們現有的客戶資源。所以我們要──我一點也不想草率行事，喬希，因為這根本不是草率行事。75年來，我們一直與專業經紀人合作，做著同樣的事情。只是我們加快了一點步伐。

Would you expect to have more agency appointments in 2026 than in 2025?

您預計 2026 年的代理機構任命數量會比 2025 年多嗎？

Yeah, we haven't put out any goals on that. The last thing we want is just to be appointing an agency to be appointing an agency. We ask every single one of our field reps, 185 of them across the country, to know every single independent agent in their territory and make sure those agencies -- identify those agencies where we are most aligned and when it's time to make another appointment for whatever reason, they go ahead and do that. So we're not putting out any goals.

是的，我們還沒有設定任何目標。我們最不希望看到的就是為了指定一家代理商而指定另一家代理商。我們要求全國 185 名外勤代表了解其轄區內的每一位獨立代理商，並確保這些代理商能夠識別出與我們最契合的代理商，並在需要再次預約時（無論出於何種原因），都能順利完成預約。所以我們不會設定任何目標。

We're not putting any additional requirements on the field reps. We’re just adding more territories. That's one key to it is we're not going to -- our field territories right now, our field reps average, they call on an average of about 14 agencies. We don't see that changing over time. Again, the same Cincinnati experience, just more of the same.

我們不會對現場代表提出任何額外要求。我們只是在增加更多地區。關鍵在於我們不會——目前我們的外勤區域，我們的外勤代表平均要拜訪大約 14 個機構。我們認為這種情況不會隨著時間而改變。又是同樣的辛辛那提經歷，一切都一成不變。

Josh, let me just mention on Page 42 of our 10-Q, we do give some information on premiums by new appointed agencies in '25 and '24.

Josh，我只想提一下，在我們的 10-Q 表格第 42 頁，我們確實提供了一些關於 2025 年和 2024 年新任命的代理機構的保費信息。

(Operator Instructions) Meyer Shields, KBW.

（操作說明）Meyer Shields，KBW。

Great. I wanted to get a sense as to how you're thinking about catastrophe reinsurance for 2026. And I don't know whether that thought process has changed from early in the year when we had the very significant fire losses to more recent periods where catastrophes have been benign.

偉大的。我想了解一下您對 2026 年巨災再保險的看法。我不知道這種想法是否與年初我們遭受重大火災損失時相比發生了變化，與最近災難相對較小的時期相比，這種變化是否已經改變。

Yes. Thanks, Meyer, Steve Spray again. Obviously, we are in the throes of renewal season specifically for property cat cover, just as a reminder. Right now, we have a $200 million retention on any individual cat event. And then we buy 1.6x of that $200 million up the tower, without committing to what we're going to do on [1-1-26], because that's not been finalized, I can say that we will remain consistent in the way that we purchase property cat cover, and that is for balance sheet protection.

是的。再次感謝邁耶和史蒂夫·斯普雷。顯然，我們正處於財產貓險續保的旺季，特此提醒各位。目前，我們每場貓咪賽事都能獲得 2 億美元的收益。然後，我們購買了價值 2 億美元的 1.6 倍的資產，雖然我們無法承諾在 [1-1-26] 採取什麼行動，因為這還沒有最終確定，但我可以肯定的是，我們將在購買財產巨災保險方面保持一致，這是為了保護資產負債表。

We talked a little earlier about our strong capital position. We believe in underwriting and pricing, our own business and sharing in the losses. So over time, we've always continued as we've grown and as our capital position has grown, we've moved up in retention, and we continue to buy more on top of the program for that for -- again, for that balance sheet protection. And so that philosophy, that strategy will not change.

我們之前稍微談到了我們雄厚的資本實力。我們秉持承保和定價的原則，堅持自主經營，並分擔損失。因此，隨著時間的推移，隨著我們的發展和資本狀況的增長，我們一直在不斷增加留存率，並且我們繼續在該計劃之外購買更多資金，以——再次強調，是為了保護資產負債表。因此，這種理念、這種策略不會改變。

This concludes our question-and-answer session. I would like to turn the conference back over to Steve Spray, CEO, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長史蒂夫‧斯普雷，請他作總結發言。

Thank you, Chloe, and thank you all for joining us today. We also look forward to speaking with you again on our fourth-quarter call.

謝謝克洛伊，也謝謝大家今天能來參加。我們也期待在第四季財報電話會議上再次與您交流。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。