Everest Group Ltd (EG) 2025 Q3 法說會逐字稿

Good day, and welcome to the Everest Group Limited third-quarter 2025 earnings conference call. (Operator Instructions) Please Note this event is being recorded. I would now like to turn the conference over to Matt Rohrmann, Head of Investor Relations. Please go ahead.

大家好，歡迎參加珠穆朗瑪集團有限公司2025年第三季業績電話會議。（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主管馬特·羅爾曼。請繼續。

Thank you, Betsy. Good morning, everyone, and welcome to the Everest Group Limited third quarter of 2025 earnings conference call. The Everest executives leading today's call are Jim Williamson, President and CEO; and Mark Kociancic, Executive Vice President and CFO. We're also joined by other members of the Everest management team.

謝謝你，貝齊。各位早安，歡迎參加珠穆朗瑪集團有限公司2025年第三季業績電話會議。今天主持電話會議的 Everest 高層有總裁兼執行長 Jim Williamson 和執行副總裁兼財務長 Mark Kociancic。珠峰管理團隊的其他成員也加入了我們。

Before we begin, I'll preface the comments by noting that today's call will include forward-looking statements. Actual results may differ materially, and we undertake no obligation to publicly update forward-looking statements. Management comments regarding estimates, projections and future results are subject to the risks, uncertainties and assumptions as noted in Everest's SEC filings.

在開始之前，我先說明一下，今天的電話會議將包含一些前瞻性陳述。實際結果可能與預期有重大差異，我們不承擔公開更新前瞻性聲明的義務。管理層對估計、預測和未來業績的評論受制於 Everest 向美國證券交易委員會提交的文件中所述的風險、不確定性和假設。

Management may also refer to certain non-GAAP financial measures. Available explanations and reconciliations to GAAP can be found in our earnings press release, investor presentation and financial supplement on our website.

管理階層也可能參考某些非公認會計準則財務指標。有關 GAAP 的解釋和調整說明，請參閱我們網站上的獲利新聞稿、投資者簡報和財務補充資料。

With that, I'll turn the call over to Jim.

這樣，我就把電話交給吉姆了。

Thanks, Matt, and good morning, everyone. Since becoming CEO of Everest nine months ago, I've been focused on resolving the legacy issues surrounding our US insurance casualty book, evaluating how and where capital is allocated in the group. and assessing the results, opportunities and challenges facing each of our businesses.

謝謝馬特，大家早安。自從九個月前擔任 Everest 執行長以來，我一直專注於解決我們美國意外險業務遺留問題，評估集團資本的分配方式和地點，並評估我們各項業務面臨的成果、機會和挑戰。

Yesterday, we announced two strategic actions that position Everest as a more agile and profitable company with greater capital flexibility to invest in developing the group and return capital to shareholders.

昨天，我們宣布了兩項策略舉措，使珠穆朗瑪峰成為一家更加靈活、盈利能力更強的公司，擁有更大的資本靈活性，可以投資於集團發展並向股東返還資本。

First, we are exiting Global Retail Insurance. The teams running that business have done an exceptional job improving performance over the last two years.

首先，我們將退出全球零售保險業務。過去兩年，負責這項業務的團隊在提升業績方面做得非常出色。

At the same time, it's clear to me the ongoing investments required in that business and the capital needed to support it are better placed than Everest's other opportunities. Second, we have established a comprehensive adverse development cover for our North America insurance division covering reserves for accident years 2024 and prior.

同時，在我看來，該業務所需的持續投資和支持該業務所需的資金，顯然比珠穆朗瑪峰的其他機會更有優勢。第二，我們為北美保險部門建立了全面的不利發展保障，涵蓋 2024 年及以前事故年度的準備金。

With $1.2 billion of gross limit attaching at a strengthened carried reserve level, this cover will help ensure the results of prior poor underwriting decisions, no longer overshadow our strong current performance. Long-term prospects in our core reinsurance business and in the wholesale and specialty insurance operations we're retaining are excellent.

在12億美元的毛限額和加強的已付準備金水準下，這項保障將有助於確保先前糟糕的核保決策所造成的後果不再掩蓋我們目前的強勁業績。我們核心再保險業務以及我們保留的批發和專業保險業務的長期前景非常樂觀。

I'll continue to set a simple standard for the businesses we operate. Capital deployed must be properly remunerated at acceptable levels of risk. We will operate in businesses with clear competitive advantage, strong economics and a well-defined forward path. This standard will be applied as we continue to develop our operations and evaluate opportunities to further diversify the company.

我將繼續為我們經營的業務設定一個簡單的標準。投入的資金必須在可接受的風險水準下獲得適當的回報。我們將選擇那些具有明顯競爭優勢、經濟效益強勁且發展路徑明確的企業來開展業務。我們將沿用這項標準，並持續發展業務，評估進一步實現公司多元化發展的機會。

Turning now to performance in the quarter. Group gross written premium was $4.4 billion, down 1% from last year, largely reflecting targeted re-underwriting in insurance and careful portfolio mix management in reinsurance.

現在來看本季業績。集團毛保費收入為 44 億美元，比去年下降 1%，這主要反映了保險業務的定向再承保和再保險業務的謹慎投資組合管理。

Our combined ratio for the quarter was 103.4%. Excluding prior year development and net cat losses, the attritional combined ratio was 89.6%, demonstrating the strength of our underlying book.

本季綜合比率為 103.4%。剔除上年度發展及淨巨災損失，損耗綜合比率為 89.6%，顯示我們基礎業務的強勁實力。

Operating income was $316 million compared with $630 million last year, the difference almost entirely attributable to the reserve adjustment I mentioned earlier. Our reinsurance business continued to perform exceptionally well in the quarter.

營業收入為 3.16 億美元，而去年同期為 6.3 億美元，這一差異幾乎完全歸因於我之前提到的準備金調整。本季我們的再保險業務持續表現出色。

Gross written premium of $3.2 billion was down 2% year-over-year, reflecting disciplined cycle management. The combined ratio was 87%, improving year-over-year, driven by lower cat losses and favorable prior year development.

毛保費收入為 32 億美元，年減 2%，反映出嚴格的周期管理。綜合比率為 87%，較前一年有所改善，主要得益於巨災損失減少和去年發展良好。

Reinsurance reserves are in a strong position. Portfolio mix in reinsurance continues to develop favorably with property and other short-tail lines increasing by almost 5% year-over-year, while casualty and financial lines decreased by over 10%. This reflects our consistent strategy of reducing exposure to US casualty in the face of persistent legal system abuse.

再保險準備金狀況良好。再保險的投資組合組成繼續朝著有利的方向發展，財產險和其他短期險種同比增長近 5%，而意外險和金融險種則下降了 10% 以上。這體現了我們面對持續不斷的法律體系濫用而採取的減少美國傷亡風險的一貫策略。

I would also highlight the strong performance of our Global Specialties business, which produced almost $500 million of gross written premium and over $100 million of underwriting income in the quarter.

我還要重點介紹我們全球特種險業務的強勁表現，該業務在本季度創造了近 5 億美元的毛保費收入和超過 1 億美元的承保收入。

We're investing in this business and expect it to deliver top and bottom line growth in the coming quarters and years.

我們正在投資這項業務，並期望它在未來幾季和幾年內實現營收和利潤的成長。

Market conditions in the reinsurance business, particularly in our cat-exposed lines, should remain favorable through the January 1, 2026 renewal. While market capacity is increasing, Everest is a preferred partner, and we see no barriers to continued attractive capital deployment in this market. Make no mistake, though, where deals do not offer attractive and appropriate returns, we will cut back.

再保險業務的市場狀況，特別是我們承保巨災風險的險種，在 2026 年 1 月 1 日續保之前應該會保持良好態勢。儘管市場容量不斷增加，但 Everest 仍然是首選合作夥伴，我們認為在這個市場中繼續進行有吸引力的資本部署沒有任何障礙。但毋庸置疑，如果交易無法帶來有吸引力且合適的收益，我們將削減開支。

Moving to insurance. The team's execution of our 1-Renewal Strategy remediated the North America casualty book in record time. We're maintaining pricing momentum, improving risk selection and exiting underperforming accounts, all of which position the go-forward insurance portfolio for increased profitability. In the quarter, 45% of our US casualty business did not renew.

轉行做保險。團隊執行我們的“1-續保策略”，在創紀錄的時間內解決了北美地區的意外損失問題。我們正在保持定價勢頭，改進風險選擇，並退出表現不佳的帳戶，所有這些都為未來的保險組合提高盈利能力奠定了基礎。本季，我們45%的美國意外險業務沒有續保。

We believe AIG is ideally positioned to maximize the value of this portfolio going forward, and we were pleased to conclude our renewal rights transaction with such a close partner.

我們相信 AIG 處於理想的地位，能夠最大限度地發揮該投資組合的未來價值，我們很高興與這樣一位緊密的合作夥伴完成了續約權交易。

We're now reorganizing our insurance operation to focus on our global wholesale and specialty insurance capabilities and expertise. This is a strategic move that directly aligns Everest with the evolving needs of the market.

我們正在重組保險業務，以專注於我們的全球批發和特殊保險能力和專業知識。這是一項策略性舉措，旨在使珠穆朗瑪峰公司與不斷變化的市場需求直接保持一致。

Historically, our go-forward wholesale and specialty businesses outperformed our retail business by approximately 10 combined ratio points. Year-to-date, total written premium was approximately $1.7 billion. The long-term profitability and growth outlooks for the market segments we're focused on are excellent, while Everest's current share is measured in basis points.

從歷史資料來看，我們的批發和專賣業務的綜合表現比零售業務高出約 10 個百分點。今年迄今為止，已承保保費總額約為 17 億美元。我們所關注的細分市場的長期獲利能力和成長前景都非常出色，而珠穆朗瑪峰目前的市佔率是以基點來衡量的。

I'll have more to say about that business in future quarters.

關於這項業務，我將在未來幾季再做更多說明。

To summarize, I would characterize this past quarter as one of action and clarity. We've confronted our legacy casualty issues head on, optimized the portfolio and positioned Everest for a new chapter. Our core business engines, reinsurance as well as wholesale and specialty insurance are performing well.

總而言之，我會將上個季度描述為行動和清晰的階段。我們直面了遺留的意外傷害問題，優化了投資組合，並為珠穆朗瑪峰保險公司開啟了新的篇章。我們的核心業務引擎，即再保險以及批發和特殊保險，表現良好。

Our balance sheet is strong and generating meaningful net investment income. Our capital is flexible, and we're moving to a position of significant excess capital to deploy, and our team remains intensely focused on disciplined execution.

我們的資產負債表穩健，並能產生可觀的投資淨收益。我們的資金靈活，我們正朝著擁有大量剩餘資金可供部署的方向發展，我們的團隊將繼續高度專注於嚴謹的執行。

Before I hand it over to Mark, I want to thank my Everest colleagues around the world. These past months have required both focus and resolve and our team has handled them with the utmost professionalism and integrity. We're all driving toward a unified goal of a more nimble, resilient and profitable enterprise.

在將稿件交給馬克之前，我想感謝世界各地的珠峰登山隊同事們。過去幾個月需要我們集中精力並付出決心，我們的團隊以最高的專業和誠信應對了這些挑戰。我們都在朝著同一個目標努力，那就是打造一個更靈活、更有韌性、更有獲利的企業。

And with that, I'll turn the call over to Mark.

接下來，我將把電話交給馬克。

Thank you, Jim, and good morning, everyone. The transformative actions we announced this quarter helped drive certainty into Everest's insurance reserve adequacy and position the company to focus on well-developed and more profitable lines of business.

謝謝你，吉姆，大家早安。我們本季宣布的變革性措施有助於提高 Everest 保險準備金充足性的確定性，並使公司能夠專注於發展成熟且利潤更高的業務線。

We expect these moves to yield improved returns on capital for Everest and value creation for shareholders. As Jim mentioned earlier, we sold the renewal rights of our US, UK, European and Asia Pacific commercial retail insurance business to AIG. These businesses collectively total approximately $2 billion in gross written premiums.

我們預計這些舉措將為珠穆朗瑪峰帶來更高的資本回報率，並為股東創造價值。正如吉姆之前提到的那樣，我們已將我們在美國、英國、歐洲和亞太地區的商業零售保險業務的續保權出售給了 AIG。這些企業的毛保費收入總計約 20 億美元。

The transaction will result in meaningful total value to Everest and significant capital will be released over time. We expect to take a pre-tax nonoperating charge in the range of $250 million to $350 million associated with the transaction with the charge being recognized over 2025 and 2026.

這項交易將為珠穆朗瑪峰帶來可觀的總價值，並且隨著時間的推移，將釋放大量資金。我們預計將產生與該交易相關的稅前非經營性費用，金額在 2.5 億美元至 3.5 億美元之間，該費用將在 2025 年和 2026 年確認。

The transaction meaningfully streamlines Everest's operating model and bolsters our focus on core reinsurance and specialty and wholesale insurance businesses. We took further action to fortify our US casualty reserves, strengthening reserves by $478 million on a net basis or 12.4 points on the combined ratio.

這項交易顯著簡化了 Everest 的營運模式，並加強了我們對核心再保險、專業保險和批發保險業務的關注。我們採取了進一步措施來加強我們的美國意外損失準備金，淨增加準備金 4.78 億美元，綜合比率提高 12.4 個百分點。

This was split between the insurance and other segments and follows the acceleration of our global reserve studies into the third quarter.

這部分資金分攤到保險和其他業務板塊，並隨著我們全球儲備金研究在第三季加速而增加。

We also entered into an adverse development cover, providing $1.2 billion of gross limit with Everest having co-participation of $200 million. The ADC covers $5.4 billion of North American insurance subject reserves for accident years 2024 and prior with an effective date of October 1, 2025.

我們也簽訂了不利發展保障協議，提供 12 億美元的總限額，其中 Everest 公司共同出資 2 億美元。該 ADC 涵蓋 2024 年及以前事故年度北美 54 億美元的保險準備金，生效日期為 2025 年 10 月 1 日。

Everest will be transferring $1.25 billion of in-the-money reserves. As a result, we expect net investment income to be lower by approximately $60 million per year over the next several years. We will be paying approximately $122 million of premium upon closing of the transaction, which is expected to be in the fourth quarter.

珠穆朗瑪峰公司將轉移12.5億美元的實值儲備金。因此，我們預計未來幾年淨投資收益將每年減少約 6,000 萬美元。交易完成時，我們將支付約 1.22 億美元的溢價，預計交易將在第四季完成。

Starting with group results. Everest reported gross written premiums of $4.4 billion, representing a 1.2% decrease in constant dollars, while excluding reinstatement premiums from the prior year quarter. The combined ratio was 103.4% for the quarter, reflecting the net reserve strengthening, I mentioned a few moments ago, the reinsurance business had favorable reserve development of $29 million. And this was more than offset by reserve strengthening of $361 million in our Insurance segment and $146 million in our Other segment.

首先來看小組成績。Everest 報告稱，其毛保費收入為 44 億美元，以固定匯率計算下降了 1.2%，但不包括去年同期恢復保費。本季綜合比率為 103.4%，反映了淨準備金的增加。正如我剛才提到的，再保險業務的準備金發展有利，達到 2,900 萬美元。保險業務部門增加 3.61 億美元儲備金，其他業務部門增加 1.46 億美元儲備金，完全抵銷了上述損失。

The quarter benefited from relatively light catastrophe losses, which contributed 1.3 points to the group combined ratio. The group attritional loss ratio increased 1.4 points to 59.9% in the quarter with the increase largely driven by our conservative approach to setting initial loss picks in US casualty lines.

本季受惠於相對較輕的巨災損失，這導致集團綜合比率上升了 1.3 個百分點。本季集團損耗率上升 1.4 個百分點至 59.9%，這一增長主要是由於我們在美國意外險業務中採取了保守的初始損失選擇策略。

The attritional combined ratio increased 3 points to 88.8% when excluding the impact of $34 million in profit commissions related to prior year loss reserve releases in mortgage lines, largely due to contingent commissions also associated with our mortgage lines business.

剔除與上一年抵押貸款業務損失準備金釋放相關的 3,400 萬美元利潤佣金的影響後，綜合損耗率上升 3 個百分點至 88.8%，這主要是由於與我們的抵押貸款業務相關的或有佣金造成的。

Moving to reinsurance. Gross written premiums decreased 1.7% in constant dollars, when adjusting for reinstatement premiums during the quarter. Consistent with prior quarters, we exhibited solid growth in property and specialty lines, while remaining disciplined in casualty lines.

轉向再保險。經本季複效保費調整後，毛保費收入以不變美元計算下降了 1.7%。與前幾季一致，我們在財產險和特殊險種方面實現了穩健成長，同時在意外險種方面保持了謹慎。

The combined ratio improved 4.8 points from the prior year to 87%. The improvement was largely driven by lower catastrophe losses, which amounted to $45 million or 1.6 points on the combined ratio versus 9.1 points on the combined ratio in the prior year quarter.

綜合比率較前一年改善4.8個百分點，達87%。這項改善主要得益於巨災損失的減少，巨災損失為 4,500 萬美元，綜合比率為 1.6 個百分點，而去年同期綜合比率為 9.1 個百分點。

Net favorable prior year development also contributed 1 point to the improvement -- our reinsurance reserve studies yielded mine and casualty lines with continued strength in property mortgage and international lines. Overall, we believe we are continuing to build upon our embedded reserve margins.

上年淨有利發展也為改善貢獻了 1 個百分點——我們的再保險準備金研究表明，礦業和意外險業務在財產抵押貸款和國際業務方面繼續保持強勁勢頭。總體而言，我們相信我們正在不斷擴大我們的內嵌儲備利潤率。

The attritional loss ratio increased 60 basis points to 57.5% as we proactively embedded conservatism into our US casualty loss picks. The attritional combined ratio increased 180 basis points to 85.3% when excluding the impact of $34 million in profit commissions associated with mortgage favorable mortgage reserve development.

由於我們積極將保守主義融入我們的美國意外損失選擇中，損耗損失率上升了 60 個基點，達到 57.5%。在剔除與抵押貸款有利的抵押貸款準備金發展相關的 3,400 萬美元利潤佣金的影響後，損耗綜合比率上升了 180 個基點，達到 85.3%。

And moving to insurance gross premiums written increased 2.7% in constant dollars to $1.1 billion. Strong growth in other specialty and Accident & Health was largely offset by the aggressive actions we are taking in US casualty lines.

保險業務毛保費收入以不變美元計算成長 2.7%，達到 11 億美元。其他專業險種和意外及健康保險的強勁增長很大程度上被我們在美國意外險領域採取的積極舉措所抵消。

The underwriting related expense ratio was 19% with the increase driven by reduced casualty earned premium growth from our 1 renewal strategy. The attritional loss ratio increased to 67% this quarter, reflecting our disciplined approach to setting and sustaining prudent loss picks in our US casualty lines portfolio, given the elevated risk environment due to social inflation.

承保相關費用率為 19%，成長主要源自於我們 1 號續保策略導致意外險已賺保費成長減少。本季損耗率上升至 67%，這反映了我們在應對社會通膨導致的風險環境上升的情況下，對美國意外險業務組合採取了審慎的損失選擇策略，並採取了嚴格的方法。

As I mentioned earlier, we strengthened our insurance reserves in the quarter, largely driven by US casualty lines in accident years 2022 through 2024.

正如我之前提到的，本季我們加強了保險準備金，這主要得益於 2022 年至 2024 年事故年度的美國意外傷害險業務。

And this was due to an acceleration of large loss activity, particularly in excess casualty and management liability and higher frequency and general liability and management liability, resulting in more conservative assumptions.

這是由於重大損失活動加速增加，特別是超額意外險和管理責任險，以及更頻繁的一般責任險和管理責任險，導致採取了更為保守的假設。

We believe that increased prudence in loss development factors in 2025 loss picks, in conjunction with the ADC transaction we entered into will help us turn the page on the US casualty reserving issues experienced over the past several years.

我們相信，在 2025 年損失預測中更加謹慎地考慮損失發展因素，再加上我們達成的 ADC 交易，將有助於我們翻過過去幾年美國意外損失準備金問題這一頁。

Reserve strengthening in the other segment was largely driven by US casualty lines, primarily the sports and leisure business. Most other segment reserves are also covered in the ADC, excluding asbestos, amongst other minor items.

其他領域的儲備金增加主要由美國意外險業務推動，尤其是體育和休閒業務。除石棉等其他小型項目外，大多數其他部門的儲備金也包含在 ADC 中。

Moving on to investments. Net investment income increased to $540 million for the quarter, and this was driven by higher assets under management and strong alternative asset returns which generated $112 million of net investment income in the quarter versus $72 million in the prior year quarter. Overall, our book yield decreased slightly to 4.5% given the large component of non-US dollar assets.

接下來談談投資。本季淨投資收益增至 5.4 億美元，這主要得益於管理資產規模擴大和另類資產強勁回報，另類資產本季淨投資收益為 1.12 億美元，而去年同期為 7,200 萬美元。整體而言，由於非美元資產佔比較大，我們的帳面收益率略微下降至 4.5%。

Our current new money yield is approximately 4.8%. And we continue to have a short asset duration of approximately 3.4 years, and the fixed income portfolio benefits from an average credit rating of AA-. For the third quarter of 2025, our operating income tax rate was 9.4%, which was below our working assumption of 17% to 18% for the year due to the jurisdictional mix of profits in the quarter and a $23 million onetime benefit from our 2024 US tax filing.

我們目前的新資金收益率約為 4.8%。我們的資產久期仍較短，約 3.4 年，固定收益投資組合的平均信用評等為 AA-。2025 年第三季度，我們的營業所得稅率為 9.4%，低於我們全年 17% 至 18% 的工作假設，這是由於該季度利潤的司法管轄區組合以及我們 2024 年美國納稅申報中獲得的 2300 萬美元一次性收益所致。

Shareholders' equity ended the quarter at $15.4 billion, or $15.5 billion, excluding $87 million of net unrealized depreciation on available-for-sale fixed income securities.

股東權益本季末為 154 億美元，若不計入可供出售固定收益證券的 8,700 萬美元未實現淨折舊，則為 155 億美元。

Book value per share ended the quarter at $366.22, an improvement of 15.2% from year-end 2024 when adjusted for dividends of $6 per share year-to-date. We will also realign our reporting segments beginning in Q1 2026 and communicate that once it's finalized in the coming weeks.

本季末每股帳面價值為 366.22 美元，以年初至今每股 6 美元的股息調整後，較 2024 年底成長 15.2%。我們也將從 2026 年第一季開始調整我們的報告分部，並在未來幾週內最終確定後進行公佈。

We did not repurchase any shares in the quarter. However, we continue to view share repurchases as an attractive opportunity to deploy capital, and we expect to resume meaningful share repurchases going forward.

本季我們沒有回購任何股票。然而，我們仍然認為股票回購是部署資本的一個有吸引力的機會，我們預計未來將恢復大規模的股票回購。

With that, I will turn the call back over to Matt.

這樣，我就把電話轉回給馬特了。

Thanks, Mark. Betsy, we're now ready to open the line for questions. Would you ask you please limit your questions to one question plus one follow-up and then rejoin the queue for additional questions. .

謝謝你，馬克。貝齊，我們現在可以開始接受提問了。請您將問題限制在一個問題和一個後續問題內，然後重新排隊提問。。

(Operator Instructions)

（操作說明）

Meye Shields, Bank of America.

梅耶·希爾茲，美國銀行。

It's actually Meyer, but I'm glad you can hear me. Yeah. So doing some very quick math on the 10 percentage point differential on -- between the specialty and the retail business and insurance. I suggest that it's running at a 95% combined ratio, excluding cash. I was hoping you can get a sense as to what the cat load is for the specialty business whether 2025 or 2026?

其實我是邁耶，不過很高興你能聽到我的聲音。是的。因此，我們快速計算一下專業零售業務和保險業務之間 10 個百分點的差異。我認為其綜合比率（不包括現金）為 95%。希望您能大致了解一下2025年或2026年特種業務的卡特彼勒貨運量是多少？

Meyer, it's quite modest, actually, almost de minimis, definitely very low relative to the overall insurance division burden that we currently have.

邁耶，實際上這相當少，幾乎可以忽略不計，相對於我們目前整體的保險部門負擔而言，肯定非常低。

Okay. Fantastic. And when I look at the transfer reserves and the fact that $2 billion of insurance gross written premiums is going to be nonrenewed one way or the other. Is there any way of ballparking what that ultimately means in terms of capital liberation.

好的。極好的。當我看到轉移儲備金，以及20億美元的保險毛保費無論如何都將無法續保這一事實時，我感到非常震驚。有沒有辦法大致估算一下，就資本解放而言，這最終意味著什麼？

So Meyer, just I want to make sure I understand your question. So the $2 billion of retail business that we transferred to AIG and any other nonrenewal of subject premium over the one renewal, you're interested in the capital release from that. Is that accurate? Or--

邁耶，我只是想確認一下我是否理解了你的問題。因此，我們轉移給 AIG 的 20 億美元零售業務，以及超過一次續保後任何其他未續保的標的保費，您感興趣的是由此釋放的資本。準確嗎？或者 -

Yeah, that's exactly right.

沒錯，完全正確。

Yeah. So there's multiple components to that. We do expect it to be substantial over time. The -- let me just put a few things on the table because I think it's more of a timing issue than anything else. So the renewal process will take place, broadly speaking, over the coming 12 months.

是的。所以這其中包含多個面向。我們預計隨著時間的推移，它將會變得相當可觀。——讓我先說明幾點，因為我認為這更多的是一個時機問題，而不是其他問題。因此，續約過程將總體上在未來 12 個月內進行。

So over that time, we will benefit from nonrenewing that premium on our own paper, and we will start to reduce the capital intensity associated with the premium itself.

因此，在那段時間裡，我們將受益於不再續保我們自己的債券，我們將開始降低與保費本身相關的資本密集度。

In the meantime, we will have meaningful net earned premium continue to show up in our P&L from 2025 writings as you would expect. And that will be accompanied with traditional P&L items, so commission expense, loss expense, G&A, et cetera.

同時，正如您所預期的那樣，從 2025 年起，我們將繼續在損益表中看到可觀的淨已賺保費。此外，還將包括傳統的損益表項目，例如佣金支出、虧損支出、一般及行政費用等。

And so those loss reserves will also attract some capital charge over that time. In addition to that, we will have the existing set of reserves, which have been enhanced by roughly $0.5 billion of casualty reserves running off over time, and that will release capital as well.

因此，這些損失準備金也會在這段時間內產生一定的資本費用。除此之外，我們還將擁有現有的儲備金，這些儲備金因約 5 億美元的意外損失儲備金隨著時間的推移而增加，這也將釋放資金。

However, we do have, as a result of the extra $0.5 billion charge principally in casualty, a significantly higher level of casualty reserves, which means we'll have less diversification benefit in the coming few quarters of that reserve runoff.

然而，由於額外提列了 5 億美元（主要為意外險），我們的意外險準備金水準顯著提高，這意味著在接下來的幾個季度裡，隨著準備金的減少，我們將獲得較少的多元化收益。

So I would expect capital relief from this transaction, the remediation, the runoff, et cetera, to become more visible in the back half of '26, but we certainly see it coming.

因此，我預計此次交易、補救措施、後續處理等帶來的資本紓困將在 2026 年下半年變得更加明顯，但我們肯定已經看到了它的到來。

Okay, understood thank you so much.

好的，明白了，非常感謝。

Josh Shanker, Bank of America.

喬許‧尚克爾，美國銀行。

Yeah, thank you for taking my question. There's a lot of moving parts in the announcement, there's ADC. There's the real rights transfer. Obviously, there's the charges related. The one thing that hasn't been announced is a plan of what to do with capital. I think investors might have felt some comfort if there was some announcement that we plan a large repurchase or there was a commitment from management to want to own the shares, your stock is trading below book, how should we frame the appetite of returning capital to shareholders over the one, two year period?

是的，謝謝你回答我的問題。這次公告涉及很多方面，包括ADC。這才是真正的權利轉移。顯然，還有相關的指控。唯一尚未公佈的是資金使用計劃。我認為，如果我們宣布計劃進行大規模股票回購，或者管理層承諾持有這些股票，投資者可能會感到一些安慰。目前貴公司股票的交易價格低於帳面價值，我們該如何闡述在未來一兩年內向股東返還資本的意願？

So Josh, it's Mark. We obviously view capital repatriation, share buybacks very attractively for the several of the points you mentioned. Clearly, trading at a discount to book makes it attractive. We're in a lower growth period of the cycle. And so as we're generating returns, we certainly foresee meaningful retained earnings accumulation.

喬希，我是馬克。顯然，我們認為資本回流和股票回購對於您提到的幾個方面都非常有吸引力。顯然，以低於市場價格的價格交易使其具有吸引力。我們正處於經濟週期的低成長期。因此，隨著我們不斷創造回報，我們當然可以預見可觀的留存收益累積。

I would say that the kind of activity that you saw in the first half of the year this year would represent a floor on buybacks as we pursue Q4 and then into 2026. And to my earlier point to Meyer, we do expect the transactions that we've entered into to unlock more capital for that purpose over time.

我認為，今年上半年的這種活動將代表股票回購的底線，因為我們將展望第四季以及2026年。至於我之前跟邁耶提到的那一點，我們確實期望我們已經達成的交易能夠隨著時間的推移釋放更多用於此目的的資金。

All right. And then trying to understand the sort of chronology. Obviously, a little less than a year ago. There was a plan for a one-year renewal and obviously, the decision that Everest is not the appropriate owner for a lot of retail risk. When did the company come to understand that and the underwriting that had done in the past six months, do we have any concerns that Everest wasn't the right underwriter for that risk and we need to worry about 25 reserves?

好的。然後試著理解大致的時間順序。顯然，那是不到一年前的事了。原本計劃續約一年，但顯然，Everest 並不適合承擔大量的零售風險。公司是什麼時候意識到這一點的？以及過去六個月的承保情況，我們是否有任何擔憂，認為 Everest 不是承擔該風險的合適承保人，我們需要擔心 25 倍的準備金？

Yeah, Josh. So let me start by talking a little bit about the underwriting process and where we are in that process, and then I'll come on to the timing of the decisions around the go-forward business. So just to refresh memories, I took on leadership of the insurance business last year 2024 at the sort of end of the spring.

是的，喬許。那麼，首先讓我談談核保流程以及我們目前所處的階段，然後我將談談未來業務決策的時間表。為了喚起大家的記憶，我去年（2024 年）春末接手了保險業務的領導權。

We had really ramped up the remediation process that you've seen play out that we've called the 1-Renewal Strategy in July of '24, meaning it essentially began to complete itself in July of '25 and with a little bit of tail into the third quarter. And so that underwriting is complete.

我們已經真正加快了補救進程，你們已經看到了，我們稱之為“1-更新戰略”，該戰略於 2024 年 7 月啟動，這意味著它基本上在 2025 年 7 月開始完成，並在第三季度略有收尾。至此，核保工作完成。

There is no further underwriting in the casualty book other than normal portfolio management that is required as we go forward. One statistic that I will share with you, and this is going to be relevant to how you think about the 25 loss picks, but if you look at the development that we've observed in 2025 that led us to an additional strengthening of our back book reserves, 80% of that development in US Casualty came from policies that were eliminated from our portfolio during the course of the remediation.

除了未來發展過程中所需的正常投資組合管理之外，意外險業務不再需要承保。我要和大家分享一個統計數據，這與你們如何看待 25 項損失選擇有關。但如果你看看我們在 2025 年觀察到的發展情況，這促使我們進一步加強了我們的後備帳準備金，那麼美國意外險業務中 80% 的發展都來自我們在補救過程中從投資組合中剔除的保單。

And I think that's a good early indicator that we were over the right target that we dealt with the remediation decisively and that the go-forward portfolio will perform extremely well. Now that said, we've still booked it at very, very prudent loss picks. We're not taking credit for any of that, but we do expect it to play out.

我認為這是一個很好的早期跡象，表明我們已經超過了正確的目標，我們果斷地處理了補救措施，而且未來的投資組合將會表現得非常好。即便如此，我們仍然以非常非常謹慎的虧損策略進行投注。我們並不居功，但我們確實預期事情會朝著這個方向發展。

And then to the broader question you asked, which I think is an important one, and I'm going to spend a couple of minutes on it if you'll indulge me. In terms of how we got to the decision and the chronology of getting to the vision around the go-forward portfolio.

然後，對於你提出的更廣泛的問題，我認為這是一個重要的問題，如果可以的話，我想花幾分鐘時間來談談這個問題。就我們如何做出決定以及圍繞未來投資組合的願景形成的時間順序而言。

That was a comprehensive process. It was not driven by what we observed in the reserves. It was a process that was led by the management team included a number of outside strategic advisers and ultimately included our Board of Directors in a very thorough process.

這是一個全面的過程。這並非由我們在保護區觀察到的情況所驅動。這是一個由管理團隊主導，並吸收了多位外部策略顧問，最終由董事會參與的非常徹底的過程。

And the purpose of that process was to determine what are our best opportunities to drive shareholder value and compounded book value per share growth over time period. So we didn't bring any biases into that process around businesses we had built, businesses that we otherwise liked, et cetera. It was purely a strategic review to get it at those critical answers.

這個過程的目的是確定我們在一段時間內推動股東價值和每股帳面價值複合成長的最佳機會是什麼。因此，我們沒有將我們自己創造的企業、我們原本喜歡的企業等等方面的偏見帶入這個過程之中。這純粹是策略評估，目的是為了獲得那些關鍵問題的答案。

And during the course of that process, as I shared in my opening comments, it became really clear to me to the rest of the management team, to our advisers and to our Board, that our best opportunities are in our reinsurance business, which is a leading market-leading franchise and in our wholesale and specialty insurance operations, which performed at a very high level, which allow us to very nimbly manage the market cycle which require much less investment in terms of people and technology and therefore, have less execution risk. And we talked a little bit about the performance gap and the combined ratio.

在這個過程中，正如我在開場白中提到的，我和其他管理團隊成員、我們的顧問以及董事會成員都清楚地認識到，我們最好的機會在於我們的再保險業務（這是一個領先的市場特許經營業務）以及我們的批發和專業保險業務（這些業務表現非常出色，使我們能夠非常靈活地管理市場週期，在人員和技術方面需要的風險也少得多）。我們也稍微討論了一下績效差距和綜合比率。

And so therefore, the decision was to focus on those businesses. And as a result, we determined that it was best to exit retail insurance, and that's how we got to the transaction that we announced yesterday. But that gives you a comprehensive sense of how these things play together.

因此，我們決定將重點放在這些企業上。因此，我們決定退出零售保險業務，這就是我們昨天宣布的交易的由來。但這能讓你全面了解這些因素是如何相互作用的。

Well. Thank you for answering me, Appreciate it.

出色地。謝謝你的回复，非常感謝。

Thanks, Josh.

謝謝你，喬希。

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

Hi, good morning. So one of the questions that seems to pop up on a recurring basis. As you've cleaned up your insurance operation, casualty reserves is the potential risk of spillover into the reinsurance book on your casualty business. And since you've completed your full year reserve review a little early, maybe you can give us some perspective on why you're confident you're the casualty reserves inside your reinsurance business are going to hold off?

您好，早安。所以，有一個問題似乎經常出現。在您清理保險業務的同時，意外損失準備金是您的意外損失業務再保險帳簿可能面臨的溢出風險。既然您提前完成了全年準備金審查，或許您可以給我們一些解釋，為什麼您有信心您再保險業務中的意外損失準備金不會動用？

Yeah, Greg, I certainly understand the question, but I think I would really begin by resetting the premise because these are two very different portfolios. And one of the things I've been really honest about during the course of this process is where our insurance casualty book performed on a historical basis. And I would characterize it bluntly as squarely in the bottom quartile of performance in our industry.

是的，格雷格，我當然理解你的問題，但我認為我應該先重新審視前提，因為這是兩個非常不同的投資組合。在這個過程中，我一直非常坦誠地談到的一件事是，我們的意外傷害保險業務在歷史上的表現如何。我會直截了當地說，它在我們行業中的表現處於後四分之一水平。

And whether you -- whether I observe our own results, if you talk to brokers who have a fair bit of data industry observers, there is a huge distinction in performance between bottom quartile underwriters and top quartile underwriters.

無論你——無論是我觀察我們自己的結果，還是與擁有相當多數據的經紀人或行業觀察家交談，都會發現排名後四分之一的承保人和排名前四分之一的承保人在業績上存在巨大差異。

And I think that's played out overall market cycles in all lines of business. So we were bottom quartile. Now we fixed that. And I think over time, that portfolio is going to perform really well, and I think will be an asset to our partner, AIG as they take it on. So that's 1 point.

我認為這在所有行業的整體市場週期中都得到了體現。所以我們排在後四分之一。現在這個問題已經解決了。我認為隨著時間的推移，該投資組合的表現將會非常好，而且我認為它將成為我們合作夥伴 AIG 的資產，因為他們將接管它。所以得了1分。

The other is I would not expect, based on the fact that we write a top quartile reinsurance portfolio. I would -- there's no basis to expect that portfolio to perform in the same way that a bottom quartile portfolio would perform.

另一種情況是我意料之外的，因為我們經營的再保險業務組合位列前四分之一。我認為－沒有任何理由期望該投資組合的表現能與排名墊底的四分之一投資組合的表現相同。

Now yes, it's subject to the same issues around social inflation and things of this nature. But the top quartile underwriters, they were consistently doing what we've done over the last year in insurance, which is very closely managed limits, ensure that you're getting top pricing for the exposures you're taking, carefully selecting classes of business to write, leaning on loss-sensitive features to align interest with your clients.

是的，它也面臨社會通貨膨脹等類似問題。但排名前四分之一的承保人，他們一直都在做著我們過去一年在保險業所做的事，那就是嚴格控制限額，確保你為所承擔的風險獲得最高價格，仔細選擇承保的業務類別，依靠對損失敏感的特性來使你的利益與客戶的利益保持一致。

All of those things that we've talked about as part of the remediation. That's what our reinsurance clients have consistently done throughout the cycle. And so there's just no reason to expect those portfolios to operate in a similar fashion over time.

所有這些我們討論過的補救措施。這正是我們的再保險客戶在整個週期中一直堅持的做法。因此，沒有任何理由期望這些投資組合在長期內以類似的方式運作。

Thanks for the clarification there. And then can we just talk about property reinsurance pricing conditions going forward, considering the light year I noted in your presentation that your PMLs are inching upwards and that you grew your property cat and non-cat reinsurance business in the quarter. How are you thinking about that business in the 26th period of time considering what looks to be like a lot of pricing pressure.

謝謝你的澄清。那麼，考慮到我在您的報告中提到的，您的財產保險保費正在緩慢上漲，並且您在本季度實現了財產巨災和非巨災再保險業務的增長，我們能否談談未來的財產再保險定價情況？考慮到目前看來價格壓力很大，您如何看待第 26 個時期的業務？

Yeah. Well, first of all, I would characterize it in general as still a very favorable environment. And one of the points that I made on the last quarter's call was that if you didn't know that prices had corrected up by 50% at 1/1/23, and you just looked at the rate level that's currently persisting in the market and compared it to prior historical rate levels, let's say, in the teens, you would say this is a great cap market and people should be writing it. And I think that's true. And I think that's why you're seeing the competition.

是的。首先，總的來說，我認為它仍然是一個非常有利的環境。我在上個季度的電話會議上提出的一個觀點是，如果你不知道價格在 2023 年 1 月 1 日已經回調了 50%，而只是看到目前市場上持續存在的利率水平，並將其與之前的歷史利率水平（比如十幾的利率）進行比較，你會說這是一個很棒的資本市場，人們應該買入。我認為確實如此。我認為這就是競爭出現的原因。

People recognize that it's well priced and they want to write it. Prices will likely come down. There are various estimates, if you believe, let's say, a 10% expectation of price decreases at one-one.

人們認為它的價格合理，所以他們想寫這本書。價格可能會下降。如果你相信價格會以 1:1 的速度下降 10% 的預期，那麼就會有各種各樣的估計。

I still think that means that property cat is well priced. And so I think it's still a risk that we will be looking to take. Now as I said in my prepared remarks, when the market moves down 10%, that's going to mean there's going to be some clients where we view the pricing and we don't think it's adequate and we'll adjust accordingly.

我仍然認為這意味著該房產定價合理。所以我認為這仍然是一個值得我們承擔的風險。正如我在準備好的演講稿中所說，當市場下跌 10% 時，這意味著有些客戶的定價我們認為不夠合理，我們會相應地進行調整。

In terms of the non-cat or the pro rata growth you saw in the quarter, that was really -- that's more the flow-through of growth that's occurred over the last couple of years as we've leaned into that market correction. We're very selective in terms of where we are growing that portfolio and with which sedans.

就本季非貓科動物或按比例增長而言，這實際上是——這更多的是過去幾年隨著我們適應市場調整而發生的增長的延續。我們在選擇拓展產品組合的地區和轎車車型方面非常謹慎。

And so I feel very, very good about that book. The 1 thing I do want to just say though, and I think this is important, when people talk about a light year, nothing we're going to do in at 1126 or in any renewal has anything to do with the fact that it was a light year.

所以，我對那本書感覺非常好。不過，我還是想說一件事，我認為這很重要，當人們談論光年的時候，我們在 1126 年或任何續約中所做的任何事情都與這是一個光年無關。

First of all, I didn't feel that light. We started with a major wildfire. We've got a Cat 5 hurricane churning in the Caribbean right now. We don't react to one good year and say, well, we're going to do one thing or the other based on that. We're making long-term bets based on where we see the pricing trajectory of the business.

首先，我並沒有感覺到那種光。事情是從一場重大野火開始的。目前加勒比海地區正遭受五級颶風的侵襲。我們不會因為某一年業績好就決定採取這樣或那樣的行動。我們根據對業務定價走勢的判斷進行長期投資。

And you will not see us be afraid when the time comes, if it comes to begin pulling back, taking chips off the table if we're not getting paid appropriately for the risk that we're being asked to bear.

如果承擔的風險沒有得到應有的回報，那麼到時候我們絕對不會害怕，我們會開始撤退，從賭桌上撤回籌碼。

Thank you for the answers.

謝謝您的解答。

Thanks, Greg.

謝謝你，格雷格。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hey, thanks for taking the question. I wanted to come back to the ADC and just see if you could talk a bit about how you thought about sizing the $1.2 billion gross protection. I mean, can you characterize that in terms of like standard deviations, the way from your point estimate and that kind of thing, so we can get a sense for how protected this is.

嘿，謝謝你回答這個問題。我想回到 ADC，看看您能否談談您是如何考慮 12 億美元總保護規模的。我的意思是，你能用標準差之類的指標來描述一下嗎？例如根據你的點估計等等，這樣我們就能了解它的保護程度了。

Yeah, Alex, good question. Let me start with a little bit of the philosophy or the strategy behind it before we get into the actual ADC numbers. What we wanted to do was to put the issues of our historical casualty reserve challenges behind us. And you've seen this management team, I think, be pretty focused on making that happen. And obviously, have taken a couple of actions to do that.

是的，Alex，問得好。在深入探討實際的ADC數據之前，讓我先簡單介紹一下背後的理念或策略。我們想要做的，就是把歷史上傷亡儲備金的挑戰問題拋在腦後。我認為，你們也看到了，這個管理團隊非常專注於實現這一目標。顯然，我已經採取了一些措施來實現這一目標。

Obviously, the reserve strengthening that you saw in the quarter was all about getting ultimately to an ADC that would create finality around those issues.

顯然，本季儲備的加強完全是為了最終達成一項 ADC，從而徹底解決這些問題。

This is something we don't want to have to talk about again. So in terms of sizing it, one of the things I would think about is we've talked about reserve margin in the past, and we talked about hundreds of millions of dollars of reserve margin. I would think about the ADC as $1.2 billion of reserve margin.

我們不想再談這件事了。所以就規模而言，我想到的一點是，我們過去討論過儲備金，我們討論過數億美元的儲備金。我認為ADC相當於12億美元的儲備金。

It's about ensuring that again, that we create that finality. And so it's less about, well, I need to be at a certain percentage of the actuarial best estimate or certain standard deviation.

關鍵在於再次確保我們創造出最終結果。所以，重點不在於，嗯，我需要達到精算最佳估計值的某個百分比或某個標準差。

It's more about putting this out in the tail so that people don't have to worry about it anymore. So that's really what drove it more than trying to land anywhere on a particular curve.

這樣做更多的是為了把這件事放在最後，這樣人們就不用再為此擔心了。所以，這才是真正驅動它的原因，而不是試圖落在某個特定曲線上的某個位置。

Alex, a couple of points to Jim's commentary. So the subject matter reserve pool is approximately $5.4 billion -- so when you take into context, the $1.2 billion of cover on top of that, that is very substantial. So if you think about a distribution to the point you were making, I would call that quite broad, quite strong, certainly more than a traditional range of an ACE and certainly nothing that we would expect to blow through, to be quite frank with you, given the overwhelming nature of it.

Alex，有幾點要補充Jim的評論。因此，相關事項準備金池約為 54 億美元——考慮到除此之外還有 12 億美元的保障金，這筆金額非常可觀。所以，如果你仔細考慮一下你剛才提到的分佈情況，我會稱之為相當廣泛、相當強勁，肯定比傳統的 ACE 範圍要大，坦白說，考慮到其壓倒性的性質，我們肯定不會期望它出現任何突破。

So the underlying reserve base is also somewhat diversified with other lines of business. So the casualty reserves, I would say, are the ones that are currently in focus from a risk perspective.

因此，基礎儲備也與其他業務線在一定程度上實現了多元化。因此，我認為，從風險角度來看，目前關注的重點是傷亡準備金。

And so this [$1.2] can really be seen, I think, as to Jim's point, finality on the subject for us.

所以，我認為這（1.2 美元）確實可以看作是吉姆的觀點，對我們來說，這個問題已經最終確定了。

Got it. Very helpful. Follow-up question is on the insurance segment, you commented a bit about the profitability of what you're retaining versus what's going into the renewal rights. You also mentioned several times just the conservatism that you're now embedded into loss picks. And so I just wanted to make sure I'm understanding the two things correctly.

知道了。很有幫助。後續問題是關於保險業務的，您剛才提到了一些關於保留保費與續保權益之間的獲利能力對比。你也多次提到，你現在在選擇虧損股票時所秉持的保守主義態度。所以我想確認一下我是否正確理解了這兩件事。

I mean if it's sort of I think Meyer mentioned [95] and you didn't correct them on the go forward. Is there any kind of conservatism that needs to be thought of layered on top of that for a while before you kind of get to that level? Or is that where it's running right now, even with the conservatism that you feel like you're embedding now? .

我的意思是，如果有點像 Meyer 提到的 [95]，而你沒有在後續中糾正他們。在達到那種程度之前，是否需要在此基礎上疊加某種保守主義思想一段時間？或者說，即使你覺得自己現在正在推行保守主義，它現在的運作方式也是如此嗎？。

Yeah, Alex. Look, I would say one of the reasons I didn't correct the 95s, we don't give forward guidance. But I'd say we have tried to create some clarity here by indicating this business performs well. I'd say the lower half of the 90s is a reasonable way of thinking about a conservative approach to booking that business given where we've come from, we want to make sure that we are being prudent in the loss picks. And so the way I'm talking about it assumes that we're going to keep some conservatism.

是的，亞歷克斯。你看，我認為我沒有糾正 95 的原因之一是，我們不提供前瞻性指引。但我認為，我們已經透過表明這項業務表現良好，試圖在這裡澄清一些問題。我認為，考慮到我們過去的經歷，將預訂金額控制在 90 美元以下是一個合理的保守做法，我們希望確保在選擇虧損項目時保持謹慎。因此，我這樣說的前提是，我們會保持一定的保守主義立場。

The other key point to keep in mind, though, is if you think about the wholesale and specialty business on a go-forward basis, the share of that business that's US casualty exposed is something that we're managing very closely. And so the need for conservatism gets affected, obviously, by the mix of the portfolio you're writing. And that's certainly within our control. So I think you can see us print some very solid current period results, while also being conservative in the picks, which to me is the best combination.

不過，需要記住的另一點是，從長遠來看，批發和專業業務中受美國意外傷害風險影響的業務份額是我們正在密切管理的。因此，保守主義的需求顯然會受到你所寫的投資組合構成的影響。這當然在我們掌控之中。所以我認為你可以看到我們目前取得了一些非常穩健的業績，同時在選股方面也保持保守，在我看來，這是最好的組合。

Got it. Thank you.

知道了。謝謝。

Thanks.

謝謝。

Andrew Andersen, Jefferies

安德魯安德森，傑富瑞集團

Hey, good morning. I hear your comments on the difference between the reinsurance casualty and insurance casualty. But I think you did mention some movement on casualty reinsurance this quarter. Could you just expand a bit on what that was? And I just want to confirm this was effectively the reserve study for the year across both segments? Or is there still some studies in the fourth quarter?

嘿，早安。我聽到了你關於再保險事故和保險事故之間區別的評論。但我認為您確實提到了本季意外傷害再保險方面的一些進展。能詳細解釋一下那是什麼嗎？我想確認一下，這是否就是這兩個板塊今年的儲備金研究？或者第四季還有一些研究嗎？

No. Reinsurance is complete in terms of the reserve studies. There might be a couple of very small ones, but they'd be immaterial to this. Clearly, we did all the casualty studies, very minor puts and takes, nowhere close to the magnitude of what we had last year, feeling very good about it and it's fully reflected in our Q3 figures.

不。就準備金研究而言，再保險工作已經完成。可能有一些非常小的，但這與此事無關。顯然，我們已經進行了所有損失研究，損失非常小，遠不及去年的損失規模，對此我們感到非常滿意，這完全體現在我們的第三季數據中。

Okay. And on just growth. I suppose if you don't have that favorable view of on primary casualty that somewhat reflects your reinsurance casualty growth. But that line has been coming in for a while. What are you kind of seeing in the pricing environment on casualty reinsurance and your go-forward view there for growth?

好的。僅就成長而言。我想，如果你對主要意外險沒有那麼樂觀的看法，這在某種程度上也會反映出你的再保險意外險增長情況。但這種說法已經出現一段時間了。您如何看待財產再保險的定價環境？您對該領域未來的成長前景有何看法？

Yeah. I mean the main way that we participate in the casualty reinsurance market is on a quota share basis. And so the real price that we keep an eye on is rate relative to the trend line. I think that's been a pretty favorable story really for the last year plus. I don't really see that changing.

是的。我的意思是，我們參與意外險再保險市場的主要方式是按份額比例分配。因此，我們真正關注的價格是相對於趨勢線的利率。我認為在過去一年多的時間裡，這確實是一個相當有利的故事。我並不認為這種情況會改變。

It's compressed a little bit, but you're still seeing -- our clients are still keeping rate in excess of trend across those casualty lines. I haven't seen any evidence of the quality of underwriting slipping, certainly not our clients where we've seen that, that's -- those are folks that are no longer our clients.

雖然有所壓縮，但您仍然可以看到—我們的客戶在這些意外險種上的費率仍然高於趨勢水準。我沒有看到任何承保品質下滑的跡象，至少在我們遇到這種情況的客戶中沒有，那些人現在已經不是我們的客戶了。

And then the last piece I would say is there has been a persistent stickiness to ceding commissions that I don't think is really all that smart on the part of the reinsurance industry. And so you've seen us act maybe a little counter to what some others are doing in so far as if we're going to take these risks, we want to make sure that the alignment of interest is there and that we're not overpaying for the business. So I don't really see that changing.

最後我想說的是，再保險業一直不願意放棄佣金，我認為這並不是個明智的做法。所以你們可能看到，我們的做法可能與某些人的做法略有不同，因為如果我們要承擔這些風險，我們希望確保利益一致，並且不會為企業支付過高的價格。所以我並不認為這種情況會改變。

So I think it's sort of status quo. I think there's plenty of good quality casualty reinsurance to write, maybe not as much as we would like, but plenty for us to focus on, plenty of great clients to participate with. And so I think we're kind of in a -- I think we're at the right level now. And from here, it's just the usual portfolio management work that we are always doing.

所以我覺得現狀算是維持不變吧。我認為有很多優質的意外傷害再保險業務可以承保，也許沒有我們希望的那麼多，但有很多值得我們關注的領域，也有很多優秀的客戶可以合作。所以我覺得我們現在處於一個合適的水平。接下來，就是我們一直以來所做的常規投資組合管理工作了。

Thank you.

謝謝。

Thanks, Andrew.

謝謝你，安德魯。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

Yeah, thank you, Jim, first question, I think in your prepared comments, you talked about looking for ways to diversify the company more. Can you maybe elaborate a little bit on that? And why is that important? And why not just kind of stick with your kind of core competencies here right now in reinsurance and the wholesale specialty businesses? .

是的，謝謝你，吉姆。第一個問題，我想在你事先準備好的演講稿中，你提到了要尋找讓公司業務更加多元化的方法。能否再詳細解釋一下？為什麼這很重要？為什麼不繼續專注於你目前在再保險和批發專業業務方面的核心競爭力呢？。

Sure, Brian. Yeah. I mean, look, what I wouldn't read too much into that comment. We're always looking at opportunities. When we talk about diversification, I would always apply the clear priorities that I signaled or the standard that I said in my prepared remarks, which is if we're going to deploy capital anywhere, it's got to get remunerated at acceptable levels of risk.

當然可以，布萊恩。是的。我的意思是，你看，我不會對那句話過度解讀。我們一直在尋找機會。當我們談到多元化投資時，我始終會堅持我明確提出的優先事項，或者說我在準備好的發言稿中提到的標準，那就是，如果我們要在任何地方部署資本，就必須在可接受的風險水平上獲得回報。

It's got to be in the businesses where we see clear competitive advantage, where the economics are good, where the path forward around execution is strong. And so look, it's a big world. we participate, I think, meaningfully in a number of markets, we're still underweight in a lot of places.

必須是那些我們看到明顯競爭優勢、經濟效益良好、執行前景光明的產業。所以你看，世界很大。我認為，我們在許多市場都有著重要的參與，但在許多領域，我們的投資仍然不足。

And you've heard me talk about them in the past in the specialties, obviously, I mentioned our reinsurance specialty performance $500 million of premium in the quarter, over $100 million of profit. It's a terrific business, lots of room to grow there, which creates diversification because you're not -- that's not property cat, that's not core US casualty. We're still underweight in Asia. The team out there in reinsurance has done a phenomenal job of growing that business.

你們之前肯定聽我談過這些，在專業領域，我提到我們的再保險專業業績，本季保費收入達 5 億美元，利潤超過 1 億美元。這是一個非常棒的產業，有很大的發展空間，這帶來了多元化，因為你不是──那不是財產巨災，那不是美國的核心意外險。我們目前在亞洲的配置仍然偏低。再保險領域的團隊在發展這項業務方面做得非常出色。

I think we can continue to play that out over time.

我認為我們可以隨著時間的推移繼續探討這個問題。

We have -- we're organizing now around global wholesale and specialty in a way that we haven't before. We've named Jason Kean, who was the Co-CEO of our International Insurance business as CEO of that new division, he will definitely find interesting opportunities to grow again over time. And so that's really what I'm referring to. And we evaluate those very carefully. And I think you can certainly feel confident that we've set a clear standard on how we're going to think about those opportunities as we move forward.

我們現在正以前所未有的方式圍繞全球批發和專業領域進行組織。我們任命了傑森·基恩（Jason Kean）擔任新部門的首席執行官，他之前是我們國際保險業務的聯合首席執行官。隨著時間的推移，他肯定會找到有趣的成長機會。這就是我真正想表達的意思。我們會非常仔細地評估這些結果。我認為大家完全可以放心，我們已經為未來如何看待這些機會制定了明確的標準。

Great. That's helpful. And then second question, just back on the ADC. I'm just curious, any way you can provide maybe some details on how you think the ADC reinsurers arrived at the attachment point. I mean I look at the adverse development you had in your insurance is about 2 times your risk margin at year-end 2024 and onetime on the other segment?

偉大的。那很有幫助。第二個問題，還是關於ADC的問題。我只是好奇，您能否提供一些細節，說明您認為 ADC 再保險公司是如何確定起賠點的？我的意思是，我看了看你們保險業務的不利發展情況，到 2024 年底，這大約是你們風險溢價的兩倍，而在另一個領域則是一倍？

Yeah. I mean one thing that I would point out is I was really, really glad that we were able to do this transaction with Long Tail Re, which I'm sure you're familiar with that team and Mike Safner those are super credible underwriters. They did an excellent job evaluating the portfolio. And so it's -- I would describe it as more of a collaborative process than anything else. Obviously, One of the features of this ADC that I think is really critical to focus on is the fact that there's no loss corridor.

是的。我想指出的一點是，我真的非常高興我們能夠與 Long Tail Re 完成這筆交易，我相信你對這個團隊和 Mike Safner 都很熟悉，他們都是非常可靠的承銷商。他們對投資組合的評估工作做得非常好。所以，我更願意把它描述為一個協作過程，而不是其他任何形式。顯然，我認為這款ADC最值得關注的特點之一就是它沒有損失通道。

And clearly establishing a stronger reserve base is I think, a precursor to getting $1.2 billion of gross limit on top of your carrier position without a loss corridor. And so that was an important characteristic of how we brought all this together, and I think that was important to us because it now creates certainty and people now understand that '24 and prior, North America insurance development, if there is any, which we set our ultimate hoping that there's not. But if there is any it will be covered under the ADC. And so that's sort of the process they go through. It's a very rigorous process, a collaborative one.

顯然，建立更強大的儲備金基礎是獲得 12 億美元毛限額且無虧損風險的承保人地位的先決條件。因此，這是我們把所有這些整合在一起的一個重要特點，我認為這對我們來說很重要，因為它現在創造了確定性，人們現在明白，2024 年及以前，北美保險業的發展，如果有的話，我們最終希望沒有。但如果有任何問題，都將由ADC負責解決。這就是他們要經歷的過程。這是一個非常嚴謹的過程，也是一個需要協作的過程。

And I think it got to economics that will be very, very good for Long Tail Re, but are also quite reasonable from Everest perspective.

我認為這從經濟角度來看對 Long Tail Re 來說非常有利，但從 Everest 的角度來看也相當合理。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Hey, thanks. Good morning. I had a question just on the casualty reinsurance reserves. Mark, you had mentioned there was some minor development there in the quarter that was offset by some of the shorter tail releases. I was wondering if you could just elaborate a little bit on what happened exactly there and some of the trends you're observing on the Casualty Re reserves.

嘿，謝謝。早安.我有一個關於意外傷害再保險準備金的問題。馬克，你之前提到過本季度有一些小的發展，但被一些較短的尾部發布所抵消了。我想請您詳細說明那裡究竟發生了什麼，以及您在 Casualty Re 儲備金方面觀察到的一些趨勢。

Yeah. A couple of comments. I would say it's definitely subsided. You're looking at a few older years that were getting impacted from a few cedents. We're seeing good signs of adequacy overall.

是的。幾點說明。我認為情況肯定已經好轉了。你看到的是一些較早年份的記錄，這些記錄受到了幾位逝者的影響。總體而言，我們看到了一些令人滿意的跡象。

And when I compare it to the trends we saw last year or the previous year '23 or '24, really didn't see the same level of development that we saw there, particularly when we were bridging the data. So we felt quite comfortable with what we were seeing and the ability to offset it.

當我將它與我們去年或前一年（2023 年或 2024 年）看到的趨勢進行比較時，我真的沒有看到同樣的成長水平，尤其是在我們分析數據的時候。因此，我們對所看到的情況以及應對這種情況的能力都感到相當滿意。

I think the other point that I would make is -- so I mean it's all US casualty based. There was nothing else from an international basis that was concerning us at all. It's obviously something we're focused on because it is so much in the spotlight with social inflation. So we do a lot of individual cedent reviews as we look at the data.

我想提出的另一點是——我的意思是，所有傷亡都是基於美國的傷亡情況。除此之外，沒有其他任何國際事件讓我們擔憂。很顯然，這是我們關注的重點，因為它與社會通膨密切相關，備受關注。因此，我們在查看數據時會進行大量的個別過錯方審查。

But the other point that I made in my script is the overall strength of the reinsurance segment and the embedded margin that we believe we're building in there. We continue to see very favorable signs of adding embedded margin, waiting for the season and then releasing it when it's ready.

但我在演講稿中提到的另一點是再保險業務的整體實力，以及我們認為正在其中建立的內在利潤率。我們持續看到非常有利的跡象，即增加內嵌保證金，等待時機成熟後再進行釋放。

Got it. And the gross change on the casualty side, is that something you could size for us?

知道了。傷亡人數的整體變化情況，您能幫我們估算一下嗎？

A few percentage points, very small, on the base. So definitely on the low end.

基數上只有幾個百分點，非常小。所以肯定屬於低端水平。

Got it. And then just quickly, I think just staying on the casualty reserves, I think when we had the reserve update at the end of last year, there was $180 million of risk margin in that book and you guys had said it was at the upper part of the actuarial best estimate range. I was wondering, has that improved? Is that in the 90th percentile now, I guess, how big is the risk margin? Has that stayed the same?

知道了。然後，簡單來說，關於意外損失準備金，我想我們在去年年底更新準備金時，該賬簿中的風險邊際為 1.8 億美元，你們當時說這處於精算最佳估計範圍的上限。我想知道，情況是否有改善？現在這應該處於第 90 百分位了吧？風險幅度有多大？情況一直如此嗎？

Any sort of detail on those metrics would be helpful.

提供這些指標的任何細節都將很有幫助。

Yeah, I want to make sure I understand which segment you're referring to? Was it -- sorry, was it reinsurance or insurance?

是的，我想確認一下你指的是哪個部分？是——不好意思，是再保險還是保險？

Yeah, on the casualty Re side.

是的，在傷亡方面。

On the casualty re side, yes. So we're definitely comfortable with it. I think what we did last year, the concept of the risk margin that we put into the management best estimate was really to deal with uncertainties that we foresaw from a management perspective relative to the actuarial central estimate.

就傷亡情況而言，是的。所以我們對此完全沒問題。我認為我們去年所做的，也就是在管理層最佳估計中引入風險邊際的概念，實際上是為了應對我們從管理層的角度預見到的相對於精算中心估計的不確定性。

And so as we observe the data coming in, the loss experience and how broad-based it was, we could see that, that uncertainty really wasn't crystallized into a loss experience that was more in line with our expectations. And so the point that I would make is that the uncertainty on the higher end is not something that we see today.

因此，當我們觀察傳入的數據、損失情況以及損失的普遍程度時，我們可以看出，這種不確定性並沒有真正轉化為更符合我們預期的損失情況。因此，我想指出的是，目前我們還沒有看到高端市場的不確定性。

We're quite comfortable with the loss development factors that we put into our Q3 studies. We're benefiting from this extra data. We're seeing stabilizing trends. The loss picks are in a good spot. It's something we've also taken the time out of prudence to strengthen in the current year 2025.

我們對第三季研究中納入的損失發展因素相當滿意。我們正從這些額外數據中受益。我們看到趨勢趨於穩定。虧損預測目前情勢良好。出於謹慎考慮，我們也在 2025 年抽出時間加強了這方面的工作。

So from a reinsurance perspective, we're in a good spot.

所以從再保險的角度來看，我們處境不錯。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

Ryan Tunis, Cantor.

Ryan Tunis，坎托爾。

Hey, thanks, good morning. Just I guess Jim, kind of a broad question on. Just, I guess, Jim, kind of a broad question on just the ROE trajectory. At the beginning of the year, you thought the ROE was ex, I don't know, call it 14%, 15%. Just thinking through the moving parts on what that is now. I mean we're losing $2 billion of insurance premiums, $60 million of investment income, but obviously, we're getting some costs out and some elevated capital management. So I'm just wondering how you're thinking about the ROE profile of this company.

嘿，謝謝，早安。我想問的是吉姆，這是一個比較廣泛的問題。吉姆，我只是想問一個關於 ROE 軌跡的比較廣泛的問題。年初的時候，你認為 ROE 是，我不知道，就說是 14%、15% 吧。只是在思考現在這件事的各個組成部分。我的意思是，我們損失了 20 億美元的保險費和 6,000 萬美元的投資收益，但顯然，我們也削減了一些成本，提高了資本管理水準。所以我想知道您如何看待這家公司的淨資產收益率（ROE）情況。

Yeah, Ryan, thanks for the question. It's good to hear from you. Let me step back a little bit and paint a little bit of the broader picture and then get into the specifics of your question, just in terms of the moving parts around the specific transaction and what does it mean for the group. The first thing I would say is, as you'd appreciate, there's an embedded cost that is included in the P&L that's now going to be transferred, which involves, obviously, employee costs, technology, et cetera. We have a very clear strategy around how we rationalize that in 2026.

是的，瑞恩，謝謝你的提問。很高興收到你的來信。讓我先退後一步，從更宏觀的角度描繪一下情況，然後再具體回答你的問題，也就是圍繞這筆具體交易的各個環節，以及這對集團意味著什麼。首先我想說的是，正如您所理解的，損益表中包含了一筆隱含成本，現在這筆成本將被轉移，這顯然包括員工成本、技術成本等等。我們有非常清晰的策略，來應對 2026 年的種種挑戰。

And as Mark had indicated earlier, we're still expecting and just on simple math and accounting, a fairly robust amount of earned premium to flow through our P&L from the portfolio that we're selling in 2026 as it runs down.

正如馬克之前所指出的那樣，我們仍然預計，根據簡單的數學和會計計算，隨著我們在 2026 年出售的投資組合逐漸減少，將有相當可觀的已賺保費流入我們的損益表。

And so I think the -- on a very rough justice basis, the rundown of the cost and the rundown of the earned premium are moving in the same direction. Not to say there won't be some drag at certain points or things we'll have to manage, but I'm pretty confident we'll get to a good place around that. And so as we sort of exit the transaction and get the business rightsized, I don't expect that to be a long-term headwind for the group as you get out past 2026.

因此，我認為——從非常粗略的公平角度來看，成本的減少和已賺取保費的減少是朝著同一個方向發展的。當然，這並不意味著在某些方面不會遇到一些阻礙或需要我們處理的事情，但我相當有信心我們最終會取得好成績。因此，隨著我們逐步退出交易並調整業務規模，我預計到 2026 年以後，這不會對集團構成長期不利影響。

The other thing I would say is, obviously, you have a market cycle that is -- it's doing what market cycles do, it's ebbing and flowing. And right now, particularly in short tail lines, you see a little bit of a takedown both in the primary market and in reinsurance around property pricing, et cetera. But as I indicated in earlier questions, I still think it's very attractive. And so are we still sort of in the mid-teens level of ROE for over the cycle? Yes.

我還要補充一點，很顯然，市場週期是存在的──它正在經歷市場週期該有的波動，有漲有跌。而目前，尤其是在短尾險領域，無論是在一級市場還是在財產定價等方面的再保險市場，都出現了一些下滑。但正如我在之前的問題中提到的，我仍然認為它非常有吸引力。那麼，我們整個週期內的淨資產收益率是否仍維持在十幾個百分點左右？是的。

Are we at a part of the cycle in '26 or maybe it's just slightly below that, maybe, but lots of levers for us to pull. Not least of them will be capital management actions, as Mark indicated, to manage that over time in a really attractive way.

我們現在處於 2026 年的週期階段嗎？或可能稍微低於那個階段？也許吧，但我們有很多可以採取的措施。其中最重要的就是資本管理措施，正如馬克所指出的那樣，以真正有吸引力的方式長期管理這些措施。

Got it. And then just a follow-up on the decision to do the renewal rights deal. You're describing -- I guess, first of all, I was a little bit surprised if there's any overlap on the retail business and the remediation you did. So seems reasonably clean from a reserve standpoint and it's a sub-100% combined ratio business. So why do the renewal rates deal rather than pursuing scale opportunities?

知道了。然後，我想就續約權交易的決定做個後續說明。你描述的——我想，首先，如果零售業務和你所做的補救工作有任何重疊之處，我會感到有點驚訝。從儲備金的角度來看，這家公司似乎相當乾淨，而且綜合比率低於 100%。那麼，為什麼選擇續約價格協議而不是追求規模化機會呢？

Yeah. Yeah. So a fair question. So first of all, just to reiterate some things I said earlier, the decision around -- the strategic decision that I made in conjunction with the management team, our advisers and the Board was about focusing on our core reinsurance business and these really attractive wholesale and specialty businesses. That's the real primary decision that got made.

是的。是的。問得好。首先，我想重申我之前說過的一些話，我與管理團隊、顧問和董事會共同做出的策略決定是，專注於我們的核心再保險業務以及這些極具吸引力的批發和專業業務。這是真正做出的首要決定。

And so the decision to exit retail insurance is a byproduct of that. And then the question becomes, once you've gotten there, what is the most effective way to create that. And I think from the perspective of a few factors played into why a renewal rights transaction.

因此，退出零售保險市場的決定是這一趨勢的副產品。然後問題就變成了，一旦你達到了那個目標，實現目標最有效的方法是什麼。我認為，從某些角度來看，促成續約權交易的原因有幾個。

Well, one, the reality is we're going to need to and we have dealt with the back book of reserves from the ADC, but it's just not a practical thing to try to transfer that at this point. A number of legal entities that support the retail business are also really important to the wholesale and specialty businesses that were persisting. That's important. And then ultimately, we got to a place where we had the right partner to work with to get this deal done effectively quickly with a lot of certainty. And there's also, obviously, the needs of your partner you got to think about.

首先，現實情況是我們需要處理來自ADC的後備人員，而且我們也已經處理了這些後備人員，但在目前這個階段嘗試轉移這些人員並不實際。為零售業提供支援的許多法律實體對於持續發展的批發和專賣企業也至關重要。這很重要。最終，我們找到了合適的合作夥伴，能夠有效率、快速、有把握地完成這筆交易。當然，你也要考慮伴侶的需求。

So all those things aligned, and ultimately, it was really clear to me that a renewal rights transaction was the most efficient way to effectuate the strategic priorities that we had set at the -- during this process of focusing on our reinsurance and wholesale and specialty insurance businesses.

因此，所有這些因素都協調一致，最終，我非常清楚地認識到，續保權交易是實現我們在此過程中設定的戰略重點的最有效方式——即專注於我們的再保險、批發和專業保險業務。

Thanks Ryan.

謝謝你，瑞恩。

Christian Getzoff, Wells Fargo.

克里斯蒂安‧蓋佐夫，富國銀行。

In the past, you've spoken about increasing the international component of the primary insurance book, I guess with all the moving pieces, particularly around the renewal rights and the new focus on the wholesale and specialty side, -- is there any change in that game plan? And then I guess, sticking to that, is there enough runway for you guys to grow that business organically? Or can M&A be a bigger part of the story moving forward?

過去，您曾談到要增加主要保險業務的國際部分，我想考慮到所有變動因素，特別是續保權以及對批發和專業領域的新關注——這項計劃是否有任何變化？那麼，我想說，就目前的情況來看，你們是否有足夠的空間來實現業務的有機成長？或者，併購在未來的發展中能否扮演更重要的角色？

Sure, Christian. Let me take the questions in turn. So the growth in international, obviously, that was largely a retail strategy, although we also have a terrific wholesale business in our Everest Global Markets, which is our London market business. And I want to be really clear about something important. And I think this is true both on the international side as well as North America post the remediation.

當然可以，克里斯蒂安。讓我依序回答問題。因此，國際業務的成長顯然主要依靠零售策略，儘管我們在 Everest Global Markets（我們的倫敦市場業務）也擁有非常出色的批發業務。我想把一件重要的事情說清楚。我認為，無論是在國際層面還是在北美地區，在補救措施實施之後，情況都是如此。

There was nothing wrong with the books of business. And there was nothing wrong with the way the teams were executing their strategies. They were getting good results. But the question that we confronted strategically is what is the best use of our capital and our investments going forward.

公司的帳目沒有任何問題。各隊執行策略的方式並沒有任何問題。他們取得了不錯的成績。但我們面臨的策略問題是，如何才能最好地利用我們的資本和投資，並展望未來。

And clearly, as I've said a number of times, the opportunity in reinsurance and in wholesale and specialty insurance for us at this point in our evolution, is just a much stronger proposition than continuing to invest in retail.

顯然，正如我多次說過的那樣，在我們發展的現階段，再保險、批發和專業保險領域的機會，比繼續投資零售業務要好得多。

So yes, the decision to divest the retail business will blunt the international growth in the short term. but it's for strategic reasons that we've spent a lot of time explaining today.

所以，沒錯，剝離零售業務的決定會在短期內減緩國際成長，但這都是出於戰略原因，我們今天花了很多時間解釋這些原因。

So in terms of the business going forward and particularly that wholesale and specialty business, which I said, as I've said, we've now reorganized into a single business under great leadership. I do think there will be growth opportunities.

所以，就未來的業務發展而言，特別是批發和專業業務，正如我之前所說，我們現在已經在優秀的領導下重組為單一的業務部門。我認為未來會有發展機會。

We are supremely focused on bottom line results. But as market conditions allow, I think there is organic growth that we can pursue. I will stress probably being very repetitive at this point, but we can pursue those growth opportunities organically with far fewer investments in people and infrastructure that is required in the retail business, which I think is attractive for us.

我們極為注重最終的業績結果。但我認為，在市場條件允許的情況下，我們可以追求內生成長。我可能要反覆強調這一點，但我們可以透過有機成長的方式追求這些成長機會，而無需像零售業那樣在人員和基礎設施方面進行大量投資，我認為這對我們來說很有吸引力。

And then could M&A be part of the plan. I think that's possible, but we've been pretty consistent on this point, which is if we do something like that in wholesale and specialty, it's going to be about bolting on capabilities that are attractive, that are consumable that have modest execution risk. Those are the sorts of characteristics that I think you would want to think about if we were to do any M&A in the wholesale and specialty space.

那麼，併購是否也是該計劃的一部分？我認為這是有可能的，但我們在這一點上一直相當一致，那就是如果我們要在批發和專業領域做類似的事情，那將是關於附加一些有吸引力的、消耗性的、執行風險適中的功能。我認為，如果我們要在批發和專業領域進行任何併購，這些都是需要考慮的特點。

Got it. And then how are you thinking about pricing at the one-one renewals, just given what we know through hurricane season to date? And does the ADC in renewal rights sell, does that increase your appetite for you to go and get new business now that you're done through the 1-Renewal Strategy and you're getting a bunch of capital alleviation over the next 12 months?

知道了。那麼，鑑於我們目前從颶風季節了解到的情況，您打算如何制定一對一續約的定價策略呢？如果 ADC 的續約權出售，那麼在您完成 1-續約策略並在接下來的 12 個月內獲得大量資金減免後，這是否會增加您拓展新業務的意願？

Yeah. So in terms of the pricing outlook, I think the market consensus is prices are going to come off a bit, probably in the range of 10% depending on who you believe. I think the business is still well priced if that happens in terms of expected return. Now having said that, I would not expect us to look to significantly grow from that point. When prices are coming down, I think it's more about being very selective.

是的。所以就價格前景而言，我認為市場共識是價格會略有下降，降幅可能在 10% 左右，這取決於你相信誰。我認為，如果這種情況發生，從預期回報的角度來看，這家公司的估值仍然合理。話雖如此，我並不認為我們會從此開始取得顯著成長。當價格下跌時，我認為更重要的是精挑細選。

Capital constraints were never an issue as we've expanded the book. And we had excess capital before this transaction. We have more of it now. That is not a factor in determining how much cat we're going to write it's really more about the underlying dynamics of the cat market and how it compares to other opportunities to deploy capital.

隨著我們不斷擴充書目，資金限制從來都不是問題。而且在此次交易之前，我們還有盈餘資金。我們現在擁有的更多了。這並不是決定我們要寫多少貓牌股票的因素，它更取決於貓牌股票市場的潛在動態，以及它與其他資本部署機會的比較。

Got it. Thank you.

知道了。謝謝。

Thank you, Christian.

謝謝你，克里斯蒂安。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Thank you. Good morning. Just some clarification on your comment, there was no loss corridor. I mean, I see that in the schematic, but I just assumed that the $539 million of casualty reserve strengthening, would have been your last quarter? Have you not taken those actions. So I'm just wondering, the long tail re come in and say, I will attach to $5.4 billion, so you have to fill in the gap? Or would they have done the deal at a lower attachment?

謝謝。早安.關於您的評論，我需要澄清一下，並不存在所謂的虧損走廊。我的意思是，我在示意圖中看到了這一點，但我只是假設增加 5.39 億美元的意外損失準備金，應該是你們上個季度的預算吧？你沒有採取這些行動嗎？所以我想知道，長尾股重新出現並表示，我會投資 54 億美元，那麼你需要填補這個空白嗎？或者他們會接受更低的附加費嗎？

Well, Yeah, Tracy, I'm not going to speculate on what they might have done. But what I would say is it was a collaborative process in terms of arriving at the structure of this deal and we were sharing a lot of information, a lot of transparency was taking place. But remember, this is fundamentally driven by an appropriate actuarial process with an Everest to arrive at what we think the ultimate loss ratios are going to be.

嗯，是的，特蕾西，我不會去猜測他們可能做了什麼。但我想說的是，在確定這項交易的結構方面，這是一個合作過程，我們分享了很多訊息，整個過程非常透明。但請記住，這從根本上是由適當的精算過程驅動的，透過珠穆朗瑪峰來得出我們認為最終損失率會是多少。

And I think -- and again, I'm not going to speak for long tail, but I think anyone looking at the approach that we've taken to those reserves would say, we believe in the ultimate, and I think that's the real takeaway here. Those are the right ultimate loss ratios given everything that's occurred in the external environment and the underwriting issues that we've had.

而且我認為——再說一遍，我不是要代表長尾理論，但我認為任何審視我們對這些儲備所採取的方法的人都會說，我們相信終極目標，我認為這才是真正的關鍵所在。考慮到外部環境發生的一切以及我們遇到的承保問題，這些是合理的最終損失率。

And so therefore, we can attach at that ultimate. And I think that speaks volumes about how people are feeling about what's going to happen next in terms of those ultimate loss ratios holding from here?

因此，我們可以最終依附於此。我認為這充分說明了人們對接下來最終損失率是否會持續下去的擔憂？

Got it. I'm just curious how wide of a search did you conduct? This is not a long tail read, but just doing a deal with a nonrated reinsurer my interest given the capital discussion on this call. I mean there's less relief given higher counterparty credit risk.

知道了。我只是好奇你們的搜尋範圍有多廣？這不是一篇長尾文章，只是與一家未評級的再保險公司進行交易，鑑於本次電話會議中討論的資本問題，我對此很感興趣。我的意思是，考慮到交易對手信用風險較高，紓困措施也相應減少。

Yeah. So just one thing in terms of the deal features and then I'll come into the process. We are facing off against two rated fronting carriers as part of the transaction. So we're not taking credit risk to Long Tail Re. We have rated balance sheets very strongly rated balance sheets facing us.

是的。所以，關於交易條款，我只想先說明一點，然後我才會參與流程。作為交易的一部分，我們將與兩家評級較高的前端承運商展開競爭。因此，我們不會承擔 Long Tail Re 的信用風險。我們對目前面臨的資產負債表進行了非常嚴格的評級。

(inaudible) in the transaction. So it's a good question and something we thought carefully about.

（聽不清楚）在交易中。所以這是一個很好的問題，也是我們認真思考的問題。

We ran a very comprehensive process. We use Gallagher Re as our broker in the process. They were -- and if you know their casualty team is world-class. They did a very comprehensive search. We worked with a number of parties.

我們執行了一套非常全面的流程。我們在過程中使用 Gallagher Re 作為我們的經紀商。他們是——而且如果你了解他們的傷亡救治團隊，你就會知道他們是世界一流的。他們進行了非常全面的調查。我們與多個合作方進行了合作。

But what I really liked about Long Tail is a couple of things. One, we have a pre-existing relationship with Stoneridge Asset Management through Mt. Logan. They've been very steadfast partners of ours. So that was a feature, and I think there's a lot our companies do together today and can do together going forward.

但我真正喜歡 Long Tail 的原因有兩點。第一，我們透過洛根山與 Stoneridge Asset Management 建立了先前的關係。他們一直是我們非常堅定的合作夥伴。所以那是一項特色，我認為我們兩家公司現在有很多合作，將來也有很多合作可以繼續下去。

And then I have enormous respect for Mike Sapnar personally, and I think he's a fantastic underwriter. And his -- frankly, his seal of approval on all this was important to me. So I think this outcome is just fantastic for Everest, and I think it will prove to be a really good trade for Long Tail as well.

而且我個人非常尊敬麥克薩普納，我認為他是一位非常出色的承銷商。坦白說，他的認可對我來說非常重要。所以我認為這對珠穆朗瑪峰來說是個非常棒的結果，而且我認為這對長尾公司來說也是一筆非常划算的交易。

Okay. So you said there were two fronting companies is like retrocession, like if you could just share a little bit more detail behind that.

好的。所以你說有兩個幌子公司，這有點像回購，能不能再詳細說說背後的原因？

Yeah. So the deal, the transaction, the $1.2 billion gross limit is split into two layers. The first layer is fronted by State National. The second layer is fronted by MS transverse. Long Tail sits behind those two carriers and has collateral arrangements, et cetera.

是的。因此，這筆交易，這筆交易，12億美元的總額限制，被分成兩部分。第一層由州立國家銀行承保。第二層前面是 MS 橫向層。Long Tail 公司位於這兩家運營商的後面，並有抵押安排等。

But we face off, we are seeding to those two rated balance sheets.

但我們正面交鋒，我們正在為這兩份評級良好的資產負債表播種。

Thank you so much.

太感謝了。

Yeah. Tracy, it's worth pointing out we have an 8-K with all the details on the ADC, I think we issued it yesterday. So certainly, you can get that structure from there.

是的。Tracy，值得一提的是，我們有一份包含 ADC 所有詳細資訊的 8-K 表格，我想我們昨天已經發布了。所以，你當然可以從那裡得到那種結構。

Thank you.

謝謝。

This concludes our question-and-answer session and concludes our conference call today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，今天的電話會議也到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。