Everest Group, Ltd. (EG) 2026 Q2 法說會逐字稿

Good day and welcome to the Everest Group Limited second-quarter 2026 earnings conference call.

各位好，歡迎參加 Everest Group Limited 2026 年第二季財報電話會議。

(Operator Instructions) Please note that today's event is being recorded.

(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Matt Rohrmann, Senior Vice President, Head of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係部主管、資深副總裁 Matt Rohrmann。請開始。

Thank you, Chris. Good morning, everyone. Welcome to Everest Group Limited's second quarter of 2026 earnings conference call.

謝謝你，Chris。各位早安。歡迎參加 Everest Group Limited 2026 年第二季財報電話會議。

The Everest executives leading today's call are Jim Williamson, President and CEO; and Elias Habayeb, Executive Vice President and CFO. We are also joined by other members of the Everest management team.

今天帶領電話會議的 Everest 高階主管包括總裁暨執行長 Jim Williamson，以及執行副總裁暨財務長 Elias Habayeb。我們也有其他 Everest 管理團隊成員一同參與。

Before we begin, I will preface the comments by noting that today's call will include forward-looking statements. Actual results may differ materially. We undertake no obligation to publicly update forward-looking statements.

在開始之前，我先說明今天的電話會議將包含前瞻性陳述。實際結果可能會有重大差異。我們不承擔公開更新前瞻性陳述的義務。

Please note that forward-looking statements include estimates, projections, and forecasts of future results; and are subject to the risks, uncertainties, and assumptions noted in Everest SEC filings.

請注意，前瞻性陳述包括對未來結果的估計、推算與預測；並受 Everest 向 SEC 申報文件中所述之風險、不確定性與假設影響。

Management will also be referring to certain non-GAAP financial measures. Available explanations and reconciliations to GAAP can be found in the earnings release, investor presentation, and financial supplement on our Investor Relations website.

管理層也將提及若干非 GAAP 財務衡量指標。相關說明以及與 GAAP 的調節表，可在我們投資人關係網站上的新聞稿、投資人簡報與財務補充資料中查閱。

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

接下來，我把電話交給 Jim。

Thank you, Matt. Good morning, everyone.

謝謝你，Matt。各位早安。

Everest posted another strong quarter, with significant earnings and capital generation. Meaningful contributions from underwriting and investment income produced operating income of $585 million.

Everest 再度繳出強勁的一季，獲利與資本生成顯著。承保與投資收益的實質貢獻，使營運收益達 5.85 億美元。

Annualized after-tax net operating ROE was 14.9%. Annualized total shareholder return was 16.8%. We grew book value per share, excluding unrealized gains and losses, by 12%, year over year.

年化稅後淨營運 ROE 為 14.9%。年化股東總報酬率為 16.8%。我們的每股帳面價值（不含未實現損益）年增 12%。

The results in this quarter further show the strength of the more focused Everest we have built. The benefits of the actions we are taking to improve portfolio quality, strengthen underwriting performance, and allocate capital to the most attractive opportunities available to us are emerging in our numbers.

本季的結果進一步展現我們打造出更聚焦的 Everest 的實力。我們為提升投資組合品質、強化承保績效，並將資本配置至最具吸引力機會所採取的行動，其效益正逐步反映在數字上。

Our strategy is built around developing our core businesses, while managing the cycle with relentless discipline. We are upgrading critical capabilities, optimizing the balance sheet, and accelerating the return of capital to shareholders.

我們的策略以發展核心業務為主軸，同時以毫不妥協的紀律管理景氣循環。我們正在升級關鍵能力、優化資產負債表，並加速將資本回饋給股東。

This quarter's results are further proof that the execution of this strategy is working. Our core businesses, Treaty Reinsurance and Global Wholesale & Specialty, generated underwriting income of $317 million on a combined ratio of 90%.

本季的結果再次證明，這項策略的執行正在奏效。我們的核心業務——合約再保（Treaty Reinsurance）與全球批發與專業險（Global Wholesale & Specialty）——在綜合比率 90% 的情況下，創造承保收益 3.17 億美元。

As I have said before, we continue to focus on underwriting discipline and rate adequacy, while prioritizing bottom-line results over top-line production, especially in this environment.

如我先前所說，我們仍持續聚焦承保紀律與費率充足性，並在此環境下，尤其優先追求底線成果而非追求保費規模。

Our core businesses delivered $3.7 billion in gross written premium, a modest year-over-year decline, driven by deliberate underwriting choices.

我們的核心業務實現 37 億美元的毛簽保費，年減幅度不大，主要由審慎的承保選擇所致。

Our Reinsurance Treaty team delivered another excellent quarter, leveraging the depth and breadth of our platform as competitive advantages to effectively navigate a softening property market. Our discipline focused on profitability delivered a combined ratio of 88.5% and underwriting income of $283 million.

我們的合約再保團隊再度交出優異的一季，運用平台的深度與廣度作為競爭優勢，有效因應趨於疲軟的財產險市場。以獲利為核心的紀律帶來 88.5% 的綜合比率與 2.83 億美元的承保收益。

As we decisively manage the cycle, we have continued to decrease our exposure to US casualty lines and selectively reduce business where pricing or structure did not meet our return thresholds.

在我們果斷管理景氣循環的同時，我們持續降低對美國責任險業務的曝險，並選擇性縮減在定價或結構未達我們報酬門檻的業務。

This resulted in approximately a 9% decrease in gross written premium year over year on a constant-dollar basis and excluding reinstatement premiums.

因此，在固定匯率基礎且不含復效保費（reinstatement premiums）下，毛簽保費年減約 9%。

Casualty lines were down by 19%, while property premiums were relatively flat, as growth in property pro-rata was offset by decreases in our cat book. We continued our targeted expansion in specialty lines, globally, where risk-adjusted returns remain attractive.

責任險業務下滑 19%，而財產險保費大致持平；財產險按比例分保（pro-rata）的成長被我們巨災（cat）業務組合的下降所抵銷。我們持續在全球專業險領域進行有目標的擴張，因其風險調整後報酬仍具吸引力。

Our strategy of building deep underwriting capabilities in specific segments allows us to capture emerging opportunities, like data centers, as well as new markets within construction and renewable energy.

我們在特定細分領域建立深厚承保能力的策略，使我們能掌握新興機會，例如資料中心，以及建築與再生能源中的新市場。

In each of the 2026 renewals, the Everest team has been able to maximize shares on the most attractive deals, while reducing or exiting programs below our return thresholds. This is only possible because of the strength of our global underwriting platform and our well-honed distribution management capabilities.

在 2026 年每一次續約中，Everest 團隊都能在最具吸引力的交易上最大化承保份額，同時降低或退出低於我們報酬門檻的方案。這之所以可行，完全仰賴我們強大的全球承保平台與精準成熟的通路管理能力。

While property pricing in the market was down in the range of 15% to 20% at both [6/1] and [7/1], pricing on our property-cat portfolio between both renewal periods finished down approximately 10%. Despite rate pressure, terms and conditions are largely holding. Attachment points remain relatively stable.

雖然市場財產險定價在 [6/1] 與 [7/1] 兩個續約期均下跌約 15% 至 20%，但我們的財產巨災（property-cat）投資組合在兩個續約期合計的定價最終約下跌 10%。儘管費率承壓，條款與條件大致仍維持。起賠點（attachment points）也相對穩定。

Looking ahead to the 1/1/2027 renewals, we expect market conditions to remain competitive, absent large cat losses or other external shocks.

展望 1/1/2027 續約，我們預期在未出現重大巨災損失或其他外部衝擊的情況下，市場環境仍將維持競爭。

Our third-party capital platform, Mt. Logan Capital Management, has approximately $3.4 billion of AUM, as of July 1, up 89% from the beginning of 2025.

我們的第三方資本平台 Mt. Logan Capital Management，截至 7 月 1 日的資產管理規模（AUM）約為 34 億美元，較 2025 年初成長 89%。

A major contributor to this growth is the launch of our casualty and specialty reinsurance sidecar, Annapurna Re. Annapurna provides Everest with an additional lever to facilitate opportunistic growth, generate fee income, and enhance capital flexibility.

推動此成長的重要因素之一，是我們推出責任險與專業再保 sidecar——Annapurna Re。Annapurna 為 Everest 提供額外槓桿，以促進機會型成長、創造費用收入，並提升資本運用彈性。

This is just another example of the work we are doing to optimize our balance sheet and, at the same time, enhance ROE potential, over time.

這只是我們為優化資產負債表、並同時在時間推移中提升 ROE 潛力所做工作的另一個例子。

Turning to the Global Wholesale & Specialty segment, results were strong. Our strategy to expand the portfolio in specialty lines and targeted international markets, while delivering margin expansion, continues to gain momentum.

接著談全球批發與專業險（Global Wholesale & Specialty）部門，表現強勁。我們在專業險與特定國際市場擴大投資組合、同時推動利潤率擴張的策略，持續加速推進。

Gross written premium was roughly flat year over year, as growth in niche specialty lines and international business was offset by deliberate reductions in US property and casualty.

毛簽保費年比大致持平；利基專業險與國際業務的成長，被我們刻意縮減的美國財產險與責任險業務所抵銷。

We grew double digits internationally, with broad-based growth across financial lines, marine, political violence, as well as in select specialty-property markets.

我們的國際業務實現雙位數成長，成長動能廣泛分布於金融險種、海事、政治暴力，以及部分專業財產險市場。

Rate across our portfolio was flat, as double-digit rate declines in property were offset by rate increases in casualty lines. More importantly, the areas of our business we're expanding continue to be rate adequate.

整體投資組合的費率持平，因財產險費率的雙位數下滑被責任險費率上升所抵銷。更重要的是，我們正在擴張的業務領域仍維持費率充足。

The significant underwriting actions we have taken in recent years continue to pay dividends, with both the additional attritional loss and combined ratios improving, year over year. This is a result of the team's discipline risk selection and portfolio management.

我們近年採取的重大承保行動持續帶來成效，額外的常態損失率（attritional loss ratio）與綜合比率均較去年改善。這是團隊在風險選擇與投資組合管理上保持紀律的結果。

Now, a word on capital management: Since I became CEO in January of 2025, Everest has deployed $1.5 billion towards share repurchases, resulting in a reduction of over 10% of our shares outstanding.

接著談資本管理：自我於 2025 年 1 月出任執行長以來，Everest 已投入 15 億美元進行庫藏股回購，使流通在外股數減少超過 10%。

Share repurchases remain a top priority for capital allocation. Our commitment to disciplined capital management was again evident in this quarter's results.

股票回購仍是資本配置的首要優先事項。我們對資本管理紀律的承諾，在本季結果中再次清楚展現。

This speaks to our continued conviction in the strength of our balance sheet; and that Everest share price does not accurately represent the true value and earnings power of the company.

這也反映我們對資產負債表實力的持續信心；並認為 Everest 的股價未能準確反映公司的真實價值與獲利能力。

Our goal is simple: to grow book value per share consistently. We're doing that through disciplined underwriting and capital stewardship. This quarter provides convincing evidence of our approach.

我們的目標很簡單：持續提升每股帳面價值。我們透過嚴謹的承保與資本管理來達成。本季提供了有力證據支持我們的作法。

We are not, however, declaring victory. I am seeing more signs of irresponsible underwriting in the market. The US tort environment, despite some recent reforms, is corrosive to a well-functioning economy and is putting pressure on industry reserves.

然而，我們並未宣告勝利。我看到市場上出現更多不負責任承保的跡象。美國侵權訴訟環境儘管近期有一些改革，仍對健全運作的經濟具有侵蝕性，並對產業準備金造成壓力。

The world is experiencing unprecedented levels of risk across multiple domains, with little sign of that risk being reflected in insurance and reinsurance prices.

全球正於多個領域面臨前所未有的風險水準，但幾乎看不到這些風險在保險與再保價格中得到反映。

But today's Everest is up to these challenges. We have a deep bench of talented people across our organization; robust and growing analytical and technology capabilities; and superb relationships and distribution. Our intent is to strengthen our company, no matter what part of the cycle we're facing.

但今日的 Everest 已足以應對這些挑戰。我們在整個組織擁有深厚的人才梯隊；強健且持續成長的分析與科技能力；以及卓越的合作關係與通路佈局。我們的目標是強化公司，無論我們正處於景氣循環的哪個階段。

Let me end by welcoming Elias to the team as our new CFO. Elias is a seasoned finance executive, with over 30 years of experience leading several global finance organizations in the insurance and financial-services industry. We're excited to have him on board.

最後，讓我歡迎 Elias 加入團隊，擔任我們的新任財務長（CFO）。Elias 是一位資深的財務主管，在保險與金融服務產業領導多個全球財務組織，擁有超過 30 年的經驗。我們很高興他加入我們。

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

接下來，我把電話會議交給 Elias。

Thank you, Jim. Good morning, everyone.

謝謝你，Jim。各位早安。

The second-quarter results reflect the momentum we're creating by executing on our strategic priorities to create shareholder value.

第二季的結果反映出我們透過執行策略重點、創造股東價值所帶來的動能。

We believe the combination of delivering compounding book value per share growth, driven by disciplined underwriting and prudent capital management, is the best way to generate that value.

我們相信，透過嚴謹的核保與審慎的資本管理，推動每股帳面價值的複利成長，這樣的組合是創造該價值的最佳方式。

Before unpacking this quarter's results, I'd like to highlight two changes we're making to our external reporting:

在深入說明本季結果之前，我想先強調我們對外部揭露所做的兩項調整：

First, beginning with this quarter, we will be providing consolidated financial results for what we will now refer to as our core businesses, consisting of Reinsurance Treaty and Global Wholesale & Specialty.

第一，自本季起，我們將提供合併財務結果，涵蓋我們現在稱為核心業務的部分，包括再保合約（Reinsurance Treaty）與全球批發與專業險（Global Wholesale & Specialty）。

These businesses represent the future of Everest. With this additional disclosure, we're providing you with added transparency into the earnings power of the go-forward business.

這些業務代表 Everest 的未來。透過這項額外揭露，我們將為各位提供更高的透明度，以了解未來業務的獲利能力。

This excludes the legacy segment, which, as we have noted in previous quarters, will become an immaterial contributor to earnings, as the portfolio runs off.

這不包含傳統（legacy）部門；如同我們在前幾季所提到的，隨著該投資組合逐步到期退出（run off），其對獲利的貢獻將變得不具重要性。

Second, beginning in the third quarter, we will make some revisions to our definition of after-tax net operating income to better align our definition with industry peers.

第二，自第三季起，我們將修訂稅後淨營業利益（after-tax net operating income）的定義，使其更貼近同業的定義。

We will exclude one-time expenses, as well as gains and losses associated with acquisition, divestiture, and restructuring activities; as well as the asymmetric accounting for the ADC.

我們將排除一次性費用，以及與併購、處分與重組活動相關的損益；並排除 ADC 的非對稱會計處理影響。

These refinements will improve transparency and period-over-period comparability of Everest's operating results. We're previewing these changes this quarter and have provided the preliminary recast of the historical results under the revised definition in the back of our financial supplement.

這些調整將提升 Everest 營運結果的透明度與期間間可比性。我們在本季先行預告這些變更，並已在財務補充資料的後段，提供依修訂後定義重編的歷史結果初步版本。

Now, turning to the second-quarter group results, Everest Group book value per share, excluding unrealized gains and losses, (inaudible) -- 12% over the past year to roughly $408; and produced an after-tax net operating EPS of $14.85 by delivering an underwriting profit of approximately $300 million and net investment income of over $500 million, while returning over $470 million to shareholders between share repurchases and dividends.

接著看第二季集團整體結果，Everest Group 每股帳面價值（不含未實現損益）（聽不清）— 過去一年成長 12% 至約 408 美元；並透過約 3 億美元的核保利潤與超過 5 億美元的淨投資收益，創造稅後淨營業每股盈餘（EPS）14.85 美元，同時透過庫藏股回購與股利合計回饋股東超過 4.7 億美元。

Moving to our core businesses, we are focused on producing consistent underwriting profitability, supported by a strong balance sheet, to deliver on our total shareholder return goals.

再看我們的核心業務，我們專注於在強健資產負債表的支持下，產出穩定的核保獲利能力，以達成我們的股東總報酬目標。

The core businesses delivered strong underwriting profits in the quarter of $317 million. Gross premiums were [$3.7 billion], lower than the prior-year quarter by approximately 7% on a comparable basis, reflecting our underwriting discipline and actions to improve the portfolio mix.

核心業務本季交出強勁的核保利潤 3.17 億美元。總保費為 37 億美元，在可比基礎上較去年同期約下降 7%，反映我們的核保紀律以及為改善投資組合結構所採取的行動。

The core combined ratio was 90%, inclusive of $85 million in catastrophe losses, net of estimated recoveries and reinstatement premiums, largely driven by the conflict in the Middle East and several weather-related events, globally.

核心綜合比率為 90%，其中包含 8,500 萬美元的巨災損失（已扣除估計追償與復效保費），主要由中東衝突以及全球多起天候相關事件所致。

There was no net prior-year loss development. The attritional loss ratio was 57.8%, relatively consistent with the prior year. The expense ratio increased to 5.1%, reflecting the impact of lower net earned premium, as well as modestly higher expenses, driven, in part, by timing, as well as investments we're making in the business to improve our competitive positioning and operating efficiency.

前一年度損失準備金沒有淨不利發展。常態損失率為 57.8%，與去年相對一致。費用率上升至 5.1%，反映淨已賺保費較低的影響，以及費用小幅增加；部分原因來自時點因素，亦包括我們為提升競爭定位與營運效率而進行的投資。

In our Reinsurance Treaty business, we continue to capitalize on our lead-market position to achieve differentiated rates and ,terms as we proactively improve the mix and shorten the duration of the portfolio, while navigating the current market cycle.

在再保合約業務方面，我們持續運用領先市場的地位，在因應目前市場循環的同時，主動改善組合並縮短投資組合存續期間，以取得具差異化的費率與條款。

In terms of underwriting profitability, the combined ratio was 88.5%, a year-over-year increase of 360 basis points, mostly driven by higher catastrophe losses on a comparable basis.

就核保獲利而言，綜合比率為 88.5%，年增 360 個基點，主要是可比基礎下巨災損失較高所致。

The attritional loss ratio increased 140 basis points to 57.1%, largely due to higher weather-related non-cat losses. Excluding these losses, the attritional loss ratio would have been 54.4%, a 130 basis points year-over-year improvement, driven by mix and improved loss experience.

常態損失率上升 140 個基點至 57.1%，主要因天候相關的非巨災損失增加。若排除這些損失，常態損失率將為 54.4%，較去年改善 130 個基點，反映組合結構與理賠經驗改善。

Turning to Annapurna Re, our recently announced casualty and specialty sidecar, Annapurna Re provides Everest with additional portfolio management and financial optionality.

接著談 Annapurna Re，我們近期宣布的意外險與專業險 sidecar。Annapurna Re 為 Everest 提供額外的投資組合管理與財務選擇權。

We expect to cede roughly $200 million of premium a quarter over the next three years to Annapurna Re. We also expect the transaction to be modestly accretive to overall underwriting income and ROE, over time, while resulting in lower net-investment income.

我們預期未來三年每季將分出（cede）約 2 億美元保費給 Annapurna Re。我們也預期，隨時間推進，該交易將對整體核保收益與股東權益報酬率（ROE）帶來小幅增益，但同時會使淨投資收益降低。

Now, moving to our Global Wholesale & Specialty business, where we are focused on improving underwriting margins, as we pursue profitable growth in targeted lines and geographies.

接著看全球批發與專業險業務，我們在特定產品線與地區追求獲利成長的同時，專注於改善核保利潤率。

While the combined ratio was in line with the prior-year quarter at 95.2%, the attritional loss ratio improved 390 basis points to 60.6%, as a result of the underwriting actions we've been taking and an improving business mix.

雖然綜合比率與去年同期相當，為 95.2%，但常態損失率改善 390 個基點至 60.6%，係我們持續採取核保措施與業務組合改善的結果。

Catastrophe losses, net of estimated recoveries and reinstatement premiums, contributed 1.4 points to the combined ratio, while the prior-year quarter's experience was de minimis.

巨災損失（已扣除估計追償與復效保費）使綜合比率增加 1.4 個點數，而去年同期的相關影響微乎其微。

The underwriting-related expense ratio increased to 12.6%, largely driven by timing, mix, and investments in the underwriting platforms.

核保相關費用率上升至 12.6%，主要受時點、組合，以及對核保平台投資所驅動。

While underwriting profitability was strong this quarter, we continue to expect this business to deliver combined ratios in the mid- to high-[90%s] in the near term.

雖然本季核保獲利表現強勁，但我們仍預期短期內該業務的綜合比率將落在 90% 中段至高段。

Now, moving to our legacy segment, we continue to manage the transition of our commercial retail-insurance business to AIG, which remains on track with roughly $250 million of net premiums left to be earned in the second half of the year.

接著看傳統（legacy）部門，我們持續管理商業零售保險業務移轉至 AIG 的過程；目前進度仍符合預期，今年下半年約仍有 2.5 億美元的淨保費待賺取。

We're also focused on proactively managing the run-off book through claims optimizations and expense discipline that will unlock the capital that supports the portfolio.

我們也專注於透過理賠優化與費用紀律，主動管理逐步到期退出（run-off）的保單簿，以釋放支撐該投資組合的資本。

As expected, in the second quarter, the segment generated a modest drag on the group underwriting results.

如預期，第二季該部門對集團核保結果造成小幅拖累。

Turning to reserves, as Jim noted, I recently joined the company, along with our new Group Chief Actuary, Katy Bradica. Kat and I worked together in the past. I think very highly of her skills. I'd like to touch on our process and philosophy before providing the highlights of the quarter:

接著談準備金，如 Jim 所提，我近期加入公司，同時我們也迎來新的集團總精算師 Katy Bradica。Kat 與我過去曾共事。我非常肯定她的專業能力。在說明本季重點之前，我想先談談我們的流程與理念：

On process, we followed a prudent quarterly reserving review, where we responded proactively to emerging credible data, even if the annual studies had not been completed.

就流程而言，我們遵循審慎的季度準備金檢視；即使年度研究尚未完成，只要出現可信的新資料，我們也會主動回應。

Our philosophy is to maintain management's best estimates above the actuarial central estimate and embed conservatism in our loss picks.

我們的理念是，管理階層的最佳估計應高於精算中央估計，並在損失選取中納入保守性。

Finally, the annual reserve studies for most of our long-tail lines, including Reinsurance Treaty business, are scheduled to be completed later in the third quarter. Katy and I will be heavily involved in that process.

最後，我們多數長尾業務（包括再保合約業務）的年度準備金研究，預計在第三季稍晚完成。Katy 與我將深度參與該流程。

Now, turning to the results for this quarter, we had no net development on prior-year loss reserves. Short-tail lines continued to develop favorably.

回到本季結果，前一年度損失準備金沒有淨發展。短尾業務持續呈現有利發展。

This was offset by the increase in the industry-loss estimate on the Baltimore bridge collapse matter, as well as some strengthening in casualty, reflecting our cautious outlook.

上述有利發展被巴爾的摩大橋坍塌事件的產業損失估計上修所抵銷，另外意外險也有所加強提列，反映我們較為審慎的展望。

Lastly, we expect to publish our global loss triangles during this upcoming month. You will see enhanced disclosure, like additional lines of business triangles; and more commentary within each of our three reporting segments.

最後，我們預期將在接下來這個月公布全球損失三角表。各位將看到更強化的揭露，例如新增更多業務線的三角表，以及在我們三個報導部門中各自提供更多說明。

Moving on to investments, we continue to maintain a high-quality and diversified investment portfolio. Net investment income was $523 million for the quarter, modestly lower year over year due to lower alternative-investment returns.

接著談到投資方面，我們持續維持高品質且多元化的投資組合。本季淨投資收益為5.23億美元，因替代性投資報酬較低，較去年同期小幅下降。

Overall, our book yield in the quarter remained stable at 4.5%, which is below our current new-money yield, which is closer to 5%.

整體而言，本季我們的帳面收益率維持穩定在4.5%，低於目前新投入資金的收益率，後者更接近5%。

Turning to capital management, our philosophy is to deploy capital towards opportunities that maximize shareholder returns, balancing growing the franchise value of the company, while providing an attractive return to our shareholders.

談到資本管理，我們的理念是將資本配置到能使股東報酬最大化的機會上，在提升公司特許經營價值的同時，為股東提供具吸引力的回報。

Given current market conditions and our attractive valuation, repurchasing shares is a top allocation priority. In the second quarter, we repurchased approximately 1.2 million shares, amounting to $395 million, at an average share price of $342 per share.

鑑於目前市場狀況以及我們具吸引力的估值，回購股票是資本配置的首要優先事項。第二季我們回購約120萬股，金額為3.95億美元，平均回購股價為每股342美元。

This translated into an 81% pay-out ratio for the quarter and an approximately 77% for the past three quarters.

這使得本季的派付率為81%，而過去三個季度約為77%。

Looking ahead, while we continue to view share repurchases of $300 million as a quarterly floor, we expect to exceed that amount, when appropriate, given the strength of our balance sheet and earnings-generation.

展望未來，雖然我們仍將每季3億美元的股票回購視為底線，但在適當時機，基於我們資產負債表的強勁與獲利能力，我們預期將超過該金額。

As Jim said, we have strong conviction that Everest's current share price does not reflect the true value of the company. We have confidence in the strength of our balance sheet.

如Jim所說，我們堅信Everest目前的股價未能反映公司的真實價值。我們對資產負債表的強健程度充滿信心。

With that, I'll turn the call back over to Matt for Q&A.

接下來，我把電話交回給Matt進行問答。

Thanks, Elias. Chris, we are now ready to open the line for questions.

謝謝你，Elias。Chris，我們現在準備開放提問。

(Event Instructions) Chris, over to you, please.

(活動說明) Chris，請交給你。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Alex Scott, Barclays.

Alex Scott，巴克萊。

Hey. Good morning. Thanks for taking the question.

嗨。早安。謝謝讓我提問。

I was listening to the commentary about the involvement of Elias and the new Chief Actuary in the review process. I think, when you have that turnover, it makes people nervous around the reserve quality.

我在聽你們談到Elias以及新任首席精算師參與審查流程的評論。我認為，當出現這樣的人事更替時，市場會對準備金品質感到緊張。

But I also heard your comments about having confidence in the strength of the balance sheet. I just wanted to see if you could opine on what gives you the confidence to say, now, ahead of that review, that you have confidence and strength in the balance sheet?

但我也聽到你們提到對資產負債表的強健有信心。我想請教的是，在審查尚未完成之前，你們現在就能說對資產負債表有信心、且其很強健，這份信心來自於什麼？

Hey, Alex, it's Elias. I've been here for a quarter. I will tell you, I believe our balance sheet is strong.

嗨，Alex，我是Elias。我來這裡才一個季度。我可以告訴你，我相信我們的資產負債表很強健。

I look at the strength of the balance sheet, looking at capital adequacy, liquidity, leverage, the overall risk profile of the balance sheet so looking at all that, I believe we've got a strong balance sheet that gives me conviction that we would be able to deliver on share repurchases in excess of $300 million, going forward.

我從資本充足性、流動性、槓桿，以及資產負債表整體風險概況來看資產負債表的強度；綜合這些因素，我相信我們擁有強健的資產負債表，這也讓我有信心未來能夠進行超過3億美元的股票回購。

In terms of the reserves, as I reflected in my commentary with Katy and I being new, we decided to react now to what we're seeing in the data and not wait till the reserve studies are done next quarter. That's what's reflected in our numbers this quarter.

至於準備金方面，正如我在評論中提到的，由於我和Katy都是新加入，我們決定現在就針對資料所呈現的情況採取行動，而不是等到下季準備金研究完成。這就是本季數字所反映的內容。

Understood. Thanks for that.

了解。謝謝你的說明。

As a follow-up: Could you talk about your interest and how you balance the price versus reward for looking at things, like loss transfers for the reinsurance business, to more fully put this part of the conversation around Everest to bed?

追問一下：你能談談你們的考量，以及在評估像是再保業務的損失移轉等事項時，如何在價格與回報之間取得平衡，以便更徹底地讓市場對Everest這部分的疑慮告一段落嗎？

Alex, you're referring to capital (technical difficulty) -- and things like that? Just want to make sure we're clear on the question.

Alex，你指的是資本（技術問題）——以及類似的事情嗎？我只是想確認我們對問題的理解一致。

Yes. Just thinking about potential loss transfers, ADCs, similar to what you've done with some of the primary legacy product.

是的。我在想潛在的損失移轉、ADC（不利發展保險），類似你們對部分原保險存量（legacy）產品所做的安排。

Sure, Alex. I would answer the question in a number of ways.

好的，Alex。我會從幾個面向來回答。

One, in terms of our overall hedging strategy, you've seen us evolve that. over time. We've developed our third-party capital strategy with Mt. Logan.

第一，就我們整體避險策略而言，你已經看到我們隨時間演進。我們透過Mt. Logan建立了第三方資本策略。

That gives us a tremendous amount of support on a go-forward basis in our Reinsurance business. That's our main method of transferring risk to third parties.

這為我們未來的再保業務提供了非常大的支持。這是我們將風險移轉給第三方的主要方式。

We also opportunistically purchase retro. We do that very sparingly; usually, in niche areas. I would cite aviation, cyber as two areas where we've purchased some retro.

我們也會在有利時機購買轉分保（retro）。我們做得非常審慎；通常是在利基領域。例如航空、網路風險是我們購買部分轉分保的兩個領域。

And then, in terms of the back book, look, I think we're very open to strategies, like what we did last year with the ADC, that can enhance our capital position and help us to manage risk. We look at those things across both businesses on an ongoing basis.

接著，就存量業務而言，我們對於像去年做的ADC那樣、能強化資本部位並協助我們管理風險的策略，態度非常開放。我們會持續在兩大業務中評估這些選項。

If something becomes attractive, you would see us willing to engage in such transactions. There are some things that we look at, from time to time.

如果某些方案變得具吸引力，你會看到我們願意參與此類交易。確實有一些事項我們會不時評估。

I think our focus there is, really, more on the legacy business and how we accelerate the realization of capital from that portfolio. That would be the area of most focus for us.

我認為我們在這方面的重點，其實更放在存量業務，以及我們如何加速從該投資組合中實現資本。那會是我們最聚焦的領域。

Got it. Thank you.

了解。謝謝。

Thanks.

謝謝。

Gregory Peters, Raymond James.

Gregory Peters，Raymond James。

Well, good morning. I wanted to step back and go to your comments on Reinsurance Treaty.

早安。我想退一步，回到你對再保合約（Treaty）的評論。

Some moving pieces from the top line. You talked about pricing on property being down. It seems like you're getting, maybe, some better terms than some of the horror stories we're hearing in the marketplace.

營收端有一些變動因素。你提到財產險的定價在下降。看起來你們拿到的條款可能比我們在市場上聽到的一些慘況要好一些。

But I want to go back and just have you reframe, provide a little bit more detail on what you're seeing on pricing in the various lines of business, please.

但我想回到這點，請你重新梳理一下，並更詳細說明你在各條業務線所看到的定價情況，謝謝。

Sure. Yeah. Happy to do that, Greg.

當然。是的。很樂意，Greg。

I'll start with property cat. Obviously, that's where the market gets a ton of focus. We did see rates come down in the more recent renewals.

我先從財產巨災（property cat）開始。顯然這是市場高度關注的領域。我們確實看到近期續保的費率有所下滑。

As I indicated, we've seen market pricing move in the 15% to 20% range. We've done quite a bit better in our own portfolio.

如我所指出的，我們看到市場定價變動約在15%到20%的區間。而我們自有投資組合的表現要好得多。

First, let me just spend a moment on how we're able to do that. It's a combination of things:

首先，我先花點時間說明我們如何做到這一點。這是多項因素的組合：

Number 1, we talk about the strength of our platform. What that really translates into is we have industry-leading underwriters in all of our regions, on the ground, enabled with underwriting authority, who can execute deals with [cedents] who we have very deep relationships with.

第一，我們談到平台的強大。這實際上意味著：我們在各地區都有業界領先的核保人員駐點，並被授權核保，能與我們有深厚關係的[分出公司]（cedents）執行交易。

It gives us a lot of flexibility to position our capacity at those places in the program where we see the best return opportunity.

這讓我們能非常靈活地把承保能力配置在方案中我們認為回報機會最佳的位置。

The way that played out in the mid-year renewals is, we did shift around our participation on programs quite a bit. We actually moved a little bit more remote from loss. Our average attachment point increased slightly.

在年中續保時，這樣的策略展現為：我們在各方案中的參與位置做了相當多的調整。我們實際上把部位稍微往遠離損失的方向移動。我們的平均起賠點（attachment point）略有提高。

We were very careful about which programs we decided to deploy to. In some cases, where we saw attractive rates; attractive terms and conditions, we deployed more capacity.

我們非常謹慎地選擇要投入哪些方案。在某些情況下，當我們看到具吸引力的費率、具吸引力的條款與條件時，我們就投入更多承保能力。

And then, in other areas, as you can imagine, we had to pull back. That's how we achieved that 10% reduction.

而在其他領域，如你所想像，我們必須收縮。這就是我們如何達成10%降幅的原因。

My view of property cat rates, at this point, is, they're still in such a place that it allows us to get a return -- an expected return -- that's above our threshold for continuing to write that business. And so I think that makes us feel pretty good.

就目前而言，我對財產巨災（property cat）費率的看法是：它們仍處在一個水準，使我們能取得高於我們門檻的報酬——也就是預期報酬——從而得以持續承作這項業務。因此，我認為這讓我們感覺相當不錯。

When you look at parts of our portfolio, like property pro rata, where we did grow in the quarter, one thing I would opine there, particularly against the backdrop of declining property rates, that growth was driven by very specific deals.

當你看我們投資組合中的某些部分，例如財產按比例（property pro rata），我們在本季確實有成長；我在這裡想說的一點是，特別是在財產費率下滑的背景下，這個成長是由非常特定的交易所帶動。

I wouldn't envision, as you're thinking about that portfolio, just general market, commercial, and personal property. These tend to be more specific deals.

我不會把它想成你在看那個投資組合時所謂的一般市場——商業與個人財產。這些往往是更具體的交易。

A lot of it's in our international markets. Some of it is around whole-account quota shares with very strategic partners. Some of its growth in Latin America and Asia. We're being very selective there.

其中很大一部分在我們的國際市場。有些是與非常具策略性的合作夥伴進行整體帳戶（whole-account）的配額分保（quota share）。有些成長來自拉丁美洲與亞洲。我們在那裡非常挑選。

Again, while there is a declining rate, I still think, very adequately priced. And then, in the long-tail lines, this is an area, I think, that is going to require very careful management.

再次強調，雖然費率在下滑，但我仍認為定價非常充足。而在長尾險種方面，這是一個我認為需要非常謹慎管理的領域。

Rates are up. They have been up, consistently. We're seeing that in both our businesses. But we still remain fairly conservative in our approach to that business.

費率在上升。而且一直持續上升。我們在兩個業務中都看到了這點。但我們對這項業務的做法仍相當保守。

It really does come down to more than just rate change. You have to have conviction in where loss trends are going. I think there's a lot of uncertainty there.

這確實不只是費率變動而已。你必須對損失趨勢將走向何處有信心。我認為那裡存在很多不確定性。

To summarize all that and to reiterate a comment I made in my prepared remarks, where we're putting capital to work, particularly in the areas -- the niche specialty areas -- that we're growing, we have a lot of conviction that rates are at or above adequate levels.

總結以上並重申我在事先準備的發言中提到的一點：在我們投入資本的地方，特別是在我們正在成長的領域——那些利基型專業領域——我們非常有信心費率處於或高於充足水準。

It allows us to continue to write the business with an expectation of strong profitability.

這使我們能夠持續承作該業務，並預期可取得強勁的獲利能力。

Thanks for that detail. Just a follow-up, Jim, because we're now in hurricane season for North America. We're watching the moving pieces move around in Reinsurance Treaty.

謝謝你提供這些細節。再追問一下，Jim，因為北美現在已進入颶風季。我們也在關注再保合約（Reinsurance Treaty）中各種變動因素的變化。

How should we be thinking about PMLs for hurricanes and cat activity in the second half of '26; and how it might manifest, itself, as it occurs with your changing exposures?

我們應該如何看待 2026 年下半年颶風與巨災活動的 PML（可能最大損失）；以及在你們曝險變動的情況下，這可能會如何呈現？

I think a feature of the way we've managed this cycle -- and you see it in our printed results -- is, our net PMLs have been coming down.

我認為我們管理這一輪循環的一個特徵——你也能從我們公布的結果中看到——是我們的淨 PML 一直在下降。

Some of that is related to actions we're taking on the gross portfolio. More of it is related to the expansion of, in particular, Mt. Logan.

其中一部分與我們對總體（gross）投資組合採取的行動有關。更大一部分則與（尤其是）Mt. Logan 的擴張有關。

And so we are very careful about our aggregation, particularly in the Southeast; but, really, in all of our peril zones around the world.

因此，我們對聚合風險（aggregation）非常謹慎，特別是在美國東南部；但其實在全球所有風險災害區域（peril zones）都是如此。

I feel like our total risk profile is in a really good spot, relative to the economics of the trades that we're making.

我覺得相較於我們所進行交易的經濟性，我們的整體風險輪廓處在非常好的位置。

I think we're getting paid adequately. I also think we're managing our total exposure in a way that is a little more conservative than you might have seen us be a year ago.

我認為我們獲得了足夠的報酬。我也認為我們管理整體曝險的方式，比你可能在一年前看到的我們更為保守一些。

Got it. Thank you.

了解。謝謝。

You got it, Greg.

不客氣，Greg。

Andrew Andersen, Jefferies.

Andrew Andersen，Jefferies。

Hey. Good morning.

嗨。早安。

As this new casualty sidecar becomes larger, should we think about the underlying reinsurance-accident year loss ratio, perhaps, trending a bit lower, given the retained mix to a short tail? Or do you anticipate redeploying that capacity, perhaps, into other lines that maybe have a higher expected loss ratio but still good attractive returns?

隨著這個新的意外險側掛（casualty sidecar）規模變大，我們是否應該認為基礎的再保——事故年度（accident year）損失率——可能會因為保留組合更偏向短尾而略為走低？或者你是否預期把那部分承保能力重新部署到其他險種，這些險種的預期損失率可能更高，但仍有良好且具吸引力的報酬？

Yeah. Let me provide a little bit of perspective on this. By the way, what I'm about to say, I think, applies to both of our businesses; and the way we think about management and the loss picks, going forward.

是的。我先提供一些觀點。順帶一提，我接下來要說的，我認為適用於我們兩個業務；也適用於我們對未來管理與損失選取（loss picks）的思考方式。

The first thing, Andrew, to keep in mind is, we're starting in a great place. Again, that applies to both businesses.

第一點，Andrew，要記住的是，我們起點非常好。同樣地，這適用於兩個業務。

Meaning: We've built a lot of prudence into our loss picks. We have not taken credit for much of the underwriting work that we've done in the businesses.

也就是說：我們在損失選取中建立了相當多的審慎性（prudence）。我們並沒有把我們在業務中所做的大量核保工作成果過多地反映為利益。

And so we're in a position where, I think, unlike some folks in the market, we don't have to chase loss trend in our picks. We start from a position of strength.

因此，我們處在一個位置：我認為不同於市場上的一些同業，我們不必在選取中追逐損失趨勢。我們是從強勢的基礎出發。

And then, as you look at the go-forward outlook, there's really two forces; two trends that we got to manage:

接著，當你看未來展望時，實際上有兩股力量、兩個趨勢需要我們管理：

The first is the market. I think about that like gravity. It's going to exert pressure on all underwriting companies.

第一個是市場。我把它想成重力。它會對所有核保公司施加壓力。

For the most part, with the exception, really, of US casualty and some very specific specialty areas, prices are coming down.

大致上，除了美國意外險以及一些非常特定的專業領域之外，價格都在下滑。

But then, there's our actions and what we do within the company; within our portfolios to defy that gravity.

但接著還有我們的行動，也就是我們在公司內部、在我們的投資組合中所做的事情，用以對抗那股重力。

I'd say, what you're seeing from us is, one, really strong portfolio-management activities. That's playing out across all of our lines of business in both divisions, where we're walking away from business that is not properly priced. But we're leaning in where it is; and where things are good, we're willing to grow.

我會說，你從我們這裡看到的是：第一，非常強的投資組合管理活動。這在我們兩個事業部的所有業務線上都在發生——對於定價不合理的業務，我們會退出。但在定價合理、條件良好的地方，我們會加大投入；而且在情況好的時候，我們願意成長。

We've built a strategy where we're moving our mix to parts of the market where you do see strong margin. We have durable advantage.

我們建立了一個策略，把組合移向市場中你確實能看到強勁利潤率的部分。我們有可持續的優勢。

Meaning: We have a product differentiation. We have expert underwriters, who deliver something very special into the market that our clients value. We have analytical capabilities that support that underwriting.

也就是說：我們有產品差異化。我們有專業核保人員，向市場提供非常獨特、客戶重視的價值。我們也有分析能力來支撐這些核保。

That's going to sustain our advantage and sustain our profitability, irrespective of what the market's doing.

這將維持我們的優勢並維持我們的獲利能力，不論市場在做什麼。

And then, there are actions like Annapurna. And so, yeah, you might see -- obviously, that'll deliver a benefit to the Reinsurance division in terms of its attritional. We'll be thoughtful about that.

接著，還有像 Annapurna 這樣的行動。所以，是的，你可能會看到——顯然，這會在再保事業部的經常性（attritional）方面帶來好處。我們會審慎地處理。

It gives you an opportunity, both to sustain margin as markets soften but, also, build up your prudence in your loss picks.

它讓你有機會在市場走軟時維持利潤率，同時也能在損失選取中建立更多審慎性。

And then, the last point I'd make on our business and where it's positioned is, remember, we're a highly diversified underwriter. And so we have the ability to manage the market cycle and deploy capital in markets around the world. It gives us a tremendous advantage.

最後一點，關於我們的業務以及其定位：請記得，我們是一家高度多元化的核保人。因此，我們有能力管理市場循環，並在全球各地市場部署資本。這給了我們巨大的優勢。

You knit all that together, I think, for now, things are a wash in the near term in terms of where the loss picks would be heading. Again, that comment applies to both divisions. It's something we'll manage very carefully, as the cycle unfolds.

把這些綜合起來，我認為就短期而言，損失選取的走向大致相互抵銷、影響不大。同樣地，這個評論適用於兩個事業部。隨著循環發展，這會是我們非常謹慎管理的事項。

Thank you for the detail there.

謝謝你提供這些細節。

Hey, Andrew, if I may add? Taking what Jim said, I think the way to think about, at least in the near term, from an attritional loss ratio for the Treaty business is, you should be thinking about it in the mid-[50%s].

Andrew，如果我可以補充一下？承接 Jim 所說的，我認為至少在短期內，對於合約（Treaty）業務的經常性損失率，你應該把它想成在 50% 中段（mid-[50%s]）。

On Global Wholesale & Specialty, it's, like, where we reported this quarter. I think we'd expect to be in the same neighborhood as where we were this quarter.

至於全球批發與專業（Global Wholesale & Specialty），大概就像我們本季所報告的水準。我想我們預期會落在與本季相近的區間。

Great. Thank you for the detail there.

很好。謝謝你提供這些細節。

Just, with the session for this sidecar of roughly $200 million a quarter, could you maybe just provide a bit of color on how you determine what casualty you cede to the sidecar and what you retain on your own balance sheet?

另外，關於這個 sidecar 每季大約 2 億美元的規模，你能否再多提供一些說明：你們如何決定哪些意外險（casualty）分出給 sidecar、哪些留在自家資產負債表上承擔？

Yeah. Obviously, these processes of assembling these sidecars are a negotiation. And so it's really about aligning the appetite of Everest to cede business and the appetite of our capital partners to provide the capacity.

是的。很明顯，組建這些 sidecar 的流程是一個協商談判的過程。所以重點在於讓 Everest 分出業務的意願，與我們資本合作夥伴提供承保能力（capacity）的意願相互匹配。

Like the rest of what we do in Mt. Logan, though, a key theme of our strategies around third-party capital management is alignment of interests.

不過，就像我們在 Mt. Logan 所做的其他事情一樣，我們第三方資本管理策略的一個核心主題是利益一致。

Meaning: We're not cherry-picking deals to go into the sidecar. These are quota share structures that take a predefined sliver of everything we write.

也就是說：我們不會挑選交易把它們放進 sidecar。這些是成數分保（quota share）架構，會按預先定義的比例分出我們所承保的所有業務。

Our experience is the same experience as our capital providers will receive and vice versa. We think that's the most sustainable and aligned way to build these structures.

我們的經驗與我們的資本提供者將獲得的經驗是一樣的，反之亦然。我們認為這是建立這些架構最可持續、且最能確保利益一致的方式。

Thank you.

謝謝。

Thanks, Andrew.

謝謝你，Andrew。

Meyer Shields, Keefe, Bruyette & Woods.

Meyer Shields，Keefe, Bruyette & Woods。

Thank you so much. Good morning.

非常感謝。早安。

Elias, I was hoping you could give a little bit more color. When you talk about reacting to casualty reserves in the second-quarter results, which segment is that? Which accident years? Maybe, what is the reaction to?

Elias，我希望你能再多補充一些說明。當你談到在第二季業績中對意外險準備金（casualty reserves）作出反應時，指的是哪個事業部門？哪些出險年度（accident years）？也許，反應的原因是什麼？

Hey, Meyer. It's Elias. Yeah. Happy to.

嗨，Meyer。我是 Elias。是的。很樂意。

Let me first go back to a couple of comments I made in my opening comments. Like, the process we went through this quarter -- I believe we went through a pretty prudent process.

我先回到我在開場時提到的幾點。像是，我們這一季走過的流程——我相信我們採取的是相當審慎的流程。

We decided to react to data we are seeing today. We were not going to wait till the third quarter for the reserve studies to be done.

我們決定對我們今天看到的數據作出反應。我們不打算等到第三季才完成準備金研究（reserve studies）。

If I unpack reserves for the quarter, there's three things that we tackled this quarter:

如果我拆解本季的準備金，有三件事是我們這一季處理的：

One, on the short-tail lines, continue to develop very favorably. We did recognize some favorability on the more mature year. But we're still sitting on a pretty meaningful margin there.

第一，短尾業務（short-tail lines）仍持續非常有利地發展。我們確實在較成熟的年度確認了一些有利發展。但我們在那裡仍保有相當可觀的緩衝空間。

Second, we did increase our reserves for the Baltimore bridge matter. We increased it by about $55 million. That brings us to the industry loss estimate of about $2.8 billion to $3 billion.

第二，我們提高了巴爾的摩大橋事件（Baltimore bridge matter）的準備金。我們增加了約 5,500 萬美元。這使我們的估計與業界損失估計約 28 億至 30 億美元一致。

Third, to where you were asking about, Meyer, on casualty, the two data points we saw and that we decided to react to is, one, loss trends continue to be elevated.

第三，回到你問的意外險部分，Meyer，我們看到兩個數據點並決定作出反應：第一，損失趨勢仍然偏高。

Now, they're still relatively (technical difficulty) -- since the last reserve studies. But they continue to be elevated, in part, reflecting the environment that Jim mentioned during his opening comments.

目前它們相對於（技術問題）——相較於上一次準備金研究。但它們仍持續偏高，部分反映了 Jim 在開場談到的環境因素。

The second thing is, we continue to see loss emergence in the older accident years. We decided to react not just to the accident years, where the loss emergence is coming in higher than expectations, but we decide to reflect it across most accident years to try to keep ahead of it.

第二，我們持續看到較早期出險年度（older accident years）的損失浮現（loss emergence）。我們決定不僅對那些損失浮現高於預期的出險年度作出反應，也將其反映到大多數出險年度，以便盡量走在趨勢之前。

Now, what we did not factor in or react to this quarter in the data is any underwriting action we've taken that hasn't yet shown up in our numbers.

另外，我們本季在數據中並未納入或反映任何我們已採取、但尚未在數字上呈現的核保行動（underwriting action）。

Any of the tort reform, we've not given any credit to. At the same time, we know that, in our insurance book, we have a claims acceleration. We hear from our cedants -- some of them -- that there's claims acceleration in their book. That wasn't reflected in anything we've done this quarter.

任何侵權改革（tort reform），我們都沒有給予任何信用（credit）。同時，我們知道在我們的保險業務中存在理賠加速（claims acceleration）。我們也從部分分出公司（cedants）那裡聽到，他們的業務也有理賠加速。這些都沒有反映在我們本季所做的任何調整中。

The take-aways this quarter, that's what we really reacted to. The bulk of it was in the North America casualty book on the Treaty side. We feel like we reacted to what we know.

本季的重點結論是：我們主要就是對上述情況作出反應。其中大部分發生在北美意外險的分保合約（Treaty）業務。我們覺得我們是針對已知資訊作出反應。

Now, the reserve studies are ongoing and will be done next quarter.

目前準備金研究仍在進行中，並將在下季完成。

Okay. Thank you. That's very helpful.

了解。謝謝。這非常有幫助。

Second question, is there a way of maybe ballparking the impact of the Middle East conflict on premium volumes?

第二個問題，有沒有辦法大致估算中東衝突對保費量（premium volumes）的影響？

Yeah. Look, I think, overall, it is actually on the Global Wholesale & Specialty side, creating opportunities, in so far as you are seeing a reaction, in terms of rates, particularly around areas like political violence and marine. We see that as an opportunity.

是的。我認為整體而言，它其實在全球批發與專業險（Global Wholesale & Specialty）這一端創造了機會，因為你會看到市場反應帶來的費率變化，特別是在政治暴力（political violence）與海事（marine）等領域。我們把這視為一個機會。

We are obviously an active underwriter in the region. We've taken a very conservative approach during the conflict.

我們顯然是在該地區積極承保的核保人。在衝突期間我們採取了非常保守的做法。

But, I think, on balance, Meyer, I would view it as a potential opportunity more than anything else.

但整體來看，Meyer，我會把它視為一個潛在機會，多於其他影響。

Okay. Perfect. That's what I was looking for. Thank you so much.

好的。完美。這正是我想了解的。非常感謝。

You got it.

沒問題。

Michael Zaremski, BMO Capital Markets.

Michael Zaremski，BMO Capital Markets。

Hey. Thanks. Good morning.

嗨。謝謝。早安。

Maybe, I know I've asked this in the past: We get asked a lot by investors, just, on the catastrophe load guidance. Some of your peers are talking about towards the higher end of the range, given where pricing's going and keeping limits flat or higher.

也許——我知道我以前問過：投資人常常問我們關於巨災負荷（catastrophe load）指引。你們有些同業在談，考量到定價走勢以及維持承保限額（limits）持平或更高，可能會偏向區間的高端。

Any change in the cat load guidance? I'm not sure if some of the retro or Annapurna flows into cat, at all. Thanks.

巨災負荷指引有任何變動嗎？我不確定某些追溯再保（retro）或 Annapurna 是否會流入巨災（cat）之中。謝謝。

Yeah. Hi, Mike. It's Elias.

是的。嗨，Mike。我是 Elias。

No. Annapurna on the casualty and specialty side. The guidance I'd give you, from a cat loading, is roughly 8 points on the Reinsurance Treaty side and roughly about 4 points on Global Wholesale & Specialty.

沒有。Annapurna 是在意外險與專業險那一端。就巨災負荷而言，我給你的指引是：在分保合約（Reinsurance Treaty）端大約是 8 個點，在全球批發與專業險（Global Wholesale & Specialty）端大約是 4 個點。

Okay. Perfect. Thank you.

好的。完美。謝謝。

Maybe, moving to an attritional loss ratio question on the Wholesale & Specialty: Great to see 4 points of improvement; also, heard some of your guidance or thought process comments.

也許轉到批發與專業險的常態損失率（attritional loss ratio）問題：很高興看到改善了 4 個點；也聽到你們的一些指引或思考脈絡。

But just so we understand the improvement, is there a bridge you can talk about that caused the improvement? Is it all mix of business? Or are other things going on that you'd like to make us aware of?

但為了讓我們理解這個改善，你能否談談造成改善的因素拆解（bridge）？是否完全是業務組合（mix）所致？或還有其他你希望我們注意的因素？

Yeah. Mike, it's Elias, again. I would say a couple of things, driving: One is mix. The other one is improved loss experience.

是的。Mike，我又是 Elias。我會說有幾個驅動因素：一是業務組合。另一個是損失經驗改善（improved loss experience）。

Now, even with the improvement of about 350 basis points, 400 basis points year on year, we did not change our prudence on the long-tail lines. We're maintaining our prudence on the long-tail lines.

另外，即使年對年改善約 350 個基點到 400 個基點，我們在長尾業務（long-tail lines）上的審慎程度並沒有改變。我們仍維持對長尾業務的審慎。

It's really mix and improved loss experience on the other businesses that's playing out.

主要是其他業務的組合變化與損失經驗改善在發揮作用。

Got it. In terms of the enhanced disclosure, it would be great if you, all, could provide disclosure that looks a little bit more like the statutory disclosure, where we can see the prudence via the IBNR levels by business line and vintage.

了解。就加強揭露而言，如果你們能提供更接近法定申報（statutory disclosure）的揭露會很棒，讓我們可以按業務線與承保年度（vintage）看到 IBNR 水準所反映的審慎程度。

Just a comment. Thank you so much.

只是個評論。非常感謝。

Mike, you're referencing the [GLTs], I assume, which -- we've certainly taken that into account. Thanks.

Mike，我猜你是在提到[GLTs]，我們當然已經把那點納入考量。謝謝。

Thank you.

謝謝。

Brian Meredith, UBS.

Brian Meredith，瑞銀（UBS）。

Yeah. Thanks.

是的。謝謝。

Jim, just curious, given the continued move here to more property business in your reinsurance, should we be expecting more of this volatility in excess non-cat weather, like you reported and called out this quarter in your results? Below normal, also?

Jim，我只是好奇，鑑於你們再保業務持續往更多財產險業務移動，我們是否應該預期在超額非巨災天氣（non-cat weather）方面會出現更多這類波動，就像你們本季在結果中所報告並特別指出的那樣？也包括低於常態的情況嗎？

Yeah. I wouldn't necessarily say that you should expect more volatility there because -- a couple things:

是的。我不一定會說你應該預期那裡會有更多波動，因為——有幾點：

One, we have a long track record in the products that drove the loss in this particular quarter. They perform extremely well. You do, from time to time, get these pops.

第一，我們在本季造成損失的這些產品上有很長的歷史紀錄。它們的表現非常好。只是偶爾會出現這種跳升。

But if you look at our overall exposure to non-cat weather -- and, in particular, areas like severe convective storm -- we've managed that down, over time.

但如果你看我們整體對非巨災天氣的曝險——尤其是像嚴重對流風暴（severe convective storm）這類領域——我們隨著時間已經把它管理並降低了。

And so I think you net those things together. I'd say that I really view this quarter's loss as an anomalous loss. Not that it couldn't recur but it shouldn't raise an expectation that we're going to see more of that, going forward.

所以我認為把這些因素綜合起來看。我會說，我確實把本季的損失視為一次異常損失。不是說不可能再發生，但不應因此提高對未來會看到更多此類情況的預期。

Makes sense. Thanks.

了解。謝謝。

Jim, just curious, your thoughts: You obviously have a new alternative-capital facility. It's great. We're seeing a lot of this in the industry.

Jim，我只是好奇你的看法：你們顯然有一個新的另類資本（alternative-capital）平台。很棒。我們在產業裡看到很多這種做法。

What do you think the impact has been in the Reinsurance marketplace, call it, mid-year renewals, as we look into 2027 from this increased capital, coming into the industry from an alternative capital?

你認為這些增加的資本——以另類資本形式進入產業——對再保市場的影響是什麼？比如說年中續約（mid-year renewals），以及我們展望到2027年。

I know -- I just remember back, prior to 2020 -- and how this alternative capital really depressed returns; at least, in the property side of the business. Now, we've got this new casualty part coming in.

我知道——我只是回想2020年之前——這些另類資本確實壓低了報酬；至少在財產險那一端。現在又有新的意外險（casualty）部分進來。

Yeah. It's a fair question.

是的。這是個合理的問題。

I think one piece of context, Brian, that's always important to keep in mind is, if you zoom out and you look at the total capitalization of the industry and the part that's played by third-party capital, it's still relatively within range of where it's been over the last few years.

我認為一個背景脈絡，Brian，始終很重要的是：如果你拉遠看整個產業的總資本化，以及第三方資本所扮演的部分，它仍大致落在過去幾年的區間內。

Yes. It's increasing but, really, on the margins. And so that would be one point.

是的。它在增加，但其實主要是在邊際上。所以這是第一點。

I think a lot of the experience we're having, right now, in terms of price trajectory is just the fact that people have made a fair bit of money in a variety of markets in Reinsurance over the last few years.

我認為我們目前在價格走勢上的很多體感，主要是因為過去幾年再保在多個市場裡，大家賺了不少錢。

Underwriters have done well. They're looking to put the capital they've created through that process to work. And so you're seeing increased competition.

承保人表現不錯。他們希望把在這個過程中創造出的資本投入運用。因此你會看到競爭加劇。

My hope is that people have learned from the last time that third-party capital really leaned into Reinsurance. I do think that's a fair hope to have.

我希望大家已經從上一次第三方資本大舉投入再保時學到教訓。我認為抱持這樣的期待是合理的。

I think we're seeing a lot of increased sophistication from third-party capital providers. Certainly, we work only with partners who fully understand the risks that we're taking. As I said earlier, we try to create tremendous alignment with our capital providers in that way.

我認為我們看到第三方資本提供者的成熟度提升了很多。當然，我們只與完全理解我們所承擔風險的夥伴合作。如我先前所說，我們也努力在這方面與資本提供者建立高度一致的利益對齊。

My view, if I were to summarize it, is, yes, it's going to apply some marginal competitive pressure because supply of capital goes up. It's a supply-and-demand equation.

如果要總結我的看法：是的，資本供給增加會帶來一些邊際的競爭壓力。這就是供需方程式。

But I think it's happening against a backdrop of a fair bit of discipline. And so I don't expect a major dislocation, at this point.

但我認為這是在相當程度的紀律背景下發生的。所以目前我不預期會出現重大的失衡或錯位。

Thank you.

謝謝。

Thanks, Brian.

謝謝，Brian。

David Motemaden, Evercore ISI.

David Motemaden，Evercore ISI。

Hey. Thanks. Good morning.

嗨。謝謝。早安。

Elias, you had sized the Baltimore bridge impact on the reserves. I was wondering if you could also just let us know what the reserve increase was in dollar terms on the casualty side.

Elias，你先前已經估算了巴爾的摩大橋事件對準備金的影響。我想請問你是否也能告訴我們，意外險（casualty）那一端的準備金增加，以美元金額計是多少？

Is that something that was only a slice of the book, where you reacted to information? Is that something that we should extrapolate? Any color there would be helpful.

那是只針對保單組合中的一小部分、因為你們對新資訊做出反應而調整嗎？這是我們應該外推的事情嗎？任何補充說明都會很有幫助。

Hi, David. It's Elias.

嗨，David。我是Elias。

Yeah. On the North America casualty side, where, the bulk of the strengthening, we took, it was rough, just under $200 million. If you think about the total reserves, that's a small percent of the total reserves.

是的。在北美意外險這一端——我們大部分的強化（strengthening）都在那裡——大約接近但略低於2億美元。如果你看總準備金，這只占總準備金的一小部分比例。

The second thing I would say is, while the loss emergence was in the older accident years, we decided to reflect it across most accident years. It's really spread across because we reflected what we saw in the older accident years across most accident years.

第二點我想說的是，雖然損失的發展（loss emergence）出現在較早的事故年度（accident years），我們決定把它反映到大多數事故年度上。基本上是分散在各年度，因為我們把在較早事故年度看到的情況反映到大多數事故年度。

This is really in the North America casualty book, where we took the adjustment.

這主要是在北美意外險這本業務（book）裡，我們做了這項調整。

Got it. Thanks for that detail. Oh. Sorry. I didn't know if someone else was chiming in there.

了解。謝謝你提供這些細節。喔，抱歉。我不確定是不是有人要補充。

But, just in response to that, was there any change to the loss pick on the casualty side?

不過，針對這點再追問一下，意外險那邊的損失選取（loss pick）有任何變動嗎？

Maybe, just, as a gut check, within the mid-50%s attritional loss ratio; within Reinsurance, that you were talking about, where are you picking casualty within that?

也許只是做個直覺檢核，在你提到再保的中段50%多的經常性（attritional）損失率裡，意外險在其中你們是怎麼抓的？

Going through the data, at this point, we decided there's no need to make any adjustments to the casualty 2026 loss picks. We feel they're prudent.

就目前檢視資料的結果，我們認為沒有必要對2026年意外險的損失選取做任何調整。我們覺得它們是審慎的。

And so we reacted to what we know, right now. But we're going through the reserve study, which will be done later in the third quarter.

所以我們是針對目前已知的資訊做出反應。但我們正在進行準備金研究（reserve study），會在第三季稍晚完成。

Understood. Makes sense. Thank you.

了解。合理。謝謝。

Matthew Heimermann, Citi.

Matthew Heimermann，花旗（Citi）。

I think most of my questions have been answered. But just curious, if with any changes in the underwriting portfolio in the mix -- if we should expect a natural shortening of the duration on the investment portfolio side, just as we contemplate reinvestment rates and the like.

我大部分的問題都已經被回答了。但我想請教，若承保組合的配置有任何變化——當我們考量再投資利率等因素時——投資組合那邊的存續期間是否會自然縮短？

Matthew, I think you're asking about the investment portfolio.

Matthew，我想你是在問投資組合。

Our investment strategy is liability-driven. And so we will align the duration of the asset side to what we see happening on the liability side.

我們的投資策略是以負債為導向（liability-driven）。因此我們會把資產端的存續期間，與我們在負債端看到的變化對齊。

Right now, the duration on the asset side is about 3.5 years. We try to maintain that duration. The [ALM] duration is pretty tight between the two.

目前資產端的存續期間大約是3.5年。我們會盡量維持這個存續期間。[ALM]在兩端之間的存續期間匹配相當緊密。

Thank you.

謝謝。

Thank you.

謝謝。

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行（Wells Fargo）。

Hi. Thanks. Good morning.

嗨。謝謝。早安。

My first question is, going back to the capital discussion, Elias, I think you said, right, that there's going to be some capital freeing up from the legacy book.

我的第一個問題是，回到資本的討論，Elias，我想你說過，對吧，舊有業務（legacy book）會釋放出一些資本。

Can you just remind us of the numbers there? And then, could that be additive to that $300 million floor, when we think about capital return in the back half?

你能再提醒我們那裡的數字是多少嗎？另外，當我們思考下半年資本回饋時，那是否可能在3億美元底線（floor）之上再額外增加？

Hey, Elyse. It's Elias. Yeah. Happy to answer your question.

嗨，Elyse。我是Elias。是的。很樂意回答你的問題。

We've got over $1 billion of capital sitting behind legacy. That amount will free up, over time, as the reserves and legacy come down.

我們在legacy背後有超過10億美元的資本。隨著準備金與legacy逐步下降，這筆金額會隨時間釋放出來。

From a capital-management perspective, we look at our distributable capital in total. Most of our capital will come through the earnings of the company. The company has really strong earnings-generation.

從資本管理的角度來看，我們會整體檢視可分配資本。我們的大部分資本將來自公司的獲利。公司具備非常強勁的獲利創造能力。

And then, any capital that gets freed up through legacy run-off or other means gets factored.

此外，任何透過legacy逐步到期（run-off）或其他方式釋放出的資本，也都會納入考量。

Listen, we believe, given the strength of the balance sheet; the strength of the earnings generation of the company, we have the capacity to buy more than $300 million per quarter, when appropriate.

聽著，我們相信，考量到資產負債表的強勁，以及公司獲利創造能力的強勁，我們有能力在適當時機每季回購超過3億美元。

That's what gives us the conviction that we expect to come in -- to be buying more than $300 million a quarter.

這也是我們有信心預期——我們將會每季回購超過3億美元的原因。

You saw the first quarter at [$330]; the second quarter we're at almost [$400]. I quoted in my opening comments an 81% pay-out ratio for the quarter and just shy of 80% for the last three quarters.

你看到第一季是[$330]；第二季我們接近[$400]。我在開場評論中提到，本季的配發率（pay-out ratio）為81%，而過去三季合計則略低於80%。

You could see the acceleration and the commitment on our end to deliver attractive return by buying back more shares.

你可以看到我們加速的步伐，以及我們透過回購更多股票來提供具吸引力報酬的承諾。

As we look forward, we expect to maintain that same discipline, going forward.

展望未來，我們預期將維持同樣的紀律。

Thanks. My follow-up: I wanted to go back to, just, some of the commentary you said on the casualty book. It sounds like, right, that $200 million reserve increase was right on the North America casualty Reinsurance side.

謝謝。我的追問是：我想回到你對意外險（casualty）業務的一些評論。聽起來，那2億美元的準備金增加，正是在北美意外險再保那一塊。

Can you just -- and, I think you said in response to another question, you guys didn't move current-year loss trend assumptions this quarter

你能否——而且我想你在回覆另一個問題時提到，你們本季沒有調整當年度的損失趨勢假設

. Can you give us a sense of where the current casualty loss trends are today, just to give extra comfort why you were moving prior years -- and, obviously, see the strength in the current accident year.

。你能否讓我們了解一下目前意外險損失趨勢的狀況，以便更安心地理解為什麼你們在調整以前年度——而且顯然也看到當年度事故年度（accident year）的強勁表現。

Yeah. Happy to, Elyse.

可以。很樂意，Elyse。

Our loss trends on casualty have been relatively stable since the last reserve study. It varies by line within casualty between high-single digits to low-double digits -- is where our loss trends are.

自上一次準備金研究以來，我們在意外險的損失趨勢相對穩定。在意外險內部各條線之間有所差異，大約介於高個位數到低雙位數——這就是我們的損失趨勢區間。

That's not inconsistent for what I think we've been seeing from some of our other peers' report.

這與我認為我們從其他同業報告中看到的情況並不矛盾。

Thank you.

謝謝。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Thank you. Good morning. Welcome, Elias.

謝謝。早安。歡迎你，Elias。

A follow-up on Annapurna Re: The $200 million of premiums you plan to see per quarter, I appreciate there's no cherry-picking. The mechanism is a quota share.

關於Annapurna Re的追問：你們計畫每季看到2億美元的保費，我理解這不是挑選（cherry-picking）。其機制是成數分保（quota share）。

But I'm curious, is the idea, let's say, for example, rather than cut casualty XOL by a quarter, why not give that to Annapurna through a quota share? Should we actually expect more casualty Reinsurance reduction on a net basis, going forward?

但我好奇的是，舉例來說，與其把意外險XOL削減四分之一，為什麼不透過成數分保把那部分給Annapurna？往後我們是否應該預期意外險再保在淨額基礎上會有更多縮減？

Yes. Tracy, listen, the way we think about it, first of all -- this is a crucial statement that I want to make sure we're all aligned around -- is we start with gross underwriting.

是的。Tracy，聽著，我們的思考方式，首先——這是一個我想確保大家都對齊的關鍵陳述——我們是從毛承保（gross underwriting）開始。

And so we're not going to put business on the books, unless we're confident that we understand it; we've underwritten it; we can predict its performance, over time; and we feel good about it. And so that's where it begins.

因此，除非我們有信心自己理解該業務；已完成承保；能夠隨時間預測其表現；並且對其感到放心，否則我們不會把業務放進帳上。所以一切從這裡開始。

Certainly, over time, you've seen us withdraw from a number of casualty deals and a fair bit of business -- over $1 billion over the last few quarters -- as a result of that gross underwriting discipline.

當然，隨著時間推進，你已看到我們因為毛承保紀律，退出了多筆意外險交易以及相當一部分業務——過去幾季合計超過10億美元。

We've now agreed to cede a portion of that business to this vehicle on a quota-share basis, as I mentioned. What does that mean for our net?

如我提到的，我們現在已同意以成數分保的方式，將其中一部分業務分出給這個載體（vehicle）。那這對我們的淨額意味著什麼？

Well, I would say, in the immediate term, it means our net retention of casualty will go down. We're not going to stretch to go find more gross, as a result of this transaction.

我會說，短期內，這代表我們在意外險的淨自留（net retention）會下降。我們不會因為這筆交易就去勉強尋找更多毛保費。

What I would also add, obviously, it helps us to move the mix; helps to provide some capital flexibility -i a lot of benefits inuring to us through that transaction.

我也會補充，顯然，這有助於我們調整組合；有助於提供一些資本彈性——透過這筆交易有許多好處會歸於我們。

But we don't change our underwriting logic, based on the availability of third-party capital. It's just not how we run the company.

但我們不會因為第三方資本的可得性而改變承保邏輯。我們不是這樣經營公司的。

Excellent. Going back to your mid-year renewal comments that the market saw property down 15% to 20%, while, Everest, it was down 10%, I'd like to better understand how you achieved better pricing.

很好。回到你對年中續保的評論：市場看到財產險下跌15%到20%，而在Everest則下跌10%，我想更了解你們如何做到較佳的定價。

Did you change where in the tower you played? Or is the nuance a difference in terms and conditions or offering multi-peril protection, not just winds? Or is the difference where you play geographically?

你們是否改變了在分層（tower）中的參與位置？或者差異在於條款與條件的細節，或提供多險種保障，而不只是風險（winds）？又或者差異在於地理區域的布局？

Yeah. A couple points:

是的。幾點說明：

One, when we talk about these numbers, these are on a risk-adjusted basis. If we change the program and add more coverage, that would increase the risk. And so you don't get a pass, when you do those sorts of things.

第一，當我們談這些數字時，都是以風險調整後（risk-adjusted）為基礎。如果我們改變方案並增加更多保障，風險就會上升。所以你做這類事情時，不會因此就被放寬標準。

How do we achieve it? It's a few things:

我們如何做到？有幾個因素：

One, non-concurrent terms are a big part of it; and, in particular, almost all programs that we write in Florida are on non-concurrent basis.

第一，非同時（non-concurrent）條款是很重要的一部分；尤其是，我們在佛羅里達承作的幾乎所有方案都是以非同時為基礎。

And so the market can be doing one thing. We may be doing something else. That puts us at a tremendous advantage in that marketplace.

因此市場可能在做一件事，我們可能在做另一件事。這讓我們在那個市場具有極大的優勢。

And then, more broadly, what I would say is, our property team -- and this is true in every geography around the world -- are incredibly astute at determining where they want to participate in programs.

更廣泛地說，我會說，我們的財產險團隊——而且這在全球各地都一樣——在判斷他們想在方案中參與的位置方面非常敏銳。

We definitely will adjust where in the tower we sit, based on the availability of margin; and pricing; and risk.

我們確實會根據利差空間（margin）的可得性、定價與風險，調整我們在分層中的位置。

We saw a fair bit of shifting around -- of our participations, which is why I indicated in the quarter our average attachment point, on a return-period basis, increased.

我們看到相當程度的調整——我們的參與位置有所移動，這也是我在本季指出，我們以重現期（return-period）衡量的平均起賠點（attachment point）提高的原因。

We did not come down in the tower to achieve better or higher rates. We actually went up a little bit. We will move, then, capacity across clients, based on where we see risk-adjusted rates going.

我們並沒有為了取得更好或更高的費率而往下移到較低層。我們其實是往上移了一點。接著，我們會依據我們看到的風險調整後費率走勢，在不同客戶之間移動承保能力（capacity）。

And so there's no question. In the most recent renewals, we deployed more capacity with clients where we saw healthy risk-adjusted economics and moved capacity away from programs that weren't as well priced or structured.

所以毫無疑問。在最近的續保中，我們對那些我們看到風險調整後經濟性健康的客戶投入了更多承保能力，並把承保能力從定價或結構不夠理想的方案中移開。

All of that allows us to defy the gravity of where the market is heading.

這些做法讓我們能夠逆勢而行，不受市場走向的重力影響。

Thank you.

謝謝。

You got it.

不客氣。

This does conclude today's question-and-answer session, as well as today's conference call.

今天的問答環節以及今天的電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的簡報。您現在可以斷線。