Fidelis Insurance Holdings Ltd (FIHL) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Fidelis Insurance Group third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Fidelis 保險集團 2025 年第三季財報電話會議。（操作說明）

With that, I will now turn the call over to Miranda Hunter, Head of Investor Relations. Ms. Hunter, please go ahead.

接下來，我將把電話交給投資者關係主管米蘭達·亨特。亨特女士，請繼續。

Good morning, and welcome to Fidelis Insurance Group's third-quarter 2025 earnings conference call. With me today are Dan Burrows, our CEO; Allan Decleir, our CFO; and Johnny Strickle, our Group Managing Director.

早安，歡迎參加Fidelis保險集團2025年第三季財報電話會議。今天陪同我的有：我們的執行長丹‧伯羅斯；我們的財務長艾倫‧德克萊爾；以及我們的集團董事總經理約翰尼‧史特里克爾。

Before we begin, I'd like to remind everyone that statements made during the call, including the question-and-answer section, will include forward-looking statements. Management's comments regarding expectations, projections, targets, and any future results are based on current assessments and assumptions and are subject to a number of risks, uncertainties, and emerging information developing over time.

在開始之前，我想提醒大家，電話會議期間（包括問答環節）所作的陳述將包含前瞻性陳述。管理層對預期、預測、目標和任何未來業績的評論均基於當前的評估和假設，並受到隨著時間推移而出現的許多風險、不確定性和新資訊的影響。

It's important to note that actual results may differ materially from those expressed or implied today. Additional information regarding factors shaping these outcomes can be found in Fidelis' SEC filings, including our earnings press release issued last night.

需要注意的是，實際結果可能與今天明示或暗示的結果有重大差異。有關影響這些結果的因素的更多信息，請參閱 Fidelis 向美國證券交易委員會提交的文件，包括我們昨晚發布的盈利新聞稿。

Management will also make reference to certain non-GAAP and proprietary measures of financial performance. The reconciliations to US GAAP for each non-GAAP financial measure as well as our descriptions of proprietary financial measures can be found in our earnings press release available on our website at fidelisinsurance.com.

管理階層也會提及某些非公認會計準則和專有財務績效指標。各項非GAAP財務指標與美國GAAP的調節表以及我們對專有財務指標的描述，請參閱我們網站fidelisinsurance.com上的盈利新聞稿。

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

接下來，我會把電話交給丹。

Thanks, Miranda. Good morning, everyone, and thank you for joining us on our call today.

謝謝你，米蘭達。各位早安，感謝各位今天參加我們的電話會議。

Our excellent third-quarter performance is a reflection of three key points that we hope you will take away from this call this morning. Firstly, we delivered outstanding results. This performance demonstrates the strength of our portfolio and the success of our underwriting strategy. Our combined ratio for the quarter was 79%, our best as a publicly traded company and an improvement of more than 8 points from the same quarter last year.

我們第三季出色的業績反映了三個關鍵點，我們希望您能從今天早上的電話會議中記住這些要點。首先，我們取得了優異的成績。這項業績反映了我們投資組合的實力和承保策略的成功。本季綜合比率為 79%，是我們上市以來的最佳水平，比去年同期提高了 8 個百分點以上。

Our annualized operating ROAE was 21.4%, which represents an increase of 5 points year over year. And we grew diluted book value per share by $1.25 in the quarter.

我們的年度化營運 ROAE 為 21.4%，比上年成長 5 個百分點。本季度，我們每股攤薄帳面價值成長了 1.25 美元。

Secondly, we expect to continue driving profitable growth. We delivered strong top-line growth of 8% for the quarter, in line with our target range of 6% to 10% for the year. This performance reflects our leadership in lines of business with more pronounced verticalization. And we are leveraging our deep relationships and unique market access to continue broadening our distribution network and creating attractive growth opportunities in a prevailing hard market.

其次，我們期望繼續實現獲利成長。本季度營收實現了強勁成長，達到 8%，符合我們全年 6% 至 10% 的目標範圍。這項業績反映了我們在垂直化程度較高的業務領域的領先地位。我們正在利用我們深厚的人際關係和獨特的市場管道，繼續擴大我們的分銷網絡，並在當前嚴峻的市場情況下創造有吸引力的成長機會。

That brings us to our third key message, which is our ongoing focus for dedicated capital allocation, and expert risk selection. That means we strategically determine the best risk-reward opportunities, balancing profitable growth with returning capital to shareholders through share repurchases and dividends. It also means working with our growing network of underwriting partners to select the optimal risks in line with our strategy.

這就引出了我們的第三個關鍵訊息，即我們持續專注於專項資本配置和專業風險選擇。這意味著我們將從策略上確定最佳的風險回報機會，在實現獲利成長的同時，透過股票回購和分紅向股東返還資本。這也意味著要與我們不斷成長的核保合作夥伴網路合作，根據我們的策略選擇最佳風險。

Turning to performance across each of our segments. Within insurance, we delivered 4% growth on gross premiums written in the quarter as we continued to strategically deploy capital into areas of opportunity and margin. We saw strong performance from our property and asset-backed finance and portfolio credit books and our overall RPI remained broadly flat, reflecting our differentiated position, business mix, and product diversification as well as our ability to effectively navigate market conditions and capitalize on cross-selling opportunities.

接下來，我們來看看各個業務板塊的業績表現。在保險業務方面，由於我們持續將資本策略性地部署到有機遇和利潤空間的領域，本季毛保費收入成長了 4%。我們的房地產和資產支援融資以及投資組合信貸帳簿表現強勁，整體零售價格指數 (RPI) 基本上保持平穩，這反映了我們差異化的市場地位、業務組合和產品多元化，以及我們有效應對市場狀況和利用交叉銷售機會的能力。

As a reminder, RPI reflects price, terms, and conditions. Our direct property book grew 9.5% for the same period year on year, driven by new opportunities at compelling pricing. Given the pronounced verticalization of the property market, we were able to leverage our deep multiline relationships, meaningful line size, and unique access to secure attractive rates, terms, and conditions.

提醒一下，零售價格指數 (RPI) 反映了價格、條款和條件。受極具吸引力的價格帶來的新機會的推動，我們的直接房地產業務同比增長了 9.5%。鑑於房地產市場的顯著垂直化，我們能夠利用我們深厚的多險種關係、可觀的保單規模和獨特的管道，獲得有吸引力的利率、條款和條件。

We also continue to benefit from a strong flow of new business moving from the admitted market to the E&S market. For example, in the quarter, we identified a flow of new high-value homeowners business opportunities. Our client and business retention rates continue to be strong, and we delivered an RPI that was broadly in line with the previous quarter. Even though rates have decreased in certain areas, our portfolio continues to deliver pricing which produces attractive margin, enhanced by our ability to capitalize on favorable pricing dynamics in the facultative market.

我們也持續受益於大量新業務從正規市場轉移到環境和社會市場。例如，在本季度，我們發現了一批新的高價值房主商機。我們的客戶和業務留存率依然強勁，我們的零售價格指數 (RPI) 與上一季基本持平。儘管某些地區的利率有所下降，但我們的投資組合仍能提供具有吸引力的利潤率，這得益於我們能夠利用臨時市場有​​利的定價動態。

Additionally, terms and conditions in the property market have significantly improved following the substantial changes achieved during the hard market over the past seven years. As a result, we are able to maintain attractive margins in this important line of business.

此外，在過去七年市場低迷時期取得重大變革之後，房地產市場的條款和條件已顯著改善。因此，我們能夠在這項重要的業務領域中保持可觀的利潤率。

Asset-backed finance and portfolio credit has remained a key driver of growth. We are converting on our pipeline of strong opportunities, including through our new underwriting partners. This business is highly bespoke in nature and buying motivation is driven by capital relief or underlying transaction facilitation. These bespoke offerings are largely unaffected by traditional insurance pricing cycles. And as a leader in this space, we execute on our terms.

資產支持融資和投資組合信貸一直是成長的關鍵驅動力。我們正在將現有優質機會轉化為實際收益，包括透過我們新的核保合作夥伴。這項業務具有高度客製化的特點，購買動機是緩解資金壓力或促成交易。這些客製化產品基本上不受傳統保險定價週期的影響。作為該領域的領導者，我們按照自己的方式行事。

Across other major lines of business within the Insurance segment, performance has remained consistent with expectation. In the aviation hull and liability sector, we're beginning to see encouraging signs, and let me remind you that this is a highly verticalized market. As a leader, we set pricing at the top of the market ranges as well as other differentiated terms. We will remain cautious in this line, and we will continue to monitor trends throughout the balance of the year, selectively deploying on opportunities where we believe price adequately reflects risk.

在保險業務的其他主要業務領域，業績均符合預期。在航空機身和責任險領域，我們開始看到一些令人鼓舞的跡象，但請容許我提醒各位，這是一個高度垂直化的市場。身為產業領導者，我們的定價不僅處於市場最高水平，而且還具有其他差異化優勢。我們將繼續保持謹慎，並在今年剩餘時間內持續關注市場趨勢，有選擇地掌握我們認為價格能夠充分反映風險的機會。

In Marine, we are again seeing signs of widening verticalization. We continue to leverage our ability to offer, leading capacity across all the major subclasses to balance our portfolio in line with appetite and maintain overall margin. New builders construction opportunities continue to support growth in the portfolio.

在海洋領域，我們再次看到了垂直化加劇的跡象。我們將繼續利用自身在所有主要子類別中領先的產能，平衡我們的產品組合，以符合市場需求並維持整體利潤率。新建築商的建設機會持續支撐著投資組合的成長。

Turning to reinsurance. We delivered 20% year-on-year premium growth driven by enhanced pricing at [7/1]. We capitalized on attractive post-wildfire opportunities, which presented significant price increases, supporting our renewal book as well as the ability to add new business. Overall, the RPI in reinsurance for the quarter was positive, supported by double-digit increases on the US book, driven by post-loss pricing.

轉向再保險。我們實現了20%的年保費成長，主要得益於定價策略的提升。[7/1]我們充分利用了野火後出現的誘人機遇，價格大幅上漲，這不僅鞏固了我們的續約業務，也使我們能夠拓展新業務。總體而言，本季再保險零售價格指數 (RPI) 為正值，這主要得益於美國業務兩位數的成長，而這又是由損失後定價所驅動的。

While we saw more pressure across international pricing, we continue to see margin across the portfolio following prior year increases. Our focus is on maintaining coverage and structure and taking a disciplined stance to pricing as we evaluate the portfolio.

儘管我們看到國際定價面臨更大壓力，但繼上一年增長之後，我們繼續看到整個產品組合的利潤率有所提高。我們的重點是保持覆蓋範圍和結構，並在評估投資組合時採取嚴格的定價策略。

Pricing dynamics continue to develop in the lead up to January 1 renewals. We are leveraging the interplay between our inwards portfolio and outwards reinsurance to enhance overall portfolio efficiency. We believe that current dynamics will provide attractive opportunities to further strengthen our protections.

在1月1日續約之前，價格動態仍在不斷變化。我們正在利用內部投資組合和外部再保險之間的相互作用來提高整體投資組合效率。我們相信，當前的情況將為進一步加強我們的保護提供有利機會。

As a reminder, we use proportional reinsurance as a valuable tool to create underwriting leverage, which, depending on peril and/or territory, can be up to 60%. This supports our gross to net line size strategy, enabling us to deploy as a leader with meaningful capacity working with our core partners across our portfolio. We are pleased to have renewed our whole account quota share with travelers for 2026, who continues to be a valued and strategic partner.

再次提醒，我們使用比例再保險作為創造承保槓桿的寶貴工具，根據風險和/或地理的不同，槓桿最高可達 60%。這符合我們的毛利淨額線規模策略，使我們能夠以領導者的身份，與我們核心合作夥伴在整個產品組合中進行有意義的合作。我們很高興與 Travelers 續簽了 2026 年的全部帳戶配額分成協議，Travelers 一直是我們重要的策略夥伴。

With that, I will turn it over to Allan to discuss our financial results in more detail, and then Johnny will cover our underwriting risk selection strategy.

接下來，我將把發言權交給艾倫，讓他更詳細地討論我們的財務表現；然後約翰尼將介紹我們的承保風險選擇策略。

Thanks, Dan, and good morning, everyone.

謝謝你，丹，大家早安。

Taking a closer look at our quarterly results, we had an excellent third quarter with operating net income of $127 million or $1.21 per diluted common share, resulting in an annualized operating return on average equity of 21.4%. We also continue to grow our book value per diluted common share to $23.29. Including dividends, this is an increase of 8.3% since year-end.

仔細查看我們的季度業績，我們第三季表現出色，營業淨收入為 1.27 億美元，即每股攤薄普通股 1.21 美元，年化營業平均權益回報率為 21.4%。我們的每股攤薄後普通股帳面價值也持續成長至 23.29 美元。計入股息後，較年末成長了 8.3%。

In the third quarter, we grew our gross premiums written by 8% to $798 million, bringing our year-to-date gross premiums written to $3.7 billion, also an increase of 8% versus the same period last year.

第三季度，我們的毛保費收入成長了 8%，達到 7.98 億美元，使今年迄今的毛保費收入達到 37 億美元，與去年同期相比也成長了 8%。

In the Insurance segment, gross premiums written increased by 4% in the quarter to $606 million. We saw continued growth from new business in our asset-backed finance and portfolio credit line of business.

在保險業務方面，本季毛保費收入成長了 4%，達到 6.06 億美元。我們在資產支持融資和投資組合信貸業務方面實現了持續成長。

Meanwhile, in the Reinsurance segment, gross premiums written grew to $192 million for the quarter compared to $159 million in the prior year period. The increase relates to new business opportunities, including from loss impacted accounts following the California wildfires.

同時，在再保險業務方面，本季毛保費收入成長至 1.92 億美元，去年同期為 1.59 億美元。成長與新的業務機會有關，包括加州山火後受災客戶的損失。

Our net premiums written increased by 8% versus the third quarter of 2024, in line with our growth in gross premiums written. Our net premiums earned decreased by 5% versus the third quarter of 2024. The decrease was driven by business mix as a result of higher gross premiums written in lines of business with longer earnings patterns, such as asset-backed finance and portfolio credit.

與 2024 年第三季相比，我們的淨保費收入成長了 8%，與毛保費收入的成長一致。與 2024 年第三季相比，我們的淨保費收入下降了 5%。下降的原因是業務組合的變化，這是由於資產支持融資和投資組合信貸等盈利模式較長的業務線的毛保費收入較高所致。

On a year-to-date basis, our net premiums earned have increased by 7%, which aligns with our gross premiums written growth of 8% for the same period. Our excellent underwriting performance resulted in a combined ratio of 79% for the quarter, our best as a publicly traded company and more than 8 points better than the third quarter of 2024.

今年迄今為止，我們的淨保費收入成長了 7%，與同期毛保費收入 8% 的成長相符。我們出色的承保業績使本季的綜合比率達到 79%，這是我們上市以來最好的成績，比 2024 年第三季好 8 個百分點以上。

I'll break down the components of the combined ratio in more detail. During the third quarter, our attritional loss ratio continued to trend positively, improving to 23.2%. This compares to 24.7% in the third quarter of 2024, reflecting the continued strength of our portfolio.

我將更詳細地分析綜合比率的組成部分。第三季度，我們的損耗率持續呈現正面趨勢，改善至 23.2%。相較之下，2024 年第三季這一比例為 24.7%，反映出我們投資組合的持續強勁勢頭。

For the third quarter, our catastrophe and large losses were $57 million or 9.6 points of the combined ratio, an improvement compared to the same period last year, where our losses were $92 million or 14.4 points. We recognized net favorable prior year development of $16 million for the quarter compared to $10 million in the prior year period. Of the $16 million recognized in the quarter, $3 million was in the insurance segment and $13 million in the Reinsurance segment, which is driven by positive development on prior year catastrophe losses and benign prior year attritional experience.

第三季度，我們的巨災和重大損失為 5,700 萬美元，佔綜合比率的 9.6 個百分點，與去年同期相比有所改善，當時我們的損失為 9,200 萬美元，佔綜合比率的 14.4 個百分點。本季我們確認了上年同期淨利發展1,600萬美元，而上年同期為1,000萬美元。本季確認的 1,600 萬美元收入中，300 萬美元來自保險業務，1,300 萬美元來自再保險業務，這主要得益於上一年巨災損失的積極進展以及上一年正常的損耗。

Turning to expenses. Policy acquisition expenses from third parties were 29.9 points of the combined ratio for the quarter compared with 31 points in the prior year period. While we may see movements quarter to quarter, policy acquisition expenses are in line with expectations. We continue to anticipate our annual policy acquisition expense ratio to be in the low 30s for insurance and in the mid-20s for reinsurance, in line with our year-to-date results of 30.4 points in insurance and 26.1 points in reinsurance.

接下來談談費用。本季來自第三方的保單獲取費用佔綜合比率的 29.9 個百分點，而去年同期為 31 個百分點。儘管我們可能會看到季度間的波動，但保單獲取費用符合預期。我們繼續預計，保險業務的年度保單獲取費用率將在 30% 左右，再保險業務的年度保單獲取費用率將在 20% 左右，這與我們今年迄今為止的保險業務 30.4 個百分點和再保險業務 26.1 個百分點的業績相符。

For the quarter, TFP commissions accounted for 14.5 points of the combined ratio compared to 15.3 points in the third quarter of 2024. This decrease was due to underwriting profits from TFP not meeting the required 5% annual hurdle rate in 2025. Therefore, we have not accrued any profit commission as it is calculated based on annual performance.

本季度，TFP佣金佔綜合比率的14.5個百分點，而2024年第三季為15.3個百分點。這一下降是由於 TFP 的承保利潤在 2025 年未能達到 5% 的年度最低收益率要求。因此，我們沒有獲得任何利潤佣金，因為它是根據年度業績計算的。

Finally, our general and administrative expenses were $27 million versus $23 million in the third quarter of 2024. Our year-to-date G&A of $72 million continues to trend below our expected $26 million per quarter as a result of lower accrued variable compensation.

最後，我們的一般及行政費用為 2,700 萬美元，而 2024 年第三季為 2,300 萬美元。由於應計可變薪酬減少，我們今年迄今的一般及行政費用為 7,200 萬美元，繼續低於我們預期的每季 2,600 萬美元。

Moving on to our investment results. Our net investment income for the quarter was $46 million compared to $52 million in the prior year period. In addition to our net investment income, we have net unrealized gains on our other investments of $5 million as a result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024.

接下來是我們的投資績效。本季我們的淨投資收益為 4,600 萬美元，而去年同期為 5,200 萬美元。除了我們的淨投資收益外，由於我們從 2024 年第四季開始將資產策略性地部署到另類投資（包括對沖基金投資組合），我們還獲得了 500 萬美元的其他投資淨未實現收益。

As of September 30, the average rating of our fixed income securities remains very high at A+ with a book yield of 5%, reflecting the steps we have already taken to optimize our portfolio. Average duration remains consistent with year-end at 2.7 years.

截至 9 月 30 日，我們的固定收益證券平均評級仍然非常高，為 A+，帳面收益率為 5%，這反映了我們為優化投資組合所採取的措施。平均持續時間與年底數據保持一致，為 2.7 年。

Turning to tax. Our effective tax rate for the first nine months of the year was 18.8% compared to 14.6% in the same period of 2024. This rate reflects a greater proportion of pretax income generated in higher tax rate jurisdictions. To reiterate what I said on the last call, we expect our full year effective tax rate to remain in the 19% range given the expected mix of profits and losses across our three locations.

轉而討論稅務問題。今年前九個月的實際稅率為 18.8%，而 2024 年同期為 14.6%。這一比例反映了高稅率地區產生的稅前收入佔比更高。重申我上次電話會議上所說的話，鑑於我們三個地點的預期利潤和虧損組合，我們預計全年有效稅率將保持在 19% 左右。

Looking at our capital management strategy. As Dan mentioned, our focus is on being best-in-class capital allocators. Our approach begins with deploying capital into the most attractive underwriting opportunities. We also use outward reinsurance as a strategic and fungible tool to support growth and optimize our capital structure.

審視我們的資本管理策略。正如丹所提到的，我們的重點是成為一流的資本配置者。我們的做法是先將資金投入最具吸引力的承保機會。我們也利用對外再保險作為一種策略性和可替代性的工具來支持成長並優化我們的資本結構。

We remain committed to returning excess capital to shareholders through a mix of dividends and share buybacks. Our focused and disciplined approach ensures we are well positioned to maximize value for our shareholders while maintaining the financial strength and flexibility to support our long-term strategic objectives.

我們將繼續致力於透過分紅和股票回購相結合的方式，將多餘的資本回饋給股東。我們專注嚴謹的方法確保我們能夠最大限度地為股東創造價值，同時保持財務實力和靈活性，以支持我們的長期策略目標。

We continue to view share repurchases as a highly accretive use of capital given our current share price. In the third quarter, we repurchased 1.8 million common shares for $32 million at an average price of $17.40 per share. Subsequent to September 30 and through November 7, we repurchased an additional 820,000 common shares for $15 million at an average price of $18.25 per share. This brings our shares repurchased for 2025 to 9.6 million common shares at an average price of $16.46, and thus highly accretive on both a book value and earnings per share basis to our shareholders.

鑑於我們目前的股價，我們仍然認為股票回購是一種極具增值效益的資本運用方式。第三季度，我們以每股 17.40 美元的平均價格回購了 180 萬股普通股，共 3,200 萬美元。9 月 30 日之後至 11 月 7 日期間，我們以每股 18.25 美元的平均價格，額外回購了 820,000 股普通股，共計 1500 萬美元。這將使我們在 2025 年回購的股份達到 960 萬股普通股，平均價格為每股 16.46 美元，因此無論從帳面價值或每股盈餘來看，都將大大增加我們股東的收益。

In conclusion, our results this quarter demonstrate the strength of our portfolio, the effectiveness of our approach to investments and capital management, and our commitment to delivering returns to shareholders.

總之，本季的業績證明了我們投資組合的實力、我們投資和資本管理方法的有效性，以及我們致力於為股東帶來回報的承諾。

I will now turn it to Johnny, who will discuss our underwriting partnerships and market outlook by line of business.

現在我將把發言權交給約翰尼，他將按業務線討論我們的核保合作關係和市場前景。

Thank you, Allan. As Dan mentioned earlier, our third-quarter results reflect positive contributions from the continued expansion of our underwriting partnerships. To date, our total number of underwriting partners has grown to the mid-single digits. While we don't break out the individual collective contributions of these partnerships, they remain a strategic priority and play an increasingly important role in our growth and differentiation as we shape the future trajectory of our business.

謝謝你，艾倫。正如丹之前提到的，我們第三季的業績反映了承保合作夥伴關係持續擴張帶來的正面貢獻。迄今為止，我們的承保合作夥伴總數已成長到個位數中段。雖然我們不單獨列出這些合作夥伴關係的具體貢獻，但它們仍然是我們的策略重點，並在我們塑造業務未來發展軌蹟的過程中，在我們的成長和差異化方面發揮著越來越重要的作用。

Building on Allan's comments about capital management, our top priority is allocating capital to underwriting strategies offering the best risk reward dynamics and then determining the best partners to help us execute. Our cornerstone relationship with the Fidelis partnership provides consistent access to a leading, well-established book of specialty business.

基於 Allan 關於資本管理的評論，我們的首要任務是將資本分配給風險回報動態最佳的核保策略，然後確定最佳合作夥伴來幫助我們執行。我們與 Fidelis 合夥企業的基石關係使我們能夠持續獲得領先、成熟的專業業務資源。

We have exclusive access via our right of first refusal on all business written by the Fidelis partnership under our 10-year rolling agreement. Only business that is not within our underwriting strategy and which we decline to support is then available for the Fidelis partnership to place with other capital providers.

根據我們為期 10 年的滾動協議，我們對 Fidelis 合夥企業撰寫的所有業務擁有優先購買權，這是我們的獨家權利。只有不符合我們承保策略且我們拒絕支援的業務，Fidelis 合夥企業才能將其安排給其他資本提供者。

Importantly, our agreement gives us significant flexibility when it comes to allocating any additional capacity we wish to deploy. This allows us to choose the most suitable underwriting partners to execute in a particular area, whether that's the Fidelis partnership or other partners in our network. Our robust pipeline of new partnership opportunities with top-tier underwriters provides valuable complementary growth prospects.

重要的是，我們的協議賦予我們在分配任何我們希望部署的額外產能方面很大的靈活性。這使我們能夠選擇最合適的核保合作夥伴在特定領域執行核保工作，無論是 Fidelis 合作夥伴關係還是我們網路中的其他合作夥伴。我們與頂級承銷商建立的強大新的合作夥伴關係管道，提供了寶貴的互補成長前景。

Our focus remains on risk reward, margin, and pricing adequacy. As a market leader, we are disciplined in maintaining underwriting standards even as we see competition increasing in certain lines. It's important to remember that it remains a highly attractive underwriting environment following several years of compound rate increases that have significantly improved margins, structures, and terms and conditions.

我們依然關注風險回報、利潤率和定價合理性。身為市場領導者，即使某些險種的競爭日益激烈，我們仍然堅持嚴格遵守承保標準。值得注意的是，經過數年的複合費率成長，利潤率、結構以及條款和條件都得到了顯著改善，因此，目前的承保環境仍然極具吸引力。

Taking a closer look at opportunities we're seeing across our segments. Property insurance continues to deliver compelling loss ratios that reflect both our ability to risk select and to achieve differentiated pricing. We've maintained high retention rates, and we have complemented our portfolio by allocating capital to new business opportunities through a growing set of distribution channels.

仔細檢視我們在各個細分市場中看到的機會。財產保險持續保持著令人矚目的賠付率，這不僅反映了我們選擇風險的能力，也反映了我們實現差異化定價的能力。我們維持了較高的客戶留存率，並透過不斷拓展的分銷管道，將資金投入到新的業務機會中，從而完善了我們的投資組合。

As a leader in a verticalized market, we continue to underwrite business with attractive margins across the portfolio.

作為垂直化市場的領導者，我們持續為投資組合中利潤率具有吸引力的業務提供承保服務。

In other traditional specialty lines, we continue to exercise strict underwriting discipline and capitalize on areas with the most attractive rate and margin. For example, in Marine Construction, new business opportunities have allowed us to continue to grow in an area that remains well priced. And as we noted last quarter, we're seeing signs of improvement in areas of aviation pricing following recent loss events.

在其他傳統專業險種方面，我們繼續實行嚴格的核保紀律，並充分利用費率和利潤率最具吸引力的領域。例如，在海洋工程領域，新的商機使我們能夠在一個價格仍然合理的領域繼續發展壯大。正如我們上個季度所指出的，在最近的損失事件之後，我們看到航空定價領域出現了改善的跡象。

Outside of our traditional specialty lines, a significant portion of our insurance business is largely unaffected by the broader market cycle, particularly where placements are linked to the facilitation of underlying transactions or provide significant capital relief for our clients.

除了我們傳統的專業險種之外，我們保險業務的很大一部分基本上不受整體市場週期的影響，尤其是在保單安排與促成基礎交易或為我們的客戶提供重大資本減免方面。

In structured credit, we continue to see attractive opportunities from a risk return standpoint, supported by our long track record and strong client relationships. We have built a robust suite of products and established a track record of customization in this space. These lines of business have been a consistent outperformer and differentiator for us over the past decade.

在結構化信貸領域，我們憑藉著長期的業績記錄和強大的客戶關係，繼續看到從風險回報角度來看具有吸引力的機會。我們已經建立了一套強大的產品組合，並在該領域建立了客製化的成功記錄。在過去的十年裡，這些業務線一直是我們業績優異且具有差異化優勢的業務。

Our current focus is on introducing these capabilities to an ever-increasing client base. We are monitoring a strong pipeline heading into year-end and are actively structuring programs for both new and existing clients.

我們目前的重點是向不斷增長的客戶群引入這些功能。我們正密切關注年底前的強勁業務發展勢頭，並積極為新舊客戶制定方案。

Turning to reinsurance. Even if pricing moves back towards levels seen in the last couple of years, remember, these years represented one of the best trading environments we've experienced in the past two decades. As a result, we remain in a prevailing hard market and are still seeing significant margin in property CAT reinsurance. Our priority is to maintain discipline, particularly in upholding coverage terms and conditions and continue to capitalize on the most compelling opportunities.

轉向再保險。即使價格回落到過去幾年的水平，也要記住，這些年是過去二十年來我們經歷過的最佳交易環境之一。因此，我們仍然處於一個嚴峻的市場環境中，並且在財產巨災再保險領域仍然可以看到可觀的利潤。我們的首要任務是保持紀律，尤其是在遵守保險條款和條件方面，並繼續抓住最具吸引力的機會。

At the same time, we are further enhancing our outwards reinsurance, combining traditional reinsurance protections and alternative risk transfer mechanisms such as CAT bonds to achieve optimal portfolio protection. For these reasons, we remain confident in our ability to deliver compelling underwriting margins across our segments.

同時，我們正在進一步加強對外再保險，將傳統的再保險保障與巨災債券等替代風險轉移機制結合，以實現最佳的投資組合保護。基於以上原因，我們仍有信心在各個業務板塊實現可觀的承保利潤率。

I will now turn it back to Dan for closing remarks.

現在我將把發言權交還給丹，請他作總結發言。

Thank you, Johnny. Let me leave you with a few final thoughts before we take your questions. As this excellent quarter demonstrates, we are delivering results through expert risk selection, strategic capital allocation, and a growing network of underwriting partners. We just reported our best quarterly combined ratio as a publicly traded company, and we are driving consistently higher diluted book value per share.

謝謝你，強尼。在回答大家的問題之前，我想先再補充幾點。正如本季度優異的業績所表明的那樣，我們透過專業的風險選擇、策略性的資本配置以及不斷壯大的核保合作夥伴網絡取得了成果。我們剛剛公佈了上市以來最佳的季度綜合比率，並且我們正在持續提高每股攤薄帳面價值。

In a prevailing hard market, our lead positioning in highly verticalized lines of business is a clear differentiator and a competitive advantage. This enables us to continue driving profitable growth and preserving strong margins even if rates become pressured in certain pockets.

在當前嚴峻的市場環境下，我們在高度垂直化的業務領域中的領先地位是一個明顯的差異化因素和競爭優勢。即使某些地區的利率面臨壓力，這也能讓我們繼續實現獲利成長並維持強勁的利潤率。

Our strong balance sheet gives us significant flexibility to shape our future. We are focused on striking the optimal balance between underwriting growth and other strategic uses of capital to ensure every dollar we deploy delivers attractive returns for our shareholders.

我們穩健的資產負債表賦予我們很大的彈性來塑造我們的未來。我們致力於在承保成長和其他策略性資本運用之間取得最佳平衡，以確保我們投入的每一美元都能為股東帶來可觀的回報。

With that, operator, we will now open the line for questions.

話筒，現在我們將開放提問通道。

(Operator Instructions) David Motemaden, Evercore ISI.

（操作說明）David Motemaden，Evercore ISI。

Just had a question, Dan, just in terms of how you're thinking about -- you obviously saw the good growth in reinsurance this quarter. How are you thinking about just the 1/1 renewals, both from an inwards and outwards perspective? And sort of expectations, I'd be interested if you guys think just holistically, you guys can do the same sort of top-line growth for the company as you did this year in 2026?

丹，我有個問題，就你對本季再保險業務良好成長的看法而言。您如何看待僅針對 1/1 續約的條款，包括內部和外部兩個面向？至於預期方面，我很想知道你們從整體上考慮，認為公司在 2026 年能否實現與今年相同的營收成長？

It's a really interesting question. It's Dan here. So I think fundamentally, we're still bullish about the market. We still think, as others have commented that we're in a prevailing hardmarket. And in many lines of business, we're still very much -- we are very near kind of peak market that we've seen the best market conditions in the last 20 years.

這是一個非常有趣的問題。我是丹。所以我認為，從根本上講，我們仍然看好市場。我們仍然認為，正如其他人所評論的那樣，我們正處於一個嚴峻的市場環境中。在許多行業，我們仍然非常接近——我們非常接近近 20 年來最好的市場狀況的峰值。

So I think that gives us confidence that, A, the portfolio has performed really well in the quarter; and B, that there are opportunities to grow. And I think when we look at that, looking forward, that will be with both the Fidelis partnership, and I think now importantly through our network of new underwriting partners. So I think we're looking for best-in-class partnerships.

所以我認為這讓我們有信心，A，該投資組合在本季度表現非常出色；B，存在成長機會。我認為，展望未來，我們將透過與 Fidelis 的合作，以及現在更重要的是透過我們新的承保合作夥伴網絡來實現這一目標。所以我認為我們正在尋找一流的合作夥伴。

We onboarded in Q3 a property MGA in California, and we built a really strong pipeline moving into head to 1/1. And that's really building on the strong relationships that we have in the industry. So I think we're really excited about executing on that strategy. We do see growth opportunities across the book, very verticalized market.

我們在第三季引進了一家加州的房地產管理代理公司，並在 1 月 1 日之前建立了一個非常強大的業務管道。這確實建立在我們與業內人士之間的牢固關係之上。所以我覺得我們對執行這項策略感到非常興奮。我們看到整個圖書產業，這是一個高度垂直化的市場，都存在著成長機會。

You've heard us mention that in previous calls and in the scripts. That is broadening. Rates, terms, and conditions really are becoming more differentiated by carrier. It really depends now where you sit in the food chain. We're a lead market. We get leverage through that. We have over 100 lines of business that we set terms, conditions and we execute on those. So we have a differentiated outcome. And I think that plays through in the result, in our RPIs and our ability to grow moving forward.

您在之前的電話會議和腳本中都聽過我們提到這一點。這正在擴大範圍。不同業者之間的費率、條款和條件差異越來越大。現在這真的取決於你在食物鏈中的位置。我們是領先市場。我們可以透過這種方式獲得優勢。我們有超過 100 個業務領域，我們制定並執行這些業務的條款和條件。因此，我們得到了不同的結果。我認為這體現在結果上，體現在我們的RPI值以及我們未來的發展能力。

I think the second part, looking at outwards reinsurance, yes, very importantly interplay between inwards and outwards aligning coverage, looking for efficiency next year in our retrocession programs. We do use proportional to gross our lines up. That's a really important part of being a leader, the gross to net strategy. So I think we'll be looking to broaden cover, look for efficiency in the outwards program.

我認為第二部分，即著眼於對外再保險，非常重要的一點是，要關注內外再保險之間的相互作用，調整保險範圍，並在明年的再保險計劃中尋求效率。我們確實使用比例來增加我們的產品線。這是領導者非常重要的一部分，即毛利潤到淨利潤的策略。所以我認為我們將著眼於擴大覆蓋範圍，提高對外援助計畫的效率。

If you remember last year, when we commented on the 1/1 outwards program renewals, we could actually see that market is the most competitive. And I think we'll see more of the same moving into 1/1. There's more supply, obviously, across insurance and reinsurance. We do expect more demand as well, but we think that's going to be a really competitive market.

如果你還記得去年，當我們評論 1/1 對外計畫續約時，我們實際上可以看到該市場競爭最為激烈。我認為到了 1 月 1 日，我們會看到更多類似的情況發生。顯然，保險和再保險領域的供應量增加。我們也預期需求會增加，但我們認為這將是一個競爭非常激烈的市場。

Got it, thank you. And maybe just following up, just it sounded like the RPIs that you disclosed were generally stable this quarter versus last quarter. It sounds like there's still pressure, particularly in some of the property lines. So I'm wondering, was that just less this quarter? Did you put more outwards on at favorable terms that kind of offset that? Because I know that's included in the RPI. Just hoping to get some color around that as well.

明白了，謝謝。另外，我想補充一點，您披露的 RPI 數據聽起來與上季度相比，本季總體上保持穩定。聽起來壓力依然存在，尤其是在一些地界線上。所以我想知道，是不是本季的增幅比較少？你是否以更優惠的條件進行了更多對外投資，從而抵消了這部分損失？因為我知道它包含在 RPI 中。也希望能為它增添一些色彩。

Yes, exactly right, David. I think there is definitely more pressure in certain lines. Property direct is certainly one of those. And then again, that's why it's important to be able to deploy meaningful capacity as a leader. Also cross-class selling, if you're offering multi-class capacity to a client, to a broker, it kind of gives you that leader leverage.

是的，完全正確，大衛。我認為某些線路的壓力肯定更大。直接購屋當然是其中之一。所以說，身為領導者，能夠有效調動自身能力至關重要。此外，跨類別銷售，如果你向客戶或經紀人提供多類別的運力，這在某種程度上會為你帶來領導地位的優勢。

We've got really strong retention rates in the book, really strong margins that built up over compound increases for the last five to seven years. And it's been an incredibly strong performance. Our direct property book is running at 40% loss ratios, and we're still seeing a flow of business from the admitted market into the E&S market.

我們的客戶留存率非常高，利潤率也非常高，這是過去五到七年複合成長的結果。而且表現非常出色。我們的直接財產險業務賠付率高達 40%，我們仍然看到業務從正規市場流入 E&S 市場。

When we think about the quarter, we also executed on some new high-value homeowners business. So there are opportunities out there. We just got to work a lot harder.

回顧本季度，我們也完成了一些新的高價值房主業務。所以機會還是有的。我們必須更加努力工作。

And when we think about RPIs, you're right, David, it's not just price, it's terms, conditions. And what we're seeing is coverage structures, retentions are holding firm. They're pretty robust, and the pressure is more on pricing. But even saying that, there's plenty of good margin in the book.

當我們考慮零售價格指數時，你說得對，大衛，它不僅僅是價格，還有條款和條件。我們看到的是，保險結構和自留額都保持穩定。它們相當耐用，壓力主要來自價格方面。但即便如此，這本書仍有許多不錯的獲利空間。

Got it. And maybe if I could just sneak one more in. So it sounded like the direct property group -- sorry, direct property book grew 10% in the quarter. Just given what sounded like elevated competition there, it sounded like some new homeowners business helped that.

知道了。或許我還能偷偷再加一個。聽起來像是直接房地產業務——抱歉，是直接房地產業務——本季度增長了 10%。鑑於當地競爭似乎很激烈，一些新房主的業務似乎對此有所幫助。

I'm wondering if there any sort of tailwind that you guys might have seen or you guys think might be coming just from some of the construction of data centers, if that's a line that you guys are in, in terms of providing capacity on those deals?

我想知道，如果你們也從事資料中心建設相關業務，那麼在資料中心建置方面，你們是否看到了或認為可能會出現某種利好因素，從而為這些交易提供容量？

Hi, David, it's Johnny here. I'll take that one. I mean, I think that's a great example of our strategy to be proactive in responding to a changing risk landscape. I mean, if you look at that type of risk, there's really large insured values there. It's difficult to be meaningful on that type of placement unless you've got a large line size. And it's one of the benefits of the structure we have here at Fidelis.

嗨，大衛，我是強尼。我選那個。我的意思是，我認為這很好地體現了我們積極主動應對不斷變化的風險環境的策略。我的意思是，如果你看看這類風險，你會發現其中涉及的保險金額非常巨大。除非線條粗細很大，否則在這種佈局下很難產生有意義的效果。這也是我們Fidelis公司現有架構帶來的優勢之一。

So through our right first refusal with the partnership, we can take the line size that we want to deploy on that type of opportunity and then they line up other capacity providers behind us to have an overall larger line size for them to go to market with. That then lets them be meaningful in the placement, so they can negotiate pricing, terms, and conditions, and we can benefit from the leverage of that without having a line size that would unbalance our portfolio.

因此，透過我們與合作夥伴的優先購買權，我們可以選擇我們想要在該類型機會中部署的線路規模，然後他們會在我們後面安排其他容量提供商，從而為他們提供更大的線路規模，以便他們能夠進入市場。這樣一來，它們就能在配額分配中發揮重要作用，從而可以協商價格、條款和條件，而我們可以利用這種優勢，而無需承擔會破壞我們投資組合平衡的貸款規模。

So yes, we're really excited by that opportunity because it's something that I think would be more difficult to execute on unless you have the structure that we have.

所以，是的，我們對這個機會感到非常興奮，因為我認為，如果沒有我們現有的架構，這件事會更難執行。

Meyer Shields, KBW.

Meyer Shields，KBW。

I was hoping to talk a little bit about verticalization. I just want to make sure I understand it. Should we think of this as a typical soft market phenomenon?

我原本想稍微談談垂直化的問題。我只是想確保我理解了。我們應該把這種情況看成是典型的市場疲軟現象嗎？

Hi, Meyer, it's Dan. Actually, it's a phenomenon that is prevalent in both a hard and a softening market. So we see it across the cycle. I think in more recent cycles, it's actually been exaggerated. Now we're seeing a more differentiated position as there's a bit more competition.

嗨，邁耶，我是丹。事實上，這種現像在市場疲軟和市場走強時都很普遍。所以，我們在整個週期中都能看到這種情況。我認為在最近的幾輪選舉中，這種情況實際上被誇大了。現在，隨著競爭加劇，我們看到市場定位更加分化。

So as I said earlier, being a lead market, you sit at the top of the food chain, you see risks first, you can set terms, conditions, you can execute even before others see it. So brokers bring you the opportunities, say, new business and growth, and we can execute on that. So there's a real difference between market makers and the market takers here or price takers.

正如我之前所說，作為領先市場，你處於食物鏈的頂端，你最先看到風險，你可以設定條款和條件，甚至可以在其他人看到之前就執行。所以經紀人會為你帶來機會，例如新的業務和成長，而我們可以執行這些機會。所以做市商和做市者或價格接受者之間確實存在差異。

So I think it's very important that we continue to back leaders that have track records over many decades in the market that can manage through the cycle. Richard and the underwriters of TFP have demonstrated that. When we look for new partners, we want track records. We want them to be able to trade through different market cycles. And we're really excited about the pipeline we've built there as well.

所以我認為，我們繼續支持那些在市場中擁有數十年成功經驗、能夠帶領市場度過週期的領導者非常重要。理查德和TFP的承銷商已經證明了這一點。我們在尋找新合作夥伴時，希望看到他們的過往表現。我們希望他們能夠經歷不同的市場週期進行交易。我們對在那裡建造的管道也感到非常興奮。

Okay. That's helpful. The second question, there does seem to be a little bit of disruption in the US wholesale market, and it seems to be just the implications of Howden building a retail platform. I was wondering if there's an update in terms of how really the challenges and opportunities that that presents.

好的。那很有幫助。第二個問題，美國批發市場似乎確實出現了一些混亂，這似乎正是 Howden 建立零售平台所帶來的影響。我想知道，就這帶來的挑戰和機會而言，是否有最新的進展。

Yes, really interesting question. It's Dan again. I think the short answer to that is I can definitely say we've seen some opportunities coming out of that. But I wouldn't really want to comment any more on how the strategy and what that means to the market other than we are seeing opportunities because of that.

是的，這真是一個有趣的問題。又是丹。我認為簡而言之，我可以肯定地說，我們已經從中看到了一些機會。但我不想再就該策略及其對市場的影響發表更多評論，除了我們因此看到了機會之外。

Leon Cooperman, Omega Family Office.

Leon Cooperman，Omega家族辦公室。

Let me first congratulate you on a good quarter and excellent results. I still get mystified. I'm not an insurance expert, but I do look at numbers closely. We have superior profitability to the primary insurance carriers and the reinsurance peers, yet we sell at a very significant discount in our multiple. Is there something inherent about our business and prospects that would suggest we deserve to sell a discount multiple?

首先，請容許我祝賀你本季業績出色，並取得了優異的成績。我仍然感到困惑。我不是保險專家，但我會仔細研究數字。我們的獲利能力優於主要保險公司和再保險同行，但我們的本益比卻有非常大的折扣。我們的業務和前景是否存在某些固有因素，顯示我們應該以折扣價出售？

Yes. I appreciate the question. It's Dan here. Yes, look, we just had our best quarter, our best combined ratio since IPO. I think to unlock value, we really need to be consistent and deliver strong underwriting results quarter on quarter.

是的。感謝您的提問。我是丹。是的，你看，我們剛剛經歷了有史以來最好的一個季度，也是自IPO以來最好的綜合比率。我認為，要釋放價值，我們真的需要保持穩定，並且每季都能取得強勁的承保業績。

I agree with you. We think we're undervalued, especially given results like this, our opportunity to grow profitably and sustainably. And now we're with a very strong balance sheet that we've built over the last couple of years, we can grow not only with the TFP but other best-in-class underwriters.

我同意你的看法。我們認為我們被低估了，尤其是在取得這樣的成績之後，我們有機會實現盈利和可持續的成長。現在，憑藉過去幾年建立起來的非常強大的資產負債表，我們不僅可以與 TFP 一起發展，還可以與其他一流的承保人一起發展。

Richard set a very high benchmark, and anyone we're considering would have to meet or beat that. But they do exist, and that gives us confidence that we continue to grow, continue to deliver good, combined ratios and good ROEs, and that will unlock the value. But yes, fundamentally, we agree with you, we're undervalued at the moment.

理查德樹立了一個非常高的標準，我們考慮的任何人都必須達到或超過這個標準。但它們確實存在，這讓我們有信心繼續成長，並繼續實現良好的綜合比率和良好的淨資產收益率，這將釋放價值。但從根本上說，我們同意你的看法，我們目前被低估了。

Basically, in the last call, you talked about 12% to 16% return on equity, and we're now running over 20%. Are we over-earning? Or would you raise the target as being sustainable that 20% ROE is realistic the way you're running the business?

基本上，在上一次電話會議上，您談到了 12% 到 16% 的股本回報率，而我們現在已經超過了 20%。我們的收入是否過高？或者，您會提高目標，認為以您目前的經營方式，20% 的 ROE 是現實可行的？

Yes. Good question. I think we state our financial metrics as being through the cycle. So I think we're comfortable where we are now, but it does obviously demonstrate the strength of the underlying portfolio.

是的。問得好。我認為我們已經明確指出，我們的財務指標正處於週期之中。所以我覺得我們對目前的狀況感到滿意，但這顯然也反映了基礎投資組合的實力。

So if I took $1.20, whatever the number was in the third quarter and multiply it by 4, that would not be out of line with what you're thinking for next year?

所以，如果我把第三季的1.20美元（不管這個數字是多少）乘以4，這和你對明年的預期應該差不多吧？

Yes, it's a good question. I think if we can continue to deliver quarter on quarter, then that's where we're heading, Leon.

是的，這是個好問題。我認為，如果我們能繼續保持每個季度都取得好成績，那麼我們就能朝著這個方向前進，萊昂。

Stock is trading at like 5 times earnings. It doesn't make any sense. We're doing the right thing and shrinking the cap, but we'll see what happens.

該股票的交易價格約為其獲利的5倍。這完全說不通。我們正在做正確的事情，縮小上限，但結果如何，我們拭目以待。

Yes. We're working hard, Leon, to deliver value to every shareholder. So all we can do is continue to deliver quarter on quarter.

是的。萊昂，我們正在努力為每一位股東創造價值。所以我們所能做的就是繼續保持每個季度都按時交付成果。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

A couple here. Just first, any exposure to some of the Caribbean losses in the quarter from the hurricane?

這裡有一對夫婦。首先，貴公司是否受到颶風造成的加勒比海地區本季損失的影響？

Yes. Look, firstly, obviously, a tragic event for the Island of Jamaica and like many others, our thoughts are with all those people. We do have some exposure with respect to loss impact for us, it's just too early to give detailed numbers on that.

是的。首先，很顯然，這對牙買加島來說是一場悲劇，就像許多其他國家一樣，我們與所有受影響的人們同在。我們確實面臨一些損失風險，但現在給出詳細數字還為時過早。

I would say based on our initial analysis, we would expect any net losses would fall within our expected CAT load. But to be honest, Brian, that's about as much as I can say at the moment.

根據我們初步的分析，我認為任何淨損失都將在我們預期的CAT負載範圍內。但說實話，布萊恩，我現在只能說這麼多了。

Okay. And then second question, I'm just curious, could you talk maybe a little bit about your -- either some of the partnerships or capabilities to kind of take advantage of this whole data center construction buildout and all the insurance opportunities there?

好的。第二個問題，我只是好奇，您能否談談您的一些合作關係或能力，以便利用整個資料中心建設和所有相關的保險機會？

Hi, Brian, it's Johnny here. Yes, I'll take that one. I think as we're saying earlier, it's really about having a meaningful line size to be able to participate on those programs in the first place and an even bigger line size than would normally be deployed in order to be meaningful enough to drive pricing terms and conditions on it. So that's the core of the strategy.

嗨，布萊恩，我是強尼。是的，我要那個。我認為正如我們之前所說，關鍵在於要有足夠的資金規模才能參與這些項目，而且資金規模還要比通常部署的規模更大，這樣才能對定價條款和條件產生足夠的影響。這就是該戰略的核心。

Now we would use reinsurance to gross our line size up anyway. So if we take 50% reinsurance, for example, a line of business, that means we can double the gross line we put out and still be happy with our net position. So that's one part of our strategy to help deploy in a more meaningful way on this type of program.

現在我們無論如何都會利用再保險來擴大我們的保單規模。例如，如果我們對某項業務進行 50% 的再保險，這意味著我們可以將毛收入翻倍，並且仍然對我們的淨收入感到滿意。所以這是我們策略的一部分，旨在以更有意義的方式幫助此類專案進行部署。

And the other one really comes from our structure. So with the structure, with the Fidelis partnership, we can put down the line that we would like. They have other capital providers that can then come in and put more capacity behind that. They can go with that combined proposition and negotiate as one and get terms and conditions that benefit all.

而另一個問題則源自於我們的組織結構。所以有了這樣的架構，有了與Fidelis的合作關係，我們就可以製定我們想要的計畫了。他們還有其他資金提供方，可以跟進並提供更多產能。他們可以接受這個聯合方案，作為一個整體進行談判，爭取對各方都有利的條款和條件。

So for us, I think the strategy of deploying in a meaningful way is key across our portfolio, no doubt. I think that's one of the big drivers in terms of price differentiation. But on this type of opportunity, it lets you get in there first, be meaningful and really lead the market.

因此，我認為，對我們而言，以有意義的方式進行部署的策略無疑是我們整個投資組合的關鍵。我認為這是價格差異化的主要驅動因素之一。但這種機會能讓你搶得先機，發揮重要作用，真正引領市場。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I just wanted to ask about TFP setting up a Lloyd's syndicate and you all not participating. Is that a sign that you're getting more selective that they're feeling the need to go elsewhere because you're maybe refusing a little more of the business that's coming your way? I'm just trying to understand how to interpret that.

我只是想問一下，TFP成立了勞合社辛迪加，而你們都沒有參與。這是否意味著你變得越來越挑剔，以至於他們覺得需要另尋他處，因為你可能拒絕了一些原本會找上門的生意？我只是想弄清楚該如何解讀這句話。

Hi, Alex, it's Johnny here. I'll take that one. I mean, just sort of as a reminder of how the agreement works, we've got exclusive right first access over all business that the Fidelis partnership originate, and that's under our 10-year rolling agreement with them. So we get the first pick. And anything that's not within our appetite, they're free to go with elsewhere.

嗨，Alex，我是Johnny。我選那個。我的意思是，提醒一下大家協議是如何運作的，根據我們與他們簽訂的為期 10 年的滾動協議，我們對 Fidelis 合作夥伴關係產生的所有業務擁有獨家優先權。所以我們擁有優先選擇權。如果有什麼不合我們口味的，他們可以自由地去別的地方吃。

As I talked to a bit on the data strategy, often that's a win-win. It means that we get to fill up the line size we want. They've got access to plenty more so other capital providers can take a share there and everyone benefits. But to be clear, the agreement is working exactly as we intended it to. We get to take the bits that we want. There's still an attractive portfolio remaining outside of that, and that enables them to deliver results for other providers.

正如我之前談到的數據策略一樣，這通常是一個雙贏的局面。這意味著我們可以填滿我們想要的線條尺寸。他們還有更多資源可以利用，因此其他資本提供者也可以參與其中，每​​個人都能從中受益。但要先明確的是，該協議的實施效果完全符合我們的預期。我們可以選擇我們想要的部分。除此之外，他們仍然擁有極具吸引力的產品組合，這使他們能夠為其他供應商帶來成果。

Yes. And I'll just add there. If you think about growth for the year today, it's 8.4%. Most of that has come from the partnership. So we're very aligned to them. We see opportunity with them. But as Johnny said, it's a really great example of the binder agreement working exactly as intended, and matching the right capital with the right risk.

是的。我再補充一點。如果以今年的成長率來看，是 8.4%。大部分收益都來自於合作關係。所以我們與他們的觀點非常一致。我們看到了與他們合作的機會。但正如約翰尼所說，這真是個很好的例子，說明擔保協議完全按照預期運作，將合適的資本與合適的風險相匹配。

Understood. Okay. And then second question is I wanted to just ask a bit about the process for bringing on new partners. You've had one big partner and very integrated into TFP. What does the tech platform look like and diligence look like when you're bringing on these new partners? And will you have the same kind of visibility you get into what you're underwriting through TFP?

明白了。好的。第二個問題是，我想問一下引進新合夥人的流程。你們有一個大合作夥伴，並且與TFP的融合度非常高。在引進這些新合作夥伴時，技術平台和盡職調查流程是怎麼樣的？您是否能像透過 TFP 承保一樣，獲得相同的承保資訊透明度？

Yes. I'll start, and then I'll pass on to Johnny. They expand here. So obviously, we're looking for a very high benchmark before we even consider any complementary partnerships. The TFP are excellent underwriting outfit and that's demonstrated in the strength of our results in this quarter. But we do have access to other good underwriters, best-in-class that will complement the portfolio.

是的。我先開始，然後交給強尼。它們在這裡擴張。顯然，在考慮任何互補型合作關係之前，我們都會設定一個非常高的基準。TFP是一家優秀的核保公司，我們本季的強勁業績證明了這一點。但我們確實可以接觸到其他優秀的承銷商，他們都是業界頂尖的，能夠完善我們的投資組合。

And a lot of that is relationship-driven. Myself, the COO, we've probably got something like approaching 80 years of experience in the market. So we know who the good underwriters are out there. We know how they're motivated, why they buy, who they want to deal with. But we're looking for continuity of partners.

而其中很多都是人際關係驅動的。我自己是營運官，我們在這個市場可能擁有近 80 年的經驗。所以我們知道哪些是優秀的承銷商。我們知道他們的動機是什麼，他們為什麼要購買，他們想和誰做生意。但我們希望合作夥伴能夠保持穩定。

We want to grow with them. So we won't be headlining hundreds of different partners. It will be a considered approach, but we do see opportunity. In terms of the more technical framework around it, Johnny?

我們希望與他們一起成長。所以，我們不會像其他公司一樣，推出數百家不同的合作夥伴。這將是一個經過深思熟慮的方法，但我們確實看到了機會。約翰尼，就其更具體的技術框架而言呢？

Yes. I mean, how we think about it is we really start with our underwriting and risk strategy. So there, we're trying to work out where do we allocate capital based on the best risk reward dynamic as we see it in the market at the time. Our agreement with the partnership gives us flexibility in how we do that. So we can choose the most suitable underwriting partner to execute in a particular area.

是的。我的意思是，我們思考這個問題的方式，實際上是從我們的核保和風險策略開始的。所以，我們正在努力弄清楚，根據當時市場上最佳的風險回報動態，我們應該把資金分配到哪裡。我們與合作夥伴達成的協議賦予了我們靈活運用該協議的權力。因此，我們可以選擇最合適的核保合作夥伴在特定領域執行業務。

Now the Fidelis partnership continued to execute really successfully over a wide range of classes of business of product, they’releaders in the market, great track record. They've been fundamental to the great combined ratio we've had in this quarter. But as we keep building out our network of relationships outside of that, we're finding complementary opportunities that sit there that we can execute on with other partners.

如今，Fidelis 的合作關係在廣泛的產品業務類別中繼續取得非常成功的執行，他們是市場上的領導者，擁有良好的業績記錄。它們對我們本​​季取得的優異綜合比率起到了至關重要的作用。但隨著我們不斷拓展外部關係網絡，我們發現了一些可以與其他合作夥伴共同實現的互補機會。

I think the pipeline there continues to grow. It consists of market-leading underwriters and they're writing business in lines of business that we see as a great risk reward dynamic right now.

我認為那裡的管道建設仍在繼續增長。它由市場領先的承保人組成，他們承保的業務領域，我們認為目前具有巨大的風險回報潛力。

Michael Zaremski, BMO Capital Markets.

Michael Zaremski，BMO資本市場。

It's Dan on for Mike. My first one is maybe just on property reserve release levels. So given the strength of the releases coming from property this year in both segments, can you maybe help frame what percent of reserves sit in IBNR and how that compares to a year ago so we could better gauge the durability of these reserves over the next 12 to 18 months?

丹代替麥克上場。我的第一個問題可能只是關於房地產儲備金釋放水準。鑑於今年房地產和金融領域的釋放力度都很大，您能否幫忙說明一下，目前有多少百分比的準備金處於未決未報告（IBNR）狀態，以及與一年前相比情況如何，以便我們更好地評估這些準備金在未來 12 至 18 個月內的可持續性？

It's Johnny here. Yes, I mean, if I think about how we set our reserves, especially for those lines of business, that's not something that we've changed in a meaningful way over the past five years, really. So I think we've been pretty consistent. What we have seen is increasing strength in the underlying underwriting portfolio. So the business is just running at a lower loss ratio, which has fueled some of that PYD that we've seen pretty consistently in those lines of business over the last three or four years.

我是約翰尼。是的，我的意思是，如果我回顧我們是如何設定儲備金的，特別是對於這些業務線而言，在過去的五年裡，我們並沒有真正做出任何實質的改變。所以我覺得我們一直都蠻穩定的。我們看到的是基礎承保組合的實力不斷增強。因此，該業務的損失率較低，這推動了我們在過去三、四年中在這些業務線中持續看到的 PYD 的一些發展。

So I don't think there's any change to the approach other than you're seeing more clearly the underlying profitability. What I would say is we really expect a lot of that PYD to come through in the first two quarters. So property PYD for us comes through within about six months, typically. So by the time we get to Q3, Q4, in either direction, I'd expect to see less coming through, and it's really the first half of the year that's going to determine our PYD position.

所以我認為方法上沒有任何改變，只是你現在能更清楚地看到潛在的獲利能力。我想說的是，我們非常期待大部分 PYD 能在前兩季實現。因此，我們的房產 PYD 通常大約在六個月內到達。所以到了第三季、第四季，無論往前推或往後推，我預計到貨量都會減少，而真正決定我們 PYD 位置的是今年上半年。

Okay. That's very helpful. And then maybe just on aviation. It seems like that's seeing encouraging signs now. That's a pretty big swing versus your comments in the second quarter. Can you just talk about what changed there this quarter? And maybe how far away are current prices from meeting your hurdle for -- so we could see Fidelis jump back into writing that line?

好的。那很有幫助。然後或許就只關注航空領域了。現在看來，這方面似乎出現了一些令人鼓舞的跡象。這和你在第二季的評論相比，轉變相當大。能談談這季度發生了哪些變化嗎？或許，目前價格距離您設定的目標還有多遠？這樣我們就能看到 Fidelis 重新開始撰寫那條產品線了。

Yes. Good question. And yes, I think the theme is really very much around more of the same. We disclosed, as you said on the last earnings call, that it's probably the most challenged part of the portfolio. And I think it continues to be that. We've seen a much more competitive landscape.

是的。問得好。是的，我認為主題確實還是老一套。正如您在上次財報電話會議上所說，我們已經披露，這可能是投資組合中最具挑戰性的部分。我認為情況依然如此。我們看到競爭格局變得更加激烈。

And when you consider the impact of a number of losses that have happened over the last 1.5 years or so, including the most recent UPS, which I'm pleased to say didn't fall within our underwriting appetite, so we declined that. The market hasn't really corrected in the way that we want to. So we're very cautious around aviation.

考慮到過去一年半左右發生的一系列損失的影響，包括最近的 UPS 事故，我很高興地說，該事故不在我們的承保範圍內，所以我們拒絕了。市場並沒有按照我們預期的方式進行調整。所以我們對航空業非常謹慎。

We have seen some improvement in hull liabilities, and we'll continue to watch the segment. But we definitely see it as a line of business that has the most competition and is the most challenged. So again, it's about picking a way through that market. We will not renew business that doesn't hit our risk return metric. I think it's really important that you keep a discipline and focus on margin.

我們看到船體責任方面有所改善，我們將繼續關注這一領域。但我們絕對認為這是競爭最激烈、挑戰最大的產業。所以，關鍵在於找到一條進入這個市場的道路。我們將不會續簽不符合我們風險回報指標的業務。我認為保持自律並專注於利潤率非常重要。

So yes, I think you've read it right. We talked about it actually for probably two quarters now. So this will be the third. If we see opportunity, we're nimble. We will be opportunistic for the right deal. But at the moment, it is a challenged landscape.

是的，我想你沒看錯。實際上，我們已經討論這個問題大概兩個季度了。這將是第三部。如果發現機會，我們會迅速行動。我們會抓住合適的交易機會。但就目前而言，這是一個充滿挑戰的領域。

Andrew Andersen, Jefferies.

Andrew Andersen，傑富瑞集團。

Maybe a similar question on marine. I think it's a bigger line relative to aviation for you guys, and I think it's first half weighted. But maybe you could just talk a bit about what you're seeing in the pricing environment there and opportunity for growth in '26?

或許海洋領域也有類似的問題。我認為對你們來說，這條線相對於航空業來說更重要，而且我認為它的權重在前半部分。不過，您能否談談您目前看到的當地定價環境以及2026年的成長機會？

Yes. Thanks very much. What we're seeing actually is probably a flatter RPI, and that's mostly because we are a leader across all the subclasses in marine, and we leverage our position. So if we're writing the cargo, the hull, the (inaudible), et cetera, et cetera, et cetera, but then also being able to look at maybe are we a property participant on their program and using all that leverage as a leader is giving us a differentiated position.

是的。非常感謝。我們現在看到的可能是 RPI 曲線更加平緩，這主要是因為我們在海軍陸戰隊的所有子類別中都處於領先地位，我們利用了我們的地位。所以，如果我們寫的是貨物、船體、（聽不清楚）等等等等，但同時也要考慮我們是否是他們專案的財產參與者，並利用所有這些優勢作為領導者，這將使我們獲得差異化的地位。

So I think we're more comfortable with marine than we are with aviation. We're also, as we've talked about before, seeing good opportunities in the construction lines there. So we're seeing new business, which again is helping our renewal book and kind of stabilizing RPIs, but we're much more comfortable with marine.

所以我覺得我們比較擅長航海而不是航空。正如我們之前討論過的，我們也看到了那裡的建築業蘊藏著良好的機會。所以我們看到了新的業務，這再次幫助我們的續保業務，並在某種程度上穩定了RPI，但我們對海運業務更有信心。

And then when you were talking about the strong flow of business from admitted into E&S and property, it sounded like you're really highlighting the homeowners piece. Are you still seeing flow on the commercial property side? Or maybe it's still coming in, but you're not really just hitting the same buying rates? Maybe just some more color on E&S property.

然後，當你談到從 E&S 和房地產領域獲得的強勁業務流量時，聽起來你似乎非常強調房主業務。商業不動產方面的業務流動還在持續嗎？或者也許貨源還在流入，但你並沒有真正達到相同的購買價格？或許可以再給E&S地產增添一些色彩。

We're still seeing -- it's Dan again. No, we're still seeing opportunity on the commercial side. I mean, I think D&F is more competitive, but we're seeing opportunity because we can deploy meaningful capacity. We've built up strong relations with both brokers and clients. We're relevant. We get to see the business first.

我們仍然看到——又是丹。不，我們仍然看到商業方面的機會。我的意思是，我認為D&F更有競爭力，但我們看到了機遇，因為我們可以部署大量的產能。我們與經紀人和客戶都建立了牢固的關係。我們很重要。我們可以先參觀這家企業。

So we're kind of a go-to market. But yes, we are seeing opportunity across those two occupancies.

所以我們就像是首選市場。是的，我們看到這兩個領域的投資機會。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通。

Maybe first off for Allan, you had referenced the longer earnings pattern for asset-backed business affecting NPE this quarter. I was wondering if you could quantify how much NPE would have been had you written just regular annual renewal business, right? Just trying to size how much of a potential drag we should account for in the next three or four quarters.

首先，對於 Allan 來說，你提到了資產支持型業務的長期獲利模式會影響本季的不良貸款率。我想知道，如果您只承保常規的年度續保業務，您能否量化一下不良貸款率 (NPE) 會是多少？我們只是想估算一下未來三到四個季度可能出現的拖累因素有多大。

And I suppose after that, it should be a tailwind, right, because it won't show up in NPW, but any way to sort of like frame and size that drag that showed up this quarter?

我想在那之後，應該會是順風吧，對吧，因為它不會出現在NPW上，但是有沒有辦法大致了解一下本季出現的阻力呢？

Hi, Pablo, it's Allan. Yes, I think important to remember that our net premium earned for the year to date has grown 7%, which is in line with the gross premium written of 8%. So it is in line year to date, a little bit more noise in the current quarter, and it can fluctuate quarter to quarter. As I mentioned, it's largely due to business mix, as you mentioned, asset-backed finance and portfolio credit.

嗨，Pablo，我是Allan。是的，我認為重要的是要記住，我們今年迄今為止的淨保費收入增長了 7%，這與 8% 的毛保費收入相符。所以今年迄今基本上符合預期，本季波動稍大，而且季度之間可能會有波動。正如我之前提到的，這主要是由於業務組合，正如你所提到的，資產支持融資和投資組合信貸。

But I think for now, the trend that we've had year to date is more in the way to look at how to earn a pattern, how to earn our premium going forward. But we'll certainly let you know as this evolves over the next few quarters.

但我認為就目前而言，我們今年迄今為止的趨勢更多的是專注於如何建立某種模式，如何在未來賺取我們的保費。但在接下來的幾個季度裡，隨著事態的發展，我們一定會及時通知您。

Understood. Okay. And then second question, the third quarter was light on catastrophes for the overall industry. And this is more of a hypothetical, I suppose, right? So I was curious if you had some perspective on how much better you -- or how your performance would have been, right, in a more normal storm season, recognizing that you've been historically underwritten in the Southeast US anyway. But any perspective on how much this actual period helped or detracted from a normal quarter for you?

明白了。好的。第二個問題是，第三季整個產業發生的災難較少。這更多的是一種假設，對吧？所以我很好奇，您是否對在更正常的風暴季節中您的表現會有多好有什麼看法——或者說，您的表現會有多好，要知道，您在美國東南部的保險承保範圍歷來都比較小。但您認為這段時間對您正常的季度業績究竟是促進還是阻礙了呢？

Hi, Pablo, it's Johnny here. I'll take that one. I think for us, it's important to remember that we combine large losses with CAT losses. So we also have fire type losses, events like that coming through on our property D&F book as well as man-made marine losses as well. And we've had a couple of those as we disclosed in the quarter.

嗨，Pablo，我是Johnny。我選那個。我認為對我們來說，重要的是要記住，我們將大額損失與巨災損失結合起來考慮。因此，我們的財產損失和財產損失帳簿上也會記錄火災類型的損失，以及人為造成的海洋損失。正如我們在本季度披露的那樣，我們已經遇到了幾起這樣的情況。

So if you look at our CATs overall for the insurance pillar, yes, it's better than we would have guided to before, but not that significantly. It feels like it's slightly better than normal quarter in insurance overall. Reinsurance has had a great time, and that's been the driver of the fantastically low loss ratio we've seen on that and a real helper towards our combined ratio in the quarter.

因此，如果你看一下我們保險支柱的整體巨災損失情況，是的，它比我們之前預期的要好，但並沒有顯著改善。感覺保險業整體情況比平常略好。再保險業務表現出色，這正是我們看到該業務賠付率極低的主要原因，也是本季綜合賠付率下降的真正助力。

Certainly, on that, it's been a light quarter in terms of CAT experience. And you can see if that was lifted up to a more normal level, what that would have done to the result, but it still would have been well in line with our long-term guided levels.

當然，就 CAT 經驗而言，本季確實比較輕鬆。你可以看到，如果將其提升到一個更正常的水平，會對結果產生什麼影響，但它仍然會與我們長期指導的水平非常吻合。

Leon Cooperman, Omega.

萊昂庫柏曼，歐米茄。

I'm still somewhat confused and I admit your valuation just seems out of line with what makes sense. And is your makeup as a company sufficiently different than the industry that it would discourage anybody from coming to look at [us]?

我仍然有些困惑，而且我承認你的估值似乎不太合理。貴公司的經營理念是否與行業其他公司有足夠大的差異，以至於會阻礙人們前來參觀？[我們]？

Thanks, Leon. It's Dan here. No, I don't think it's any different. In fact, we would argue it's kind of more efficient as we're able to pick out the very best of the underwriting in the market.

謝謝你，萊昂。我是丹。不，我覺得沒什麼差別。事實上，我們認為這種方式效率更高，因為我們能夠挑選出市場上最好的核保公司。

We're in a supercharged M&A environment, I would be shocked with your multiple at 5 and the industry -- the insurance industry multiple is almost twice that and that you wouldn't be the beneficiary of somebody coming to try and consolidate with us.

我們正處於併購活動異常活躍的環境中，如果你們的估值倍數只有 5 倍，我會感到非常震驚——保險業的估值倍數幾乎是你們的兩倍，而且如果有人試圖與我們進行合併，你們也不會從中受益。

Sorry, I can't quite hear you.

抱歉，我聽不太清楚。

What I'm saying is we're in a slow-growing world and companies are looking to grow and revenues. You have nice revenues in the insurance business. They're selling at a valuation far below your peer group. And I don't know you can see your peer group with the reinsurance peers or the primary insurance carriers, they're all selling at significant multiple premiums to us.

我的意思是，我們身處在一個成長緩慢的世界，公司都在尋求成長和收入。保險業收入很不錯。他們的估值遠低於同業。而且我不知道你是否能將你的同行群體與再保險同行或主要保險公司進行比較，他們的保費都是我們的好幾倍。

Yes. Got it. So I think -- it's Dan, it's an interesting question. Obviously, given some of the recent activity in the M&A market, for us, the focus will remain on executing the current strategy, building on this quarter, delivering strong quarters consistently, I think, is really important. Getting the strategy narrative out there that people are familiar that we're centered on disciplined underwriting.

是的。知道了。所以我覺得──丹，這是一個有趣的問題。顯然，鑑於近期併購市場的活躍程度，對我們來說，重點仍將是執行當前的策略，在本季度的基礎上繼續努力，持續取得強勁的季度業績，我認為這非常重要。向公眾傳達我們的策略理念，讓人們了解我們以嚴謹的承保為中心。

We can deliver organic growth. And really, we're all about building long-term value for the shareholders. We're monitoring the M&A world. Obviously, there's been a lot of noise, especially in the last quarter, and we're aware of industry development, but we've really got to focus on our plan. And if that's of interest, fair enough.

我們可以實現內生成長。事實上，我們所做的一切都是為了創造股東長期價值。我們正在密切關注併購市場動態。顯然，最近一段時間以來，各種噪音很多，尤其是上個季度，我們也了解行業發展情況，但我們必須真正專注於我們的計劃。如果這方面你有興趣，那也無可厚非。

But I think we're expanding with the partnership, we're expanding with new relationships, and that will deliver excellent results, which we think is the best path to sustainable growth. But it's interesting. It's been an active quarter. We do monitor it, but we just got to focus on what we can do, what we can control.

但我認為，透過合作，透過建立新的關係，我們正在不斷擴大規模，這將帶來卓越的成果，我們認為這是實現永續成長的最佳途徑。但這很有意思。這個季度非常忙碌。我們會關注此事，但我們必須專注於我們能做的事情，我們能控制的事情。

How do you compare the relative attraction of your stock repurchase versus (technical difficulty). Shouldn't it be attractive?

您如何比較股票回購與…的相對吸引力（技術難題）難道它不應該很有吸引力嗎？

Yes. I think we all feel our valuation, we're undervalued, but we understand it takes time delivering consistent results, demonstrating good underwriting, demonstrating good capital management, increasing book value. If we can continue to do that, the valuation will find a level that we think we should be trading at, which is above book.

是的。我認為我們都感覺到了自身的估值，我們被低估了，但我們也明白，持續取得業績、展現良好的承銷能力、展現良好的資本管理能力、提高帳面價值都需要時間。如果我們能夠繼續這樣做，估值就會達到我們認為應該交易的水平，即高於帳面價值。

And we look at the quarter, it's a fantastic quarter, 79% combined 21.4% ROAE, well ahead of our target metrics, as you pointed out. So I think that's really important.

讓我們來看這個季度，這是一個非常棒的季度，綜合收益率達到 79%，ROAE 達到 21.4%，遠遠超過了我們的目標指標，正如您所指出的那樣。所以我認為這非常重要。

Yes. And I think just -- it's Allan, just to point out, we have added value through our buyback program. Since inception of our buyback program in 2024, we repurchased $248 million of shares and added $0.83 to our book value per share as a result of those activities.

是的。我想說的是——艾倫，我想指出的是，我們的回購計畫增加了價值。自 2024 年啟動股票回購計畫以來，我們已回購了 2.48 億美元的股票，並因此使每股帳面價值增加了 0.83 美元。

As Dan says, we have a great capital base that allows us to grow as well as buy back shares. We have purchased another $15 million post quarter end and still have $153 million remaining under our share buyback program. So we continue to add value through our capital management as well as our growth strategies, and we'll continue to do that in the current environment.

正如丹所說，我們擁有雄厚的資本基礎，這使我們能夠成長並回購股票。本季末我們又回購了價值 1,500 萬美元的股票，目前我們的股票回購計畫還剩 1.53 億美元。因此，我們將繼續透過資本管理和成長策略創造價值，在當前環境下，我們將繼續這樣做。

(Operator Instructions) Michael Zaremski, BMO Capital Markets.

（操作員說明）Michael Zaremski，BMO 資本市場。

Just wondering how the combined ratios coming from the new underwriting partners are relative to the Fidelis partnership and to the relative mid- to high 80s combined target?

我想知道新核保合作夥伴的綜合比率與Fidelis合作夥伴關係以及80%中高段的綜合目標相比如何？

Yes. Thanks, Mike. As we've mentioned before, when we entered the relationship with this network of underwriting partners in addition to the Fidelis partnership, it's a high hurdle. And we certainly make sure that the combined ratio expectations are at least as high as the TFP. It's early doors in terms of the results of those, but so far, everything is looking good.

是的。謝謝你，麥克。正如我們之前提到的，當我們除了與 Fidelis 建立合作關係之外，還要與這個承保合作夥伴網絡建立合作關係時，這是一個很高的門檻。我們當然要確保綜合比率預期至少與全要素生產力一樣高。現在判斷這些結果還為時過早，但到目前為止，一切看起來都不錯。

And certainly, they're meeting the combined ratio hurdles that we had expected through the first nine months of the year.

當然，他們也達到了我們在今年前九個月所預期的綜合比率目標。

That concludes today's question-and-answer session. I'd like to turn the call back to Dan Burrows for closing remarks.

今天的問答環節到此結束。現在我把電話轉回給丹·伯羅斯，請他作總結發言。

Thanks. We appreciate everyone joining us today. Thank you very much. And of course, if you do have any additional questions, we're here to take your calls. We thank you for your ongoing support, and hope you have a great day.

謝謝。感謝今天所有到場的朋友。非常感謝。當然，如果您還有其他問題，歡迎隨時致電給我們。感謝您一直以來的支持，祝福您今天過得愉快。

This concludes today's call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。