Greenlight Capital Re Ltd (GLRE) 2023 Q2 法說會逐字稿

Thank you for joining the Greenlight Capital Re's Second Quarter Earnings Conference. (Operator Instructions) I would like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the Investors section of the company's website at www.greenlightre.com. It is now my pleasure to turn the call over to David Sigmon, General Counsel at Greenlight Re. You may begin.

感謝您參加 Greenlight Capital Re 第二季度收益會議。 （操作員說明）我想提醒您，本次電話會議正在錄音，並將在活動結束後重播。音頻重播也將在公司網站 www.greenlightre.com 的投資者部分提供。現在我很高興將電話轉給 Greenlight Re 的總法律顧問 David Sigmon。你可以開始了。

Thank you, Diego. Joining us on the call today will be Chief Executive Officer, Simon Burton, Chairman of the Board, David Einhorn, and Chief Financial Officer, Faramarz Romer. On behalf of the company, I'd like to remind you that forward-looking statements may be made during this call and are intended to be covered by the safe harbor provisions of the federal securities laws. These forward-looking statements reflect the company's current expectations, estimates, and predictions about future results and are subject to risks and uncertainties.

謝謝你，迭戈。今天加入我們電話會議的包括首席執行官 Simon Burton、董事會主席 David Einhorn 和首席財務官 Faramarz Romer。我謹代表公司提醒您，本次電話會議期間可能會做出前瞻性陳述，並且這些陳述將受到聯邦證券法安全港條款的涵蓋。這些前瞻性陳述反映了公司當前對未來業績的預期、估計和預測，並受到風險和不確定性的影響。

As a result, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may impact future performance, investors should review the periodic reports that are filed by the company with the SEC from time to time. Additionally, management may refer to certain non-GAAP financial measures.

因此，實際結果可能與明示或暗示的結果存在重大差異。有關可能影響未來業績的風險和其他因素的更多信息，投資者應查看公司不時向 SEC 提交的定期報告。此外，管理層可能會參考某些非公認會計準則財務指標。

The reconciliations to these measures can be found in the company's filings with the SEC, including the company's Form 10-Q for the second quarter ended June 30, 2023. The company undertakes no obligation to publicly update or revise any forward-looking statements. With that, it is now my pleasure to turn the call over to Simon.

這些措施的調節可以在公司向 SEC 提交的文件中找到，包括公司截至 2023 年 6 月 30 日的第二季度的 10-Q 表。公司不承擔公開更新或修改任何前瞻性聲明的義務。現在，我很高興將電話轉給西蒙。

Thanks, David. Good morning, everyone. Thank you for joining us. For the second quarter of 2023, we reported strong growth in book value per share of 9.9% and net income of $49.9 million. This result was led by outperformance in the SILP funds, along with contributions from our underwriting operations and other investment income.

謝謝，大衛。大家，早安。感謝您加入我們。 2023 年第二季度，我們報告每股賬面價值強勁增長 9.9%，淨利潤達 4990 萬美元。這一結果得益於 SILP 基金的優異表現，以及我們的承保業務和其他投資收入的貢獻。

Starting with the underwriting results. The combined ratio of 96.2% was impacted by 7.3 points of catastrophe losses, primarily severe storm losses in the U.S. Individually, these storms aren't large enough to attach to catastrophe layers. Instead, as we mentioned on our Q1 call, we are seeing these claims through our exposure to a single homeowners' property program.

從承保結果開始。 96.2% 的綜合比率受到 7.3 個百分點的災難損失的影響，主要是美國的嚴重風暴損失。單獨而言，這些風暴的規模不足以附著在災難層上。相反，正如我們在第一季度電話會議中提到的那樣，我們通過對單一房主財產計劃的接觸看到了這些索賠。

The severe storm activity in the U.S. has been extraordinarily high since late December of 2022. Although we expect to see a rapid performance improvement in this class as rate increases accelerate and severe storm frequency abates in the second half of the year.

自 2022 年 12 月下旬以來，美國的強風暴活動一直異常頻繁。儘管我們預計，隨著下半年速率的加快和強風暴頻率的減弱，此類性能將迅速改善。

Severe storms aside, our performance is exactly as I would expect. We have taken full advantage of the hard market conditions, and we are starting to see the improvement in rates reflected in our combined ratio, excluding catastrophes. We expect to see continued improvements as business written in 2023 earns through over the next few quarters.

除了嚴重的風暴之外，我們的表現完全符合我的預期。我們充分利用了嚴峻的市場條件，並且開始看到我們的綜合比率（不包括災難）反映出利率的改善。我們預計，隨著 2023 年業務在未來幾個季度的盈利，我們將看到持續改善。

Turning to our top line production. We grew net written premium in the second quarter to $145.2 million, an increase of 13.8% compared to the second quarter of 2022. Important to note, however, is that the growth is not spread evenly across all classes. We have identified exceptional margin opportunities in specific areas such as commercial property, which includes property catastrophe and in marine and other specialty lines.

轉向我們的頂級生產線。我們第二季度的淨承保保費增長至 1.452 億美元，與 2022 年第二季度相比增長了 13.8%。但值得注意的是，增長並未均勻分佈在所有類別中。我們在商業地產（包括房地產災難）以及海洋和其他專業領域等特定領域發現了特殊的利潤機會。

In these classes, we grew net written premium by an average of 67%, compared to the second quarter of 2022. Conversely, our net written premium reduced materially in 2 areas. First, in workers' compensation, we are more cautious about future inflationary risk than the market clearing price seems to imply.

在這些類別中，與 2022 年第二季度相比，我們的淨承保保費平均增長了 67%。相反，我們的淨承保保費在 2 個領域大幅下降。首先，在工人賠償方面，我們對未來的通脹風險比市場出清價格似乎暗示的更加謹慎。

And second, the reduction in the financial class is driven more by our timing and mortgage business. which can be lumpy from a top line perspective as we periodically replace maturing tranches of exposure. We are still generally positive about the mortgage class and expect to add new exposure over the coming year.

其次，金融類別的減少更多是由我們的計時和抵押貸款業務推動的。當我們定期更換到期的暴露部分時，從收入的角度來看，這可能會很不穩定。我們仍然對抵押貸款類別總體持樂觀態度，並預計在來年增加新的風險敞口。

As we consider our underwriting outlook, it is excellent overall. We have not seen a significant increase in the supply of rated or ILS capital, which appears to be constrained by historic performance concerns. And we believe that there is latent demand for catastrophe reinsurance due to affordability issues, which should unlock as property insurance rates increase. This demand will be bolstered by upward revisions in vendor cat model assumptions.

當我們考慮我們的承保前景時，總體而言非常出色。我們尚未看到評級或 ILS 資本供應量顯著增加，這似乎受到歷史業績擔憂的限制。我們認為，由於負擔能力問題，巨災再保險存在潛在需求，隨著財產保險費率的上升，這種需求應該會釋放。供應商巨災模型假設的向上修正將支撐這一需求。

Turning to a brief update on our innovation business. We made 3 new investments during the quarter, each characterized by a vision for differentiated insurance products that we believe could ultimately strengthen our underwriting business. Our investment carried values did not change materially during the quarter as there were few measurement events, although our partners continue to execute their business plans.

接下來簡要介紹一下我們的創新業務。我們在本季度進行了 3 項新投資，每項投資的特點都是對差異化保險產品的願景，我們相信這些產品最終可以加強我們的承保業務。儘管我們的合作夥伴繼續執行他們的業務計劃，但我們的投資賬面價值在本季度沒有發生重大變化，因為幾乎沒有測量事件。

Our innovations platform is an attractive and differentiating driver of our business model and it is a key element of our long-term strategy. Finally, I'd like to thank our shareholders for the vote of confidence reflected in all of our Annual General Meeting proposals passing last week. This included reelection of all directors, approval of a new stock incentive plan that will continue to promote the interests of the company and our shareholders by directly linking compensation with company performance for years to come. And elimination of the company's previous dual-class share structure, which simplifies and improves our capital structure.

我們的創新平台是我們業務模式的有吸引力和差異化的驅動力，也是我們長期戰略的關鍵要素。最後，我要感謝我們的股東對我們上週通過的所有年度股東大會提案所投的信任票。這包括重新選舉所有董事、批准新的股權激勵計劃，該計劃將通過將薪酬與公司未來幾年的業績直接掛鉤，繼續促進公司和股東的利益。並取消了公司以前的雙層股權結構，從而簡化和改善了我們的資本結構。

We also welcome Daniel Reitman, who brings decades of financial services and senior leadership experience as a valuable addition to our Board. Dan is, of course, already intimately familiar with our company, thanks to his years of service as an alternate director as well as a Director of our Irish subsidiary. I congratulate Dan and look forward to working with him in this new capacity. Now I'd like to turn the call over to David.

我們還歡迎 Daniel Reitman，他為我們的董事會帶來了數十年的金融服務和高級領導經驗，為我們的董事會帶來了寶貴的補充。當然，丹對我們公司已經非常熟悉，這要歸功於他多年來擔任我們愛爾蘭子公司的候補董事和董事。我向丹表示祝賀，並期待以新的身份與他合作。現在我想把電話轉給大衛。

Thanks, Simon, and good morning, everyone. The Solasglas fund gained 10.9% in the second quarter. Our loans contributed 18% and macro added 0.3%. Our single-name short portfolio and index shorts detracted 4.3% and 1.2%, respectively.

謝謝西蒙，大家早上好。 Solasglas 基金第二季度上漲 10.9%。我們的貸款貢獻了 18%，宏觀貢獻了 0.3%。我們的單一名稱空頭投資組合和指數空頭分別下跌 4.3% 和 1.2%。

During the quarter, the S&P 500 Index advanced 8.7%. Long (inaudible) Green Brick Partners, CONSOL Energy, Tenet Healthcare and our U.S. interest rate derivatives were the largest positive contributors to the quarterly result. An S&P 500 index short, 2 single lane short positions in Gold were our largest detractors.

本季度，標準普爾 500 指數上漲 8.7%。 Long（聽不清）Green Brick Partners、CONSOL Energy、Tenet Healthcare 和我們的美國利率衍生品是季度業績的最大積極貢獻者。標普 500 指數空頭頭寸、2 個單線黃金空頭頭寸是我們最大的批評者。

Green Brick shares advanced another 62% in the second quarter bringing its 2023,1st half return to 134%. The company posted exceptional first quarter results, beating on new orders, closings and bottom line EPS. Sell-side analysts have been taking up current year earnings expectations all year as consensus estimates began 2023 at $3.17 per share, and as of yesterday, were $5.16 per share.

Green Brick 股價第二季度再上漲 62%，2023 年上半年回報率達到 134%。該公司公佈了出色的第一季度業績，新訂單、成交量和每股收益底線均優於預期。賣方分析師全年都在研究本年度的盈利預期，2023 年開始的普遍預期為每股 3.17 美元，截至昨天為每股 5.16 美元。

The company reported second quarter numbers last night and again dramatically exceeded consensus estimates. CONSOL Energy returned 19% during the second quarter. With this earnings release, the company updated its capital allocation strategy and guided to a new policy of returning at least 75% of its free cash flow to investors with a preference for stock buybacks over cash dividends.

該公司昨晚公佈了第二季度的業績，再次大幅超出市場普遍預期。 CONSOL Energy 第二季度回報率為 19%。在本次財報發布後，該公司更新了其資本配置策略，並製定了一項新政策，將至少 75% 的自由現金流返還給優先考慮股票回購而非現金股息的投資者。

And the healthcare shares gained 37% during the quarter as the company announced first quarter results that beat expectations and also raised estimates for the remainder of the year. As the ambulatory service center strategy continues to show progress. During the quarter, the market came around to share our belief that the Federal Reserve is unlikely to cut interest rates this year, which benefited our U.S. rates macro position.

由於該公司公佈的第一季度業績超出預期，並上調了今年剩餘時間的預期，醫療保健股在本季度上漲了 37%。隨著流動服務中心戰略不斷取得進展。本季度，市場與我們一致認為美聯儲今年不太可能降息，這有利於我們的美國利率宏觀立場。

We maintained our net exposure within a band that we deem to be neutral. The first half of 2023 was an extremely difficult period for shorting as animal spirits return to the anti-value pockets of the market. While inflation has been moderating, we expect that it will remain stickier than the market expects and has a reasonable chance to reaccelerate from here. If so, this will complicate the job of the Fed in the second half of the year and adds risks that the growing complacency on inflation could need to be reevaluated by the market. As a result, we've added some equity index shorts.

我們將淨敞口維持在我們認為中性的範圍內。隨著動物精神重新回到市場的反價值領域，2023 年上半年是做空極其困難的時期。儘管通脹一直在放緩，但我們預計通脹仍將高於市場預期，並有可能從目前水平重新加速。如果是這樣，這將使美聯儲下半年的工作變得更加複雜，並增加了市場可能需要重新評估日益增長的通脹自滿情緒的風險。因此，我們增加了一些股指空頭。

The Solasglas portfolio lost 0.007% in July and has returned 8.9% year-to-date in 2023. Net exposure in the investment portfolio was approximately 40% at the end of July. As a result of the shareholder vote, we collapsed the company's dual-class structure and further simplified the capital structure by repaying the convertible notes.

Solasglas 投資組合 7 月份下跌 0.007%，2023 年迄今已回報 8.9%。截至 7 月底，投資組合的淨敞口約為 40%。股東投票的結果是，我們瓦解了公司的雙層結構，並通過償還可轉換票據進一步簡化了資本結構。

I now hold 17.7% of the ordinary shares. We're pleased with the progress we've made at Greenlight Re in 2023. And while there's a wide range of potential outcomes in the equity markets at the current juncture remain constructive with our ability to generate good risk-adjusted returns. Now I'd like to turn the call over to Faramarz to discuss the financial results.

我現在持有17.7%的普通股。我們對 Greenlight Re 在 2023 年取得的進展感到滿意。儘管目前股市存在多種潛在結果，但我們有能力產生良好的風險調整回報，因此仍然具有建設性。現在我想將電話轉給 Faramarz，討論財務業績。

Thank you, David, and good morning, everyone. Our net income for the second quarter of 2023, was $49.9 million or $1.32 per diluted share. Compared to a net income of $14.8 million or $0.37 per diluted share in the comparable period in 2022. For the first half of 2023, we earned net income of $55.7 million or $1.49 per diluted share compared to a net income of $9.1 million or $0.23 per diluted share in the first half of 2022.

謝謝大衛，大家早上好。我們 2023 年第二季度的淨利潤為 4990 萬美元，即稀釋後每股收益 1.32 美元。相比之下，2022 年同期淨利潤為1480 萬美元，即每股攤薄收益0.37 美元。2023 年上半年，我們的淨利潤為5570 萬美元，即每股攤薄收益1.49 美元，而淨利潤為910萬美元，即每股攤薄收益0.23 美元。 2022年上半年攤薄份額。

We reported an underwriting income of $5.4 million during the second quarter and a combined ratio of 96.2% compared to an underwriting income of $9.3 million and a combined ratio of 91.6% during the equivalent 2022 period. The underwriting income was impacted by $10.2 million or 7.3% combined ratio points of catastrophe and weather events related to the severe storms in the United States during the second quarter of 2023.

我們報告第二季度的承保收入為 540 萬美元，綜合成本率為 96.2%，而 2022 年同期的承保收入為 930 萬美元，綜合成本率為 91.6%。承保收入受到與 2023 年第二季度美國嚴重風暴相關的災難和天氣事件的 1,020 萬美元或 7.3% 綜合比率點的影響。

By comparison, we had no cat losses during the same quarter of 2022. Adjusting for catastrophe event losses, our current year loss ratio decreased 1.7 percentage points to 56.1% compared to 57.8%, during the comparable period in 2022. Our net written premiums increased by $17.6 million or 13.8%, to $145.2 million compared to the same quarter in 2022.

相比之下，我們在2022 年同一季度沒有發生巨災損失。對巨災事件損失進行調整後，我們本年度的損失率下降了1.7 個百分點，達到56.1%，而2022 年同期為57.8%。我們的淨承保保費有所增加與 2022 年同季度相比，增長 1,760 萬美元，達到 1.452 億美元，即 13.8%。

The net earned premiums increased by $29.7 million or 27% compared to the same quarter in 2022. I will now briefly discuss the second quarter performance for each category, property, casualty and specialty. Within our property book, we saw an increase in net premiums written of $9.5 million or 56.5% mainly driven by commercial property business.

與 2022 年同季度相比，淨賺取保費增加了 2970 萬美元，即 27%。我現在將簡要討論財產險、意外險和專業險等每個類別的第二季度業績。在我們的財產賬簿中，我們看到淨承保保費增加了 950 萬美元，即 56.5%，主要是由商業地產業務推動的。

The property book was negatively impacted by the U.S. severe storms, primarily related to one program, as Simon mentioned. As a result, the composite ratio for the Property business was 122.2% for the quarter compared to 72.6% in 2022. Our casualty net premiums written grew by $9 million or 11.9%, primarily driven by general liability business.

正如西蒙提到的，房地產賬簿受到美國嚴重風暴的負面影響，這主要與一項計劃有關。因此，本季度財產業務的綜合比率為 122.2%，而 2022 年為 72.6%。我們的傷亡淨承保保費增長了 900 萬美元，即 11.9%，主要由一般責任業務推動。

The growth in general liability business was partially driven by our innovation partnerships and partially through new contracts bound in 2023. This increase was net of the reduction in the workers' compensation line, as Simon mentioned. The composite ratio for the casualty business improved to 91.4% in this quarter compared to 92.8% during the second quarter of 2022.

一般責任業務的增長部分是由我們的創新合作夥伴關係推動的，部分是通過 2023 年簽訂的新合同推動的。正如西蒙提到的，這一增長扣除了工人賠償額度的減少。本季度傷亡業務的綜合比率提高至 91.4%，而 2022 年第二季度為 92.8%。

Our specialty net premiums written was down slightly by $1 million or 2.8%. The decrease was due to fluctuations in our mortgage premiums, as Simon mentioned earlier. However, this decrease was mostly offset by growth in our Marine and Energy business. The composite ratio for the specialty business improved to 76.7% and compared to 84.0% during the second quarter of 2022. We reported total net investment income of $42.2 million during the second quarter of 2023 compared to $17.2 million for the second quarter of 2022.

我們的特種險淨保費小幅下降了 100 萬美元，即 2.8%。正如西蒙之前提到的，下降的原因是我們的抵押貸款保費波動。然而，這一下降大部分被我們的海洋和能源業務的增長所抵消。專業業務的綜合比率提高至 76.7%，而 2022 年第二季度為 84.0%。我們報告 2023 年第二季度的淨投資收入總額為 4220 萬美元，而 2022 年第二季度為 1720 萬美元。

We earned $32.8 million from our investment in the Solasglas fund and earned $9.4 million of other investment income primarily from interest income earned on our restricted cash, which benefited from higher interest rates compared to the same period in 2022.

我們通過對Solasglas 基金的投資賺取了3280 萬美元，並賺取了940 萬美元的其他投資收入，主要來自我們的限制性現金賺取的利息收入，這得益於與2022 年同期相比更高的利率。

Other non-underwriting income was $7.6 million during the second quarter of 2023. Other income primarily related to investment income on the funds withheld by Deloitte syndicates and foreign exchange gains driven by the strengthening of the pound sterling during the quarter. Total general and administrative expenses incurred during the quarter were $10.0 million up from $8.1 million in the second quarter of 2022. The increase related primarily to personnel costs, professional fees and technology expenses.

2023 年第二季度其他非承銷收入為 760 萬美元。其他收入主要與德勤銀團代扣資金的投資收入以及本季度英鎊走強帶來的外匯收益相關。本季度產生的一般和管理費用總額為 1,000 萬美元，高於 2022 年第二季度的 810 萬美元。這一增長主要與人員成本、專業費用和技術費用有關。

At the end of the second quarter, our fully diluted book value per share was $16.21, an increase of 9.9% from March 31, 2023, and an increase of 15% from June 30, 2022. As we previously announced, the company has secured a 3-year term loan facility for the primary purpose of repaying the convertible notes that matured on August 1, 2023. The details of the loan agreement were included in our Form 8-K filed on June 22, 2023. Now I'll turn the call back to the operator, who will open it up for questions.

第二季度末，我們的每股完全攤薄賬面價值為16.21美元，較2023年3月31日增長9.9%，較2022年6月30日增長15%。正如我們之前宣布的，公司已獲得一項為期3 年的定期貸款融資，主要目的是償還2023 年8 月1 日到期的可轉換票據。貸款協議的詳細信息包含在我們於2023 年6 月22 日提交的8-K 表格中。現在我將轉給接線員回電，接線員會打開電話詢問問題。

(Operator Instructions) Our first question comes from Benjamin Billiard with (inaudible).

（操作員說明）我們的第一個問題來自 Benjamin Billiard（聽不清）。

I hope you can hear me fine. Two questions, please. First question on reserve development. You booked $12 million adjustment in Q1. That's over 1.8 negative adjustment in Q2. I would try to -- like to get a comment from you on the level of prudence embedded in the new set of assumptions. So that's the first question.

我希望你能好好聽我說話。請教兩個問題。第一個問題關於儲備開發。您在第一季度預訂了 1200 萬美元的調整。第二季度負調整超過 1.8。我想請您對新假設中的謹慎程度發表評論。這是第一個問題。

Second question, in the release, you noted continued improvement in pricing in the July 1 renewal season. I was curious whether this was basically a sequential improvement compared to the Jan 1 conditions. So wherever the environment is improving further from -- the good environment as noted in Jan. And yes, final question on capital allocation. Can you rank for us basically your priority between growing the business and a share buyback? And that's all for me.

第二個問題，在新聞稿中，您注意到 7 月 1 日續訂季的定價持續改善。我很好奇，與 1 月 1 日的情況相比，這是否基本上是一個連續的改善。因此，無論環境在哪裡進一步改善——一月份提到的良好環境。是的，最後一個問題是關於資本配置的。您能否為我們介紹一下您在發展業務和股票回購之間的優先順序？這就是我的全部。

This is Simon. So on your first question on reserve adequacy or redundancy, look at every point in time, we estimate and evaluate our reserves at best estimate. And that is a consistent objective. They vary from time to time because we get new data, which causes us to amend our best estimates. But at every point in time, we strive for consistency in the quality of reserves around our best estimate valuation.

這是西蒙.因此，關於您關於儲備充足性或冗餘性的第一個問題，請查看每個時間點，我們以最佳估計來估計和評估我們的儲備。這是一個始終如一的目標。由於我們獲得新數據，它們會不時發生變化，這導致我們修改我們的最佳估計。但在每個時間點，我們都會圍繞我們的最佳估計估值努力確保儲備質量的一致性。

I will add one observation, which is in a period of excess inflation, which is what we've experienced over the last year or more, I appreciate the inflation appears to be abating somewhat today. Everybody in our industry gets reserves wrong, usually on the low side. We're simply not pricing in that excess inflation as we write products 4 or 5 years ago.

我要補充一個觀察結果，那就是在過度通貨膨脹時期，這是我們在過去一年或更長時間裡經歷的情況，我很欣賞今天的通貨膨脹似乎有所減弱。我們行業中的每個人都誤會了儲備金，通常都偏低。當我們四五年前編寫產品時，我們根本沒有將過度通脹定價。

So all other things equal, in that period of excess inflation, you might expect a bit of upward pressure on the reserves for all good reasons. But back to my original answer. At every point in time, we strive for best estimate. So on the second question, the pricing at July 1 and whether there's a sequential improvement from January, it's a good one.

因此，在其他條件相同的情況下，在通貨膨脹過度的時期，您可能會出於各種充分的理由預期準備金會面臨一些上行壓力。但回到我原來的答案。在每個時間點，我們都力求最佳估計。所以關於第二個問題，7月1日的定價以及與1月份相比是否有連續的改善，這是一個很好的問題。

The fact is the business that's in July is of a different characteristic to January, particularly on the cat side. The cat business in January tends to be a global cat, except for Japan, which tends to be April 1 and July -- June and July is Florida Southeast. So June and July were dominated by Southeast Camp placements, Florida, primarily. So it's very difficult to compare sequential changes in quality of pricing in different tranches of business.

事實上，七月的業務與一月有不同的特徵，特別是在貓方面。 1月份的貓生意往往是全球性的貓，除了日本，往往是4月1日和7月——6月和7月是佛羅里達州東南部。因此，六月和七月主要是佛羅里達州東南部營地的安置。因此，很難比較不同業務部門定價質量的連續變化。

So there were significant improvements in July and June in Florida, no doubt over and above last year. Would I judge those to be sequentially better than January subjectively perhaps. I think the upwards pressure on pricing still remains. There's all sorts of reasons for that demand, supply is not flooded back into the market, as I said in my prepared remarks.

因此，佛羅里達州 7 月和 6 月的情況無疑比去年有了顯著改善。我是否會主觀地判斷這些連續比一月更好？我認為價格上漲的壓力仍然存在。正如我在準備好的發言中所說，需求和供應沒有大量湧回市場有各種各樣的原因。

So we've not seen a full reemergence of ILS capacity in our vendor models are ticking up, although that did come a bit too late for the June renewals in Florida. So there are a number of reasons why both supply is constrained from investor sentiment and demand is propped up by a combination of improved affordability and model reestimation.

因此，我們還沒有看到我們的供應商模型中的 ILS 容量完全重新出現，儘管這對於佛羅里達州 6 月份的更新來說確實有點太晚了。因此，供應受到投資者情緒的限制，而需求則受到承受能力改善和模型重新估計的共同支撐，原因有很多。

So we're very optimistic across our book, not just in cat about the prospects for our business as we go through the next 6 to 12 months. Whether that will manifest as an equal sort of sequential assessment. In other words, renewals are as good as they were a year ago, that would be perfectly fine. We're in a great spot. There may be some improvements here and there.

因此，我們對未來 6 到 12 個月的業務前景非常樂觀，而不僅僅是在書中。這是否會表現為同等的順序評估。換句話說，續約和一年前一樣好，那就太好了。我們處於一個很好的位置。可能會有一些改進。

Certainly, 1 or 2 areas of -- 1 or 2 smaller class of business had some way to go, notably satellite. So there's a very large satellite loss at the beginning of July, which I expect will give us significant tailwind in that class, which currently is very small for us. So I'm very optimistic overall.

當然，一兩個較小的業務類別中的一兩個領域還有很長的路要走，尤其是衛星業務。因此，七月初有一個非常大的衛星損失，我預計這將為我們在該類別中帶來巨大的順風，而目前對我們來說這是非常小的。所以我總體上非常樂觀。

On your last question on capital allocation and the priority of, I believe, operational deployment versus share buybacks. We've had this question a number of times and we've always answered the same way, which is entirely truthfully, which is that we evaluate this equation for the benefit of our shareholders at all points in time. It's a standing conversation with the Board of Directors and we determine what is in the best interest of our shareholders at each stage.

關於你關於資本配置的最後一個問題，以及我認為運營部署與股票回購的優先順序。我們已經多次提出這個問題，而且我們總是以同樣的方式回答，這是完全真實的，那就是我們在任何時候都為了股東的利益來評估這個方程。這是與董事會的長期對話，我們在每個階段確定什麼最符合股東的最佳利益。

And we appreciate and we're mindful through that process that the share buyback proposition has been exceptionally good. But an observation I have over the last 6 to 12 months is the operational opportunity has only increased. There's no doubt about that. And multiple has improved somewhat. So on a relative basis, you might expect that conversation to be a little easier in favor of the operational opportunity relative to a year ago.

我們很欣賞並且在整個過程中註意到股票回購提議非常好。但我在過去 6 到 12 個月的觀察結果是，運營機會只增不減。毫無疑問。並且倍數有所改善。因此，相對而言，您可能會認為與一年前相比，這次對話會更容易，有利於運營機會。

But again, we commit to performing that assessment on an ongoing basis, and we will always keep shareholder objectives and interest at the front of our minds.

但我們再次承諾持續進行評估，並且我們將始終將股東目標和利益放在首位。

(Operator Instructions) There are no additional questions at this time. Should you have any follow-up questions, please direct them to Karen Daily of the Equity Group at ir@greenlightre.ky, and she will be happy to assist you.

（操作員說明） 目前沒有其他問題。如果您有任何後續問題，請直接聯繫 Equity Group 的 Karen Daily，郵箱為 ir@greenlightre.ky，她將很樂意為您提供幫助。

This now concludes Greenlight Re's Second Quarter 2023 Earnings Conference Call. Thank you. You may now disconnect.

Greenlight Re 2023 年第二季度收益電話會議至此結束。謝謝。您現在可以斷開連接。