Hci Group Inc (HCI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to HCI Group's first-quarter 2026 earnings call. My name is Tom, and I will be your conference operator. (Operator Instructions)

下午好，歡迎參加 HCI Group 2026 年第一季財報電話會議。我叫 Tom，將擔任本次電話會議的接線員。（接線員指示）

Before we begin today's call, I would like to remind everyone that this conference call is being recorded and will be available for replay through June 6, 2026, starting later today. The call is also being broadcast live via webcast and available via webcast replay until May 6, 2027, on the Investor Information section of HCI Group's website at www.hcigroup.com.

在我們開始今天的電話會議之前，我想提醒各位，本次電話會議將被錄音，並將於今日稍晚開始提供重播，重播期限至 2026 年 6 月 6 日。本次電話會議亦透過網路直播，並可於 2027 年 5 月 6 日前在 HCI Group 網站 www.hcigroup.com 的「投資人資訊」專區收看網路重播。

I would now like to turn the call over to Nat Otis, HCI Investor Relations. Nat, please proceed.

現在我想把電話會議交給 HCI 投資人關係的 Nat Otis。Nat，請開始。

Thank you, and good afternoon. Welcome to HCI Group's first-quarter 2026 earnings call. To access today's webcast, please visit the Investor Information section of our corporate website at www.hcigroup.com.

謝謝，下午好。歡迎參加 HCI Group 2026 年第一季財報電話會議。如欲收看今天的網路直播，請造訪我們公司網站 www.hcigroup.com 的「投資人資訊」專區。

Before we begin, I'd like to take the opportunity to remind our listeners that today's presentation and responses to questions may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipate, estimate, expect, intend, plan and project and other similar words and expressions are intended to signify forward-looking statements.

在開始之前，我想藉此機會提醒各位聽眾，今天的簡報以及對提問的回覆可能包含依據 1995 年《私人證券訴訟改革法》所作之「前瞻性陳述」。例如 anticipate、estimate、expect、intend、plan、project 等字眼，以及其他類似用語與表述，旨在表示前瞻性陳述。

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have materially adverse effects on the company's business, financial condition and results of operations. HCI Group disclaims all the obligations to update any forward-looking statements.

前瞻性陳述並非對未來結果與狀況的保證，而是受到各種風險與不確定性影響。其中部分風險與不確定性已在公司向美國證券交易委員會（SEC）提交的文件中揭露。若任何風險或不確定性演變為實際事件，這些發展可能對公司的業務、財務狀況及營運成果造成重大不利影響。HCI Group 不承擔更新任何前瞻性陳述之義務。

Now with that, I'll turn the call over to Mark Harmsworth, Chief Financial Officer.

接下來，我將把電話會議交給財務長 Mark Harmsworth。

Thanks, Nat. Good afternoon, everyone, and thank you for taking the time to join us on our call today. This was another fantastic quarter. Pretax income grew by 15% from the same quarter last year to $115 million and diluted earnings per share were $5.45. This was the best first quarter ever for us as we continue to grow the top line, the bottom line and return on equity.

謝謝你，Nat。各位下午好，感謝大家撥冗參加今天的電話會議。本季再次表現非常出色。稅前淨利較去年同期成長 15% 至 1.15 億美元，稀釋後每股盈餘為 5.45 美元。隨著我們持續推動營收、獲利以及股東權益報酬率的成長，這是我們史上最佳的第一季表現。

Gross premiums earned grew by just over 8%, reflecting the full impact of the assumptions we completed in 2025. Total revenue grew by just over 12% as investment income and other income grew significantly. The increase in other income reflects revenue that Exzeo and Griston are generating, non-HCI business. The loss ratio this quarter was 20%, about the same as the first quarter last year, reflecting continued low claims and litigation frequency.

已賺取毛保費成長略高於 8%，反映我們在 2025 年完成的承接（assumptions）之完整影響。總營收成長略高於 12%，主要因投資收益與其他收入大幅成長。其他收入的增加反映 Exzeo 與 Griston 所產生的收入，屬於非 HCI 的業務。本季損失率為 20%，與去年第一季大致相同，反映理賠與訴訟發生頻率持續偏低。

We've been talking about the combined ratio for a while now. With where the business is, we are targeting a combined ratio of 60%, plus or minus 5%. For the full year 2025, the combined ratio was about 57%, and it was 57% again this quarter, illustrating the quality of our underwriting and our operating efficiencies.

我們談論綜合率已經有一段時間了。就目前業務狀況而言，我們的目標綜合率為 60%，上下浮動 5%。2025 全年綜合率約為 57%，而本季同樣為 57%，顯示我們承保品質與營運效率的優勢。

Let's turn to the balance sheet for a minute. With growing earnings and prudent capital management, the balance sheet continues to strengthen. Stockholder equity has doubled over just the last year to over $1 billion. We have just under $2 billion of cash and fixed-term securities. Book value per share is now almost $85 and the debt-to-cap ratio is only 6%.

接著我們花一點時間看資產負債表。在獲利成長與審慎的資本管理下，資產負債表持續強化。股東權益在短短一年內已翻倍，超過 10 億美元。我們持有接近 20 億美元的現金與定期（固定期限）證券。每股帳面價值目前接近 85 美元，負債對資本比率僅 6%。

In addition to the strong consolidated balance sheet, the underwriters are stronger than ever. As I mentioned earlier, gross premiums are up by 8% or so, but total surplus has grown by 22% over the last year to well over $0.5 billion. The gross leverage ratio is now less than 2.5, leaving plenty of room for additional growth without the need for surplus -- for new capital, sorry, and gives us additional security if there's a storm.

除了強健的合併資產負債表之外，我們的承保公司也比以往更強。如我先前提到，毛保費約成長 8%，但總盈餘（surplus）在過去一年成長 22%，達到遠高於 5 億美元。毛槓桿比率目前低於 2.5，使我們在不需要新增資本（更正：不需要新增盈餘——是指不需要新增資本，抱歉）的情況下仍有充足空間進一步成長，並在發生風暴時提供額外的安全緩衝。

We also have significant surplus in Claddaugh, which gives us considerable flexibility in our upcoming reinsurance program. As you know, we announced a buyback plan in March, under which we were authorized to purchase up to $80 million of stock, and we have been actively buying back shares under that plan. As of the end of March, we had used $17.5 million of the authorization, buying back approximately 110,000 shares.

我們在 Claddaugh 也擁有可觀的盈餘，讓我們在即將到來的再保險方案上具備相當大的彈性。如各位所知，我們在 3 月宣布了一項庫藏股回購計畫，授權我們最多可回購 8,000 萬美元的股票，且我們已在該計畫下積極回購股份。截至 3 月底，我們已使用 1,750 萬美元的授權額度，回購約 11 萬股。

Since the end of the first quarter, we have continued buying back shares. And at the end of April, we were up to a cumulative total of 239,000 shares purchased and have used about $37.5 million of the $80 million. In terms of holding company liquidity, we have just under $200 million of liquidity at the HCI level. This does not include the 75 million shares we own of Exzeo, which now trade publicly.

自第一季結束以來，我們持續回購股份。截至 4 月底，我們累計已回購 239,000 股，並已使用 8,000 萬美元授權額度中的約 3,750 萬美元。就控股公司流動性而言，我們在 HCI 層級擁有接近 2 億美元的流動性。此數字不包含我們持有的 Exzeo 7,500 萬股股份，該公司目前已公開交易。

Speaking of Exzeo, while our book value per share of almost $85 is impressive, I should mention that this does not include any unrealized gains on our ownership of Exzeo. If the fair value of Exzeo and our real estate portfolio were added, pro forma book value per share would be almost $145. This means that we are trading only about 10% above book value while generating record earnings and 35% after-tax return on equity.

談到 Exzeo，雖然我們接近 85 美元的每股帳面價值相當亮眼，但我必須指出，這並未包含我們持有 Exzeo 的任何未實現收益。若將 Exzeo 的公允價值以及我們的不動產投資組合一併納入，備考（pro forma）每股帳面價值將接近 145 美元。這表示，在我們創下紀錄獲利並產生 35% 稅後股東權益報酬率的同時，股價僅較帳面價值高出約 10%。

Wrapping up on the quarter, this has been another fantastic one for the company. 2025 was a record year for HCI and the first quarter of this year was even better. Revenue is growing, margins are expanding. We are generating record cash flows, have minimal debt and are generating superior returns on capital.

總結本季，對公司而言又是非常出色的一季。2025 年是 HCI 的創紀錄年度，而今年第一季表現更勝以往。營收持續成長，利潤率持續擴張。我們創造創紀錄的現金流，負債極低，並帶來優異的資本報酬。

And with that, I'll hand it over to Karin.

接下來，我把時間交給 Karin。

Thank you, Mark. We are very pleased with our start to 2026. We averaged more than $5.60 per share over the past five quarters and entered the second quarter with -- and we entered the second quarter with $1.3 billion in premiums in force spread across four carriers. It is important to point out that over half of our Citizens takeouts in 2025 were done by Tailrow, our second reciprocal exchange. Tailrow is now well positioned going forward with over $120 million of in-force premiums.

謝謝你，Mark。我們對 2026 年的開局感到非常滿意。過去五個季度，我們每股平均超過 5.60 美元，並以分布於四家承保公司的 13 億美元在保保費（premiums in force）進入第二季。重要的是要指出，2025 年我們從 Citizens 承接（takeouts）的業務中，超過一半是由 Tailrow（我們的第二家互惠交換機構，reciprocal exchange）完成。Tailrow 目前已具備良好發展態勢，在保保費超過 1.2 億美元。

All four of our carriers are now profitable inception to date, the last two having reached that milestone within a 12- to 15-month time span from inception. I bring this up to underscore our company philosophy. When we make strategic decisions, we take actions with purpose and precision.

我們旗下四家承保公司自成立以來至今皆已實現獲利，其中後兩家是在成立後 12 至 15 個月內達成此一里程碑。我提到這點，是為了強調我們的公司理念。當我們做出策略性決策時，我們會以明確目的與精準度採取行動。

Execution is critical in our line of work. In other words, starting an insurance carrier is not that challenging. Establishing a carrier that is profitable and in a relatively short period of time is much more difficult and takes experience, skill as well as some finesse.

在我們的工作領域中，執行力至關重要。換句話說，成立一家保險公司並不算太具挑戰。但要在相對短的時間內建立一家能夠獲利的保險公司則困難得多，且需要經驗、技能以及一定程度的巧勁。

With that in mind, I want to share that in the first quarter, we licensed a new reinsurance company, Fortex Reinsurance, domiciled in the Cayman Islands as a Class B insurer, making it our second reinsurance company and giving us even more flexibility to selectively retain risk and reduce the cost of third-party reinsurance. You may recall that our other reinsurer, Claddaugh is domiciled in Bermuda and has been very advantageous in our reinsurance placements.

基於此，我想分享的是，在第一季我們取得了一家新的再保險公司 Fortex Reinsurance 的執照，該公司設立於開曼群島，並以 B 類保險人（Class B insurer）身分註冊，成為我們的第二家再保險公司，讓我們在選擇性自留風險並降低第三方再保險成本方面擁有更大的彈性。各位或許記得，我們的另一家再保險公司 Claddaugh 設立於百慕達，並在我們的再保險安排中帶來了相當大的優勢。

Speaking of reinsurance, HCI is in the final phase of the June 1 reinsurance placements. We won't announce any specific details until everything is finalized since current market conditions are continuing to improve. As Mark noted, we announced the $80 million share repurchase authorization on March 3 and immediately entered the market on the 4.

談到再保險，HCI 正處於 6 月 1 日再保險安排的最後階段。由於目前市場狀況仍在持續改善，在一切最終敲定之前，我們不會公布任何具體細節。如 Mark 所提到的，我們於 3 月 3 日宣布了 8,000 萬美元的股票回購授權，並於 4 日立即進場。

We're not shy about our view that shares of HCI offer great value at the current price. Consistently high return on equity, strong earnings generation, a track record of value creation and our technology platform, Exzeo, are all compelling reasons for this confidence. In addition to earnings generation and value creation, HCI offers longer-term optionality as well.

我們毫不避諱地表達我們的看法：以目前價格而言，HCI 的股票具備很高的價值。持續維持高股東權益報酬率（ROE）、強勁的獲利能力、創造價值的過往紀錄，以及我們的科技平台 Exzeo，都是支撐這份信心的有力理由。除了獲利與價值創造之外，HCI 也提供更長期的選擇權價值。

Historically, we have taken advantage of market dislocation, acting quickly to deploy capital when opportunities present themselves. There will be an inflection point for our industry. In the meantime, we'll continue to serve our policyholders well, deliver strong operating results, return value to shareholders and look for additional ways to drive long-term growth in a measurable way.

從歷史來看，我們一向善於把握市場失衡的時機，在機會出現時迅速部署資本。我們的產業將出現一個轉折點。在此期間，我們將持續妥善服務保戶、交出強勁的營運成果、回饋股東價值，並尋找更多可量化推動長期成長的方法。

With that, let me turn it over to Paresh Patel for some final thoughts.

接下來，讓我把時間交給 Paresh Patel，請他做一些最後的補充。

Thanks, Karin. Mark and Karin just spent a few minutes talking about where the company is at this time. Let me recap. Premiums are growing. Reinsurance is moving in the right direction. The investment portfolio is making money. The loss ratio is stable. We are generating record earnings and the balance sheet is strong and getting stronger.

謝謝你，Karin。Mark 和 Karin 剛才花了幾分鐘談到公司目前的狀況。我來做個重點回顧。保費正在成長。再保險正朝正確方向發展。投資組合正在賺錢。損失率保持穩定。我們正在創造創紀錄的獲利，資產負債表強健且持續強化。

This is allowing us to do two things at the same time. Buy back a portion of the company every month and still strengthen the balance sheet. And why are we doing this? Because we want to invest in a company at a terrific valuation, and this is a company that we know everything about. Simply put, we are investing in ourselves.

這讓我們能同時做兩件事。每個月回購公司的一部分股份，同時仍能強化資產負債表。那我們為什麼要這麼做？因為我們希望以極具吸引力的估值投資一家企業，而這家公司我們瞭若指掌。簡單來說，我們是在投資我們自己。

At the current rate, we are buying back about 2% of the company every quarter. This means that every shareholder on this call will effectively own 2% more of the company at the end of every quarter than they did at the start.

以目前的速度，我們每季大約回購公司 2% 的股份。這表示，參與本次電話會議的每位股東，在每季結束時，實質上將比季初多擁有公司 2% 的持股比例。

And we are doing this with only a portion of our earnings. With the rest of the earnings, we are further strengthening our balance sheet. This is planning for a better tomorrow because eventually an inflection point or an opportunity will come along. And when it does, we will have a very robust balance sheet that will allow us to execute quickly and with great ease.

而且我們只用部分盈餘來做這件事。其餘的盈餘，我們用來進一步強化資產負債表。這是在為更好的明天做準備，因為最終一定會出現一個轉折點或機會。當那一刻到來時，我們將擁有非常強健的資產負債表，使我們能夠快速且輕鬆地執行。

But what do we do until that opportunity or inflection point comes along? Mark outlined the value creation that Exzeo represents to the HCI shareholders. We grew Exzeo from about an idea -- from just an idea to a $1.5 billion current valuation. And what we're doing is we're working on the next thing. We are looking at two or three things that have the potential to be the next Exzeo-like asset. We have the resources to nurture these things to their full potential.

但在那個機會或轉折點到來之前，我們要做什麼？Mark 概述了 Exzeo 對 HCI 股東所代表的價值創造。我們把 Exzeo 從一個概念——從僅僅是一個想法，發展到目前 15 億美元的估值。而我們正在做的是投入下一個項目。我們正在評估兩到三個可能成為下一個類似 Exzeo 資產的機會。我們有資源把這些項目培育到充分發揮其潛力。

Outcomes are not always certain, but given our track record, I am very excited about the possibilities. So that is what we are working on while we are waiting for the inflection point. And at the same time, we are acquiring valuable HCI shares.

結果並非總是確定的，但以我們的過往紀錄來看，我對這些可能性非常興奮。因此，這就是我們在等待轉折點期間所投入的工作。同時，我們也在買進具價值的 HCI 股票。

In summary, every day we come to work knowing our mission if things stay the same. We also know our mission and what we're going to do if conditions change. And finally, we are planting seeds for the long-term future.

總結來說，我們每天來上班時都清楚：如果情勢維持不變，我們的使命是什麼。我們也清楚：如果條件改變，我們的使命是什麼，以及我們將採取什麼行動。最後，我們也正在為長期未來播下種子。

With that, I will turn it over for questions.

接下來，我把時間交給提問環節。

(Operator Instructions)

(接線員指示)

Matt Carletti, Citizens Capital.

Matt Carletti，Citizens Capital。

Either Paresh or Karin, I guess, maybe to start with a pretty simple one, which is just can you just update us on kind of how you see kind of the primary environment in Florida, not the reinsurance environment, but just kind of the primary environment for HCI and all its carriers?

Paresh 或 Karin 都可以，我想先從一個相對簡單的問題開始：能否更新一下你們對佛羅里達主要保險市場環境的看法？不是再保險環境，而是 HCI 及其所有承保公司所面對的主要市場環境。

Sure. For HCI, we see stability in our premiums as it relates to previous quarters, and we anticipate that stability will remain there going forward.

當然。就 HCI 而言，我們看到保費相較於前幾季保持穩定，並預期這種穩定性未來仍將延續。

Okay. Great. And then, Karin, you hit on starting a new reinsurer, which sounds like it's a captive kind of alongside kind of a new Claddaugh. I guess other than the domicile, why -- can you give us a little more color on why start a new reinsurer as opposed to just leveraging Claddaugh more?

好的。很好。接著，Karin，你提到成立一家新的再保險公司，聽起來像是一家自留（captive）公司，類似於在新的 Claddaugh 旁邊設立。我想問，除了註冊地之外，為什麼要成立新的再保險公司，而不是更多地運用 Claddaugh？能否再多提供一些背景說明？

Sure. So we have four carriers that we have, and we find that, that optionality really gives us an advantage through different market conditions. And so we feel that we have an opportunity to do something similar within the reinsurance space as well and maybe have some additional flexibility within those reinsurance carriers.

當然。我們目前有四家承保公司，我們發現這種選擇性（optionalitiy）在不同市場條件下確實能帶來優勢。因此，我們認為在再保險領域也有機會做類似的安排，並在這些再保險承保公司之間取得更多彈性。

Okay. Great. And then one last one, if I could, Paresh, you -- at the end of your comments there you kind of touched on looking at two or three possibly Exzeo-like opportunities.

好的。很好。最後一個問題，如果可以的話，Paresh，你在結語提到正在看兩到三個可能類似 Exzeo 的機會。

Can you give us any more color? In particular, I'm just curious, are they insurance related? Or obviously, HCI does more than just insurance, you've got real estate, you've got your hands in a few things. How should we think about it at a kind of 30,000-foot level?

你能否再多提供一些細節？我特別好奇：它們是否與保險相關？或者，顯然 HCI 不只做保險，你們也有房地產，也涉足幾個領域。我們應該如何用更宏觀的角度來理解（大約 30,000 英尺的高度）？

Yes. Matt, we are leaving these conversations slightly vague because ideas come and go, but the things we're looking at are insurance related, but I don't mean like homeowners insurance in Florida. It's other lines of insurance and/or also other aspects of the insurance value chain.

可以。Matt，我們刻意讓這些討論稍微保留一些，因為想法會來來去去；但我們正在看的方向與保險相關，不過我指的不是佛羅里達的住宅保險。而是其他保險險種，和／或保險價值鏈的其他環節。

So it's quite a broad net we are casting because growth isn't all about just doing more of the same. It's also being able to do new things. So we are thinking about it in terms of what's going to be needed, what's going to be valuable a decade from now, yes.

因此我們撒的是一張相當大的網，因為成長不只是做更多相同的事。也包括能夠做新的事情。所以我們是從「十年後會需要什麼、什麼會有價值」的角度來思考，是的。

Mark Hughes, Truist.

Mark Hughes，Truist。

Mark, what was your combined ratio target? Someone sneezed just as you're giving the target. At least, (inaudible) sound like reminding --

Mark，你們的綜合比率目標是多少？你在講目標時剛好有人打噴嚏。至少，（聽不清）聽起來像是在提醒——

Yes, 60%, plus or minus 5%. And we were 57% in Q1, which was pretty much the same as it was in full year 2025.

是的，60%，上下 5%。而我們在第一季是 57%，基本上與 2025 全年的水準差不多。

And Karin, you talked about stable for HCI for, I think, premiums. Is that the entire stable of companies, the TypTap Homeowners Choice, et cetera? Or are you specifically referring to Homeowners Choice?

Karin，你提到 HCI 的「穩定」，我想是指保費。這是指整個公司群組（TypTap、Homeowners Choice 等等）都穩定嗎？還是你特別指 Homeowners Choice？

I'm talking about the whole enterprise, yes.

我指的是整個企業集團，是的。

Okay. And then with all that capital, are there opportunities these days for book rolls or M&A or is the industry just too profitable, nobody wants to transact when they're making decent profits?

好的。那在資本這麼充裕的情況下，現在是否有承接保單簿（book rolls）或併購（M&A）的機會？還是因為產業獲利太好，大家在賺不錯的利潤時就不太想交易？

Mark, I would characterize it in the comments Karin made about the inflection points. There will be an inflection point. In terms of those kinds of things, we are now coming up on hurricane season.

Mark，我會用 Karin 提到的「轉折點」來形容。會有一個轉折點。就這類事情而言，我們現在也即將進入颶風季。

Would you want to expand through an acquisition coming into that? This is assuming it was Florida-based kind of thing. But it's those kinds of items that also sort of play out here. There will be a time, there will be an opportunity, right? But you have to time it at the right moment.

你會想透過收購來擴張、進入那個領域嗎？這是假設是以佛羅里達為基地的那種情況。但這些類型的事項在這裡也會以類似方式發展。總會有一個時點、總會有一個機會，對吧？但你必須在正確的時刻把握時機。

And let me answer it in a different way. We would like to do M&A the day after the storm as opposed to do an M&A the day before the storm. One creates a lot more headaches than the other one does, yes.

我換個方式回答。相較於在風暴來臨前做併購，我們更希望在風暴過後的隔天再做併購。其中一種會帶來更多頭痛問題，另一種則不會，是的。

Yes. What is your posture around the reinsurance renewals? It sounds like you would be perhaps retaining more risk with the capital in Claddaugh and the Fortex. Is that a fair statement?

是的。你們對再保險續約的立場是什麼？聽起來你們可能會利用 Claddaugh 和 Fortex 的資本來承擔更多風險、提高自留。這樣說公平嗎？

Yes. I think you'll see the nuances of all of this stuff when the reinsurance is placed.

是的。我想等再保險安排完成後，你就會看到這些事情的細微差異。

Yes. We know the reinsurance market continues to softening. And so I don't know that we want to speculate on the final outcome at this point. But once we have that final -- we have the June 1 program finalized, we'll issue a press release most likely in a few weeks.

是的。我們知道再保險市場持續走軟。因此我不確定我們此刻是否想對最終結果做推測。但一旦我們有了最終結果——也就是 6 月 1 日的方案定案後——我們很可能會在幾週內發布新聞稿。

Okay. But I think you said it continues to soften. It sounds like you're saying here in recent weeks.

好的。但我想你說的是它持續走軟。聽起來你是在說最近幾週的情況。

Yes. yes, that's why we're kind of in this position now.

是的，是的，這就是為什麼我們現在大概處於這樣的位置。

Yes. I know Exzeo is going to have its own call. But as they execute, Mark, what does it do to the P&L, just the geography of the P&L, if they're going to be growing their business, what line items are going to be most affected here?

是的。我知道 Exzeo 會有他們自己的電話會議。但 Mark，隨著他們執行推進，對損益表（P&L）會有什麼影響——更具體說是 P&L 的地理分布？

Well, the other income, a lot of their revenue will flow through -- on a consolidated basis will flow through that other income line. That's why I kind of highlighted that for this quarter. And of course, earnings and still 80%, 85% of that is flowing through to earnings per share. So -- but in terms of revenue as they grow, that other income line is the one that will really -- that's the one that you'll see go up. And it I think tripled quarter-over-quarter, and that's why I kind of pointed that out in my prepared remarks.

嗯，其他收入（other income）那一項，他們很多收入在合併口徑下會流入——會流入那個其他收入科目。這就是我在本季特別強調它的原因。當然，獲利方面，其中仍有 80%、85% 會反映到每股盈餘（EPS）。所以——但就收入而言，隨著他們成長，其他收入那一項會真正——你會看到上升的就是那一項。而且我認為它季對季成長了三倍，這也是我在事先準備的發言中特別指出的原因。

Okay. And so this is kind of the starting point, and it will presumably should go up from here as they execute.

好的。所以這算是一個起點，隨著他們執行推進，理論上應該會從這裡往上走。

Yes.

是的。

(Operator Instructions)

（接線員指示）

Michael Phillips, Oppenheimer.

Michael Phillips，Oppenheimer。

Mark, I wanted to make sure I understand when you talk about the target combined ratio. The 57% this quarter, like you said, was kind of what you did in 2025. So when you say target, first off, you're referring to an accident year ex cat, correct?

Mark，我想確認我理解你談到目標綜合率（combined ratio）時的意思。你說本季的 57% 有點像你們在 2025 年做出的水準。所以當你說「目標」時，首先你指的是事故年度（accident year）且不含巨災（ex cat），對嗎？

Yes.

是的。

Okay. And also when you say target, are you thinking about kind of through a cycle longer term? Or are you referring to, hey, that's this year's target, maybe the next 18-month target? Or what kind of time frame do you mean when you say that?

好的。另外當你說「目標」時，你是以穿越景氣循環的長期角度來看嗎？還是你指的是，例如這一年的目標、或接下來 18 個月的目標？你說的時間範圍大概是什麼？

Yes. I mean it's where we are now. I don't expect it to change significantly. I mean the thing that can move it a little bit is weather, obviously, right? But I think for us right now, that's a pretty good target for the next -- certainly for this year.

是的。我的意思是，這就是我們現在的位置。我不預期它會有顯著變化。當然，可能讓它稍微波動的因素是天氣，對吧？但我認為就我們目前而言，這對接下來——至少對今年——是一個相當不錯的目標。

Okay. Okay. Good. That's what I meant. Just to be clear on my question. So no concerns on maybe pressure on that given where the rate environment is. There's lots of good things happening in Florida, but the rate environment is softening and so there's -- you don't foresee any pressure on that because of the rate environment?

好的。好的。很好。這就是我的意思。只是想把問題問清楚。所以在目前的費率環境下，你們不擔心這個目標會受到壓力。佛州有很多正向發展，但費率環境正在走軟，所以——你不預見因為費率環境而對這個目標造成任何壓力嗎？

Well, I think Karin talked about that. If you look at our average premium per policy at the end of Q1, you compare it to a year ago, it's pretty much flat. And as Karin -- across the book and as Karin suggested, we don't expect that to change considerably. So yes, I mean -- and obviously, we've taken that into account when we're talking about an estimated combined ratio. The big mover is the loss ratio.

嗯，我想 Karin 已經談到這點。如果你看我們在第一季末的每張保單平均保費，和一年前相比，幾乎持平。而且如 Karin 所說，從整體保單組合來看，我們不預期它會有太大變化。所以是的，我的意思是——而且很明顯地，我們在談估計的綜合率時已把這點納入考量。最大的變動因素是損失率（loss ratio）。

Yes. Cool. And then maybe just last one, just changing gears. One of your new initiatives was the E&S company, the surplus lines company. Can you talk about that and kind of where you see that going in the near term? I think that just started pretty recently last quarter or so. So just any thoughts on where that is.

是的。了解。那最後一個，換個話題。你們的新計畫之一是 E&S 公司，也就是超額及剩餘市場（surplus lines）公司。你能談談這個，以及你們短期內如何看待它的發展嗎？我想它是在上一季左右才剛開始不久。所以想聽聽你對它目前狀況的看法。

It continues making progress, right? One of the things we talked about using that for is maybe California or things of that nature. And California is a lovely place. Things continue to evolve over there. I think we just saw some headline the other day where 60 policyholders are suing their previous carriers for the losses in the California wildfires.

它持續在取得進展，對吧？我們談過使用它的一個方向，可能是加州或類似的地方。而加州是個很棒的地方。那邊的情勢仍在持續演變。我想我們前幾天才看到一則新聞標題，說有 60 位保戶因加州野火的損失而起訴他們先前的保險公司。

All of these things sort of make you -- make sure that you do your homework and diligence before you step into that. So we're doing all those things, yes.

所有這些事情都會讓你——確保在踏入之前要做好功課與盡職調查。所以我們正在做所有這些事情，是的。

So is that one of the two or three things you refer to working on? Is that kind of in the past?

所以那是你提到正在推進的兩三件事之一嗎？還是說那已經算是過去式了？

I don't think it is one of the three things we're talking about in the $1 billion category kind of thing. It's yet another something we're doing, just like Karin's new reinsurer of Fortex Re. It's just yet another something we're doing besides the $1 billion asset creation kind of things that we're talking about.

我不認為它是我們所說那種「10 億美元級別」的三件事之一。它是我們正在做的另一件事，就像 Karin 新成立的再保險公司 Fortex Re 一樣。它只是我們除了那些談到的「10 億美元資產創造」類事項之外，另外在做的一件事。

(Operator Instructions)

（接線員指示）

And there are no questions in queue at this time. And this does conclude our question-and-answer session. I would now like to turn the call back over to Paresh Patel, who has a few closing remarks.

目前佇列中沒有問題。問答環節到此結束。現在我想把電話交回給 Paresh Patel，他有幾點結語。

Thank you. On behalf of the entire management team, I would like to thank our shareholders, employees, agents and most importantly, our policyholders for their continued support as we embark on the next phase of our growth. Thank you, and talk to you soon.

謝謝。我謹代表整個管理團隊，感謝我們的股東、員工、代理人，最重要的是，我們的保戶在我們邁向下一階段成長之際持續給予支持。謝謝，我們很快再談。

Thank you. This concludes today's call. You may now disconnect. Thank you once again for your participation. Have a wonderful day.

謝謝。今天的電話會議到此結束。您現在可以掛線。再次感謝您的參與。祝您有美好的一天。