Hamilton Insurance Group Ltd (HG) 2024 Q1 法說會逐字稿

Hello, and welcome to the Hamilton Insurance Group earnings conference call. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website.

您好，歡迎參加漢彌爾頓保險集團財報電話會議。謹此提醒，本次電話會議正在網路直播，也可透過漢彌爾頓投資者關係網站上的連結重播。

I'd now like to turn the call over to Jon Levenson, Group Treasurer and Head of Investor Relations. Please go ahead.

我現在想將電話轉給集團財務主管兼投資者關係主管 Jon Levenson。請繼續。

Thank you, operator, and welcome all to the Hamilton Insurance Group first-quarter 2024 earnings conference call. The Hamilton executives leading today's call are Pina Albo, Group Chief Executive Officer; and Craig Howie, Group Chief Financial Officer. We are also joined by other members of the Hamilton management team.

謝謝業者，並歡迎大家參加漢密爾頓保險集團 2024 年第一季財報電話會議。主持今天電話會議的漢彌爾頓高層是集團執行長皮娜·阿爾博 (Pina Albo)；克雷格‧豪伊（Craig Howie），集團財務長。漢密爾頓管理團隊的其他成員也加入了我們的行列。

Before we begin, please note that Hamilton financial disclosures, including our earnings release, include important disclosures regarding forward-looking statements. Management comments regarding potential future developments are subject to the risks and uncertainties as noted in these disclosures. Management may also refer to certain non-GAAP financial measures. These items are reconciled on our earnings release and financial supplement.

在我們開始之前，請注意漢密爾頓的財務披露，包括我們的收益發布，包括有關前瞻性陳述的重要披露。管理階層對未來潛在發展的評論受到這些揭露中指出的風險和不確定性的影響。管理階層也可能參考某些非公認會計準則財務指標。這些項目在我們的收益發布和財務補充中進行了調整。

With that, I turn the call over to Pina Albo, Hamilton's CEO.

說完，我將電話轉給漢密爾頓執行長皮娜·阿爾博 (Pina Albo)。

Thank you, Jon, and hello, everyone. Welcome to the first quarter of 2024 conference call for Hamilton Insurance Group Limited. Following our strong year end results in 2023, Hamilton kicked off 2024 with another great quarter, making this six quarters in a row of underwriting profitability.

謝謝你，喬恩，大家好。歡迎參加漢密爾頓保險集團有限公司 2024 年第一季電話會議。繼 2023 年強勁的年終業績之後，漢密爾頓以另一個出色的季度拉開了 2024 年的序幕，使這連續六個季度實現承保盈利。

We had a combined ratio of 91.5%, net income of $157 million, an annualized ROE of 29.5% book value growth of 7% from year end 2023, an AM Best ratings upgrade to A for our operating subsidiaries, Hamilton Re and Hamilton Insurance Designated Activity Company and an agreed targeted share buyback.

我們的綜合成本率為91.5%，淨利潤為1.57 億美元，年化ROE 為29.5%，帳面價值自2023 年底起成長7%，我們的營運子公司Hamilton Re 和Hamilton Insurance Designated 的AM Best 評級升級至A活動公司和商定的目標股回購。

Let me start with our strong underwriting results. A result which was achieved against the backdrop of an active loss quarter for the industry, including natural catastrophes and what is being described as potentially one of the largest losses ever to hit the marine market, the collapse of the Francis Scott Key Bridge in Baltimore. I will come back to this point later. But for now, suffice it to say that we booked a conservative provision for this loss.

讓我從我們強勁的核保業績開始。這一結果是在該行業季度虧損嚴重的背景下取得的，其中包括自然災害，以及巴爾的摩弗朗西斯·斯科特基大橋倒塌，這可能是海運市場有史以來最大的損失之一。我稍後會回到這一點。但就目前而言，只要說我們為這一損失計入了保守的撥備就足夠了。

We are exceptionally proud of the growth the team has accomplished in this favorable market environment across property, casualty, and specialty classes. And we look ahead, we are excited about the additional opportunities we expect to see with the benefit of our AM Best rating upgrade to A.

我們對團隊在財產險、傷亡險和專業險種的有利市場環境中所取得的成長感到非常自豪。展望未來，我們對 AM Best 評級升級至 A 所帶來的額外機會感到興奮。

Both of our segments and all three of our underwriting platforms, Hamilton Re, Hamilton Global Specialty, and Hamilton Select contributed to a notable increase in our top line this quarter. Our Bermuda segment, which houses Hamilton Re and Hamilton Re US, and its predominantly reinsurance business, grew top line by 38% for the quarter, with property as the largest contributor. We leaned into this market, growing existing lines, and securing new business with existing clients, as well as retaining more risk on our balance sheet.

我們的兩個部門以及所有三個核保平台（Hamilton Re、Hamilton Global Specialty 和 Hamilton Select）為本季的營收顯著成長做出了貢獻。我們的百慕達分部擁有 Hamilton Re 和 Hamilton Re US，其主要再保險業務本季營收成長了 38%，其中房地產是最大的貢獻者。我們專注於這個市場，發展現有產品線，與現有客戶爭取新業務，並在資產負債表上保留更多風險。

As I mentioned on our last call, we have been complementing our cat excess of loss capacity with a new property quota share offering and the take-up has been impressive. Casualty reinsurance was our second largest growth area. This follows on from the success we had on this class in 2023 as we continue to take advantage of dislocation in the market.

正如我在上次電話會議中提到的，我們一直在透過新的房地產配額股票發行來補充我們的超額損失能力，並且吸收量令人印象深刻。傷亡再保險是我們第二大的成長領域。這是繼 2023 年我們在該類別上取得成功之後，我們繼續利用市場混亂的機會。

We were able to increase our underweight casualty participations with targeted clients as underlying rates and commission terms improved. Our rating upgrade will be particularly beneficial for this class at this opportune time. We also wrote new specialty business at one one in lines such as marine and energy and aviation. This is business, which we believe is well priced and well structured following events in these lines over the last couple of years.

隨著基本費率和佣金條款的改善，我們得以增加對目標客戶的減重傷亡事故參與。我們的評級升級將在這個適當的時候對這個班級特別有利。我們也在海洋、能源和航空等領域一一撰寫了新的專業業務。這就是生意，我們相信，在過去幾年發生的這些行業事件之後，它的價格合理且結構良好。

Our international segment, which houses our Hamilton Global Specialty and Hamilton Select underwriting platforms and is predominantly specialty insurance business, grew 30% quarter-on-quarter. Hamilton Global Specialty, the largest contributor to international, grew significantly with specialty reinsurance posting the largest increase.

我們的國際業務包含 Hamilton Global Specialty 和 Hamilton Select 承保平台，主要是專業保險業務，季度環比成長 30%。漢彌爾頓全球專業險是國際業務中最大的貢獻者，其成長顯著，其中專業再保險的增幅最大。

Casualty insurance was a close second, with growth in professional indemnity offsetting some declines in cyber where the rate environment demands careful underwriting. With respect to professional lines, it is important to note that public company D&O, which like cyber is under rate pressure, is an area where we have limited exposure.

傷亡保險緊隨其後，專業賠償的增長抵消了網路保險的一些下降，因為網路保險的費率環境要求謹慎承保。就專業領域而言，值得注意的是，上市公司的 D&O 與網路一樣面臨利率壓力，是我們接觸有限的領域。

Property D&F, which largely consists of US property E&S insurance business and where we are still enjoying respectable rate increases, also contributed to our growth this quarter. As a reminder, Hamilton Global Specialty houses, our Lloyd's underwriting operation. It is our largest platform by premium, and it is home to nearly half of our global staff. It is focused predominantly on specialty insurance and specialty reinsurance.

財產 D&F 主要由美國財產 E&S 保險業務組成，我們仍在享受可觀的費率成長，這也為本季的成長做出了貢獻。提醒一下，Hamilton Global Specialty 是我們勞合社承保業務的所在地。它是我們最大的優質平台，也是我們全球近一半員工的所在地。它主要專注於專業保險和專業再保險。

Lloyd's released its 2023 market results a few weeks ago, reporting some of the best underwriting results in over a decade. Based on those results, Hamilton Syndicate 4,000 remains in the enviable position of being amongst the syndicates with the highest profitability and lowest volatility over a 10-year period.

勞埃德幾週前發布了 2023 年市場業績，報告了十多年來最好的承保業績。基於這些結果，Hamilton Syndicate 4,000 仍然處於令人羨慕的地位，是 10 年來盈利能力最高且波動性最低的辛迪加之一。

We have a great business at Lloyd's, and we continue to build on its track record of success. Hamilton Select is also part of our international segment. While we do not disclose specific results for this business, I am happy to report that Hamilton Select continued its strong growth trajectory achieving record submission flow while improving its combined ratio.

勞合社的業務非常出色，我們將繼續鞏固其成功記錄。Hamilton Select 也是我們國際業務的一部分。雖然我們沒有透露該業務的具體結果，但我很高興地報告，Hamilton Select 繼續保持強勁的成長軌跡，實現了創紀錄的提交流量，同時提高了其綜合比率。

We are very pleased with the company's momentum and the reception it has received from our broking partners since we launched the platform in 2021. A credit to the strong team we have in place.

自 2021 年推出該平台以來，我們對該公司的發展勢頭以及經紀合作夥伴的反應感到非常滿意。這要歸功於我們強大的團隊。

A reminder, Hamilton Select only writes casualty business, small to mid-size, hard to place accounts. The market environment is an important factor in our recent growth. So I thought I would spend a few moments on this topic. With another active nat cat quarter for the industry, a collapsed bridge, ongoing geopolitical tensions and concerns raised about the state of casualty reserves in the market, it is no surprise that the overall rate environment remains attractive across the vast majority of Hamilton's business.

提醒一下，Hamilton Select 只承接中小型、難以開戶的傷亡業務。市場環境是我們近期成長的重要因素。所以我想我應該花一些時間討論這個主題。隨著該行業又一個活躍的自然季度、一座橋樑倒塌、持續的地緣政治緊張局勢以及對市場傷亡準備金狀況的擔憂，漢密爾頓絕大多數業務的整體利率環境仍然具有吸引力也就不足為奇了。

While there is moderation in certain lines, this is from cumulative year-over-year rate increases and in other areas like casualty or certain specialty lines, conditions are improving because of the market dynamics I mentioned earlier. This is allowing us to step in or step up on business that complements our portfolio with better metrics.

雖然某些產品線的情況有所放緩，但這是由於累積的同比費率增長所致，而在其他領域，如意外險或某些特殊產品線，由於我之前提到的市場動態，情況正在改善。這使我們能夠介入或加強業務，以更好的指標來補充我們的投資組合。

With respect to property cat reinsurance, while we have seen some additional appetite at the top end of program, it is important to note that discipline remains in the market when it comes to attachment points and terms and conditions.

就財產貓再保險而言，雖然我們在計劃的高端看到了一些額外的興趣，但重要的是要注意，在附加點以及條款和條件方面，市場仍然存在紀律。

Sticking to reinsurance, a few comments on the recent and upcoming renewals. The [four one] renewals were predictable on the property side. Four one is a Japan heavy property cat renewal period where no additional limits were purchased. There was increased capacity at the top end of programs, which resulted in modest downward pressure on rate. The pricing was still attractive and again, the structures benefited from the market discipline.

堅持再保險，對最近和即將到來的續保有一些評論。[四一]續約在地產方面是可以預見的。四一是日本重財產貓續約期，沒有額外限制購買。專案頂端的容量增加，這導致了利率適度的下行壓力。定價仍然具有吸引力，而且結構再次受益於市場紀律。

For casualty and specialty business that renewed this quarter, we have the opportunity to increase line sizes with select clients at attractive terms because of market dislocation. As we head into six one and seven one renewals, which are largely property driven, we expect increased demand by key clients, and we also expect underwriting discipline to prevail.

對於本季更新的傷亡和特種業務，由於市場錯位，我們有機會以有吸引力的條件擴大與精選客戶的線路規模。隨著我們進入六一和七一續約（這主要是由房地產驅動），我們預計主要客戶的需求會增加，而且我們也預計承保紀律將盛行。

We are fortunate to have made good decisions over the past five years, staying close to clients and brokers being clear about appetite, leaning in and out consistent with market conditions, and expanding our product offering along the way. We therefore find ourselves in the opportune position of being able to grow at the right time and in the right lines.

幸運的是，我們在過去五年中做出了正確的決策，與客戶和經紀人保持密切聯繫，明確需求，根據市場狀況進出，並一路擴大我們的產品範圍。因此，我們發現自己處於有利的位置，能夠在正確的時間以正確的方式發展。

Following on double-digit growth that we achieved in 2023, all three of our underwriting platforms continue to see a healthy flow of business. Based on the positive feedback we have already received about our rating upgrade from clients and brokers, we expect this flow to accelerate, particularly for reinsurance business. Consistent with our culture, we will continue to grow our footprint in a disciplined manner, deploying capital where we see the best returns and in the context of maintaining a balanced portfolio.

繼 2023 年實現兩位數成長之後，我們的所有三個承保平台都繼續保持健康的業務流動。根據我們已經從客戶和經紀人那裡收到的關於評級升級的積極反饋，我們預計這一流程將會加速，特別是對於再保險業務。根據我們的文化，我們將繼續以嚴格的方式擴大我們的足跡，在我們看到最佳回報並保持平衡的投資組合的情況下部署資本。

Turning to net income, Hamilton again had meaningful contributions from both sides of the balance sheet, with strong underwriting income of $33 million and outstanding investment income of $148 million driven by the Two Sigma Hamilton Fund. As mentioned earlier, our results include a $38 million provision for the Baltimore bridge collapse, a reserve provision that we consider to be conservative.

談到淨利潤，漢密爾頓再次從資產負債表兩側做出了有意義的貢獻，在兩西格碼漢密爾頓基金的推動下，承保收入高達 3,300 萬美元，未償投資收入為 1.48 億美元。如前所述，我們的結果包括為巴爾的摩大橋倒塌提供 3800 萬美元的準備金，我們認為這項準備金比較保守。

While there are considerable uncertainties surrounding this loss, as mentioned earlier, many industry sources are forecasting it to become one of the most expensive marine losses in history, with published industry loss estimates ranging from $1 billion to $3 billion. Consistent with our conservative approach to setting reserves, and in an effort to select our ultimate loss early on, just as we did with the Ukraine event, we decided to take our medicine upfront and post a reserve at the high end of the market estimated ranges.

正如前面提到的，雖然這一損失存在相當大的不確定性，但許多行業消息人士預測，這將成為歷史上最昂貴的海洋損失之一，已公佈的行業損失估計在10 億美元到30億美元之間。與我們設定儲備金的保守方法一致，並且為了儘早選擇我們的最終損失，就像我們在烏克蘭事件中所做的那樣，我們決定提前採取措施，並在市場估計範圍的高端設立儲備金。

While Craig will provide additional detail shortly, for now, you should know that our exposure to this event, even at this prudent level is completely in line with our expectations. As you know, we are a specialty focused insurance and reinsurance business, and we expect a loss of this magnitude to have a positive effect on the rating environment and provide opportunities going forward.

雖然克雷格很快就會提供更多細節，但目前，您應該知道，即使在這種謹慎的水平上，我們對這一事件的暴露也完全符合我們的預期。如您所知，我們是一家專注於保險和再保險業務的專業公司，我們預計如此大規模的損失將對評級環境產生積極影響，並提供未來的機會。

Turning briefly to capital, the lockups for all pre IPO investors expired two days ago on May 7, with yesterday, May 8, being the first trading day post expiry. In anticipation of this event, our Board of Directors authorized a targeted repurchase in the amount of $109.5 million to allow an investor who has been with us for over 10 years to fully exit the position. Craig will provide more details on the numbers and implications of these actions.

簡單來說一下資本，所有 IPO 前投資者的禁售期已於兩天前的 5 月 7 日到期，昨天 5 月 8 日是到期後的第一個交易日。考慮到這一事件，我們的董事會授權進行金額為 1.095 億美元的定向回購，以允許在我們工作了 10 多年的投資者完全退出該職位。克雷格將提供有關這些行動的數量和影響的更多詳細資訊。

As always, our strong results for the quarter do not happen in a vacuum. They are a product of our outstanding global team, a team that was integral to our profitable growth trajectory, achieving our REITs and rating upgrade to A, and a team that will continue to manage the cycle while supporting our clients and brokers and being good stewards of capital.

一如既往，我們本季的強勁業績並非憑空產生。它們是我們傑出的全球團隊的產物，這個團隊是我們盈利成長軌跡不可或缺的一部分，實現了我們的房地產投資信託基金並將評級升級至A，並且是一個將繼續管理週期，同時支持我們的客戶和經紀人並成為好管家的團隊資本。

Craig, now over to you.

克雷格，現在輪到你了。

Thank you, Pina, and hello, everyone. Hamilton had an excellent start to the year, reporting strong investment returns, solid underwriting income, and record gross premiums written.

謝謝皮娜，大家好。漢密爾頓今年取得了良好的開局，報告了強勁的投資回報、穩定的承保收入和創紀錄的毛保費。

For the first quarter of 2024, as Pina mentioned, Hamilton reported net income of $157 million, equal to $1.38 per diluted share, producing an annualized return on average equity of 29.5%. This compares to net income of $51 million or $0.49 per share, and an annualized return on average equity of 12.2% in the first quarter of 2023.

正如皮納所提到的，漢密爾頓報告的 2024 年第一季淨利潤為 1.57 億美元，相當於稀釋後每股 1.38 美元，平均股本年化回報率為 29.5%。相比之下，2023 年第一季的淨利潤為 5,100 萬美元，即每股 0.49 美元，年化平均股本回報率為 12.2%。

With those numbers as highlights, let me provide additional details around our underwriting and investment income components for the quarter. Starting with underwriting results, Hamilton continues to grow in an impressive double-digit rate for the first quarter of 2024, gross premiums written increased to $722 million compared to $538 million this time last year, and an increase of 34%. This was a record revenue result for the Group.

以這些數字為重點，讓我提供有關本季度承保和投資收入組成部分的更多詳細資訊。從承保業績開始，漢彌爾頓在 2024 年第一季繼續以令人印象深刻的兩位數成長率成長，毛保費從去年同期的 5.38 億美元增至 7.22 億美元，成長了 34%。這是該集團創紀錄的收入結果。

Each of our three operating platforms, Hamilton Global Specialty, Hamilton Select, and Hamilton Re leaned into this favorable market to hit this record premium level. Please note, this was achieved without the benefit of our recent AM Best rating upgrade to A, which will increase our business opportunities even further going forward.

我們的三個營運平台（Hamilton Global Specialty、Hamilton Select 和 Hamilton Re）都依靠這個有利的市場，達到了創紀錄的溢價水平。請注意，這是在我們最近將 AM Best 評級升級至 A 的情況下實現的，這將進一步增加我們的業務機會。

Underwriting income for the group was $33 million in the first quarter compared to underwriting income of $34 million in the first quarter last year. The group combined ratio was 91.5% compared to 87.9% in the first quarter of 2023. The increase was driven by a higher attrition loss ratio partially offset by a lower expense ratio.

該集團第一季的承保收入為3,300萬美元，而去年第一季的承保收入為3,400萬美元。集團綜合成本率為 91.5%，而 2023 年第一季為 87.9%。這一增長是由較高的損耗率推動的，但部分被較低的費用率所抵消。

The current year attritional loss ratio increased 8.1 points to 57.2% compared to 49.1% in the prior period. The increase was primarily driven by the Baltimore Bridge collapse, which contributed 9.8 points or $38 million to the current year attritional loss ratio. Given our growing diversified book of business, and as you can see from our combined ratio of 91.5%, this event was clearly manageable and also within our risk tolerances.

本年損耗率較上期的49.1%上升8.1個百分點至57.2%。這一增長主要是由巴爾的摩大橋倒塌推動的，該事故為本年度的損耗損失率貢獻了 9.8 個百分點，即 3800 萬美元。鑑於我們的業務日益多元化，並且從我們 91.5% 的綜合成本率中可以看出，這一事件顯然是可控的，也在我們的風險承受範圍之內。

As Pina noted earlier, given the potential magnitude of the bridge event and consistent with our reserving philosophy, we chose to be conservative here, setting an ultimate loss estimate that corresponds with the higher end of the published range of industry estimates. As mentioned earlier, there are a number of uncertainties surrounding this loss.

正如皮納之前指出的那樣，考慮到大橋事件的潛在嚴重性並符合我們的保留理念，我們在這裡選擇保守，設定與已發布的行業估計範圍的較高端相對應的最終損失估計。如前所述，這一損失存在許多不確定性。

So for example, if the industry loss were closer to the middle of the range, our loss estimate would be approximately half of what we reported. Again, this is consistent with our expectations for a loss of this nature. Don't forget, we are a specialty focused business and we expect a loss of this magnitude to have a positive effect on the rating environment going forward.

例如，如果行業損失接近範圍的中間，我們的損失估計將約為我們報告的一半。這再次符合我們對這種性質的損失的預期。不要忘記，我們是一家專注於專業的企業，我們預計如此大規模的損失將對未來的評級環境產生積極影響。

We also had two large losses within our specialty class that impacted our quarter. The largest loss stems from satellites launched in 2022 and 2023, which drove unfavorable attritional prior-period development of 3.1 points in the quarter, compared to 0.6 points of unfavorable development in the first quarter last year.

我們的專業類別中還出現了兩次重大損失，影響了我們的季度。最大的損失源自於2022年和2023年發射的衛星，導致本季前期不利發展下降3.1個百分點，而去年第一季不利發展下降0.6個百分點。

While categorized as prior-period development, the recognition of the satellite losses in this quarter was due to the timing of the damage becoming clear and being reported to insurers. As a general comment about our reserving approach, we tend to set reserves conservatively and early, and to be less inclined to react to favorable claims development until we feel confident in trends and patterns.

雖然被歸類為前期開發，但本季確認衛星損失是因為損壞的時間變得清晰並向保險公司報告。作為對我們的儲備方法的一般評論，我們傾向於保守且儘早地設定儲備，並且不太傾向於對有利的索賠發展做出反應，直到我們對趨勢和模式充滿信心。

This quarter, we saw several lines showing benign claims activity, but generally, chose to hold our reserve position rather than reacting in the quarter. There were no current year catastrophe losses in the first quarter compared to $5.3 million or 1.8 points in the first quarter last year.

本季度，我們看到幾條線顯示出良性的索賠活動，但總的來說，我們選擇持有我們的儲備頭寸，而不是在本季度做出反應。與去年第一季的 530 萬美元或 1.8 個百分點相比，今年第一季沒有發生巨災損失。

The loss ratio was offset by 4.4 points of improvement in the expense ratio of 31.2% compared to 35.6% in the prior quarter. The decrease was driven by the growth in our premium base. The reversal of prior year bonus accruals, and performance-based fee income from our [ILS] platform, which offsets expenses.

費用率較上一季的 35.6% 提高了 4.4 個百分點，達到 31.2%，抵消了損失率。這一下降是由於我們保費基礎的增長所致。上一年應計獎金和我們 [ILS] 平台基於績效的費用收入的逆轉，抵消了支出。

Next, let's look at the results by segment. Let's start with the international segment, which includes our specialty insurance businesses Hamilton Global Specialty and Hamilton Select. International had an underwriting gain of $5 million and a combined ratio of 97.2% for the first quarter, compared to an underwriting gain of $16 million and a combined ratio of 89.1% in the first quarter last year. The increase in the combined ratio was primarily driven by our conservative loss estimate for the Baltimore Bridge collapse, which added 6.0 points to the attritional loss ratio.

接下來，我們來看看分段的結果。讓我們從國際部分開始，其中包括我們的專業保險業務 Hamilton Global Specialty 和 Hamilton Select。國際第一季的承保收益為 500 萬美元，綜合成本率為 97.2%，而去年第一季的承保收益為 1,600 萬美元，綜合成本率為 89.1%。綜合比率的增加主要是由於我們對巴爾的摩大橋倒塌的保守損失估計推動的，這使損耗損失率增加了 6.0 個百分點。

I will now turn to the Bermuda segment, which houses Hamilton Re and Hamilton Re US and which predominantly writes reinsurance business. Bermuda had an underwriting gain of $27 million and a combined ratio of 85.5% for the first quarter, compared to an underwriting gain of $18 million and an 86.9% combined ratio in the first quarter last year. The decrease in combined ratio was primarily related to having no catastrophe losses in 2024.

我現在將談談百慕達分部，該分部設有 Hamilton Re 和 Hamilton Re US，主要從事再保險業務。百慕達第一季的承保收益為2,700萬美元，綜合成本率為85.5%，而去年第一季的承保收益為1,800萬美元，綜合成本率為86.9%。綜合成本率下降主要與 2024 年沒有發生巨災損失有關。

The Bermuda attritional loss ratio increased 10.3 points to 58.4%, compared to 48.1% in the prior period. This increase was primarily related to our loss estimate for the Baltimore Bridge collapse, which added 13.8 points to the attritional loss ratio.

百慕達的損耗率上升了10.3個百分點，達到58.4%，而上一期為48.1%。這一增長主要與我們對巴爾的摩大橋倒塌的損失估計有關，該損失估計使損耗損失率增加了 13.8 個百分點。

Now turning to investment income. Total net investment income for the first quarter was $148 million, compared to investment income of $36 million in the first quarter of 2023. The fixed income portfolio, short term investments in cash produced a gain of $5 million for the quarter, compared to a gain of $27 million in the first quarter of 2023.

現在轉向投資收益。第一季的投資淨收益總額為 1.48 億美元，而 2023 年第一季的投資收益為 3,600 萬美元。固定收益投資組合、短期現金投資在本季產生了 500 萬美元的收益，而 2023 年第一季的收益為 2,700 萬美元。

This includes the realized and unrealized gains and losses that Hamilton reports through net income as part of our trading investment portfolio. The fixed income portfolio had a return of 0.1% or $2 million, and a new money yield of 4.9% on investments purchased this quarter. The duration of the portfolio was 3.3 years at March 31, 2024.

這包括漢密爾頓透過淨利潤報告的已實現和未實現損益，作為我們交易投資組合的一部分。固定收益投資組合的回報率為 0.1%，即 200 萬美元，本季購買的投資的新資金收益率為 4.9%。截至2024年3月31日，該投資組合的久期為3.3年。

The average yield to maturity on this portfolio was 4.9% compared to 4.5% at year end 2023. The average credit quality of the portfolio remained strong at Aa3. The Two Sigma Hamilton Fund produced a gain of $143 million and a net return of 8.3% for the first quarter. The latest estimate we have for the Two Sigma Hamilton Fund year to date performance is 9.0% through April 30, 2024. The Two Sigma Hamilton Fund made up about 44% of our total investments, including cash investments at March 31.

該投資組合的平均到期收益率為 4.9%，而 2023 年底為 4.5%。投資組合的平均信用品質仍維持在 Aa3 等級。漢彌爾頓二西格瑪基金第一季獲利 1.43 億美元，淨報酬率為 8.3%。截至 2024 年 4 月 30 日，我們對 2 Sigma 漢密爾頓基金年初至今表現的最新估計為 9.0%。截至 3 月 31 日，二西格瑪漢密爾頓基金約占我們總投資的 44%，其中包括現金投資。

Next, I'm going to provide more details on the targeted repurchase of stock that Pina mentioned earlier. They have agreed a targeted share repurchase in the amount of $109.5 million from funds affiliated with Blackstone Alternative Solutions LLC. This transaction allows them to fully exit an investment that was made over 10 years ago.

接下來，我將提供有關皮納之前提到的定向股票回購的更多細節。他們已同意從 Blackstone Alternative Solutions LLC 附屬基金進行 1.095 億美元的定向股票回購。這項交易使他們能夠完全退出 10 多年前進行的投資。

The purchase price agreed in the directed share repurchase was $12 per common share, clearly an accretive transaction for Hamilton shareholders. This repurchase exhibits our belief in the value of our shares, given six quarters of strong underwriting results, our ability to lean into the favorable market environment and the benefits we expect of our recent AM Best rating upgrade.

定向股票回購中商定的購買價格為每股普通股 12 美元，這對漢密爾頓股東來說顯然是一項增值交易。鑑於六個季度強勁的承銷業績、我們利用有利市場環境的能力以及我們對近期 AM Best 評級升級的預期收益，此次回購體現了我們對股票價值的信心。

The targeted repurchase will be funded by our current excess capital with the source of funds being withdrawn from the Two Sigma Hamilton Funds. We regularly measure our level of capital against current and projected utilization, and at this point, opportunistically repurchasing shares at 60% of book value is a compelling use of our excess capital. Our book value per share was $19.90 at March 31, 2024, up 7% compared to year end 2023. Hamilton will have about $102 million shares outstanding following the repurchase transaction.

此次定向回購將由我們目前的超額資本提供資金，資金來源從兩西格瑪漢密爾頓基金中提取。我們定期根據當前和預期的利用率來衡量我們的資本水平，此時，以 60% 的帳面價值回購股票是對我們過剩資本的一種引人注目的利用。截至 2024 年 3 月 31 日，我們的每股帳面價值為 19.90 美元，比 2023 年底成長 7%。回購交易完成後，漢彌爾頓將擁有約 1.02 億美元的流通股。

I would like to conclude my remarks with some comments on our strong balance sheet. Total assets were $7.3 billion at March 31, 2024, up 10% from$ 6.7 billion at year end 2023. Total investments in cash were $4.2 billion at March 31, an increase of 6% from $4 billion at year end 2023. Shareholders equity was $2.2 billion at the end of the first quarter, which was an 8% increase from year end 2023.

我想以對我們強勁的資產負債表的一些評論來結束我的發言。截至 2024 年 3 月 31 日，總資產為 73 億美元，較 2023 年底的 67 億美元成長 10%。截至 3 月 31 日，現金投資總額為 42 億美元，比 2023 年底的 40 億美元成長 6%。第一季末股東權益為 22 億美元，較 2023 年底成長 8%。

One concluding point on our balance sheet strength, AM Best mentioned our very strong balance sheet, our conservative reserving, and over five years of net favorable reserve development as reasons for our recent rate grade.

關於我們資產負債表實力的一個結論是，AM Best 提到我們非常強勁的資產負債表、保守的準備金以及五年多來的淨有利準備金發展，這些都是我們近期利率評級的原因。

Thank you. And with that, we'll open up the call for your questions.

謝謝。接下來，我們將開始電話詢問您的問題。

(Operator Instructions) Elyse Greenspan. Your line is open.

（操作員指示）艾莉絲·格林斯潘。您的線路已開通。

Thanks. Good morning. Maybe starting on the growth side of things on, I think both of you guys in your prepared remarks, just touch on the potential implications of the S&P upgrade, and it sounds like you were really kind of flagging casualty reinsurance as some potential opportunities. Could you just give us a sense of this magnitude of additional premiums and how you're thinking of these opportunities in terms of time line potentially coming onto the platform?

謝謝。早安.也許從事情的增長方面開始，我認為你們倆在準備好的發言中，只是談到了標準普爾升級的潛在影響，聽起來你們確實將傷亡再保險視為一些潛在的機會。您能否讓我們了解一下額外保費的規模以及您如何看待平台上可能出現的時間軸方面的這些機會？

Sure, Elyse. I'll take that one thanks for the question. We are incredibly pleased with the growth that we achieved this quarter following last year's double digit growth. Just at the outset, we saw growth across all three platforms and also across property, casualty, and specialty. In Q1 property led the way followed by specialty and casualty was third.

當然，愛麗絲。我會接受這個問題，謝謝你的提問。繼去年兩位數成長之後，我們對本季實現的成長感到非常滿意。剛開始時，我們就看到了所有三個平台以及財產險、意外險和專業險的增長。第一季度，財產險領先，其次是專業險，傷亡險位居第三。

You specifically asked about the rating upgrade and how we perceive that I don't want to put a number on that at this stage. But what I can say is that we see great opportunity for us that have particularly at Hamilton Re on the reinsurance size and our ability to keep growing by leveraging the smaller line sizes that we have with clients that we've been building relationships with over several years.

您特別詢問了評級升級以及我們如何看待我現階段不想給出的數字。但我能說的是，我們看到了巨大的機會，特別是漢密爾頓再保險的再保險規模，以及我們通過利用我們與多個客戶建立關係的較小的保險規模來保持增長的能力。

Also by offering new products. This AM Best upgrade to A is going to open up a number of new classes of business for us and also allow us again to take those smaller line sizes that we have on casualty, but also on some of the other classes to leverage those up. But at the same time, we are always going to be selective about the clients that we support and continue our culture of strong underwriting discipline. Does that answer your question?

也透過提供新產品。AM Best 升級到 A 級將為我們開闢許多新的業務類別，也使我們能夠再次採用我們在傷亡事故方面擁有的較小的線路尺寸，而且還可以在其他一些類別上利用這些業務。但同時，我們始終會選擇性地選擇我們支持的客戶，並繼續我們嚴格的承保紀律文化。這是否回答你的問題？

Yeah, that's helpful. And then my follow-up was just on some of the repurchase commentary, right? So I think you guys said, right, Craig, buying back at these levels is an attractive use of capital. So how do we think about potential open market repurchases? And then also perhaps if there's other shareholders, right, that might come forward and also monetize their stake.

是的，這很有幫助。然後我的後續就只是一些回購評論吧？所以我認為你們說，是的，克雷格，在這樣的水平上回購是一種有吸引力的資本用途。那我們如何看待潛在的公開市場回購呢？然後也許如果還有其他股東，對吧，他們可能會挺身而出，也將他們的股份貨幣化。

I'm just trying to and to understand right, how you guys are going to use the fact that you have excess capital, you're willing to buy back stock and kind of could you just help me on bring it all together?

我只是想正確理解，你們將如何利用你們擁有多餘資本的事實，你們願意回購股票，你們能幫我把這一切整合在一起嗎？

Elyse, this is Craig. At the moment, the Board authorized just this targeted share repurchase at the moment. So this was again, a good opportunity for us to have a large investment exited in full from an initial shareholder that we had in the organization. We took that opportunity to be able to buy these shares back at a discount. This will be accretive to all Hamilton shareholders as it reduces our outstanding shares. It will improve our book value per share, our earnings per share, and our ROE. And you'll see that in our financials going forward next quarter, starting next quarter.

伊麗絲，這是克雷格。目前，董事會僅授權本次定向股份回購。因此，這對我們來說又是一個很好的機會，可以從我們在組織中擁有的初始股東那裡全額退出大量投資。我們藉此機會能夠以折扣價回購這些股票。這將減少我們的流通股，從而為所有漢密爾頓股東帶來好處。它將提高我們的每股帳面價值、每股盈餘和股本回報率。從下個季度開始，您將在我們下個季度的財務數據中看到這一點。

The only thing I would add, Elyse, is we're trying to use any of the capital or excess capital that we have really to continue to grow into what's a very favorable market environment. Of course, we will also continue to look at how we will be proper stewards of capital. And if we were to determine that we wish to purchase because we thought our shares are not valued, that is something that we would return to at a later date.

Elyse，我唯一要補充的是，我們正在嘗試利用我們真正擁有的任何資本或過剩資本，繼續發展到非常有利的市場環境。當然，我們也會繼續研究如何做好資本的管家。如果我們確定我們希望購買是因為我們認為我們的股票沒有價值，那麼我們稍後會討論這一點。

Thank you.

謝謝。

Tommy McJoynt.

湯米·麥克喬恩特。

Hey, good morning, guys. Thanks for taking my questions. I wanted to ask about the expense ratio. It certainly saw some nice improvement year-over-year. Wanted to get a sense if there was any sort of implications of the higher loss ratio that fed into the lower expense ratio, perhaps via profit ceding commissions or anything of that sort. Just want to get a sense kind of what we can think about for the expense ratio going forward?

嘿，早上好，夥計們。感謝您回答我的問題。我想問一下費用率。與去年同期相比，它確實取得了一些不錯的進步。我想了解較高的損失率是否會對較低的費用率產生任何影響，也許是透過利潤讓渡佣金或類似的方式。只是想了解我們對未來的費用比率有何看法？

Tommy, that's a good question. So actually no direct implication on the expense ratio. We saw some items that I had mentioned earlier in my script that were consequently happened during this quarter. For example, bonuses that were not paid, they were accrued at the end of last year, not paid in the first quarter of this year. So those reversals come through in the first quarter.

湯米，這是個好問題。所以實際上對費用比率沒有直接影響。我們看到我之前在腳本中提到的一些項目因此在本季度發生。例如沒有發放的獎金，是去年底提列的，今年第一季沒有發放。因此，這些逆轉在第一季就發生了。

We also saw some performance based fee income that came in from our ILS platform that comes in, and we utilized that to offset expenses in the quarter. We don't really plan for that performance-based income, fee income because it's on a contingent basis. What we do plan for is the fee income on that ILS platform that's based on assets under management. We have about $1 million of fee income that comes in each year.

我們也看到一些來自我們的 ILS 平台的基於績效的費用收入，我們用它來抵消本季的費用。我們並沒有真正規劃基於績效的收入、費用收入，因為它是偶然的。我們真正規劃的是 ILS 平台上基於管理資產的費用收入。我們每年大約有 100 萬美元的費用收入。

Okay. Got it. That's helpful. And then switching over the retention ratios, kind of the net to gross at both the international and Bermuda segments increased decently year-over-year. What do you anticipate for that net-to-gross ratio on written premium to be for each segment in 2024, if not on an absolute basis, perhaps just relative to last year at least?

好的。知道了。這很有幫助。然後切換保留率，國際和百慕達市場的淨保留率與總保留率同比都有大幅成長。您預計 2024 年每個細分市場的承保保費淨毛比會是多少（如果不是絕對的，也許至少是相對於去年而言）？

Yes. So what I would say to you is we expect to retain more of that business. As you know, we took in primary proceeds from the IPO. Last year, one way to utilize that was to grow our premium base. The other way to do that was to retain more of that business. So we do expect to retain more business this year than we have in the past. But at this point, I don't want to put out a forecast other than that.

是的。所以我想對你們說的是，我們希望保留更多的業務。如您所知，我們從 IPO 中獲得了主要收益。去年，利用這一點的一種方法是擴大我們的優質基礎。另一種方法是保留更多業務。因此，我們確實預計今年會比過去保留更多的業務。但目前，我不想做出除此之外的預測。

Okay. Thank you.

好的。謝謝。

Matt Carletti.

馬特·卡萊蒂。

Thanks, good morning. I just had a question on the accident year loss ratios. If we kind of attritional, if we take the bridge loss out, yeah, they're vary in line with Q1 last year, which was the low point of last year, and a few points below kind of where the year settled. How should we think about that? Are there other moving pieces in there? Was it a late large loss quarter otherwise, or is that a pretty clean number or way to think about it as we think forward through this year?

謝謝，早安。我只是對事故年損失率有疑問。如果我們考慮消耗，如果我們去掉橋接損失，是的，它們與去年第一季（去年的最低點）一致，比今年的穩定點低幾個點。我們該如何思考這個問題？裡面還有其他可移動的零件嗎？否則，這是一個後期的大虧損季度，還是在我們展望今年時，這是一個相當乾淨的數字或思考方式？

So what I would say to you, Matt, is certainly as we pick our normal loss picks for the year, we expect a certain level of losses in those picks. And there are -- this bridge loss certainly is a headline event, and as we see that loss come in as a separate loss, we certainly have to take a look and adjust that headline loss in those other loss selections.

因此，馬特，我要對你說的是，當我們選擇今年的正常損失選秀權時，我們預計這些選秀權會出現一定程度的損失。而且，這種橋樑損失肯定是一個頭條新聞，當我們看到該損失作為一個單獨的損失出現時，我們當然必須檢查並調整其他損失選擇中的頭條損失。

So as part of that loss, it gets absorbed into our attritional loss ratio. Otherwise, we'd be double-counting the loss. What I would say to you from an overall basis, I would encourage you to look at the full year loss ratios. For example, at the end of 2023, that would be a normalized basis for our attritional loss ratio.

因此，作為損失的一部分，它被吸收到我們的自然損耗率中。否則，我們就會重複計算損失。我想從總體上對您說的是，我鼓勵您查看全年損失率。例如，到 2023 年底，這將成為我們的自然損耗率的標準化基礎。

Okay, great. Thank you.

好的，太好了。謝謝。

Bob Huang.

黃鮑勃.

Thank you. First question regarding the Baltimore Bridge incident. I think the last major event that I can recall for Hamilton would have been the Ukraine conflict, which was noted in S-1. Comparing that to the Baltimore Bridge incident, can you talk about how we should think about the losses. Are there parallels? Are there differences when we think about any potential lingering effect or how any potential future unresolved losses that we could think about?

謝謝。關於巴爾的摩大橋事件的第一個問題。我認為漢密爾頓記憶中的最後一件重大事件是 S-1 中提到的烏克蘭衝突。與巴爾的摩大橋事件相比，您能否談談我們應該如何看待損失？有相似之處嗎？當我們考慮任何潛在的揮之不去的影響或我們可以考慮的任何潛在的未來未解決的損失時，是否存在差異？

Thanks, Bob. I'll kick off on that. I think you touched on a good point there, and I think it what it allows me to do is just to speak generally about our reserve philosophy, which is to post conservative loss reserves at the outset. As I said in the prepared remarks, we decided to take our medicine early. We did the same thing in the case of the Ukraine, where we put up a loss provision that still remains intact has not been increased over the course of the last couple of years and still remains predominantly IBNR.

謝謝，鮑伯。我將從這開始。我認為你提到了一個很好的觀點，我認為這讓我能夠做的只是概括性地談論我們的準備金理念，即從一開始就公佈保守的損失準備金。正如我在準備好的演講中所說，我們決定早點吃藥。我們在烏克蘭也採取了同樣的做法，我們設定的損失準備金仍然保持不變，在過去幾年中沒有增加，並且仍然主要是 IBNR。

So in this case, similar to what we did there, as we looked at the magnitude of this loss and just all of this potential items that are involved, whether it's removal of wreck, loss of lives, et cetera. And we decided to peg our loss estimate in this case to the higher end of those published ranges.

因此，在這種情況下，與我們在那裡所做的類似，我們研究了這種損失的嚴重程度以及所涉及的所有潛在項目，無論是清除殘骸、生命損失等等。我們決定將這種情況下的損失估計與已發布範圍的較高端掛鉤。

Again, I think Craig made the point, we are a specialty insurance company. This is exactly the kind of business that we write and know how to write. We have very well defined risk tolerances and we monitor our aggregates on a regular basis. The loss estimate, even at this prudent level that we reserved it, is completely in line with our expectations.

我認為克雷格再次強調了這一點，我們是一家專業保險公司。這正是我們所寫並且知道如何寫的業務。我們有非常明確的風險承受能力，並定期監控我們的風險總量。即使按照我們保留的謹慎水平，損失估計也完全符合我們的預期。

Okay. Thank you. That's very helpful. Maybe a follow-up on just on the reserving side of things a little bit. The two satellite losses that cost the PYD this quarter, is it fair to assume that, that was same event that happened in 3Q '23 where you booked an attritional loss?

好的。謝謝。這非常有幫助。也許只是在保留方面進行一些後續行動。本季 PYD 損失的兩顆衛星損失與 23 年第 3 季發生的事件相同，您記錄了自然減員損失，這是否公平？

And if that's the case, can you talk about the reserving philosophy there in terms of -- it sounds like you booked a loss and then additional information came up and then you had a true up. I'm just trying to figure out, was there something that was unexpected that resulted in the PYD?

如果是這樣的話，你能談談那裡的保留理念嗎？ 聽起來好像你預訂了虧損，然後出現了額外的信息，然後你就得到了真實的上漲。我只是想弄清楚，是否有什麼意外事件導致了 PYD？

Actually, Bob, this is Craig. These are completely separate losses. There have been a number of satellite losses over the last 18 months to 2 years with respect to satellites. This is not what I would traditionally call prior year development. These losses from the satellites were failures, the satellites launched in the years 2022 and 2023. And then subsequently, they failed from an operational standpoint.

事實上，鮑勃，這是克雷格。這些都是完全獨立的損失。過去 18 個月到 2 年裡，衛星發生了多起衛星遺失事件。這不是我傳統上所說的前一年的發展。這些衛星的損失屬於故障，這些衛星是在 2022 年和 2023 年發射的。隨後，從營運的角度來看，他們失敗了。

So we took a strict view on this and reported it as a prior period loss because the loss was actually reported in the first quarter. You may recall earlier this year, there was a large headline where about $0.5 billion of satellite losses were going to be coming into the industry. These were new losses, not the same as the old losses. So this is not a reoccurrence of those old losses.

因此，我們對此採取了嚴格的態度，並將其報告為前期虧損，因為虧損實際上是在第一季報告的。您可能還記得今年早些時候，有一個大標題稱該行業將遭受約 5 億美元的衛星損失。這些是新的損失，與舊的損失不同。因此，這並不是那些舊損失的重演。

Okay. Thank you very much for clearing that up. I really appreciate it. Although skies are falling, but we'll talk about that later.

好的。非常感謝您澄清這一點。對此，我真的非常感激。雖然天塌下來了，但我們稍後再談。

Mike Zaremski.

麥克·扎雷姆斯基。

Hi. This is Dan on for Mike. Good morning. Just quick one on the E&S business, Hamilton Select. How have submission flows been for Hamilton that are given the noise we've seen with growth in the staffing data from the major states?

你好。這是丹為麥克代言。早安.簡單介紹一下 E&S 業務：Hamilton Select。考慮到我們所看到的主要州人員配置資料成長所帶來的噪音，漢彌爾頓的提交流程如何？

I'm very happy to take that one. We are seeing some really robust growth in E&S in generally across our three platforms, but in particular for Hamilton Select, we had record submission flow in the first quarter. And I think that April has been our strongest months to date. So we are really happy about the momentum that we have in E&S across the three platforms, but particularly our opportunities with Hamilton Select.

我很高興接受那個。我們在三個平台上普遍看到 E&S 的成長非常強勁，但特別是 Hamilton Select，我們在第一季的提交流量創下了紀錄。我認為四月是我們迄今為止最強大的月份。因此，我們對 E&S 在三個平台上的發展勢頭感到非常高興，尤其是我們與 Hamilton Select 合作的機會。

Great, thanks. And then one follow-up, maybe on the corporate expense guide. I believe there is a guide of about $50 million for the year. I think this quarter probably pacing a little bit below that. If you could just remind us, if there's any seasonality, we should be expecting with the corporate expenses there.

萬分感謝。然後是一項後續行動，可能是關於公司費用指南。我相信今年的指導金額約為 5000 萬美元。我認為本季的成長速度可能會略低於該水準。請您提醒我們，如果有任何季節性因素，我們應該預期那裡的公司費用。

A little bit of seasonality. One thing, as I mentioned, were bonus accruals from last year that did not get paid out in the first quarter. They reverse in the first quarter, so that's number one.

有點季節性。正如我所提到的，有一件事是去年應計的獎金在第一季沒有支付。他們在第一節就逆轉了，所以這是第一名。

And then number two, things like professional fees, you don't have a lot of fees being paid. The guidance that I had given for the $50 million is still the target for the year.

第二，像專業費用這樣的事情，你不需要支付很多費用。我給的 5000 萬美元指導仍然是今年的目標。

Great. Thanks.

偉大的。謝謝。

Mike Ward.

麥克·沃德.

Hey, guys, thank you, good morning. I was wondering if you could sort of give us some color, maybe year-to-date just on if or how your risk appetite has sort of shifted across product lines. And then is there any sort of view you could give us on the loss trend across casualty and specialty?

嘿，夥計們，謝謝你們，早安。我想知道您是否可以給我們一些信息，也許是今年迄今為止，您的風險偏好是否或如何跨產品線發生變化。那麼，您對傷亡事故和特種事故的損失趨勢有何看法？

I start with the latter first. We're seeing in terms of a trend, and this is across property, casualty, specialty, we're seeing trend in the mid to high single digit range in the business that we write. But as we look at how we're pricing and rating this business rates are either keeping up or in some cases, outpacing that trend. I mean, just take a look at satellites, and we're looking at rate increases in the mid double digit range for that area of our business.

我先從後者開始。我們看到了一種趨勢，這是跨財產、傷亡、專業的趨勢，我們在我們所寫的業務中看到了中高個位數範圍的趨勢。但當我們審視我們的定價和評級方式時，該業務費率要么跟上趨勢，要么在某些情況下超過了趨勢。我的意思是，只要看看衛星，我們就看到我們該業務領域的成長率在兩位數範圍內。

Your first question talks about our appetite. We have appetite across property, casualty, and specialty business, we write. The next opportunity for us to deploy this appetite will be at the upcoming six one and seven one renewals. Those are largely property based renewals and they include Florida. We have defined tolerances for PMLs, but we will look at where to best deploy our PMLs in this market. Also looking at what other business that we can secure with the clients that we transact with.

你的第一個問題是關於我們的胃口。我們寫道，我們對財產、傷亡和專業業務有興趣。我們下一次部署這種胃口的機會將是在即將到來的六一和七一續訂時。這些主要是基於財產的更新，其中包括佛羅裡達州。我們已經定義了 PML 的容差，但我們將研究在這個市場中最好的部署 PML 的位置。也要考慮我們可以與我們進行交易的客戶獲得哪些其他業務。

Great, thanks. And then is there anything maybe quantitative or incremental you can share in terms of how the spring and summer renewals are shaping up?

萬分感謝。那麼，關於春季和夏季更新的進展情況，您是否可以分享一些定量或增量的內容？

So we are looking at these renewals and what we're seeing is we're definitely going to see increased demand on the property side for more limits in the market. There may be some, as we've seen in previous quarters, some additional capital at the top end of the programs. But we think given the increased demand that we're going to see, and even with this additional capital, we think that there's going to be remain -- discipline will remain in the market in terms of rating going into this renewal.

因此，我們正在研究這些更新，我們看到的是，我們肯定會看到房地產方面對市場更多限制的需求增加。正如我們在前幾個季度所看到的，該計劃的高端可能會有一些額外的資本。但我們認為，考慮到我們將看到的需求增加，即使有了這些額外的資本，我們認為在這次更新的評級方面，市場仍將保持紀律。

And importantly, we all talk about rate, but very importantly is the structural changes that we've been able to secure in this market starting in 2023, whether that's terms and conditions or importantly, attachment points, we see their very strong resolve on the part of the market to keep those intact.

重要的是，我們都在談論利率，但非常重要的是我們從 2023 年開始在這個市場中能夠確保的結構性變化，無論是條款和條件還是重要的附著點，我們看到他們對市場的一部分，以保持這些完好無損。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) And it looks like we have one additional question from Mike Ward.

（操作員說明）邁克沃德 (Mike Ward) 似乎也提出了一個問題。

Thanks, guys, long time no speak. I just wanted to follow-up and I joined late. The buyback, I thought that was really interesting on the structure of it. Are there more opportunities for that type of activity or indications from shareholders or anything like that, that could keep happening or more of that?

謝謝各位，好久沒說話了。我只是想跟進，所以我加入得很晚。回購，我認為它的結構非常有趣。是否有更多機會進行此類活動或股東的指示或類似的事情，這些活動可能會繼續發生或更多？

Mike, this is Craig. So first of all, this was a one-off targeted repurchase transaction for an initial investor of the organization.

麥克，這是克雷格。首先，這是該組織初始投資者的一次性定向回購交易。

Okay. Thank you.

好的。謝謝。

That will conclude our question-and-answer session for today. And I'll hand the floor over to management for closing remarks.

我們今天的問答環節到此結束。我將把發言權交給管理階層作結束語。

Thank you. As always, I do want to thank you all for joining us today on our call. I remain very optimistic for the future of Hamilton, and we all look forward to speaking to you again in a couple of months. Thanks again.

謝謝。一如既往，我要感謝大家今天參加我們的電話會議。我對漢密爾頓的未來仍然非常樂觀，我們都期待著幾個月後再次與您交談。再次感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。