Hamilton Insurance Group Ltd (HG) 2025 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，歡迎參加漢密爾頓保險集團收益電話會議。提醒一下，本次電話會議正在進行網路直播，並且可以透過漢密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 Darian Niforatos, Vice President, Investor Relations and finance. Please go ahead.

現在我想將電話轉給投資者關係和財務副總裁 Darian Niforatos。請繼續。

Thanks, operator. Hi everyone and welcome to the Hamilton Insurance Group first quarter 2025 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，接線生。大家好，歡迎參加漢密爾頓保險集團 2025 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) 和集團財務長克雷格·豪伊 (Craig Howie)。漢密爾頓管理團隊的其他成員也加入了我們。

Before we begin, note that Hamilton financial disclosures, including our earnings release, contain important information regarding forward-looking statements. Management comments regarding potential future developments are subject to the risks and uncertainties as detailed. Management may also refer to certain non-gap financial measures. These items are reconciled in our earnings release and financial supplement. With that, I'll hand it over to Pena.

在我們開始之前，請注意漢密爾頓的財務揭露（包括我們的收益報告）包含有關前瞻性陳述的重要資訊。管理層對未來潛在發展的評論受到詳細的風險和不確定性的影響。管理階層可能也會參考某些非差距財務措施。這些項目在我們的收益報告和財務補充中進行了核對。說完這些，我就把它交給佩納。

Thank you, Darian, and hello, everyone. Let me start by welcoming you all to Hamilton's first quarter 2025 conference call. I'm very pleased to report another profitable quarter for Hamilton, despite the fact that global insured catastrophe losses were over $55 billion for the quarter, driven primarily by the California wildfires.

謝謝你，達里安，大家好。首先，歡迎大家參加漢密爾頓 2025 年第一季電話會議。我很高興地報告漢密爾頓又一個季度實現盈利，儘管本季全球保險巨災損失超過 550 億美元，主要原因是加州野火。

Starting with the headline results, our catastrophe loss ratio this quarter was 30.2%, which includes our California wildfire net loss estimate of $143 million. This number is net of reinsurance and reinstatement premiums and does not take into account any potential recovery benefits, for example, for subrogation.

從整體結果開始，本季我們的災難損失率為 30.2%，其中包括我們估計的 1.43 億美元的加州野火淨損失。這個數字是扣除再保險和恢復保險費後的淨額，並且沒有考慮任何潛在的恢復利益，例如代位求償。

Also, as a reminder, this estimate is within the $120 million to $150 million range which we announced during last quarter's earnings call. Notwithstanding the catastrophe losses, Hamilton had a very strong start to the year. Our attritional loss ratio was 51.9%, exemplifying the stability of our underlying book, which is running where we would expect.

另外，提醒一下，這個估計值在我們上個季度的收益電話會議上宣布的 1.2 億至 1.5 億美元的範圍內。儘管遭受了災難性的損失，漢密爾頓今年的開局仍然非常強勁。我們的損耗率為 51.9%，反映了我們基礎帳簿的穩定性，符合我們的預期。

Our gross premiums written increased by 17% in the first quarter. Investment results were significant, with a total investment return of $167 million a result that more than offsets our catastrophe losses. Finally, in terms of headline numbers, our net income of $81 million represents a 13.7% annualized return on average equity for the first quarter.

第一季我們的毛保費收入成長了 17%。投資成果顯著，總投資回報達 1.67 億美元，足以彌補我們的災難損失。最後，就整體數字而言，我們的淨收入為 8,100 萬美元，相當於第一季 13.7% 的年化平均股本回報率。

I would now like to focus on our two reporting segments, particularly their top line growth this quarter. Each of our segments, Bermuda, which is comprised of Hamilton Re and Hamilton Re US and International, which houses Hamilton Global Specialty and Hamilton Select, enjoyed double-digit growth.

現在我想重點介紹我們的兩個報告部門，特別是本季的營收成長。我們的各個部門，包括由 Hamilton Re 和 Hamilton Re US and International（其中包括 Hamilton Global Specialty 和 Hamilton Select）組成的百慕大，都實現了兩位數的成長。

Starting with Hamilton Re, which renews approximately 40% of its business during the first quarter, we wrote $473 million in gross premiums, an increase of 18% over last year. This increase was primarily driven by casualty and property classes. In casualty, we continue to take advantage of two things.

從漢密爾頓再保險公司 (Hamilton Re) 開始，該公司在第一季續保了約 40% 的業務，我們的毛保費收入為 4.73 億美元，比去年同期增長了 18%。這一增長主要由傷亡險和財產險類別推動。在傷亡方面，我們繼續利用兩件事。

First, the favorable market environment with tighter limits and stronger underlying rates, and second, our AM Best rating upgrade to A.

首先，市場環境有利，限制更嚴格，基礎利率更高；其次，我們的 AM Best 評級上調至 A。

The latter led to new business as well as opportunities for us to increase a number of the line sizes on our renewal business across both our Hamilton Re Bermuda and our US underwriting platforms. In property, a significant portion of the increase was related to reinstatement premiums from the California wildfires.

後者不僅為我們帶來了新業務，還為我們在 Hamilton Re Bermuda 和美國承保平台上增加續保業務的額度提供了機會。在房地產領域，很大一部分成長與加州野火造成的恢復保費有關。

That said, we were also successful with some targeted new business growth and therefore still showed growth over the prior year when excluding reinstatement premiums. In general, we feel property cap business is still attractively priced and it also enjoys the improved terms and conditions and higher attachment points from the market reset in 2023.

儘管如此，我們也成功地實現了一些有針對性的新業務成長，因此在不包括複效保費的情況下，仍然比前一年有所增長。總體而言，我們認為房地產上限業務的定價仍然具有吸引力，並且還享有 2023 年市場重置帶來的更好的條款和條件以及更高的附加點。

Before I move on to international, I'd like to say a few words specifically about Hamilton Re's recent growth in casualty. Again, we view the current casualty environment as attractive, so we continue to lean in, albeit in a highly selective and disciplined manner.

在談到國際業務之前，我想特別談談漢密爾頓再保險公司 (Hamilton Re) 最近在傷亡險業務方面的成長。再次，我們認為當前的傷亡環境具有吸引力，因此我們將繼續傾斜，儘管方式是高度選擇性和紀律性的。

By selective, I mean that we focus on building strong relationships with key clients with whom we enjoy a broad trading relationship and on becoming a more relevant trading partner with them. Key target cash declines for Hamilton are those that have a very strong underwriting and claims handling culture, are good at actively managing market cycles, and keep a significant amount of their exposure net, thus ensuring alignment of interest.

我所說的選擇性是指我們專注於與擁有廣泛貿易關係的關鍵客戶建立牢固的關係，並成為他們更相關的貿易夥伴。漢密爾頓 (Hamilton) 的主要目標現金下降是那些擁有非常強大的承保和索賠處理文化、善於積極管理市場週期並保持大量風險敞口淨額的公司，從而確保利益一致。

By disciplined, I mean that each casualty deal is actuarially reviewed with a view of risk and a loss ratio that is independent from those of our students and brokers and reflects what we believe to be a cautious view of loss trends, including social inflation.

我所說的嚴謹，是指每筆意外險交易都經過精算審查，審查時所考慮的風險和損失率與我們的學生和經紀人的獨立性無關，反映了我們對損失趨勢（包括社會通膨）的謹慎看法。

Moving to our international segment, we wrote $370 million of gross premiums, an increase of 15% over the prior year. This growth was primarily due to the healthy flow of US E&S business we saw in the quarter. US E&S makes up for the majority of the business we write in international.

轉向我們的國際業務，我們的毛保費收入為 3.7 億美元，比上一年增長了 15%。這一成長主要歸功於我們在本季看到的美國 E&S 業務的健康流動。美國 E&S 佔據了我們在國際上承接的大部分業務。

Our product diversification and expertise in both Hamilton Global Specialty and Hamilton Select allow us to grow in the areas we deem most attractive and shrink or exit those where we do not believe we are getting adequate rate.

我們的產品多樣化以及在 Hamilton Global Specialty 和 Hamilton Select 方面的專業知識使我們能夠在我們認為最具吸引力的領域實現成長，並縮小或退出那些我們認為未獲得足夠利率的領域。

Hamilton Global Specialty, which is the largest contributor to the international segment, increased most in property and specialty classes. In property we grew most with a particular long-standing account which has been very profitable for us historically.

漢密爾頓全球專業公司 (Hamilton Global Specialty) 是國際業務的最大貢獻者，在房地產和專業類別中的增幅最大。在房地產領域，我們最大的成長來自於一個特定的長期帳戶，從歷史上看，這個帳戶為我們帶來了非常大的利潤。

In specialty we grew most in personal accident, fine art and specie, and marine lines where our expertise is well recognized. As a reminder, Hamilton Global specialty houses our Lloyd's underwriting operation, Hamilton Syndicate 4,000.

在專業領域，我們在人身意外傷害、美術和硬幣以及海運方面發展最為迅速，我們的專業知識在這些領域得到了廣泛認可。提醒一下，Hamilton Global 專業承保我們的勞合社核保業務，Hamilton Syndicate 4,000。

A few weeks ago, we reported our 2024 Lloyd's results, and I'm proud to say that our syndicate remains in the enviable position of being amongst the syndicates with the highest profitability and lowest volatility over a 10-year period.

幾週前，我們公佈了 2024 年勞合社的業績，我很自豪地說，我們的集團仍然處於令人羨慕的地位，是 10 年來盈利能力最高、波動性最低的集團之一。

We have a consistently strong track record at Lloyd's, and each year we continue to build on that success. Lastly, the international segment includes Hamilton select, a hard-to-place US E&S platform, which grew 51% this quarter.

勞合社一直擁有良好的業績記錄，並且每年我們都將繼續鞏固這一成功。最後，國際部分包括 Hamilton select，這是一個難以安置的美國 E&S 平台，本季成長了 51%。

Our strongest growth came from excess casualty, products and contractors, and general casualty classes. We are keeping a sharp eye on pricing trends in all of our offerings, and we'll adjust our underwriting appetite as needed.

我們最強勁的成長來自於超額傷亡、產品和承包商以及一般傷亡類別。我們密切注意所有產品的定價趨勢，並根據需要調整承保意願。

I will now turn to the April 1 and upcoming mid-year reinsurance renewals. I will be brief, as I'm sure you've heard plenty of commentary regarding movements in rates, trends, and the like on earlier calls. Regarding the 41 renewals, which are largely Japanese accounts, attachment points and terms and conditions remained relatively stable.

現在我將討論 4 月 1 日和即將到來的年中再保險續保。我會簡短地講，因為我相信您在之前的電話會議中已經聽到了很多有關利率變動、趨勢等的評論。對於 41 個續約案例，其中大部分是日本帳戶，附加點和條款和條件保持相對穩定。

Pricing saw some modest decreases as expected because this market is largely decoupled from the losses seen in the US. For US 41 property cap renewals, consistent with what we said last quarter, loss-free US programs renewed with modest rate reductions, while loss affected programs experienced rate increases.

正如預期的那樣，價格出現了小幅下跌，因為該市場與美國的損失基本上脫鉤。對於美國 41 個房地產上限續期，與我們上個季度所說的一致，無損失的美國計劃續期時利率適度降低，而受損失影響的計劃則出現利率上調。

There were a handful of casualty renewals at 41, and market discipline remained there too, with rates largely keeping pace with lost costs. As for the upcoming mid-year renewals, which are largely property driven, we are seeing increased demand and stable supply.

意外險續保數量為 41 份，市場紀律也維持不變，費率基本上與損失成本保持同步。至於即將到來的年中續約，主要由房地產驅動，我們看到需求增加且供應穩定。

This will likely result in pricing being similar to what we experienced so far this year. Loss affected accounts will see rate increases, and it is important to note that a number of the larger accounts affected by the wildfires and the 2024 hurricanes are renewing in this period.

這可能會導致定價與我們今年迄今為止經歷的類似。受到損失的帳戶的費率將會上升，值得注意的是，許多受到野火和 2024 年颶風影響的較大帳戶在此期間正在續保。

Before I turn the call over to Craig, I'd like to address the continued economic and geopolitical uncertainty the world is facing, particularly the more recently announced tariffs and the potential for a recession. Regarding tariffs, it is still early days, but it is important to note that they have an indirect impact on our business as we are a financial services provider.

在我將電話轉給克雷格之前，我想談談世界面臨的持續的經濟和地緣政治不確定性，特別是最近宣布的關稅和經濟衰退的可能性。關於關稅，現在還為時過早，但值得注意的是，由於我們是金融服務提供者，關稅會對我們的業務產生間接影響。

While there remains much uncertainty around tariff policies and their impacts, we are currently anticipating that the primary impact will be loss cost inflation in certain lines, and the secondary impact could be to the broader trading environment.

儘管關稅政策及其影響仍然存在許多不確定性，但我們目前預計，主要影響將是某些行業的損失成本膨脹，次要影響可能是更廣泛的貿易環境。

When we think about potential loss cost inflation, we believe our exposure is most material in property lines. However, we perceive this exposure as very manageable at the present time, and we have the framework and the models already in place and fully operational to react to this risk as it develops.

當我們考慮潛在的損失成本膨脹時，我們認為我們在財產險方面的風險敞口最為重大。然而，我們認為目前這種風險是可以控制的，並且我們已經建立了框架和模型，可以全面應對這種風險的發展。

When it comes to the broader trading environment, we are used to thinking about this kind of risk, and we will continue to monitor it closely and react accordingly. Regarding the possibility of a recession, as you will have heard from many of my peers, insurance and reinsurance are not luxury purchases and therefore rather resilient in this context.

當談到更廣泛的交易環境時，我們習慣於考慮這種風險，我們將繼續密切監控並做出相應反應。關於經濟衰退的可能性，正如您從我的許多同行那裡聽到的那樣，保險和再保險不是奢侈品購買，因此在這種背景下具有相當的彈性。

Against this backdrop, we believe we are still in an attractive trading environment, are capable of navigating risk, and are therefore able to enjoy thoughtful and selective double-digit growth in our top line. Our attritional loss ratios, the barometer of the health of our underlying business, are stable, and we have an experienced and disciplined team and a strong balance sheet.

在此背景下，我們相信我們仍然處於一個有吸引力的貿易環境中，有能力應對風險，因此能夠享受經過深思熟慮和有選擇性的兩位數營收成長。我們的人員流失率（衡量我們基礎業務健康狀況的指標）保持穩定，我們擁有一支經驗豐富、紀律嚴明的團隊和強大的資產負債表。

With that, I will now turn the call over to Craig to go over our financial results in more detail.

說完這些，我現在將把電話轉給克雷格，讓他更詳細地介紹我們的財務表現。

Thank you, Pena, and hello, everyone. Hamilton is off to a strong start for the year with net income of $81 million equal to $0.77 per diluted share, producing an annualized return on average equity of 13.7%. We also increased book value per share to $23.59.

謝謝你，佩納，大家好。漢彌爾頓今年開局強勁，淨收入達 8,100 萬美元，相當於每股 0.77 美元，年化平均股本回報率達 13.7%。我們也將每股帳面價值提高至 23.59 美元。

This compares to net income of $157 million or $1.38 per diluted share and an annualized return on average equity of 29.5% in the first quarter of 2024. Before I move on to details around our underwriting and investment income components for the quarter, I wanted to point out some new metrics we've added to our financial supplement disclosures this quarter.

相較之下，2024 年第一季的淨收入為 1.57 億美元，即每股 1.38 美元，年化平均股本回報率為 29.5%。在介紹本季度承保和投資收益組成部分的詳細資訊之前，我想指出我們在本季度的財務補充披露中添加的一些新指標。

We are now reporting operating income per share, and operating return on average equity. We define operating income as net income, excluding one net realized and unrealized gains or losses on investments in our fixed maturity and short-term investment portfolios, and two foreign exchange gains or losses.

我們現在報告每股營業收入和平均股本營業回報率。我們將營業收入定義為淨收入，不包括固定期限和短期投資組合投資的淨已實現和未實現收益或損失，以及兩項外匯收益或損失。

To clarify, we are including the realized and unrealized gains or losses from the Two Sigma Hamilton Fund in our definition of operating income. We understand that many of you have asked for a disclosure of operating income to more readily compare Hamilton with some of our peers.

為了澄清起見，我們將 Two Sigma Hamilton Fund 的已實現和未實現收益或損失納入我們的營業收入定義中。我們了解到，許多人都要求揭露營業收入，以便更容易地將漢密爾頓與我們的一些同行進行比較。

While I will not discuss operating income in any more detail on today's call, we will begin providing commentary around this result next quarter. In the meantime, if you have any questions, please feel free to reach out to investor relations.

雖然我不會在今天的電話會議上更詳細地討論營業收入，但我們將在下個季度開始對此結果發表評論。同時，如果您有任何疑問，請隨時聯繫投資者關係部門。

Moving on to our underwriting results, Hamilton continues to grow its top line at a thoughtful double digit rate. As Pena mentioned, our first quarter 2025 gross premiums written increased to $843 million compared to $722 million this time last year, an increase of 17%.

談到我們的承保結果，漢密爾頓繼續以兩位數的速度成長其營業收入。正如佩納所提到的，我們 2025 年第一季的毛保費收入增至 8.43 億美元，而去年同期為 7.22 億美元，增幅為 17%。

Both our reporting segments, international and Bermuda, continue to lean into favorable market conditions. For the first quarter, Hamilton had a $58 million dollar underwriting loss, primarily driven by the California wildfire catastrophe loss estimate in the quarter.

我們的兩個報告部門（國際和百慕達）繼續傾向於有利的市場條件。第一季度，漢密爾頓的承保損失為 5,800 萬美元，主要原因是該季度加州野火災難造成的損失估計。

This is compared to underwriting income of $33 million in the first quarter last year. The group combined ratio was 111.6% compared to 91.5% in the first quarter of 2024. Again, the increase in the combined ratio was primarily driven by the catastrophe losses.

相比之下，去年第一季的承保收入為 3,300 萬美元。該集團綜合比率為 111.6%，而 2024 年第一季為 91.5%。再一次，綜合比率的上升主要是由於巨災損失所致。

Starting with the loss ratio in the first quarter, the loss ratio increased 18.9 points to 79.2% compared to 60.3% in the prior period. The increase was primarily driven by $151 million or 30.2 points of net current and prior year catastrophe losses primarily driven by the California wildfires.

從第一季的賠付率來看，賠付率由上一季的60.3%上升至79.2%，季減18.9個百分點。這一增長主要是由於加州野火造成的 1.51 億美元或 30.2 個百分點的本年和上年淨災難損失。

This compares to catastrophe losses of less than $50 million reported in the first quarter last year. The attritional loss ratio was 51.9%, a decrease of 5.3 points compared to the first quarter last year. The primary reason for the decrease was the first quarter of 2024 included the Baltimore Bridge loss. Again, our underlying diversified book of business continues to perform well.

相比之下，去年第一季報告的災難損失不到 5,000 萬美元。流失率為51.9%，較去年第一季下降5.3個百分點。下降的主要原因是 2024 年第一季出現了巴爾的摩大橋損失。再次，我們基礎多元化業務持續表現良好。

We had favorable prior year attritional development of 2.9 points driven predominantly by specialty and property classes. This compares to 3.1 points of unfavorable development in the first quarter last year. The expense ratio increased 1.2 points to 32.4% compared to 31.2% in the first quarter last year, with the acquisition costs being slightly higher and other underwriting expenses being slightly lower.

我們去年的人員流失率發展良好，為 2.9 個百分點，主要受專業和財產類別的推動。相比之下，去年第一季的不利發展為 3.1 個百分點。費用率較去年第一季的31.2%上升1.2個百分點至32.4%，其中併購成本略高，其他承保費用略低。

The increase in acquisition expenses was mainly driven by higher profit commissions and a change in business mix. As always, I'd encourage you to use the full year 2024 attritional loss and expense ratios as an indication of where we expect the current book to perform.

收購費用的增加主要是由於利潤佣金增加和業務組合變化所致。像往常一樣，我鼓勵您使用 2024 年全年的人員流失損失和費用率作為我們預期當前帳簿表現的指標。

Next, I'll go through the first quarter results by reporting segment. Let's start with the international segment which includes our specialty insurance businesses, Hamilton Global Specialty, and Hamilton Select.

接下來，我將按報告部分介紹第一季的業績。讓我們從國際部門開始，其中包括我們的專業保險業務、Hamilton Global Specialty 和 Hamilton Select。

For the first quarter of 2025, international gross premiums written grew to $370 million from $321 million an increase of 15%. This was driven by growth in our property, casualty and specialty insurance classes. International had an underwriting income of $1 million and a combined ratio of 99.7% compared to underwriting income of $5 million and a combined ratio of 97.2% in the first quarter last year.

2025 年第一季度，國際毛保費收入從 3.21 億美元增至 3.7 億美元，增幅為 15%。這是由我們的財產、意外傷害和特殊保險類別的成長所推動的。國際承保收入為 100 萬美元，綜合成本率為 99.7%，而去年第一季承保收入為 500 萬美元，綜合成本率為 97.2%。

The increase in the combined ratio was primarily related to catastrophe losses in the quarter. International had $29 million of net catastrophe losses completely driven by the California wildfires compared to negligible net catastrophe losses in the first quarter of 2024.

綜合比率的上升主要與本季的災難損失有關。國際公司因加州野火造成的淨災難損失為 2,900 萬美元，而 2024 年第一季的淨災難損失則微不足道。

The international current year attritional loss ratio decreased 3.9 points to 52.1% in the first quarter compared to 56.0% in the first quarter last year, which included the Baltimore Bridge loss. The expense ratio increased by 0.9 points to 39.1% compared to 38.2% in the first quarter last year.

今年第一季度，國際損耗率下降 3.9 個百分點至 52.1%，而去年第一季（包括巴爾的摩大橋損耗）的損耗率為 56.0%。費用率較去年第一季的38.2%上升0.9個百分點至39.1%。

The increase in the expense ratio was primarily driven by increased profit commissions included in the acquisition expense ratio, partially offset by a lower other underwriting expense ratio. I will now turn to the Bermuda segment which houses Hamilton Re and Hamilton Re US, the entities that predominantly write our reinsurance business.

費用率的上升主要是由於收購費用率中包含的利潤佣金增加，但其他承銷費用率的下降部分抵消了這一影響。現在我將轉向百慕達分部，該分部由 Hamilton Re 和 Hamilton Re US 組成，這兩個實體主要負責我們的再保險業務。

For the first quarter of 2025, Bermuda's gross premiums written grew to $473 million from $401 million an increase of 18%. The increase was primarily driven by new and existing business in casualty and property reinsurance classes, including non-recurring reinstatement premiums related to the California wildfires.

2025 年第一季度，百慕達的毛保費收入從 4.01 億美元增至 4.73 億美元，增幅為 18%。成長主要得益於意外傷害和財產再保險類別的新業務和現有業務，包括與加州野火相關的非經常性恢復保費。

Bermuda had an underwriting loss of $59 million and a combined ratio of 122.8% compared to underwriting income of $27 million and an 85.5% combined ratio in the first quarter last year. The increase in the combined ratio was primarily related to catastrophe losses in the quarter.

百慕達的承保損失為 5,900 萬美元，綜合成本率為 122.8%，而去年第一季的承保收入為 2,700 萬美元，綜合成本率為 85.5%。綜合比率的上升主要與本季的災難損失有關。

Bermuda had $121 million of net catastrophe losses primarily driven by the California wildfires of $131 million and partially offset by favorable prior year catastrophe development of $9 million. This compares to no net catastrophe losses in the first quarter of 2024.

百慕達的淨災難損失為 1.21 億美元，主要原因是加州的山火造成 1.31 億美元的損失，但被去年 900 萬美元的有利災難發展所部分抵消。相比之下，2024 年第一季沒有發生淨災難損失。

The Bermuda current year attritional loss ratio decreased by 6.6 points to 51.8% in the first quarter compared to 58.4% in the first quarter last year, which included the Baltimore Bridge loss.

百慕達本年度第一季的損耗率下降了 6.6 個百分點，至 51.8%，而去年第一季（包括巴爾的摩大橋損耗）的損耗率為 58.4%。

The Bermuda expense ratio increased by 2.3 points to 26.2% compared to 23.9% in the first quarter of 2024 due to a change in business mix, specifically an increase in quota share business, and reduced performance-based management fees partially offset by growth in the premium base.

百慕達費用率較 2024 年第一季的 23.9% 上升 2.3 個百分點至 26.2%，原因是業務組合發生變化，特別是配額份額業務增加，以及基於績效的管理費減少，但保費基數增長部分抵消了這一影響。

Now turning to investment income. Total net investment income for the first quarter was $167 million compared to investment income of $148 million in the first quarter of 2024.

現在談談投資收益。第一季的總淨投資收入為 1.67 億美元，而 2024 年第一季的投資收入為 1.48 億美元。

The fixed income portfolio, short-term investments, and cash produced a gain of $64 million in the quarter compared to a gain of $5 million in the first quarter of 2024. As a reminder, this includes the realized and unrealized gains and losses that Hamilton reports through net income as part of our trading investment portfolio.

固定收益投資組合、短期投資和現金在本季產生了 6,400 萬美元的收益，而 2024 年第一季的收益為 500 萬美元。提醒一下，這包括漢密爾頓作為我們交易投資組合的一部分透過淨收入報告的已實現和未實現的收益和損失。

The fixed income portfolio had a return of 2.4% or $59 million and a new money yield of 4.8% on investments purchased this quarter. The duration of the portfolio remains at 3.4 years. The average yield to maturity on this portfolio was 4.5% compared to 4.7% at year-end 2024.

本季固定收益投資組合的回報率為 2.4% 或 5,900 萬美元，新資金收益率為 4.8%。投資組合的久期仍為3.4年。該投資組合的平均到期收益率為 4.5%，而 2024 年底為 4.7%。

The average credit quality of the portfolio remains strong at three. The Two Sigma Hamilton Fund produced a $104 million gain or 5.5% for the first quarter of 2025 compared to a $143 million gain or 8.3% in the first quarter last year.

投資組合的平均信用品質仍保持強勁，為三。2025 年第一季度，Two Sigma Hamilton Fund 的收益為 1.04 億美元，成長率為 5.5%，而去年第一季的收益為 1.43 億美元，成長率為 8.3%。

The latest estimate we have for the Two Sigma Hamilton fund year-to-date performance was 7.9% through April 30, 2025. The Two Sigma Hamilton Fund made up about 40% of our total investments, including cash investments, at March 31, compared to 39% at December 31, 2024.

我們對 Two Sigma Hamilton 基金今年迄今業績的最新估計是截至 2025 年 4 月 30 日的 7.9%。截至 3 月 31 日，Two Sigma Hamilton Fund 約占我們總投資（包括現金投資）的 40%，而 2024 年 12 月 31 日這一比例為 39%。

In the second quarter of 2024, we announced a $150 million share repurchase authorization by the Hamilton Board of Directors. During the first quarter of 2025, we used $10 million of that authorization to repurchase shares that were priced below book value.

2024 年第二季度，我們宣布漢密爾頓董事會授權回購 1.5 億美元的股票。在 2025 年第一季度，我們使用了其中的 1,000 萬美元授權來回購價格低於帳面價值的股票。

With $112 million remaining under our share repurchase authorization, we are able to continue repurchasing shares, growing the book of business, all while maintaining our strong capital position, even during times of uncertainty. Next, I have some comments on our strong balance sheet.

我們的股票回購授權餘額為 1.12 億美元，即使在不確定時期，我們也能繼續回購股票，擴大業務規模，同時保持強大的資本地位。接下來，我對我們強勁的資產負債表發表一些評論。

Total assets were $8.3 billion at March 31, 2025, up 7% from $7.8 billion that year in 2024. Total investments in cash were $5 billion at March 31, an increase of 4% from the $4.8 billion at year end 2024. Shareholders equity for the group was $2.4 billion at the end of the first quarter, which was a 3% increase from the $2.3 billion at year end 2024. Our book value per share was $23.59 at March 30, 2025, up 3% from year end 2024.

截至 2025 年 3 月 31 日，總資產為 83 億美元，較 2024 年的 78 億美元成長 7%。截至 3 月 31 日，現金總投資為 50 億美元，較 2024 年底的 48 億美元成長 4%。第一季末，該集團股東權益為 24 億美元，較 2024 年底的 23 億美元成長 3%。截至 2025 年 3 月 30 日，我們的每股帳面價值為 23.59 美元，比 2024 年底成長 3%。

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

謝謝大家，現在我們將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Our first question comes from Mike Zaremski from BMO. Please go ahead. Your line is open.

我們的第一個問題來自 BMO 的 Mike Zaremski。請繼續。您的線路已開通。

Hey, morning. First question, maybe more broad question on the casualty line of business, Pina, I heard your comments about the am best upgrade, which I believe unlocks. On the casualty reinsurance side, you don't get, look at more business.

嘿，早安。第一個問題，也許是關於傷亡業務線的更廣泛的問題，皮納，我聽到了你關於最佳升級的評論，我相信這會解鎖。在意外傷害再保險方面，你不會看到更多的業務。

I also sounded like you all were on top of that, playing some offense in that line of business too, maybe in both, reinsurance and insurance. Now, curious, if you could offer any maybe high-level thoughts on.

我聽起來好像你們都在這方面很在行，也在這個行業中發揮了一些進攻作用，也許在再保險和保險方面都有所作為。現在，我很好奇，您是否可以提供一些高層次的想法。

What loss trend, assumptions you and or your students are applying. Is it, low double digits, single digits? I don't know if there's any context you can offer, you brought up social inflation, earlier it seems to still be kind of a key question we get from investors, that's why I asked.

您或您的學生正在應用什麼損失趨勢和假設。是低兩位數，還是個位數？我不知道您是否可以提供任何背景信息，您提到了社會通膨，之前這似乎仍然是我們從投資者那裡得到的一個關鍵問題，這就是我問的原因。

Great, Mike, why don't I just start generically and then I'm going to get to that specific question at the end. I think I'm going to start by saying we are, very happy about the client and broker response to our AM Best upgrade and what we've seen as a result, both in terms of new business and the opportunity to upsize what we're rather small participations on casualty in the past.

太好了，麥克，我為什麼不先從一般性的問題開始，然後在最後再回答那個具體的問題呢？我想首先要說的是，我們對客戶和經紀人對 AM Best 升級的反應以及由此看到的結果感到非常高興，無論是在新業務方面，還是在擴大我們過去在意外險方面的小規模參與機會方面。

And just for some flavor, we grew $40 million of casualty premium in the first quarter. That's predominantly sorry, that's a premium in the first quarter on the back of that AM Best upgrade, predominantly casualty premium. And what we're seeing is that the market conditions remain very attractive, double digits. It's keeping pace with trends for the lines that we're writing.

更有趣的是，我們第一季的意外險保費增加了 4,000 萬美元。很抱歉，這主要是由於 AM Best 升級而導致的第一季溢價，主要是意外險溢價。我們看到的是，市場狀況仍然非常有吸引力，並保持兩位數的成長。它與我們所寫的台詞的趨勢保持同步。

So I'm going to say in those lines we're seeing low to mid-teens on our clients' books, but we're very selective about. The clients, as I mentioned, that we are targeting for casualty growth and those parameters that I set out about, the underwriting culture, the claims culture, and specifically their willingness to retain a significant portion of their book are very key components to the clients that we are partnering with here.

所以我要說的是，在這些方面，我們看到客戶的帳簿上有低到中等比例的存款，但我們對此非常挑剔。正如我所提到的，我們針對傷亡險增長的客戶以及我所設定的那些參數，承保文化，索賠文化，特別是他們願意保留其賬簿的很大一部分，對於我們在此合作的客戶來說都是非常關鍵的組成部分。

So all in all, we think that the opportunity of this a best upgrade coming at a time where underlying market conditions are strong on casualty and where others perhaps are still backing away because they may have been outsized gives us a very particular opportunity at this time.

總而言之，我們認為，這是一個最佳升級的機會，發生在潛在市場條件對傷亡狀況強勁、而其他人可能仍在退縮（因為他們的規模可能過大）的時候，這給了我們一個非常特殊的機會。

Got it that that's helpful on kind of the pricing levels that, so I'm kind of back into, assuming lost cost is probably a little lower than that, I'm switching gears a bit.

我明白這對定價水平有幫助，所以我有點回到，假設損失成本可能比這低一點，我稍微轉換一下話題。

The overall combined ratio, just to be clear, in line with kind of what consensus was expecting. I know there's always kind of movement and expense ratio and attritional loss ratio, and it was good to see a lot of reserve releases too, but the underlying loss ratio was a bit higher than expected consensus wise in both segments.

需要明確的是，整體綜合比率與普遍預期一致。我知道總是存在某種變動、費用率和損耗率，而且看到大量儲備金釋放也是件好事，但這兩個部分的潛在損耗率都比預期的要高一些。

I know that, in the mix, I think in our international on casualty it grew a lot I think in Bermuda but casually didn't grow in total proportion as that much international, and which I assume casualty would have a higher attritional loss ratio.

我知道，總的來說，我認為在我們的國際傷亡事故中，它在百慕達增長了很多，但總體比例並沒有像國際事故那樣增長，而且我認為傷亡事故的損失率會更高。

So just curious, any color or any guidance you want to offer on whether some of the movement and the attritional loss ratio, we should not run right or maybe it's just quarterly kind of normal fluctuations. Thanks.

所以只是好奇，您想提供任何顏色或任何指導，以說明某些變動和損耗率是否不應該正確運行，或者也許這只是季度性的正常波動。謝謝。

Hi Mike, this is Craig. I'll take that question. Our current year attritional loss picks for the first quarter are in line with our expectations for sure. It really depends on the mix of business. For example, writing more casualty or more pro rata business would carry a higher loss pick, and that's what you're seeing here.

你好，麥克，我是克雷格。我來回答這個問題。我們今年第一季的損失預測肯定符合我們的預期。這實際上取決於業務組合。例如，承保更多的意外險或更多按比例分攤的業務將帶來更高的損失，這就是您在這裡看到的。

I also want to remind you may call that we increased our 2024 casualty loss picks in the third quarter last year when we saw indications of higher social inflation, and that continues in our loss picks for 2025. What I would tell you again, I would tell you to look at the full year 2024 loss ratios as a guide for how we expect our current book to perform.

我也想提醒大家，當我們看到社會通膨上升的跡象時，我們在去年第三季增加了 2024 年的傷亡損失預測，而這種情況在我們 2025 年的損失預測中也延續了下來。我想再次告訴你們的是，我會告訴你們看看 2024 年全年的損失率，以此作為我們預期當前帳簿表現的指導。

Okay, got it. Helpful, and I'll just sneak one last one in. Did, you all quantify the reinstatement premium level this quarter? I don't feel like I saw it in the release.

好的，明白了。有幫助，我會偷偷地再說最後一個。你們都量化了本季的恢復保費水準嗎？我感覺我沒有在發布版中看到它。

We did, Mike. We put it into the press release as well with $17 million on a net basis between the two, between reinsurance and insurance.

我們做到了，麥克。我們也在新聞稿中提到，再保險和保險之間的淨額為 1700 萬美元。

Okay, thank you.

好的，謝謝。

Our next question comes from Tommy McJoynt from KBW. Please go ahead. Your line is open.

下一個問題來自 KBW 的 Tommy McJoynt。請繼續。您的線路已開通。

Hey good morning, guys, thanks for taking our questions. When you talk about the shift in the business mix, can you talk about how that's impacting the expense ratio, that came in a little bit different than we were expecting and if you could break it down by perhaps the two pieces of that expense ratio, that'd be helpful. Thanks.

嘿，大家早安，感謝你們回答我們的問題。當您談到業務組合的變化時，您能否談談這對費用率的影響，這與我們的預期略有不同，如果您可以將其按費用率的兩個部分進行細分，那將會很有幫助。謝謝。

Yeah, Tommy, what I would say to you, from an overall perspective, it does impact your acquisition expenses, and that's really where you're seeing this. So from a business mix perspective, the acquisition expenses went up for two reasons. One is business mix. And two is profit commissions. In other words, that are that are paid out that get included in the acquisition expense ratio.

是的，湯米，我想對你說的是，從整體角度來看，它確實會影響你的收購費用，而這正是你所看到的。因此，從業務組合的角度來看，收購費用上升有兩個原因。一是業務組合。二是利潤佣金。換句話說，這些是已支付的費用，包含在收購費用率中。

But from a business mix standpoint, as I just said, Bermuda, you saw, wrote more casualty business and more pro rata business, so both of which would have higher acquisition costs and on the international side I would point to something like property binders that would have a higher acquisition cost.

但從業務組合的角度來看，正如我剛才所說，百慕達承保的意外險業務和按比例承保的業務更多，因此這兩種業務的收購成本都會更高，而在國際方面，我會指出像房地產保險這樣的業務的收購成本會更高。

So that is clearly in line with the business mix, the change in business mix. From an other underwriting expense ratio standpoint, that is not the same. What I would say to you is that is something that we have control over and as we continue to scale up our book. We would expect those other underwriting expense ratio to continue to decline, which it has declined. That ratio has declined each and every year since 2019.

所以這顯然符合業務組合、業務組合的變化。從其他承保費用率的角度來看，情況並不相同。我想告訴你的是，這是我們可以控制的事情，我們會繼續擴大我們的書的規模。我們預計其他承保費用率將繼續下降，事實上該比率已經下降。自 2019 年以來，這一比例逐年下降。

Okay, got it. And then switching gears, your comments sounded pretty positive on the casualty growth opportunity. When we listen to, some of your peers across the insurance reinsurance space, we hear instances of significant amounts of non-renewals across various casualty businesses.

好的，明白了。然後換個話題，您對傷亡增長機會的評論聽起來非常積極。當我們聽取保險再保險領域的一些同行的意見時，我們聽到各種意外險業務中存在大量不續保的情況。

When you feel like you're gaining market share in the casualty side, is the way you get comfortable around winning that business is it just price, is it? A change in terms and conditions, what gives you, conviction that the casualty business you guys are winning is indeed good business.

當您感覺自己在意外險方面的市場份額正在不斷擴大時，您贏得該業務的途徑僅僅是價格，對嗎？條款和條件的改變，讓你們確信，你們贏得的意外險業務確實是好業務。

Hi there. I'll take that. So I think when you look at a number of our peers, they've been around for a lot longer than we have. So they're firstly, their exposure to those casualty classes and also the amounts that they have written is significantly larger than ours. We only started really leaning in and again modestly into the casualty space, in end of 2020, 2021.

你好呀。我會接受的。因此，我認為，當你看到我們的一些同行時，你會發現他們的存在時間比我們長得多。因此，首先，他們對這些傷亡類別的接觸以及他們所寫的金額都比我們的要大得多。我們直到 2020 年底和 2021 年開始真正涉足意外險領域，並再次小幅進軍意外險領域。

So and that's when underlying rates started picking up with the benefit of this a am best upgrade, we are, it's very opportune because as some of our clients who have this longer tail exposure or are overlined are cutting back or backing out, we are being given the option.

因此，當基礎利率開始回升，並受益於這一最佳升級時，我們認為這是非常合適的時機，因為我們的一些擁有較長尾部風險敞口或過度承壓的客戶正在削減或退出，而我們則獲得了選擇。

Opportunity to see the business and again we see a lot more business than we actually write again we have targeted the clients that we want to do business within advance and those are the ones that we seek and try to do business with.

我們有機會了解業務，而且我們看到的業務比我們實際寫的要多得多，我們已經提前鎖定了我們想要開展業務的客戶，而這些客戶正是我們尋求並試圖與之開展業務的客戶。

So ours is a very selective approach and again I It's also important to note that even on, some of this growth you're seeing, it's not massive line sizes. We are, we have smaller line sizes on these accounts but over a swath of accounts that gives us the balance. So I'm a 1% to 2% share on some of these quota shares. So that's how we are getting comfortable with the growth at this time.

因此，我們採取了一種非常有選擇性的方法，而且我再次強調，同樣重要的是要注意，即使是您看到的某些成長，其規模也不大。是的，這些帳戶的額度較小，但一系列帳戶卻能帶給我們餘額。因此，我在這些配額份額中佔有 1% 到 2% 的份額。這就是我們目前對成長感到滿意的方式。

Thanks. And then this last one to sneak in, just want to clarify the Two Sigma return, I think the 7.9%, was that a year date return was that an annualized return? Could you clarify what that number is referring to?

謝謝。然後最後一個要偷偷問的，只是想澄清一下 Two Sigma 的回報率，我認為 7.9% 是一年的回報率，還是年化回報率？您能解釋一下這個數字指的是什麼嗎？

That's our year-to-date return through the end of April. So in other words, it was 5.5% through the end of March. That number that we gave on the call was through the end of April.

這是我們截至四月底的年初至今的回報。換句話說，截至 3 月底，這一比例為 5.5%。我們在電話中給出的數字是截至四月底的數字。

Thank you.

謝謝。

As a reminder to ask a question, please press star, followed by the number one on your telephone keypad.

為了提醒您提出問題，請按下電話鍵盤上的星號，然後按數字 1。

Our next question comes from Elyse Greenspan from Wells Fargo. Please go ahead. Your line is open.

下一個問題來自富國銀行的 Elyse Greenspan。請繼續。您的線路已開通。

Hi, thanks. Good morning. My first question is on the buyback, right? You guys bought back $10 million in the quarter. Obviously, shares still trading below book as you guys think about growth outlook, I think you mentioned Pina, continuing to talk, think you guys can, hit double digit top line growth if you think about that, pricing and competitive views as well.

你好，謝謝。早安.我的第一個問題是關於回購的，對嗎？你們在本季回購了 1000 萬美元。顯然，當你們考慮成長前景時，股價仍然低於帳面價值，我想你們提到了 Pina，繼續談論，認為你們可以，如果考慮到這一點，實現兩位數的營收成長，還有定價和競爭觀點。

And how do you think about just growth needs, capital for growth needs, I'm sorry, and balancing, incremental capital return with where your shares are trading.

您如何看待成長需求、成長所需的資本，以及平衡增量資本回報與您的股票交易狀況？

Hi, this is Craig. Thanks for the question. First of all, I would say yes, the buybacks this period were only $10 million and when I say only $10 million it was a very short open window for us during this period because of the year-end financials coming out later and then just having a very short open window.

你好，我是克雷格。謝謝你的提問。首先，我想說只有 1000 萬美元時，這對我們來說是一個非常短暫的開放窗口，因為年終財務報表出來得較晚，而且開放窗口非常短。

We still have plenty of capital for both growth as well as continuing to buy that shares even in an uncertain marketplace like this and especially at the evaluation of where our shares trade today. So I don't see any constraints on a growth or a buyback side.

即使在這樣一個不確定的市場中，尤其是在我們今天的股票交易價格評估中，我們仍然有足夠的資本來支持成長並繼續購買股票。因此，我認為成長或回購方面不存在任何限制。

And then you guys had mentioned, I think having another $80 million this year right from the a am best upgrade in terms of premiums. What did you guys see in the Q1 and is the expectation still that we'll see, $80 million this year?

然後你們提到，我認為今年從最佳升級版保費方面將再獲得 8,000 萬美元。你們在第一季看到了什麼？我們仍然預計今年將達到 8000 萬美元嗎？

Thanks, Elyse. I think I mentioned we wrote an additional, we track the new business or additional line sizes that are related to our upgrade. And in the first quarter, I think I mentioned we did $40 million, that's predominantly casualty.

謝謝，伊莉絲。我想我提到我們寫了一個附加內容，我們追蹤與我們的升級相關的新業務或額外的線路規模。我記得我提到過，在第一季度，我們的損失為 4000 萬美元，主要是意外損失。

There is some special class in there as well, but it's not a major part of that. So $40 million in the first quarter. So, I guess all I can say to that is that we are comfortable with the previous guidance we gave of $80 million for the year based on that for sure.

其中也有一些特殊的課程，但不是主要部分。因此第一季為 4000 萬美元。因此，我想我只能說，我們對之前給出的今年 8000 萬美元的指導感到滿意。

And then one last one on reserves. Craig, you highlighted right the favorable development in the quarter, I guess two things was, were there any adverse development right that the releases offset or was it just releases and then what accident years was that concentrated in?

最後一個問題是關於儲備。克雷格，您正確地強調了本季度的有利發展，我想有兩件事是，是否有任何不利的發展被釋放所抵消，或者僅僅是釋放，然後集中在哪些事故年份？

Elyse, so first of all, it was predominantly casualty, I'm sorry, predominantly property and specialty that we released. There were some casualty reserves, roughly a million dollars, that were unfavorable during the quarter, but that was not what was driving the favorable development for sure.

伊莉絲，首先，我們發布的主要是傷亡事故，對不起，主要是財產和特殊事故。本季有一些約一百萬美元的意外準備金出現不利影響，但這肯定不是推動有利發展的因素。

What you, what we did see this quarter, you may recall we don't really complete any of our reserve studies in the first quarter. What we saw were a couple claims that were settled that we that were settled for less than what we had reserved for.

您可能還記得，我們本季確實看到了什麼，我們在第一季實際上並沒有完成任何儲備研究。我們看到，有幾項索賠得到了解決，但解決金額低於我們預留的金額。

An example was one of the claims settled at half of the industry loss estimate, so we were able to reduce our reserves upon that settlement and reflect that in our favorable development in the quarter. That's essentially what came through. From a catastrophe standpoint, we also went back and looked at Hurricane Ian.

例如，其中一項索賠的和解金額僅為行業損失預估的一半，因此我們能夠在和解後減少準備金，並將其反映在本季度的有利發展中。這基本上就是所發生的事情。從災難的角度來看，我們也回顧了颶風伊恩。

That review was not completed in the fourth quarter with the rest of our property reviews that were done in the fourth quarter of 2024. But when we reviewed that in the first quarter, we determined that we could adjust or lower that reserve estimate. But we do still hold IBNR for that event that happened in 2022, Hurricane.

該審查並未在第四季度完成，其餘的房產審查均在 2024 年第四季完成。但當我們在第一季審查這一點時，我們確定可以調整或降低儲備估計。但我們仍然針對 2022 年發生的颶風事件保留 IBNR。

Thank you.

謝謝。

Our next question comes from Mike Zaremski from BMO. Please go ahead. Your line is open.

我們的下一個問題來自 BMO 的 Mike Zaremski。請繼續。您的線路已開通。

Okay, great. Just a couple quick follow ups, Craig on the short window for buybacks, just curious, is Hamilton Group's window shorter than most companies? Is it or, if you can remind us kind of the technicalities around, when the 10K comes out or how that works.

好的，太好了。只需快速跟進幾個問題，Craig 關於回購的短暫窗口期，只是好奇，漢密爾頓集團的窗口期是否比大多數公司短？是嗎？或者，您能否提醒我們一些相關的技術細節，例如 10K 什麼時候推出或它是如何運作的。

Yeah, it's really when we released our 10 at the time we released our 10K and after we had our board meeting was later in the process than some of our other peers, so maybe a couple weeks shorter.

是的，實際上，當我們發布 10 時，我們發布了 10K，之後我們召開了董事會會議，這個過程比其他一些同行要晚，所以可能要短幾週。

That will change in the future, number one, and the reason I say that is our board dates were set prior to becoming a public company, so we were just a little bit later in the process than many of our peers.

首先，這種情況在未來會改變，我這樣說的原因是我們的董事會日期是在公司上市之前就確定下來的，所以我們在這個過程中比許多同行稍晚一些。

And we actually, filed in the first week of March was when we filed the K. What I would say to you now is we are an accelerated filer, so in other words, those reports are going out faster, and we will have a longer open window to be able to buy back those shares.

實際上，我們在三月的第一周就提交了 K 報告。我現在要告訴你們的是，我們是一家加速申報公司，換句話說，這些報告的發布速度更快，我們將有更長的開放窗口來回購這些股票。

Got it. And one more probably for you, Craig, on the two sigma returns, are you apprised of those returns kind of on a monthly basis or do you find out like towards the end of the quarter or after the quarter, or is it, I'm just curious on the kind of how those returns are shared with you all.

知道了。克雷格，還有一個問題需要您回答，關於兩個西格瑪回報，您是按月獲悉這些回報，還是在季度末或季度後才獲悉，或者，我只是好奇這些回報是如何與大家分享的。

Yeah, we have those returns on a monthly basis, which is why I gave in my remarks on the call, I gave the number at the end of April because that was the latest information that we had on the to save my account. That's the reason we give that to you during the call.

是的，我們每個月都會獲得這些回報，這就是我在電話會議上發言的原因，我給出了 4 月底的數字，因為這是我們掌握的關於保存我的帳戶的最新資訊。這就是我們在通話中向您提供該資訊的原因。

Perfect, thank you.

非常好，謝謝。

Our next question comes from Matt Carletti from Citizens. Please go ahead. Your line is open.

下一個問題來自 Citizens 的 Matt Carletti。請繼續。您的線路已開通。

Good morning. A question on the Catastrophe in the year loss ratio. There were a couple, a few large risk losses in the quarter we've heard about on some other calls and American Airlines crashed a couple of energy sector, items. Is there any noise from whether those or others, any kind of large risk losses in those numbers this quarter or they pretty clean devoid of that?

早安.關於年度巨災損失率的問題。我們在其他一些電話會議上聽說，本季發生了幾起重大風險損失，美國航空公司在能源領域的一些項目上遭遇重創。是否有來自這些或其他因素的聲音，本季度這些數字中是否存在任何大額風險損失，或者他們完全沒有這種聲音？

Hi Matt. I would say certainly we have exposure to those losses that you've heard from other people with respect to aviation. We didn't have any significant aviation losses this quarter. They were included in our current nutritional loss picks.

你好，馬特。我想說的是，我們確實遭受了您從其他人那裡聽到的有關航空業的損失。本季我們沒有遭受任何重大航空損失。它們被列入我們目前的營養損失選擇中。

Just as a reminder, we write aviation reinsurance. We do not write aviation insurance. As far as the other large losses, the fires, yes, again, exposure to those events, but manageable and again included in our current year just loss tax.

提醒一下，我們承保航空再保險。我們不承保航空保險。至於其他重大損失，火災，是的，再次受到這些事件的影響，但可以控制，並且再次包含在我們今年的損失稅中。

Great thank you appreciate it.

非常感謝。

Thank you. That will conclude our question-and-answer session for today. Now I'll turn the call back over to Pena Albo.

謝謝。今天的問答環節到此結束。現在我將把電話轉回給佩納·阿爾博。

Thank you again for, being with us, today, and we look forward to speaking to you again soon.

再次感謝您今天與我們在一起，我們期待很快再次與您交談。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。