Hamilton Insurance Group Ltd (HG) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the third-quarter 2025 Hamilton Insurance Group Limited conference call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加漢密爾頓保險集團有限公司 2025 年第三季電話會議。（操作說明）

I will now hand the conference over to Darian Niforatos, Vice President of Investor Relations and Finance. Darian, please go ahead.

現在我將把會議交給投資者關係和財務副總裁達里安·尼福拉托斯。達里安，請繼續。

Thanks, operator. Hi, everyone, and welcome to the Hamilton Insurance Group third-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，歡迎參加漢彌爾頓保險集團2025年第三季財報電話會議。今天主持電話會議的 Hamilton 高層有：集團執行長 Pina Albo；以及集團首席財務長 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-GAAP financial measures. These items are reconciled in our earnings release and financial supplement.

在開始之前，請注意，Hamilton 的財務揭露，包括我們的獲利報告，包含有關前瞻性陳述的重要資訊。管理階層對未來潛在發展的評論受到具體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。這些項目已在我們的盈利報告和財務補充文件中進行了核對。

With that, I'll hand it over to Pina.

然後，我就把它交給皮娜了。

Thank you, Darian, and welcome to everyone joining us today. I'm pleased to report that Hamilton had another very strong quarter with $136 million of net income, representing an annualized return on average equity of 21%.

謝謝達里安，也歡迎今天所有到場的朋友。我很高興地報告，漢密爾頓公司又迎來了一個非常強勁的季度，淨收入達 1.36 億美元，年化平均權益回報率為 21%。

This impressive result started with strong performance from our core activity, namely underwriting, where we reported a combined ratio of 87.8% and underwriting income of $64 million in the quarter. These results are a direct consequence of the balanced and diversified portfolio that we have curated over the years as well as our disciplined underwriting approach.

這項令人矚目的成績源自於我們核心業務（即核保業務）的強勁表現，該季度我們公佈的綜合比率為 87.8%，承保收入為 6,400 萬美元。這些成果直接得益於我們多年來精心打造的均衡多元化的投資組合以及我們嚴謹的核保方法。

Investment income of $98 million was also significant this quarter with contributions from both our Two Sigma Hamilton Fund and our fixed income portfolios. So in short, both our underwriting and investment played a part in our excellent results this quarter.

本季投資收益也高達 9,800 萬美元，主要得益於我們的 Two Sigma Hamilton 基金和固定收益投資組合的貢獻。簡而言之，我們的承銷和投資都為我們本季的優異業績做出了貢獻。

Before providing more commentary on our performance and reflections on the market in general, I want to speak to some of our recent management appointments. Hamilton continues to shine as a true magnet for top-tier talent. In addition to developing and promoting from within our ranks, we continue to attract exceptional leaders from outside the organization.

在對我們的業績和對市場整體情況進行更多評論之前，我想先談談我們最近的一些管理層任命。漢密爾頓繼續展現出其作為頂尖人才真正磁石的魅力。除了從內部培養和提拔人才外，我們也不斷從組織外部吸引傑出的領導者。

On the latter note, we were thrilled to welcome Mike Mulray as Chief Underwriting Officer at Hamilton Select. Mike brings over 25 years of underwriting expertise and strong market relationships, which will prove opportune as we continue to grow our US E&S platform.

說到後者，我們非常高興地歡迎 Mike Mulray 加入 Hamilton Select 擔任首席承保官。Mike 擁有超過 25 年的核保專業知識和強大的市場關係，這將對我們繼續發展美國 E&S 平台大有裨益。

With respect to drawing from our bench strength, we are also delighted to announce the well-deserved promotion of Susan Steinhoff to Chief Underwriting Officer of Hamilton Re effective January 1, 2026. Susan has more than 20 years of industry experience and is one of the longest-serving underwriters at Hamilton, having joined the company in 2014.

在發揮我們後備力量方面，我們也欣然宣布，蘇珊·斯坦霍夫 (Susan Steinhoff) 晉升為漢密爾頓再保險公司 (Hamilton Re) 首席承保官，這是她應得的任命，將於 2026 年 1 月 1 日生效。蘇珊擁有超過 20 年的行業經驗，是 Hamilton 公司任職時間最長的承保人之一，她於 2014 年加入該公司。

Turning now to some of our highlights for the third quarter. Hamilton continues to deliver strong top line growth with gross premiums written increasing by 26% in the quarter. While the market is experiencing some pressure in pockets, it is still an attractive place to do business for disciplined and discerning underwriters who know how to navigate it and pick the most attractive spots.

接下來讓我們來看看第三季的一些亮點。Hamilton 繼續保持強勁的營收成長勢頭，本季毛保費收入成長了 26%。雖然市場在某些方面面臨壓力，但對於那些懂得如何駕馭市場並選擇最具吸引力位置的自律且有眼光的承保人來說，這裡仍然是一個有吸引力的經商之地。

Our diversified portfolio has allowed us to flex across insurance and reinsurance and multiple lines of business in response to market realities. This means we were able to grow where rates, terms and conditions were still attractive and backed away from business where this was not the case.

我們多元化的業務組合使我們能夠靈活應對市場變化，在保險、再保險和多個業務領域中靈活調整策略。這意味著，在利率、條款和條件仍然有吸引力的地方，我們可以發展壯大；而在利率、條款和條件不具吸引力的地方，我們則會退出。

Let me walk you through this dynamic in each of our three underwriting platforms to illustrate the point. Starting with Bermuda. Our Bermuda segment grew 40% this quarter, driven by casualty and, to a lesser extent, specialty reinsurance classes. The increase in casualty reinsurance this quarter was a combination of access to new market opportunities, a larger renewal moving from Q2 to Q3 as well as the benefit of expanded participations on select renewals written earlier in the year.

讓我分別以我們三個核保平台為例，逐一解釋這個動態，以說明這一點。從百慕達開始。本季度，我們的百慕達業務成長了 40%，主要得益於意外險業務的成長，其次是特殊再保險業務的成長。本季意外傷害再保險的成長是多種因素共同作用的結果，包括獲得新的市場機會、第二季到第三季續保規模擴大，以及今年稍早承保的特定續保業務參與範圍擴大帶來的收益。

The majority of our growth was attributed to general liability and multiline classes, which we write predominantly on a proportional basis and which have been getting the benefit of strong underlying rate improvements. Regarding specialty reinsurance, we continue to see momentum in our new credit, bond and political risk lines where risk-adjusted returns are attractive.

我們的大部分成長都歸功於一般責任險和多險種，這些險種我們主要按比例承保，並且受益於強勁的基礎費率改善。在特殊再保險方面，我們繼續看到新的信用、債券和政治風險業務的成長勢頭，這些業務的風險調整後收益很有吸引力。

Turning now to the property insurance book we write in Bermuda on the other hand, we did see increased competition on larger property accounts after several years of compounding increases. Consistent with our disciplined underwriting culture, we were very selective and consequently wrote less of this business. That said, we do still see risks in this space that provide attractive underwriting margins, so we continue to support those accounts.

另一方面，就我們在百慕達撰寫的財產保險業務而言，經過幾年的複合成長，我們確實看到大型財產保險帳戶的競爭加劇了。秉承我們嚴謹的核保文化，我們非常謹慎地進行篩選，因此核保的此類業務較少。儘管如此，我們仍然看到該領域存在一些風險，這些風險能夠帶來可觀的承保利潤，因此我們將繼續支持這些帳戶。

Moving to our International segment, which houses Hamilton Global Specialty and Hamilton Select, gross premiums written grew 17% in the quarter. Starting with Hamilton Global Specialty, which includes our Lloyd's operation, gross premiums written were up 16% with a select part of our property insurance book leading the charge. More specifically, consistent with the approach taken in Bermuda, we have been more selective on larger property accounts, but we're able to grow on the back of new distribution channels that focus on smaller property risks, which are subject to less competition and where risk-adjusted returns remain attractive.

再來看我們的國際業務部門，該部門包括 Hamilton Global Specialty 和 Hamilton Select，本季毛保費收入增加了 17%。從包括我們勞合社業務在內的 Hamilton Global Specialty 開始，毛保費收入增加了 16%，其中部分財產保險業務表現突出。更具體地說，與百慕達採取的方法一致，我們對較大的房地產帳戶更加挑剔，但我們能夠依靠專注於較小房地產風險的新分銷渠道實現增長，這些風險受到的競爭較小，並且風險調整後的回報仍然具有吸引力。

We also grew in select specialty and casualty classes such as mergers and acquisitions, marine cargo, political risks and fine art and species, where our specialized teams were able to achieve attractive margins. On the flip side and consistent with our disciplined underwriting culture, we reduced our writing in lines experiencing increased pricing pressure such as political violence and some areas of professional lines.

我們在一些特定專業和意外險類別中也取得了成長，例如併購、海運貨物、政治風險以及藝術品和珍稀物種，我們的專業團隊在這些領域實現了可觀的利潤。另一方面，秉承我們嚴謹的核保文化，我們減少了在政治暴力和某些專業保險領域等價格壓力不斷增加的險種的承保業務。

Turning next to our US E&S platform, Hamilton Select. It grew 26% this quarter, led by 50% growth in our casualty lines. We continue to see healthy submission flows at Hamilton Select and a favorable momentum in our casualty segments, especially excess casualty, general casualty and small business classes where rates and terms remain attractive. On the other hand, and consistent with our adherence to cycle management, we reduced our writings in some areas of professional lines where rates were less attractive.

接下來介紹我們的美國 E&S 平台 Hamilton Select。本季成長了 26%，其中意外險業務成長了 50%。我們繼續看到 Hamilton Select 的投保量保持健康增長，並且我們的意外險業務板塊，特別是超額意外險、一般意外險和小企業險，都呈現出良好的發展勢頭，這些險種的費率和條款仍然很有吸引力。另一方面，為了貫徹週期管理原則，我們減少了在一些費率較不有吸引力的專業領域的寫作量。

Looking out to the foreseeable future, I'd like to share a few high-level thoughts on the market environment in general, starting with US E&S insurance, which accounts for a significant portion of our insurance portfolio. As you have heard from others, the growth and attractiveness of the US E&S market has given rise to increased interest and competition, which we also expect going forward.

展望未來，我想分享一些關於市場環境的總體看法，首先是占我們保險組合很大一部分的美國超額和剩餘保險。正如您從其他人那裡聽到的那樣，美國環境和社會市場的成長和吸引力引起了更多人的興趣和競爭，我們也預計這種情況將持續下去。

Starting with property E&S insurance, we expect small to mid-market accounts to see increased competition but hold up better than large accounts. Large accounts are expected to continue to experience pricing pressure. But as we demonstrated, we are not afraid to be responsible and back away in order to safeguard the profitability of our book.

從財產意外傷害保險開始，我們預期中小型市場客戶的競爭將會加劇，但會比大型客戶表現得更好。預計大客戶將繼續面臨價格壓力。但正如我們所展現的，我們並不害怕承擔責任，為了保障我們書籍的獲利能力而選擇退讓。

Casualty E&S business is expected to continue to show momentum with attractive rate increases persisting, albeit at a slower clip. The majority of our E&S book consists of casualty and specialty classes, which is good news for us. Also worthy of note is the fact that our domestic E&S carrier, Hamilton Select, is focused predominantly on small to midsized hard-to-place niche business where we differentiate ourselves with our expertise, tailored solutions and responsiveness.

預計意外險 E&S 業務將繼續保持成長勢頭，費率上漲幅度也將繼續保持，儘管增速將放緩。我們的E&S保險業務大部分由意外險和特殊險種組成，這對我們來說是個好消息。值得一提的是，我們的國內 E&S 承運商 Hamilton Select 主要專注於中小型難以安置的細分市場業務，我們憑藉專業知識、量身定制的解決方案和快速響應能力脫穎而出。

In summary, while the US E&S market is expected to experience more competition, it is a nuanced market. Given our established and recognized expertise, our strong underwriting culture and market relationships, it remains a market where we see opportunity for attractive growth, albeit at a more moderate pace than in previous quarters.

總而言之，雖然預計美國環境和社會市場將面臨更大的競爭，但它是一個錯綜複雜的市場。鑑於我們已建立並被認可的專業知識、強大的核保文化和市場關係，我們認為該市場仍然具有有吸引力的成長機會，儘管成長比前幾季要溫和一些。

I'll now turn briefly to the reinsurance market, particularly the upcoming January 1 renewals. We expect the upcoming January 1 reinsurance renewals to be more of the same. Regarding property cat reinsurance, we expect supply to outpace demand and some cedents to retain more business. Consequently, we're expecting rate pressure similar to what we have seen in the course of 2025, especially on upper layers of property cat programs.

現在我將簡要地談談再保險市場，特別是即將到來的1月1日續保。我們預計即將到來的1月1日的再保險續保情況將與此類似。關於財產巨災再保險，我們預計供應將超過需求，一些原保險人將保留更多業務。因此，我們預計 2025 年將出現與先前類似的利率壓力，尤其是在財產巨災計畫的上層。

However, given the significant rate increases, which started with the 2023 market reset, we believe that absolute pricing levels will remain attractive and terms, conditions and attachment points to remain intact. Consequently, we expect to continue supporting and in some cases, even increasing our participations for our key clients. As for casualty reinsurance, our expectations are more differentiated.

然而，鑑於自 2023 年市場重置以來利率大幅上漲，我們認為絕對價格水準將保持吸引力，條款、條件和附加點將保持不變。因此，我們預計將繼續支持我們的主要客戶，並在某些情況下增加我們的投資。至於意外傷害再保險，我們的期望則更加多元。

In general, we expect casualty books with poorer performance to see commission decreases, while commissions on better performing books are expected to remain flat. Having increased our portfolio in recent years with targeted clients, predominantly on the back of our AM Best upgrade, we expect our growth in casualty going forward to be more moderate. We have now had the benefit of the upgrade for over a year and our assumptions in both pricing and reserving provide prudent guardrails for this class.

總的來說，我們預期業績較差的意外險業務的佣金將會下降，而業績較好的業務的佣金預計將保持不變。近年來，我們透過增加針對特定客戶的投資組合，主要得益於 AM Best 評級的提升，我們預計未來意外險業務的成長將更加溫和。升級改造已經為我們帶來了一年多的好處，我們在定價和預訂方面的假設為這類產品提供了謹慎的保障。

The specialty reinsurance market involves a mixed bag of products, but since historical performance has been good overall, we expect many peers and some new entrants to target growth in their specialty portfolios. We have an established offering with clients we have been supporting for years and expect to continue to support them going forward, given that we have relationships with many of them that span multiple classes.

專業再保險市場的產品種類繁多，但由於歷史整體表現良好，我們預計許多同行和一些新進業者將致力於實現其專業產品組合的成長。我們與許多客戶建立了長期穩定的合作關係，並期望繼續為他們提供支持，因為我們與其中許多客戶的關係涵蓋多個領域。

In addition to having a well-balanced portfolio with a broad product offering, Hamilton is viewed as a reliable and creative partner by our clients and brokers. Our ability to provide solutions, especially when others retrench, has helped us grow at the right time and in the right lines and remains a key differentiator to our success. Our upgraded rating puts us on par with many of our larger peers and our responsiveness and underwriting culture allows us to compete responsibly and write the business we want.

除了擁有均衡的投資組合和廣泛的產品供應外，Hamilton 還被我們的客戶和經紀人視為可靠且富有創造力的合作夥伴。我們能夠提供解決方案，尤其是在其他公司收縮業務的時候，這有助於我們在正確的時間、正確的方向上發展壯大，並且仍然是我們成功的關鍵差異化因素。在評級提升後，我們與許多規模更大的同行並駕齊驅，而我們的響應能力和承保文化使我們能夠負責任地參與競爭，並承保我們想要的業務。

In closing, I'm proud of our team's performance, their ability to navigate this transitioning market and the resilience we have demonstrated as a group. We have a talented team of professionals with years of experience and are building a business for the long run. In times like these, our underwriters know when to lean in and when to back away so that we can continue delivering market-leading bottom line results and a consistently healthy growth in book value per share. I am extraordinarily proud to be part of Hamilton, an organization that is nimble, acts responsibly and knows how to capitalize on opportunities throughout market cycles.

最後，我為我們團隊的表現感到自豪，他們有能力駕馭這個不斷變化的市場，並且我們作為一個團隊展現了韌性。我們擁有一支才華洋溢、經驗豐富的專業團隊，並且正在打造一個著眼於長遠發展的企業。在這樣的時期，我們的承銷商知道何時應該積極參與，何時應該退守，這樣我們才能繼續實現市場領先的獲利績效和每股帳面價值的持續健康成長。我非常自豪能成為漢密爾頓的一員，這是一個靈活、負責任、懂得在整個市場週期中把握機會的組織。

With that, I'll turn the call over to Craig for a detailed review of our financial results.

接下來，我將把電話交給克雷格，讓他詳細回顧我們的財務表現。

Thank you, Pina, and hello, everyone. Hamilton had another strong quarter of financial results with net income of $136 million, equal to $1.32 per diluted share, producing an annualized return on average equity of 21%. We had operating income of $123 million, equal to $1.20 per diluted share. producing an annualized operating return on average equity of 19%. We also increased book value per share by 6% in the quarter and 18% year-to-date to a record $27.06.

謝謝你，皮娜，大家好。Hamilton 又取得了強勁的季度財務業績，淨收入達 1.36 億美元，相當於每股攤薄收益 1.32 美元，年化平均權益回報率為 21%。我們的營業收入為1.23億美元，相當於每股稀釋收益1.20美元，年化平均權益報酬率為19%。本季每股帳面價值成長了 6%，年初至今成長了 18%，達到創紀錄的 27.06 美元。

These results compare favorably to net income of $78 million or $0.74 per diluted share, an annualized return on average equity of 14% and operating income of $17 million or $0.16 per diluted share and an annualized operating return on average equity of 3% in the third quarter of 2024. For our underwriting results, Hamilton continues to grow its top line at an impressive double-digit rate. Our 2025 year-to-date gross premiums written increased to $2.3 billion compared to $1.9 billion this time last year, an increase of 20%.

這些結果與 2024 年第三季的淨收入 7,800 萬美元（或每股攤薄收益 0.74 美元）、年化平均權益回報率 14% 以及營業收入 1700 萬美元（或每股攤薄收益 0.16 美元）和年化營業平均權益回報率 3% 相比，表現更為出色。就承保業績而言，Hamilton 的營收持續以令人矚目的兩位數速度成長。截至目前，我們 2025 年的總保費收入已增至 23 億美元，去年同期為 19 億美元，增幅達 20%。

All three of our operating platforms, Hamilton Global Specialty, Hamilton Select and Hamilton Re were able to strategically grow in the lines of business that were most attractive while shrinking those lines that did not meet our underwriting targets. In terms of our underwriting performance, our year-to-date combined ratio was 95.2%.

我們的三個營運平台，Hamilton Global Specialty、Hamilton Select 和 Hamilton Re，都能夠有策略地在最具吸引力的業務領域實現成長，同時縮減那些未能達到承保目標的業務領域。就我們的承保業績而言，我們今年迄今的綜合比率為 95.2%。

Now for some more detail on our quarterly underwriting figures. Hamilton had underwriting income of $64 million for the third quarter compared to underwriting income of $29 million in the third quarter last year. The group combined ratio was 87.8% compared to 93.6% in the third quarter of 2024.

接下來，我們將詳細介紹我們的季度承保數據。Hamilton公司第三季的承保收入為6,400萬美元，而去年同期的承保收入為2,900萬美元。該集團綜合比率為 87.8%，而 2024 年第三季為 93.6%。

In the third quarter, the loss ratio decreased 7.7 points to 53.3% compared to 61.0% in the prior period. The decrease was primarily driven by no catastrophe losses in the quarter compared to 8.5 points of catastrophe losses during the same period last year. This was partially offset by an increase in the current year attritional loss ratio, which was 55.4% compared to 53.2% in the prior period. The increase was driven by a change in business mix toward casualty reinsurance and a specific large loss in our Bermuda segment, which I'll cover shortly in my segment comments.

第三季度，損失率下降7.7個百分點至53.3%，上一季為61.0%。該季度災害損失減少的主要原因是本季沒有災害損失，而去年同期災害損失為 8.5 個百分點。本年度自然減員率上升，從上一年的 53.2% 上升至 55.4%，部分抵消了上述影響。此次成長是由於業務組合向意外傷害再保險方向轉變，以及我們在百慕達業務板塊遭遇的一筆重大損失，我將在稍後的板塊評論中詳細介紹。

We had favorable prior year attritional development of 2.1 points in the quarter, driven by the property and specialty classes. This compares to 0.7 points of favorable development in the third quarter last year. The expense ratio increased 1.9 points to 34.5% compared to 32.6% in the third quarter last year. The increase was mainly driven by higher acquisition expenses related to business mix changes and higher other underwriting expenses, primarily related to an accrual for variable performance-based compensation costs. As always, I'd encourage you to use the full year 2024 attritional loss and expense ratios as an indication for where we expect the current book to perform.

本季我們實現了2.1個百分點的有利的上年同期自然減損成長，這主要得益於房地產和特殊類別的成長。相較之下，去年第三季的有利發展幅度為 0.7 個百分點。費用率較去年第三季的 32.6% 上升 1.9 個百分點至 34.5%。此次成長主要受業務組合變化相關的收購費用增加以及其他承保費用增加的推動，其中主要與可變績效薪酬成本的提列有關。和以往一樣，我建議您使用 2024 年全年損耗率和費用率作為衡量我們預期當前業務表現的指標。

Next, I'll go through our third quarter results by reporting segment. Let's start with the International segment, which includes our specialty insurance businesses, Hamilton Global Specialty and Hamilton Select. Year-to-date gross premiums written in 2025 grew to $1.1 billion, up from $1.0 billion, an increase of 14%. This was primarily driven by growth in all classes, meaning our property, specialty and casualty classes.

接下來，我將按報告板塊介紹我們第三季的業績。我們先從國際業務部門開始，其中包括我們的專業保險業務：Hamilton Global Specialty 和 Hamilton Select。截至 2025 年，毛保費收入成長至 11 億美元，高於 10 億美元，增幅達 14%。這主要得益於所有險種（包括財產險、特殊險和意外險）的成長。

Moving to some quarterly figures. In the third quarter, International had underwriting income of $12 million and a combined ratio of 95.4% compared to underwriting income of $5 million and a combined ratio of 97.6% in the third quarter last year. The improvement in the combined ratio was primarily related to the loss ratio decreasing by 4.7 points due to no catastrophe losses in the quarter, partially offset by the expense ratio.

接下來看一下一些季度數據。第三季度，國際業務的承保收入為 1,200 萬美元，綜合比率為 95.4%，而去年同期承保收入為 500 萬美元，綜合比率為 97.6%。綜合比率的改善主要與本季無巨災損失導致賠付率下降 4.7 個百分點有關，但部分被費用率所抵銷。

The prior year attritional loss ratio was favorable by 2.2 points. This was driven by favorable development in the property class. The expense ratio increased 2.5 points to 42.3% compared to 39.8% in the third quarter last year. The increase was primarily driven by the other underwriting expense ratio due to an accrual for variable performance-based compensation costs, foreign exchange and a decrease in third-party management fee income. As a reminder, effective July 1, 2025, we ceased managing third-party syndicates for fee income.

上一年度的損耗率比前一年低2.2個百分點。這是由該類房地產市場的良好發展所驅動的。費用率較去年第三季的 39.8% 上升 2.5 個百分點至 42.3%。此次成長主要受其他承保費用率上升的影響，原因是提列了可變績效薪酬成本、外匯波動以及第三方管理費收入減少。再次提醒，自 2025 年 7 月 1 日起，我們將停止管理第三方投資集團以獲取費用收入。

I'll now turn to the Bermuda segment, which houses Hamilton Re and Hamilton Re US, the entities that predominantly write our reinsurance business. Year-to-date gross premiums written in 2025 grew to $1.2 billion, up from $0.9 billion, an increase of 26%. The increase was primarily driven by new and existing business in casualty and property reinsurance classes, including nonrecurring reinstatement premiums related to the California wildfires.

現在我將轉向百慕達業務板塊，該板塊包括 Hamilton Re 和 Hamilton Re US，這兩家實體是我們再保險業務的主要承保實體。截至 2025 年，毛保費收入成長至 12 億美元，高於 9 億美元，增幅達 26%。此次成長主要由意外傷害和財產再保險類別的新業務和現有業務推動，其中包括與加州山火相關的非經常性恢復保費。

In the third quarter of 2025, Bermuda had underwriting income of $52 million and a combined ratio of 80.7% compared to underwriting income of $24 million and a combined ratio of 89.4% in the third quarter last year. The improvement in the combined ratio was primarily related to no catastrophe losses in the quarter, partially offset by an increase in the current year attritional loss ratio and the acquisition expense ratio.

2025 年第三季度，百慕達承保收入為 5,200 萬美元，綜合比率為 80.7%，而去年第三季承保收入為 2,400 萬美元，綜合比率為 89.4%。綜合比率的改善主要與本季沒有巨災損失有關，但部分被本年度損耗率和收購費用率的上升所抵銷。

The Bermuda current year attritional loss ratio increased 4.6 points to 55.6% in the third quarter compared to 51.0% in the third quarter last year due to a change in business mix, including more casualty reinsurance business and due to one large loss related to the Martinez refinery fire. In the third quarter, the industry loss estimate for this event nearly doubled from the original March estimate, adding 2.8 points to the attritional loss ratio in the third quarter.

由於業務組合發生變化，包括增加了意外再保險業務，以及與馬丁內斯煉油廠火災相關的一筆重大損失，百慕達本年度第三季度的損耗損失率從去年第三季度的 51.0% 上升了 4.6 個百分點，達到 55.6%。第三季度，該事件的產業損失估計值比 3 月的原始估計值幾乎翻了一番，使第三季的損耗損失率增加了 2.8 個百分點。

The Bermuda prior year attritional loss ratio was favorable by 2.1 points. This was primarily driven by favorable development in the specialty and property reinsurance classes. The Bermuda expense ratio increased by 2.0 points to 27.2% compared to 25.2% in the third quarter of 2024. This was driven by an increase in the acquisition cost ratio due to a change in business mix, partially offset by a decrease in the other underwriting expense ratio. Similar to my comment about group ratios, I'd encourage you to use the full year 2024 attritional loss and expense ratios for the segments as a guide for how we expect the current segment books to perform.

百慕達上一年的損耗率有利，為 2.1 個百分點。這主要是由於專業再保險和財產再保險領域的良好發展所推動的。百慕達費用率從 2024 年第三季的 25.2% 上升 2.0 個百分點至 27.2%。這是由於業務組合變化導致收購成本率上升所致，但部分被其他承保費用率下降所抵銷。與我之前對集團比率的評論類似，我建議您使用 2024 年全年各業務部門的損耗率和費用率作為參考，來了解我們對當前業務部門業績的預期。

Now turning to investment income. Total net investment income for the third quarter was $98 million compared to investment income of $83 million in the third quarter of 2024. The fixed income portfolio, short-term investments and cash produced a gain of $43 million for the quarter compared to a gain of $94 million in the third 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.

現在來說說投資收益。第三季淨投資收益總額為 9,800 萬美元，而 2024 年第三季的投資收益為 8,300 萬美元。固定收益投資組合、短期投資和現金在本季產生了 4,300 萬美元的收益，而 2024 年第三季則產生了 9,400 萬美元的收益。提醒一下，這包括 Hamilton 透過淨收入報告的已實現和未實現的收益和損失，作為我們交易投資組合的一部分。

The fixed income portfolio had a return of 1.4% in the quarter or $39 million and a new money yield of 4.2% on investments purchased this quarter. The duration of the portfolio was 3.3 years. The average yield to maturity on this portfolio was 4.1%. The average credit quality of the portfolio remains strong at Aa3.

該固定收益投資組合本季回報率為 1.4%，即 3,900 萬美元，本季購買的投資的新資金收益率為 4.2%。該投資組合的持有期間為 3.3 年。該投資組合的平均到期收益率為 4.1%。此投資組合的平均信用品質依然強勁，為 Aa3。

The Two Sigma Hamilton Fund produced a $54 million gain or 2.6% for the third quarter of 2025. The fund had a net return of 13.0% through the first 9 months of 2025. The latest estimate we have for the Two Sigma Hamilton Fund year-to-date performance was 14% through October 31, 2025, or an increase of 1% in October. At this stage, the fund is ahead of achieving our planned target of 10% for the full year. The Two Sigma Hamilton Fund made up about 37% of our total investments, including cash investments at September 30 compared to 39% at December 31, 2024.

Two Sigma Hamilton 基金在 2025 年第三季實現了 5,400 萬美元的收益，收益率為 2.6%。截至 2025 年前 9 個月，該基金的淨回報率為 13.0%。我們對 Two Sigma Hamilton 基金截至 2025 年 10 月 31 日的年初至今業績的最新估計為 14%，即 10 月份增長 1%。現階段，基金已提前實現我們全年 10% 的計畫目標。截至 2024 年 9 月 30 日，Two Sigma Hamilton 基金約占我們總投資（包括現金投資）的 37%，而截至 2024 年 12 月 31 日，這一比例為 39%。

Now turning to capital management. In 2024, we announced a $150 million share repurchase authorization by the Hamilton Board of Directors. During the third quarter of 2025, we were able to repurchase $40 million of shares. All shares purchased were accretive to shareholders, book value per share, earnings per share and return on equity.

現在來談談資本管理。2024年，我們宣布漢密爾頓董事會授權進行1.5億美元的股票回購。2025年第三季度，我們回購了價值4,000萬美元的股票。所有購買的股份都增加了股東的收益，包括每股帳面價值、每股盈餘和股本回報率。

The Board has recently authorized an additional $150 million in share repurchases so that in total, we now have $186 million remaining. With that, we're able to continue repurchasing shares and growing the business, all while maintaining our strong capital position even during times of uncertainty.

董事會最近批准了額外的 1.5 億美元股票回購計劃，因此我們現在總共還剩下 1.86 億美元。有了這些，我們就能繼續回購股票並發展業務，同時即使在不確定時期也能維持我們強大的資本實力。

Next, I have some comments on our strong balance sheet. Total assets were $9.2 billion at September 30, 2025, up 18% from $7.8 billion at year-end 2024. Total investments in cash were $5.7 billion at September 30, an increase of 19% from $4.8 billion at year-end 2024. Shareholders' equity for the group was $2.7 billion at the end of the third quarter, which was a 14% increase from year-end 2024. Our book value per share was $27.06 at September 30, 2025, up 18% from year-end 2024.

接下來，我想就我們強勁的資產負債表談幾點看法。截至 2025 年 9 月 30 日，總資產為 92 億美元，比 2024 年底的 78 億美元成長了 18%。截至 9 月 30 日，現金投資總額為 57 億美元，比 2024 年底的 48 億美元成長了 19%。截至第三季末，該集團的股東權益為 27 億美元，比 2024 年底成長 14%。截至 2025 年 9 月 30 日，我們的每股帳面價值為 27.06 美元，比 2024 年底成長 18%。

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

謝謝。接下來，我們將開始接受大家的提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Hristian Getsov, Wells Fargo.

克里斯蒂安‧格佐夫，富國銀行。

Hi, good morning. Can you guys hear me?

您好，早安。你們聽得到我說話嗎？

Yeah.

是的。

Okay. My first question is on the Bermuda underlying loss ratio. So if I exclude the refinery fire, so it ticked up about 1.8 points year-over-year. And I understand in part that's a little bit driven by mix towards casualty. But I guess as we go into '26 in casualty, just given what they're seeing in terms of rate versus kind of the rest of the book, particularly property, like how should we think about that underlying margin trending as we kind of see that mix shift continue?

好的。我的第一個問題是關於百慕達基礎損失率。如果排除煉油廠火災的影響，那麼年比上升了約 1.8 個百分點。我明白這在某種程度上是由於傷亡人數的增加所致。但我想，隨著我們進入 2026 年，考慮到意外險的費率與其他險種（特別是財產險）相比的變化，我們應該如何看待這種潛在利潤率的趨勢，因為這種組合轉變仍在繼續？

Okay. This is Craig. We certainly see that the same exact thing that you're seeing is that is a mix of business. That's what's driving that loss pick. So again, because of mix of business, you're going to see that change in the loss ratio. You'll also see the change in the acquisition expense ratio.

好的。這是克雷格。我們當然也看到了，你看到的正是這樣一種商業混合體。這就是導致我選擇虧損的原因。所以，由於業務組合的變化，你會看到損失率發生變化。你還會看到收購費用率的變化。

What I would say to you is it really depends on the continuous change in the mix of business, but we still continue to write a diversified book of business, and we continue to grow property as well as specialty in the same book. So what I would say is continue to look at it in the same realm that you're looking at it on a year-to-date basis for this year, not necessarily on a quarterly basis.

我想說的是，這實際上取決於業務組合的不斷變化，但我們仍然繼續保持業務多元化，並在同一業務組合中繼續發展房地產和特殊用途保險業務。所以我的建議是，繼續從今年迄今為止的角度來看待這個問題，而不是按季度來看待。

Got it. And then in terms of -- can you guys maybe provide a little bit color on changes you're seeing in loss trends, particularly within your casualty insurance and reinsurance portfolio versus prior quarters? And maybe if you could provide some further color on how you're managing those exposures.

知道了。那麼，你們能否就損失趨勢的變化，特別是與前幾季相比，你們的財產保險和再保險組合的變化情況，做一些詳細說明呢？或許您還能進一步詳細說明您是如何應對這些風險敞口的。

I mean we understand that line is getting good rate, but it's obviously for a good reason just given what you're seeing with social inflation. But like what's kind of your process in managing those exposures away from just generally keeping limits a little bit lower?

我的意思是，我們明白這條線路的利率很好，但這顯然是有充分理由的，看看現在的社會通膨情況就知道了。但是，除了簡單地降低風險敞口之外，你們是如何管理這些風險敞口的呢？

Yeah. Why don't I take that? We have seen some growth both in our reinsurance portfolio and also to a lesser extent in our insurance portfolio on the casualty classes. From the reinsurance portfolio, let's remember, we started from a very, very low base of casualty. And although we've had growth, that growth has been in recent years when the rates have improved.

是的。我為什麼不拿呢？我們看到，我們的再保險業務組合有所成長，而我們的意外險業務組合也有一定程度的成長。從再保險組合來看，我們當初的意外傷害基數非常非常低。雖然我們實現了成長，但這種成長是近年來利率改善後才出現的。

We have a very strong feedback loop across pricing -- underwriting, pricing and reserving. And those are the guardrails that we operate in when we are looking to onboard this kind of business. We still feel comfortable that the rate increases that we are seeing in casualty are keeping place with a trend. So -- and that actually same view transcends to our casualty insurance book.

我們在定價方面建立了非常強大的回饋循環——核保、定價和準備金。這些就是我們在考慮引進這類企業時所遵循的指導原則。我們仍然認為，目前意外傷害保險費率的成長符合既定趨勢。所以——這種觀點其實也適用於我們的意外傷害保險帳簿。

If you look just at Hamilton Select, we have a significant growth in casualty insurance in our Select operations. Remember, however, that is a very specific book of hard-to-place niche business. And there, we get to tailor the coverages and set pricing terms. And there, we also see attractive increases in casualty pricing, and that's what makes us comfortable to write this business.

單看 Hamilton Select，我們在 Select 業務中的意外傷害保險業務就實現了顯著成長。但請記住，這是一本非常具體的、難以定位的小眾商業書。在那裡，我們可以定制保險範圍並設定價格條款。而且，我們也看到意外傷害保險價格有誘人的成長，這讓我們有信心承保這項業務。

Just one note, just to back up from just a moment to remember, we're an underwriting shop. So we have this ability to lean in when the leaning is good and back away when it's less the case. So if I look just across property, when property increased back in the reset, our -- we leaned into property and grew our book on a group basis by 60%.

補充一點，先簡單回顧一下，我們是一家核保公司。所以我們有這樣的能力：當情勢有利時積極參與，當情勢不利時則退縮。所以，如果我只看房地產，當房地產在市場重置後上漲時，我們——我們加大了房地產投資力度，集團的業務量增加了 60%。

On the casualty side, again, starting from a low base, when casualty pricing started getting better, we leaned into casualty and grew our casualty business from about 2022 onwards by around 80%. However, that was always done in the context of a well-balanced portfolio. So if you look at our total casualty writing today versus 2022, it's more or less the same as a percentage of our portfolio. That's how we manage this business.

在意外險方面，同樣是從低基數開始，當意外險定價開始好轉時，我們加大了對意外險的投入，從 2022 年左右開始，我們的意外險業務增長了約 80%。然而，這一切都是在建構均衡投資組合的前提下進行的。因此，如果您看一下我們目前的意外傷害保險總額與 2022 年的總額，您會發現它占我們投資組合的比例大致相同。我們就是這樣經營這家企業的。

Got it. Thank you.

知道了。謝謝。

Daniel Cohen, BMO.

Daniel Cohen，BMO。

Hey, morning. Thanks for taking my question. I think I'll start in the Bermuda casualty growth, just unpacking this number. Can you maybe quantify the larger renewal moving from 2Q to 3Q, so we can get a normalized sense of that impact? And also if there was a meaningful AM Best contribution that you'd like to call out as we think of growth getting more moderate in this line? Thanks.

嘿，早安。謝謝您回答我的問題。我想先從百慕達傷亡人數的成長情況入手，仔細分析這個數字。您能否量化一下從第二季到第三季的大幅更新，以便我們能夠對這種影響有標準化的了解？另外，鑑於我們認為該領域的成長將趨於溫和，您是否想特別提及AM Best做出的有意義的貢獻？謝謝。

Sure. Why don't I start with that one? Maybe just by way of background again, the AM Best upgrade was a gamechanger for this organization, and it came at a very opportune time and increased opportunities for us across several lines of business, including casualty. It was also a very important validation of how far Hamilton has evolved as a company. So that's by way of background on AM Best. I'm going to let Craig to dive in more detail on the numbers here. So Craig, over to you.

當然。我為什麼不從那一個開始呢？或許再次作為背景介紹，AM Best 的升級對本組織來說是一個變革性的事件，而且時機恰到好處，為我們在包括意外險在內的多個業務領域增加了機會。這也充分證明了漢密爾頓公司發展至今取得了多麼巨大的進步。以上就是關於 AM Best 的一些背景介紹。接下來，我將讓克雷格更詳細地分析這些數字。克雷格，現在輪到你了。

Thanks, Pina. We continue to see new and renewal business since the upgrade, and we continue to see top line premium based on our written patterns coming through our financials, some of which is attributable to the rating upgrade from AM Best. As you're aware, a large portion of this business is pro rata casualty reinsurance business.

謝謝你，皮娜。自從提升評級以來，我們持續獲得新業務和續保業務，根據我們的財務報表，保費收入也持續成長，其中一部分要歸功於 AM Best 的評級提升。如您所知，這項業務的大部分是按比例分攤的意外傷害再保險業務。

So when you look at that, the way it's booked on a GAAP basis, GAAP accounting basis throughout the year, you can take an example, if we wrote $40 million of business at January 1, you would expect to see $10 million come through each quarter on a pro rata basis. Having said that, we saw about $50 million recorded in the third quarter. We expect to see a similar amount come through again in the fourth quarter.

所以，當你從全年按照 GAAP 會計準則進行記帳的方式來看，你可以舉個例子，如果我們在 1 月 1 日完成了 4000 萬美元的業務，那麼你會預期每個季度按比例收到 1000 萬美元。儘管如此，我們在第三季還是看到了約 5,000 萬美元的收入。我們預計第四季也會出現類似的金額。

And after that, it would be difficult probably to attribute either any renewal business strictly to the rating upgrade compared to our ongoing client relationships. And then, the other thing that you asked about was specifically the renewal that changed from period to period. We had a renewal that changed from the second quarter renewal to a third quarter renewal, and that was about $20 million of the growth in Bermuda this quarter, again, in the casualty line.

之後，與我們持續的客戶關係相比，可能很難將任何續約業務完全歸因於評級提升。然後，您問到的另一個問題是續約問題，這個問題在每個時期都有所變化。我們有一個續保項目，從第二季續保改為第三季續保，這導致本季百慕達地區的意外險業務成長了約 2,000 萬美元。

Okay, great. Thanks. That's helpful. And then switching gears to Hamilton Select. I think you said 26% growth there and still healthy submission flows, but that is quite the decel from the first half of '25. Is that just you pulling back from professional lines? Or are rates impacting that step down as well?

好的，太好了。謝謝。那很有幫助。然後切換到 Hamilton Select。我想你說過那裡成長了 26%，投稿量也依然健康，但這與 2025 年上半年相比已經大幅放緩了。你這是在逃避職業操守嗎？或者說，利率是否也影響了這個降級？

Sorry, I'll take that one. That growth of 26% this quarter for Select it involved a 50% growth in casualty, where we're seeing the most opportunity. It involves writing less of some business that we thought was not attractively priced. But that growth, that 26% growth is completely in line with our plans.

抱歉，我選那個。Select 本季實現了 26% 的成長，其中意外險業務成長了 50%，而我們認為意外險業務是最具發展潛力的領域。這意味著要減少一些我們認為定價不夠吸引人的業務。但這一增長，這 26% 的增長，完全符合我們的計劃。

Okay. And if I could sneak one more in on just the fee income, so we get a better sense of that after the Lloyd's MGA moving out. Is this quarter the right run rate for that number? Or should we be thinking about that going to zero over time, just in international?

好的。如果我能再偷偷算一下手續費收入，這樣在勞合社 MGA 搬走後，我們就能更了解狀況了。本季的成長率符合這個數字嗎？或者我們是否應該考慮隨著時間的推移，國際範圍內的比例會降至零？

Okay. I'll kick off here, Dan. Maybe just by way of background, and then I'm going to have Craig talk about the modeling part. We derive fee income from our -- the consortia business that we write out of London. Now this is business -- these are business arrangements, where others have recognized our expertise in certain classes and allow us to write on their behalf. In other words, they're leveraging our core competency, which is underwriting, and we're driving fee income from that.

好的。我先來，丹。或許先簡單介紹一下背景，然後我請克雷格談談建模部分。我們從倫敦開展的財團業務中獲得費用收入。這是生意——這些都是商業安排，其他人已經認可了我們在某些​​領域的專業知識，並允許我們代表他們撰寫文章。換句話說，他們正在利用我們的核心競爭力——承保，而我們也正在從中獲取費用收入。

The same is the case for our third-party capital operation where we also derive fee income. The third-party syndicate management was part of our 2019 acquisition and the decision to cease managing that third-party syndicates was made because unlike underwriting, it's not a core -- not seen as core to our operations, and that is why we ceased that. But Craig, why don't I pass to you for general how to model fee income?

我們的第三方資本營運也是如此，我們也能從中獲得費用收入。第三方辛迪加管理是我們 2019 年收購的一部分，而停止管理這些第三方辛迪加的決定是因為，與承銷不同，它不是核心業務——不被視為我們營運的核心，這就是我們停止管理的原因。但是克雷格，為什麼我不把如何建立費用收入模型這個問題交給你來解答呢？

I think as Pina said, on the international side, Dan, that was your specific question. I think what you should expect going forward is about $2 million per quarter. On the Bermuda side, as you may recall, for our iOS platform, [Ari] we booked or plan for about $0.5 million per quarter. So for the full group, about $2.5 million per quarter. That's a baseline. That's before any performance-based fees, which are a little bit harder to plan for. So about $2.5 million per quarter for the group.

我想正如皮娜所說，在國際方面，丹，那正是你具體想問的問題。我認為你未來每季的預期收入應該在200萬美元左右。您可能還記得，在百慕達方面，對於我們的 iOS 平台 [Ari]，我們每季預定或計劃投入約 50 萬美元。因此，整個集團每季約 250 萬美元。這是基準線。這還不包括任何績效費用，而績效費用更難規劃。所以該集團每季大約能賺250萬美元。

Understood. Thank you.

明白了。謝謝。

[Bob Lung], Morgan Stanley.

[鮑伯朗]，摩根士丹利。

Hey, good morning. This is Sid on for Bob. Going back to Hamilton Select, you guys mentioned the new Chief Underwriting Officer you guys hired. Can you just give some color on like what are the objectives for the business going forward and how we should think about growth and underwriting profitability there?

嘿，早安。這裡是Sid替Bob報道。回到 Hamilton Select，你們提到了你們新聘請的首席承保官。您能否簡要介紹一下公司未來的業務目標，以及我們應該如何看待業務成長和承保獲利能力？

Sure, Bob. I'll take that one. We're actually thrilled to have onboarded Mike to our Hamilton Select operations. Many of us have interacted with Mike in, for years, in different capacities, and Craig worked directly with him when he was at Everest. So he's a known quantity to this group.

當然可以，鮑伯。我選那個。我們非常高興Mike加入我們的Hamilton Select營運團隊。多年來，我們中的許多人都以不同的身份與麥克有過接觸，而克雷格在珠穆朗瑪峰工作時曾直接與他共事。所以，他對這個團隊來說是個熟悉的人物。

And just as a reminder, Hamilton Select, the operation he's joining, the book there is purely US E&S. We do not write admitted business. And Select's objectives in that class are no different than the objectives of our other underwriting platforms, and they start with producing sustainable underwriting profitability. So in the context of our underwriting strategy, our disciplined underwriting culture and our reserve philosophy, we're confident that Hamilton Select is going to continue to thrive and are, again, thrilled to have Mike on board.

提醒一下，他即將加入的 Hamilton Select 公司，那裡的書完全是美國 E&S 的書。我們不撰寫已公開的商業資訊。Select 在該類產品中的目標與我們其他核保平台的目標並無不同，它們首先是實現可持續的承保獲利能力。因此，根據我們的核保策略、嚴謹的核保文化和準備金理念，我們相信 Hamilton Select 將繼續蓬勃發展，並且再次很高興 Mike 加入我們。

And then kind of just looking a little bit more broadly, I was wondering what you guys are seeing in the like MGA market space and any competition there? Any color you can give would be helpful.

然後，從更廣闊的角度來看，我想知道你們在MGA市場領域看到了什麼，以及是否存在競爭？您提供的任何顏色資訊將不勝感激。

Yeah. Certainly, as you've seen or heard from others in the market, some of those MGAs are providing increased competition in the US insurance market. Just as a reminder, we only have a limited amount of MGA relationships, and they're predominantly out of our London operations. And these are relationships that we've had for several years, so tried and tested. We do not give away the pen. For example, at Hamilton Select, that is all our own underwriting, but we do see some irresponsible behavior in the market with those players out there. We don't let them hold our pen.

是的。當然，正如您在市場上看到或從其他人那裡聽到的那樣，一些MGA（管理總代理）正在為美國保險市場帶來更大的競爭。再次提醒大家，我們與 MGA 的合作關係有限，而且主要集中在我們倫敦的業務部門。而這些都是我們已經維持了好幾年的關係，久經考驗。我們不贈送這支筆。例如，在 Hamilton Select，所有承保都是我們自己的，但我們確實看到市場上存在一些不負責任的行為。我們不會讓他們碰我們的筆。

Got it. Thank you so much. I appreciate it.

知道了。太感謝了。謝謝。

Patrick Marshall, Citi.

派崔克‧馬歇爾，花旗銀行。

Good morning. Just a quick question on your disclosure around the decreased duration in your portfolio and how it relates to your increase in casualty? And how should we think about kind of where the property -- where your portfolio will move if your casualty mix goes forward -- increases going forward?

早安.關於您披露的投資組合久期縮短情況以及這與意外損失增加之間的關係，我有一個簡短的問題：那麼，我們該如何看待財產──或者說，如果你的意外險組合持續成長，你的投資組合將向哪個方向發展呢？

Go ahead, Craig.

請繼續，克雷格。

Patrick, this is Craig. So first of all, the duration of the overall fixed income portfolio only just -- it basically just ticked down from 3.4 years to 3.3 years. It's really more of a rounding. But I agree with you, as we go longer in the portfolio or business mix change more towards casualty. But what you just heard Pina say is our mix really hasn't changed overall. Our book is still fully diversified and the amount of casualty business we're writing now compared to just three years ago is about the same mix in our book. So I really don't see a major change in the overall duration of the entire fixed income portfolio.

派崔克，這位是克雷格。首先，整體固定收益投資組合的久期僅略微——基本上只是從 3.4 年下降到 3.3 年。這其實更像是一種四捨五入。但我同意你的觀點，隨著時間的推移，投資組合或業務組合會朝著意外險方向轉變。但你剛才聽到的皮娜說的是，我們的整體組合其實並沒有改變。我們的業務組合仍保持完全多元化，目前我們承保的意外險業務量與三年前相比，業務組成基本相同。因此，我真的看不到整個固定收益投資組合的整體久期會發生重大變化。

Thank you. And then one follow-on. Can you offer any color on the nature of the large losses noted in the press release?

謝謝。然後還有後續。您能否就新聞稿中提到的巨額損失的性質提供一些細節資訊？

Sure, Patrick. The large loss that we had mentioned in the press release was part of my prepared comments in the call as well. It was related to the Martinez refinery fire. That was a first quarter event. The initial loss estimates of that event were in the $300 million to $800 million range for an industry loss.

當然可以，派崔克。我們在新聞稿中提到的巨額損失，也是我在電話會議中準備好的演講內容之一。這與馬丁內斯煉油廠火災有關。那是第一季發生的一件事。該事件造成的產業損失初步估計在 3 億美元至 8 億美元之間。

What we saw in September is that industry loss nearly doubled. And as a result, we revised our estimate in the third quarter for that event. We didn't see any really other -- any significant large losses in the quarter and any other exposure that we had was manageable and included within our attritional loss picks. That was the largest loss. And again, it was about 2.8 points in the Bermuda segment and about 2.2 points on the group.

9月我們看到的情況是，產業損失幾乎翻了一番。因此，我們在第三季修正了對此事件的預估。我們沒有看到任何其他重大損失——本季度沒有任何重大損失，我們面臨的任何其他風險敞口都是可控的，並且都包含在我們的損耗性損失選擇中。那是最大的損失。百慕達賽段的得分約為 2.8 分，而整個賽區的得分約為 2.2 分。

Thank you. I appreciate that.

謝謝。我很感激。

(Operator Instructions)

（操作說明）

Tommy Mcjoint, KBW.

Tommy Mcjoint，KBW。

Hey, good morning, guys. With the rate softening and really heightened competition in property lines and in light of the strong opportunity set that it sounds like you still see in casualty and specialty, would you be surprised if property written premium declined in 2026?

嘿，各位早安。鑑於財產險費率走軟、競爭加劇，以及您認為意外險和特殊險領域仍然存在強勁的發展機遇，如果 2026 年財產險保費下降，您會感到驚訝嗎？

Hi, Tommy, Pina here. I'll take that. So let's start with property cat. We do expect to see, as I mentioned in the call, some more competition on property cat in the upper layers. But let's not forget where we started from, right? Rates went up dramatically since the 2023 reset. Terms, conditions and attachment points also improved.

嗨，湯米，我是皮娜。我接受。那麼，就讓我們從房產貓開始吧。正如我在電話會議中提到的，我們預計在房地產貓的上層市場會看到更多競爭。但我們不能忘記我們是從哪裡開始的，對吧？自 2023 年利率重置以來，利率大幅上漲。條款、條件和附加條件也得到了改進。

And while we're seeing some downward pressure on the cat rates in recent renewals, certainly, they're nowhere near the increases we achieved since 2023. So the way we look at it is, is that business still producing an attractive risk-adjusted return? And if it is, we will continue to write it. And if we have some opportunity, we might even increase our writing of property cat on select clients.

雖然我們看到最近的續保中巨災保險費率出現了一些下行壓力，但當然，它們遠不及我們自 2023 年以來取得的漲幅。所以我們從這個角度來看，這項業務是否仍能產生有吸引力的風險調整後效益？如果真是這樣，我們會繼續寫下去。如果有機會，我們甚至可能會增加部分客戶的財產巨災險承保量。

In the insurance space, I think what you're going to see is what I said earlier on the larger accounts, those larger shared and layer accounts on the insurance side, we're expecting to see increased competition because they also enjoy back-to-back increases. So that drew attention. You can probably see us reducing there.

在保險領域，我認為你會看到我之前提到的那些大型帳戶，那些保險方面的大型共享帳戶和分層帳戶，我們預計競爭會加劇，因為他們也享受著連續成長。所以這件事引起了關注。你可能會看到我們在這方面有所減少。

But on the property insurance side, we have a couple, as I mentioned, of new initiatives in the US E&S space where we're targeting the smaller to midsized property risks, which are still getting attractively priced, and you can see some growth continuing there. Does that answer your question?

但在財產保險方面，正如我所提到的，我們在美國超額和剩餘財產保險領域推出了一些新舉措，目標是中小型財產風險，這些風險的保費仍然很有吸引力，而且你可以看到這方面的增長仍在繼續。這樣回答了你的問題嗎？

Yeah, that does. Thank you. Yeah, that does. And then switching over, looking at the expense ratio and perhaps more specifically the acquisition cost ratio, you attributed the increase year-over-year to the business mix shift as casualty reinsurance has seen outsized growth. Because there is the lag between written and earned, how much more and how many more quarters should we expect the acquisition cost ratio to continue increasing year-over-year? Or is there a terminal acquisition cost ratio that you should get to with the current business mix?

是的，確實如此。謝謝。是的，確實如此。然後，轉而關注費用率，更具體地說是收購成本率，您將同比增長歸因於業務組合的變化，因為意外傷害再保險業務實現了超額增長。由於已創造價值與已實現價值之間存在滯後，我們應該預期收購成本比率還會逐年增長多少，以及還會持續多少個季度？或者說，在目前的業務組合下，是否存在一個應該達到的最終收購成本比率？

Tommy, this is Craig. What I would say to you is, again, if you look at where we are on a year-to-date basis compared to where we were for a full year last year, you're seeing a slight uptick, again, because of more casualty business, because of more pro rata business that we've been writing this year. But it's not a huge change. So instead of looking at quarter-to-quarter where you might see some lumpiness.

湯米，這位是克雷格。我想再次強調的是，如果你看看我們今年迄今為止的業績與去年全年的業績相比，你會發現業績略有上升，這同樣是因為意外險業務增加，因為我們今年承保的按比例計算的業務也增加了。但這並不是一個巨大的改變。所以，與其關注季度之間的數據，不如關注季度之間的數據，因為季度之間可能會出現一些波動。

Again, if you look at year-to-date numbers compared to the full year last year, you're just going to see a slight uptick on those acquisition expenses, again, because of the mix of business. So it will continue to come in as we write more business. But as Tina just said about property on that previous question, if we continue to write property, that will keep that ratio down as well.

同樣，如果你將今年迄今的數據與去年全年的數據進行比較，你會發現這些收購費用略有上升，這同樣是因為業務組合的變化。隨著我們業務的拓展，這筆費用將持續增加。但正如蒂娜剛才在上一個問題中提到的房地產問題一樣，如果我們繼續使用「房地產」這個詞，那麼這個比例也會隨之降低。

Got it. Thanks.

知道了。謝謝。

Daniel Cohen, BMO.

Daniel Cohen，BMO。

Hey, thanks. Just one quick one on. Do you have an early estimate of your exposure to the cats quarter-to-date just on Jamaica and maybe yesterday's Louisville plane tragedy? Thank you.

嘿，謝謝。就快速試一下。您能否初步估算一下，僅牙買加事件以及昨天路易斯維爾空難事件，您在本季度迄今為止接觸到的貓的數量？謝謝。

Hi Daniel, this is Craig. A little too early to talk about the plane tragedy from yesterday. I know it's -- it was a plane crash that crushed into a couple of commercial buildings, but a little too early to know about that loss.

你好丹尼爾，我是克雷格。現在談論昨天的空難還為時過早。我知道——那是一起飛機墜毀事故，撞毀了幾棟商業建築，但現在知道這起損失還為時過早。

As far as Hurricane Melissa goes through the Caribbean, we don't have much exposure on that type of a loss that would go through that environment, although it was a very devastating loss and a lot of loss of lives, the industry loss estimate for property and other things for insurance losses is not that great, and we don't expect to have much exposure there at all.

就颶風梅麗莎在加勒比海地區的影響而言，雖然它造成了非常嚴重的破壞和大量人員傷亡，但我們對那種環境下的損失風險敞口並不大，因為財產和其他保險損失的行業損失估計並不高，我們預計在那裡的風險敞口也不會很大。

There are no further questions at this time. I will now turn the call back to Pina Albo for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給皮娜·阿爾博，請她作總結發言。

Well, I just want to thank everybody who took the time to join us today to discuss our excellent results for the quarter, and we look forward to speaking to you again with our year-end results in due course. Thank you.

我謹代表本季感謝各位抽出時間與我們共同探討我們優異的業績，我們期待在適當的時候與大家再次交流，分享我們的年終業績。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。