Hamilton Insurance Group, Ltd. (HG) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the first quarter 2026 Hamilton Insurance Group Limited earnings call. (Operator Instructions) As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website.

各位好。感謝各位加入我們，歡迎參加 Hamilton Insurance Group Limited 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將以網路直播方式進行，並將提供重播；相關連結可於 Hamilton 投資人關係網站取得。

I will now hand the conference over to Darian Niforatos, Head of Investor Relations. Darian, please go ahead.

現在我將把會議交給投資人關係主管 Darian Niforatos。Darian，請開始。

Thanks, operator. Hi, everyone, and thank you for joining our earnings call. Before we begin, please note that certain statements made during this call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝，接線員。各位好，感謝各位參加我們的財報電話會議。在開始之前，請注意，本次電話會議中所作的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These risks are provided in our earnings release and SEC filings. We will also refer to certain non-GAAP financial measures, which are reconciled to the most directly comparable GAAP measures in our earnings release and financial supplement available on our website at investors.hamiltongroup.com.

這些陳述受到風險與不確定性影響，可能導致實際結果與所討論內容出現重大差異。相關風險已載於我們的財報新聞稿及向美國證券交易委員會（SEC）提交的文件中。我們也將提及若干非 GAAP 財務衡量指標；其與最直接可比的 GAAP 指標之調節，已載於我們的財報新聞稿及財務補充資料，並可於 investors.hamiltongroup.com 取得。

Now I'll introduce the Hamilton executives leading today's call. 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. With that, I'll hand it over to Pina.

接下來我將介紹今天主持電話會議的 Hamilton 高階主管。集團執行長 Pina Albo；以及集團財務長 Craig Howie。我們也有 Hamilton 管理團隊的其他成員一同參與。接著我把時間交給 Pina。

Thank you, Darian, and hello, everyone. Let me start by welcoming you to Hamilton's First Quarter 2026 Earnings Conference Call. We're very pleased with our performance this quarter, particularly in the context of a global economic and geopolitical environment that has become more complex and volatile and an insurance market that remains competitive.

謝謝你，Darian，各位好。首先歡迎各位參加 Hamilton 2026 年第一季財報電話會議。我們對本季表現感到非常滿意，尤其是在全球經濟與地緣政治環境更趨複雜且波動、以及保險市場仍然競爭激烈的背景之下。

Pricing across parts of the industry continues to come under pressure, so underwriting discipline takes center stage. In this context, we continue to stay true to our strong culture of cycle management this quarter, writing the business we wanted to write at pricing and terms that met our return requirements and stepping away from business that did not.

產業部分領域的定價持續承受壓力，因此承保紀律成為核心。在此情境下，我們本季仍堅守強大的循環管理文化，以符合我們報酬要求的價格與條款承作我們想承作的業務，並對不符合者果斷退出。

We believe that sticking to this disciplined approach will continue to help us produce the kinds of results we have delivered since going public in 2023. On that note, Hamilton delivered very solid results in the first quarter with net income of $134 million equal to an annualized return on average equity of 19%.

我們相信，持續採取這種嚴謹的方法，將有助於我們延續自 2023 年上市以來所交付的成果。基於此，Hamilton 第一季交出相當穩健的成績，淨利為 1.34 億美元，相當於平均股東權益年化報酬率 19%。

This result was underpinned by an attritional loss ratio of 54.5%, strong investment income of $94 million and thoughtful growth with gross premiums written increasing by 11% for the quarter. While this growth was more measured than in prior periods, it was selective, targeted and fully aligned with the view we shared with you last quarter.

此一結果主要受惠於 54.5% 的常態損失率、9,400 萬美元的強勁投資收益，以及審慎的成長——本季簽單毛保費（GPW）年增 11%。雖然本次成長幅度較前幾期更為溫和，但具選擇性、具目標性，且完全符合我們上季與各位分享的觀點。

Let me start with a few broader market observations before I walk through our segment results. Starting with reinsurance renewals. As you will have heard, record levels of industry capital, both traditional and ILS and manageable cat losses impacted the April 1 renewals, which largely involved property cat reinsurance in the Asia Pacific region.

在我說明各業務分部表現之前，先分享幾點較宏觀的市場觀察。先從再保續約談起。如各位所知，傳統資本與保險連結證券（ILS）在內的產業資本水位創新高，加上可控的巨災損失，影響了 4 月 1 日的續約；該續約主要涉及亞太地區的財產巨災再保。

While this region does not form a large part of our book, we saw a continuation of the competitive pricing experienced at January 1 with outcomes broadly in line with expectations. Having said that, while pricing levels deteriorated, they were still risk adequate and structures, terms and conditions remained largely intact.

雖然該地區在我們的承保組合中占比不大，但我們看到延續自 1 月 1 日以來的競爭性定價，結果大致符合預期。儘管如此，雖然定價水準有所惡化，但仍屬風險足額，且架構、條款與條件大致維持不變。

Other renewals in the quarter outside of this region were also competitive, but we were satisfied with the book we wrote and the signings we achieved. As for the upcoming midyear renewals, which are largely property driven, given robust capital positions, we expect pricing pressure to be similar to what we experienced so far this year. It is important to note that softening is coming off historic highs, so we expect margins, particularly in our portfolio, which is largely US driven, to remain above our thresholds.

本季在該地區以外的其他續約同樣競爭激烈，但我們對所承作的組合以及達成的簽約結果感到滿意。至於即將到來的年中續約（主要由財產險驅動），鑑於資本部位充足，我們預期定價壓力將與今年迄今所經歷的情況相近。需要強調的是，市場走軟是從歷史高點回落，因此我們預期利潤空間——特別是在以美國為主的我們的投資組合中——仍將高於我們的門檻。

In reinsurance, we will continue to execute our strategy of supporting key clients with whom we have a broad trading relationship. That said, in this environment, growth for growth's sake is not the objective, at least not ours. Margin preservation, attachment points and terms and conditions, which we expect to remain largely untouched, matter far more, and that philosophy will guide our underwriting decisions and our portfolio.

在再保方面，我們將持續執行策略，支持與我們具有廣泛交易關係的關鍵客戶。但在此環境下，為了成長而成長並非目標，至少不是我們的目標。維持利潤、承保起賠點（attachment points）以及條款與條件（我們預期大致不會被觸動）更為重要；這一理念將引導我們的承保決策與投資組合配置。

Moving on to the broader geopolitical environment. The ongoing conflict in the Middle East is yet another reminder of the uncertainty embedded in today's risk landscape, which has implications for our industry. On a line of business level, based on what we have observed to date, direct insured losses are concentrated primarily in the specialty insurance classes such as Marine Hull and political violence, which we write.

接著談更廣泛的地緣政治環境。中東持續的衝突再次提醒我們，當今風險版圖中內含高度不確定性，並對本產業帶來影響。就業務線而言，根據我們迄今的觀察，直接被保險損失主要集中在專業保險類別，例如船體險（Marine Hull）與政治暴力險，而這些正是我們承作的業務。

Losses will continue as long as the conflict does and may also impact reinsurance programs going forward. At this time, for Hamilton, our exposure remains manageable as we have always been mindful of the capacity we deploy in that region. The conflict in the Middle East may also have broader ramifications for our industry, namely inflationary pressures.

只要衝突持續，損失就會延續，並且也可能影響未來的再保計畫。就 Hamilton 而言，目前我們的曝險仍在可控範圍內，因為我們一向審慎管理在該地區所部署的承保額度。中東衝突也可能對本產業帶來更廣泛的影響，尤其是通膨壓力。

We will continue to monitor this closely and make adjustments as warranted. Moving on to the segments. Let's take a look at the top line growth this quarter for Bermuda and International. In Bermuda, which renews about one third of its business during the first quarter, we wrote $497 million in gross premiums, an increase of 5% over last year.

我們將持續密切監控，並在必要時進行調整。接著談各分部。先看本季百慕達與國際業務的保費成長。在百慕達，由於約三分之一的業務在第一季續約，我們簽單毛保費為 4.97 億美元，較去年增加 5%。

Our most significant driver of growth came from casualty reinsurance. Some of this is attributable to business found in prior quarters earning through and the rest from business written during the quarter where we had the ability to increase our modest shares on accounts where underlying rates are still attractive as well as some new business. Our casualty strategy remains unchanged. We focus on counterparties with a strong underwriting and claims culture who keep meaningful net retentions and with whom we enjoy broad trading relationships.

我們最主要的成長動能來自意外險再保（casualty reinsurance）。其中一部分可歸因於前幾季承作的業務逐步進入賺取期（earning through），其餘則來自本季新承作的業務；在基礎費率仍具吸引力的帳戶上，我們有能力適度提高原本不高的承保份額，並承作部分新業務。我們的意外險策略維持不變。我們聚焦於具備強健承保與理賠文化、保留有意義的自留額（net retentions），且與我們有廣泛交易關係的交易對手。

Where those characteristics are not present, we are comfortable passing on the opportunity. I also want to highlight our recently announced casualty reinsurance sidecar, which reflects a proactive approach to capital and portfolio management. This structure allows Hamilton to support targeted casualty reinsurance growth while providing us with an additional source of fee income.

若不具備上述特徵，我們也樂於放棄該機會。我也想強調我們近期宣布的意外險再保 sidecar，這反映了我們在資本與投資組合管理上的前瞻作法。此一架構使 Hamilton 得以支持具目標性的意外險再保成長，同時為我們提供額外的費用收入來源。

The sidecar will provide reinsurance capital over a multiyear period with ceded premium over the duration of the structure projected to be about $300 million. Craig will discuss this in more detail shortly.

該 sidecar 將在多年期間提供再保資本，且在該架構存續期間的分出保費（ceded premium）預估約為 3 億美元。Craig 稍後將更詳細說明。

Moving on to property reinsurance in Bermuda. Premiums fell compared to the same period last year, mainly because of substantial nonrecurring reinstatement premiums resulting from the California wildfires in the first quarter of 2025. If these reinstatement premiums are excluded, property reinsurance writings during the quarter would have been largely flat, reflecting a disciplined approach in this market.

接著談百慕達的財產再保。與去年同期相比，保費有所下降，主要原因是 2025 年第一季加州野火所帶來的大額一次性復效保費（reinstatement premiums）。若排除這些復效保費，本季財產再保簽單將大致持平，反映我們在此市場採取的嚴謹承保策略。

Our specialty reinsurance line grew 2.7%. We grew our financial risk treaty account, both new and renewal business, but pulled back in multiline accounts, which were not as attractive. On the insurance side of our Bermuda book, we also reduced writings in our large account property D&F book as we were not satisfied with the pricing.

我們的專業再保險業務線成長2.7%。我們擴大了金融風險合約再保帳戶（含新業務與續保業務），但在多險種帳戶方面則有所收縮，因其吸引力較低。在我們百慕達保險業務組合方面，我們也降低了大型帳戶財產D&F業務的承保量，因為我們對其定價不甚滿意。

Now turning to our International segment, which houses Hamilton Global Specialty and Hamilton Select. International gross premiums written grew 20% over the prior period. Starting with Hamilton Global Specialty, gross premiums written were up 20%, driven by Specialty and Casualty classes, specifically in the core classes such as accident and health and M&A, which benefited from some seasonality in these lines and the continued earn-out from the prior underwriting year.

接著談我們的國際事業部，旗下包含Hamilton Global Specialty與Hamilton Select。國際部門本期簽單毛保費較前期成長20%。先從Hamilton Global Specialty開始，簽單毛保費成長20%，主要由專業險與責任險類別帶動，尤其是意外與健康以及M&A等核心險種；這些業務受惠於部分季節性因素，以及前一承保年度持續的收益釋放。

At the same time, we pulled back writings in our property binders and D&S lines where we saw rate reductions we were unwilling to support. Overall, our pricing assessments and underwriting framework continue to indicate that we are comfortable with the margins we are achieving on the business we are writing, but our teams are being more selective in many lines.

同時，對於我們的財產險綁定人（binders）及D&S業務線，在看到費率下調且我們不願支持的情況下，我們降低了承保量。整體而言，我們的定價評估與核保框架仍顯示，我們對目前所承作業務所取得的利潤率感到安心，但團隊在許多業務線上變得更為挑選。

And finally, a few words on Hamilton Select, our US E&S platform. This business is all casualty insurance and grew 17% this quarter, driven by excess casualty, general casualty and small business, where we still see attractive pricing, terms and conditions. Growth in professional and medical professional lines, on the other hand, was muted given the competitive pricing environment.

最後，簡要談談Hamilton Select，我們的美國E&S平台。此業務全為責任險，本季成長17%，主要由超額責任、一般責任與小型企業業務帶動；在這些領域我們仍看到具吸引力的定價、條款與條件。另一方面，由於競爭性的定價環境，專業責任與醫療專業責任業務線的成長相對溫和。

Overall, for the quarter, Hamilton demonstrated a continued ability to manage the underwriting cycle appropriately. While submission flow remains healthy across many products we write, we were disciplined in binding only those risks that met our underwriting and pricing requirements.

整體而言，本季Hamilton展現了持續且適切管理核保循環的能力。雖然我們承作的多項產品之投保提交流量仍然健康，但我們嚴守紀律，只對符合我們核保與定價要求的風險進行承保綁定。

As a result, growth varied by class, which we view as the right outcome in the current environment. Stepping back, our message is a simple one. While the market still offers pockets of attractive business, it is one where Cycle Management is key. In other words, it is not a market where every opportunity should be written nor one where top line growth alone should be encouraged.

因此，各險種的成長表現有所差異，而我們認為在目前環境下這是正確的結果。退一步來看，我們的訊息很簡單。雖然市場仍提供一些具吸引力的業務機會，但在這樣的市場中，「循環管理」是關鍵。換言之，這不是一個每個機會都應該承作的市場，也不是一個只鼓勵營收規模（top line）成長的市場。

This is a market where risk and client selection and the fortitude to walk away will serve as differentiators that ensure underwriting performance. It is a market that plays to Hamilton's thoughtful and disciplined approach and its culture of prioritizing sustainable profitability, strategic growth and thoughtful capital deployment.

在這個市場中，風險與客戶的選擇能力，以及敢於放棄的韌性，將成為確保核保績效的差異化因素。這樣的市場正契合Hamilton審慎且自律的方法，以及其優先追求可持續獲利、策略性成長與審慎資本配置的企業文化。

With that, I'll turn the call over to Craig to walk through the financial results in more detail.

接下來我把電話交給Craig，請他更詳細說明財務結果。

Thank you, Pina, and hello, everyone. Hamilton is off to a strong start for 2026 with net income of $134 million or $1.31 per diluted share and an annualized return on average equity of 19% in the first quarter of 2026. We had operating income of $167 million, equal to $1.64 per diluted share, producing an annualized operating return on average equity of 24%.

謝謝你，Pina，各位大家好。Hamilton在2026年開局強勁，2026年第一季淨利為1.34億美元，或稀釋後每股盈餘1.31美元；平均股東權益年化報酬率為19%。我們的營業利益為1.67億美元，相當於稀釋後每股1.64美元，帶來平均股東權益年化營業報酬率24%。

As a reminder, our operating income excludes net realized and unrealized gains and losses on fixed maturity and short-term investments and foreign exchange gains and losses, but it does include the results of the Two Sigma Hamilton Fund.

提醒一下，我們的營業利益不包含固定到期與短期投資的已實現與未實現損益，以及外匯損益，但包含Two Sigma Hamilton Fund的投資結果。

These results compare favorably to the first quarter of 2025, where we reported net income of $81 million or $0.77 per diluted share, operating income of $49 million or $0.47 per diluted share and annualized returns on average equity of 14% for net income and 8% for operating income.

相較之下，2025年第一季我們報告的淨利為8,100萬美元，或稀釋後每股0.77美元；營業利益為4,900萬美元，或稀釋後每股0.47美元；平均股東權益年化報酬率方面，淨利為14%，營業利益為8%。

Moving on to our underwriting results, for the first quarter of 2026, gross premiums written increased to $940 million, compared to $843 million this time last year, an increase of 11%. Each of our platforms, Hamilton Global Specialty, Hamilton Select and Hamilton Re pursued thoughtful strategic growth in areas presenting strong returns while pulling back from lines with less attractive risk-adjusted returns to maintain discipline and enhance overall profitability.

接著看核保結果，2026年第一季簽單毛保費增至9.40億美元，較去年同期的8.43億美元增加11%。我們各平台——Hamilton Global Specialty、Hamilton Select與Hamilton Re——在具備強勁報酬的領域追求審慎的策略性成長，同時自較不具吸引力之風險調整後報酬的業務線收縮，以維持紀律並提升整體獲利能力。

Hamilton had underwriting income of $58 million for the first quarter compared to an underwriting loss of $58 million in the first quarter last year. The group combined ratio was 89.8% compared to 111.6% in the first quarter of 2025. In the first quarter, loss ratio improved to 56.9%, down 22.3 points from 79.2% in the prior period.

Hamilton第一季核保利益為5,800萬美元，去年同期則為核保虧損5,800萬美元。集團綜合率為89.8%，相較2025年第一季的111.6%。第一季損失率改善至56.9%，較前期的79.2%下降22.3個百分點。

The improvement was driven by no catastrophe losses in the quarter compared to about 30 points of catastrophe losses in the first quarter last year, primarily due to the California wildfires. This was partially offset by a higher attritional loss ratio of 54.5% compared to 51.9% in the prior period.

改善主因是本季沒有巨災損失，而去年第一季約有30個百分點的巨災損失，主要來自加州野火。此改善部分被較高的一般損失率所抵銷：本季為54.5%，前期為51.9%。

As a reminder, this increase in attritional loss was within expectations given our guidance of 55% expected for the full year of 2026 after making a change to our large loss threshold that we announced last quarter. We also had unfavorable prior year development of $14 million, driven by an increase in reserves for the Baltimore Bridge.

提醒一下，這項一般損失的上升符合預期，因為在我們上季宣布調整大額損失門檻後，我們對2026年全年的一般損失率指引為55%。我們也出現1,400萬美元的不利前期年度準備金發展，主因是巴爾的摩大橋案件準備金增加。

The expense ratio increased 0.5 points to 32.9% compared to 32.4% in the first quarter of last year. The increase was driven by higher acquisition costs, partially offset by a decrease in other underwriting expenses, which included benefits from the Bermuda substance-based tax credit and third-party performance fee income.

費用率較去年第一季的32.4%上升0.5個百分點至32.9%。上升主因為取得成本較高；部分被其他核保費用下降所抵銷，其中包含百慕達實質經營（substance-based）稅收抵免的效益，以及第三方績效費收入。

Next, I'll go through the first quarter results by segment. Let's start with the International segment, which includes our specialty insurance businesses, Hamilton Global Specialty and Hamilton Select. For the first quarter of 2026, International grew premium to $443 million, up from $370 million, an increase of 20%.

接下來我將按部門說明第一季結果。先從國際部門開始，該部門包含我們的專業保險業務Hamilton Global Specialty與Hamilton Select。2026年第一季，國際部門保費增至4.43億美元，較3.70億美元增加20%。

This was primarily driven by growth in our Specialty and Casualty insurance classes. International had underwriting income of $7 million and a combined ratio of 97.5% compared to underwriting income of $1 million and a combined ratio of 99.7% in the first quarter last year. The decrease in the combined ratio was primarily related to no catastrophe losses in the quarter, whereas the first quarter of 2025 had about 12 points driven by the California wildfires. This was partially offset by the current and prior year attritional loss ratios and the expense ratio.

這主要由我們的專業險與責任險類別成長所帶動。國際部門核保利益為700萬美元，綜合率為97.5%；去年第一季核保利益為100萬美元，綜合率為99.7%。綜合率下降主要與本季沒有巨災損失有關，而2025年第一季約有12個百分點的巨災損失，係由加州野火所致。此改善部分被本期與前期的一般損失率以及費用率所抵銷。

The current year attritional loss ratio was 54.9% or 2.8 points higher than the prior period. The increase was anticipated given our changing business mix and the large loss threshold change we announced last quarter. We still expect this ratio to be about 54.5% for the full year 2026.

本期一般損失率為54.9%，較前期高2.8個百分點。此上升在預期之內，反映我們業務組合的變化，以及我們上季宣布的大額損失門檻調整。我們仍預期2026年全年該比率約為54.5%。

The prior year attritional loss ratio was an unfavorable 1.4 points due to the increase in the Baltimore Bridge reserve estimate. The expense ratio increased 2.1 points to 41.2% compared to 39.1% in the first quarter last year. The increase was primarily driven by the acquisition cost ratio due to changing business mix.

前期年度一般損失率為不利的1.4個百分點，係因巴爾的摩大橋準備金估計上調。費用率較去年第一季的39.1%上升2.1個百分點至41.2%。上升主因為業務組合變化導致的取得成本率提高。

I will now turn to the Bermuda segment, which houses Hamilton Re and Hamilton Re US, the entities that predominantly write reinsurance business. For the first quarter of 2026, Bermuda grew premium to $497 million, up from $473 million, an increase of 5%.

我現在轉到百慕達分部，該分部包含 Hamilton Re 與 Hamilton Re US，這些實體主要承作再保險業務。2026 年第一季，百慕達分部保費增至 4.97 億美元，高於 4.73 億美元，增加 5%。

The increase was primarily driven by new and existing business and casualty reinsurance classes. Bermuda had underwriting income of $51 million and a combined ratio of 81.8% compared to an underwriting loss of $59 million and a combined ratio of 122.8% in the first quarter last year.

增長主要由新舊業務以及意外險再保險類別所帶動。百慕達分部承保利益為 5,100 萬美元，綜合比率為 81.8%；相較之下，去年第一季承保虧損 5,900 萬美元，綜合比率為 122.8%。

The decrease in combined ratio was primarily related to no catastrophe losses in the quarter, whereas the first quarter of 2025 had about 47 points of catastrophe losses related to the California wildfires. The Bermuda segment also saw a decrease in expense ratio, partially offset by an increase in the current and prior year attritional loss ratios.

綜合比率下降主要是因本季沒有巨災損失；而 2025 年第一季約有 47 個點的巨災損失與加州野火相關。百慕達分部的費用率亦下降，但部分被本期與前期的常態性損失率上升所抵銷。

The Bermuda current year attritional loss ratio increased 2.1 points to 53.9% in the first quarter compared to 51.8% in the first quarter last year. Similar to my comments in International, this increase was anticipated given our changing business mix and the large loss threshold change we announced last quarter.

百慕達本期常態性損失率在第一季上升 2.1 個點至 53.9%，去年第一季為 51.8%。如同我在國際分部的評論，鑑於我們業務組合的變化，以及我們在上季宣布的大額損失門檻調整，這項上升在預期之內。

We still expect the Bermuda current year attritional loss ratio to be about 56% for the full year 2026. The prior year attritional loss ratio was an unfavorable 3.6 points due to an increase in the Baltimore Bridge reserve estimate. The Bermuda expense ratio decreased by 1.9 points to 24.3% compared to 26.2% in the first quarter of 2025, driven by a decrease in the other underwriting expense ratio related to the Bermuda substance-based tax credit and increased third-party performance fee income.

我們仍預期 2026 全年百慕達本期常態性損失率約為 56%。前期常態性損失率不利 3.6 個點，原因是巴爾的摩大橋準備金估計增加。百慕達費用率下降 1.9 個點至 24.3%，去年 2025 年第一季為 26.2%；主要受其他承保費用率下降所帶動，該下降與百慕達實質活動（substance-based）稅額抵減及第三方績效費收入增加有關。

This was partially offset by the acquisition cost ratio due to a change in business mix. The Bermuda segment results also reflected our new casualty reinsurance sidecar, which Pina mentioned in her comments. This sidecar enhances our ability to support casualty reinsurance underwriting through scalable and efficient capital solutions, and it also provides Hamilton with an additional source of fee income.

但部分被因業務組合變化而上升的取得成本率所抵銷。百慕達分部的結果也反映了我們新的意外險再保險 sidecar（側車）安排，Pina 在她的評論中已提及。該 sidecar 透過可擴展且高效率的資本解決方案，提升我們支持意外險再保險承保的能力，同時也為 Hamilton 提供額外的費用收入來源。

Premium sessions to the sidecar began in the first quarter of 2026 and will continue over a multiyear period and are expected to total about $300 million. You may have noticed that Bermuda retained about 74% of its gross premium written in the first quarter of 2026 compared to 79% in the first quarter of 2025, reflecting the premium ceded to the sidecar.

向該 sidecar 分出保費自 2026 年第一季開始，並將在多年期間持續進行，預計合計約 3 億美元。您可能注意到，百慕達分部在 2026 年第一季保留約 74% 的簽單毛保費，而 2025 年第一季為 79%，反映了分出給 sidecar 的保費。

Now turning to investment income. Total net investment income for the first quarter was $94 million compared to investment income of $167 million in the first quarter of 2025. The fixed income portfolio, short-term investments and cash produced a gain of $1 million for the quarter compared to a gain of $64 million in the first quarter of 2025.

接著談投資收益。第一季淨投資收益總額為 9,400 萬美元，去年 2025 年第一季為 1.67 億美元。固定收益投資組合、短期投資與現金本季產生 100 萬美元收益，而 2025 年第一季為 6,400 萬美元收益。

As a reminder, this result includes the realized and unrealized gains and losses that Hamilton reports through net income as part of our trading investment portfolio. The new money yield was 4.3% on fixed income investments purchased this quarter and the duration of the portfolio is now 3.7 years. The average yield to maturity on this portfolio was 4.5% compared to 4.1% at year-end 2025. The Two Sigma Hamilton Fund produced a $93 million net return for the first quarter, equal to 4.3% compared to $104 million or 5.5% in the first quarter last year. The Two Sigma Hamilton Fund made up about 38% of our total investments, including cash investments at March 31, 2026.

提醒一下，該結果包含 Hamilton 作為交易型投資組合的一部分、並透過淨利認列的已實現與未實現損益。本季購入的固定收益投資新資金殖利率為 4.3%，投資組合存續期間目前為 3.7 年。該投資組合的平均到期殖利率為 4.5%，高於 2025 年底的 4.1%。Two Sigma Hamilton Fund 第一季淨報酬為 9,300 萬美元，相當於 4.3%；去年第一季為 1.04 億美元或 5.5%。截至 2026 年 3 月 31 日，Two Sigma Hamilton Fund 約占我們總投資（含現金投資）的 38%。

Now turning to Capital Management. As a reminder, we declared a $200 million special dividend in February, which was paid in March. We also repurchased $20 million of shares in the first quarter of 2026. We still have $159 million remaining under our share repurchase authorization.

接著談資本管理。提醒一下，我們在 2 月宣告 2 億美元特別股利，並於 3 月支付。我們也在 2026 年第一季回購 2,000 萬美元股份。在股份回購授權額度下，我們仍剩餘 1.59 億美元可用。

Both the special dividend and the share repurchases reflect our ongoing commitment to active and effective capital management. Next, I have some comments on our strong balance sheet. Total assets were $9.9 billion at March 31, 2026, up 3% from $9.6 billion at year-end 2025.

特別股利與股份回購皆反映我們對積極且有效資本管理的持續承諾。接下來，我對我們強健的資產負債表做一些評論。截至 2026 年 3 月 31 日，總資產為 99 億美元，較 2025 年底的 96 億美元增加 3%。

Total investments in cash were $5.9 billion at March 31. Shareholders' equity for the group was $2.7 billion at the end of the first quarter. Our book value per share was $27.42 at March 31, 2026, up 3% from year-end 2025 after adjusting for the impact of the $2 per share special dividend we paid in March.

截至 3 月 31 日，包含現金在內的總投資為 59 億美元。集團股東權益於第一季末為 27 億美元。截至 2026 年 3 月 31 日，每股帳面價值為 27.42 美元；在調整我們於 3 月支付的每股 2 美元特別股利影響後，較 2025 年底增加 3%。

In conclusion, we are very pleased with Hamilton's start to the year. Our balance sheet remains strong. Our attritional loss ratios are tracking where we expect them to, and we believe we are well positioned to continue delivering attractive returns even as market conditions evolve.

總結來說，我們對 Hamilton 年初的表現非常滿意。我們的資產負債表仍然強健。我們的常態性損失率走勢符合預期，我們相信即使市場環境演變，我們仍具備持續交付具吸引力報酬的良好定位。

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

謝謝。接下來我們開放提問。

(Operator Instructions)

（接線員指示）

Hristian Getsov, Wells Fargo.

Wells Fargo 的 Hristian Getsov。

My first question is on the PYD. Pina, you laid out the Iran conflict exposure, and it sounds like it's manageable. But did you guys see any development in the quarter itself or either through the cat line or PYD?

我的第一個問題是關於 PYD。Pina，你說明了伊朗衝突的曝險，聽起來是可控的。但你們在本季本身是否看到任何發展，不論是透過巨災線或 PYD？

Craig, why don't you talk about the PYD and then I can cover Iran or kick off on Iran.

Craig，你先談談 PYD，然後我可以補充伊朗的部分，或先從伊朗開始。

Sure. Let's start with the PYD. The PYD was one event, Hristian. It was the Baltimore Bridge. It was $14 million.

好的。我們先從 PYD 開始。Hristian，PYD 就是一個事件。就是巴爾的摩大橋。金額是 1,400 萬美元。

It was 2.4 points in total. So it was literally one event. But I will provide a little bit more color around the Baltimore Bridge loss, which happened in 2024.

總計是 2.4 個點。所以確實就只有一個事件。不過我會就 2024 年發生的巴爾的摩大橋損失提供更多背景說明。

The industry loss estimate at that point in time was $1 billion to $3 billion. We had initially posted a conservative reserve at the high end of that range. But after ongoing feedback and specific renewal information during 2025, that indicated an industry loss estimate of $1.5 billion. So we adjusted our reserve down to about a $2 billion industry loss estimate range. However, in light of the new recently announced settlement of that loss, we have taken our reserve back to our original ultimate loss estimate of $38 million, and that increased our prior period development this quarter by $14 million or 2.4 points in the first quarter.

當時的產業損失估計為 10 億至 30 億美元。我們最初在該區間的高端提列了較為保守的準備金。但在 2025 年期間，根據持續回饋與特定續保資訊，顯示產業損失估計為 15 億美元。因此我們將準備金下調至約 20 億美元的產業損失估計區間。然而，鑑於近期新公布的該損失和解，我們已將準備金調回原先的最終損失估計 3,800 萬美元，這使得本季前期發展增加 1,400 萬美元，或第一季 2.4 個點。

We did not take into account any potential subrogation on this loss. And as you know, we have a history of overall favorable prior year loss development each and every year since the inception of the company. There was no offset to this prior period development in Q1 since we did not complete any reserve studies in the quarter.

我們並未將此損失的任何潛在代位求償納入考量。而如各位所知，自公司成立以來，我們每一年在整體上都有有利的前期年度損失發展。由於本季未完成任何準備金研究，因此第一季並無任何前期期間發展的抵銷項。

You may recall that we do our reserve studies or they're completed in quarters two, three and four. Over to you, Pina, to talk about Iran.

各位或許記得，我們的準備金研究通常在第二、第三與第四季進行或完成。接下來交給你，Pina，談談伊朗。

Yes. So just briefly on Iran here. In Q1, the losses were driven by specialty insurance classes, which we write in our international segment out of Lloyd's, of course. Those are predominantly political violence and terror recovers and marine lines. We continue to provide some selective coverage in that region at appropriate rates.

是的。簡要說明一下伊朗的部分。第一季的損失主要由專業保險類別所驅動，這些業務當然是我們在勞合社（Lloyd's）承作的國際業務分部。主要是政治暴力與恐怖主義理賠，以及海運險種。我們仍會在該地區以適當費率提供部分選擇性的保障。

Because we offer our products on an international basis, but we're mindful of our total exposure. And in fact, we're very mindful of the fact that there are some areas in the world that are more prone to conflict than others. So we adjust our risk appetite accordingly and we carry appropriate outward protection. But in Q1, the losses came from specialty insurance. And Craig, over to you.

因為我們以國際化方式提供產品，但也會留意我們的總曝險。事實上，我們非常清楚世界上有些地區比其他地區更容易發生衝突。因此我們會相應調整風險偏好，並配置適當的對外再保保障。但第一季的損失來自專業保險。Craig，交給你。

Yes. Just on the Middle East conflict, our exposures in the first quarter did not meet or exceed our new large loss or catastrophe loss thresholds of $10 million. The exposure, as Pina said, was really related to insurance lines. And as this conflict continues, the loss exposures are expected to continue as well.

是的。就中東衝突而言，我們第一季的曝險並未達到或超過我們新的大型損失或巨災損失門檻（1,000萬美元）。如Pina所說，曝險主要與保險業務線相關。隨著衝突持續，預期損失曝險也將持續。

We would expect to include those losses in our catastrophe loss line going forward, consistent with the way we reported our loss estimates for Ukraine.

我們預期未來會將這些損失納入巨災損失項下，與我們先前對烏克蘭所報告的損失估計方式一致。

Got it. And then for my second question, could you maybe elaborate on your appetite for Florida renewals? It sounds like pricing is going to be down, mid-double digits kind of similar to 1/1, but that there has been a lot of like port reform, which is probably providing a benefit on loss trends. So how are you guys thinking about growth there, just given like the expected pricing dynamics currently?

了解。那我的第二個問題是，能否請你們進一步說明對佛羅里達續保的承保意願？聽起來定價可能會下滑，中雙位數，與1/1類似，但也有很多像是港口改革之類的措施，可能對損失趨勢帶來助益。因此在目前預期的定價動態下，你們如何看待那邊的成長？

Yes. I'll take that, Hristian. So the upcoming 6/1 renewals are largely Florida-driven and the 7/1 renewals are largely national accounts. Regarding the Florida-only market, this is not a big part of our portfolio, and I don't expect that to change at this coming 6/1. We do, however, use our Ada Re, our third-party capital arm to service Florida renewals, and that will be the vehicle that we use to address Florida this renewal as well predominantly.

是的。Hristian，我來回答。即將到來的6/1續保主要由佛羅里達業務驅動，而7/1續保主要是全國性帳戶。就僅佛州市場而言，這並非我們投資組合中的大宗，我不預期在這次6/1會有改變。不過，我們確實會透過Ada Re（我們的第三方資本平台）來服務佛州續保，而這也將是我們本次續保主要用來處理佛州業務的工具。

Our focus is on key clients at the 7/1 renewals, and these are clients with whom we enjoy broad trading relationships, so across classes. We expect pricing at midyear to be more of the same, but we also expect the terms, conditions and attachment points to largely hold. And just as a reminder here, the pricing, again, as I said earlier, comes off historic highs after the market reset that where pricing went up materially. So even with some pricing pressure at 7/1, we expect the rates on the accounts that we renew to be more than adequate.

我們的重點在7/1續保的核心客戶，這些客戶與我們有廣泛的交易關係，涵蓋多個險種。我們預期年中定價大致會延續目前趨勢，但也預期條款、條件與起賠點大致維持不變。也提醒一下，如我先前所說，定價是在市場重置、價格大幅上升後，從歷史高點回落。因此即便7/1有一些定價壓力，我們仍預期續保帳戶的費率會相當充足。

Daniel Cohen, BMO Capital Markets.

Daniel Cohen，BMO資本市場。

My first question is maybe just on an update on Hamilton Select, 17%, so a really strong result there. Just wondering, is it really the only weak spot you're seeing in your book is just professional lines? And then maybe also just checking in on if there's an update to the smaller to midsized E&S property rollout that you're all looking into?

我的第一個問題可能是關於Hamilton Select的最新進展，17%，結果非常強勁。想請教一下，你們在整體承保組合中看到的唯一弱點是否就是專業責任線？另外也想確認一下，你們正在研究的中小型E&S財產險推廣計畫是否有更新？

Sure. I'll take that. Yes, we're really, really pleased with the continued development of our Hamilton Select platform. As we said, our growth was predominantly in casualty lines, so excess casualty, the general casualty products and contractors, small business, there, we're seeing still very healthy terms, conditions and pricing. Where we wrote less business in Select were, again, as I said, medical and professional lines because we just didn't like the pricing that we were seeing.

當然。我來回答。是的，我們對Hamilton Select平台持續發展感到非常、非常滿意。如我們所說，成長主要來自責任險業務線，例如超額責任、一般責任產品，以及承包商、小型企業等；在這些領域，我們仍看到非常健康的條款、條件與定價。而在Select中我們承作較少的業務，正如我所說，是醫療與專業責任線，因為我們不喜歡當時看到的定價。

Our property launch just got started. So that's a Q2 update to give you. But I think what we can say in general about property in the E&S market is on the large accounts, the shared and layer business, we don't write that in Select, but we see that in the group on that business. And as I said in the call, we are seeing pricing pressure, and we've reduced our book as a result. If we just don't see it meet our threshold, we will not write it.

我們的財產險推出才剛開始。所以這是給你的第二季更新。但一般而言，就E&S市場的財產險來看，在大型帳戶、共保與分層（shared and layer）業務方面，我們不在Select承作，但在集團層面我們有看到這類業務。如我在電話會議中所說，我們看到定價壓力，因此相應縮減了該業務組合。如果我們看不到其達到我們的門檻，我們就不會承作。

On the smaller to midsized property business, which we also write in Hamilton Global Specialty and we'll focus on in Select, we're seeing there the rates are still holding up. So we'll have more to report on our Q2 property launch at Select in Q2.

至於中小型財產險業務，我們也在Hamilton Global Specialty承作，並會在Select中聚焦；在這部分我們看到費率仍能維持。因此，我們會在第二季就Select的第二季財產險推出提供更多資訊。

Okay. And then maybe just a follow-up on reserves. Is there anything with the review process that's changed there just given I know you've always had the property, casualty specialty by quarter. But last 1Q, there was some favorability and now it sounds like maybe nothing moved ex Baltimore. So has anything changed there?

好的。那再追問一個關於準備金的問題。在檢視流程上是否有任何改變？因為我知道你們一直以來都是按季度分財產、責任與專業線來做。但去年第一季有一些有利發展，而現在聽起來除了巴爾的摩之外似乎沒有變動。所以那邊有任何改變嗎？

Or am I just misinterpreting something?

還是我誤解了什麼？

No. Good question. Nothing has really changed. We still do our casualty reserve study or complete our casualty reserve studies in the second quarter, specialty in the third quarter and property in the fourth quarter. And we really don't expect to see much in the first quarter after going through the full study at year-end and going through and comparing with our outside actuarial views at year-end.

沒有。問得好。其實沒有什麼改變。我們仍是在第二季進行或完成責任險準備金研究、第三季做專業險、第四季做財產險。而在年末完成完整研究並與外部精算觀點比對之後，我們確實不預期第一季會看到太多變動。

So we really don't expect to see much in the first quarter. As I said, the only thing that we saw this first quarter was new information that we got about the settlement for the Baltimore Bridge, and that's the reason we took that prior period development.

所以我們確實不預期第一季會有太多變動。如我所說，我們第一季唯一看到的是關於巴爾的摩大橋和解的新資訊，因此我們才認列了那筆前期期間發展。

And then was there anything in the prior year quarter that was unusual, I guess, just when we look at the favorability last year? Or is that --

那麼，前一年同季是否有任何不尋常之處？我想是指當我們看去年那個有利發展時。或者那是--

Sorry, Daniel, the only thing I would say is we are quick to react to information, new information that we see. So if something happens within a quarter that's outside of our reserve studies, we would be quick to react to that. But that would have to be new and additional information to react.

抱歉，Daniel，我唯一想說的是，我們會迅速回應我們所看到的資訊、以及新的資訊。因此，如果在某一季內發生了超出我們準備金研究範圍的事情，我們會很快做出反應。但那必須是新的、額外的資訊，才會需要回應。

Okay. That makes sense. And then maybe just on the third-party fee income in Bermuda. Is there an update on what the quarterly run rate should be following the sidecar? Or is that still kind of the same expectation?

好的。這很合理。接著想問百慕達的第三方費用收入。在 sidecar 之後，季度的常態化水準（run rate）應該是多少？有更新嗎？還是大致維持原先的預期？

No. So I'll share with you, we have two components to that fee income. We still have performance fee income from [Atari] which is our ILS property cat platform. That favorable development from lower catastrophe losses last year still continues to come through this year. That is tracked as a contra expense in our other underwriting expenses.

沒有。我跟你分享一下，這部分費用收入有兩個組成。我們仍有來自 [Atari] 的績效費收入，它是我們的 ILS 財產巨災平台。去年因巨災損失較低所帶來的有利發展，今年仍持續反映出來。這在我們的其他承保費用中以沖減費用（contra expense）的方式列示。

And then you mentioned the new casualty sidecar. That fee income will come through as profit commissions and those profit commissions received will offset the acquisition cost ratio, and that's similar to the way that we treat other profit commissions today as well.

然後你提到新的傷害險 sidecar。那部分費用收入將以利潤分成佣金（profit commissions）的形式入帳，而收到的利潤分成佣金將抵銷取得成本率（acquisition cost ratio），這也與我們目前對其他利潤分成佣金的處理方式相同。

Patrick Marshall, Citi.

Patrick Marshall，花旗。

First question, how worried should we be about the knock-on effects of the accelerating property rate declines with regard to property premium re-estimates and midyear renewal pricing?

第一個問題，財產險費率下滑加速所帶來的連鎖效應，對於財產保費重新估計以及年中續保定價，我們需要擔心到什麼程度？

Yes. Thank you. I'll take that. It's a quick answer. We don't expect to see any material adjustments from that.It's still a very profitable line for us.

是的。謝謝。我來回答。簡短回答：我們預期不會因此出現任何重大的調整。這條線對我們而言仍然非常獲利。

Okay. And then are there any material MGA relationships that would potentially impact volume if rate trends persist?

好的。那麼，如果費率趨勢持續，是否有任何重大 MGA 合作關係可能會影響承保量？

I'll take that, too, Patrick. Thanks. Just by way of context, we do bind a percentage of our business, predominantly in Hamilton Global Specialty via what you'd call cover holders or MGAs, right? This is a common method of acquisition in the Lloyd's market.

我也來回答這題，Patrick。謝謝。先補充背景：我們確實會透過你所稱的 cover holders 或 MGAs 來承保我們一定比例的業務，主要是在 Hamilton Global Specialty。這是勞合社市場常見的取得業務方式。

The majority of our relationships are, however, long-standing ones where tried and tested relationships. None of our MGA relationships are of a size or have parameters that would expect us to expect any kind of outsized premium adjustments. And we have a pretty tight oversight and control and governance mechanism for these relationships. So I hope that answers your question.

不過，我們的大多數合作關係都是長期建立、經過驗證的合作。我們沒有任何一個 MGA 合作關係的規模或條件，會讓我們預期出現任何異常幅度的保費調整。而且我們對這些合作關係有相當嚴密的監督、控制與治理機制。希望這回答了你的問題。

One last one, if I could sneak it in. Would the rapid deterioration in fundamentals in certain markets potentially make inorganic growth more difficult to contemplate at this time?

最後一個，如果我可以再塞一題。某些市場基本面快速惡化，是否可能讓目前更難去考慮非有機成長？

At this stage in the market, as I said in the call, there is not it is a differentiated market. We are still seeing opportunity across a number of classes that we write. And we will continue to focus our efforts on those classes where risk-adjusted returns are still attractive and where returns do not meet our thresholds, then we will reduce our writings in those classes.

在目前這個市場階段，正如我在電話會議中所說，這不是一個單一同質的市場，而是分化的市場。我們仍在多個我們承作的險種中看到機會。我們會持續把重點放在那些風險調整後報酬仍具吸引力的險種；若某些險種的報酬未達我們的門檻，我們就會降低在那些險種的承保量。

So it's really not a one-size-fits-all market. It's differentiated, and I think that's where our underwriters shine with risk selection, with appropriate capital deployment. So we feel comfortable in this market and navigating this market now.

所以這真的不是一體適用（one-size-fits-all）的市場。它是分化的，而我認為這正是我們承保團隊在風險選擇與適當資本配置上發揮所長之處。因此，我們對於在當前市場中航行、並駕馭這個市場感到有信心。

Yes. My question was more oriented towards sorry, maybe I didn't say clearly, inorganic growth.

是的。我的問題其實更偏向——抱歉，也許我沒有說清楚——非有機成長。

Inorganic growth, sorry. Yes. So again, I think while we are still are you asking about our inorganic growth ambitions or others? Just to clarify.

非有機成長，抱歉。是的。所以再確認一下，你是在問我們的非有機成長企圖，還是其他公司的？我想先釐清。

I'd say yours, but I'd be interested if you had a broader thought on broader industry or inorganic growth, I'd welcome that as well.

我會說是你們的，但如果你對整體產業或更廣泛的非有機成長也有看法，我也很歡迎。

Fair enough. So you mean, broader inorganic growth, you have seen that already during the course of 2025. I think markets that are struggling to find growth in the portfolio may continue to look for inorganic growth opportunities during the course of 2026. That would not be unheard of. And as for us, we did do one acquisition, at least in my tenure at Hamilton, and that was a game changer for us.

了解。所以你指的是更廣泛的非有機成長；你在 2025 年期間其實已經看到一些了。我認為，那些在投資組合中難以找到成長的市場參與者，可能在 2026 年期間會持續尋找非有機成長機會。這並不罕見。至於我們，我在 Hamilton 任內至少做過一次收購，而那次對我們而言是改變遊戲規則的。

Our bar for inorganic is incredibly high, and it will continue to stay high. We still feel very comfortable about our organic opportunities.

我們對非有機成長的門檻非常高，而且會持續維持高標準。我們仍然對自身的有機成長機會感到非常有信心。

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

The increased mix of the casualty business has driven the acquisition cost ratio higher on a year-over-year basis. Is the level that we're at in the first quarter a good run rate to use going forward? Or could there be a further uptick in that acquisition cost ratio to the extent that casualty continues to grow faster than property?

傷害險業務占比提高，使得取得成本率在年對年基礎上上升。第一季目前的水準，是否可以作為未來的常態化水準（run rate）？或者，如果傷害險持續比財產險成長更快，取得成本率是否還可能進一步上升？

Tommy, this is Craig. I appreciate the question. I would say the majority of this is change in business mix, okay? So let's go through the two segments. If you look at Bermuda, Bermuda writes about one third of its book in the first quarter.

Tommy，我是 Craig。謝謝你的問題。我會說其中大部分是業務組合變化，好嗎？我們來看兩個分部。如果你看百慕達，百慕達大約有三分之一的承保簿在第一季承作。

We wrote more Specialty and Casualty business and less property, for example. Although if you look although it appears as if the acquisition expense ratio is higher year-over-year, first quarter to first quarter, if you look at where it was at the fourth quarter of 2025, it's right in line with where we would expect for this business mix, and we really don't expect the business mix to change very much from here on the Bermuda side.

我們承作了更多專業險與傷害險業務、例如較少財產險。雖然如果你看——雖然看起來取得費用率在年對年（第一季對第一季）較高，但如果你看 2025 年第四季的水準，其實與我們對這種業務組合的預期一致；而且我們確實不預期百慕達端的業務組合從現在起會有太大變化。

On international, we wrote more specialty business this period compared to the period last year. For example, as Pina said, we wrote more accident and health business, almost double what we did a year ago. And that carries a higher acquisition expense ratio or commission ratio. Similarly, we wrote less property, which again would have a lower cost ratio. So again, it's based on business mix.

在國際業務方面，本期我們承作了更多專業險業務，相較於去年同期。例如，如 Pina 所說，我們承作的意外與健康險業務幾乎是去年的兩倍。而那類業務的取得費用率或佣金率較高。同樣地，我們承作較少財產險，而財產險的成本率通常較低。所以同樣地，這是由業務組合所致。

That's what's really driving the acquisition expense ratio, similar to the loss ratios that we said before.

這才是真正推動取得費用率變動的因素，與我們先前提到的損失率情況類似。

Each line has its own loss ratio. We have a separate loss pick for that line. Acquisition expenses are the same way. The metrics where we see where we can potentially benefit would be an improvement in our other underwriting expense ratio, something that we've been able to do every year since 2019.

每一條業務線都有其自身的損失率。我們也為每條線分別設定損失率假設（loss pick）。取得費用也是同樣的道理。我們認為可能帶來效益的指標，是其他承保費用率的改善——自 2019 年以來，我們每年都能做到這點。

Okay. And then thinking about property reinsurance ratings in the second and the third quarter, can you talk a little bit about the account mix in terms of whether a lot of the counterparties you're negotiating with were loss-affected accounts last year or non-loss affected the business that you're writing how typically high up in the tower? Or is it lower layer? Maybe just give us some metrics around that, that can help us think about the ability to write and grow property reinsurance in the upcoming renewals.

好的。接著談到第二季與第三季的財產再保費率，您能否稍微談談帳戶組合？也就是說，您正在洽談的許多交易對手，去年是受損失影響的帳戶，還是未受損失影響的帳戶？以及您承作的業務通常是在再保塔的較高層級？還是較低層？也請提供一些相關指標，幫助我們思考在接下來的續保中，財產再保的承作與成長能力。

Again, the upcoming renewals are the 6/1 and 7/1s. Again, on the 6/1s, which is largely Florida, there, I do not see us changing our appetite on Florida domestic covers. That is more the realm of our Ada Re, so our sidecar, which would participate in those classes.

再次說明，接下來的續保是 6/1 與 7/1。同樣地，就 6/1 而言，主要是佛羅里達，我不認為我們會改變對佛州本土承保的偏好。那更多是我們 Ada Re（也就是我們的 sidecar）所涉獵的範疇，會參與那些類別。

In terms of the 7/1s, which are the national account business, there, it's across the board, we will look very we will look across layers and support our clients where makes sense for us where we're seeing appropriate risk-adjusted returns and also in the context of the broad trading relationship that we have.

至於 7/1，也就是全國性帳戶業務，我們會全面檢視；我們會跨各層級評估，並在對我們有意義的地方支持客戶——也就是在我們看到適當的風險調整後報酬時，同時也會放在我們既有的整體交易關係脈絡下來考量。

We're not chasing lower layers. We're not chasing aggregate covers. So we're trying to keep true to our underwriting, which is broad-based across key clients in layers that we where we enjoy the pricing that is still more than risk adequate.

我們不會追逐較低層。我們也不會追逐總額型保障（aggregate covers）。因此我們會努力維持承保紀律，針對關鍵客戶在各層級做廣泛布局，並聚焦在我們認為定價仍然足以覆蓋風險、甚至高於風險所需的層級。

(Operator Instructions)

（接線員指示）

Matt Carletti, Citizens.

Matt Carletti，Citizens。

Most of my questions have been asked and answered. I just have a numbers follow-up. Pina, I think you said in Bermuda, property growth would have basically been flat ex reinstatement. So I just want to make sure I'm kind of lining it up right in the supplement.

我大部分的問題都已經問過也得到回答了。我只有一個數字上的追問。Pina，我想你提到在百慕達，若排除復效保費（reinstatement），財產業務成長基本上會是持平。所以我只是想確認，我在補充資料裡的對照是否正確。

Is that about $30 million is what we're talking about in terms of what the reinstatements were in the year ago period?

就去年同期的復效保費而言，我們談的大約是 3,000 萬美元左右嗎？

Craig, do you want to take property Re was flat this quarter. Craig, do you want to.

Craig，你要不要來回答？本季財產再保是持平。Craig，你要不要。

I can give you those numbers, Matt. The reinstatement premium for Bermuda, and it's essentially property anyway was $26 million. So the growth in Bermuda ex reinstatement premiums would have been 11% instead of 5%, but property growth ex reinstatement premiums would have been minus 2%.

Matt，我可以提供那些數字。百慕達的復效保費——基本上也幾乎都是財產——是 2,600 萬美元。因此，百慕達若排除復效保費，成長會是 11% 而不是 5%；但財產業務若排除復效保費，成長會是負 2%。

Hristian Getsov, Wells Fargo.

Hristian Getsov，Wells Fargo。

I just had a Two Sigma question. Can you just remind us the reporting cadence of that? Is it live? Is it like whatever the Q2 results are is what the return is? I'm just thinking about the equity drawdown in the Q1, if there's ramifications for the - Two Sigma returns in the second half or in the Q2.

我有一個關於 Two Sigma 的問題。能否提醒我們它的回報揭露頻率？是即時的嗎？還是說第二季的結果是多少，回報就是多少？我在想第一季股市回撤（drawdown），是否會對下半年或第二季的 Two Sigma 回報造成影響。

So Hristian, as you know, we announced the Two Sigma results on a quarterly basis with no lag, just like the rest of our portfolio. And so our monthly results even that we received, we don't have the monthly results for April at this point in time.

Hristian，如你所知，我們按季公布 Two Sigma 的結果，沒有延遲，和我們投資組合的其他部分一樣。至於我們收到的月度結果，目前這個時間點我們還沒有拿到 4 月的月度結果。

As you know, Two Sigma has historically outperformed in a volatile market. You saw that already in the first quarter. I know that's history, but with a 13% annualized net return since the inception of the fund in 2014, we feel like we still have a very good relationship with our Two Sigma partnership.

如你所知，Two Sigma 在波動市場中歷來表現優於大盤。你在第一季已經看到這點。我知道那是過去的表現，但自 2014 年基金成立以來，年化淨報酬為 13%，我們認為與 Two Sigma 的合作關係仍然非常良好。

And then just one more. I guess on the so it sounds like property cat, like there's going to be maybe lower growth opportunity just given the pricing dynamics. So how should we kind of think about buybacks as we kind of get to the second half? Is your shares continue to trade at attractive valuations? Could we see a more elevated level?

再問一個。聽起來財產巨災（property cat）可能因為定價動態，成長機會會比較低。那我們在進入下半年時，應該如何看待庫藏股回購？如果你們的股價仍以具吸引力的估值交易，我們是否可能看到更高的回購水準？

Or how should we think about maybe even the use of another special dividend later on in the year?

或者我們應該如何看待今年稍晚再次發放特別股利的可能用途？

Look, Hristian, I'm sorry. Thank you for the question. First of all, the special dividend was really an active and effective way for us to return capital quickly to our shareholders. And as you know, we bought back $20 million of shares in the first quarter.

Hristian，抱歉。謝謝你的問題。首先，特別股利對我們而言是一種主動且有效的方式，能快速把資本回饋給股東。而且如你所知，我們在第一季回購了 2,000 萬美元的股票。

We have the flexibility and the ability to do both of those, meaning both dividends and buybacks. We have a track record of being good stewards of capital. And quite frankly, if we see strong business opportunities, we're going to deploy our capital there.

我們有彈性也有能力同時進行兩者，也就是股利與回購。我們在資本管理上有良好的紀錄。坦白說，如果我們看到強勁的業務機會，我們會把資本投入到那裡。

For example, we've been able to grow our premium each and every year at double-digit levels each and every year since 2017. Otherwise, what we'll do is we'll continue to return some of that excess capital to shareholders, and that could be through a special dividend or buybacks throughout the rest of the year. We have $159 million remaining on our share repurchase authorization, and we plan to use that to buy back shares as we see that being still accretive.

例如，自 2017 年以來，我們每一年都能以雙位數的幅度成長保費。否則，我們會持續把部分超額資本回饋給股東，方式可能是特別股利或在今年剩餘時間進行回購。我們的股票回購授權尚餘 1.59 億美元，我們計畫在我們認為回購仍具增益（accretive）時，用於回購股票。

There are no further questions, and we have reached the end of the Q&A session. I will now turn the call back to Pina Albo for closing remarks.

目前沒有進一步的問題，我們已到達問答環節的結尾。我現在把電話會議交回給 Pina Albo 作結語。

So maybe just to wrap up here, we are very pleased with our performance this quarter and remain confident in our strategy, and the talent we have in our positioning going forward. We want to thank you all for your continued interest and support of the company and look forward to speaking to you again soon.

最後做個總結，我們對本季的表現非常滿意，並對我們的策略以及未來的布局與人才充滿信心。感謝各位持續關注並支持本公司，也期待不久後再次與各位交流。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。