Hamilton Insurance Group, Ltd. (HG) 2026 Q2 法說會逐字稿

Hello and welcome to the Hamilton Insurance Group Earnings Conference Call. As a reminder, this call is being webcast and will also be available for replay with links on the Hamilton Investor Relations website. I would now like to turn the call over to Darian Nifratos, Head of Investor Relations. Please go ahead.

各位好，歡迎參加 Hamilton Insurance Group 盈利電話會議。提醒各位，本次電話會議將以網路直播方式進行，並可於 Hamilton 投資人關係網站透過連結回放收聽。現在我想把電話交給投資人關係主管 Darian Nifratos。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 1,995. 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.

謝謝，接線員。各位好，感謝大家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，屬於《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受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與向 SEC 提交的文件中。

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. Now I will 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 will hand it over to Pina.

我們也會提及若干非 GAAP 財務衡量指標，並在我們的財報新聞稿與財務補充資料中，與最直接可比的 GAAP 指標進行調節；相關資料可於我們網站 investors.hamiltongroup.com 取得。現在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 與集團財務長 Craig Howie。我們也有 Hamilton 管理團隊的其他成員一同參與。接下來我把時間交給 Pina。

Thank you, Darian, and hello, everyone. Let me start by welcoming you to Hamilton's second quarter 2026 earnings conference call. I am pleased to report another strong quarter for Hamilton achieved against a backdrop of ongoing geopolitical tensions, social and economic inflation, and an insurance and reinsurance market that remains competitive.

謝謝你，Darian，各位好。首先，歡迎各位參加 Hamilton 2026 年第二季財報電話會議。我很高興在地緣政治緊張局勢持續、社會與經濟通膨，以及保險與再保險市場仍具競爭性的背景下，Hamilton 仍繳出另一個強勁季度的成績。

Hamilton delivered very solid results in the second quarter with net income of $144 million, equal to an annualized return on average equity of 21%. This result was underpinned by a combined ratio of 95%, which includes about $50 million of catastrophe losses, primarily stemming from the Middle East conflict.

Hamilton 在第二季交出非常穩健的成果，淨利為 1.44 億美元，相當於平均股東權益年化報酬率 21%。此結果主要受惠於 95% 的綜合比率，其中包含約 5,000 萬美元的巨災損失，主要源自中東衝突。

Strong investment income of $141 million, and thoughtful growth in select classes with gross premiums written increasing by 17% for the quarter. The results this quarter, and indeed over past quarters, underscore the strength of Hamilton's strategy, its diversified portfolio, and our team's ability to execute and adapt to all market conditions.

強勁的投資收益達 1.41 億美元，並在特定險種上審慎成長，使本季簽單毛保費成長 17%。本季以及過去幾季的表現，凸顯 Hamilton 策略的強度、投資組合的多元化，以及我們團隊在各種市場環境下執行與調整的能力。

Switching gears now to the mid-year renewals, I will not speak too long about this. As you likely already heard from my peers over the past few days, the market is in transition. The clearest area of pressure continues to be property business where competition remains principally focused on price, while casualty remains more stable with rate increase still being achieved in many lines.

接著談到年中續保，我不會在這部分講太久。如同各位過去幾天可能已從同業聽到的，市場正處於轉換期。壓力最明顯的領域仍是財產險業務，競爭仍主要集中在價格；而責任險相對穩定，許多線別仍可取得費率上調。

Specialty business was also competitive in many areas at mid-year. That said, given the recent loss activity in the Middle East, we are now seeing opportunities in select insurance classes like marine, hull, and cargo where rates are increasing. We will consider such opportunities thoughtfully and with the benefit of our strong underwriting expertise in specialty classes.

年中時點，專業險在許多領域也呈現競爭態勢。不過，鑑於近期中東的損失活動，我們在部分保險險種看到機會，例如海事、船體與貨物，費率正在上升。我們將審慎評估這些機會，並運用我們在專業險種方面深厚的核保專長。

For Hamilton, the key takeaways from the mid-year renewals are that while competition is robust, pricing still remains attractive across many lines.

對 Hamilton 而言，年中續保的關鍵結論是：雖然競爭激烈，但多數線別的定價仍具吸引力。

Contractual improvements in the property CAT area introduced in the 2023 market reset remain largely intact and our key client strategy and strong broker relations continue to result in achieving desired signings and access to business we want to see. In this environment, we are focused on preserving margin quality, astute risk selection. And supporting clients where we have strong underwriting conviction and broad trading relationships. We are also making strategic use of outwards protection across our portfolio, including the use of our recently launched casualty sidecar.

2023 年市場重置後在財產巨災（CAT）領域導入的合約條款改善大多仍維持不變；而我們的關鍵客戶策略與強健的經紀人關係，持續讓我們能達成期望的簽單並取得我們希望承作的業務。在此環境下，我們專注於維持利潤率品質、精準的風險篩選，並在我們具有強烈核保信念且擁有廣泛交易關係的領域支持客戶。我們也在整體投資組合中策略性運用對外再保護（outwards protection），包括使用我們近期推出的責任險 sidecar。

Against this backdrop, the good news is that our team has experienced trading in this type of market environment, knows how to exercise discipline, while at the same time look for opportunities. Also, having the benefit of both an insurance and a reinsurance business and diversification across a broad array of products allows us to be nimble and focus on classes where we continue to get the best risk-adjusted returns.

在這樣的背景下，好消息是我們的團隊曾在此類市場環境中交易，知道如何保持紀律，同時尋找機會。此外，同時擁有保險與再保險業務，並在廣泛產品上多元分散，使我們能更靈活，聚焦於持續提供最佳風險調整後報酬的險種。

We believe that the benefits of our platform, together with our discerning underwriting approach, will be the key to our continued profitability. Before moving on to our segment review for the quarter, I want to take a moment to discuss the recent developments in Hamilton Select. Before I do that, I want to make sure you understand how Select fits into the Hamilton strategy.

我們相信，我們平台的優勢，加上審慎的核保方法，將是我們持續獲利的關鍵。在進入本季各事業分部回顧之前，我想花點時間談談 Hamilton Select 的近期進展。在此之前，我想先確保各位了解 Select 在 Hamilton 策略中的定位。

We have two reporting segments, International and Bermuda, and three underwriting platforms. The International segment houses our Hamilton Global Specialty and Hamilton Select underwriting platforms, which are predominantly specialty insurance, while Hamilton Re sits under our Bermuda segment, which is predominantly reinsurance.

我們有兩個報導分部：國際（International）與百慕達（Bermuda），以及三個核保平台。國際分部涵蓋 Hamilton Global Specialty 與 Hamilton Select 核保平台，主要為專業保險；而 Hamilton Re 隸屬於百慕達分部，主要為再保險。

Hamilton Global Specialty and Hamilton Re each wrote about $1.4 billion in premium in 2025. Our long-term ambition is for Hamilton Select to become the third leg of our stool, so to speak, alongside our other two established underwriting platforms. In May, AM Best upgraded Hamilton Select to A from A-. This rating supports this vision and the continued development of our E&S platform. It also aligns with Hamilton's strategy of building a diversified global specialty insurance and reinsurance company. We believe that the rating upgrade puts us in an even better position vis-a-vis our broker partners and will therefore result in our seeing additional opportunities in the U.S. specialty insurance market.

Hamilton Global Specialty 與 Hamilton Re 在 2025 年各自承作約 14 億美元的保費。我們的長期目標是讓 Hamilton Select 成為我們的「第三支腳」，與另外兩個既有核保平台並列。5 月，AM Best 將 Hamilton Select 的評等由 A- 上調至 A。此評等支持這一願景以及我們 E&S 平台的持續發展。同時也符合 Hamilton 打造多元化全球專業保險與再保險公司的策略。我們相信，評等上調使我們相較於經紀合作夥伴處於更有利的位置，因此將帶來更多美國專業保險市場的機會。

Now this takes me to something I specifically want to discuss. When we launched Hamilton Select, the company was focused on hard-to-place accounts in the US E&S market, a strategy that leveraged the strengths of our team and their strong wholesale distribution relationships.

接下來談一件我特別想討論的事情。當我們推出 Hamilton Select 時，公司聚焦於美國 E&S 市場中難以承保的案件（hard-to-place accounts），此策略運用了我們團隊的優勢以及其強大的批發通路關係。

We are now flexing these strengths, as well as our proprietary technology, to expand our appetite beyond distressed or pure hard-to-place risks. The expanded appetite includes new and additional classes of business, which we will continue to add to over time, as well as risks in the lower middle market segment of the US E&S market.

我們現在正運用這些優勢，以及我們的專有技術，將承保偏好擴展至不僅限於困境或純粹難以承保的風險。擴大的承保偏好包含新的與額外的業務類別，我們也將隨時間持續增加；同時也涵蓋美國 E&S 市場中較低中型市場（lower middle market）區隔的風險。

We already received submissions that fit this expanded risk profile, so this is a natural evolution of our strategy that will provide our wholesale distribution partners with additional support for their clients. As you can imagine, we are very excited about this development. Moving now onto the segments, let us look at top-line growth this quarter for international and Bermuda, starting with the international segment.

我們已收到符合此擴大風險輪廓的投保申請，因此這是我們策略的自然演進，將為我們的批發通路合作夥伴提供更多資源以支持其客戶。如各位所能想像，我們對此發展感到非常振奮。接著進入各分部表現，先從國際分部開始，看看本季國際與百慕達的營收端成長。

International gross premiums written grew to $420 million or 22% over the prior period. By platform, Hamilton Global specialty gross premiums written were up 22%, driven by specialty and casualty classes, specifically in core classes such as accident and health, which benefited from some seasonality.

國際分部簽單毛保費成長至 4.20 億美元，較前期成長 22%。以平台來看，Hamilton Global Specialty 的簽單毛保費成長 22%，主要由專業險與責任險帶動，尤其是意外與健康等核心險種，受惠於一定的季節性因素。

At the same time, and similar to my comments last quarter, we pulled back in our larger commercial G&F property insurance offering, where we increasingly declined business which did not meet our return thresholds. Overall, our pricing assessment and underwriting framework continue to ensure attractive margins on the business we are writing, even as our teams become more selective across many lines.

同時，且與我上季的評論相似，我們在較大型的商業 G&F 財產保險產品上有所收縮，對於未達我們報酬門檻的業務，我們愈來愈多選擇拒保。整體而言，我們的定價評估與核保框架持續確保我們所承作業務具備具吸引力的利潤率，即使我們的團隊在許多線別上變得更為挑選。

Moving on to Hamilton Select, that platform grew 18% this quarter, driven by excess casualty, excess property, one of the classes of our expansion strategy, and products and contractors where we still see attractive pricing terms and conditions. However, we were more selective on medical and professional lines given the competitive pricing environment.

接著談 Hamilton Select，該平台本季成長 18%，主要由超額責任險、超額財產險（為我們擴張策略的其中一個險種），以及產品與承包商等業務帶動；在這些領域我們仍看到具吸引力的定價條款與條件。然而，鑑於競爭性的定價環境，我們在醫療與專業責任等線別上更為挑選。

Lastly, in Bermuda, we grew to $411 million or 12% over the prior period. Similar to last quarter, our most significant driver of growth came from casualty reinsurance. A meaningful proportion of this is attributable to business bound in prior quarters, with much of the remainder coming from increases in our relatively modest shares on select accounts with key trading partners.

最後，在百慕達分部，我們成長至 4.11 億美元，較前期成長 12%。與上季相同，我們最主要的成長動能來自責任險再保險。其中相當一部分可歸因於前幾季已承保（bound）的業務，其餘多數則來自於我們在與關鍵交易夥伴合作的特定帳戶上，將原本相對不高的份額提高。

Moving on to property reinsurance in Bermuda, premiums fell compared to the same period last year, primarily due to decreased rates. This was partially offset by better signings on deals with select key clients.

接著談百慕達的財產再保險，相較去年同期，保費下滑，主要因費率下降所致。但部分被與特定關鍵客戶之交易取得較佳承保（簽單）所抵銷。

Florida-only business is the primary focus of the 6/1 renewal season, and as a reminder, this business represents only a modest portion of the Hamilton Re portfolio. We do, however, write the Florida market on our third-party capital platform, Ada Re. For the 7/1 business, which is more national accounts and within our wheelhouse. While pricing was competitive, it still provided attractive margins and, as mentioned, the improved attachment points and terms and conditions from the 2023 market reset remained strong. Our specialty reinsurance line grew primarily due to some business wins in the aviation class where pricing and conditions were attractive.

僅限佛羅里達州的業務是 6/1 續保季的主要焦點；提醒一下，該業務僅占 Hamilton Re 投資組合的一小部分。不過，我們確實透過第三方資本平台 Ada Re 承作佛州市場。至於 7/1 的業務，則較偏全國性帳戶，且更符合我們的核心能力範圍。雖然定價具競爭性，但仍提供具吸引力的利潤率；且如前所述，2023 年市場重置後改善的起賠點以及條款與條件仍維持強勁。我們的專業再保險線主要因在航空類別取得部分業務勝出而成長，該類別的定價與條件具吸引力。

On the insurance side of our Bermuda business, similar to what we did in Hamilton Global Specialty, we also reduced writings in our large account property D&F book since pricing in this area continues to come under pressure and the metrics did not meet our return thresholds. In closing, we continue to focus on the bottom line and deliver strong results.

在百慕達業務的保險端，類似我們在 Hamilton Global Specialty 的作法，我們也降低了大型帳戶財產 D&F 組合的承保量，因為該領域定價持續承壓，且相關指標未達我們的報酬門檻。最後，我們將持續聚焦於獲利底線並交出強勁成果。

Grow selectively in lines where margins are attractive, invest strategically in platforms like Hamilton Select and enabling technology, add strong talent to our team, and respond thoughtfully to this complex market environment. Again, as we saw through the mid-year renewals and across both international and Bermuda. This is not a market where every opportunity should be written, rather one where a focus on underwriting margin, risk selection, and strong client and broker relationships will support continued success. With that in mind, we believe our portfolio remains well-positioned to continue to produce solid results.

在利潤率具吸引力的險種選擇性成長，策略性投資於 Hamilton Select 等平台與賦能科技，為團隊延攬優秀人才，並以審慎方式回應這個複雜的市場環境。再次強調，正如我們在年中續保以及國際與百慕達兩地所見。這不是每個機會都應承作的市場；相反地，聚焦於承保利潤率、風險篩選，以及穩固的客戶與經紀人關係，將支持我們持續成功。基於此，我們相信我們的投資組合仍處於良好位置，可持續產出穩健成果。

Our teams are exercising the requisite discipline and allocating capital to risks and clients where we have the greatest underwriting conviction. With that broader context in mind, I will turn the call over to Craig to walk through the financial results in more detail.

我們的團隊正展現必要的紀律，將資本配置於我們最具承保信心的風險與客戶。在上述更廣泛的背景下，我將把電話會議交給 Craig，請他更詳細說明財務結果。

Thank you, Pina, and hello, everyone. Hamilton had another great quarter of financial results with net income of $144 million or $1.42 per diluted share and an annualized return on average equity of 21% in the second quarter of 2026. We had operating income of $158 million equal to $1.56 per diluted share, producing an annualized operating return on average equity of 23%.

謝謝你，Pina，各位好。Hamilton 本季再度繳出亮眼的財務表現，2026 年第二季淨利為 1.44 億美元，或稀釋後每股盈餘 1.42 美元；平均股東權益年化報酬率為 21%。營業利益為 1.58 億美元，相當於稀釋後每股 1.56 美元，平均股東權益年化營業報酬率為 23%。

These figures compared a net income of $187 million or $1.79 per diluted share, an annualized return on average equity of 30%, operating income of $162 million or $1.55 per diluted share and an annualized operating return on average equity of 26% in the second quarter of 2025. Moving on to our underwriting results.

相較之下，2025 年第二季淨利為 1.87 億美元，或稀釋後每股盈餘 1.79 美元，平均股東權益年化報酬率為 30%；營業利益為 1.62 億美元，或稀釋後每股 1.55 美元，平均股東權益年化營業報酬率為 26%。接著談我們的承保結果。

Each of our platforms pursued thoughtful strategic growth in areas presenting the strongest risk-adjusted returns while pulling back from lines where margins were not attractive. Our growth remained selective, disciplined and in line with our expectations of more measured growth, meaning an expectation of low double-digit growth for the full year of 2026. Through the first half of 2026. The group grew top-line premium by 14% to $1.8 billion, up from $1.6 billion in the first half last year. Hamilton had an underwriting income of $29 million for the second quarter compared to underwriting income of $67 million in the second quarter last year. The group combined ratio was 95.0% compared to 86.8% in the second quarter of 2025.

我們各平台在風險調整後報酬最強的領域，採取審慎的策略性成長，同時自利潤率不具吸引力的險種縮減。我們的成長仍維持選擇性、具紀律，並符合我們對較為溫和成長的預期，也就是 2026 全年預期為低雙位數成長。截至 2026 年上半年。本集團保費收入（top-line premium）成長 14% 至 18 億美元，高於去年上半年的 16 億美元。Hamilton 第二季承保利益為 2,900 萬美元，去年同期承保利益為 6,700 萬美元。本集團綜合比率為 95.0%，去年 2025 年第二季為 86.8%。

In the second quarter, our loss ratio increased to 61.7%, up 8.9 points from 52.8% in the prior period. The increase was primarily driven by $50 million or 8.5 points of catastrophe losses compared to $2 million or 0.3 points of catastrophe losses last year.

第二季，我們的損失率上升至 61.7%，較前期的 52.8% 增加 8.9 個百分點。上升主要由 5,000 萬美元（或 8.5 個百分點）的巨災損失所驅動；相較之下，去年巨災損失為 200 萬美元（或 0.3 個百分點）。

The majority of the 2026 catastrophe losses came from the Middle East conflict in the amount of $46 million or 7.8 points. We had favorable prior year attritional development of $1 million or 0.1 points in the quarter, driven by specialty and property classes offset by certain casualty classes, which I will discuss when I cover the segments.

2026 年巨災損失的大部分來自中東衝突，金額為 4,600 萬美元（或 7.8 個百分點）。本季前年度常態損失（attritional）發展為有利 100 萬美元（或 0.1 個百分點），主要由專業與財產類別帶動，但被部分意外險類別所抵銷；我在說明各分部時會再討論。

This compares to $3 million or 0.5 points of favorable development in the second quarter last year. The expense ratio decreased 0.7 points to 33.3% compared to 34.0% in the second quarter last year. The decrease was driven by lower other underwriting expenses, which included benefits from the Bermuda Substance Based Tax Credit and third-party performance fee income. Partially offset by acquisition costs. Now I will go through the second quarter results and some year-to-date results by segment. Let us start with the international segment, which includes our specialty insurance businesses, Hamilton Global Specialty and Hamilton Select. For the first half of 2026, international grew top-line premium to $863 million, up from $715 million.

相較之下，去年第二季有利發展為 300 萬美元（或 0.5 個百分點）。費用率下降 0.7 個百分點至 33.3%，去年第二季為 34.0%。下降主要由其他承保費用降低所致，其中包含百慕達實質活動稅額抵免（Bermuda Substance Based Tax Credit）及第三方績效費收入的挹注。但部分被取得成本所抵銷。接下來我將按分部說明第二季結果及部分年初至今的結果。先從國際分部開始，該分部包含我們的專業保險業務 Hamilton Global Specialty 與 Hamilton Select。2026 年上半年，國際分部保費收入成長至 8.63 億美元，高於 7.15 億美元。

An increase of 21%. As Pina mentioned, this was primarily driven by growth in our casualty and specialty classes. In the second quarter, international had underwriting income of $9 million and a combined ratio of 97.0%, compared to underwriting income of $27 million and a combined ratio of 89.3% in the second quarter last year.

增幅為 21%。如 Pina 所提，主要由我們的意外險與專業類別成長所帶動。第二季，國際分部承保利益為 900 萬美元，綜合比率為 97.0%；相較去年第二季承保利益 2,700 萬美元、綜合比率 89.3%。

The increase in the combined ratio was primarily related to catastrophe losses of $34 million or 11.1 points in the quarter, driven by the Middle East conflict, partially offset by the lower current year and prior year attritional loss ratios and the lower expense ratio. The current year attritional loss ratio was 51.1%, down 0.8 points from the prior period.

綜合比率上升主要與本季 3,400 萬美元（或 11.1 個百分點）的巨災損失有關，係由中東衝突所驅動；部分被當年度與前年度常態損失率下降以及費用率下降所抵銷。當年度常態損失率為 51.1%，較前期下降 0.8 個百分點。

We still expect this ratio to be about 54.5% for the full year 2026. The prior year attritional loss ratio was a favorable 4.6 points due to favorable development in the specialty, property and casualty classes. The expense ratio decreased 0.6 points to 39.4% compared to 40.0% in the second quarter last year.

我們仍預期 2026 全年該比率約為 54.5%。前年度常態損失率為有利的 4.6 個百分點，係因專業、財產與意外險類別出現有利發展。費用率下降 0.6 個百分點至 39.4%，去年第二季為 40.0%。

The decrease was primarily driven by premium growth, partially offset by lower third-party fee income. 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 half of 2026, Bermuda grew top-line premium to $908 million, up from $841 million, an increase of 8%. The increase was primarily driven by growth in casualty and specialty reinsurance classes, partially offset by a decrease in property reinsurance and property insurance classes as a result of pressure on rates. In the second quarter, Bermuda had underwriting income of $20 million and a combined ratio of 93.0%. Compared to underwriting income of $40 million and a combined ratio of 84.3% in the second quarter last year. The increase in the combined ratio was driven by $16 million or 5.8 points of catastrophe losses in the quarter, mainly due to the Middle East conflict and unfavorable prior year attritional losses, partially offset by the lower expense ratio.

下降主要由保費成長所驅動，但部分被第三方費用收入下降所抵銷。接著談百慕達分部，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 年上半年，百慕達分部保費收入成長至 9.08 億美元，高於 8.41 億美元，增幅為 8%。增幅主要由意外險與專業再保險類別成長所帶動，但部分被財產再保險與財產保險類別因費率承壓而下滑所抵銷。第二季，百慕達分部承保利益為 2,000 萬美元，綜合比率為 93.0%。相較去年第二季承保利益 4,000 萬美元、綜合比率 84.3%。綜合比率上升係因本季 1,600 萬美元（或 5.8 個百分點）的巨災損失所致，主要源於中東衝突，以及前年度常態損失不利；部分被費用率下降所抵銷。

The Bermuda current year attritional loss ratio increased 1.5 points to 55.7% in the second quarter compared to 54.2% in the second quarter last year. This increase was within our expectations given the changing business mix toward casualty reinsurance classes. The prior year attritional loss ratio was an unfavorable 4.6 points due to unfavorable development on certain casualty classes.

百慕達分部當年度常態損失率於第二季上升 1.5 個百分點至 55.7%，去年第二季為 54.2%。在業務組合轉向意外險再保險類別的情況下，此上升符合我們的預期。前年度常態損失率為不利的 4.6 個百分點，係因部分意外險類別出現不利發展。

In the second quarter, we completed our regularly scheduled casualty deep dive, which resulted in a modest reserve charge of $16 million on certain casualty lines. This represents only about 0.8% of our net casualty reserves and about 0.5% of our total net reserve position.

在第二季，我們完成了例行安排的意外險（casualty）深入檢視，結果在部分意外險業務線計提了1,600萬美元的小幅準備金費用。這僅約占我們意外險淨準備金的0.8%，以及我們總淨準備金部位的約0.5%。

To be clear, we completed our casualty reserve reviews and strengthened our reserves based on our own review and not because of any third-party review.

需要說明的是，我們完成意外險準備金檢視並強化準備金，是基於我們自身的檢視，而非因任何第三方審查。

Our actions are consistent with our reserving philosophy of being quick to react to adverse development indications or trends and slow to release reserves until we have more certainty.

我們的作為符合一貫的準備金提列理念：對不利發展跡象或趨勢迅速反應；在更有把握之前，則審慎、緩慢地釋放準備金。

As a reminder, we will complete our specialty class reserve reviews in the third quarter and our property class reserve reviews in the fourth quarter. Historically, we have shown overall favorable reserve development each and every year since the inception of the company.

提醒一下，我們將於第三季完成專業險種（specialty class）的準備金檢視，並於第四季完成財產險種（property class）的準備金檢視。歷來自公司成立以來，我們每一年都呈現整體有利的準備金發展。

The Bermuda expense ratio decreased by 1.1 points to 26.9% compared to 28.0% in the second quarter of 2025, driven by a decrease in other underwriting expenses. Which included benefits from the Bermuda Substance-Based Tax Credit and increased third-party performance fee income, partially offset by the acquisition cost ratio due to a change in business mix.

百慕達費用率較2025年第二季的28.0%下降1.1個百分點至26.9%，主要受其他承保費用下降所帶動。其中包含百慕達實質活動稅收抵免（Bermuda Substance-Based Tax Credit）的效益，以及第三方績效費收入增加；但因業務組合變動導致取得成本率上升，部分抵銷上述利多。

Now turning to investment income.

接著談投資收益。

Total investment income for the second quarter was $141 million compared to investment income of $149 million in the second quarter of 2025.

第二季總投資收益為1.41億美元，較2025年第二季的1.49億美元投資收益下降。

The fixed income portfolio. Short-term investments and cash produced a gain of $26 million for the quarter, compared to a gain of $62 million in the second quarter of 2025.

固定收益投資組合。短期投資與現金在本季產生2,600萬美元收益，相較之下，2025年第二季為6,200萬美元收益。

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.

提醒一下，這包含Hamilton在交易型投資組合中，透過淨利認列的已實現與未實現損益。

The key metrics of the fixed income portfolio were as follows: an average yield to maturity of 4.7%.

固定收益投資組合的關鍵指標如下：平均到期殖利率為4.7%。

Compared to 4.1% at year-end 2025, a duration of 4.0 years and a new money yield of 4.6% on investments purchased in the second quarter.

相較於2025年年底的4.1%，存續期間（duration）為4.0年，且第二季新投入資金（new money）所購買投資的殖利率為4.6%。

The Two Sigma Hamilton Fund produced a net return of $115 million or 5.1% for the second quarter, compared to $87 million or 4.4% in the second quarter last year.

Two Sigma Hamilton Fund第二季淨報酬為1.15億美元（或5.1%），相較去年第二季為8,700萬美元（或4.4%）。

The Two Sigma Hamilton Fund made-up about 39% of our total investments, including cash investments at June 30, 2026.

截至2026年6月30日，Two Sigma Hamilton Fund約占我們總投資（含現金投資）的39%。

Now turning to capital management, during the second quarter of 2026, we repurchased $22 million worth of shares, which brings our total repurchases for the year to $42 million.

接著談資本管理：2026年第二季我們回購了2,200萬美元的股份，使本年度累計回購金額達到4,200萬美元。

We still have $137 million remaining under our share repurchase. Authorization. Both the share repurchases and the special dividend, which we paid in March, reflect our ongoing commitment for active and effective capital management.

在我們的股份回購授權額度下，仍剩餘1.37億美元可用。授權。股份回購與我們於3月發放的特別股利，皆反映我們持續致力於積極且有效的資本管理。

Next, I would like to comment on our strong balance sheet.

接下來，我想評論我們強健的資產負債表。

Total assets were $10.3 billion at June 30, 2026, up 7% from $9.6 billion at year-end 2025.

截至2026年6月30日，總資產為103億美元，較2025年年底的96億美元成長7%。

Total investments in cash were $6.1 billion at June 30.

截至6月30日，現金及投資總額為61億美元。

Shareholders' equity for the group was $2.9 billion at the end of the second quarter.

集團股東權益於第二季末為29億美元。

Our book value per share ended the quarter at $28.91. Our book value per share after adjusting for accumulated dividends was $30.91 at June 30, up 8.5% from year-end 2025.

本季每股帳面價值為28.91美元。將累計股利調整後的每股帳面價值於6月30日為30.91美元，較2025年年底上升8.5%。

In conclusion, we are very pleased with Hamilton's results through the first half of 2026. Our balance sheet remains strong. Our investment returns have been exceptional and our attritional loss ratios are tracking as expected. Overall, we believe we are well positioned to continue delivering attractive returns with a combined ratio in the low to mid-90s and with a return on equity percentage in the 10s, both of these numbers estimated on average throughout the cycle.

總結而言，我們對Hamilton在2026年上半年的表現非常滿意。我們的資產負債表依然強健。我們的投資報酬表現出色，而經常性損失率（attritional loss ratios）的走勢符合預期。整體而言，我們相信公司已具備良好條件，能在整個景氣循環期間平均而言，持續交付具吸引力的報酬：綜合率維持在90%出頭至90%中段，股東權益報酬率（ROE）維持在10%多的水準；上述兩項數字皆為循環期間的平均估計。

Thank you.

謝謝。

And with that, we will open up the call for your questions.

接下來，我們將開放提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

Hey, good morning. Thanks for taking our questions.

嗨，早安。謝謝讓我們提問。

The first one here, in the past couple quarters, you have given us some nice helpful metrics on guidance for the full year across various metrics on a segment level, attritional loss ratios and then consolidated.

第一個問題，過去幾個季度，你們在全年指引方面提供了一些很有幫助的指標，涵蓋各項指標在分部層級的指引、經常性損失率，以及合併層級的指引。

Have any of those changed this quarter with what you have seen year-to-date?

就你們年初至今所看到的情況而言，這一季上述任何項目有改變嗎？

Hi, Tommy. It is Craig. Thanks for the question. The guidance that we had given for those attritional loss ratios has remained the same. As you heard me say in my prepared remarks, the international ratio remains at 54.5.

嗨，Tommy。我是Craig。謝謝你的問題。我們先前給出的那些經常性損失率指引維持不變。如同你在我事先準備的談話中聽到的，國際業務的比率仍為54.5。

The group ratio is at 55%, and the Bermuda ratio is at 56%. Those ratios stay the same as far as what I said in my prepared remarks as well.

集團比率為55%，百慕達比率為56%。就我在事先準備的談話中所提到的而言，這些比率也都維持不變。

We expect to be able to run this book in the low to mid-90s on a combined ratio on average throughout the cycle.

我們預期在整個景氣循環期間平均而言，能將這本業務的綜合率維持在90%出頭至90%中段。

And that is where we are as well. The other piece that you asked about was growth.

而我們目前的狀況也正是如此。你另外問到的部分是成長。

We still expect to be able to grow this book in the low double-digit range. As we have grown this book in the past.

我們仍預期能讓這本業務以低雙位數的幅度成長。就像我們過去推動這本業務成長一樣。

A compound annual growth rate over the past five years of over 22%. Right now, where we stand on a year-to-day basis is at about 14%, so we do expect to be in the low double-digit range.

過去五年的年複合成長率超過22%。目前年初至今約為14%，因此我們確實預期會落在低雙位數區間。

Got it. Thanks. And then zooming in on the casualty book within the Bermuda segment. In the first half of the year, still seeing very strong growth there on gross premiums growing 29% in the first half.

了解。謝謝。接著聚焦在百慕達分部中的意外險業務。上半年仍看到非常強勁的成長，毛保費在上半年成長了29%。

As you look out to the back half of the year, do you think there is some opportunity for a deceleration simply from tough comps in the second-half of last year?

展望下半年，你是否認為僅僅因為去年下半年的比較基期較高，成長可能會有一些放緩的機會？

And then just broadly speaking, you did take a modest reserve charge, but it still sounds like you still see plenty of opportunity for attractive returns to employ into casualty read. Is that the case? Thanks.

另外更廣泛地說，你們確實提列了一筆小幅準備金費用，但聽起來你們仍看到在意外險承保上部署資本、取得具吸引力報酬的許多機會。是這樣嗎？謝謝。

Why do not I kick off here and then you can talk about the reserves, Craig. So, let me start with the growth this quarter. As I said in my prepared remarks, part of that growth was business bound in prior quarters, with another part of it being the increases on those small shares that we have talked about the last little while on select key clients. Now, these are clients that are where we are getting robust information, where we have faith in their underwriting and their claims abilities, and also clients that are. Keeping significant net participations on their deals. Those are the clients that we are supporting with small increases on those small shares.

我先開頭，然後Craig你再談準備金。先從本季的成長談起。如同我在事先準備的談話中所說，部分成長來自前幾季已承保綁定（bound）的業務，另一部分則來自我們近來談到的、對特定關鍵客戶的小額份額（small shares）進一步小幅提高。這些客戶是我們能取得充分資訊、對其承保與理賠能力有信心的客戶，而且這些客戶也。在其交易中保留顯著的淨自留參與（net participations）。這些就是我們願意在小額份額上提供小幅增加支持的客戶。

The casualty rate environment in general is buoyed by concerns about economic and social inflation. Those drivers continue in the current market environment, so we believe that the conditions on casualty insurance will continue with rate increases because of those drivers remaining intact.

整體而言，意外險費率環境受到對經濟與社會通膨的擔憂所支撐。在目前的市場環境下，這些驅動因素仍然存在，因此我們相信意外險的市場條件將會延續，並因上述因素仍然完好而持續出現費率上調。

Craig.

Craig。

Yeah, Tommy, I know you asked about the reserve review outcome during the quarter, and it was pretty modest. It was only about $16 million, and I have to say.

是的，Tommy，我知道你問的是本季準備金檢視的結果，而那相當溫和。只有大約1,600萬美元，而且我得說。

One-third of that, about $5 million, came from additional information on one loss from the year 2018, and about two-thirds of that review came from the years 2022 and 2023. And I have to say I am pretty pleased with the outcome of the deep dive into our casualty reserves given the current market environment, including inflation.

其中三分之一，約500萬美元，來自於針對2018年某一筆損失新增資訊；而該次檢視約三分之二的部分則來自2022年與2023年。我必須說，考量目前的市場環境（包括通膨），我對我們對意外險準備金進行深入檢視的結果相當滿意。

Including economic inflation and social inflation.

包括經濟通膨與社會通膨。

This charge was pretty modest, $16 million on a $5 billion gross book of loss reserves is a pretty modest charge. It tells me that we feel pretty good about where we are today with our loss picks.

這筆提列相當溫和：在50億美元的損失準備金總額（gross book）上提列1,600萬美元，屬於相當溫和的費用。這告訴我，我們對目前的損失估計（loss picks）位置感到相當有信心。

It also shows me that our older runoff and discontinued lines of business from the past continue to hold pretty steady.

這也顯示，我們過去較舊的停跑（runoff）與已停止經營的業務線仍持續相當穩定。

And it shows me that the latest years where we took action and we increased our loss picks in 2024, 2025 and 2026 continue to hold.

同時也顯示，最新年度中我們採取行動、並在2024、2025與2026年提高損失估計的部分，仍然維持得住。

And this is pretty consistent with our reserve philosophy as well.

而這也與我們的準備金理念相當一致。

Thank you.

謝謝。

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行。

Hi, thanks. Good morning. My first question is on, Hamilton Select. It is been, growing fast and becoming the third stool of the company. If you could just give us, I guess, longer-term, kind of views of just growth and premiums there. And would there be any thoughts, on spinning that off at some point?

嗨，謝謝。早安。我的第一個問題是關於Hamilton Select。它一直成長很快，並成為公司第三個支柱。如果可以的話，能否請你們分享一下較長期的看法，例如那邊的成長與保費走勢？另外，你們是否曾考慮在某個時間點把它分拆出去？

Let me kick off on a high level on just the expansion strategy, and I will pass the baton to Craig from there. So, again, as I said in the prepared remarks, this is really just a natural evolution of the strategy, which is now buoyed by the recent AM Best upgrade. We have got such an incredibly strong team that have such strong distribution relationships in the market that we already. Started seeing this type of business and it just aligned perfectly. All the stars came together with the upgrade, with our expansion strategy and the business coming to us for us to announce this at this time.

我先從較高層次談一下擴張策略，接著再把話題交給Craig。如同我在事先準備的發言中提到的，這其實是策略的自然演進，而近期AM Best的評等上調也進一步支撐了這個方向。我們擁有非常強的團隊，並在市場上建立了非常穩固的通路關係。我們已經開始看到這類業務，而它也完全契合我們的方向。評等上調、擴張策略，以及業務主動找上門，這些因素都在此刻匯聚，讓我們選在現在宣布。

It is a launch, a soft launch in April with the property product. This product is focused on small to mid-size risk where we are not seeing the kind of pressure, pricing pressure we are seeing in other areas and we are going to continue to add to those over time.

這是一個在四月以財產險產品進行的推出，屬於「軟性上線」。該產品聚焦於中小型風險，在這些領域我們沒有看到像其他領域那樣的壓力、尤其是費率壓力；而我們也會隨時間持續增加更多產品/類別。

We do expect. This to be a thoughtful growth, the same way we have grown the rest of our business.

我們確實預期這會是審慎的成長，就像我們過去推動其他業務成長的方式一樣。

You will not see too much growth on the expansion in 2026. You will see some, but we are currently hiring team leads in place and then the remaining underwriters. So, you will probably see more growth on the expansion strategy into 2027.

你們不會在2026年看到擴張帶來太多成長。會有一些，但我們目前正在招募團隊主管，接著才會補齊其餘核保人員。因此，你們可能會在2027年看到擴張策略帶來更明顯的成長。

Craig, do you want to take it from here?

Craig，你要不要接著補充？

Yeah, the only thing I would say, Elyse, on top of that was Select this quarter grew over 18%.

好，我想補充的是，Elyse，Select這一季成長超過18%。

And then, Elyse, to your specific question on whether we intend to spin it off, we see Select as an incredibly strategic part of our platform and it adds to the diversification of our business and I think makes Hamilton Group a very attractive proposition.

另外，Elyse，針對你問到是否打算分拆，我們認為Select是我們平台中極具策略性的組成，它提升了業務多元化，我也認為這讓Hamilton Group成為非常有吸引力的投資/合作標的。

Thanks. And then my second question is just on the ongoing events in the Middle East. Can you just give us a sense of whether you expect losses in future quarters? And then how much of a contribution was just, I guess, was the Middle East opportunities to adjust your premium growth in the second quarter?

謝謝。我的第二個問題是關於中東目前持續發生的事件。你們能否說明一下，是否預期未來幾季會有損失？另外，中東相關機會對你們第二季保費成長的調整/貢獻大概有多少？

All right, so why do not I kick off on this one?

好，那這題我先來。

Stating the obvious here, I know, but this is an ongoing and very dynamic situation.

我知道這是顯而易見的，但這是一個持續且非常動態的情勢。

The good news is that we have very strong underwriting expertise in the areas or in the lines of business that are affected by this conflict, political violence, marine energy. As a matter of fact, our underwriting expertise in certain of these classes is so recognized that we actually hold the pen on behalf of other. Of balance sheets in the market. So, we are very confident about our ability to continue to thoughtfully and judiciously underwrite risks at this time. We are seeing significantly improved pricing terms and conditions in the marine lines and the political violence lines. Again, we are not betting the bank here, but we are going to very thoughtfully and carefully underwrite risks and take advantage of this market opportunity. I think it is important for you to know that we do manage exposures to these kinds of events across our group very carefully, and we also ensure that we have outwards protection in place across all lines of business, including those that are affected by this event.

好消息是，我們在受此衝突影響的領域或業務線上，具備非常強的核保專業，例如政治暴力險、海事能源等。事實上，我們在其中某些險種的核保能力受到高度認可，以至於我們會代表市場上其他資產負債表（承保能力）持筆（hold the pen）。因此，我們對於在此時點仍能審慎且有節制地持續核保風險，充滿信心。我們看到海事相關險種與政治暴力險的費率、條款與條件都有顯著改善。再次強調，我們不會在這裡孤注一擲，但會非常審慎、仔細地核保風險，並把握這個市場機會。我認為你們需要知道的是，我們在整個集團層面對這類事件的曝險管理非常謹慎，同時也確保在所有業務線（包括受此事件影響的業務線）都已配置對外再保/外部保護。

Michael Zaremski, BMO Capital Markets.

Michael Zaremski，BMO資本市場。

Good morning. Maybe just back to the Hamilton Select commentary, the exciting commentary about the upgrade from AmBest.

早安。我想回到Hamilton Select的評論，以及你們對AM Best評等上調的興奮說法。

Is there a way for you to maybe just at a high-level frame kind of like how much bigger. Your TAM is, or I do not know if the TAM is the right, way to think about it, but just, obviously you talked about a lot of competition in property, which is one of your new, just went online. So, we understand that, but just curious kind of, does this kind of, meaningfully expand the TAM that when we think about kind of the outer year growth once we are through this property cycle that it really would kind of bend a. And the growth trend line upwards? Thanks.

你們是否能用較高層次的方式，說明一下你們的TAM大概變大了多少？或許TAM不是最合適的思考方式，但我的意思是，你們顯然提到財產險競爭很激烈，而那也是你們新上的產品之一、剛上線。我們理解這點，但我想知道的是，這是否會在實質上擴大可服務市場，讓我們在思考穿越這一輪財產險循環後的中長期成長時，真的能把成長趨勢線往上抬？謝謝。

Yeah, great. I will take that. So, again, we are incredibly excited about the Hamilton Select expansion, the upgrade just basically putting us on par with a lot of the other very recognized peers in this space, and the fact that we are already seeing this business. We will continue our hard-to-play strategy, and you know there, the average premium for the business we are writing there is about $20,000. Dollars is average premium. With this select expansion moving into the middle market space and looking at risks that are not part of the place, you can probably look at average premium about doubling.

好，沒問題。我來回答。我們對Hamilton Select的擴張非常興奮；這次評等上調基本上讓我們與這個領域許多知名同業處於同一水準，而且我們也已經開始看到這些業務。我們會持續推動我們的「難以切入（hard-to-play）」策略；你也知道，我們目前在那邊承作的業務平均保費大約是2萬美元。美元是平均保費。隨著這次Select擴張進入中型市場（middle market），並鎖定不屬於既有範疇的風險，你大概可以預期平均保費會接近翻倍。

That is maybe to that point. Again, we will be rolling out classes over time. We have the property class that rolled out already. The next class to roll out is life sciences. If you want to know about future classes, you should take a look at LinkedIn and look at the jobs that we are posting.

這大概就是你提到的那個點。同樣地，我們會隨時間逐步推出不同險種/類別。財產險類別已經推出。下一個要推出的類別是生命科學。如果你想知道未來還有哪些類別，可以去看LinkedIn，看看我們正在刊登哪些職缺。

Understood. So, yeah, maybe dot.

了解。所以，是的，可能就……

It ramps up, but we can kind of talk about whether the different profit margin kind of goals for that larger mid-market type of business. Got it.

它會逐步拉升，但我們也可以談談，對於那種更大型的中型市場業務，你們是否有不同的獲利率目標。了解。

Maybe just switching gears to technology, a broad question, but just given the amount of change, GenAI related, we have seen over the last three, six months, any kind of new.

再換個話題到科技，這是一個比較廣泛的問題：但考量過去三到六個月我們看到與GenAI相關的變化幅度，你們是否有任何新的

Kind of thought processes you guys are having about kind of efficiency, productivity gains, etc., that could move the needle in terms of either top-line growth or expense ratio, etc., over the next year or two?

思考方向，例如效率、生產力提升等，可能在未來一兩年對營收成長或費用率等帶來實質影響？

Sure, happy to take that question as well. And Craig, if you want to add on, please be my guest here.

當然，我也很樂意回答這題。Craig，如果你想補充，也歡迎加入。

We view AI as a productivity and intelligence multiplier, and it augments our underwriters, our claims professionals, and our operations team. We are focusing on, it allows our professionals to focus more on the higher value activities like just risk selection, portfolio management, and takes away some of the more grungy kind of work. In underwriting, we are already leveraging AI technology, for example, for submission ingestion and data extraction. This accelerates the intake process and improves our data quality, and it also allows us to get to the risks more quickly. In this context, I have also spoken about our smart queuing technology, and that is an added bonus. Actually specifically to the Select platform, but we will roll it out over time. And that technology essentially floats the risks that we have analyzed, that we have a better chance of winning at to the top of the underwriters' queue, not just as they come in. It floats from the top, so we know that we have more hits at bats on risks that we are. More likely to buy. So, we are incredibly excited about that. I think, at the end of the day, I think it is going to have very measurable productivity gains and operational benefits across our business.

我們將 AI 視為生產力與智慧的倍增器，它能強化我們的核保人員、理賠專業人員以及營運團隊。我們正聚焦於讓 AI 使我們的專業人員能把更多時間投入在更高價值的活動上，例如風險篩選、投資組合管理，並減少一些較為繁瑣的工作。在核保方面，我們已經在運用 AI 技術，例如用於投保資料（submission）的匯入與資料擷取。這能加速受理流程並提升資料品質，也讓我們能更快接觸到風險。在這個脈絡下，我也談過我們的智慧排隊（smart queuing）技術，這也是額外的加分項。目前其實是特別用在 Select 平台上，但我們會隨時間逐步推廣。這項技術本質上會把我們已分析、且更有機會得標的風險，優先浮到核保人員的待辦隊列頂端，而不是僅按進件順序排列。它會從上方浮出，讓我們知道在我們更有把握的風險上，有更多「上場打擊」的機會。也更可能成交。因此，我們對此感到非常興奮。我認為，歸根結底，它將在全公司帶來非常可衡量的生產力提升與營運效益。

I think the only thing to add there is that there needs to be a cost benefit here, right? The operational benefits and those productivity gains have to exceed what the technology expenses are as well.

我想唯一要補充的是，這裡必須有成本效益，對吧？營運效益與那些生產力提升也必須超過技術支出。

Exciting.

令人振奮。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Matthew Heimerman with Citi. Your line is open. Please go ahead.

花旗（Citi）的 Matthew Heimerman。您的線路已開通。請開始。

Hi, good morning, everybody.

嗨，各位早安。

Just on select, I would be curious, can you maybe provide, right now it seems like you are...

就 Select 而言，我有點好奇，您是否可以提供一些資訊；目前看起來你們正……

Going to roll some new products and underwriting capabilities through your existing distribution partners. I am curious if once you have hired all the human capital and kind of got the support for them, whether or not a second leg to growth will be just expanding the distribution relationships on top of that. So, just maybe a little bit more longer-term kind of perspective on how you think about kind of Stage 1, 2, 3 growth of that platform?

打算透過既有的通路合作夥伴推出一些新產品與核保能力。我想了解的是，一旦你們把所有人力資本都招募到位、並且取得相應支援之後，成長的第二條腿是否會是在此基礎上擴大通路合作關係。所以，想請你們從更長期的角度談談，你們如何看待該平台第 1、2、3 階段的成長？

Sure, happy to take that.

當然，很樂意回答。

So we just recently announced on LinkedIn that we hired a responsible party for distribution at Hamilton Select, and that will do exactly that, expand our distribution relationships, again, over time with the products that we are going to roll out thoughtfully over the course of this expansion strategy.

我們最近才在 LinkedIn 上宣布，我們已為 Hamilton Select 招募了一位負責通路的主管，這正是要做您提到的事：隨著我們在這項擴張策略中，於未來一段時間內審慎推出各項產品，逐步擴大我們的通路合作關係。

And is that something that happens coincidence with the underwriting coincidence with the underwriting talent coming through, or is it kind of establish everything through existing before you start to expand new? I recognize there is a sales cycle to that.

那這會與核保端同步進行、也就是隨著核保人才到位而同步推進嗎？還是會先透過既有通路把一切建立好，再開始擴展新的通路？我理解這當中也有銷售週期。

Yeah, so a lot of our distribution partners offer us multiple lines of business. So, we already have some distribution partners that have the lines that we are rolling out into, but as we expand our strategy, we will be adding new distribution partners to the mix that will specifically support the lines that we are expanding into.

是的，我們許多通路合作夥伴會提供我們多條業務線。因此，我們已經有一些通路合作夥伴涵蓋我們即將拓展的業務線；但隨著策略擴張，我們也會把新的通路合作夥伴納入組合，專門支援我們要擴展進入的那些業務線。

Okay, so we should think about that blending together over the coming years as opposed to like maybe more, discrete beginning and ending to those growth patterns?

了解，所以我們應該把這視為未來幾年會逐步融合推進，而不是像可能更「離散」的、各階段有明確起訖的成長模式？

Correct.

正確。

Thank you.

謝謝。

Alex Scott, Barclays.

Barclays 的 Alex Scott。

Hey, good morning.

嗨，早安。

I wanted to ask about just some of the activity we have seen in the market. I would say a couple of the larger reinsurance peers are writing combined ratios up near 100% in casualty. We are seeing some pretty heavy pruning in some of their casualty reinsurance books as well.

我想問一下我們在市場上看到的一些動態。我會說，有幾家較大型的再保同業在意外險（casualty）上的綜合成本率寫到接近 100%。我們也看到他們在意外險再保簿上進行相當大幅度的修剪（pruning）。

I would just be interested in what your take is on that. How are you avoiding the pitfalls of the market that they are experiencing? And then maybe the flip side of it is, are you seeing any opportunities for growth coming out of that?

我很想了解你們對此的看法。你們如何避免他們正在經歷的市場陷阱？另外從另一面來看，你們是否看到因此帶來的任何成長機會？

Thanks for that question. So, just as a reminder, Hamilton had a very small footprint in the casualty reinsurance space predominantly.

謝謝這個問題。先提醒一下，Hamilton 在意外險再保領域原本的布局其實非常小。

After we underwrote the portfolio. And we only started growing in casualty when rates started improving. And that we did get some opportunities when other. Participants in the market who were perhaps overexposed to casualty reinsurance in the worst years were getting off the business to get a handle over the portfolio. And it is at that exact time that we were able to move in. And by the way, as a reminder, we also got our A rating around the same time. So, that allowed us to see access to more business that we wanted to see. So, again, that explains the growth of Hamilton in the casualty space when others backed. But again, our growth came in a very thoughtful manner with clients that we targeted in advance, these key clients that we support across other lines of business, and it came at a time where rates were improving.

在我們完成該投資組合的核保之後。而且我們是在費率開始改善時，才開始擴大意外險業務。當其他……市場參與者可能在最艱難的年份對意外險再保曝險過高、因此為了掌控投資組合而退出部分業務時，我們確實獲得了一些機會。也正是在那個時間點，我們得以切入。另外提醒一下，我們也差不多在同一時間取得了 A 級評等。因此，這讓我們能接觸到更多我們想要看到的業務。所以，這也解釋了為何當其他人縮手時，Hamilton 在意外險領域反而成長。但同樣地，我們的成長是以非常審慎的方式進行：與我們事先鎖定的客戶合作，這些關鍵客戶在其他業務線上也由我們提供支援；而且是在費率改善的時點實現的。

That is all really helpful.

這些都非常有幫助。

Second question.

第二個問題。

Maybe just on the broader market, and where are you seeing the less disciplined behavior? How are you avoiding some of those things?

也許就更廣泛的市場而言，你們在哪些地方看到較缺乏紀律的行為？你們如何避免踩到那些狀況？

Where do you see the pricing environment going from here if we keep being reasonably benign weather trends?

如果天氣趨勢持續相對溫和，你們認為接下來的定價環境會如何發展？

Alright, let me start with the latter question first. You are right, it is a very dynamic and differentiated market that we are in right now.

好，我先從您後面那個問題開始。您說得對，我們目前所處的是一個非常動態且分化的市場。

If I just go segment by segment and I look at 1-1 renewals, on the property side, we still have abundant supply. So, if there is no significant losses, we do expect some pressure on pricing. However, tempering that is that we still see some new demand for property in the market, property limits, even though they are at a lesser level.

如果我逐一看各個分項、並觀察 1/1 續約，在財產險（property）方面，我們仍看到供給充裕。因此，如果沒有重大損失，我們確實預期定價會面臨一些下行壓力。不過，抵銷這點的是，我們仍看到市場對財產險、尤其是財產險額度（limits）有一些新增需求，儘管程度較低。

On the specialty side of the business, again, we just talked about a very meaningful event in the Middle East, but we have also had aviation losses, and do not forget the Baltimore Bridge loss was not that long ago. And because of this loss activity, we expect rates across many specialty classes to remain home.

在專業險（specialty）方面，我們剛談到中東發生了一個非常重大的事件；同時我們也出現了航空損失，別忘了巴爾的摩大橋的損失也才不久之前。由於這些損失活動，我們預期許多專業險類別的費率將維持在高檔。

And then moving to casualty, as I said earlier, the drivers for rate increasing casualty are the inflationary pressures, social and economic, and those inflationary pressures remain and continue to buoy underlying pricing. If we see the market get more competitive or exhibit more pressure, we will make very strategic use of retro. On our book, both on the property and casualty side, and you know we have the sidecar in place. So, I think that answers the part of your question around where we see the market going.

接著看意外險（casualty），如我先前所說，推動意外險費率上升的因素是通膨壓力（社會與經濟層面），而這些通膨壓力仍然存在，並持續支撐基礎定價。如果我們看到市場變得更具競爭性或壓力加大，我們會在財產與意外險兩邊的簿冊上，非常策略性地運用追溯再保（retro），而且你們也知道我們已設有 sidecar。所以，我想這回答了您關於我們如何看待市場走向的那部分問題。

Thank you.

謝謝。

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。我現在把電話交回給 Pina Albo 作結語。

All right then.

好的。

Thank you all for joining us today. I also want to thank our employees, our clients, our partners, and our shareholders for the continued support for Hamilton, and we look very forward to updating you again in the next quarter.

感謝各位今天加入我們。我也要感謝我們的員工、客戶、合作夥伴以及股東，持續對 Hamilton 的支持；我們也非常期待在下一季再次向各位更新。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝您的參與。您現在可以掛線。