Hagerty Inc (HGTY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Hagerty First Quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Koval, Head of Investor Relations. Please go ahead.

各位女士、先生，大家好，歡迎參加 Hagerty 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹本次會議主持人：投資人關係主管 Jay Koval。請開始。

Thank you, operator, and good morning, everyone, and thank you for joining us to discuss Hagerty's results for the first quarter of 2026. I'm joined this morning by McKeel Hagerty, Chief Executive Officer and Chairman; and Patrick McClymont, Chief Financial Officer. During this morning's conference call, we will refer to an accompanying presentation that is available on Hagerty's Investor Relations section of the company's corporate website at investor.hagerty.com. Our earnings release, slides and letter to stockholders covering this period are also posted on the IR website as well as our 8-K filing.

謝謝接線員，各位早安，也感謝各位加入我們，一同討論 Hagerty 2026 年第一季的營運成果。今天早上與我一同出席的有：執行長兼董事長 McKeel Hagerty，以及財務長 Patrick McClymont。在今天早上的電話會議中，我們將參考一份隨附簡報，已發布於公司官網投資人關係專區 investor.hagerty.com。我們本期的財報新聞稿、投影片與致股東信亦已張貼於 IR 網站，並同時包含在我們的 8-K 申報文件中。

Today's discussion contains forward-looking statements and non-GAAP financial metrics as described further on slide 2 of the earnings presentation. Forward-looking statements include statements about our expected future business and financial performance and are not promises or guarantees of future performance. They are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations.

今天的討論包含前瞻性陳述與非 GAAP 財務指標，相關說明詳見財報簡報第 2 頁。前瞻性陳述包括對我們預期未來業務與財務表現的說明，並非對未來表現的承諾或保證。其受多項風險與不確定性影響，可能導致實際結果與我們的預期出現重大差異。

For a discussion of material risks and important factors that could affect our actual results, please refer to those contained in our filings with the SEC, which are also available on our Investor Relations website and at sec.gov. The appendix of the presentation also contains reconciliations of our non-GAAP metrics to the most directly comparable GAAP measures that are further supplemented by this morning's 8-K filing.

關於可能影響我們實際結果之重大風險與重要因素的討論，請參閱我們向 SEC 提交的申報文件；相關文件亦可於我們的投資人關係網站及 sec.gov 查閱。簡報附錄亦包含我們的非 GAAP 指標與最直接可比的 GAAP 衡量指標之調節表，並由今天早上的 8-K 申報文件進一步補充。

And with that, I'll turn the call over to McKeel.

接下來，我把電話交給 McKeel。

Thank you, Jay, and good morning, everyone. Spring has finally arrived in Northern Michigan, and with it comes the unmistakable sound of engines turning over after a long winter's rest. Our members have been pulling their cars out of storage, checking all the fluids and tire pressures and getting back out on to the open road. I for one drove a 1963 Corvette split window into the Hagerty headquarters this morning, and I am smiling year-to-year. And One Team Hagerty has been right there with them and with me ready to welcome a record number of new members in 2026 as the driving season gets underway.

謝謝你，Jay，各位早安。密西根州北部的春天終於到來，隨之而來的是引擎在漫長冬季休眠後重新發動的熟悉聲響。我們的會員正把車從倉儲中開出來，檢查各項油液與胎壓，重新回到開闊道路上。就我而言，我今天早上開著一台 1963 年 Corvette 分離式後窗（split window）到 Hagerty 總部，我的心情一年比一年更愉快。而 Hagerty 的 One Team 團隊也一路與他們、與我並肩同行，隨著駕駛季節展開，準備在 2026 年迎接創紀錄數量的新會員。

Let me jump to the headline. We are off to an excellent start to 2026. Written premiums increased 18% in the first quarter, ahead of our full year expectations. This marks 13 consecutive quarters of executing on our strategy to deliver compounding top line growth while making investments in our team, technology and members that should sustain high rates of growth in the years to come.

我先講重點。我們在 2026 年開局表現非常出色。第一季簽單保費（written premiums）成長 18%，優於我們對全年預期。這也代表我們已連續 13 個季度落實策略：在投資團隊、科技與會員體驗的同時，帶動可複利式的營收成長，並可望在未來多年維持高成長率。

As we discussed last quarter, 2026 marks the first year in our history that we control 100% of the economics on our own US book of business. This structural milestone shows up clearly in our results, 42% growth in earned premium and a 77% jump in adjusted EBITDA. The GAAP presentation of revenue down 5% and our net loss of USD13 million are temporarily different due to the new Markel Fronting Arrangement, but the underlying business performance has never been stronger.

如同我們在上季所討論，2026 年是我們歷史上首次能夠掌握自身美國業務保單簿（US book of business）100% 經濟利益的一年。這項結構性里程碑在我們的結果中清楚反映：已賺保費（earned premium）成長 42%，調整後 EBITDA 大增 77%。由於新的 Markel 前端承保安排（Markel Fronting Arrangement），GAAP 口徑下營收下滑 5% 且我們淨損為 1,300 萬美元，這些差異屬暫時性；但就基本面而言，我們的業務表現從未如此強勁。

GAAP profits in 2026 are negatively impacted by the amortization of deferred ceding commissions paid to Markel in 2025 for policies written before January 1. Think of it as settling the tab on the old structure. These deferred acquisition costs were USD89 million in Q1 and wind down to 0 by the year-end 2026. With that, let me walk through our first quarter results shown on slide 3.

2026 年的 GAAP 獲利受到負面影響，主因是攤銷我們於 2025 年支付給 Markel、針對 1 月 1 日之前所簽發保單的遞延分出佣金（deferred ceding commissions）。你可以把它想成是在舊結構下把帳單結清。這些遞延取得成本（deferred acquisition costs）在第一季為 8,900 萬美元，並將於 2026 年底降至 0。接下來，我將帶各位看簡報第 3 頁所示的第一季結果。

We added a record 112,000 policies during what has historically been a seasonally light quarter for us. Top cars added are not surprising as they are the bread and butter for Hagerty, Mustangs and Miatas, C10 Pickup Trucks and Cameros. We are also seeing a rapidly growing contribution from more modern enthusiast vehicles, including German and Japanese imports, sought after by the rising generations of drivers.

在第一季這個歷來對我們而言季節性較淡的季度，我們新增了創紀錄的 112,000 張保單。新增的熱門車款並不令人意外，因為它們是 Hagerty 的主力：Mustang 與 Miata、C10 皮卡，以及 Camaro。我們也看到較新世代的熱血車款貢獻快速成長，包括德系與日系進口車，深受新一代駕駛族群青睞。

Our written premium growth has been and will continue to be powered by new business count, unlike the broader industry that fluxes with the cycle. PIF growth jumped 15% as our retention rate remained steady at an industry-leading 89%. Retention at that level is not an accident. It is the product of decades of delivering on our brand promise to members who genuinely love their cars and trust Hagerty to protect them. We are delivering this growth with a careful focus on maintaining high-quality underwriting.

我們的簽單保費成長一直以來、且未來也將持續主要由新業務件數所驅動，不同於整體產業會隨景氣循環起伏。在續保率維持於業界領先的 89% 下，在保保單（PIF）成長躍升至 15%。如此水準的續保率並非偶然。這是數十年來我們兌現品牌承諾的成果：服務真正熱愛自己車輛、並信任 Hagerty 能保護他們的會員。我們在推動成長的同時，也謹慎聚焦於維持高品質的核保。

Hagerty Re's combined ratio was 87%, and we took down our reserves by USD6 million in the first quarter. Our underwriting team is one of the best in the industry, and we have been strengthening the capabilities of our in-house claims team.

Hagerty Re 的綜合率為 87%，且我們在第一季將準備金下調 600 萬美元。我們的核保團隊是業界最優秀的團隊之一，同時我們也持續強化內部理賠團隊的能力。

Our sustained market share gains are impressive and indicative of the enormous B2B opportunity for us. We are diligently working on additional partnerships as well as deepening existing relationships by earning the right to ask for more business. Hagerty is uniquely positioned to help protect the carrier's classic car book of business with automotive expertise and excellent service, and we are making the necessary investments to lengthen our lead.

我們持續取得的市占率提升令人印象深刻，也顯示我們在 B2B 領域擁有龐大的機會。我們正積極推進更多合作夥伴關係，同時也透過贏得信任、取得提出更多業務需求的正當性，來深化既有合作。Hagerty 具備獨特優勢，能以汽車專業與卓越服務協助保險公司保護其經典車保單簿，我們也正進行必要投資以拉長領先差距。

State Farm Classic+ is a great example of a tightly integrated partnership where both parties win. We now have an accelerating growth engine with expectations for their 19,000 agents to be selling new business in 40 states by year-end. The conversion of State Farm's existing 525,000 collector car policies to the Hagerty platform is also progressing well, and we remain on pace to convert most of these members to the new Classic+ program by the end of 2027.

State Farm Classic+ 是一個高度整合、雙方共贏的合作典範。我們現在擁有一個加速成長的引擎，並預期其 19,000 名代理人在年底前將於 40 個州銷售新業務。State Farm 既有 525,000 張收藏車保單轉換至 Hagerty 平台的進度也相當順利；我們仍按計畫在 2027 年底前，將其中大多數會員轉換至新的 Classic+ 計畫。

In addition to the white space with national carriers, our independent agency channel with 50,000 agents is ripe with potential. We are investing to make it easier for these agents to do business with us, including straight-through processing and the automated tools that help them identify enthusiast vehicles already sitting in their existing books of business, likely insured as daily drivers. Our addressable market of 36 million vehicles expands every year, and we want to empower these agents to think of Hagerty as the best solution for their customers.

除了與全國性保險公司合作的廣大空白市場外，我們擁有 50,000 名代理人的獨立代理通路也充滿潛力。我們正投入資源，讓這些代理人更容易與我們合作，包括直通式處理（straight-through processing）以及自動化工具，協助他們辨識其既有保單簿中已存在的熱血車款——這些車很可能目前是以日常用車的方式投保。我們可觸及的市場涵蓋 3,600 萬輛車，且每年持續擴大；我們希望賦能這些代理人，將 Hagerty 視為其客戶的最佳解決方案。

Let me move on to something that genuinely stopped all of us in our tracks during the first quarter. In March, Broad Arrow Auctions hosted a 2-day sale at Amelia Car Week in Jacksonville, Florida, and the results were historic, USD111 million in total sales, 50% higher than any prior Amelia auction and with a 92% sell-through rate. The top lot was a 2003 Ferrari Enzo that sold for over USD15 million, and we set 12 pricing records. The market for modern enthusiast vehicles has never been stronger, and every car that trades hands at a Broad Arrow Auctions is a potential Hagerty insurance policy. That is the flywheel in action.

接下來談一件在第一季確實讓我們所有人都為之震撼的事情。3 月，Broad Arrow Auctions 在佛羅里達州傑克遜維爾的 Amelia Car Week 舉辦為期兩天的拍賣，結果創下歷史紀錄：總成交額 1.11 億美元，比過往任何一場 Amelia 拍賣高出 50%，成交率達 92%。最高價拍品是一輛 2003 年 Ferrari Enzo，成交價超過 1,500 萬美元，我們也創下 12 項價格紀錄。現代熱血車款市場從未如此強勁，而在 Broad Arrow Auctions 每一輛成交的車，都可能成為 Hagerty 的一張保單。這就是飛輪效應正在運轉。

Our marketplace is not only a rapidly scaling profit center, but it is also a customer acquisition machine that gets cheaper with every car sold. I want to put that into context. In just four years and through the hard work of an exceptional global team, we have become one of the world's leading collector car auction houses. When you combine Broad Arrow's deep expertise with the Hagerty brand, our global community of members and our unmatched proprietary valuation data, you get results that surprise even us.

我們的市集不僅是一個快速擴張的獲利中心，同時也是一部客戶獲取機器——而且每賣出一輛車，獲客成本就更低。我想把這點放在脈絡中說明。僅僅四年時間，透過一支卓越全球團隊的辛勤努力，我們已成為全球領先的收藏車拍賣行之一。當你把 Broad Arrow 的深厚專業與 Hagerty 品牌、我們遍布全球的會員社群，以及我們無可匹敵的專有估值資料結合在一起，就會得到連我們自己都感到驚喜的成果。

And those results tell us something important about the health of our market. International demand for the finest cars is strong. Values on great cars continue to appreciate. Buyers from 23 countries do not show up to an auction in Northern Florida unless they trust Hagerty and Broad Arrow. That is all good news for Broad Arrow's transaction revenue. It is also good news for Hagerty Re as insured values rise, so to written premiums.

而這些成果也告訴我們一件關於市場健康狀況的重要訊息。對頂級車款的國際需求依然強勁。優質車款的價值持續升值。來自 23 個國家的買家不會無緣無故出現在佛羅里達北部的拍賣會——除非他們信任 Hagerty 與 Broad Arrow。這對 Broad Arrow 的交易收入而言都是好消息。對 Hagerty Re 也同樣是好消息：隨著承保價值上升，已簽保費也隨之增加。

Approximately 20% of our per policy premium growth over the last 15 years has come from our members voluntarily choosing to ensure their appreciating vehicles for higher guaranteed values. Our customers want their coverage to grow because their cars are worth more. That alignment between asset appreciation and insurance economics is absent from the standard auto market where vehicles tend to devalue or depreciate, and it is a structural advantage that compounds every year for Hagerty, augmenting our PIF-driven written premium gains.

在過去 15 年中，我們每張保單保費成長約有 20% 來自會員自願選擇以更高的保證價值為其升值中的車輛投保。我們的客戶希望其保障額度能隨著車價上升而成長，因為他們的車更值錢了。這種資產升值與保險經濟之間的對齊，在一般汽車市場中並不存在——因為車輛通常會貶值或折舊；而這是 Hagerty 每年都會累積放大的結構性優勢，進一步增強我們由 PIF 驅動的已簽保費成長。

Over the same 15-year period since 2010, our regulatory rate increases for Hagerty Re has averaged only 1.5% per year, bolstering our consumer-friendly value proposition. We saw robust auction demand continue at the Porsche Air/Water auction in April with sales up 30% year-over-year and a sell-through rate of 84%. And in May, Broad Arrow will once again serve as the official auction partner of the Concorso d'Eleganza Villa d'Este with the BMW Group on Lake Como, Italy. This will be our second year at Villa d'Este, widely considered to be one of the most prestigious Concours events in the world, and we expect to build on last year's inaugural event as Broad Arrow is increasingly recognized as the trusted brand in auctions across major European markets.

在同一個自 2010 年起的 15 年期間內，Hagerty Re 的監理核准費率調升平均每年僅 1.5%，強化了我們對消費者友善的價值主張。我們在 4 月的 Porsche Air/Water 拍賣會上看到強勁的拍賣需求延續，銷售額年增 30%，成交率達 84%。而在 5 月，Broad Arrow 將再次與 BMW 集團合作，擔任義大利科莫湖畔 Concorso d'Eleganza Villa d'Este 的官方拍賣合作夥伴。這將是我們第二年參與 Villa d'Este——該活動普遍被視為全球最具聲望的古董車展之一；我們預期將在去年的首屆活動基礎上再接再厲，因為 Broad Arrow 正日益被視為歐洲主要市場拍賣領域中值得信賴的品牌。

So in summary, our first quarter results were not only ahead of expectations, but they were far and away the best first quarter we have ever delivered. While it is only May, we are highly encouraged by how we are tracking towards our full year outlook.

總結來說，我們第一季的成果不僅超出預期，而且是我們歷來交出的最佳第一季表現。雖然現在才 5 月，但我們對於目前朝全年展望推進的進度感到非常振奮。

With that, let me turn it over to Patrick to walk through the financial details.

接下來，我把時間交給 Patrick，請他帶大家看財務細節。

Thank you, McKeel, and good morning, everyone. Before I begin, let me reiterate the headline. The underlying business is performing very well. Written premiums increased 18% ahead of full year expectations with record new member additions. Adjusted EBITDA jumped 77% to USD85 million, including a USD6 million reserve reduction due to favorable prior year development. And Hagerty Re's combined ratio was 87%. This is what a healthy compounding specialty insurer looks like when firing on all cylinders.

謝謝你，McKeel，各位早安。在我開始之前，我想再次重申重點。我們的核心業務表現非常好。已簽保費成長 18%，高於全年預期，且新增會員數創下紀錄。調整後 EBITDA 大增 77% 至 8,500 萬美元，其中包含因前一年度不利因素反轉（有利的前期年度發展）而帶來的 600 萬美元準備金減少。Hagerty Re 的綜合比率為 87%。這就是一家健康、具複利成長特性的專業保險公司在全速運轉時應有的樣子。

As McKeel mentioned, the GAAP presentation this year requires a brief reminder of what we shared on our fourth quarter call. Starting January 1 of this year, Hagerty Re assumed 100% of the underwriting risk on our US book, a great economic outcome for us given the bump in underwriting profits and investment income.

如 McKeel 所提，今年的 GAAP 呈現方式需要簡短提醒一下我們在第四季電話會議中分享的內容。自今年 1 月 1 日起，Hagerty Re 承擔我們美國業務簿 100% 的承保風險；考量承保利潤與投資收益的提升，這對我們而言是非常好的經濟結果。

Under the new structure, the MGA commission revenue and the associated ceding commission expense that previously appeared gross on our P&L now eliminate against each other in consolidation, i.e., they net to 0. This is why reported revenue declined 5%, even though written premiums grew 18%. Additionally, there are USD89 million of costs in the first quarter from the amortization of deferred ceding commissions for pre-2026 policies that result in a GAAP net loss of USD13 million. This charge burns off entirely by year-end.

在新架構下，先前在損益表上以總額呈列的 MGA 佣金收入與相對應的分出佣金費用，於合併報表中彼此抵銷，也就是淨額為 0。這就是為什麼即使已簽保費成長 18%，報導收入仍下滑 5%。此外，第一季還有 8,900 萬美元成本，來自對 2026 年以前保單之遞延分出佣金的攤銷，導致 GAAP 淨損為 1,300 萬美元。這項費用將在年底前完全攤銷完畢。

With that, let me walk through the financials shown on slide 6 and 7. Written premium in the first quarter was USD289 million, up 18% versus the prior year period. This is ahead of our full year guidance of 15% to 16%, an acceleration from last year's 14% growth driven by our omnichannel approach, combined with 89% retention. Earned premium jumped 42% to USD240 million, reflecting the 100% quota share retention in our US book of business plus written premium growth. This is the structural improvement in our reinsurance economics that we have been working towards for a decade as we evolve our partnership with Markel.

接著，我帶大家看第 6 與第 7 張投影片上的財務數字。第一季已簽保費為 2.89 億美元，較去年同期成長 18%。這高於我們全年 15% 至 16% 的指引；相較去年 14% 的成長有所加速，主要由我們的全通路策略所驅動，並搭配 89% 的續保率。已賺保費大增 42% 至 2.40 億美元，反映我們美國業務簿 100% 配額分保留存（quota share retention）以及已簽保費成長。這正是我們為改善再保經濟性、並隨著與 Markel 的合作關係演進而努力了十年的結構性提升。

Commission and fee revenue in the quarter was USD16 million. As I noted, this line is no longer comparable to prior periods given the elimination of Markel-related commissions. As State Farm conversions continue during the next two years, commission revenue inflects upwards. And unlike the prior Markel commission structure, the State Farm MGA fees carry no offsetting ceding commission expense falling through more cleanly. Marketplace revenue was USD26 million, down 12%.

本季佣金與費用收入為 1,600 萬美元。如我所述，由於與 Markel 相關的佣金已被抵銷消除，這一項目已不再能與過去期間直接可比。隨著 State Farm 的轉換在未來兩年持續進行，佣金收入將出現向上拐點。而且不同於先前 Markel 的佣金結構，State Farm 的 MGA 費用不會有相對應的分出佣金費用抵銷，因此落到損益表上更為乾淨。市集收入為 2,600 萬美元，年減 12%。

We delivered record auction results at Amelia this year, but had lower inventory sales as we compared against last year's one-time sale at the Academy of Art University. Amelia cemented our position as a leader in the high-end auction market. We are investing significantly to position Hagerty as the undisputed global leader in both live and online sales.

今年我們在 Amelia 拍賣會創下破紀錄的拍賣成果，但由於與去年 Academy of Art University 的一次性出售相比，本季庫存銷售較低。Amelia 鞏固了我們在高端拍賣市場的領導地位。我們正進行大幅投資，以將 Hagerty 定位為現場與線上銷售領域無可爭議的全球領導者。

Membership and other revenue was USD22 million, reflecting steady growth in Hagerty Drivers Club, paid memberships and ancillary revenue streams. Net investment income came in at USD10 million, benefiting from our now larger investment portfolio at Hagerty Re that enjoys steady returns with low volatility, thanks to our focus on high-quality fixed income investments.

會員與其他收入為 2,200 萬美元，反映 Hagerty Drivers Club、付費會員以及其他附屬收入來源的穩健成長。淨投資收益為 1,000 萬美元，受惠於 Hagerty Re 現在更大的投資組合；由於我們專注於高品質固定收益投資，該組合在低波動下提供穩定回報。

Moving on to expenses. Let's start with losses. In 2025 and into 2026, we are seeing declines in frequency and favorable development from prior years that allowed us to reduce reserves by USD6 million in the first quarter. Hagerty Re's loss ratio was 38%, resulting in a combined ratio of approximately 87%. We deliver high rates of written premium growth with excellent underwriting discipline, thanks to more than 40 years of proprietary data on 40,000 distinct makes and models, increased efficiency of acquiring and serving members and selecting members who take exceptional care of their toys.

接著談費用。先從損失開始。在 2025 年並延續至 2026 年，我們看到出險頻率下降，以及來自前期年度的有利發展，使我們得以在第一季將準備金減少 600 萬美元。Hagerty Re 的損失率為 38%，使綜合比率約為 87%。憑藉對超過 40,000 種不同品牌與車型、逾 40 年的專有資料，加上在獲取與服務會員方面效率提升，以及挑選那些會把玩具照顧得極好的會員，我們在維持卓越核保紀律的同時，仍能實現高水準的已簽保費成長。

With the new Markel Fronting Arrangement, we have also adjusted our presentation of our expenses to allow investors to track and model our core insurance operations the way other insurance companies disclose their results. We will report the balance of the year consistently with our first quarter disclosures.

隨著新的 Markel 前置安排（Fronting Arrangement）上線，我們也調整了費用的呈現方式，讓投資人能以其他保險公司揭露結果的方式，追蹤並建模我們的核心保險營運。我們將以與第一季揭露一致的方式，持續報告今年剩餘期間的表現。

After adjusting for the amortization of the ceding commission for policies issued in 2025, the underlying business showed significantly improved profitability, which can be seen in our adjusted EBITDA of USD85 million. We believe that adjusted EBITDA is the best metric to focus on as it reflects the true operating momentum of our differentiated business strategy. We are growing quickly and efficiently converting premium growth into cash flow.

在針對 2025 年簽發保單之分出手續費（ceding commission）攤銷進行調整後，基礎業務展現顯著改善的獲利能力，這可從我們 8,500 萬美元的調整後 EBITDA 看出。我們認為調整後 EBITDA 是最值得關注的指標，因為它反映了我們差異化商業策略的真實營運動能。我們正快速成長，並有效率地將保費成長轉化為現金流。

I would point out that operating cash flow of USD16 million was lower than the prior year's USD44 million. With the new Markel Fronting Arrangement, we are paying claims directly, while under the prior structure, Markel paid the claims and we reimbursed Markel with a lag. So in Q1 of 2026, we made both the direct payments and the reimbursement for Q4 2025 claims of approximately USD65 million. This normalizes during the balance of 2026. Adjusted for this doubling up of payments, operating cash flow increased roughly in line with adjusted EBITDA growth in the quarter.

我想指出，營運現金流 1,600 萬美元低於去年同期的 4,400 萬美元。在新的 Markel 前置安排下，我們改為直接支付理賠；而在先前架構下，理賠由 Markel 支付，我們再延後一段時間向 Markel 進行償付。因此在 2026 年第一季，我們同時支付了直接理賠款，以及對 2025 年第四季理賠約 6,500 萬美元的償付。這種情況在 2026 年剩餘期間將回歸正常。若將這種「付款加倍」因素調整回來，本季營運現金流的增加大致與調整後 EBITDA 的成長一致。

First quarter loss before taxes was USD21 million and includes USD89 million of deferred acquisition costs. First quarter net loss was USD13 million and net loss attributable to Class A common shareholders was USD7 million. GAAP basic and diluted loss per share was USD0.06 for the quarter based on 101 million weighted average shares of Class A common stock outstanding. Adjusted diluted loss per share, defined as adjusted net loss divided by 361 million fully diluted shares was USD0.04 for the quarter. We ended the quarter with USD212 million in unrestricted cash, total investments of more than USD1.1 billion and total debt of USD229 million, which includes USD110 million of back leverage for Broad Arrow's portfolio of loans.

第一季稅前虧損為 2,100 萬美元，其中包含 8,900 萬美元的遞延取得成本（deferred acquisition costs）。第一季淨損為 1,300 萬美元，歸屬於 A 類普通股股東的淨損為 700 萬美元。依 GAAP 計算之基本及稀釋後每股虧損為 0.06 美元，係以 1.01 億股 A 類普通股加權平均流通股數計算。調整後稀釋每股虧損（定義為調整後淨損除以 3.61 億股完全稀釋股數）為 0.04 美元。本季末我們持有 2.12 億美元不受限制現金、總投資超過 11 億美元，以及總負債 2.29 億美元，其中包含 Broad Arrow 貸款組合 1.10 億美元的回溯槓桿（back leverage）。

Given the strength in our first quarter results and momentum as we head into the summer driving season, we are reaffirming our full year 2026 guidance and are trending toward the high end of these ranges. This includes anticipated written premium growth of 15% to 16%, adjusted EBITDA of USD236 million to USD247 million and a GAAP net loss of USD41 million to USD51 million. As has been our practice in prior years, we will revisit our full year outlook on the second quarter call, but we are increasingly confident in our ability to deliver great 2026 results for shareholders.

鑑於第一季結果強勁，以及進入夏季駕駛旺季前的動能，我們重申 2026 全年指引，且目前走勢接近區間上緣。其中包括預期簽單保費成長 15% 至 16%、調整後 EBITDA 為 2.36 億至 2.47 億美元，以及 GAAP 淨損 4,100 萬至 5,100 萬美元。如同過去幾年的作法，我們將在第二季電話會議時重新檢視全年展望，但我們對於為股東交出優異的 2026 年成果愈來愈有信心。

Looking forward a year, 2027 should be a more normalized year for Hagerty's P&L post 2026 complexity, where revenue growth more closely tracks written premium growth. We anticipate another year of mid-teens growth in written premium while we continue to make multi-year investments in member growth and other initiatives. These include increased capabilities around the Markel Fronting Arrangement, technology investments in our B2B distribution, build-out of our product and Broad Arrow teams, enhancements to our digital marketplace as well as expansion of our special investigation and material damage units. Early indications point to these being high-return investments that will fuel member LTV in the years to come.

展望一年後，2027 年在經歷 2026 年的複雜因素後，Hagerty 的損益表應會更趨正常化，營收成長將更貼近簽單保費成長。我們預期簽單保費將再有一年約中十位數（mid-teens）的成長，同時持續進行會員成長及其他計畫的多年期投資。這些投資包括：強化 Markel 前置安排相關能力、在我們的 B2B 分銷上的科技投資、擴編產品與 Broad Arrow 團隊、強化數位市集，以及擴大特別調查與重大損害（material damage）單位。初步跡象顯示，這些都是高報酬投資，將在未來幾年推升會員 LTV。

That wraps up our prepared remarks. Operator, we can open the line for questions.

以上是我們準備好的發言。接線員，我們可以開放提問。

(Operator Instructions) Pablo Singzon, JPMorgan.

(接線員指示) JPMorgan 的 Pablo Singzon。

Is there any seasonality considered for EBITDA through the balance of the year? It seems to me or as you pointed out, Patrick, right, it seems to me that at least through 1Q, you're running above the full year guide, and I'd expect revenues to increase through the balance of the year. So I'm just not sure if there's any offsets maybe I don't know if you're considering GAAP in the third quarter or some pick up in expenses that might sort of derail the simplistic math of just annualizing the 1Q number.

全年剩餘期間的 EBITDA 是否有考量任何季節性？在我看來，或如你所指出的，Patrick，至少到第一季為止，你們的表現高於全年指引，我也預期營收在全年剩餘期間會增加。所以我不太確定是否有任何抵銷因素——也許我不知道你們是否在第三季會考量 GAAP 的影響，或是費用會有所增加，進而打亂單純把第一季數字年化的簡單推算。

I think business is seasonal, and so the seasonal pattern has not changed. So you should always consider that in your modeling. And then we are investing in the business, and we talked about that on the last earnings call. And some of that ramps up over the course of the year. And we have the normal dynamic of inevitably in the first quarter, you don't end up filling all the headcount slots that are open. It just takes a little longer than expected. So we would expect to see some ramp-up of expenses embedded in the full year guidance. So I wouldn't just annualize the first quarter. Hopefully, that's helpful that gives you a direction.

我認為業務具有季節性，而季節性型態並沒有改變。所以你在建模時應該一律把這點納入考量。另外，我們也在投資業務，我們在上次財報電話會議也談過。其中部分投資會在一年當中逐步拉升。而且也有一個常見的動態：第一季通常不會把所有開出的職缺都補滿。這往往會比預期多花一些時間。因此，我們預期全年指引中已內含費用逐步上升的情況。所以我不會直接把第一季年化。希望這樣的說明有幫助，能給你一個方向。

And then the second question I had, just a broader topic, right? So competition in personal auto is increasing. I'm wondering how that's affecting dynamics in your core classic car insurance business. And then maybe just to tack on something to that, like how is the current environment affecting your thinking about the rollout of Enthusiast Plus?

我第二個問題是比較宏觀的主題。個人汽車保險的競爭正在加劇。我想了解這對你們核心的經典車保險業務動態有何影響。另外再延伸一下，目前的環境如何影響你們對 Enthusiast Plus 推出的思考？

Thanks, Pablo. It's McKeel. As you may recall, we've discussed this in some of our previous calls that when rates have gone up, for example, in standard auto, it tends to create shopping behavior that we actually benefit from. As you know, we're in a different kind of cycle now with standard auto where states are -- standard auto carriers are holding pretty steady right now, if not down.

謝謝你，Pablo。我是 McKeel。如你所記得，我們在先前幾次電話會議中討論過：例如在標準汽車保險（standard auto）費率上升時，往往會引發比價（shopping）行為，而我們其實會從中受益。如你所知，現在標準汽車保險正處於不同的循環，各州——標準汽車保險承保公司目前大致維持穩定，甚至有些下調。

But we're seeing very strong year-over-year PIF growth in the core business, not just because of the additional new partnership accounts that are coming in from State Farm and others. So in this case, just I think the flywheel effect of the business is holding our momentum strongly into this year, and we're not in any way negatively affected by the fact that the standard auto carriers are kind of in a lateral moving year from a rate standpoint.

但我們看到核心業務的在保保單（PIF）年增成長非常強勁，這不僅是因為來自 State Farm 等新增合作夥伴帳戶的導入。因此在這種情況下，我認為業務的飛輪效應正讓我們今年的動能維持強勁；而標準汽車保險承保公司在費率面大致呈橫向整理的一年，並未對我們造成任何負面影響。

Michael Phillips, Oppenheimer.

Oppenheimer 的 Michael Phillips。

You've talked a bit about in recent calls about your European expansion for the auction business. I guess, given the flywheel that exists in your overall business, can you talk about your appetite -- just remind us your appetite for expansion internationally for insurance business?

你們在最近幾次電話會議談到一些關於拍賣業務的歐洲擴張。我想，考量你們整體業務存在的飛輪效應，能否談談你們對保險業務進行國際擴張的意願——也請提醒我們你們的擴張意向？

Thanks, Michael. It's a topic we've discussed for years. We've had an international business for over 20 years with our first entry outside of the country was actually in the UK. We still have that business. It's growing. It's doing well.

謝謝你，Michael。這是我們多年來一直討論的主題。我們的國際業務已超過 20 年，首次走出國門其實是在英國。我們至今仍保有那項業務。它正在成長。表現也很好。

I think this order of things that we've really discovered by unlocking these very successful sales in Europe with Broad Arrow is helping us to understand the market differently than just sort of starting with insurance and then deciding whether membership is added and then thinking about marketplace later is that the order of things for us first is understand the market with these European auctions, getting that kind of sales team in force, in place, understanding the event environment and then deciding whether insurance is something that needs to be added on the back.

我認為，我們透過與 Broad Arrow 在歐洲解鎖這些非常成功的銷售所真正發現的這種先後順序，正在幫助我們以不同於那種「先從保險開始、再決定是否加入會員、之後再考慮市集」的方式來理解市場；對我們而言，事情的順序首先是透過這些歐洲拍賣來了解市場，建立並到位那樣的銷售團隊，理解活動環境，然後再決定是否需要在後端加上保險。

Something we have discussed in the past is that when we started our UK business back in the day, the UK was sort of a golden place to be able to operate throughout Europe selling insurance. So our MGA structure over there, we were able to consider writing directly into the European continent without having to create an additional entity after Brexit, that became much more difficult. So right now, we are still just operating in the UK. We write a little bit of some larger collection business in Europe, but we're looking at opportunities, but right now, focusing on just rounding out that auction schedule on the continent.

我們過去討論過的一件事是，當年我們在英國開展業務時，英國某種程度上是能夠在全歐洲經營並銷售保險的「黃金據點」。因此，我們在那邊的 MGA 架構，使我們能夠在不必於脫歐後另設一個額外實體的情況下，考慮直接承保至歐洲大陸；但脫歐之後，這變得困難得多。所以目前我們仍然只在英國營運。我們在歐洲承作了一點較大型藏車（收藏）業務，但我們正在尋找機會；不過眼下重點是把歐洲大陸的拍賣行程排得更完整。

Okay. I guess I was hoping you could expand a little bit more on the -- you mentioned the strengthening of your in-house claims team and kind of what's happening there and why -- how much of that's related to the change in the structure of this quarter? How much of that is related to -- I know you wanted to expand more enthusiast market, so kind of a different book of business that's coming. But just can you talk about that in-house claims team and what's happening there and why and how it's related to the changes that's happening in your overall business?

好的。我想我原本希望你能再多展開談一點——你提到強化你們內部理賠團隊，以及那邊正在發生什麼、以及為什麼——其中有多少與本季結構變動有關？又有多少與——我知道你們想更多擴展到愛好者市場，因此會有一個不同的業務組合進來——有關？但你能否談談這個內部理賠團隊正在做什麼、原因是什麼，以及它如何與你們整體業務正在發生的變化相關？

I'll take the high end of it and if Patrick wants to follow-up, I'll let him. So yes, we've always done claims in-house. It was a real differentiating thing for us even when we were just operating as an MGA. Of course, now having 100% of your risk, you want to be paying attention to every dollar you spend when it comes to claims while maintaining a very high level of NPS and customer satisfaction and sort of overall claim service rates. But even though this is a low-frequency claim business, the bigger you get, we will have more claims. And we decided we really needed to make the investments to upgrade that team.

我先講高層面的部分，如果 Patrick 想補充，我再讓他接著說。所以是的，我們一直都是內部處理理賠。即使在我們還只是以 MGA 方式營運時，這對我們而言就是一個很重要的差異化。當然，現在你承擔 100% 的風險，你會希望在理賠上花的每一塊錢都要非常留意，同時維持非常高的 NPS 與客戶滿意度，以及整體理賠服務水準。但即便這是一個低頻率理賠的業務，你規模越大，理賠件數就會越多。因此我們決定必須投資升級這個團隊。

We have some incredible leadership on the claims side who bring sort of the best of big auto industry claims expertise, but that understand the unique nature that repairing the types of vehicles we insure in our core book is very different than repairing a sort of standard auto where you can just bolt on a brand-new part because in many cases, repairing a vintage car, it takes time. You got to find the right kind of shop. You have to sometimes fabricate parts or parts have to be sourced from a variety of different places. So we have teams of people who help find those parts very different than a standard repair shop.

我們在理賠端有一些非常出色的領導者，他們帶來大型汽車產業理賠專業的精華，同時也理解一個獨特的本質：修復我們核心保單所承保的車輛，與修復一般標準車輛非常不同；一般車你可以直接鎖上一個全新的零件，但在很多情況下，修復一台古董車需要時間。你得找到合適的修理廠。有時候必須自行製作零件，或是零件需要從各種不同的地方去尋找。因此我們有團隊專門協助尋找那些零件，這與一般修理廠的做法非常不同。

So I think what we're doing just sort of structurally bringing best practices from standard auto claims and kind of turnaround times and all the things that you can do to contain the leakage that can happen around claims practices while maintaining the high quality of work that our customers expect because you want to pay fast, but you don't want to rush so that they're concerned about the quality of the repair. So that's the sort of maybe structural piece. And I don't know how much it's affecting the math specifically, Patrick, or we just...

所以我認為我們正在做的是，在結構上導入一般車險理賠的最佳實務，例如周轉時間，以及所有你可以用來控制理賠作業中可能發生的「漏損」（leakage）的措施；同時也要維持客戶所期待的高品質，因為你希望快速付款，但也不希望為了趕速度而讓他們擔心修復品質。所以這可能是結構面的部分。至於它在數字上具體影響多少，Patrick，我不確定，或者我們只是……

Yes, it's meaningful. The claims organization that they've changed the mix, right? The meaningfully increased the number of claims that are dealt with in-house versus using independent adjusters. And every time they've increased that baseline, they've proven that the return on that is pretty compelling. And so we sit down and decide to increase the baseline again.

是的，影響很顯著。理賠組織的確改變了處理組合，對吧？他們大幅提高了由內部處理的理賠件數比例，而不是使用獨立理算師。而每一次他們提高這個基準比例，都證明其投資報酬相當有吸引力。因此我們坐下來決定再次提高這個基準。

That's what happened over the last couple of years. And that return comes from when you're processing things in-house, velocity increases, the customer service is better and the ultimate economic outcomes are better as well. And so the overall frequency and severity trends have been -- for the industry have been positive. We think we've got more tailwinds behind that because of this strategic decision to really invest in that capability. So we view it as a differentiator because these cars are different. They need a different level of expertise, and it's driving real value.

這就是過去幾年發生的事。而這個回報來自於：當你在內部處理時，處理速度會提升、客戶服務更好，最終的經濟結果也更好。因此整體產業的出險頻率與損失嚴重度趨勢一直是正向的。我們認為，因為這項策略性決策——真正投資這項能力——我們還會有更多順風。所以我們把它視為差異化，因為這些車不一樣。它們需要不同層級的專業，而這正在帶來實質價值。

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行。

My first question is just on PIF. How should we just think about seasonality during the year? And I think in some years, right, Q1 tends to be like the lowest growth quarter of the year. Would you expect to see similar trends this year as we think about PIF growing during the year?

我的第一個問題是關於 PIF。我們應該如何看待一年當中的季節性？而且我想在某些年份，對吧，第一季往往是一年中成長最低的季度。在我們思考今年 PIF 全年成長時，你會預期看到類似的趨勢嗎？

So this year -- last year, this year, next year, we do have the impact of the State Farm conversions. And so that's driving a meaningful increase in PIF. And that is not seasonal, right? That's based upon the rollout schedule with our partners at State Farm. And so that's meaningful and attractive. You have to kind of put that aside from a seasonality perspective. And then we're seeing the same trends that we typically would see.

所以今年——去年、今年、明年——我們都受到 State Farm 轉換的影響。因此這正在推動 PIF 顯著增加。而那不是季節性的，對吧？那是基於我們與 State Farm 夥伴的推行時程。所以那是顯著且具吸引力的。從季節性的角度，你必須把那一塊先單獨拿出來看。然後我們看到的趨勢與我們通常會看到的相同。

The first quarter typically is a lower quarter for us in terms of PIF growth. We ramp-up starting kind of in April and now into May and through the summer months, and you see it ramp down again in the fourth quarter. So we're seeing those same -- that same underlying dynamic. But right now, we're also seeing a very attractive healthy growth in that traditional core business.

第一季通常在 PIF 成長方面對我們而言是較低的一季。我們大約從四月開始加速，現在進入五月並延續到夏季月份，然後你會看到在第四季又再度放緩。所以我們看到的是同樣——同樣的底層動態。但目前我們也看到傳統核心業務非常吸引人且健康的成長。

And then my second question, you guys, I think, are typically weighted to Q2 to update full year guidance, but you did say -- and I think you made some comments that said you're trending towards the high end of the ranges. It does seem like based on the Q1, right, that you're trending favorable to most items. So anything that we should think about like reversing? I mean, I guess I'm more interested just in thinking about adjusted EBITDA, right, and written premium growth, but really any components of guidance? Or is it just being somewhat conservative and just waiting to provide an update with Q2?

然後我的第二個問題是，我想你們通常會偏向在第二季更新全年指引，但你確實說了——而且我認為你也有一些評論提到你們正朝區間高端走。看起來基於第一季的表現，對吧，你們在大多數項目上都呈現有利趨勢。那有沒有什麼我們需要考慮可能會反轉的因素？我的意思是，我比較關心的是調整後 EBITDA，對吧，以及簽單保費成長，但其實也包括指引的任何組成項目。還是說你們只是相對保守，並等待在第二季時再提供更新？

It's just waiting to provide the update. That's our approach on this. We've been consistent. We've concluded that not enough chapters of the books have been written at the end of 3 months. And so we'll do our first update after the second quarter.

只是等待提供更新。這就是我們在這件事上的做法。我們一直保持一致。我們的結論是，在3個月結束時，帳本的章節寫得還不夠多。因此，我們會在第二季之後做第一次更新。

Okay. And then I think you said with State Farm that you would be active, I think, in 40 states by the end of the year? And then would you expect to add the additional states in '27 to be at full capacity? Is that how to think about that?

好的。然後我想你提到與State Farm合作時，你們會在年底前在40個州左右積極推進？那麼你們是否預期在27年再加入其餘州，以達到全面覆蓋/滿載？這樣理解對嗎？

Pretty much. There could be states that stretch a little bit beyond that just because they're more challenging from a regulatory standpoint. But by the end of 2027, we should be selling in almost all the states, and then we'll still have a little bit of a tail in terms of the conversions, right? There's always that lag where we sell new business first, you make sure that everything is working and then start the conversion process.

差不多是這樣。有些州可能會稍微超出那個時間點，主要是因為從監管角度來看更具挑戰性。但到2027年底，我們應該會在幾乎所有州都有銷售，之後在轉換方面仍會有一點尾端效應，對吧？總是會有那個落後期：我們先賣新業務，確認一切運作正常，然後才開始轉換流程。

Gregory Peters, Raymond James.

Gregory Peters，Raymond James。

McKeel, in your opening comments, it's quite envious of your description of driving the Corvette into the office this morning. And I guess I'm going to go down a path that's probably unexpected, but I recently leased out a model Y, the Tesla Model Y. And I know this isn't your classic car addressable market, but I find the experience with it shockingly positive. I'm just curious because you're a car enthusiast, what you think of these new electric cars with the self-driving feature?

McKeel，你在開場評論中描述今天早上開著Corvette進辦公室，真讓人羨慕。我想我接下來要問的方向可能有點出乎意料，但我最近租了一台Model Y，也就是特斯拉Model Y。我知道這不是你們典型的經典車可服務市場，但我覺得它的體驗好得令人驚訝。我只是好奇，因為你是車迷，你怎麼看這些具備自動駕駛功能的新電動車？

First of all, thank you. Yes, it was -- it's a super fun drive to drive the Corvette. And I'm reminded why they made some significant changes in 1964 after 1963 when you drive it. So it's a fun car, but you can't see out of the rearview mirror. I'm a huge fan of electric cars. And some car people who view it as some sort of dogmatic war going on.

首先，謝謝你。是的——開Corvette真的非常有趣。而且當你開它時，會想起為什麼他們在1964年相較於1963年做了幾項重大改動。所以它是一台很有趣的車，但你從後視鏡幾乎看不到後方。我非常喜歡電動車。有些愛車人士把這看成某種教條式的戰爭。

I don't view it that way. I think we're going to have more and more electric cars. I own an electric car. I have one of the Porsche Taycans, and I'm a big fan. I drive that year around. Like you said, shockingly impressed. They're just great. They're great. They're simple, they're fast, they're quiet. They do a lot of great things. And I think you'll see more of them, and I think we'll be ensuring more of them in years to come.

我不這麼看。我認為電動車會越來越多。我自己也有一台電動車。我有一台Porsche Taycan，我是它的忠實粉絲。我一年四季都開它。就像你說的，令人驚訝地印象深刻。它們真的很棒。真的很棒。它們簡單、快、安靜。它們有很多優點。我想你會看到更多這類車，而未來幾年我們也會為更多這類車提供保險。

Like for us, it's -- there's always this shifting process, right, even with like the daily -- the cars that we insure today were daily drivers, some number of decades ago or some number of years ago. And there's a shifting process where people decide, I like this one, I don't like that one and the ones that survive are the ones that we end up insuring. And so there is no doubt, as we do now, ensuring Tesla Roadsters that we will be ensuring certain Teslas out there in the future.

對我們而言，這——總是有一個轉移的過程，對吧？即使是日常用車也是如此——我們今天承保的車，若干十年前或若干年前也曾是日常代步車。而且會有一個轉移過程：人們會決定我喜歡這台、不喜歡那台，最後能存活下來的，才是我們最終會承保的車。所以毫無疑問，就像我們現在承保Tesla Roadster一樣，未來我們也會承保市面上某些特斯拉車款。

And -- but finally, just on the self-driving thing, I also -- I took my first Waymo ride for what it's worth a couple of weeks ago, and I thought it was really cool and I played my own music in it and all that stuff. And I think we're going to have more self-driving cars as well. But I think there will be a world where there are human-driven cars. I think there'll be self-driving cars.

另外——最後談到自動駕駛這件事，我也——不瞞你說，我在幾週前第一次搭了Waymo，我覺得非常酷，還在車上播放了自己的音樂之類的。我認為自動駕駛車也會越來越多。但我覺得未來會有一個世界：仍然有人類駕駛的車。也會有自動駕駛車。

And I think as that technology becomes safer and safer outside of cities right now, I think it's better off in cities personally. That it will be part of our world. So we're going to be the ones out there advocating. We're the company that was built by drivers like me for drivers, and we'll be advocating for those people. But we recognize that we will be surrounded by self-driving cars.

而且我認為，隨著這項技術在目前城市以外的場景變得越來越安全——就我個人而言，我覺得它在城市裡更合適。它將會成為我們世界的一部分。因此，我們會是站出來倡議的那一方。我們是一家由像我這樣的駕駛者為駕駛者所建立的公司，我們會為這些人發聲。但我們也認知到，我們將被自動駕駛車所包圍。

Great. I know it was a little bit off topic, but not really. I mean, it's a great...

很好。我知道這有點離題，但其實也不算。我的意思是，這是一個很棒的……

Not really, non-topic.

其實不算離題。

It's a great product. It's not in your classic car sweet spot yet, but I'm sure it will be at some point. Listen, I know you spent some time in your prepared remarks and maybe in the follow-up Q&A talking about the PYD, the prior year development. Can you just revisit that and just walk us through what's the source? Is it lower severity? And maybe take the results that you reported, is there anything -- any read-through as we look forward on how the reserves are seasoning?

這是一個很棒的產品。它還沒進入你們經典車的甜蜜點，但我相信某個時候會的。聽著，我知道你在事先準備的講稿中，以及可能在後續問答裡，花了一些時間談到PYD（前期年度發展，prior year development）。你能不能再回顧一下，帶我們走一遍來源是什麼？是損失嚴重度（severity）較低嗎？另外，從你們公布的結果來看，當我們往前看時，對準備金逐步成熟（seasoning）有沒有任何可供推讀的訊號？

Sure. So the prior year is about USD6.5 million reduction that we had in the first quarter. And you'll recall in the fourth quarter, we had about a USD20.5 million reduction in reserves. So this is a continuation. The USD6.5 million, it was predominantly the 2025 accident year.

當然。所以前期年度在第一季大約是我們減少了650萬美元。你會記得在第四季，我們大約減少了2,050萬美元的準備金。所以這是一個延續。這650萬美元主要來自2025事故年度（accident year）。

And we're starting to see that development in the fourth quarter, and that influenced what we did in the fourth quarter. But it just matured and continues to mature in a very attractive way for us. And so what we're seeing is a combination of from a severity standpoint, we're in a good spot, continue to be in a good spot.

我們在第四季開始看到那樣的發展，這也影響了我們在第四季所做的決定。但它已成熟，並且持續以對我們非常有利的方式成熟。因此，我們看到的是多種因素的組合：從嚴重度角度來看，我們處於良好位置，而且仍然處於良好位置。

We talked about frequency before. We've talked about what we're doing in terms of claims outcomes. And so it's really just looking at the historical book of losses and as those are maturing and layering into that what we've done to make sure that we're delivering from a claim's standpoint, it's all adding up to that we end up in a better position. That's our market-to-market as of right now for prior years. We'll see how the balance of this year unfolds, but we think we're in a solid position right now.

我們之前談過出險頻率（frequency）。我們也談過我們在理賠結果（claims outcomes）方面所做的事情。所以這真的就是回頭看歷史損失帳本，隨著這些損失逐步成熟，再把我們為確保理賠端交付成果所做的事情疊加進去，最終加總起來就是我們落在更好的位置。這就是我們目前對前期年度的按市價重估（mark-to-market）。我們會看看今年剩餘時間如何發展，但我們認為目前我們處於穩健的位置。

Mark Hughes, Truist Securities.

Mark Hughes，Truist Securities。

Patrick, you had mentioned that you probably see another year of mid-teens growth in written premium next year. Any early thoughts on EBITDA growth when we think about expenses that may be either ramping up or being leveraged? How should we think about EBITDA in 2027?

Patrick，你先前提到你們明年可能還會看到簽單保費有另一年約中十位數的成長。在考量費用可能正在增加或被槓桿化的情況下，對 EBITDA 成長有沒有任何初步想法？我們應該如何看待 2027 年的 EBITDA？

No, no early thoughts on that. We're going to stick to sort of the focus on the prompt year in terms of guidance. Hopefully, what came through in those comments, this is a business that continues to grow at that sort of very credible mid-teens type rate, so we feel good about that. And it's also a business that we have demonstrated that we've been able to expand margins over time. And then it's also a business that we're choosing to invest in to make sure that we deliver that growth, not just for the next year, the next two years, but for the long haul. And so that's the balance that we're constantly striking.

沒有，對此沒有任何初步想法。我們在指引方面會維持聚焦於近期年度。希望從那些評論中可以看出，這是一個持續以相當可信的中十位數增速成長的業務，所以我們對此感到樂觀。同時，這也是一個我們已經證明能夠隨時間擴大利潤率的業務。此外，這也是一個我們選擇持續投資的業務，以確保我們能交付這樣的成長，不只是明年、後年，而是長期。因此，這就是我們一直在拿捏的平衡。

And then, McKeel, you talked about the higher guaranteed value that, that is a benefit over time. Is there a specific number that you would throw at that? Is that kind of a low single-digit tailwind? Or how should we think about how much that helps year-to-year?

另外，McKeel，你談到較高的保證價值，這會隨時間帶來好處。你會給出一個具體數字嗎？那算是低個位數的順風嗎？或者我們應該如何理解它對年度之間的幫助幅度？

Well, thank you. What's interesting when we go back -- what's interesting to compare it against is that when I think of the few times in my career where the market has taken some sort of dip. So for example, all the way back to, believe it or not, the dot-com crisis, the great financial crisis, we know COVID was -- had the exact opposite effect is that I was sort of looking at, okay, which cars kind of held steady and which cars kind of went up. And we certainly have seen for the last 15 or so years where sports cars, sports racing cars, Ferraris, Porsches, that sort of thing, of earlier generations were the ones that showed the greatest amount of increases year-over-year, while the rest of the book kind of held steady, which is still differentiated from a standard brand-new daily driver book of business that would be depreciating over time.

好的，謝謝。有趣的是，回頭看——拿來比較的有趣之處在於，當我回想職涯中市場出現幾次下跌時，例如很久以前的網路泡沫危機、全球金融危機；我們知道 COVID 的影響——剛好完全相反——我當時會看，哪些車款大致持平、哪些車款上漲。而我們確實看到在過去約 15 年裡，跑車、賽車、Ferrari、Porsche 這類較早世代的車款，是年增幅度最大的；其餘的整體組合大多持平，而這仍不同於一般全新日常代步車的業務組合，後者會隨時間折舊。

But definitely, what we're seeing right now is this sort of more modern supercar, hypercar segment that we're seeing in the Broad Arrow business. Those are the cars that are most sought after. And they're lifting everything around them. So when we were seeing cars from -- so when I think modern supercars, I think cars from the '90s, even the 2000s. And these are Ferraris and similar types of cars that were that are just -- they're being purchased at a higher price point by new entrants into the market, but also by older well-heeled collectors.

但我們現在看到的，確實是 Broad Arrow 業務中這種較現代的超跑、頂級超跑（hypercar）區隔。這些車最受追捧。而且它們也帶動周邊所有車款的價值。所以當我說現代超跑，我想到的是 90 年代、甚至 2000 年代的車。這些是 Ferrari 以及類似類型的車款——它們正以更高的價格被市場新進者買入，同時也被資金雄厚的資深收藏家買入。

And so it's that double effect where you get maybe new money deciding to come in there and pay 10%, 15%, 30% more than the car was worth or in a few cases, just multiples of that. But it's also that well-heeled collector that had an earlier generation of cars who they step up and say, well, I don't want to be left without the new hot thing. So I'm actually willing to lighten up on my other parts of my collection, so I can go buy the latest and greatest or they're just continuing to add to their collection. So in general, it's sort of single-digit steady growth on those types of cars, but you get these just wild examples of like the 2003 Enzo that we sold for USD15 million. I mean that was a USD3 million to USD5 million car a couple of years ago, and it's just astonishing.

因此會有雙重效應：一方面可能有新資金決定進場，願意比車原本的價值多付 10%、15%、30%，少數案例甚至是數倍。但另一方面，也有那些資金雄厚、擁有較早世代車款的收藏家，他們會往上升級並說：我不想錯過最新最熱門的東西。所以我願意把收藏中其他部分出清一些，好去買最新、最頂的車；或者他們只是持續擴充收藏。整體而言，這類車通常是低個位數的穩定成長，但也會出現非常誇張的例子，例如我們賣出的一輛 2003 年 Enzo，成交價 1,500 萬美元。我的意思是，幾年前它還是一輛 300 萬到 500 萬美元的車，這真的令人震驚。

Yes, Mark, we've looked at all that over the last 15 years, as McKeel described, on average, it ends up being low single digits. In those 15 years, there's only 2 years where it ticked down a little bit, and that can happen. And then some years, it's mid-single digits or even high single digits. But in the long run, it ends up being that low single-digit type number.

是的，Mark，正如 McKeel 所描述，我們把過去 15 年的情況都看過了，平均而言最後大概就是低個位數。在那 15 年裡，只有 2 年略微下滑，而這是可能發生的。然後有些年份是中個位數，甚至高個位數。但長期下來，結果就是那種低個位數的數字。

Very good. Well, I'll tell my own story I parked in church next to Camaro Z28 and it looked sort of like a beer, but it was still in pretty good shape. And when he pulled out it had the license plate and peak auto is intriguing and also since I had that car when it was new, I felt a little antique as you drove away. So anyway.

非常好。我也分享一下自己的故事：我在教堂停車時，旁邊停了一台 Camaro Z28，看起來有點像啤酒——但狀況仍相當不錯。他開走時，我看到車牌寫著「peak auto」，很有意思；而且因為我那台車在新車時我就擁有過，所以看著他開走時我覺得自己有點像古董。總之。

We don't call that a beer. We say it has patina.

我們不叫那個啤酒。我們說那叫包漿（patina）。

It has patina. Yes. It's -- those are wisdom marks. As the 63 Corvette was, I must admit a little slow cranking when I was turning it over. And then I realized like, well, you're a couple of years older than I am, and I'm feeling a little slow cranking myself. So that's all right.

有包漿。是的。那是智慧的痕跡。就像那台 63 年的 Corvette 一樣，我得承認我發動時轉得有點慢。然後我才意識到：嗯，你只比我大幾歲，而我自己也覺得發動得有點慢了。所以沒關係。

Mike Zaremski, BMO Capital Markets.

Mike Zaremski，BMO Capital Markets。

Maybe just back to the excellent PIF growth and revenue growth question. It sounds like if you agree that underlying seasonality did take place. So the kind of the overlay was the State Farm conversions. I'm just trying to kind of help dimension the impact State Farm's having. Is that a fair way to think about it?

或許回到剛才那個很好的 PIF 成長與營收成長問題。聽起來如果你同意的話，基本的季節性確實發生了。所以疊加在上面的因素是 State Farm 的轉換。我只是想幫忙量化 State Farm 帶來的影響。這樣理解公平嗎？

Yes, that's accurate.

是的，這是正確的。

Yes.

是的。

Okay. Great. And I can see there was a USD50 million in proceeds from a loss portfolio transfer in the quarter. Any color on what happened there, any implications for capital return, et cetera?

好的。很好。我也看到本季有一筆來自損失組合轉移（loss portfolio transfer）的 5,000 萬美元款項收入。能否補充一下那邊發生了什麼、對資本回饋等是否有任何影響？

So that's part of the overall transition evolution of our relationship with Markel. And so for the prior periods, we did a loss portfolio transfer. So they transferred to us USD50 million. We've assumed all those liabilities. And keep in mind, this is the 20% or so because some of the prior years where we were taking a little bit less of the risk. But it really just represents that. So it's risk that we already had. We're just topping it up for those prior period. And so we received that cash. We put the liability on our balance sheet.

所以那是我們與 Markel 關係整體轉型演進的一部分。在先前期間，我們做了一筆損失組合轉移。因此他們轉給我們 5,000 萬美元。我們承擔了所有那些負債。請記得，這大約是 20% 左右，因為在某些先前年度我們承擔的風險稍微少一些。但它其實就是代表這件事。也就是我們原本就已經有的風險。我們只是把那些先前期間的部分補足。因此我們收到了那筆現金。我們也把相對應的負債列在資產負債表上。

As you go through the queue, you'll see that we're assuming that there's a gain associated with that. And then that gain amortizes into the income statement over the expected settlement of those claims, which in the aggregate will take, I don't know, call it, 4 years or so, but it's pretty front-end loaded. And so that will flow through. This is not a risk transfer transaction, so it's a financing. And so it hits down on the other income and expense line item.

當你一路走過這個隊列時，你會看到我們假設這當中會有一筆相關的收益。接著，這筆收益會在這些理賠預期結算期間攤銷進損益表；整體而言大概需要，我不知道，就算約 4 年左右，但攤銷相當偏向前期。因此它會反映在報表中。這不是一筆風險移轉交易，所以它屬於融資。因此它會落在其他收入與費用這個科目。

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

When we look at the mid-teens premium growth in the guide this year, is there a roughly even split between the core legacy Hagerty business, State Farm and Enthusiast Plus? Or is there one of those contributing more than the others?

當我們看今年指引中保費中十位數（約 15% 左右）的成長時，核心的傳統 Hagerty 業務、State Farm，以及 Enthusiast Plus 之間的貢獻是否大致各半？還是其中某一項的貢獻高於其他？

We're not going to kind of break it down by the different lines that you just described. What I will say is this year, 2026 and then 2027 are going to be big years for State Farm conversion. I think between new and converted, we're already in excess of 100,000 policies. But in total, it's 500-plus thousand policies.

我們不會按你剛才描述的不同業務線去做拆分。但我可以說的是，今年、2026 年以及 2027 年都會是 State Farm 轉換的大年。我想包含新保單與轉換保單在內，我們已經超過 100,000 張保單。但總量是 50 萬張以上的保單。

And so we're kind of in the thick of it right now. So that is a meaningful driver this quarter and it will be this year and next year. And then the core business continues to grow at the kind of rates that it has been for the last handful of years. So very consistent there. And then E-Plus is still very, very small. So that's not much of a driver at all right now.

所以我們現在正處於推進的關鍵階段。因此這一季它是重要的驅動因素，今年與明年也都會是。而核心業務則持續以過去幾年一貫的增速成長。所以在那方面非常一致。至於 E-Plus 目前仍然非常、非常小。所以現在幾乎不是什麼驅動因素。

Got it. And then switching gears. As we track the large national carriers start to file for rate decreases in some instances, we understand that probably doesn't impact the core Hagerty business, but does that at all impact your outlook for Enthusiast Plus, just where there's a bit more overlap with the daily drivers?

了解。那接著換個話題。我們觀察到一些大型全國性保險公司在某些情況下開始申請降費率；我們理解這可能不影響 Hagerty 的核心業務，但這是否會影響你們對 Enthusiast Plus 的展望，畢竟那邊與日常用車的重疊度更高一些？

You're right for the core business, when we look at what our rate increases have been over the long haul, it's again, low single digits, right? So we're not -- and that's continued over the last couple of years. We've done some things on the liability front and address that. But our rate increases are pretty modest. As we think about the E-Plus business, it's hard to say because that's the current environment right now.

你說得對，就核心業務而言，當我們回顧長期的費率調升幅度時，仍然是低個位數，對吧？所以我們並沒有——而且過去幾年也一直如此。我們在責任險方面做了一些調整並加以處理。但我們的費率調升相當溫和。至於 E-Plus 業務，這就很難說，因為那就是目前的市場環境。

E-Plus, we're in one state in Colorado, right? And so we're rolling this out over time. And we're learning in Colorado, and we'll learn in the other states in terms of what the right approach is on pricing and what that means in terms of the liability of the product and the profitability, I should say. So it's hard to say that the current market is heavily influencing our plans there just because of where we are in the rollout plan.

E-Plus 目前只在一個州，也就是科羅拉多州，對吧？所以我們會隨時間逐步推出。我們會在科羅拉多州學習，也會在其他州學習，了解在定價上什麼才是正確的做法，以及這對產品的責任風險與獲利能力（我應該說獲利性）意味著什麼。因此很難說目前市場正在強烈影響我們那邊的計畫，主要是因為我們在推出計畫中的階段所致。

Ladies and gentlemen, with that, we conclude the question-and-answer session. I now hand the conference over to McKeel Hagerty for closing comments.

各位女士先生，至此我們結束問答環節。我現在把會議交給 McKeel Hagerty 作結語。

Thank you, operator, and thanks to everyone on the call for your continued support. I want to close today by coming back to where we started this morning. Hagerty has never been better positioned to serve the community of auto enthusiasts who trust us to protect what they love. We have a fast-growing recurring revenue model built around specialty insurance that delivers combined ratios of 90% year after year. Our high-quality underwriting and rapidly scaling business allows us to price at a meaningful discount to traditional carriers.

謝謝主持人，也感謝所有參與電話會議的各位持續支持。我想在今天結束前回到我們今天早上開始的地方。Hagerty 從未像現在這樣具備更佳的定位，去服務那些信任我們、讓我們守護他們所熱愛之物的汽車愛好者社群。我們擁有一個以專業保險為核心、快速成長的經常性收入模式，年復一年提供 90% 的綜合成本率。我們高品質的核保與快速擴張的業務，讓我們能以相對傳統保險公司具有實質折扣的價格來定價。

What we are building at Hagerty is incredibly unique in the insurance world, making us the partner of choice because there is no one else who can do what we do for their customers, helping the retention and protecting their bundled business. We also have a fast-growing auction and marketplace business that did not exist four years ago and is setting world records all over the world. And we have a membership community approaching 1 million paid members that love our member-centric products and services. Thank you, One Team Hagerty. The results we deliver are the product of your passion, excellence and hard work, and I cannot wait to see what this amazing team can accomplish over the coming years as we to double PIF count to 3 million by 2030.

我們在 Hagerty 打造的事物在保險業中極其獨特，讓我們成為首選合作夥伴，因為沒有其他人能像我們一樣為他們的客戶做到我們所做的事，協助提升續保並保護其綑綁式業務。我們也擁有一個快速成長的拍賣與市集業務，四年前還不存在，如今正在全球各地創下世界紀錄。此外，我們的會員社群正接近 100 萬名付費會員，他們喜愛我們以會員為中心的產品與服務。謝謝你們，Hagerty One Team。我們交出的成果來自你們的熱情、卓越與努力工作；我迫不及待想看看這支了不起的團隊在未來幾年能完成什麼，因為我們將在 2030 年前把 PIF 數量加倍至 300 萬。

We look forward to seeing some of you at Villa d'Este in May, and we hope many of you will join us at our annual investor event in Greenwich, Connecticut on May 29, where we will share an update on our progress towards delivering compounding profit growth for our shareholders. Invites will follow, but please reach out to us for more details or to our SVP. Until then, never stop driving.

我們期待在 5 月於 Villa d'Este 見到各位中的一些人，也希望更多人能在 5 月 29 日於康乃狄克州格林威治參加我們的年度投資人活動，屆時我們將分享在為股東帶來複利式獲利成長方面的進展更新。邀請函將會寄出，但如需更多細節，請與我們聯繫或聯絡我們的資深副總裁（SVP）。在那之前，永遠不要停止駕駛。

Thank you. Ladies and gentlemen, the conference of Hagerty has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。各位女士先生，Hagerty 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。