International General Insurance Holdings Ltd (IGIC) 2024 Q3 法說會逐字稿

Good day and welcome to the International General Insurance Holdings, LT Ds third quarter, 2024 financial results conference call.

美好的一天，歡迎參加國際財產保險控股有限公司 2024 年第三季財務業績電話會議。

All participants are in listen-only mode.

所有參與者均處於僅監聽模式。

Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.

您需要協助嗎？請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad to withdraw your question. Please press star. Then two.

今天的演講結束後，將有機會提問。您可以按電話鍵盤上的星號然後再按一個來撤回您的問題。請按星號。然後是兩個。

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Robin Sitters, head of investor relations. Please go ahead.

我現在想將會議交給投資者關係主管羅賓·西特斯 (Robin Sitters)。請繼續。

Thanks Cindy and good morning and welcome to today's conference call today. We'll be discussing our third quarter, nine months, 2024 results. You will have seen our results press release which we issued after the market closed yesterday. If you'd like a copy of the press release, it's available in the investors section of our website at IG insure dotcom. We've also posted a supplementary investor presentation which can be found on the website as well on the presentations page in the investors section on today's call are executive Chairman of IG I Wasef Jabsheh, President and CEO Waleed Jabsheh and Chief Financial Officer Pervez Rizvi. As always, we will begin the call with some high level comments before handing over to lead to talk you through the key drivers of our results for the third quarter and nine months of 2024 and finish up with our views on market conditions and our outlook for the remainder of the year and the upcoming January 1 renewals.

謝謝辛迪，早安，歡迎參加今天的電話會議。我們將討論 2024 年第三季九個月的業績。您將會看到我們昨天收盤後發布的業績新聞稿。如果您想要新聞稿的副本，可以在 IG insure dotcom 網站的投資者部分取得。我們還發布了補充投資者演示文稿，您可以在網站以及今天電話會議投資者部分的演示文稿頁面上找到 IG 執行主席 I Wasef Jabsheh、總裁兼首席執行官 Waleed Jabsheh 和首席財務官 Pervez Rizvi。像往常一樣，我們將以一些高層評論開始電話會議，然後向您介紹我們 2024 年第三季度和 9 個月業績的主要驅動因素，最後介紹我們對市場狀況的看法以及我們對今年剩餘時間和即將到來的1 月1 日續訂。

At that point, we'll open the call up for Q&A I'll begin with the customary safe harbor language. Our speaker's remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will in fact be achieved.

屆時，我們將開始問答徵集，我將從慣用的安全港語言開始。我們的演講者的言論可能包含前瞻性陳述。一些前瞻性陳述可以透過前瞻性詞語的使用來識別。我們提醒您，此類前瞻性聲明不應被視為我們代表我們預期的未來計劃、估計或期望實際上將會實現。

Forward-looking statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors including the risk factors set forth in the company's annual report on form form 20 f for the year and the December 31st 2023 and the company's report on form six K and other filings with the SEC as well as our results press release issued yesterday evening. We undertake no obligation to update or revise publicly any forward-looking statements which speak only as of the date they are made during the conference call we will also use some certain nongaap financial measures for a reconciliation of these nongaap financial measures to the nearest GAAP measure. Please see our earnings release which has Been filed.

前瞻性陳述涉及風險、不確定性和假設。由於多種因素，實際事件或結果可能與前瞻性陳述中的預測有重大差異，包括公司本年度和 2023 年 12 月 31 日表格 20 f 年度報告以及公司報告中列出的風險因素表格6 K 和向SEC 提交的其他文件以及我們昨天晚上發布的業績新聞稿。我們不承擔公開更新或修改任何前瞻性陳述的義務，這些陳述僅截至電話會議期間作出之日而言。與最接近的公認會計原則指標進行調節。請參閱我們已提交的收益報告。

With the and is available on our website with that. I'll turn the call over to our executive Chairman, Wasa CHSA.

與 並可在我們的網站上找到。我會將電話轉給我們的執行主席 Wasa CHSA。

Thank you Robin and good day everyone and thank you for joining us on today's call as we head into the final weeks of 2024.

謝謝 Robin，大家好，謝謝您在 2024 年最後幾周到來時加入我們今天的電話會議。

I'm very pleased with the consistent and high quality performance of IG I through the first nine months of this year, we have achieved a combined ratio of 80.5% net income of over $100 million and an annualized return on average shareholders' equity of 23.5%. These are excellent results.

我對今年前 9 個月 IG I 持續、高品質的業績感到非常滿意，我們實現了 80.5% 的綜合成本率淨利潤超過 1 億美元，年化平均股東權益回報率為 23.5 %。這些都是極好的結果。

As you know, we are nearing the fifth anniversary since we became a public company and began trading on the exchange. During this time, we have clearly demonstrated our ability to deliver on our promise of generating consistent and sustainable value for our shareholders.

如您所知，自從我們成為上市公司並開始在交易所交易以來，我們已經接近五週年了。在此期間，我們清楚地證明了我們有能力兌現為股東創造一致和可持續價值的承諾。

This is reflected in our compounded annual growth in book value per share plus dividends of 12.3%. Since 2020.

這反映在我們每股帳面價值加股息 12.3% 的複合年增長率。自2020年起。

We have built our company into a strong and resilient organization with a solid balance sheet. A well diversified book of business and strong high performing and diverse leaders across our group.

我們已將公司打造成一個強大、有彈性的組織，擁有穩健的資產負債表。我們集團擁有多元化的業務和強大的高績效且多元化的領導者。

We have the strategies in place that allow us to respond quickly and decisively to our markets and focus on those areas with the highest margins and best rates of risk. I just, and we have a well defined culture of inclusion and collaboration that underpins everything we do. I expect that as we navigate the remainder to 24. And then in 2025 this will hold us in very good stead.

我們制定的策略使我們能夠對市場做出快速、果斷的反應，並專注於利潤率最高和風險率最好的領域。我只是，我們有明確的包容和協作文化，它支撐著我們所做的一切。我預計當我們將剩餘時間導航到 24 時。到 2025 年，這將使我們處於有利地位。

I will now hand over to a lead who will discuss the numbers in more detail and talk about market conditions and our outlook for the year ahead. I'll remain on the call for any questions at the end.

我現在將交給一位領導，他將更詳細地討論這些數字，並討論市場狀況和我們對未來一年的展望。最後，如果有任何問題，我將繼續通話。

Thanks Jabsheh and good morning, everybody and thank you all for joining us today.

謝謝 Jabsheh，大家早安，謝謝大家今天加入我們。

I'm delighted to be talking to you today from our new London offices in the landmark Walkie Talkie building. We recently moved here from our old lime Street location.

我很高興今天在我們位於地標性對講機大樓的倫敦新辦公室與您交談。我們最近從老石灰街搬到了這裡。

Given the tremendous growth we've seen over the past few years, we outgrew our old offices where we were spread over two floors. Our new location gives us additional space to continue to grow and to have all our people on one floor which really enhances our ability to connect and collaborate more effectively with each other. This new location is very much a reflection of our growth, our maturity, our and and, and our progress. And I'm proud to see the very genuine and visible sense of pride amongst our London and global teams at everything we've achieved, coincidentally, as was it touched upon a moment ago, we're nearing the fifth anniversary since we became a publicly traded company.

鑑於我們在過去幾年中所看到的巨大增長，我們的舊辦公室已經超出了我們分佈在兩層樓的辦公室的規模。我們的新地點為我們提供了繼續發展的額外空間，並將所有員工集中在同一層樓，這確實增強了我們彼此更有效地聯繫和協作的能力。這個新地點在很大程度上反映了我們的成長、成熟、進步。我很自豪地看到我們的倫敦和全球團隊對我們所取得的一切都表現出非常真誠和明顯的自豪感，巧合的是，正如剛才提到的那樣，我們已經接近成為我們的五週年紀念日了。

And while, while five years is a relatively short span of time. Given our 23 year history, it is the period where we, we've seen the greatest transformation of IG I to into a truly global company with an equity base of more than $650 million now. And a market cap that recently surpassed the billion dollar mark.

雖然，雖然五年是一個相對較短的時間跨度。鑑於我們 23 年的歷史，在這段時期，我們見證了 IG I 最大的轉型，成為一家真正的全球性公司，目前股本基礎超過 6.5 億美元。市值最近突破了十億美元大關。

This is particularly gratifying it was only five years ago where we had a market cap of less than $400 million in the same period. We've doubled our gross premiums significantly increased our investment portfolio and doubled our asset base to over $2 billion.

令人特別高興的是，僅僅五年前，我們同期的市值還不到 4 億美元。我們的毛保費翻了一番，顯著增加了我們的投資組合，並將我們的資產基礎翻了一番，達到超過 20 億美元。

We've also added new lines of business, opened new offices in Malta Bermuda and Oslo and entered new territories. Most notably, the US, we've built a much larger and more dynamic, resilient and stable business which we're confident will hold us in good stead in the years ahead.

我們還增加了新的業務範圍，在馬耳他、百慕達和奧斯陸開設了新辦事處，並進入了新的領域。最值得注意的是，我們在美國建立了規模更大、更有活力、更有彈性和穩定的業務，我們相信這將使我們在未來幾年保持良好的勢頭。

Most importantly, though we've generated significant shareholder value as was noted a moment ago.

最重要的是，正如剛才所提到的，我們已經創造了巨大的股東價值。

And since 2020 we've grown our book value per share at a compounded annual rate of 13.3% through September 30th.

自 2020 年以來，截至 9 月 30 日，我們的每股帳面價值以 13.3% 的複合年增長率成長。

And we've paid almost $60 million in common share dividends during this period, turning to the results and following our usual agenda, I'll recap our Q3 and nine month numbers before moving on to our view of the market.

在此期間，我們支付了近 6000 萬美元的普通股股息，轉向結果並按照我們通常的議程，在繼續我們對市場的看法之前，我將回顧我們的第三季和九個月的數據。

The overriding comment I would make is that we produced another set of very healthy results in Q3 leading to an excellent first nine months.

我最重要的評論是，我們在第三季度取得了另一組非常健康的結果，導致前九個月表現出色。

In addition to being a more active loss environment, there, there were a few moving pieces in the in the in Q3 notably currency movements which I'll talk about in a moment and this should not detract from the solid underlying results.

除了更活躍的損失環境之外，第三季還有一些變化，特別是貨幣走勢，我稍後將討論這些因素，這不應有損於堅實的基本結果。

Starting with the top line, gross premiums were down 8% in Q3 and this was reflected in, in across all of our three reporting segments.

從營收開始，第三季的毛保費下降了 8%，這反映在我們所有三個報告部門中。

But each for different reasons is this is a little counter to our commentary in prior quarters, but this isn't something to be concerned about, nor is it an indicator of, of, of full year growth for the nine months, the first nine months, gross premiums were up marginally over the same period last year, which largely reflects the impact of the Q3 gross premiums on the nine month period.

但出於不同的原因，這與我們在前幾個季度的評論有點相反，但這並不是值得擔心的事情，也不是前九個月全年增長的指標幾個月來，毛保費較去年同期略有上升，這很大程度上反映了第三季毛保費對九個月期間的影響。

Similarly to the second half of 2023 or sorry, similar to the third quarter of 2023 there are some timing issues between the 3rd and 4th quarters. The takeaway here is that there are opportunities for new business, but we do need to work harder to find them. And that's exactly what we're doing.

與 2023 年下半年類似，或抱歉，與 2023 年第三季類似，第三季和第四季之間存在一些時間安排問題。這裡的要點是，存在新業務的機會，但我們確實需要更加努力地尋找它們。這正是我們正在做的事情。

Having said that if the profitability doesn't meet our requirements, we're simply not going to write the business.

話雖如此，如果獲利能力達不到我們的要求，我們就不會寫該業務。

Our business is cyclical and what you see from us now is cycle management.

我們的業務是週期性的，你現在從我們身上看到的是週期管理。

The key metric is the risk adjusted rate on return of business. And our focus will always is and will always be on bottom line profitability.

關鍵指標是風險調整後的業務報酬率。我們的重點將永遠是底線獲利能力。

Our combined ratio of 86% for Q3 and 80 80.5% for the first nine months are extremely healthy and reflect the continued strong profitability of the group. In spite of a higher level, higher level of cat losses in 2024.

第三季的綜合成本率為 86%，前 9 個月的綜合成本率為 80.5%，非常健康，反映了集團持續強勁的獲利能力。儘管水平較高，但 2024 年貓的損失水平較高。

The third quarter combined ratio is in line with our long term averages. But I would note that in addition to the higher losses, FXS also played a role here contributing about 10 to 12 points to the ratio.

第三季綜合成本率與我們的長期平均值一致。但我要指出的是，除了較高的損失之外，FXS 在這裡也發揮了作用，為該比率貢獻了約 10 到 12 個點。

The nine month combined ratio is well below our long term averages on the specific losses. So far. In, in 24 we've had hurricane Helane, flooding in Europe and the United Arab Emirates, the Taiwan earthquake confect storms in the US. But in the fourth quarter, we've, we've had hurricane Milton and some more extreme flooding in Europe.

就具體損失而言，九個月的綜合成本率遠低於我們的長期平均值。迄今為止。24 日，我們經歷了海蘭颶風、歐洲和阿拉伯聯合大公國的洪水、台灣地震以及美國的風暴。但在第四季度，我們遭遇了米爾頓颶風和歐洲一些更嚴重的洪水。

Our share of those losses has been very manageable and illustrates the resilience we've created in a larger and more diversified portfolio you also saw in our results press release last night that we recorded some reserve strengthening during the third quarter.

我們在這些損失中所佔的份額非常可控，這說明了我們在更大、更多元化的投資組合中創造的彈性，您也在昨晚我們的業績新聞稿中看到，我們在第三季記錄了一些儲備金的加強。

The driver of this was in our long tail portfolio and I'll talk about this more in a moment.

其驅動力在於我們的長尾投資組合，我稍後將詳細討論這一點。

I have said on prior calls that I'm not one to play the but for card.

我在之前的電話中說過，我不是玩牌的人，而是為了牌。

But I would note that foreign currency movements during the third quarter made the difference between reporting favorable versus unfavorable reserve development.

但我要指出的是，第三季的外匯變動決定了報告有利與不利的儲備發展之間的差異。

On a neutral effects basis. The $7 million unfavorable development or 5.6 points would have been a reserve release of approximately $5.5 million.

在中性影響的基礎上。700 萬美元的不利發展或 5.6 點將釋放約 550 萬美元的儲備金。

A few comments on our segment results.

對我們部門業績的一些評論。

If we start off with a short tail segment, gross premiums were down 3% in Q3 through a combination of factors contraction in our aviation book which I've spoken about many times before.

如果我們從短尾部分開始，由於我之前多次談到過的航空業務收縮的綜合因素，第三季毛保費下降了 3%。

And the nonrenewal of some property energy accounts where either we decided to non renew or we've been firm on our pricing and the clients decided to go elsewhere for the nine months through September 30th, which is a better indicator. Gross premiums in the segment were up, more than 3%.

一些房地產能源帳戶的不續訂，要么是我們決定不續訂，要么是我們堅持定價，而客戶決定在截至 9 月 30 日的九個月內去其他地方，這是一個更好的指標。該細分市場的毛保費成長超過 3%。

Both earned premium and underwriting income were up in Q3 in the nine months. Compared to the same periods in 23.

在這九個月中，第三季的保費收入和承保收入均有所成長。與23年同期相比。

And we continue to find good opportunities for business in certain lines, especially engineering, onshore energy, property contingency and marine.

我們繼續在某些領域尋找良好的業務機會，特別是工程、陸上能源、財產應急和海洋。

The reinsurance segment continues to perform well. Gross premiums were down just under 12% in Q3. But we expect this will correct itself in Q4.

再保險業務持續表現良好。第三季的毛保費下降了近 12%。但我們預計這種情況將在第四季自行糾正。

As we mentioned last year, we gave a proportion of our reinsurance business in ses in the first half of the year.

正如我們去年提到的，我們上半年將一部分再保險業務投入了SE。

And it is based on reinsured estimates with adjustments or, or true ups made in the 3rd and 4th quarters of actual premiums are recorded in this segment. Both underwriting income and net earned premiums were up over the same period last year.

它是基於再保險估計，並在第三和第四季度進行調整或真實增加，實際保費記錄在該部分中。承保收入和淨保費均較去年同期上升。

The long tail segment continues to be the most challenging area of our portfolio and where we again saw contraction in the book 13% in Q3 and about the same for the for the whole nine months.

長尾細分市場仍然是我們投資組合中最具挑戰性的領域，我們在第三季再次看到帳面收縮 13%，並且在整個 9 個月內收縮幅度大致相同。

As a result, both net and premiums and underwriting income were down compared to the same period. Last year, I mentioned the reserve action we took in the long Tail book which was in a specific area of our professional indemnity portfolio as a result of some development on this business, we've taken a more cautious approach and outlook and strengthened some of our reserves relating to one of the earlier years.

因此，淨收入、保費收入和承保收入均較同期下降。去年，我提到了我們在長尾書中採取的準備金行動，該行動是由於這項業務的一些發展而在我們專業賠償投資組合的特定領域採取的，我們採取了更加謹慎的方法和前景，並加強了一些我們的儲備與前幾年有關。

There's nothing systemic here and we don't expect there to be any further material, unfavorable development on this. You will all note that the P I book is almost entirely a UK book of business written in, in in in British Pounds. So lost reserves can be impacted by FX movements as I mentioned earlier overall on the long tail segment, what I said last quarter remains the same for the foreseeable future. We're likely to continue to, to continue to see rates under pressure and we will continue to take a more cautious view here and that's all part and parcel with our cycle management.

這裡沒有任何系統性的東西，我們預期不會有任何進一步的實質、不利的發展。你們都會注意到，P I 書幾乎完全是一本用英國英鎊寫成的英國商業書。因此，正如我之前在長尾部分整體上提到的那樣，外匯波動可能會影響準備金損失，我上個季度所說的在可預見的未來仍然如此。我們可能會繼續看到利率面臨壓力，我們將繼續採取更謹慎的態度，這是我們週期管理的重要組成部分。

Similar to the past few quarters, investment income improved for Q3 and nine months resulting in a 0.5 improvement in the annualized investment yield to 4.3% for the first nine months in our fixed income portfolio. We maintained the overall average credit rating is a and the average duration out slightly to just under 3.5 years.

與過去幾季類似，第三季和九個月的投資收益有所改善，導致我們固定收益投資組合前九個月的年化投資報酬率提高了 0.5%，達到 4.3%。我們維持整體平均信用評等為a，平均期間略低於3.5年。

Net income for Q3 was $34.5 million and $105.1 million for the first nine months up from the prior year as a result of the solid underwriting margins and better investment income. But it's worth noting the impact that the redemption of the warrants had on the Q3 and nine month 2023 numbers core operating income was just under $31 million in, in Q3 and about $104 million through September 30th of this year.

由於承保利潤穩健和投資收入增加，第三季淨利潤分別為 3,450 萬美元和 1.051 億美元，分別比去年同期增加 3,450 萬美元和 1.051 億美元。但值得注意的是，認股權證贖回對第三季和 2023 年九個月數據的影響，第三季核心營業收入略低於 3,100 萬美元，截至今年 9 月 30 日約為 1.04 億美元。

Turning to the balance sheet total assets increased almost 10%. $2 billion total equity increased over 20% to more than $650 million at September 30th. When compared to December 31st 2023.

資產負債表總資產增加了近10%。截至 9 月 30 日，總股本為 20 億美元，成長超過 20%，達到 6.5 億美元以上。與 2023 年 12 月 31 日相比。

During the quarter, we repurchased more than 340,000 common shares takes us to 1.26 million shares in the first nine months of 24 that leaves approximately 2.5 million shares remaining under our repurchase authorization at the end of Q3.

在本季度，我們回購了超過 34 萬股普通股，在 24 年前 9 個月，我們回購了 126 萬股，到第三季末，我們的回購授權中剩餘約 250 萬股。

Ultimately, we record the return on average shareholder's equity of more than 22% for Q3 and 23.5% for the nine months and a core operating ROE of just under 20% for Q3 and just over 23% for the first nine months of this year.

最終，我們記錄的第三季平均股東權益報酬率超過 22%，前 9 個月為 23.5%，第三季核心營運股本回報率略低於 20%，今年前 9 個月略高於 23%。

Lastly and most importantly, we grew our book value per share by 10.5% in Q3, reflecting growth of just under 19% through the first nine months.

最後也是最重要的是，第三季我們的每股帳面價值成長了 10.5%，反映出前 9 個月的成長略低於 19%。

Book value now stands at $14.14.71 per share. That at the end of the third quarter, turning to our markets and our thoughts on the approach approaching January 1st Renewal season.

目前帳面價值為每股 14.14.71 美元。在第三季末，我們將轉向我們的市場以及我們對即將到來的 1 月 1 日續訂季節的看法。

Our outlook remains pretty much similar to what we've talked about in previous calls, perhaps slightly a bit more stable overall capacity is still plentiful in many of our markets and consequently, competitive pressures are persisting to varying degrees. And that depends on the line of business and, and which parts of the world we're, we're, we're looking at, as I noted earlier on the call, the more active loss environment over the past few months, particularly from a natural catastrophe perspective that appears to have had more, more of a stabilizing effect on the market overall. Both from a pricing perspective, as well as on competitive behaviors. As we head into the final weeks of the year ahead of renewal season, much of the comment, much of the commentary so far this earnings season has has focused on pricing, continued organic growth, increasing frequency of of weather related cat events. And from a predominantly us perspective, impact of social inflation, it isn't lost on us that the current political landscape has led to heightened polarization of the world around us. It seems clear that as an industry, we will continue to face more pressure from various touch points for us. And IgI specifically, we have a uniquely broad footprint for a company of our size, both in terms of the number of products we offer and the geographic territories we we play in this gives us more optionality and more levers to pull, to fulfill the promises we've made to our clients and brokers as well as to, of course, our shareholders.

我們的前景仍然與我們在之前的電話會議中討論的非常相似，也許我們的許多市場的整體產能仍然充足，稍微穩定一些，因此，競爭壓力在不同程度上持續存在。這取決於業務範圍，以及我們正在關注的世界哪些地區，正如我之前在電話會議中指出的那樣，過去幾個月更活躍的損失環境，特別是從自然災害的角度來看，這似乎對整個市場產生了越來越大的穩定作用。無論是從定價角度或是從競爭行為角度來看。當我們進入今年續訂季節之前的最後幾週時，本財報季迄今為止的大部分評論都集中在定價、持續的有機增長、與天氣相關的貓事件的頻率增加上。從我們主要的角度來看，社會通貨膨脹的影響，我們並沒有忽視當前的政治格局導致我們周圍世界的兩極化加劇。顯然，作為一個產業，我們將繼續面臨來自各個接觸點的更多壓力。具體來說，對於我們這種規模的公司來說，我們擁有獨特的廣泛足跡，無論是在我們提供的產品數量還是我們所涉足的地理區域方面，這都為我們提供了更多的選擇和更多的槓桿來實現承諾我們已經向我們的客戶和經紀人，當然還有我們的股東做出了承諾。

It allows us to see emerging trends and respond quick, decisively to where the best opportunities are and that is critical in today's environment. Our strength is in our ability to shift our focus and pivot to those areas with the strongest rate, momentum and the highest margins while remaining disciplined, selective and consistent and most importantly, working well within our defined risk, appetite intolerances.

它使我們能夠看到新興趨勢，並對最佳機會做出快速、果斷的反應，這在當今的環境中至關重要。我們的優勢在於我們有能力將我們的重點轉移到那些利率最高、動力強勁和利潤率最高的領域，同時保持紀律、選擇性和一致性，最重要的是，在我們定義的風險和偏好不容忍範圍內良好運作。

And quite simply if the right opportunities just aren't there, we've said this before. And if it means that we're scaling back in some of some lines or markets, then, then that's what we're going to do.

很簡單，如果沒有合適的機會，我們之前已經說過了。如果這意味著我們要縮減某些產品線或市場的規模，那麼我們就會這麼做。

And, and at the end of the day, we will not sacrifice growth for strong underwriting profitability and value creation that said, I expect we will continue to see some good opportunities to grow.

而且，歸根結底，我們不會為了強勁的承保獲利能力和價值創造而犧牲成長，也就是說，我預期我們將繼續看到一些良好的成長機會。

Those opportunities may be harder to find the traits in terms that are acceptable to us and within our risk appetite, but they're out there and we're working harder to find them.

這些機會可能更難找到我們可以接受且在我們風險偏好範圍內的特徵，但它們就在那裡，我們正在努力尋找它們。

We've certainly laid a firm foundation in anticipation of a more competitive landscape ahead.

我們當然已經為未來競爭更加激烈的前景奠定了堅實的基礎。

In spite of our size, we compete with business with many much larger competitors and this is why relationships matter.

儘管我們規模龐大，但我們仍與許多規模更大的競爭對手進行業務競爭，這就是為什麼關係很重要。

It also matters that we know who we are and what our capabilities are and what we can serve as well over the last year to two years, 1 to 2 years, the actions we've taken and the decisions we've made have laid the groundwork for continued success and growth.

同樣重要的是，我們知道我們是誰，我們的能力是什麼，我們可以服務什麼，以及在過去的一年到兩年、一到兩年裡，我們採取的行動和我們所做的決定奠定了為持續成功和成長奠定基礎。

We have a relatively new presence at Lloyd's, our new London offices. We've added underwriting talent and capabilities in London and in our offices across Europe, Asia and the Middle East. And we've done this across many lines of business.

我們在勞合社 (Lloyd's) 設立了一個相對較新的辦事處，即我們在倫敦的新辦事處。我們在倫敦以及歐洲、亞洲和中東的辦事處增加了承保人才和能力。我們已經在許多業務領域做到了這一點。

And we've taken steps to both our operations across the group to ensure we can continue to serve our clients and brokers as we grow specifically on current conditions and opportunities. The story remains broadly the same as we've talked about on our, on our last several calls, our focus remains more on short tail and reinsurance lines and that's where the environment is more attractive. Long tail lines, for instance, for us continue to be pressured, but we're beginning to see signs that certain lines may be stabilizing.

我們已經對整個集團的運作採取了措施，以確保我們能夠繼續為我們的客戶和經紀人提供服務，同時我們根據當前的條件和機會進行專門的發展。這個故事與我們在最近幾次電話會議中所討論的情況大致相同，我們的重點仍然更多地放在短尾和再保險業務上，而這正是環境更具吸引力的地方。例如，長尾線對我們來說繼續面臨壓力，但我們開始看到某些跡象表明某些線可能正在穩定。

This obviously is a little different to what you may be hearing about us liability lines. But remember, our long tail portfolio is exclusively non us.

這顯然與您可能聽到的我們的責任線有些不同。但請記住，我們的長尾投資組合完全不屬於我們。

Going to our short tail segment, rate momentum remains broadly steady.

就我們的短尾部分而言，利率動能基本上保持穩定。

Similar to what we saw in the first half of 2024 with some vri variation by line and by geography, it's increasingly competitive, no doubt, with more emphasis on on building market share, especially in specialty markets that we're in including excess surplus lines.

與我們在2024 年上半年看到的情況類似，vri 因線路和地理位置而有所不同，毫無疑問，競爭日益激烈，更加註重建立市場份額，特別是在我們所處的專業市場，包括過剩的盈餘線路。

We continue to see positive momentum and great opportunities in parts of our marine portfolio as well as property onshore energy construction contingency.

我們繼續看到部分海洋投資組合以及陸上能源建設應急項目的積極動能和巨大機會。

We've grown the engineering construction book by about 35% over the last couple of years with very good opportunities in the US Asia Park region including Australia and also in the Middle East in other lines like downstream energy, oil and gas, which is one of our largest lines of business rates continue to come down, but in a, in a, in a relatively orderly fashion and, and I'd point out that that's coming off a fairly hard market over the last few years.

過去幾年，我們的工程建設業務成長了約 35%，在包括澳洲在內的美國亞洲園區以及中東下游能源、石油和天然氣等其他領域擁有非常好的機會，這是我們最大的業務線的利率繼續下降，但以一種相對有序的方式，而且我想指出，這是從過去幾年相當艱難的市場中走出來的。

Aviation continues unfortunately to be the outlier with now three consecutive years of market trading decline and upstream energy is also becoming a lot more challenging in our reinsurance segment where we noted some early signs of softening in last quarter's call.

不幸的是，航空業仍然是異常情況，目前市場交易連續三年下降，而上游能源在我們的再保險領域也變得更具挑戰性，我們在上個季度的電話會議中註意到了一些疲軟的早期跡象。

The recent loss activity that I mentioned earlier seems to have had the effect of keeping rates relatively stable and keeping minds focused on maintaining discipline specifically in our Treaty portfolio. We continue to see a positive rate movement of around 5% overall.

我之前提到的最近的損失活動似乎起到了保持利率相對穩定和集中精力維持條約投資組合紀律的作用。我們繼續看到整體利率正向上升約 5%。

Again, it's a very broad international portfolio, international footprint, much variation by region. But these increases come off the back of more than 25% rate increases that we saw in in 2023.

同樣，它是一個非常廣泛的國際投資組合，國際足跡，不同地區的差異很大。但這些成長是在 2023 年利率成長超過 25% 的基礎上產生的。

I would say that the reinsurance segment is, is definitely remains the brightest spot for us. And we, we expect to see continued growth over here in the long tail segment net rates overall, you know, remain broadly adequate. But as we said earlier, this continues to be the more challenging area of our portfolio. We are though seeing some signs of rates leveling off in in both our professional indemnity and DNO books. Now, you know, after several consecutive quarters of decline, just looking at our geo geographic markets briefly, the US, the US, it's been the biggest growth area for us and there continue to be lots of good opportunities for us to write new business there.

我想說，再保險領域絕對是我們最亮點的。我們預計，長尾細分市場的淨利率將整體持續成長，您知道，仍然大致充足。但正如我們之前所說，這仍然是我們投資組合中更具挑戰性的領域。不過，我們在專業賠償和 DNO 帳簿中看到了一些費率趨於平穩的跡象。現在，你知道，在經歷了連續幾個季度的下滑之後，只要簡單地看看我們的地理地理市場，美國，美國，它一直是我們最大的增長區域，並且我們仍然有很多很好的機會來開展新業務那裡。

As always though, we remain cautious in our approach, we're mindful of our risk, appetite tolerances, especially in those heavier cat exposed coastal areas. We're also mitigating the, the rising competitive pressures that we're we're seeing, which is mostly coming from existing players and domestic markets who, who seem to just be pushing for a larger market share at the moment. In the nine months through Q3, we wrote over $100 million in gross premium in the US, which is a significant increase in the first nine months of last year. So we're continuing sorry, we're continuing to focus exclusively on the short tail lines in the US.

像往常一樣，我們對我們的方法保持謹慎，我們注意我們的風險和食慾承受能力，特別是在那些貓暴露較多的沿海地區。我們也正在緩解我們所看到的不斷上升的競爭壓力，這些壓力主要來自現有的參與者和國內市場，他們目前似乎只是在爭取更大的市場份額。在截至第三季的九個月中，我們在美國的毛保費超過 1 億美元，比去年前九個月大幅成長。因此，我們仍然很抱歉，我們將繼續專注於美國的短尾線。

We're also continuing our focus on expanding our presence in Europe and growing our footprint footprint there. We've been saying that for several quarters. And, and, and this is where we've enhanced both our capabilities and product offering. Again, these are markets that take time to penetrate, but the groundwork is well underway and we're beginning to see progress. In recent months, our teams have been much more actively marketing across Europe and travel in the region through the first nine months of, of, of this year. We've written almost $60 million of premium across all segments of our business. In in Europe, it's a similar story across the Middle East, Africa and Asia Pacific regions where we're supplementing talents across various lines to capitalize on the opportunities there.

我們也將繼續致力於擴大我們在歐洲的業務並擴大我們在那裡的足跡。我們已經這麼說了幾個季度了。並且，並且，這就是我們增強我們的能力和產品供應的地方。同樣，這些市場需要時間才能滲透，但基礎工作正在順利進行，我們開始看到進展。近幾個月來，我們的團隊更加積極地在歐洲進行行銷，並在今年前九個月在該地區進行了旅行。我們在所有業務領域已承保近 6,000 萬美元的保費。在歐洲，中東、非洲和亞太地區也有類似的情況，我們正在補充各領域的人才，以利用那裡的機會。

So we will continue to do what we're doing, keeping our focus squarely on our core principles, discipline, consistent, solid execution, and prudent capital management all underpinned by strong cooperation and collaboration.

因此，我們將繼續做我們正在做的事情，專注於我們的核心原則、紀律、一致、紮實的執行力和審慎的資本管理，所有這些都以強有力的合作和協作為基礎。

We do all this with the promise of protecting the profitability profile of the, of our company and the capital that is entrusted to us so that we are in the best possible position to deliver on our promise of maximizing value for our shareholders.

我們做這一切的承諾是保護我們公司的獲利狀況和委託給我們的資本，以便我們能夠最好地兌現為股東實現價值最大化的承諾。

So I'm going to pause here and we'll turn it over. For, for questions, operator, we're ready to take the first question, please.

所以我要在這裡暫停一下，我們把它翻過來。對於，對於問題，接線員，我們準備好回答第一個問題。

We will now begin the question and answer session to ask a question. You may press star then one on your telephone keypad.

我們現在開始問答環節來提問。您可以按下電話鍵盤上的星號，然後按一個。

If you are using a speaker phone, please pick up your handset before pressing the keys to withdraw your question. Please press star. Then two at this time, we will pause momentarily to assemble our roster.

如果您使用免持電話，請在按按鍵撤回問題之前拿起聽筒。請按星號。那麼此時兩點，我們將暫停一下以集合我們的名單。

Our first question comes from Scott Aak of R BC. Go ahead, please.

我們的第一個問題來自 R BC 的 Scott Aak。請繼續。

Yes. Well, I hope you're doing well. Just the first question was just on gross written premiums. You're not surprised to see the, the long tail line down in and premiums. That's, it's been that way for a little while. Now, the short tail and reinsurance it was, it was a little below what, what I would expected. You did show some growth there in the, in the second quarter. But are you, are you viewing that pullback as temporary there? You talk about where you're seeing the competition and do you expect to see, you know, overall premium growth in, in 2025 across the organization based on what you're seeing now?

是的。嗯，我希望你一切都好。第一個問題是關於總承保保費。看到長尾線下降和保費，你並不感到驚訝。就是這樣，已經有一段時間了。現在，短尾和再保險有點低於我的預期。在第二季度，你們確實表現出了一些成長。但您認為這種回呼只是暫時的嗎？您談到了您在哪些方面看到了競爭，以及根據您現在所看到的情況，您是否期望在 2025 年看到整個組織的整體保費成長？

Thanks Scott. Thanks for the question. Hope all is well, I mean, as I, as I, as we said on the call, this is nothing to be overly concerned about Q3 is always the tricky quarter throughout the year where, where outside of the 1st of July is H1stly, there's, there's not as much consistency in the business that comes through the quarter as there are in the other quarters. So we're not concerned about the the, the, the slight decrease in premium Q3, I think Q4 and it's not an indication of a trend. Long tail lines, I think as we said, the pressure will be there. But with, in terms of short tail and reinsurance, especially, I think we're laying the groundwork for continued growth and profitable growth in those areas. And I think whilst the, whilst the market is more competitive, it's still in a state where where, you know, it is conducive for healthy underwriting and profitable underwriting. So for 2025 you know, we're not definitely not thinking that we're going to, you know, stand still or, or, or growth is, is is very much at, at, at, at the, you know, and on our minds, you know, and, and expect to continue to grow in 2025.

謝謝斯科特。謝謝你的提問。希望一切都好，我的意思是，正如我，正如我，正如我們在電話中所說，這沒有什麼值得過度擔心的，第三季度始終是全年中最棘手的季度，其中7 月1 日之外是第一季度，該季度的業務沒有其他季度那麼一致。因此，我們並不擔心第三季、第四季保費略有下降，我認為這並不是趨勢的跡象。長尾線，我認為正如我們所說，壓力將會存在。但特別是在短尾和再保險方面，我認為我們正在為這些領域的持續成長和獲利成長奠定基礎。我認為，雖然市場競爭更加激烈，但它仍然處於有利於健康承保和有利可圖的承保的狀態。因此，對於 2025 年，你知道，我們絕對不會認為我們會，你知道，停滯不前，或者，或者，或者增長，是，在，在，在，在，你知道，並且在我們看來，您知道，並且預計到2025 年將繼續成長。

Okay. That's helpful. Just on the reinsurance unit too. I know some companies, there's, there's some lumpiness and timing that happens too in revenues when, when contracts are renewed. Do you, do you see a lot of that in your book? Was there anything in this quarter where there's any timing issues? And in terms of something that was non renewed or anything like that? And is, is that, is that fair to say that there is some lumpiness that, you know, that happens in that book, if you can talk about that at all.

好的。這很有幫助。再保險單位也是如此。我知道有些公司，當合約續約時，收入也會出現一些波動和時間安排。你在你的書中看到很多這樣的內容嗎？本季是否存在任何時間安排問題？就未更新的東西或類似的東西而言？公平地說，你知道，那本書中發生了一些混亂，如果你能談論這一點的話。

On the reinsurance side. I mean, the biggest, the biggest period for us is the first half of the year and then your adjustment starts coming through throughout the second half and you get, as we mentioned, those, those, you know what we call true ups. You know, the reinsurance is the brightest spot for us and, and we, we will write most of it in the first half and the adjustments will come through again. It's, it's, it's nothing really to be, you know, it's not indication or anything like that. It can get. The Q three is always a bit of the, of the sort of trickier, more messy. Water. But you know, for us reinsurance is, as I said, as I mentioned earlier, the brightest spot in the book in the whole, the brightest segment in our in our portfolio now and, and we're working hard to continue to, you know, take advantage of the market and, and continue to, to, to grow this segment. It's by far, you know, it's done right. It's by far the the most attractive segment at the moment.

再保險方面。我的意思是，對我們來說最大的時期是上半年，然後你的調整開始在整個下半年進行，正如我們所提到的，你會得到那些，那些，你知道我們所說的真正的上升。你知道，再保險是我們最亮點的，我們，我們將在上半年寫大部分內容，調整將再次進行。這，這，這沒什麼，你知道，這不是暗示或類似的東西。是可以得到的。Q 3 總是有點棘手、更混亂。水。但你知道，對我們來說，再保險是，正如我所說，正如我之前提到的，是整本書中最亮點的部分，是我們現在投資組合中最亮點的部分，而且我們正在努力繼續，你了解、利用市場並繼續發展這一細分市場。到目前為止，你知道，一切都做對了。這是迄今為止最具吸引力的部分。

Yeah, that's, that's helpful explanation of that. And then just on us business, I know you touched on a little bit. So it's over $100 million in premium. Now, can you just talk about the profitability of that business? You, you, you started, you've been in it about four or five years now, can you just talk about how the, how the profitability has trended, you know, over that time and just your, your future growth plans on that? I know you talked about the market being a little more competitive and in E&S but where do you see that heading in the next five years? Just that, that us business and, and where's the profitly compared to where you expect it to be?

是的，這對解釋很有幫助。就我們而言，我知道你談到了一點。所以溢價超過 1 億美元。現在，您能談談該業務的獲利能力嗎？你，你，你開始了，你已經從事了大約四五年了，你能談談盈利能力的趨勢如何，你知道，在這段時間裡，以及你的未來增長計劃？我知道您談到 E&S 市場的競爭會更加激烈，但您認為未來五年的發展方向是什麼？只是，我們的生意，與您預期的利潤相比，利潤在哪裡？

Yeah, I mean, I think the results on the US book for us have improved over the years, obviously, as we started, it was on a much smaller sort of premium base and we've grown that over the years where $100 million now. All short tail. It's been an extremely profitable book of business for us and, and you know, just like any other part of the world. If there are opportunities to grow, we will continue growing. We, we, it is becoming a more competitive environment. We are seeing a lot more aggressiveness from, from domestic markets as you know, Scott, the, we write that us book here from London, which has served us well, you know, that for the time that we've been writing it, but we are seeing more of that business stay local. And London orders are reducing. So we're looking at ways now to, to try to tackle that business from, you know, not just from London but in, in, directly from, from, from the US or Bermuda. So as long as, as long as we feel the market is going to, is, is, is conducive for, for profitable growth, we will continue to grow. Our intention is definitely to, to continue to grow in the U si. Mean, the US is the biggest market in the world by, by, by far and, and even, you know, $100 million book for us plus, over a handful of lines of business. You know, we haven't, we haven't scratched the surface there. So it is definitely, it could, it, it definitely continues to be a big, you know, focus for growth for us going forward. You know, again, I, I always caveat as long as the market is on our side. And, and, and you know, we we feel, you know, is conducive for that profitable growth. We added engineering and construction to our product suite in the US this year. And if there are opportunities to add more going forward, I mean, that's definitely something that that we will do. So, so yeah, very much still focused on growing in the US.

是的，我的意思是，我認為這些年來我們在美國的業績有所改善，顯然，當我們開始時，它的溢價基礎要小得多，而且這些年來我們已經增長了，現在已經達到1 億美元。都是短尾巴。這對我們來說是一本極其有利可圖的商業書籍，而且你知道，就像世界上任何其他地方一樣。如果有成長的機會，我們就會繼續成長。我們，我們，它正在成為一個更具競爭性的環境。我們看到來自國內市場的更多侵略性，正如你所知，斯科特，我們寫的是我們從倫敦在這裡預訂的，這對我們很有幫助，你知道，在我們寫這篇文章的時候，但我們看到更多的業務留在本地。倫敦訂單正在減少。因此，我們現在正在尋找方法，嘗試從，你知道，不僅從倫敦，而且從美國或百慕達直接處理該業務。因此，只要我們認為市場將有利於獲利成長，我們就會繼續成長。我們的意圖絕對是繼續在美國發展。意思是說，到目前為止，美國是世界上最大的市場，甚至，你知道，我們在少數業務領域的帳面價值高達 1 億美元。你知道，我們還沒有，我們還沒有觸及到表面。所以它絕對是，它可以，它，它絕對仍然是我們未來成長的重要焦點。你知道，只要市場站在我們這邊，我總是會發出警告。而且，而且，你知道，我們認為，你知道，有利於獲利成長。今年，我們在美國的產品套件中增加了工程和施工。如果未來有機會增加更多內容，我的意思是，這肯定是我們會做的事情。所以，是的，我們仍然非常關注在美國的成長。

Okay. That's, that's helpful. And then just the last question I had was just a numbers question on the, the net investment income level for Q3 was pretty similar to Q2. Is there anything that, that we should be aware of in that? It, I guess with higher yield, I would have thought it'd be up a little bit and is there any anything I should be aware of? And do you expect that to grow from the Q3 base that, that investment income level over the next few quarters?

好的。那就是，這很有幫助。我的最後一個問題只是數字問題，第三季的淨投資收益水準與第二季非常相似。對此，有什麼我們應該注意的嗎？我想隨著收益率的提高，我以為它會上漲一點，有什麼我該注意的嗎？您預計未來幾季的投資收入水準會在第三季的基礎上有所成長嗎？

I mean, I don't think there's, much really to to what do you call it, outline on it? I mean, it, it may have been, you know, relatively flattish. But you know, our yields are slightly going up and I think that will take a little bit of time to filter through. Maybe. You'll probably, you'll probably start seeing more a bit more growth in the investment income going forward, but it, it's not going to be significant. I think we've hit, a relatively, what do you call it? Sort of, we've hit the peak on the interest rate environment and, and remember we've edged out the duration. So, II I wouldn't make much of it. I mean,

我的意思是，我不認為你所說的它有什麼真正的意義，它的輪廓？我的意思是，你知道，它可能相對平坦。但你知道，我們的收益率正在略有上升，我認為這需要一點時間來過濾。或許。你可能會開始看到未來投資收入的成長，但它不會很顯著。我想我們已經達到了相對的程度，你怎麼稱呼它？某種程度上，我們已經達到了利率環境的頂峰，並且請記住，我們已經超出了期限。所以，我不會太在意它。我是說，

Got it. Thanks for all the answers.

知道了。感謝所有的答案。

No problem. Pleasure.

沒問題。樂趣。

This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Just thank you all for joining us today and thanks for your continued support. As always any additional questions, please contact Robin. And she'll be happy to assist. Of course, and we look forward to speaking to you on next quarter's call.

感謝大家今天加入我們，並感謝你們一直以來的支持。一如既往，如有任何其他問題，請聯絡羅賓。她會很樂意提供協助。當然，我們期待在下個季度的電話會議上與您交談。

I wish everybody a good day. Thank you.

祝大家有美好的一天。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。