Kestrel Group Ltd (KG) 2018 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Maiden Holdings First Quarter 2018 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，女士們、先生們，歡迎參加梅登控股 2018 年第一季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the conference over to Bill Horning, Senior Vice President of Investor Relations. Sir, you may begin.

我現在想將會議交給投資者關係高級副總裁比爾霍寧 (Bill Horning)。先生，您可以開始了。

Thank you. Good morning, and thank you for joining us today for Maiden's First Quarter 2018 Earnings Conference Call. Presenting on the call today, we have Art Raschbaum, Maiden's Chief Executive Officer; along with Karen Schmitt, our Chief Financial Officer. Also in attendance today is Pat Haveron, President of Maiden Reinsurance Ltd.

謝謝。早安，感謝您今天參加 Maiden 2018 年第一季財報電話會議。今天，Maiden 執行長 Art Raschbaum 出席了電話會議。以及我們的財務長凱倫·施密特 (Karen Schmitt)。今天出席的還有 Maiden Reinsurance Ltd 總裁 Pat Haveron。

Before we begin, I would like to note that the information presented here today contains projections or other forward-looking statements regarding future events or the future financial performance of the company. These statements are based on current expectations and future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially from these expectations. We refer you to the documents the company files from time to time with the SEC, specifically the company's annual report on Form 10-K and our quarterly reports on Form 10-Q.

在開始之前，我想指出，今天提供的資訊包含有關公司未來事件或未來財務表現的預測或其他前瞻性陳述。這些陳述是基於當前預期和未來事件，並受到許多風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。我們請您參考公司不時向 SEC 提交的文件，特別是公司的 10-K 表年度報告和 10-Q 表季度報告。

Some of our discussions about the company's performance today will include reference to both non-GAAP financial measures and information that reconciles these measures to GAAP as well as certain operating metrics that may be found in our filings with the SEC and in our news release located on the Maiden's Investor Relations website.

我們今天關於公司業績的一些討論將包括參考非 GAAP 財務指標和將這些指標與 GAAP 相一致的信息，以及某些營運指標，這些指標可以在我們向 SEC 提交的文件和位於Maiden 的投資者關係網站。

Please also note that unless otherwise stated, all references to common share data in today's discussion are on a diluted share basis and comparative comments will refer to Maiden's results in the first quarter of 2018 relative to the corresponding period in 2017.

另請注意，除非另有說明，今天討論中所有引用的普通股數據均基於稀釋後的股份，比較評論將參考 Maiden 2018 年第一季相對於 2017 年同期的業績。

With that, I'll now turn the call over to Art.

現在，我將把電話轉給 Art。

Thank you, Bill. Good morning, and thanks for joining us for today's call. Following several challenging quarters last year, our results in the first quarter of 2018 have improved significantly. We reported net income in the first quarter of $13.7 million or $0.16 per diluted common share.

謝謝你，比爾。早安，感謝您參加今天的電話會議。繼去年幾個充滿挑戰的季度之後，我們在 2018 年第一季的業績有了顯著改善。我們報告第一季淨利潤為 1,370 萬美元，即稀釋後普通股每股 0.16 美元。

On an operating basis, we earned $16.8 million in the quarter or $0.20 per diluted common share. And importantly, we did not see significant adverse loss development in our Diversified segment and only a modest level of adverse development in our AmTrust Reinsurance segment. I'll provide more color on business development in each segment, and then Karen, our Chief Financial Officer, will provide more detail on the quarterly results in her financial review.

在營運基礎上，我們本季賺取了 1,680 萬美元，即稀釋後普通股每股收益 0.20 美元。重要的是，我們沒有看到多元化業務部門出現重大不利損失，而 AmTrust 再保險部門僅出現適度的不利損失。我將提供有關每個部門業務發展的更多信息，然後我們的首席財務官凱倫將在她的財務審查中提供有關季度業績的更多詳細信息。

Across the Diversified segment in the first quarter of 2018, gross premiums written were $279 million, down from $332 million. Beginning with our U.S. underwriting operations. As we expected with the continued competitive environment, we found it more difficult to renew some accounts; some due to competitive pressures, and others, we chose not to renew. In particular, in the first quarter, on a comparative basis to the prior year's first quarter, we felt the impact of several large accounts non-renewed in 2017 and early in '18. And in one case, we had a fairly significant return of unearned premium reserves.

2018 年第一季度，多元化業務的毛保費為 2.79 億美元，低於 3.32 億美元。從我們的美國承保業務開始。正如我們預期的那樣，隨著持續的競爭環境，我們發現一些帳戶續約變得更加困難；有些是由於競爭壓力，有些是我們選擇不續約。特別是，在第一季度，與去年第一季度相比，我們感受到了2017年和18年初未續訂的幾個大帳戶的影響。在一種情況下，我們獲得了相當可觀的未到期保費準備金回報。

We do expect revenue to grow in subsequent quarters versus the prior year quarter period, reflecting new client additions as well as increases from existing client relationships, but we're not presently expecting significant year-on-year growth in the U.S. While it has been a difficult environment for a variety of reasons, clients and prospective clients continue to see the value in our collateralized reinsurance solutions and our differentiated value proposition.

我們確實預計接下來幾個季度的收入將比上年同期有所增長，反映出新客戶的增加以及現有客戶關係的增加，但我們目前預計美國的收入不會出現顯著的同比增長。由於各種原因而面臨困難的環境，但客戶和潛在客戶仍然看到了我們的抵押再保險解決方案和差異化價值主張的價值。

In Maiden capital solutions, our European regional business, we continue to add accounts and are enjoying increasing awareness and opportunities for our unique product offerings. Our first quarter capital solutions business development was strong, with several new client relationships added during the quarter. Additionally, in our international insurance services, affinity reinsurance business, we're seeing a variety of business development successes both in our branded consumer auto activity as well as our payment protection insurance products. Both areas have experienced new program and new client growth.

在我們的歐洲區域業務 Maiden Capital Solutions 中，我們不斷增加帳戶，並為我們獨特的產品提供越來越多的知名度和機會。我們第一季的資本解決方案業務發展強勁，本季增加了一些新的客戶關係。此外，在我們的國際保險服務、親和再保險業務中，我們在品牌消費汽車活動以及支付保護保險產品方面都取得了各種業務發展的成功。這兩個領域都經歷了新專案和新客戶的成長。

Within the payment protection insurance component, we're expanding our offerings to other affinity relationships in areas primarily in consumer finance. Of particular appeal to these new customers is our ability to customize products to meet their customers needs and also the team's fast time-to-market approach.

在支付保護保險部分，我們正在將我們的產品擴展到主要是消費金融領域的其他密切關係。對這些新客戶特別有吸引力的是我們客製化產品以滿足客戶需求的能力以及團隊的快速上市方法。

And finally, we're enjoying growth due primarily to increased shares we received in our German affinity auto reinsurance program, which was renewed on January 1.

最後，我們的成長主要是由於我們在德國親和汽車再保險計劃中獲得的份額增加，該計劃於 1 月 1 日更新。

Within our AmTrust segment, we observed a modest decline in gross written premium, reflecting their underwriting decisions made primarily in their program segment, some softening of primary market conditions and AmTrust's own initiatives to improve underwriting performance. As we've stated in the past, we anticipate a continued moderation at AmTrust and a potential further reduction in revenue over time. We believe they're responding effectively to competitive market conditions by maintaining disciplined underwriting.

在我們的 AmTrust 部門中，我們觀察到總承保保費略有下降，反映出他們主要在其計劃部門做出的承保決策、一級市場狀況的一些疲軟以及 AmTrust 自己改善承保業績的舉措。正如我們過去所說，我們預計 AmTrust 將繼續放緩，並且隨著時間的推移，收入可能會進一步減少。我們相信，他們透過維持嚴格的承保來有效應對競爭激烈的市場狀況。

As we mentioned on our fourth quarter conference call, we are evaluating all options to enhance value to our shareholders. In April, we did announce our Board of Directors had engaged Bank of America Merrill Lynch to help drive this effort forward, and we're actively engaged in the process. We will, of course, communicate any important developments in this process when they occur.

正如我們在第四季度電話會議上提到的，我們正在評估所有為股東提高價值的選擇。四月份，我們確實宣布董事會已聘請美國銀行美林來幫助推動這項工作，我們正在積極參與這一過程。當然，當這過程中出現任何重要進展時，我們都會予以通報。

I'd now like to turn the call over to Karen Schmitt, who will provide more details on the quarter. Karen?

我現在想將電話轉給凱倫·施密特，她將提供有關本季度的更多詳細資訊。凱倫？

Thank you, Art, and good morning. As Bill said at the outset of today's call, unless otherwise stated, all references to common share data are on a diluted common share basis, and comparative comments will refer to Maiden's results in the first quarter of 2018 relative to the corresponding periods in 2017.

謝謝你，阿特，早安。正如Bill 在今天的電話會議開始時所說，除非另有說明，所有對普通股數據的引用均以稀釋後的普通股為基礎，比較評論將參考Maiden 2018 年第一季相對於2017 年同期的業績。

Last night, Maiden reported a first quarter 2018 net income attributable to common shareholders of $13.7 million or $0.16 per diluted common share compared to net income attributable to common shareholders of $20.5 million or $0.23 per share. The non-GAAP operating earnings were $16.8 million or $0.20 per diluted common share compared with the non-GAAP operating earnings of $22.6 million or $0.26 per share. The annualized non-GAAP operating return on average common equity was 9.3% for the quarter.

昨晚，Maiden 報告稱，2018 年第一季歸屬於普通股股東的淨利潤為1,370 萬美元，即每股稀釋普通股0.16 美元，而歸屬於普通股股東的淨利潤為2,050 萬美元，即每股稀釋普通股0.23 美元。非 GAAP 營運收益為 1,680 萬美元，即每股稀釋普通股 0.20 美元，而非 GAAP 營運收益為 2,260 萬美元，即每股 0.26 美元。該季度的年化非 GAAP 平均普通股營運回報率為 9.3%。

Gross premiums written in the first quarter decreased 7.7% to $853 million compared to $923 million. In the Diversified Reinsurance segment, gross premiums written totaled $279 million, a decrease of 16%, impacted by the return of some unearned premium during the quarter on 1 large U.S. account that was not renewed at 1/1. Also affecting the comparison to the prior year was the termination of several accounts that occurred after the first quarter of 2017.

第一季毛保費下降 7.7%，從 9.23 億美元降至 8.53 億美元。在多元化再保險部門，毛保費總額為 2.79 億美元，下降了 16%，這是由於本季度 1 個美國大帳戶在 1 月 1 日未續保的部分未賺保費返還的影響。2017 年第一季後發生的多個帳戶的終止也影響了與前一年的比較。

Diversified growth outside of the U.S. was very strong for the quarter in both our International Insurance Services and European Capital Solutions businesses. In the AmTrust Reinsurance segment, gross premiums written were $574 million, a decrease of 3%.

本季我們的國際保險服務和歐洲資本解決方案業務在美國以外的多元化成長非常強勁。AmTrust 再保險部門的毛保費為 5.74 億美元，下降 3%。

Net premiums written were $849 million, down from $901 million. Net premiums earned were down -- were $685 million, down modestly from $710 million, mainly due to the decline in net premiums written in both segments. Net loss and loss adjustment expenses in the first quarter were $473 million compared to $481 million.

淨承保保費為 8.49 億美元，低於 9.01 億美元。淨保費收入下降，為 6.85 億美元，較 7.1 億美元小幅下降，主要是由於兩個部門的淨保費收入下降。第一季淨虧損和虧損調整費用為 4.73 億美元，去年同期為 4.81 億美元。

In the Diversified Reinsurance segment, we had prior year loss development of $1.2 million compared to $6.2 million recorded in the same period last year. In the AmTrust Reinsurance segment, we experienced $8.5 million of adverse prior year loss development compared to $10.3 million in the prior year.

在多元化再保險部門，我們去年的損失為 120 萬美元，而去年同期的損失為 620 萬美元。在 AmTrust 再保險部門，我們去年經歷了 850 萬美元的不利損失，而前一年為 1,030 萬美元。

Higher initial loss ratios were booked in both segments. In the Diversified segment, the higher ratios added approximately 0.6 points to the segment combined ratio. And in the AmTrust segment, the initial loss ratios added 1.8 points to the AmTrust loss ratio.

兩個部門的初始損失率均較高。在多元化細分市場中，較高的比率使該細分市場的綜合比率增加了約 0.6 個百分點。在 AmTrust 領域，初始損失率使 AmTrust 損失率增加了 1.8 個百分點。

Commission and other acquisition expenses decreased 6% to $209 million, reducing the ratio to 30.3% compared to 31.1%. Mix was the main driver of the lower combined rate -- lower commission ratios.

佣金和其他收購費用下降 6%，至 2.09 億美元，比例從 31.1% 降至 30.3%。混合是較低的綜合費率（較低的佣金比率）的主要驅動因素。

General and administrative expenses for the first quarter totaled $20 million versus last year's G&A of $17.4 million. The increase was due in part to increased audit, legal and system cost incurred in the first quarter of this year. As a result, the G&A ratio increased to 2.9% from 2.4%. This 0.5 point increase in the G&A expense ratio represents more than half of the increase in the combined ratio from a 100.9% last year to 101.8% this quarter.

第一季的一般及行政費用總計 2,000 萬美元，而去年的一般及管理費用為 1,740 萬美元。這一增長的部分原因是今年第一季審計、法律和系統成本增加。因此，一般管理費用比率從 2.4% 增加到 2.9%。G&A 費用率上升 0.5 個百分點，佔綜合成本率從去年的 100.9% 上升至本季的 101.8% 的一半以上。

The Diversified Reinsurance segment combined ratio was 99.6% versus 99.9%. The combined ratio for the quarter reflected higher initial combined ratio, which we believe to be prudent. Within the segment, we also experienced a 0.9 percentage point increase in the year-on-year G&A expense ratio, which we do not believe to be run rate.

多元化再保險部門的綜合成本率分別為 99.6% 及 99.9%。本季的綜合成本率反映了較高的初始綜合成本率，我們認為這是審慎的。在該細分市場中，我們的一般管理費用率也比去年同期成長了 0.9 個百分點，但我們認為這並不是運作率。

The AmTrust segment combined ratio for the quarter was 100.9% versus 99.8%. The increase was due to higher initial loss ratios booked, offset by less adverse development in the quarter as compared to prior year.

本季 AmTrust 部門的綜合成本率為 100.9%，而同期為 99.8%。這一增長是由於登記的初始損失率較高，但被本季不利發展較上年減少所抵消。

Investment results were consistent in the first quarter with net investment income of $42.9 million compared to $42.2 million. Investable assets decreased slightly to $5.4 billion with an average yield on the fixed income portfolio of 3.18%. The duration of Maiden's total investable assets was 4.7 years compared to the duration of liabilities of 3.7 years.

第一季的投資結果保持一致，淨投資收入為 4,290 萬美元，而去年同期為 4,220 萬美元。可投資資產小幅下降至 54 億美元，固定收益投資組合平均報酬率為 3.18%。Maiden 總可投資資產的期限為 4.7 年，而負債期限為 3.7 年。

With the rising rate environment, the mark-to-market adjustment on our available-for-sale portfolio was $68 million, which was recorded through AOCI, which reduced our book value by $0.82 per share this quarter. However, importantly, the change in market value was not driven by a weakening of credit quality or impaired assets. Maiden would only realize these valuation losses if we chose to sell assets at market. As you know, Maiden does not have a significant liquidity risk in its portfolio and has relatively predictable cash flows. Our book value per common share, excluding AOCI, was $9.10 at the end of the first quarter versus $9.09 at year-end.

隨著利率上升的環境，我們的可供出售投資組合按市價調整了 6,800 萬美元，這是透過 AOCI 記錄的，這使我們本季的每股帳面價值減少了 0.82 美元。然而，重要的是，市場價值的變化並不是信貸品質下降或資產受損所引起的。如果我們選擇在市場上出售資產，Maiden 才會意識到這些估值損失。如您所知，Maiden 的投資組合不存在重大流動性風險，且現金流量相對可預測。第一季末我們的每股普通股帳面價值（不包括 AOCI）為 9.10 美元，而年底為 9.09 美元。

We ended the first quarter with total assets of $6.76 billion compared to $6.64 million at year-end. Cash and cash equivalents were $161 million -- $161 million, excuse me, compared to $192 million at December 31.

第一季結束時，我們的總資產為 67.6 億美元，而去年年底為 664 萬美元。現金和現金等價物為 1.61 億美元——對不起，1.61 億美元，而 12 月 31 日為 1.92 億美元。

Shareholders' equity was $1.16 billion compared to $1.23 billion at year-end. And finally, as we announced in our press release on Tuesday, our board authorized a quarterly cash dividend of $0.15 per common share payable on July 12 as well as dividends on our preference shares payable on June 15.

股東權益為 11.6 億美元，而年底為 12.3 億美元。最後，正如我們在周二的新聞稿中宣布的那樣，我們的董事會授權於 7 月 12 日支付每股普通股 0.15 美元的季度現金股息，並於 6 月 15 日支付優先股股息。

I will now turn the call over to Art for some additional comments.

我現在將把電話轉給 Art 以徵求一些補充意見。

Thank you, Karen. As we look further into 2018, we believe we're taking the steps necessary to return Maiden to more stable results and more consistent profitability. With our strategic review process well underway, we continue to focus on actions that will enhance value to our shareholders.

謝謝你，凱倫。當我們進一步展望 2018 年時，我們相信我們正在採取必要的措施，使 Maiden 恢復更穩定的業績和更一致的獲利能力。隨著我們的策略審查流程順利進行，我們將繼續專注於為股東提高價值的行動。

Before I end our formal comments, I'd also like to acknowledge the exceptional efforts of the entire Maiden team in remaining focused on delivering significant differentiated value to our customers. While there have been a number of issues that have made their jobs significantly more challenging, I'm deeply proud and appreciative of their professionalism and their commitment to deliver value every day.

在結束我們的正式評論之前，我還要感謝整個 Maiden 團隊在繼續專注於為我們的客戶提供顯著的差異化價值方面所做的傑出努力。儘管存在許多問題使他們的工作變得更具挑戰性，但我對他們的專業精神和每天創造價值的承諾深感自豪和讚賞。

I'd also like to thank our customers for their loyalty and support. We're committed to strengthening our value proposition for all of our clients and our shareholders to deliver exceptional reinsurance solutions.

我還要感謝我們的客戶的忠誠和支持。我們致力於加強我們對所有客戶和股東的價值主張，提供卓越的再保險解決方案。

This concludes our prepared remarks. Operator, could you please open the lines for Q&A?

我們準備好的演講到此結束。接線生，您能打開問答線嗎？

(Operator Instructions) And our first question comes from Randy Binner with B. Riley FBR.

（操作員說明）我們的第一個問題來自 Randy Binner 和 B. Riley FBR。

I'll start with just a question on just reserve activity. So it looks like Diversified Re did not have any development this quarter. And there's been quite a bit for the last several. So could you dig into that a little bit and just describe kind of where that process is with reserves in Diversified Re?

我將從一個關於儲備活動的問題開始。因此，多元化再保險本季似乎沒有任何進展。過去的幾個事情已經相當多了。那麼，您能否深入研究這一點，並描述一下多元化再保險儲備金的流程情況？

Sure. We had a very quiet quarter for Diversified this quarter. U.S. was flat. Nothing booked in either direction. There's obviously movements in all kinds of directions for all of the individual pieces, but it netted out to 0. We had a small amount of adverse coming from our Bermuda runoff. Some of this was contracts that were in place when -- at the very beginning of the Maiden existence, which we still have little bits of runoff from that but really not a significant amount. That's really it. And then IIS was favorable for the quarter, slightly.

當然。本季多元化業務非常平靜。美國持平。兩個方向都沒有預訂。顯然，所有單獨的棋子都有各種方向的運動，但最終結果為 0。其中一些是在少女存在之初就已經簽訂的合同，我們仍然有少量的徑流，但實際上數量並不多。確實如此。然後，IIS 在本季度表現良好，略有好轉。

Okay. And then with AmTrust, you kind of book -- so that number was probably a little bit lower than I would have expected for adverse considering kind of their use of the adverse development cover and last year. So I mean, can you -- is there -- I mean, is that -- I know there's always timing differences and methodology differences between Maiden and AmTrust. But is there any color you can give us around that, that $8.5 million? It just -- it seems the implied reserve charge from what AmTrust had already reported would have been higher.

好的。然後是AmTrust，你的書——所以這個數字可能比我預期的要低一點，因為考慮到他們去年和去年對不利發展封面的使用。所以我的意思是，你能——有嗎——我的意思是，是——我知道 Maiden 和 AmTrust 之間總是存在時間差異和方法差異。但對於這 850 萬美元，你能給我們什麼顏色嗎？只是——AmTrust 已經報告的隱含準備金費用似乎會更高。

Yes. Remember, we booked a lot in AmTrust last year. So I guess, my expectation would have been we book nothing. But we did book around $8.5 million. It was mostly in general liability, small amount of commercial auto. And really, when you take it apart, a lot of it was coming from program. Program continues to be a little bit of a challenge for us. But the adverse development cover from AmTrust, as we've said before, it's really hard to compare what their results are going to be to our results. There's different business going in that. There's different things that are affecting that cover that we don't participate in. And then the business that we do participate in, our starting points may be different. So it's really hard to compare what they do with reserves, certainly on a day to -- quarter-to-quarter basis for what -- versus what we do.

是的。請記住，去年我們在 AmTrust 預訂了很多。所以我想，我的期望是我們什麼都不預訂。但我們確實預訂了大約 850 萬美元。主要是一般責任車，少量商用車。事實上，當你把它拆開時，你會發現很多都是來自程式。計劃對我們來說仍然是一個挑戰。但正如我們之前所說，AmTrust 的不利發展報告確實很難將他們的結果與我們的結果進行比較。這裡面有不同的事情。有很多不同的事情正在影響我們不參與的封面。然後我們所參與的業務，我們的出發點可能會有所不同。因此，很難將他們對儲備金所做的事情與我們所做的事情進行比較，當然逐日逐季進行。

Our next question comes from Meyer Shields with KBW.

我們的下一個問題來自 KBW 的 Meyer Shields。

Art, in your comments, you didn't mention pricing. And I'm wondering what you're seeing in terms of any increases either on the primary side or in terms of the actual reinsurance pricing on the liability lines within the adverse side?

藝術，在您的評論中，您沒有提到定價。我想知道您對主要方面或不利方面責任線的實際再保險定價的增加有何看法？

Yes. I think -- I mean, in terms of -- let's start with the reinsurance side of it. I think -- let's -- and let's break it between access and pro rata. A lot of our pro rata is in kind of the auto segment. And we actually think that the pricing environment there and particularly in specific areas and jurisdictions is pretty positive. On the access side, I think we're seeing more competition, sort of more rate pressure. That said, we still have a pretty high retention on the business. But the primary market, at least the rating indicators that we see, suggest that lines are just getting marginal levels of rate increase, and some lines are actually not seeing rate increases. So our expectation and our outlook is not focused on significant price strengthening. And keep in mind, when we price our business in the Diversified, we take a pretty objective look at the primary pricing environment, and then we build our pricing on that objective look. So I'd like to say that we were seeing an improvement in overall reinsurance pricing, but I'd say that, that's not true. Again, our focus is oriented on the things where we believe that margins will be attainable. That would be things like our auto book. That would be things like our accident health book, which has been a pretty stable contributor. And the other area where we've seen some benefit and particularly with some of the growth in some of the lower combined ratio business is in our International Insurance Solutions business, the affinity business, we've had -- we have a pretty good view on 2018 in that particular area.

是的。我認為——我的意思是，就——讓我們從再保險方面開始。我想——讓我們——讓我們在訪問和按比例之間打破它。我們的大部分按比例屬於汽車領域。事實上，我們認為那裡的定價環境，尤其是特定地區和司法管轄區的定價環境非常積極。在接入方面，我認為我們看到了更多的競爭，以及更大的費率壓力。也就是說，我們的業務保留率仍然很高。但一級市場，至少我們看到的評級指標表明，各線路的費率上漲只是邊際水平，而有些線路實際上並沒有看到費率上漲。因此，我們的預期和前景並不關注價格的大幅走強。請記住，當我們對多元化業務進行定價時，我們會非常客觀地審視主要定價環境，然後根據該客觀情況制定定價。所以我想說，我們看到整體再保險定價有所改善，但我想說，事實並非如此。同樣，我們的重點是我們認為可以實現利潤的事情。那就是我們的汽車書之類的東西。這就是我們的事故健康手冊之類的東西，它一直是相當穩定的貢獻者。我們看到了一些好處的另一個領域，特別是一些綜合比率較低的業務的一些增長，是我們的國際保險解決方案業務，我們已經擁有的親和力業務——我們有一個很好的觀點2018 年在該特定領域。

Yes. And I guess I'd add on the AmTrust side, what we're seeing is probably a little bit of weakening on the workers' comp but strengthening in some of the other areas where there have been some profitability challenges. So it's kind of a mixed bag there.

是的。我想我想補充一點，在 AmTrust 方面，我們看到的可能是工人薪酬略有下降，但在其他一些存在盈利挑戰的領域有所加強。所以這是一個魚龍混雜的情況。

Okay. That certainly makes sense. And second question and I appreciate that you can't -- there's no detail that you can disclose right now with regard to the strategic review. But can you talk about its impact on business development, just the fact that there's a process going on?

好的。這當然有道理。第二個問題，我知道你不能──你現在無法透露有關策略審查的細節。但是您能談談它對業務發展的影響嗎？

No. That's a great question. I said earlier how appreciative we are of the loyalty of our clients. Some of our clients actually have been with us for -- pre-Maiden period of time. And I think that -- our commitment is to enhance shareholder value. We believe that things that enhance shareholder value will also enhance value to our customers, and that's a sincere belief. And I think that, from that perspective, we're looking at things that can strengthen our value proposition to our shareholders and to them. So in the interim, we continue to provide collateral. Nothing changes there. They continue to have the benefit of what we think is the strongest security in the market. But we certainly get calls, and we talk to customers. And for the most part, the majority have been very appreciative and understanding and recognize that there's not a lot we can divulge at this time, but the end objective is something that hopefully benefits them as well as obviously, most importantly, our shareholders.

不。這是一個很好的問題。我之前說過我們非常感謝客戶的忠誠度。我們的一些客戶實際上已經在我們處女之前的一段時間了。我認為－我們的承諾是提高股東價值。我們相信，提高股東價值的事情也將提高我們客戶的價值，這是一個真誠的信念。我認為，從這個角度來看，我們正在尋找能夠加強我們對股東和他們的價值主張的事情。因此，在此期間，我們繼續提供抵押品。那裡什麼都沒有改變。他們繼續受益於我們認為市場上最強大的安全性。但我們肯定會接到電話，並與客戶交談。在大多數情況下，大多數人都非常感激和理解，並認識到我們目前無法透露太多，但最終目標是希望使他們以及顯然最重要的是我們的股東受益。

(Operator Instructions) And I'm not showing any further questions at this time. I would like to turn the call back to Bill Horning, Senior Vice President of Investor Relations, for any further remarks.

（操作員說明）我目前不會提出任何進一步的問題。我想將電話轉給投資者關係高級副總裁比爾·霍寧（Bill Horning），以徵求進一步意見。

Thank you, operator. This concludes today's quarterly call. Thank you all for joining us, and we look forward to speaking to you on future quarters this year.

謝謝你，接線生。今天的季度電話會議到此結束。感謝大家加入我們，我們期待在今年的未來幾季與您交談。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。今天的節目到此結束。你們都可以斷開連線。大家，祝你有美好的一天。