Kinsale Capital Group Inc (KNSL) 2025 Q3 法說會逐字稿

Good morning, and welcome to Kinsale Capital Group's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加金塞爾資本集團2025年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

Before we get started, let me remind everyone that through the course of the teleconference, Kinsale's management may make comments that reflect their intentions, beliefs and expectations for the future. As always, these forward-looking statements are subject to certain risk factors, which could cause actual results to differ materially.

在會議開始之前，請允許我提醒大家，在電話會議過程中，金塞爾的管理層可能會發表一些評論，這些評論反映了他們對未來的意圖、信念和期望。與以往一樣，這些前瞻性陳述受到某些風險因素的影響，這些因素可能導致實際結果與預期結果有重大差異。

These risk factors are listed in the company's various SEC filings, including the 2024 annual report on Form 10-K, which should be reviewed carefully. The company has furnished a Form 8-K with the Securities and Exchange Commission that contains the press release announcing its third quarter results.

這些風險因素已列於該公司提交給美國證券交易委員會的各種文件中，包括 2024 年的 10-K 表格年度報告，應仔細閱讀。該公司已向美國證券交易委員會提交了 8-K 表格，其中包含公佈其第三季業績的新聞稿。

Kinsale's management may also reference certain non-GAAP financial measures in the call today. A reconciliation of GAAP to these measures can be found in the press release, which is available at the company's website at www.kinsalecapitalgroup.com.

Kinsale 的管理階層今天在電話會議中也可能會提及某些非 GAAP 財務指標。有關 GAAP 與這些指標的調節表，請參閱新聞稿，該新聞稿可在公司網站 www.kinsalecapitalgroup.com 上找到。

I will now turn the conference over to Kinsale's Chairman and CEO, Mr. Michael Kehoe. Please go ahead, sir.

現在我將把會議交給金塞爾董事長兼執行長麥可·基歐先生。請繼續，先生。

Thank you, operator, and good morning, everyone. Bryan Petrucelli, our CFO; Brian Haney, our President and COO; and Stuart Winston, our EVP and CUO, Chief Underwriting Officer, joining me on the call this morning.

謝謝接線員，大家早安。今天早上和我一起參加電話會議的有：我們的財務長 Bryan Petrucelli；我們的總裁兼營運長 Brian Haney；以及我們的執行副總裁兼首席核保官 Stuart Winston。

We announced some management changes last night, the most significant of which is Brian Haney's recent election to the Board of Directors and the announcement of his retirement and new role as Senior Adviser beginning next year. We congratulate him on his election and are encouraged that he will continue to have a prominent role in the governance and direction of Kinsale.

昨晚我們宣布了一些管理層變動，其中最重要的是布萊恩·哈尼最近被選為董事會成員，以及宣布他將於明年退休並擔任高級顧問的新職位。我們祝賀他當選，並欣慰地看到他將繼續在金塞爾的治理和發展方向上發揮重要作用。

Brian and I have worked together for almost 30 years at three different E&S companies. He was one of the original founders of Kinsale and has made tremendous contributions to our success over the almost 17 years we have been in business. It's been a great run and needless to say, we are fortunate that he will continue contributing to Kinsale as a Director and as a Senior Adviser with a focus on investor communications.

我和布萊恩曾在三家不同的環境和社會公司共事近 30 年。他是 Kinsale 的創辦人之一，在我們近 17 年的經營歷程中，他為我們的成功做出了巨大的貢獻。這段經歷非常精彩，毋庸置疑，我們很幸運他將繼續以董事和高級顧問的身份為 Kinsale 做出貢獻，專注於投資者溝通。

I'd also like to congratulate Stewart Winston on his promotion to Executive Vice President and Chief Underwriting Officer. Stewart and his team have delivered some of the best underwriting results in the industry. So this recognition is well earned, and under his leadership, we have great expectations for continued profit and growth in the future.

我還要祝賀 Stewart Winston 晉升為執行副總裁兼首席承保官。Stewart 和他的團隊取得了業內一些最好的承保業績。因此，這份榮譽實至名歸，在他的領導下，我們對未來持續獲利和成長充滿信心。

In the third quarter 2025, Kinsale's operating earnings per share increased by 24% and gross written premium grew by 8.4% over the third quarter of 2024. For the quarter, the company posted a combined ratio of 74.9% and a nine-month operating return on equity of 25.4%. Our book value per share has increased by 25.8% since the year-end 2024, and our float has increased by 20%. We E&S market conditions were steady in the third quarter, generally competitive with our growth rate varying from one market segment to another with our overall growth rate at 8.4%.

2025 年第三季度，Kinsale 的每股營業收益比 2024 年第三季成長了 24%，毛保費收入成長了 8.4%。該季度，該公司綜合比率為 74.9%，前九個月的經營性股本回報率為 25.4%。自 2024 年底以來，我們的每股帳面價值成長了 25.8%，流通股成長了 20%。第三季度，我們的環境與社會市場狀況穩定，整體競爭激烈，各細分市場的成長率有所不同，整體成長率為 8.4%。

Our Commercial Property division premium dropped by 8% in the third quarter compared to a 17% drop in the second quarter. The overall third quarter growth rate, excluding our Commercial Property division was 12.3%. Brian Haney is going to provide some commentary on the market here in a moment.

第三季度，我們的商業房地產部門保費下降了 8%，而第二季度則下降了 17%。第三季整體成長率（不包括商業不動產部門）為 12.3%。布萊恩·哈尼稍後將對當前市場發表一些評論。

Kinsale's disciplined underwriting and low-cost business model is a consistent winner in an industry where the customers are intensely focused on cost. As the E&S market has become more competitive over the last two years, Kinsale efficiency has become a more significant competitive advantage, by allowing us to deliver competitive policy terms to our customers without compromising our margins.

在客戶高度關注成本的保險業中，金賽爾公司嚴謹的承保和低成本的商業模式一直備受青睞。過去兩年，隨著 E&S 市場競爭日益激烈，Kinsale 的高效營運已成為一項更為重要的競爭優勢，使我們能夠在不損害自身利潤的情況下，為客戶提供具有競爭力的保單條款。

Likewise, in a moment in the P&C cycle characterized by loose underwriting standards, Kinsale's control of its underwriting process and superior data and analytics helps deliver consistent and attractive results.

同樣，在財產和意外保險週期中，承保標準較為寬鬆，金賽爾憑藉其承保流程的控制以及卓越的數據和分析能力，幫助公司取得了持續且令人滿意的業績。

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

接下來，我將把電話交給布萊恩·佩特魯切利。

Thanks, Mike. As Mike just noted, we continue to generate great results, with net income and net operating earnings, both increasing by 24% quarter-over-quarter. The 74.9% combined ratio for the quarter included 3.7 points from net favorable prior year loss reserve development, compared to 2.8 points last year with less than 1 point in cat losses this year compared to 3.8 points in the third quarter of last year.

謝謝你，麥克。正如麥克剛才提到的，我們繼續取得優異的業績，淨收入和淨營業利潤均較上季成長 24%。本季綜合比率為 74.9%，其中包括去年同期淨有利損失準備金發展帶來的 3.7 個百分點，而去年同期為 2.8 個百分點；此外，今年巨災損失帶來的貢獻不到 1 個百分點，而去年第三季為 3.8 個百分點。

We continue to take a cautious approach to releasing reserves. Gross written premium grew by 8.4% for the quarter, while net earned premium grew by 17.8%, which was higher than the gross written premium due to an increase in retention levels upon renewal of our reinsurance program on June 1. We produced a 21% expense ratio in the third quarter compared to 19.6% last year.

我們繼續採取謹慎的態度釋放儲備金。本季毛保費收入成長了 8.4%，而淨已賺保費收入成長了 17.8%，高於毛保費收入，這是由於 6 月 1 日續保再保險計畫後留存率提高所致。第三季我們的費用率為 21%，去年同期為 19.6%。

Higher expense ratio is attributable to lower ceding commissions generated on the company's casualty and commercial property quota share reinsurance agreements as a result of the higher reinsurance retention levels that I just mentioned.

費用率上升是由於我剛才提到的較高的再保險自留水準導致公司意外險和商業財產配額再保險協議產生的分出佣金減少所致。

On the investment side, net investment income increased by 25.1% in the third quarter over last year as a result of continued growth in the investment portfolio generated from strong operating cash flows. Kinsale flow, mostly unpaid losses and unearned premium grew to $3 billion at September 30 up from $2.5 billion at the year-end 2024.

在投資方面，由於強勁的營運現金流帶動投資組合持續成長，第三季淨投資收益比去年同期成長了 25.1%。截至 9 月 30 日，金塞爾的資金流動（主要是未付賠款和未實現保費）成長至 30 億美元，高於 2024 年底的 25 億美元。

The annual gross return was 4.3% for the first nine months of this year and consistent with last year. New money yields are averaging slightly below 5%, with an average duration of 3.6 years on the company's fixed maturity investment portfolio. And lastly, diluted operating earnings per share continues to improve and was $5.21 per share for the quarter, compared to $4.20 per share for the third quarter of 2024.

今年前九個月的年度總報酬率為 4.3%，與去年持平。該公司固定期限投資組合的新增資金收益率平均略低於 5%，平均久期為 3.6 年。最後，稀釋後每股營運收益持續改善，本季為每股 5.21 美元，而 2024 年第三季為每股 4.20 美元。

And with that, I'll pass it over to Brian Haney.

接下來，我將把麥克風交給布萊恩‧哈尼。

Thanks, Brian. First, let me say it's been an absolute honor and privilege to have worked at Kinsale for the last 17 years. There's no better E&S company in the business, and there's no better group of people to work with. Kinsale has come a long way from its first days in 2009 when we were just starting out with Bryan Petrucelli, Mike, myself as well as Bill Kenny, Emery Morrison and [Ed Desch], who I see is on the phone call today.

謝謝你，布萊恩。首先，我想說，過去 17 年能在 Kinsale 工作，對我來說絕對是一種榮幸和特權。業界沒有比這更好的環境與安全公司，也沒有比這更好的合作夥伴。Kinsale 自 2009 年成立以來，已經取得了長足的進步。當時我們只有 Bryan Petrucelli、Mike、我以及 Bill Kenny、Emery Morrison 和 [Ed Desch] 等人，我看到他今天也在電話裡。

I'm grateful for the opportunities I've been giving by Mike and the Board over the years. I'm proud to have played whatever part I could in the success of Kinsale. It's a tremendous honor to have the opportunity to serve on this board with so many talented directors whom I've worked with over the years, and I'm really pleased that I will continue to be associated with this great company.

我非常感謝麥克和董事會多年來給我的機會。我很榮幸能為金塞爾的成功貢獻自己的一份心力。能夠有機會與這麼多我多年來共事的優秀董事們一起在這個董事會任職，我感到無比榮幸，我也非常高興能夠繼續與這家偉大的公司保持聯繫。

And I am very confident in our future. We have built an amazingly deep bench. We have great young executives like Stuart and many others like him. The investors should rest assured that this company is in great hands and will continue to be going forward.

我對我們的未來充滿信心。我們建造了一個非常深的長凳。我們有很多像史都華這樣優秀的年輕主管，還有很多像他一樣的人。投資者可以放心，這家公司現在由優秀的管理者掌舵，並將繼續穩步發展。

With that said, on the business. The E&S market remains competitive, as Mike said, the intensity varies by division. The shared layered Commercial Property continues to be very competitive. But it appears we hit an inflection point sometime early in the third quarter, perhaps late in the second where the rate of decline is abating. When you look at all the Property business in total, including a small property, agribusiness property and in the marine, the book actually grew in the third quarter.

說了這麼多，言歸正傳。正如麥克所說，環境與社會市場仍然競爭激烈，不同領域的競爭強度有所不同。共享分層商業房地產市場競爭依然非常激烈。但似乎我們在第三季初，或許在第二季末，就遇到了一個轉折點，下降速度開始放緩。如果把所有房地產業務加起來來看，包括小型房地產、農業綜合企業房地產和海洋業務，那麼第三季的業務量實際上有所增長。

In other areas, we're seeing the most growth in commercial auto, entertainment, energy and allied health. Although the market is competitive, our model of low expenses and absolute control over the underwriting and claims handling works well in any market. I would argue it works better in a competitive market because it makes our expense ratio more telling, also the fastest-growing participants in the market today are largely funding companies whose risk-bearing partners must contend with expense ratios often double ours or higher. And that math isn't going to work out for them.

在其他領域，我們看到商業汽車、娛樂、能源和醫療保健等產業成長最為顯著。儘管市場競爭激烈，但我們低成本、對承保和理賠處理絕對控制的模式在任何市場都能很好地發揮作用。我認為，在競爭激烈的市場中，這種做法效果更好，因為它使我們的費用率更具說服力。此外，目前市場上成長最快的參與者大多是為那些風險承擔方必須應對費用率通常是我們兩倍甚至更高的公司提供資金的公司。而這種計算對他們來說行不通。

Submission growth was 6% for the quarter, which is down from 9% in the first quarter. That decline is driven by our Commercial Property division with -- our pricing trends are similar to the Amwins Index, which reported an overall 0.4% decrease. Commercial Property rates are still declining, but we feel we have reached that inflection point, as I mentioned, where the rates are -- rate declines are stabilizing, and I expect we will see rates in the commercial property market moderate going forward.

本季提交量成長了 6%，低於第一季的 9%。這一下滑是由我們的商業房地產部門推動的——我們的定價趨勢與 Amwins 指數相似，該指數報告稱整體下降了 0.4%。商業房地產利率仍在下降，但正如我所提到的，我們感覺已經達到了轉折點，利率下降趨勢趨於穩定，我預計未來商業房地產市場的利率將會趨於緩和。

Overall, we remain optimistic. Our results are good. Our growth prospects are good and as the low-cost provider in our space, we have a durable competitive advantage that should allow us to continue to gradually take market share from our higher expense competitors while continuing to deliver strong returns and build wealth for our investors.

整體而言，我們依然保持樂觀。我們的成績很好。我們的成長前景良好，作為該領域的低成本供應商，我們擁有持久的競爭優勢，這將使我們能夠繼續逐步從高成本的競爭對手那裡奪取市場份額，同時繼續為投資者帶來強勁的回報並創造財富。

And with that, I will turn it back over to Mike.

那麼，我就把麥克風交還給麥克了。

Thanks, Brian. Operator, we're now ready for any calls in the queue.

謝謝你，布萊恩。接線員，我們現在可以接聽隊列中的所有來電了。

(Operator Instructions) Bob Huang, Morgan Stanley.

（操作說明）鮑勃·黃，摩根士丹利。

Good morning. So Brian, congratulations on the new role and the retirement. But just maybe if we go into the your business outside of Commercial Property, can you maybe comment on where you think the future opportunities would be, especially given it seems like there's a little bit of a growth deceleration for the quarter. Just kind of curious, outside of Commercial Property, what are the areas that you think that are very attractive for you? And what are the areas you think you want to pull back a little bit?

早安.布萊恩，恭喜你履新並光榮退休。但是，如果我們談到您在商業房地產以外的業務，您能否談談您認為未來的機會在哪裡，特別是考慮到本季的成長似乎有所放緩。我只是有點好奇，除了商業房地產之外，您認為還有哪些領域對您來說非常有吸引力？那麼，你覺得哪些方面需要稍微縮減一些呢？

Well, I think we've got opportunity across the whole book. I would say some of our newer areas that we developed recently would be the transportation segment and the Agribusiness segment. But I think there's still a great opportunity in Casualty.

我認為整本書都充滿了機會。我認為我們近期發展的一些新領域包括交通運輸領域和農業綜合企業領域。但我認為急診醫學領域仍蘊藏著巨大的機會。

And then some of the other property-related lines, I think there's still a great opportunity, high-value homeowners and our personal lines is an area we're putting a lot of emphasis into. I think that's a great opportunity. So I think it's really by spread. There's a lot of different places to grow.

至於其他一些與房產相關的險種，我認為仍然存在很大的發展機會，例如高價值房主，而我們的個人險種是我們非常重視的領域。我認為這是一個絕佳的機會。所以我認為這主要取決於傳播範圍。有很多不同的地方可以發展。

Yes. For the quarter, all of our property lines, except for the large Commercial Property division, all the other operating focused lines grew at a double-digit clip. So I would reiterate what Brian said, we're pretty confident.

是的。本季度，除大型商業房地產部門外，我們所有其他以營運為中心的業務線均實現了兩位數的成長。所以我同意布萊恩的說法，我們很有信心。

Got it. No, that's very helpful. My second question is with regards to technology, obviously, that's one of your core competencies here. But just curious if you can give us a little bit of color in terms of new tech innovation and implementation into the business?

知道了。不，這很有幫助。我的第二個問題是關於技術的，顯然，這是你們的核心競爭力之一。不過我很好奇，您能否就新技術創新及其在業務中的應用方面，給我們介紹一下情況？

And then just curious as to how you're incorporating emerging technology into your business and where are the areas you feel that would be advantageous for Kinsale going forward?

另外，我很好奇您是如何將新興技術融入您的業務中的，以及您認為哪些領域對金塞爾未來的發展有利？

Well, Bob, this is Mike. We -- when we started the business 17 years ago, we talked about making tech, a core competency of our company alongside of the underwriting and the claim handling. And I think we've done that. We build our own enterprise system over the years, took a long time.

鮑勃，這位是麥克。17 年前我們創辦公司時，就曾談到要將科技打造成為公司的核心競爭力，與承保和理賠處理並駕齊驅。我認為我們已經做到了。我們花了多年時間才建立起自己的企業系統，這耗費了很長時間。

And about two or so years ago, we started what we call target state architecture, which is a complete rewrite of that entire enterprise system. It's an enormous undertaking, but it kind of puts us in a position to really speed up the implementation of new technologies and whatnot.

大約兩年前，我們開始了所謂的目標狀態架構，也就是對整個企業系統進行完全重寫。這是一項巨大的工程，但它確實讓我們能夠加快新技術等方面的應用。

So that target state is an enormous project. We're always enhancing and expanding our product line. That involves our technology department. We've been making ample use of the new AI tools that have come out, both in our IT department, as well as underwriting and claims trying to drive automation in our business process.

因此，實現該目標是一項極為龐大的工程。我們一直在不斷改進和擴展我們的產品線。這涉及到我們的技術部門。我們一直在充分利用新推出的 AI 工具，無論是在 IT 部門，還是在核保和理賠部門，都努力推動業務流程的自動化。

So I mean there's a there's a million ways, but I think it goes a long way to explaining why we're able to operate at such a significant cost advantage over our competitors. And I think a lot of it is, hey, we've got a really well-designed enterprise systems, specifically for our company. We don't have legacy software going back 20, 30, 40 years. We don't have thousands of legacy applications. I think we're just in a really attractive spot.

所以我的意思是，方法有很多，但我認為這在很大程度上解釋了為什麼我們能夠在成本上比競爭對手擁有如此巨大的優勢。我覺得很大程度是因為，我們擁有一個設計非常完善的企業系統，專門為我們公司量身打造的。我們沒有20年、30年、40年前的遺留軟體。我們沒有成千上萬個遺留應用程式。我認為我們現在所處的位置非常有利。

Okay. Got it. Really appreciate it. Thank you.

好的。知道了。非常感謝。謝謝。

Michael Phillips, Oppenheimer.

麥可·菲利普斯，奧本海默。

Thank you. Good morning. I want to touch on one line of business, the construction liability line. I was curious, was there any change in assumptions in that segment that affected your current year loss pick?

謝謝。早安.我想重點談談其中一個業務領域，即建築責任險。我很好奇，該領域的假設是否有任何變化，這影響了您今年的虧損預測？

I don't know that there were any changes there specifically. We do a quarterly review of our loss reserves by stat line of business. And that goes -- we're in our, I think, 16th accident year. We've got about a dozen lines of business. So there's a high degree of complexity in that analysis could very well have picked up some adjustments in the construction, but I just don't know off the top of my head.

我不清楚那裡具體發生了哪些變化。我們按季度對各業務線的損失準備金進行審查。就這樣——我想，這已經是我們第16個發生事故的年份了。我們有大約十幾個業務部門。所以這項分析非常複雜，很可能已經發現了一些結構上的調整，但我一時想不起來。

I think in general, we feel great about the quarter. I think our losses continue to come in below our expectations. There's a little bit of variability in the loss ratios when you roll everything together, and I think that's normal. But again, we feel really positive about the loss performance.

總的來說，我對本季的業績非常滿意。我認為我們的損失繼續低於預期。把所有因素綜合起來計算，損失率會有一些波動，我認為這是正常的。但是，我們對虧損表現仍然感到非常樂觀。

Okay. Thank you. And then second one would be on your excess casualty segment. Could you talk about that segment, what you're seeing? Is there any growth opportunities there? And what you're seeing maybe for loss trends in that segment? Thank you.

好的。謝謝。第二點是關於您的超額傷亡部分。您能談談那一部分內容嗎？您看到了什麼？那裡有發展機會嗎？那麼，您在該領域觀察到的損失趨勢是什麼？謝謝。

Yes. Michael, this is Stuart. We're still seeing good opportunities in excess casualty. Rates are holding strong. We're seeing some pressure in the market at the high -- high excess attachment points where those are being more attractive for various competitors.

是的。邁克爾，這位是斯圖爾特。我們仍然看到超額意外險領域有良好的投資機會。利率維持堅挺。我們看到市場在高價位（即高額剩餘掛牌點）存在一些壓力，因為這些掛牌點對各種競爭對手來說更具吸引力。

But that's typically not where we play. We're typically in the lead or the first 10 million -- most of our placements. So there's still a good opportunity for growth and rates are holding strong where we participate in the market.

但我們通常不會在那裡比賽。我們通常都能排在前1000萬名——我們的大部分廣告投放都是如此。因此，在我們參與的市場中，仍然存在著良好的成長機會，利率也保持堅挺。

Okay, thank you, Stuart. Appreciate it.

好的，謝謝你，斯圖爾特。謝謝。

Mike Zaremski, BMO Capital Markets.

Mike Zaremski，BMO資本市場。

Hey, thanks. Good morning. Just go back to casualty, but broader brush on the -- on all Casualty Property. That was kind of your core business. You saw a bit of a sequential de-cel in premium there. Any color you can offer on just the state of the marketplace casualty-specific pricing. You talked about MGAs in the past as well is that still, I think, still just as competitive?

嘿，謝謝。早安.回到意外險的範疇，但要更廣泛地看待──涵蓋所有意外財產險。那算是你的核心業務。你可以看到高級汽油價格出現了一些連續的下降。您可以根據市場傷亡事故的具體定價情況提供任何顏色方案。您之前也談過MGA（管理代理商），我認為，它現在仍然像以前那樣競爭激烈嗎？

I'll start, Mike, and then I'll maybe get Stuart to make a few comments. But I would just remind you that we write casualty business across many specific underwriting divisions, each one focused on a different industry segment or coverage, and they never move in tandem, right? There's always variability as you go from one area to the next. But in general, I think things are still going well.

我先來，麥克，然後我可能會請史都華說幾句。但我只想提醒您，我們的意外險業務涉及許多特定的核保部門，每個部門都專注於不同的行業領域或承保範圍，它們的發展方向從來不會同步，對吧？從一個地區到另一個地區，總是會存在差異。但總的來說，我認為一切進展順利。

Yes. The long-tail casualty lines, we're seeing moderate competition, but there's a lot of rational actors out there with the adverse development over the last couple of years in the market. But there's areas like excess casualty, social services and the Allied Health Group that are still really strong. And the market will experience some dislocation in the same with premises liability, so general casualty, entertainment groups like that, it's still a very strong market there for growth.

是的。長期意外險業務方面，我們看到競爭較為溫和，但鑑於過去幾年市場形勢不利，市場上有許多理性的參與者。但像超額傷亡、社會服務和輔助醫療集團等領域仍然非常強勁。市場也會經歷一些動盪，場所責任險、一般意外險、娛樂團體險等也是如此，但這些領域仍是一個非常強勁的成長市場。

Okay. I mean I guess that's very helpful. So if you look at the casualty trend, still kind of -- it's decelerating from a growth perspective, I'm not saying growth -- you want profitability and not growth. But is your view -- you shared your view that share later, things are become less negative, I guess, from a pricing standpoint, I'm assuming.

好的。我覺得這很有幫助。所以，如果你觀察傷亡趨勢，它仍然在某種程度上——從成長的角度來看，它正在放緩，我不是說成長——你想要的是獲利能力而不是成長。但你的觀點是——你後來分享了你的觀點，從定價的角度來看，情況似乎變得不那麼糟糕了，我猜是這樣。

Do you think the casualty is also getting less competitive? Or it will remain increasing competition will remain kind of impacting the top line?

你認為傷亡事故的競爭性也在下降嗎？或者說，日益激烈的競爭將繼續對營收產生影響？

Mike, it's Mike again. I would say we're in a very competitive period in the insurance cycle. Again, it varies a little bit division by division. But I think the -- you've seen over the last two years, the Kinsale growth rate has kind of come in from kind of an extraordinary 40% rate to the quarter high single digits. I think we've reiterated many times that over the cycle, we think 10% to 20% is a good conservative estimate of our growth potential. I think that's probably the best commentary we can offer. I mean it's a diverse product line. It's a very competitive market. We've got a very competitive business strategy with the control we exercise over our underwriting. It drives a more accurate process.

我是麥克，又是我。我認為我們正處於保險業競爭非常激烈的時期。同樣，不同部門的情況略有不同。但我認為——正如你在過去兩年裡看到的，金塞爾的成長率已經從驚人的 40% 下降到季度初的個位數高位。我認為我們已經多次重申，在整個週期內，我們認為 10% 到 20% 是我們成長潛力的合理保守估計。我認為這大概是我們能提供的最佳評論了。我的意思是，它的產品線很豐富。這是一個競爭非常激烈的市場。我們擁有極具競爭力的商業策略，這得益於我們對承保業務的嚴格控制。它能帶來更精準的流程。

And then when you look at the cost advantage we have over competitors, it's extraordinary. So I think we're in a great spot. We were encouraged that the growth rate going from the second to the third quarter ticked up from 5% to 8.4%. Brian Haney highlighted the fact that if you took the Commercial Property out, that put us in the low double digits. Admittedly, that was down from -- it went from 14% to 12%. But to me, that's just kind of normal variability quarter-to-quarter. I wouldn't read too much into that 2 point decline.

而且，當你看到我們相對於競爭對手的成本優勢時，你會發現這簡直是不可思議的。所以我覺得我們現在處境很好。我們感到鼓舞的是，第二季到第三季的成長率從 5% 小幅上升至 8.4%。Brian Haney 強調，如果把商業房地產排除在外，我們的佔比就會降到兩位數以下。誠然，這個數字比之前有所下降——從 14% 下降到 12%。但在我看來，這只是季度間的正常波動而已。我不認為這2個百分點的跌幅有什麼值得過度解讀。

Okay. That's helpful. And just to sneak one last one in. Part of your -- I think part of your special sauce, I believe, uniquely allows Kinsale to, I guess, maybe not need to pay profit share commissions to some of your broker partners. Is it ever a consideration, especially in more competitive times like today to rethink that strategy or that's not on the table?

好的。那很有幫助。最後再偷偷加一句。我認為，你們的秘訣之一，也是你們的獨特優勢之一，使得 Kinsale 或許無需向某些經紀夥伴支付利潤分成佣金。在如今競爭日益激烈的時代，是否應該考慮重新思考這項策略？或者說，這根本不在考慮範圍？

The profit commissions are typically associated with delegated underwriting, right? So many companies, especially in the SME area, aren't able to handle the volume of transactions internally or for whatever reason, right? It's very common to outsource underwriting to MGAs and MGUs.

利潤佣金通常與委託承保有關，對嗎？很多公司，尤其是中小企業，由於各種原因，無法在內部處理如此大的交易量，對吧？將承保業務外包給管理總代理 (MGA) 和管理總擔保公司 (MGU) 是很常見的做法。

And I think a lot of companies try to put some sort of profit or growth contingency into the compensation mix for the broker in order to better align incentives. We're not in that space, and we're not considering it. Our business model is to control the underwriting, provide the best customer service in the industry. I think we also offer the broadest risk appetite. So a lot of the business we write, falls out of the delegated or binding programs that are in the marketplace. So really for those reasons, no, we're not considering a change in our compensation model.

我認為很多公司都會嘗試在經紀人的薪酬方案中加入某種利潤或成長掛鉤的條款，以便更好地協調激勵機制。我們目前不涉及那個領域，也沒有考慮過。我們的商業模式是掌控核保環節，提供業界最佳的客戶服務。我認為我們也提供了最廣泛的風險承受能力。因此，我們承接的許多業務都脫離了市場上現有的委託或約束性項目。所以，基於以上原因，我們不考慮改變我們的薪酬模式。

Thank you.

謝謝。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah, thank you very much. Congratulations, Brian, and also Stuart. Thank you. Current accident year loss ratio was up a little bit. Was that mix? Was that competitive pressure? What would you say that was caused by?

是的，非常感謝。恭喜布萊恩，也恭喜斯圖爾特。謝謝。本事故年度的賠付率略有上升。那是混音嗎？那是競爭壓力嗎？你認為這是什麼原因造成的？

Mark, I would just kind of write that off to normal variability. The overall numbers are phenomenal. The reported losses are coming in below expectations. We're always trying to be cautious with our reserving. You can look around the industry. There's a lot of examples of companies that are too optimistic in their loss reserving. We never want to be in that group. So can I would look at the loss performance is good news. Admittedly, it was up a couple of points. But to me, that's just normal kind of variability.

馬克，我覺得這應該算是正常的波動現象。整體數據非常驚人。公佈的損失數據低於預期。我們在預訂方面一直都力求謹慎。你可以看看這個行業的情況。有很多公司在損失準備金方面過於樂觀的例子。我們絕不想成為那樣的人。所以，從虧損表現來看，這應該是個好消息。誠然，它上漲了幾個百分點。但在我看來，這只是正常的波動而已。

Yes. Bryan Petrucelli, the ceded premium at 17% and then the expense ratio at 21%, given the kind of the reinsurance structure at this point to ceding commissions? Are those reasonable starting point for the next few quarters?

是的。Bryan Petrucelli，考慮到目前的再保險結構，分出保費為 17%，費用率為 21%，分出佣金又是多少？這些是未來幾季的合理起點嗎？

I think so, Mark. So the first full quarter that we've had with the new reinsurance terms. So it's a pretty good match for you. I would say mix of business is always going to drive a little bit of variability in that. But I think as we sit now, as good a guess as you can -- we can give you.

我想也是，馬克。所以這是我們採用新的再保險條款後的第一個完整季度。所以這很適合你。我認為業務組合的多樣性總是會造成一些波動。但我認為，就目前而言，我們能給出的最佳猜測就是…

Very good. And then one final question. The state E&S data in some of the coastal states, Florida, Texas, New York, it looked like your growth is a little faster there kind of implying that maybe in other states, growth was a little slower. Is that a correct perception? Is there anything we should read into that or the non-coastal state perhaps a little more competitive? Is there anything to think about there?

非常好。最後一個問題。從佛羅裡達州、德克薩斯州、紐約州等一些沿海州的州級能源與社會數據來看，這些州的成長速度似乎更快一些，這似乎暗示著其他州的成長速度可能稍慢一些。這種看法正確嗎？我們應該從中解讀出什麼嗎？或者說，非沿海州可能更具競爭力？有什麼值得思考的地方嗎？

Mark, this is Brian Haney. I wouldn't read too much into it. We don't -- we don't know exactly how those numbers are calculated, and we don't do anything to try to match them up with our own data.

馬克，我是布萊恩‧哈尼。我不會過度解讀這件事。我們不知道——我們並不確切地知道這些數字是如何計算出來的，我們也沒有採取任何措施來嘗試將它們與我們自己的數據進行匹配。

I think it's better to look at those state tax numbers over a number of months. I think there's a little bit more credibility to further look back.

我認為最好查看幾個月的州稅數據。我認為進一步回顧過去更有說服力。

Well, if we put those numbers to the side, we say there's any sort of dynamic where non-coastal, the kind of those traditional E&S states, the New York, California, Texas, Florida. Are they -- are you seeing more opportunity there perhaps than elsewhere? Or would you not see it that way?

好吧，如果我們把這些數字放在一邊，我們說，在非沿海地區，也就是那些傳統的東南部州，像是紐約、加州、德州、佛羅裡達，存在著某種動態。你覺得那裡的機會比其他地方更多嗎？還是你不這麼認為？

No, I think it stayed relatively the same since Mark, it's Stuart. Relatively the same since we've been in business with obviously, the core E&S states are going to the largest bulk of our business. But I haven't seen a mix in that. Or change in that.

不，我覺得自從馬克之後就基本上沒變了，現在是史都華了。與我們開展業務以來的情況基本相同，顯然，核心的東南和南極州仍然是我們業務的最大部分。但我還沒看到其中的混合。或者改變這一點。

Very good, thank you.

非常好，謝謝。

Thanks, Mark.

謝謝你，馬克。

Andrew Andersen, Jefferies.

Andrew Andersen，傑富瑞集團。

Hey, good morning. I think maybe five to seven years ago, you kind of had talked about how there were certain areas you don't write like public company D&O or trucking. Maybe just bigger picture, pockets that five to seven years ago, you did not write and now you're kind of rethinking that and perhaps see some new opportunities for growth?

嘿，早安。我想大概五到七年前，你曾談到有些領域你不寫，像是上市公司董事及高階主管責任險或貨運險。或許應該從更宏觀的角度來看待問題，例如五到七年前你沒有涉足的領域，而現在你正在重新思考這些問題，並可能從中看到一些新的成長機會？

Well, there's a bunch of examples. We've made a bigger push into homeowners. We started an Agribusiness Division. We started an Aviation Division, Ocean Marine, we're always enhancing the product line.

嗯，有很多例子。我們加大了對房主的行銷力道。我們成立了農業綜合企業部門。我們成立了航空事業部和海洋船舶事業部，我們一直在不斷改善產品線。

Yes. We're always looking at new products not that we don't, right that. We want to write it on our terms and our pricing to maintain our margin. So if you look at commercial auto - we write a lot of auto adjacent, wheels adjacent business, but we will look at some small fleets at tighter terms. It's just not the large trucking schedule. So we will take a look at these out, but it's going to be a little more control.

是的。我們一直在關注新產品，並不是說我們不關注，對吧。我們希望按照我們自己的方式和定價來撰寫，以保持我們的利潤率。所以，如果你看看商用車——我們承接了許多汽車相關、車輪相關的業務，但我們會考慮以更嚴格的條件承接一些小型車隊。問題不在於大型貨車的運輸計畫。所以我們會仔細研究這些問題，但需要加強控制。

Got it. And on the net commission ratio, about 10.5% in the quarter and recognizing there was some change to reinsurance, but the direct commission was pretty much unchanged. But if we go back a few years when the mix was more tilted towards casualty, it was kind of in a 12% to 13% range.

知道了。淨佣金率在本季約為 10.5%，考慮到再保險方面有一些變化，但直接佣金基本上保持不變。但如果我們回顧幾年前，當時意外事故的比例更高，那大概在 12% 到 13% 之間。

Could we see it getting back up to that level? Or are there some offsets within there that might help keep it maybe around 11% or so?

我們能看到它恢復到那個水平嗎？或者說，其中是否存在一些抵消措施，可以幫助將其保持在 11% 左右？

Again, I think the 10.7% is as good a guide as we can give you. If we did have a change in mix of business, you could see that move around a little bit. Whether that goes up to 12% or 13%, who knows. But I think the best guide we can give you is what we have here for this first full quarter since those agreements have been in place.

再次強調，我認為 10.7% 是我們能給的最佳參考值。如果我們的業務組合發生變化，您可能會看到業務結構發生一些調整。至於最終會上升到 12% 還是 13%，誰也說不準。但我認為，我們能給你們提供的最佳指南，就是自這些協議生效以來的第一個完整季度我們所掌握的資訊。

Thank you.

謝謝。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

Hey, good morning. Congrats to Brian and Stuart. And first question is on the net reserve release of $10 million or 3.7 points. Just curious as to what the kind of mix on that was short tail versus casualty maybe on the casualty side vintage. Just kind of curious on the breakdown of that release.

嘿，早安。恭喜布萊恩和斯圖爾特。第一個問題是關於淨釋放1000萬美元或3.7個百分點的儲備金。我只是好奇那批酒的混合比例是多少，是短尾酒還是傷亡酒，或許傷亡酒那邊的年份比較高。我只是有點好奇那次發布的具體細節。

Andrew, this is Mike. I would say, without getting too specific, the last couple of quarters, maybe even the last 2 years, including the quarter, most of the release -- the releases have been disproportionately on our first-party business. So short-tail business like property.

安德魯，我是麥克。恕我直言，在過去的幾個季度，甚至可能是過去兩年，包括本季度在內，大部分產品發布都過度集中於我們的第一方業務。例如房地產這類短期業務。

Got it. Okay. And I've been noticing when talking to some of your competitors, some of them starting up micro and small, maybe even mid businesses. But I'm seeing a lot of micro and start-ups in the E&S area. Could you talk a little bit about maybe the number of competitors you're seeing in that area versus, say, three years ago?

知道了。好的。我注意到，在與你們的一些競爭對手交談時，他們中的一些人開始創辦微型、小型企業，甚至可能是中型企業。但我看到環境和社會領域有很多微型企業和新創公司。您能否談談您目前在該領域看到的競爭對手數量與三年前相比有何變化？

I think we have more competitors today than three years ago, but it's not just insurance companies. There are hundreds and hundreds of MGAs that have started in the last several years. There used to be one fronting company. Somebody told me the other day, they're now 30.

我認為我們現在的競爭對手比三年前多，但不僅僅是保險公司。過去幾年裡，已經湧現數百家MGA（管理代理公司）。以前有一家幌子公司。前幾天有人告訴我，他們現在都30歲了。

So a lot of capital has come into the industry, and there's just a lot more competition that reflects that. And that's certainly not new. I mean, it's always been a cyclical business, and we're hardwired to compete and win in this environment, I think.

因此，大量資本流入了該行業，競爭也因此變得更加激烈。這當然不是什麼新鮮事。我的意思是，這始終是一個週期性的行業，我認為我們天生就適合在這種環境下競爭並取得成功。

Got it. And the last one, in your commentary, you talked about rates in property. I heard the word stabilizing. I heard moderate. Could you possibly put some numbers around where rates were in property? I think you said that it started to inflect at the end of the second quarter. Maybe where were rates early in the second quarter going? And maybe where are they now? Just to kind of get some numbers around the commentary?

知道了。最後，你在評論中談到了房地產利率。我聽到了「穩定」這個詞。我聽到的評價是中等。您能否提供一些關於房地產利率的具體數據？我想你說過，情況在第二季末開始出現轉機。也許第二季初的利率走勢會如何？他們現在可能在哪裡？只是想收集一些關於評論的數據？

I don't have the exact numbers in front of me. I would have said it was double digits in the second quarter, down. If I had to guess now, I would say it's probably single digits, down. Let's call it, high single. I don't have it in front of me.

我手頭上沒有確切的數字。我原本以為第二季會下降兩位數。如果現在讓我猜，我會說可能是個位數，而且是下降。我們姑且稱之為高單價。我手邊沒有。

So that's just an absolute speculative guess. But I do get the sense that at least in the market we're in, you have seen that inflection point, and I would expect to see that trend continue. Like I think it's going to normalize relatively quickly.

所以這完全是我的推測。但我感覺至少在我們目前的市場環境下，已經出現了轉捩點，我預期這種趨勢還會持續下去。我覺得情況會比較快恢復正常。

Thanks. Thanks for the insights.

謝謝。感謝您的見解。

Ryan Tunis, Cantor Fitzgerald.

Ryan Tunis，Cantor Fitzgerald。

Hey there, good morning. I guess just a follow-up on the underlying loss ratio. It sounded like you attributed kind of the 2 point year-over-year increase to just normal variability. Does that imply that we're not yet seeing pressure on that ratio coming from property lines?

你好，早安。我想就基礎損失率做一個後續跟進。聽起來你似乎把年比增加 2 個百分點歸因於正常的波動。這是否意味著我們尚未看到房產邊界對此比例施加壓力？

No, we're not seeing pressure on our loss ratio from property lines because we've over-performed in property. That's why a disproportionate amount of the reserve redundancy has come from the short-tail lines like property. We've had great experience on property.

不，我們沒有看到財產險賠付率面臨壓力，因為我們在財產險方面表現優異。這就是為什麼儲備冗餘資金不成比例地來自房地產等短期行業的原因。我們在這處房產的體驗非常棒。

And I think that's a tailwind. I think where we're being more cautious, and it's not because we're seeing any kind of a negative trend. It's just that on long-tail casualty, there's a higher degree of uncertainty. It just takes time for those accident years to mature, and coming out of a period a few years ago where we had a significant uptick in inflation, all sorts of supply chain disruptions with COVID. We saw some of our long-tail lines develop a little bit higher and a little bit later than we would have anticipated.

我認為這是一個順風。我認為我們現在更加謹慎，並不是因為我們看到了任何負面趨勢。只是對於長期傷亡，存在著更高程度的不確定性。事故發生後的幾年需要時間來沉澱，而且幾年前我們還經歷了通貨膨脹大幅上升、新冠疫情導致各種供應鏈中斷的時期。我們發現一些長尾線的發展比我們預期的要高一些，也晚一些。

And starting several years ago, we've addressed that with much more conservative loss picks. And so we're maintaining that conservatism to make sure that we -- we always have more than enough. We want our reserves to kind of develop favorably year by year. And when that happens, it just has a very therapeutic effect on the financial performance of our business.

從幾年前開始，我們就採取了更保守的虧損選擇策略來解決這個問題。因此，我們堅持這種保守主義，以確保我們始終擁有充足的資源。我們希望我們的儲備能夠逐年穩定成長。當這種情況發生時，它對我們公司的財務表現產生了非常積極的治療作用。

That makes sense. And then I guess just a follow-up on the property. Yes. I guess it makes sense naturally that there'll be less price pressure in the third quarter simply because there's fewer like Florida shared and layer renewals. I mean to what extent is the improved pricing environment just sort of a function of seasonal mix? If you will.

這很有道理。然後我想再跟進一下房產的狀況。是的。我想，第三季價格壓力較小也是理所當然的，因為像佛羅裡達州這樣的共享和分層續約項目會減少。我的意思是，價格環境的改善在多大程度上僅僅是季節性因素造成的？如果你願意的話。

Well, I'm going to start by just saying we didn't say it improved. It deteriorated at a slower rate.

首先我要說明的是，我們並沒有說情況有改善。它的惡化速度較慢。

Yes. I would characterize it more as rates were going down so fast that -- the faster rates go down, the quicker they're going to normalize, because the industry can't go around giving double-digit rate increases indefinitely. And I think we've reached that point where you're starting -- you saw that second order derivative turn positive. So I don't think it's based on the third quarter being less hurricane-intensive.

是的。我更傾向於這樣描述：利率下降得如此之快——利率下降得越快，就越快恢復正常，因為金融業不可能無限期地持續提高兩位數的利率。我認為我們已經到了你開始的地方——你看到二階導數變成正數。所以我認為這並非基於第三季颶風強度較低的原因。

Got It. Thanks for the answers.

知道了。謝謝大家的解答。

Joe Tumillo, Bank of America.

喬·圖米洛，美國銀行。

Hey, good morning, guys. Most of my questions have been answered, but I guess the first question is kind of thinking about. I appreciate the submission rate was decelerating a little bit to commercial property. If we exclude commercial property, has the submission rate kind of remained steady? Or has that also kind of decreased along with the ex property premiums?

嘿，大家早安。我的大部分問題都得到了解答，但我想第一個問題我還在思考。我很高興看到商業房地產項目的投稿率下降。若排除商業不動產，投稿率是否大致維持穩定？或者說，隨著房產保險費的下降，這種情況也有減少嗎？

It's closer to around 9%, excluding Commercial Properties.

不包括商業地產，這個比例接近 9%。

Okay, great, thank you. And then the other question, just thinking about -- I saw you guys kind of stepped up the share repurchases this quarter from the $10 million from the previous ones. just kind of thinking, was that just more opportunistic where you saw the share price going?

好的，太好了，謝謝。還有一個問題，我注意到你們這季度加大了股票回購力度，比上一季的1000萬美元增加。我在想，這是否更多是出於對股價走勢的把握？

Or is that more of a function of kind of lower growth and a lot of the cash flow? I know you guys have mentioned before about kind of keeping the business kind of efficient capital.

或者說，這更多是因為成長放緩和現金流充裕造成的？我知道你們之前提到要維持企業有效率的資本運作。

I think it's the latter, Joe. We're generating mid-teens ROEs on a year-to-date basis and I think our year-to-date growth rate is high single digits. So we're definitely producing a lot of excess capital. And our first goal is always to grow the business.

我認為是後者，喬。我們今年迄今的淨資產收益率在15%左右，而且我認為我們今年迄今的成長率也達到了接近兩位數。所以，我們肯定產生了大量的過剩資本。我們的首要目標始終是發展業務。

And then secondarily to that, the last couple of years, we've been looking at a very small dividend and a very small share repurchase, but I think both of those could continue to grow.

其次，過去幾年，我們的股利和股票回購規模都非常小，但我認為這兩項指標都有可能持續成長。

Great. Thank you guys.

偉大的。謝謝大家。

Pablo Singzon, JP Morgan.

Pablo Singzon，摩根大通。

Hi, good morning all and congrats Brian, Stuart. So first question, with premium growth having slowed, how do you think about other underwriting expenses over the next one to two years, right? So I think over the past several years, it's been a good story.

大家好，早安！恭喜布萊恩和斯圖爾特！第一個問題是，隨著保費成長放緩，您如何看待未來一到兩年內的其他承保費用，對嗎？所以我覺得，在過去幾年裡，這算是個不錯的故事。

But given that growth has slowed, are you managing that line to sort of trail the growth in premiums? Or just given where you think opportunities might lie, there's a chance that you might see some degradation as you're building out new opportunity?

但鑑於成長速度已經放緩，您是否正在調整該項措施，使其與保費成長保持同步？或者，僅僅考慮到你認為機會可能在哪裡，你在開拓新機會的過程中，可能會看到一些損失？

I think we have always worked like crazy to be as efficient as we can as a business. Given the industry that we compete in. And I think the other underwriting expenses will gradually come down over time as we drive productivity gains in the business through technology, et cetera. I don't think it's going to be sudden, but I think a gradual decline is what investors should expect.

我認為我們一直以來都很拼命工作，力求在業務上盡可能地有效率。鑑於我們所處的行業。我認為，隨著我們透過科技等手段提高業務生產力，其他承保費用也會逐漸下降。我認為不會是突然下跌，但投資人應該預期價格會逐漸下降。

Okay. And then, I guess, second question also related to expenses, right? So clearly, Kinsale has an expense advantage over the rest of the industry. I'd be curious to hear your thoughts about whether or not you're willing to trade some of that expense ratio to generate higher premiums and underwriting income?

好的。那麼，我想第二個問題也跟費用有關，對吧？顯然，金塞爾在成本方面比業內其他公司具有優勢。我很想聽聽您對於是否願意犧牲部分費用率來換取更高的保費和承保收入的看法？

And I guess even if that trade is possible to begin with, right? Or are you sort of happy with the current configuration of pricing, profitability and volume?

而且我想，即便這種交易一開始就可行，對吧？或者您對目前的價格、獲利能力和銷售狀況感到滿意？

Look, I mean, I think there's just a clear recognition that the customers we serve, principally small business owners, are intensely focused on limiting how much money they spend on insurance. And so we're doing everything we can to be as efficient as possible, to give them competitively priced insurance policies but also to protect our margins.

我的意思是，我認為大家已經清楚地認識到，我們服務的客戶，主要是小企業主，非常關注如何減少他們在保險上的支出。因此，我們正在盡一切努力提高效率，為他們提供價格具有競爭力的保險單，同時也保護我們的利潤。

So I don't see an advantageous trade where we would deliberately raise our costs, become less competitive and somehow that's going to net a better opportunity for our company. I was just going to say, we're going to continue to work -- do everything we can to be the efficient insurance provider in the E&S space.

因此，我不認為故意提高成本、降低競爭力能為我們公司帶來更好的機會是一種有利的交易。我正要說，我們將繼續努力——盡一切可能成為超額和附帶損失領域最高效的保險提供者。

Got you. And then just one small one. On reinsurance retention, do you think that could go up again in the next couple of years or you don't see any change from current status quo? Thank you.

抓到你了。然後就只有一個小的。關於再保險自留額，您認為未來幾年會再次上漲嗎？還是您認為現狀不會有任何改變？謝謝。

Yes. Again, I think what you're seeing this quarter is our best guess. Now if we had some dramatic mix of business, it could move one way or the other.

是的。再次強調，我認為你們在本季看到的情況是我們目前最好的預測。如果業務組合出現劇烈波動，那麼局勢可能會朝某個方向發展，也可能朝另一個方向發展。

But our retention has changed many times over the years. Right. We've taken a bigger net position over and over again, and that's just consistent with our growth as a business.

但多年來，我們的客戶留存率發生了許多變化。正確的。我們不斷擴大淨資產規模，這與我們業務的成長完全一致。

Okay, thank you for your answers.

好的，謝謝你們的解答。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針角。

Yeah, good morning and congrats to Brian and Stuart, particularly to Brian on his retirement. I'm sure that's something that we all look forward to. So not to beat a dead horse. Not to beat a dead horse, but Brian, I am particularly taken by your comments that the property rate decline is stabilizing, simply because the 20 years of covering property in the Southeast particularly in the Southeast US when you have a year like this, it has a particularly low level of cat activity, at least up-to-date fingers crossed, right? You never know what happens in the month of November.

是的，早上好，恭喜布萊恩和斯圖爾特，特別是祝賀布萊恩退休。我相信這是我們所有人都期待的事。所以，就別再老生常談了。我不想老生常談，但布萊恩，你關於房地產價格下降趨於穩定的評論讓我印象深刻，因為過去 20 年來，我一直關注美國東南部地區的房地產市場，尤其是在像今年這樣的年份，該地區的貓科動物活動水平特別低，至少目前來看是這樣，但願如此吧？你永遠無法預料十一月會發生什麼事。

It tends to attract alternative forms of capital that see very low loss ratios and think that they can get into the business and they tend to get into the business in commercial, because its than quicker than residential, and it's irrational. And so I just wondered, does that not concern you that you're possibly going to see alternative capital in 2026 enter the property market and leading with some irrational price structures?

它往往會吸引其他形式的資本，這些資本看到損失率非常低，認為自己可以進入這個行業，而且他們往往會進入商業地產行業，因為商業地產比住宅地產更快，這是不理性的。所以我想知道，您難道不擔心2026年可能會有另類資本進入房地產市場，並帶來一些不合理的定價結構嗎？

You might be right. I was kind of referring more to the dynamics in the third quarter. So who knows?

你說的或許有道理。我主要指的是第三季的動態。誰知道呢？

Okay. Thank you.

好的。謝謝。

We have no further questions in queue. I'd like to turn the call back over to Michael Kehoe for any closing remarks.

我們沒有其他問題需要提問了。我想把電話轉回給麥可‧基歐，請他作總結發言。

All right. Well, we appreciate everybody joining us and look forward to speaking with you again here in a few months. Have a great day.

好的。感謝各位的參與，期待幾個月後再次與大家在這裡交流。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。