Markel Group Inc (MKL) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Markel Group First Quarter 2024 Conference Call. (Operator Instructions)

早安，歡迎參加 Markel 集團 2024 年第一季電話會議。 （操作員說明）

During the call today, we may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They are based on current assumptions and opinions concerning a variety of known and unknown risks. Actual results may differ materially from those contained in or suggested by such forward-looking statements.

在今天的電話會議中，我們可能會做出 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際結果可能與此類前瞻性陳述中包含或暗示的結果有重大差異。

Additional information about factors that could cause actual results to differ materially from those projected in the forward-looking statements is included in the press release for our first quarter 2024 results as well as our most recent annual report on Form 10-K and quarterly report on Form 10-Q including under the captions, Safe Harbor and Cautionary Statement and Risk Factors.

有關可能導致實際結果與前瞻性陳述中預測的結果存在重大差異的因素的更多信息，請參閱我們2024 年第一季度業績的新聞稿以及我們最新的10-K 表格年度報告和2024 年第一季度的季度報告。

We may also discuss certain non-GAAP financial measures during the call today. You may find the most directly comparable GAAP measures and a reconciliation to GAAP for these measures in the press release for our first quarter 2024 results or our most recent Form 10-K.

我們也可能在今天的電話會議上討論某些非公認會計準則財務指標。您可以在我們 2024 年第一季業績的新聞稿或最新的 10-K 表格中找到最直接可比較的 GAAP 衡量標準以及這些衡量標準的 GAAP 調整表。

The press release for our first quarter 2024 results as well as our Form 10-K and Form 10-Q can be found on our website at www.mklgroup.com in the Investor Relations section.

有關 2024 年第一季業績的新聞稿以及 10-K 表格和 10-Q 表格可在我們網站 www.mklgroup.com 的投資者關係部分找到。

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 Tom Gayner, Chief Executive Officer. Please go ahead.

我現在想將會議交給執行長湯姆蓋納 (Tom Gayner)。請繼續。

Thank you, Sarah. I appreciate it. Good morning, and welcome to the Markel Group First Quarter Conference Call. This is indeed Tom Gayner, your CEO. I'm joined today by Brian Costanzo, our CFO; and Jeremy Noble, the President of our Insurance operations.

謝謝你，莎拉。我很感激。早上好，歡迎參加馬克爾集團第一季電話會議。這確實是湯姆·蓋納，你們的執行長。今天我們的財務長 Brian Costanzo 也加入了我的行列。以及我們保險業務總裁傑里米·諾布爾 (Jeremy Noble)。

As always, we look forward to checking in with you about our results. We view our long-term shareholders as partners. We welcome the chance to provide you with an update on how things are going as well as our plans and dreams for the future. We also look forward to answering your thoughtful questions.

一如既往，我們期待與您核實我們的結果。我們將長期股東視為合作夥伴。我們很高興有機會為您提供最新進展以及我們對未來的計劃和夢想。我們也期待回答您深思熟慮的問題。

As a quick review of the bidding, at the Markel Group, we are working to build one of the world's great companies. We view a great company as one that operates a win-win-win system. We want our customers to win because they bought products and services from us that served their needs. We want our associates to win by serving our customers, supporting their families and communities, continuously learning and being creative. We want our shareholders to win as we earn profitable results on the capital we use to do this work. That's what win-win-win means to us.

作為對投標的快速回顧，在馬克爾集團，我們正在努力打造世界上最偉大的公司之一。我們認為一家偉大的公司是一家經營雙贏體系的公司。我們希望我們的客戶獲勝，因為他們從我們這裡購買的產品和服務能夠滿足他們的需求。我們希望我們的員工透過服務客戶、支持他們的家庭和社區、不斷學習和發揮創意來贏得勝利。我們希望我們的股東能夠獲勝，因為我們用我們用於進行這項工作的資本獲得了可獲利的結果。這就是雙贏對我們的意義。

I'm delighted to report to you that we're off to a good start in doing exactly that so far in 2024. I'm going to channel my inner chasm right now by saying in 1972, Johnny Nash recorded a #1 hit called, "I can see clearly now the rain is gone". You have no idea how hard it is for me to just say the title without singing it. In 1993, Jimmy Cliff covered it for the movie, "Cool Runnings". Well, covering that song continues. The Markel Group is laying down tracks of another cover so far in 2024, and we'll do our best to work our way through the verses as the year progresses.

我很高興地向您報告，2024 年到目前為止，我們在這方面已經有了一個良好的開端。歌曲來疏導我內心的鴻溝。你不知道我只說標題而不唱它有多難。 1993 年，吉米克里夫 (Jimmy Cliff) 為電影《酷跑》(Cool Runnings) 翻唱了這首歌。好吧，繼續翻唱那首歌。到目前為止，Markel Group 正在為 2024 年的另一張封面做準備，隨著時間的推移，我們將盡最大努力完成這些詩句。

Brian will quantify the notes with numbers in just a minute, but let me speak qualitatively about the music. Here's why that song comes to mind for me. I've got 4 bullet points in mind. Usually, I try to keep the list to 3, but I just can't help myself today.

布萊恩將在一分鐘內用數字量化音符，但讓我定性地談論音樂。這就是為什麼我會想起這首歌。我心裡有 4 個要點。通常，我會盡量將清單限制為 3 個，但今天我就是控制不住自己。

Point one: we've got improving results in our insurance engine. Jeremy will provide you with some details in a few minutes. I want to thank him and his team personally for the efforts they have expended in improving our results. I am grateful for their work. Thank you.

第一點：我們的保險引擎取得了更好的成果。傑里米將在幾分鐘內為您提供一些詳細資訊。我個人要感謝他和他的團隊為提高我們的表現所付出的努力。我很感謝他們的工作。謝謝。

Point two: Our Ventures companies continue to produce excellent results. I want to express my appreciation to the leaders of the Markel Ventures companies and their teams for their accomplishments.

第二點：我們的創投公司持續創造優異的績效。我想對 Markel Ventures 公司的領導者及其團隊所取得的成就表示感謝。

Point three: we enjoyed excellent returns on our investment operations. Recurring investment income continues to rise rapidly. We're investing our cash flows from operations and maturing bonds into higher-yielding securities. Dividends from our holdings of publicly traded equities also continue to grow.

第三點：我們的投資營運獲得了豐厚的回報。經常性投資收益持續快速成長。我們將來自營運和到期債券的現金流投資於收益更高的證券。我們持有的公開交易股票的股息也持續成長。

Point four: we continue to repurchase our shares. We started to repurchase shares in meaningful quantities in 2022 as we believed the share price traded at a significant discount to our calculation of what we thought a share of Markel was worth. In 2023, we thought that gap widened, so we bought more shares than we did in 2022. In the first quarter of 2024, we thought the gap widened more, so we bought more. In fact, we nearly doubled our purchases in the first quarter to $161 million compared to $82 million a year ago. From roughly 14 million outstanding shares as recently as February 2019, we ended the first quarter with 13 million. And as we speak now, we are below that milestone. Each share of the Markel Group continues to own a greater percentage of our Insurance, Ventures and Investment operations. As a shareholder myself, with the majority of my net worth in Markel stock, that seems like a good thing to me.

第四點：我們繼續回購我們的股票。我們從 2022 年開始大量回購股票，因為我們認為股價的交易價格比我們計算出的 Markel 股票的價值有很大折扣。 2023年，我們認為差距擴大了，所以我們比2022年買了更多的股票。事實上，我們第一季的採購量幾乎翻了一番，達到 1.61 億美元，而去年同期為 8,200 萬美元。截至 2019 年 2 月，我們的流通股數量約為 1,400 萬股，截至第一季末，我們的流通股數為 1,300 萬股。正如我們現在所說，我們還低於這個里程碑。 Markel 集團的每股股份繼續在我們的保險、風險投資和投資業務中擁有更大比例。身為股東，我的大部分淨資產都持有馬克爾股票，這對我來說似乎是件好事。

If we continue to earn the sort of returns that we are now and if the marketplace continues to assign a meaningful discount to our shares, at our current rate of repurchases, we'll get the share count down to 1 in a little over 30 years. I suspect the market will catch on before we get to that point.

如果我們繼續獲得現在的回報，並且如果市場繼續對我們的股票給予有意義的折扣，按照我們目前的回購速度，我們的股票數量將在 30 多年的時間內減少到 1 股。我懷疑在我們達到這一點之前市場會流行起來。

Also, in recognition of our commitment to long-term thinking and progress, we updated our press release format to include 5 years of data as well as that of the current quarter. We remain focused on long-term actions and measures, and we hope the new format speaks to that commitment. The format also describes the metrics we use to calculate incentive compensation. We think 5-year measurement periods do a good job of demonstrating our commitment to long-term accomplishments and accountability. We also hope that the report provides clarity as to how we measure progress.

此外，為了表彰我們對長期思考和進步的承諾，我們更新了新聞稿格式，以包含 5 年的數據以及當前季度的數據。我們仍然關注長期行動和措施，我們希望新的形式能兌現這項承諾。此格式也描述了我們用來計算激勵薪酬的指標。我們認為 5 年衡量期很好地體現了我們對長期成就和責任的承諾。我們也希望該報告能夠闡明我們如何衡量進展。

Finally, I'd like to reiterate our invitation to join us for our upcoming Annual Shareholders' Meeting, which we call "The Reunion". We'll be back at the Robins Center at the University of Richmond on May 22, and we'll start at 2:00 p.m. Last year, we had so many people that traffic got clogged. We encourage you to come early. The Annual Meeting is the best setting to enjoy the company of your fellow shareholders, see what condition our condition is in, ask questions of management and meet some of the people of Markel from all around the world. Please make sure you register at www.mklreunion.com so that we can have credentials ready for you to get into the Robins Center quickly.

最後，我想重申我們邀請您參加即將舉行的年度股東大會，我們稱之為「聚會」。我們將於 5 月 22 日回到里士滿大學羅賓斯中心，下午 2:00 開始。去年，人太多，導致交通堵塞。我們鼓勵您早點來。年會是享受與其他股東的陪伴、了解我們的狀況、向管理層提出問題並會見來自世界各地的 Markel 員工的最佳場所。請確保您在 www.mklreunion.com 上註冊，以便我們為您準備好憑證，以便您快速進入羅賓斯中心。

I love our team, and I am proud of what they continue to accomplish. I hope you feel the same way, and I look forward to seeing as many of you in person in May as is possible.

我愛我們的團隊，我為他們不斷的成就感到自豪。我希望你們也有同樣的感覺，我期待在五月盡可能多地見到你們。

Before I turn it over to Brian, I'll share what I hope to be saying in upcoming periods. As Johnny Nash saying after the first line of "I can see clearly now", "I can see all obstacles in my way. Gone are the dark clouds that had me blind, it's going to be a bright-bright-bright Sun Shiny Day." That's what I hope to be saying in future calls. We will do our best to make it so.

在我把它交給布萊恩之前，我將分享我希望在接下來的時期說的話。正如約翰尼·納什在“我現在可以看得清楚”的第一行之後所說的那樣，“我可以看到路上的所有障礙。讓我失明的烏雲已經消失，這將是一個明亮明亮的陽光燦爛的日子」。這就是我希望在未來的電話中所說的內容。我們將盡力做到這一點。

With that, I'll turn it over to Brian. Jeremy will follow with his comments and then we'll open up the floor for your questions. Brian?

有了這個，我會把它交給布萊恩。傑里米將發表他的評論，然後我們將開始提問。布萊恩？

Thank you, Tom, and good morning, everyone. Before I dive into the quarter's results, I'll make a few comments on the changes within our earnings release and 10-Q for the quarter. We believe these changes provide a clear picture of our overall performance.

謝謝你，湯姆，大家早安。在深入探討本季業績之前，我將就本季收益發布和 10 季業績中的變化發表一些評論。我們相信這些變化可以清楚地展示我們的整體業績。

First, we moved to a consistent measure of profitability of operating income across each segment of our business that excludes amortization of acquired intangible assets. We do not consider these costs when assessing the performance of our businesses and believe it helps investors to provide a consistent performance metric across our operating segments.

首先，我們對每個業務部門的營業收入獲利能力採取了一致的衡量標準，不包括收購的無形資產的攤銷。在評估我們業務的表現時，我們不考慮這些成本，並相信這有助於投資者在我們的營運部門提供一致的績效指標。

Additionally, as Tom mentioned, we incorporated a longer-term view of our key metrics within our press release to provide more perspective on our performance, consistent with how we evaluate performance for incentive compensation purposes. In any given quarter or year, there are many factors that can create volatility in results, which is why we consistently measure our performance over 5-year periods. We hope you'll find these changes helpful as you review our results.

此外，正如湯姆所提到的，我們在新聞稿中納入了關鍵指標的長期觀點，以提供更多關於我們績效的視角，這與我們出於激勵薪酬目的評估績效的方式一致。在任何特定季度或年度，有許多因素可能會造成結果波動，這就是我們持續衡量 5 年期間業績的原因。我們希望您在查看我們的結果時會發現這些變更很有幫助。

With that, let me take you through our consolidated results for the period. Total revenues increased 23% to $4.5 billion with each of our 3 engines achieving year-over-year top line growth, with the most notable growth coming from our Investments engine. Operating income grew by 77% to $1.3 billion during the first quarter, driven largely by an increase in net investment gains in the quarter, highlighting our longer-term view where short-term changes in the valuation of our equity portfolio are more normalized, we have created cumulative operating income of $8.7 billion over the past 4 years plus the first quarter of this year.

接下來，讓我帶您了解我們這段時期的綜合業績。總收入成長了 23%，達到 45 億美元，我們的 3 個引擎均實現了同比營收成長，其中最顯著的成長來自我們的投資引擎。第一季營業收入成長 77%，達到 13 億美元，這主要是由本季淨投資收益增加所推動的，這凸顯了我們的長期觀點，即我們股票投資組合估值的短期變化更加正常化，我們過去4年加上今年第一季累計創造營業收入87億美元。

Total net income to common shareholders was $1 billion in the first quarter of 2024 compared to $489 million in the same period of 2023, with the change primarily attributable to higher net investment gains on our public equity portfolio in the first quarter of 2024 compared to the same period of 2023.

2024 年第一季普通股股東淨利總額為10 億美元，而2023 年同期為4.89 億美元，此變更主要歸因於2024 年第一季我們公共股權投資組合的淨投資收益高於2023 年同期的投資淨收益。

Comprehensive income to shareholders in the first quarter of 2024 was $909 million compared to $646 million in the same period of 2023, with the favorable change in the public equity valuations being partially offset by an unfavorable swing in our fixed maturity portfolio.

2024 年第一季股東綜合收益為 9.09 億美元，而 2023 年同期為 6.46 億美元，公共股權估值的有利變化被我們固定期限投資組合的不利波動部分抵消。

Net cash provided by operating activities was $631 million in the first quarter of 2024, compared to $284 million in the same period last year. Operating cash flows in 2024 reflected strong cash flows from each of our operating engines, with the most significant contribution coming from our Insurance engine.

2024 年第一季經營活動提供的現金淨額為 6.31 億美元，去年同期為 2.84 億美元。 2024 年的營運現金流反映了我們每個營運引擎的強勁現金流，其中最重要的貢獻來自我們的保險引擎。

Total shareholders' equity stood at $15.7 billion at the end of the first quarter. As Tom mentioned, in the first quarter, we repurchased $161 million worth of shares of Markel Group's stock under our outstanding share repurchase program, compared to $82 million in the same period last year.

第一季末股東權益總額為 157 億美元。正如 Tom 所提到的，第一季度，我們根據已發行股票回購計畫回購了價值 1.61 億美元的 Markel Group 股票，而去年同期為 8,200 萬美元。

With that, I'll now turn to the performance of each of our operating engines, starting off with our Insurance engine. Gross written premiums within our underwriting operations grew 4% to $2.8 billion for the first quarter of 2024, compared to $2.7 billion for the same period last year. Our increased premium volume reflects new business growth and more favorable rates on many lines within our international portfolio and select U.S. lines of business. We are working hard to rebalance our diversified portfolio of products, which has resulted in contracting premium writings in certain classes, particularly within pockets of our U.S. professional liability and general liability portfolios. Jeremy will go into more detail about changes in the mix of business and the impact of our underwriting actions on top line premiums in his comments.

說到這裡，我現在將轉向我們每個正在運行的引擎的性能，從我們的保險引擎開始。 2024 年第一季度，我們承保業務的總保費成長了 4%，達到 28 億美元，而去年同期為 27 億美元。我們保費數量的增加反映了我們國際投資組合和部分美國業務範圍內許多業務的新業務增長和更優惠的費率。我們正在努力重新平衡我們多元化的產品組合，這導致某些類別的優質著作合約簽訂，特別是在我們的美國專業責任和一般責任投資組合的範圍內。傑里米將在評論中更詳細地介紹業務組合的變化以及我們的承保行動對頂線保費的影響。

Our consolidated combined ratio for the first quarter was 95% compared to 94% in the same period of 2023. The increase was primarily attributable to a higher attritional loss ratio within our U.S. general liability and professional liability product lines within our Insurance segment.

我們第一季的綜合綜合成本率為 95%，而 2023 年同期為 94%。

Prior year loss reserves developed favorably by $77 million this year versus $71 million in the first quarter of 2023. Favorable development in the first quarter this year was most notable within our international professional liability and marine and energy product lines.

去年的損失準備金今年成長了 7,700 萬美元，而 2023 年第一季為 7,100 萬美元。

We remain cautious and conservative in our approach to both current year losses and reducing prior year loss reserves on our longer-tail U.S. professional liability and general liability lines, given recent claim trends. Within our program services and ILS operations, operating income increased 33% to $23 million, primarily driven by growth within program services and other fronting.

鑑於最近的索賠趨勢，我們對本年度損失和減少長尾美國專業責任和一般責任險的上一年損失準備金的態度保持謹慎和保守。在我們的專案服務和 ILS 業務中，營業收入成長了 33%，達到 2,300 萬美元，這主要是由專案服務和其他前沿業務的成長所推動的。

Moving next to our Investments results. We reported net investment income of $218 million in the first quarter of 2024 compared to $159 million in the same period last year. We continue to benefit from higher interest rates as the yield on our fixed maturity portfolio, short-term investments and cash equivalents all increased. Additionally, we have been allocating more cash to money market funds and fixed maturity securities to capitalize on the higher interest rate environment. We expect, based on the current interest rates, that the yield on fixed maturity securities will continue to increase slightly throughout 2024 as lower-yielding securities mature and are replaced by higher-yielding securities.

接下來是我們的投資結果。我們報告 2024 年第一季的淨投資收入為 2.18 億美元，而去年同期為 1.59 億美元。由於固定期限投資組合、短期投資和現金等價物的收益率均增加，我們繼續受益於較高的利率。此外，我們一直在向貨幣市場基金和固定期限證券配置更多現金，以利用較高的利率環境。我們預計，根據當前利率，隨著低收益證券到期並被高收益證券取代，固定期限證券的收益率將在 2024 年繼續小幅上升。

Net investment gains of $902 million in 2024 reflect favorable market movements, resulting in a return of 9.8% on our public equity portfolio in the first quarter. This compares to net investment gains of $373 million in the first quarter of 2023.

2024 年淨投資收益為 9.02 億美元，反映了有利的市場趨勢，導致第一季我們的公共股權投資組合回報率為 9.8%。相較之下，2023 年第一季的淨投資收益為 3.73 億美元。

As you've heard us say often before, and I'm sure you'll hear me say again, we focus on long-term investment performance expecting variability in the equity markets from period to period. At the end of March, the fair value of our equity portfolio included cumulative pretax unrealized gains of $7 billion.

正如您以前經常聽到我們說的那樣，並且我相信您會再次聽到我說的那樣，我們專注於長期投資業績，預計股票市場會隨著時間的推移而變化。截至 3 月底，我們股票投資組合的公允價值包括累計稅前未實現收益 70 億美元。

Net unrealized investment losses and other comprehensive loss in the first quarter of 2024 were $123 million net of taxes compared to net unrealized investment gains of $164 million net of taxes in the same period last year. These movements correspond to changes in the fair value of our fixed maturity portfolio, resulting from changes in interest rates.

2024 年第一季未實現淨投資損失和其他綜合損失（稅後淨額）為 1.23 億美元，而去年同期的稅後未實現淨投資收益為 1.64 億美元。這些變動與利率變動所導致的固定期限投資組合公允價值的變動相對應。

Recall that we typically hold our fixed maturities until they mature and would generally expect unrealized holding gains and losses attributed to the changes in interest rates to reverse in future periods as bonds mature.

回想一下，我們通常持有固定期限直至其到期，並且通常預計由於利率變化而導致的未實現持有收益和損失將在未來時期隨著債券到期而逆轉。

Additionally, we continue our long-standing precedent of investing in the highest quality of fixed income securities. As of March 31, 2024, 98% of our fixed maturity portfolio was rated AA or better, and there are no current or expected credit losses within the portfolio.

此外，我們延續了投資最高品質固定收益證券的長期先例。截至 2024 年 3 月 31 日，我們的固定期限投資組合 98% 的評級為 AA 或更高，且投資組合中不存在當前或預期的信用損失。

Finally, I'll turn to our results from our Markel Ventures engine. Revenues from Markel Ventures increased 3% in the first quarter of 2024 compared to the same period last year, reflecting moderate revenue increases at our consumer and building products and construction services businesses.

最後，我將談談 Markel Ventures 引擎的結果。與去年同期相比，Markel Ventures 的營收在 2024 年第一季成長了 3%，反映出我們的消費者、建築產品和建築服務業務的收入適度成長。

Markel Ventures' operating income increased 13% driven by higher revenues and improved operating margins at our consumer and building products businesses versus a year ago. Our Markel Ventures companies continue their excellent long-term performance and meaningful contribution to our operating results and cash flows.

Markel Ventures 的營業收入成長了 13%，這得益於我們的消費品和建築產品業務收入的增加以及營業利潤率的提高。我們的 Markel Ventures 公司持續保持卓越的長期業績，並對我們的經營業績和現金流做出有意義的貢獻。

With that, I'll turn it over to Jeremy to talk more about our Insurance engine.

接下來，我將把它交給傑里米，更多地討論我們的保險引擎。

Thanks, Brian, and good morning. As you heard from Tom and Brian, the actions we took from the start of the year to improve the overall health of our insurance operations are beginning to bear fruit. We spent much of the first quarter implementing the significant corrective underwriting actions that I discussed on our earnings call a quarter ago, which I believe will improve future profitability. These steps addressed where we recently underperformed, particularly within our U.S. specialty insurance operations. At the same time, we work to meaningfully grow in the products, geographic territories and industries where performance meets or exceeds our long-term profitability targets.

謝謝，布萊恩，早安。正如您從湯姆和布萊恩那裡聽到的那樣，我們從今年年初開始採取的改善保險業務整體健康狀況的行動已開始取得成果。我們在第一季的大部分時間裡實施了我在一個季度前的財報電話會議上討論過的重大糾正承保行動，我相信這將提高未來的盈利能力。這些措施解決了我們最近表現不佳的問題，特別是在我們的美國專業保險業務中。同時，我們致力於在業績達到或超過我們長期獲利目標的產品、地理區域和產業中實現有意義的成長。

For the first quarter of 2024, our combined ratio was 95%. That result exceeds our ultimate goal, but is in line with where we expected to be at this point in the year. It also shows meaningful improvement from where we stood in the fourth quarter and for the full year of 2023.

2024 年第一季度，我們的綜合成本率為 95%。這結果超出了我們的最終目標，但符合我們今年此時的預期。它也顯示出我們在第四季和 2023 年全年的基礎上取得了有意義的進步。

The impact of our portfolio management actions are most evident in our gross written premium volume for the first quarter. On the surface, we grew a modest 4% versus a year ago. However, you need to disaggregate that growth a bit to appreciate the effectiveness of our underwriting actions.

我們的投資組合管理行動的影響在第一季的總保費收入中最為明顯。從表面上看，我們比一年前小幅增加了 4%。然而，您需要對這種增長進行一些分解，才能了解我們承保行動的有效性。

We use portfolio management tools each quarter to monitor portfolio health and rate adequacy and to evaluate the profitability of each of our products. You might think of this like a traffic light system, where we assign a color of green, yellow or red to each product line. Those colors show the degree of rate adequacy and associated combined ratio deviation for market profitability target for each product. I'll use this construct to demonstrate how we are remixing the portfolio towards our most profitable lines.

我們每季都會使用投資組合管理工具來監控投資組合的健康狀況和評級充足性，並評估每種產品的獲利能力。您可能會認為這就像一個交通燈系統，我們為每個產品線分配綠色、黃色或紅色。這些顏色顯示了每種產品的市場獲利能力目標的利率充足程度以及相關的綜合比率偏差。我將使用這個結構來展示我們如何重新組合投資組合以實現最有利可圖的產品線。

Within our green product classes, which represent products that are significantly outperforming our combined ratio targets, our premiums grew by 14% during the first quarter. Around 40% of our overall gross written premiums fall into this category at the moment.

在我們的綠色產品類別中，我們的保費在第一季成長了 14%，這些產品的表現顯著優於我們的綜合比率目標。目前，我們總保費的 40% 左右屬於這一類別。

On the flip side, our red product classes where profitability is underperforming our combined ratio targets, gross premium volume decreased by 16% during the first quarter. At present, a little more than 10% of our portfolio falls in this category, which is actively being managed.

另一方面，我們的紅色產品類別的獲利能力低於我們的綜合比率目標，第一季毛保費量下降了 16%。目前，我們的投資組合中有略多於 10% 屬於這一類別，並且正在積極管理。

Let me be clear, for many of these lines, we are still operating in an underwriting profit, but at a combined ratio that is above our target. For each product, we have a robust set of underwriting action plans to get us back to an acceptable level of profitability in a reasonable period of time, and our plans take into consideration current market dynamics and long-standing relationships.

讓我明確一點，對於其中許多產品線，我們仍在以承保利潤運營，但綜合成本率高於我們的目標。對於每種產品，我們都有一套強大的承保行動計劃，以使我們在合理的時間內恢復到可接受的盈利水平，並且我們的計劃考慮了當前的市場動態和長期的關係。

This contraction in the first quarter of '24, focused on several product classes within our U.S. and Bermuda casualty and professional liability portfolio. These underwriting actions were most notable in our brokerage excess and umbrella and brokerage primary contractors general liability lines within casualty. And our large account risk managed errors and omissions and directors' and officers' lines within professional liability.

24 年第一季的收縮主要集中在我們美國和百慕達傷亡和專業責任投資組合中的幾個產品類別。這些承保行動在我們的經紀超額以及意外險中的保護傘和經紀主要承包商一般責任險中最為引人注目。我們的大帳戶風險管理錯誤和遺漏以及董事和管理人員的專業責任範圍內的責任。

Our underwriting actions consist of a mixture of rate increases, changes to terms and conditions, evaluation of limited attachment points and redistribution of geographical or industry mix. We also decreased the overall proportion of construction business within our casualty portfolio and improved the profitability outlook for our existing book.

我們的承保行動包括利率上調、條款和條件變更、有限附著點評估以及地理或行業組合的重新分配。我們也降低了建築業務在傷亡投資組合中的整體比例，並改善了現有帳簿的獲利前景。

In certain instances, we identified product lines that were not expected to be profitable. In these circumstances, we made more meaningful changes, including exiting certain products or subclasses. We discontinued writing several product classes in our Insurance segment in the first quarter, where we believe underwriting action plans would not enable us to reach our profitability goals. Some of the areas we exited included retail primary casualty, risk-managed architects and engineers and intellectual property collateral protection lines.

在某些情況下，我們確定了預計不會獲利的產品線。在這種情況下，我們做出了更有意義的改變，包括退出某些產品或子類別。我們在第一季停止了保險部門的多個產品類別，我們認為承保行動計畫無法使我們實現獲利目標。我們退出的一些領域包括零售主要傷亡、風險管理建築師和工程師以及智慧財產權抵押保護線。

In total, the lines and subclasses we exited represented less than 2% of our Insurance segment operations on an annual basis.

總的來說，我們退出的產品線和子類別每年占我們保險部門業務的比例不到 2%。

We also non-renewed a handful of professional liability quota share contracts within our Reinsurance segment that did not meet our pricing targets.

我們也不再續約再保險部門內的一些未達到我們定價目標的專業責任配額份額合約。

Overall, we remain thoughtful and disciplined about how we handle long-term portfolio management.

總體而言，我們對如何處理長期投資組合管理保持深思熟慮和自律。

Turning to the positive. We've seen profitable growth within our U.S. specialty insurance operations within our property and inland marine, personal lines, programs, binding and commercial professional liability products. Within our international portfolio, we've seen profitable growth across a number of products, including our marine and energy, U.K. and European businesses.

轉向正面積極的一面。我們在美國的財產和內陸海運、個人險種、計劃、綁定和商業專業責任產品等專業保險業務中實現了盈利增長。在我們的國際投資組合中，我們的許多產品都實現了獲利成長，包括我們的海洋和能源、英國和歐洲業務。

Within our Global Reinsurance operations, we opportunistically pursued growth within the London market specialty marine and energy space. With a large, well-diversified global platform, we see plenty of opportunities to grow and enhance our overall portfolio construction. We are focused on doing just that.

在我們的全球再保險業務中，我們機會主義地追求倫敦市場專業海洋和能源領域的成長。憑藉龐大且多元化的全球平台，我們看到了大量發展和增強整體投資組合建設的機會。我們正專注於這樣做。

We've taken strong and decisive actions to deliver improved combined ratio results going forward. It will take time for these underwriting actions to earn through and impact our combined ratio, but we're confident that we're on the right track.

我們採取了強而有力且果斷的行動，以改善未來的綜合成本率結果。這些核保行動需要時間才能實現盈利並影響我們的綜合比率，但我們相信我們正走在正確的軌道上。

Meanwhile, we remain conservative in our reserving practices, especially in regard to our longer-tail product classes. We also continue to increase reserve margins on new business to buffer against uncertainty around longer-term loss trends.

同時，我們在儲備實踐上仍然保持保守，特別是在我們的長尾產品類別方面。我們也持續提高新業務的準備率，以緩衝長期損失趨勢的不確定性。

Finally, I'll share a few thoughts on the current pricing environment and overall insurance market dynamics. In general, we continue to see ongoing modest rate increases across our diversified product portfolio. Property continues to see meaningful rate increases, although at a more moderate level than a year ago. In our casualty lines, we are achieving high single-digit, in some cases, low double-digit rate increases across most of our product classes. Rates remain in line or better than our view on loss trends.

最後，我將分享一些關於當前定價環境和整體保險市場動態的想法。總體而言，我們的多元化產品組合中的利率持續溫和成長。房地產利率繼續大幅上漲，儘管漲幅比一年前更為溫和。在我們的傷亡產品線中，我們的大多數產品類別都實現了高個位數成長，在某些情況下，實現了低兩位數成長。利率與我們對損失趨勢的看法保持一致或更好。

We've seen a mild softening of rate increases throughout a large part of our international portfolio. Our international book continues to be priced attractively compared to loss trends and combined ratio targets. As such, we continue to actively grow in many of these lines.

我們看到我們大部分國際投資組合的利率上漲都略有放緩。與損失趨勢和綜合比率目標相比，我們的國際帳簿定價仍然具有吸引力。因此，我們繼續在其中許多領域中積極發展。

Finally, within professional lines, we see ongoing rate decreases in many classes, most notably in public D&O. As a consequence, we decreased writings in these classes.

最後，在專業領域內，我們看到許多類別的費率持續下降，尤其是公共 D&O 類別。結果，我們減少了這些課程的寫作。

In closing, I want to reiterate we finished the quarter largely where we expected. We recognize that it takes time for actions to earn through and create credibility. However, with our refreshed leadership team and renewed focus, I believe it is only a matter of time before we begin reporting results more in line with our longer-term aspirations.

最後，我想重申，本季的業績基本上符合我們的預期。我們認識到，行動需要時間來贏得並建立信譽。然而，隨著我們更新的領導團隊和新的重點，我相信我們開始報告更符合我們長期願望的結果只是時間問題。

Thank you. With that, I'll turn things back over to Tom for questions.

謝謝。這樣，我會將事情轉回給湯姆提問。

Super. Thank you, Jeremy. Thank you, Brian.

極好的。謝謝你，傑瑞米。謝謝你，布萊恩。

And Sarah, if you'd be so kind as to open the floor for questions.

莎拉，請允許大家提問。

(Operator Instructions) Your first question comes from the line of Mark Hughes with Truist Securities.

（操作員說明）您的第一個問題來自 Truist Securities 的 Mark Hughes。

Wonder if you could make any observations about the loss developments. Some of those problematic lines, I think the GL, professional liability, there's been a little more volatility around that. You saw that in your results last year. And clearly, you switched back to kind of your more historical norm of good reserve development. But you highlighted that was -- sounds like it was international in the marine and energy. But anything you're seeing in that loss development, again, the GL, professional liability that is better, worse or about the same as what you saw last year?

想知道您是否可以對損失的發展進行任何觀察。我認為其中一些有問題的行，GL，專業責任，圍繞它有更多的波動。您在去年的結果中看到了這一點。顯然，您又回到了良好儲備開發的歷史規範。但你強調說，聽起來這在海洋和能源領域是國際性的。但是，您在損失發展中看到的任何東西，再次，GL，專業責任，與您去年看到的相比是更好、更差還是大致相同？

Thank you, Jeremy, would you handle Mark's question, please?

謝謝你，傑瑞米，請你回答馬克的問題好嗎？

Of course. Thanks, Mark. So a couple of things. You're exactly right. We spoke about that a quarter ago. We did a very extensive review in the fourth quarter. We would have reviewed in excess of $4 billion of reserves within our general liability and professional liability portfolios in the U.S., and we took action at that time.

當然。謝謝，馬克。有幾件事。你說得完全正確。我們四分之一前就談到這一點。我們在第四季度進行了非常廣泛的審查。我們將審查我們在美國的一般責任和專業責任投資組合中超過 40 億美元的準備金，我們當時就採取了行動。

In the first quarter, our -- there was very little movement or activity in those areas. Certainly, nothing that was unexpected, unanticipated or any concern. By and large, in our insurance, the prior year -- the favorable prior year development was more weighted towards our international book, and that was more weighted towards some of our professional lines in that space.

在第一季度，我們的這些領域幾乎沒有任何變動或活動。當然，沒有什麼是意外的、意料之外的或任何擔憂的。總的來說，在我們的保險領域，前一年的有利發展更偏向我們的國際業務，而這更偏向我們在該領域的一些專業業務。

With regards to sort of general liability in the U.S. as an example, we would have seen modest favorable prior year activity in the first quarter this year versus modest unfavorable activity in the first quarter of last year. So it's been pretty quiet on that front. Overall, general liability, marine and energy, professional lines in the international space are the largest contributors to our favorable prior year development in the first quarter.

以美國的一般負債為例，我們會看到今年第一季的上年活動適度有利，而去年第一季的活動則適度不利。所以這方面一直很安靜。整體而言，一般責任、海洋和能源、國際領域的專業業務是我們去年第一季良好發展的最大貢獻者。

And you had mentioned how in casualty, you're seeing high single, maybe low double digits in line or better than loss trends. There's been some discussion of whether those casualty lines were firming, whether pricing was accelerating in early 2024. Are you seeing that? Or is it steady or down?

您提到過，在傷亡方面，您會看到高個位數，也許低兩位數，或比損失趨勢更好。人們對這些傷亡險線是否穩定以及 2024 年初的定價是否加速進行了一些討論。還是穩定還是下降？

Yes. We've certainly seen a pretty favorable pricing environment within the casualty lines. And if anything, I would say that that's accelerated over the course of the first quarter. And I think that's wholly appropriate and necessary. I did comment on the fact that our rate that we're seeing is in excess of our estimates around loss trends, which we would hope would be beneficial longer term. That being said, we're certainly being cautious and trying to build a margin of safety into our current accident year attritional selections within the GL space. The rate is pretty clear what we're getting. The trend is more of an assumption. So we want to make sure we have an appropriate margin of safety around that, given the backdrop of the last couple of years.

是的。我們確實看到了傷亡保險領域相當有利的定價環境。如果有什麼不同的話，我想說的是，這種情況在第一季有所加速。我認為這是完全適當和必要的。我確實評論了這樣一個事實，即我們看到的比率超出了我們對損失趨勢的估計，我們希望這將是長期有益的。話雖這麼說，我們當然是謹慎的，並試圖在 GL 領域當前的事故年損耗選擇中建立安全邊際。我們得到的價格非常清楚。趨勢更多的是一種假設。因此，考慮到過去幾年的背景，我們希望確保我們有適當的安全邊際。

And have you noticed anything between the admitted and E&S? Are those -- is there still business shifting out of admitted into E&S? Is it more stable? Any observations there would be helpful.

你有沒有註意到錄取和E&S之間有什麼區別？是否仍有業務從錄取轉移到 E&S？是不是更穩定了？那裡的任何觀察都會有幫助。

Yes. I think the E&S market is still incredibly strong. And certainly, we have a long-standing history and a very sizable presence within the E&S space. We've got a wide portfolio of products that we're focused on delivering through to the E&S space. And I think those trends will continue.

是的。我認為 E&S 市場仍然非常強勁。當然，我們在 E&S 領域擁有悠久的歷史和相當大的影響力。我們擁有廣泛的產品組合，專注於向 E&S 領域提供這些產品。我認為這些趨勢將會持續下去。

Certainly, a lot of what we're doing in the casualty space is oriented around and focused on our product offerings within the E&S space.

當然，我們在傷亡領域所做的許多工作都是圍繞並專注於我們在 E&S 領域提供的產品。

Your next question comes from Andrew Andersen with Jefferies.

您的下一個問題來自傑弗里斯的安德魯·安德森。

Maybe back on reserves. Just given a couple of years of adverse development on GL and professional liability, I think you had also mentioned you're releasing from some recent accident years. So can you kind of talk about these releases here and perhaps why you didn't let them season a little bit longer given the longer tail?

也許會回到儲備金。考慮到過去幾年 GL 和職業責任方面的不利發展，我想您也提到您正在從最近幾年的一些事故中解脫出來。那麼你能在這裡談談這些版本嗎？

Jeremy, if you'd be so kind?

傑里米，如果你能這麼好意的話？

Yes, of course. Yes, maybe we would take that off-line, Andrew. I don't believe I would say there are longer tail lines of business, general liability and professional liability, particularly in the U.S. that we've done any real releasing on those core reserves on the most recent accident years.

是的當然。是的，也許我們會讓它離線，安德魯。我不認為我會說存在更長的尾部業務、一般責任和專業責任，特別是在美國，我們在最近的事故年份中真正釋放了這些核心儲備。

There could be occasions in other product classes where we might see favorable takedowns on more recent accident years. But I don't think there's anything that's standing out as far as that trend. I would say we're more -- in the most recent years, we're a more wait-and-see mode. And actually, we commented a quarter ago, that part of the reserving actions we took in the fourth quarter was to increase our reserve positions and that margin of safety on those years, on the more recent years. So we're sort of in a wait-and-see mode, I would say, on that.

在其他產品類別中，我們可能會在最近幾年的事故中看到有利的淘汰情況。但我認為沒有什麼比這種趨勢更突出的了。我想說，最近幾年，我們更處於觀望模式。實際上，我們在一個季度前評論過，我們在第四季度採取的儲備行動的一部分是增加我們的儲備頭寸以及那些年和最近幾年的安全邊際。所以我想說，我們對此處於觀望狀態。

Okay. So perhaps the recent accident year commentary was specific to international development?

好的。那麼也許最近的事故年評論是針對國際發展的？

Yes, sorry. That's the other thing I would say. That's a great point, Andrew, is that, that can be a little bit different in international. And international, as an example, take our professional space, we have a very meaningful professional lines portfolio there. Again, broad product set offering, but that predominantly focuses on international professional lines, not U.S. professional lines that get placed in the London market. We don't do a lot of the U.S. business out of London.

是的，抱歉。這是我要說的另一件事。安德魯，這是一個很好的觀點，在國際比賽中可能會有點不同。以國際為例，以我們的專業領域為例，我們在那裡擁有非常有意義的專業產品線組合。同樣，提供廣泛的產品系列，但主要關注國際專業產品線，而不是進入倫敦市場的美國專業產品線。我們在倫敦以外的地區開展的美國業務並不多。

Okay. And then you had also mentioned that lines exited represented less than 2% on an annual basis. Kind of where are we in the cutting business phase? Is that largely over? Or is it an ongoing process throughout the year?

好的。然後您也提到，每年退出的線路比例不到 2%。我們處於切割業務階段的哪個階段？就這樣基本結束了嗎？或者這是一個全年持續的過程？

It's not that frequent that we fully exit a class of business. We're always going to be focused on overall profitability. We obviously have a broad and wide product set at any point in time. Lots of products are going really well, some things that we're working on.

我們完全退出某類業務的情況並不常見。我們始終關注整體獲利能力。顯然，我們在任何時候都擁有廣泛的產品組合。很多產品都進展順利，有些事情我們正在努力。

As far as product exits go, I don't anticipate anything else in the foreseeable future. There's nothing else that we're sort of taking a hard look at. We really acted decisively around those, and we took the action in those instances where we didn't feel like the product was as core to our overall offering, and we didn't think we could address the profitability within that product space in a meaningful time.

就產品退出而言，我預計在可預見的將來不會有任何其他事情。沒有什麼是我們需要認真研究的。我們確實圍繞這些問題採取了果斷的行動，並且在我們認為該產品不是我們整體產品的核心的情況下採取了行動，並且我們認為我們無法以有意義的方式解決該產品空間內的盈利能力。 。

Our work now is largely focused on improving the overall profitability on a handful of lines that we feel like are either not as rate adequate as they need to be, or aren't delivering the overall profitability profile we want. And that's a little bit what I talked about in my comments and obviously from a quarter ago. But I wouldn't expect further product exits.

我們現在的工作主要集中在提高少數幾條生產線的整體盈利能力上，我們認為這些生產線要么沒有達到所需的水平，要么沒有提供我們想要的整體盈利能力。這就是我在評論中談到的一點內容，顯然是在一個季度前。但我預計不會有更多產品退出。

Your next question comes from the line of Charlie Lederer with Citi.

您的下一個問題來自花旗銀行的查理·萊德勒 (Charlie Lederer)。

Jeremy, you mentioned the 95% combined is above target, but in line with expectations, I guess. Wondering if you can unpack that a little bit. Are you holding more IBNR here in the first quarter to reflect uncertainty? Or any color there that, I guess, should we expect that to improve as the year progresses?

Jeremy，您提到 95% 的總和高於目標，但我想符合預期。想知道你是否可以稍微解壓一下。您是否在第一季持有更多 IBNR 以反映不確定性？或者我想，我們應該期望隨著時間的推移，這種情況會有所改善嗎？

Yes, Jeremy, go ahead, please?

是的，傑里米，請繼續吧？

Yes. Of course. Thanks, Charlie. Yes, I would expect that, that would improve over the course of the year. I'm not going to put any specifics around that or any guidance around that. But what I would say, as you know, is we've taken a lot of actions. It takes a while for that to earn through the book. So where we've exited unprofitable products and products that really disproportionately contributed to some of the underwriting loss reported in the fourth quarter a year ago. And where we're taking underwriting actions to improve the profitability profile of ongoing lines, it takes a little while to give credibility to the actions that we've taken, and it takes a little while for that earnings to come through.

是的。當然。謝謝，查理。是的，我希望這一情況在這一年中會有所改善。我不會對此提出任何具體細節或任何指導。但我想說的是，正如你所知，我們已經採取了很多行動。透過這本書來賺錢需要一段時間。因此，我們已經退出了無利可圖的產品和確實對一年前第四季度報告的承保損失造成不成比例的產品。當我們採取承保行動來改善現有線路的獲利狀況時，需要一段時間才能使我們所採取的行動具有可信度，而且也需要一段時間才能實現盈利。

And then also to your point, we are carrying more of a margin of safety within our reserve selections. As I mentioned before, we can be pretty clear on some of the actions that we're taking, and we can be pretty clear about the pricing environment. Overall, what the actual end-of-day inflationary environment, trend environment that we're going to experience is a little bit uncertain. So we're going to be cautious in that space.

然後，同樣針對您的觀點，我們在儲備選擇中擁有更多的安全邊際。正如我之前提到的，我們可以非常清楚我們正在採取的一些行動，我們可以非常清楚定價環境。整體而言，我們將經歷的實際最終通膨環境、趨勢環境有點不確定。因此，我們將在這個領域保持謹慎。

But I think over the course of the year, on a like-for-like basis, barring something that's unforeseen, we should continue to see the result improve as we earn through the effect of the actions we've taken.

但我認為，在這一年中，在類似的基礎上，除非出現不可預見的情況，我們應該繼續看到結果有所改善，因為我們透過我們所採取的行動的效果獲得了收益。

Got it. That's helpful. I guess just within the current accident year picks either in Insurance or Reinsurance, did you guys have any exposure to the bridge collapse in Baltimore?

知道了。這很有幫助。我想就在目前的保險或再保險事故年度中，你們有接觸過巴爾的摩橋樑倒塌事故嗎？

As Jeremy and I were joking, anything you see on TV from around the world, we probably have some of. We have a global book of business all around the world. So when you see disasters happen on TV, you can count that we probably have some of that. But that is the business we are in, and that's how we backstop our customers and take care of them in times of need, but that's normal course of business for us.

正如傑里米和我開玩笑的那樣，你在世界各地電視上看到的任何東西，我們可能都有一些。我們有一本遍布世界各地的全球商業名錄。因此，當您在電視上看到災難發生時，您可以計算出我們可能也遇到過一些災難。但這就是我們所處的業務，這就是我們支持客戶並在需要時照顧他們的方式，但這對我們來說是正常的業務流程。

I don't know if you want to add anything, Jeremy?

我不知道你是否想補充什麼，傑里米？

The only thing I would add to that is -- which really is complementary to what you just shared, Tom, is there's nothing that's unusual or outsized about that event for us, which is why we don't call that out separately. It is a significant event, obviously, for the industry and there'll be sort of ripple effects over time as we assess liability and we evaluate contingent exposures and those sorts of things. But nothing that we would point to that's unusual or outsized.

我唯一要補充的是，湯姆，這確實是對你剛才分享的內容的補充，對我們來說，該事件沒有什麼不尋常或過大的地方，這就是為什麼我們不單獨指出這一點。顯然，對於整個產業來說，這是一個重大事件，隨著時間的推移，當我們評估責任、評估或有風險敞口等時，將會產生某種連鎖反應。但我們不會指出任何不尋常或特大的事情。

Okay. So we shouldn't really think about that as being kind of a meaningful contributor to the attritional loss ratio increase year-over-year. It's more just a higher loss pick?

好的。因此，我們不應該真正認為這是導致損耗率逐年增加的一個有意義的因素。這只是一個更高損失的選擇？

I think what Tom said, large losses are happening all over the world all the time across a broad set of products and classes. We're obviously more acutely aware of the significance of that event than we might be in the U.S. around loss events occurring elsewhere around the world. But whatever might be happening, there's a chance that we're going to have exposure in our portfolio. So I think that's true for us. I think that's true for most of the global players. We don't tend to call out every single individual loss event to try to carve that out from our underlying results.

我認為正如湯姆所說，世界各地各種產品和類別一直在發生巨大損失。與在美國發生的世界其他地方發生的損失事件相比，我們顯然更清楚地意識到事件的重要性。但無論發生什麼，我們都有可能在我們的投資組合中獲得曝險。所以我認為這對我們來說也是如此。我認為對於大多數全球參與者來說都是如此。我們並不傾向於列出每一個單獨的損失事件，試圖從我們的基本結果中找出這一點。

Your next question comes from Charles Gold with Truist.

您的下一個問題來自 Charles Gold 和 Truist。

Congratulations to the three of you and the whole Markel team for the performance you just posted. And Tom, I wanted to follow up on a comment that you made about shares outstanding after the quarter end being below 13 million. Is that from the number in the Q, $13,137 million? Or is there another number that was the starting point for that comment?

恭喜你們三人以及整個 Markel 團隊剛發布的表現。湯姆，我想跟進您對季度末流通股數量低於 1300 萬股的評論。這是 Q 中的數字 131.37 億美元嗎？或者是否有另一個數字是該評論的起點？

No. It would be reflective of the fact that we were darn close to 13 million as of March 31, and we have purchased shares between the time of March 31 and May 2 where we stand right now.

不。

Right. That's why. Well, I was asking what number was it at the end of March? Do you have a...

正確的。這就是為什麼。嗯，我問的是三月底的數字是多少？你有沒有...

Yes. It was 13.0-something. Brian might have the exact number there. Yes.

是的。當時是 13.0 左右。布萊恩可能有準確的號碼。是的。

Yes. The 13.1 million that you quoted, that was the number at the end of March, yes. And to Tom's point, yes, the comment was the subsequent purchases post the number in the Q, which would be the March 31 number, have dropped below.

是的。你提到的1310萬，是3月底的數字，是的。就湯姆的觀點而言，是的，評論是 Q 中發布的數字（即 3 月 31 日的數字）已降至以下水平。

Right. And Tom, I would enjoy building out some of those tunes with you at the Reunion, if you'd just get me some of the lyrics. It would make a hell of a party songs.

正確的。湯姆，如果你能給我一些歌詞的話，我很樂意在團聚時與你一起創作一些曲子。這將成為一場派對歌曲。

Well, that's right. Well, you got yourself a deal.

嗯，沒錯。好吧，你自己達成了協議。

All right. Appreciate it.

好的。欣賞它。

Thank you.

謝謝。

Your next question comes from the line of John Fox with Fenimore.

你的下一個問題來自約翰·福克斯和費尼莫爾的台詞。

So I'm curious in the other Insurance operations. Looks like there was a $17 million reserve increase. And I think I remember from reading the Q last night that it was an asbestos and environmental, which we haven't heard from in a long time. And I recall, you used to review that in your third quarter. So maybe Jeremy could comment on what's going on there. Is that a one-off or what's happening?

所以我對其他保險業務很好奇。看起來準備金增加了 1700 萬美元。我想我記得昨晚讀到的問題是石棉和環境問題，我們已經很久沒有聽到這個消息了。我記得，您曾經在第三季度回顧過這一點。也許傑里米可以對那裡發生的事情發表評論。這是一次性事件還是正在發生的事情？

Jeremy, could you give the details on that?

傑里米，你能透露一下細節嗎？

Yes, of course. John, you're exactly right. And your memory is very sound with regards to how we used to approach our annual reserving. So in the other discontinued segment, we did recognize about $15 million of strengthening associated with ongoing claims handling costs for really a large outstanding remaining APH or asbestos or environmental exposure. That hasn't moved in some time. We regularly review that. We would look at that, in some ways, more frequently than annual.

是的當然。約翰，你說得完全正確。您對我們過去如何進行年度預訂的記憶非常清楚。因此，在其他已停產的細分市場中，我們確實認識到與持續索賠處理成本相關的約 1500 萬美元的強化費用，涉及大量未決的剩餘 APH 或石棉或環境暴露。這已經有一段時間沒有動靜了。我們定期對此進行審查。在某些方面，我們會比每年更頻繁地審視這一點。

We don't have as much of an outstanding pot of reserves in as many ways that we're monitoring. So we don't have that annual study the way that we used to. We just review that over time. Nothing -- I would not expect any more in that space anytime soon. We just tried to put that behind us.

我們沒有像我們所監控的那樣多的方式擁有大量未償還的儲備。所以我們不再像以前那樣進行年度研究。我們只是隨著時間的推移進行審查。沒什麼——我不會很快在那個領域期待更多。我們只是試著把它拋在腦後。

Okay. Great. Then Tom, I have a bigger picture question. It was interesting with the change in the proxy this year moving from book value to operating income. And my sense is there's a lot of shareholders in Markel that think about 10, 20 years ago when your primarily insurance and book value was a good way to look at the company. But you're really signaling a change going to operating income. And could you talk about how you think about how Markel is a better, stronger company, right? Being more diversified than just especially insurance? And perhaps if my observations are not correct, please correct me.

好的。偉大的。那麼湯姆，我有一個更大的問題。有趣的是，今年代理的變動從帳面價值轉向營業收入。我的感覺是，Markel 的許多股東都在思考 10、20 年前，當時主要的保險和帳面價值是看待公司的好方法。但你確實發出了營業收入改變的訊號。您能否談談您如何看待 Markel 是一家更好、更強的公司，對吧？比保險更多元化？也許如果我的觀察不正確，請糾正我。

No, I think your observations are spot on. Yes, you go back 10, 20 years ago when the business was dominated by the Insurance engine, and we didn't even call it that then because that would have implied that perhaps there were other engines, which they were not. And book value is a pretty darn good proxy for describing economic progress of an insurance operation, a bank, a financial institution like that.

不，我認為你的觀察是正確的。是的，你可以追溯到 10、20 年前，當時業務由保險引擎主導，我們當時甚至沒有這樣稱呼它，因為這意味著也許還有其他引擎，但它們不是。帳面價值是描述保險業務、銀行、類似金融機構的經濟進展的一個非常好的指標。

As we have emphasized investments, and we've emphasized that for a long time and the growth of the Ventures businesses, the economic value being created by those businesses doesn't get well reflected in book value. So they do make money. They are worth something. And we think the operating income line that we give you over multiple full years and with the multiyear horizon, that is sort of a separate component of the overall value.

正如我們強調投資一樣，我們強調長期以來，隨著創投業務的成長，這些業務所創造的經濟價值並沒有很好地反映在帳面價值中。所以他們確實賺錢。它們是有價值的。我們認為，我們在多個整年和多年範圍內為您提供的營業收入線，是整體價值的一個單獨組成部分。

Now that's sort of accounting presentation and trying to pencil out what it's worth. To the meta point of the Markel Group being a more resilient and robust company, I like the idea of 3 distinct streams of income that are flowing into the coffers. And in any given period, one of those engines might not be fired, 2 of those engines might not be fired. But usually, at least one is. In the first quarter was a case where all 3 were. So it makes things more robust, more resilient, more able to absorb volatility in any one line of business.

現在，這就是一種會​​計演示，並試圖列出它的價值。對於馬克爾集團是一家更具彈性和穩健的公司的元觀點，我喜歡三種不同的收入來源流入金庫的想法。在任何給定時期內，其中一台發動機可能不會點火，其中兩台發動機可能不會點火。但通常情況下，至少有一個是。第一季的情況是三者皆有。因此，它使事情變得更加穩健，更有彈性，更能夠吸收任何一項業務的波動。

And in fact, I think one of our major competitive advantages is that throughout the entire Markel organization, when we're faced with a business decision, oftentimes, it's pretty clear that there are things which might cost you something in the short term, but it's better for the long term. Now if you're under pressure to pay a short-term bill or meeting a short-term quarterly estimate, the temptation to take the short-term decision exists. We try everything we can possibly do to not have that temptation. We want to do things that are in the right long-term interest of the Markel Group, our shareholders, our customers, our associates. And we've just taken away a lot of the noise. And I think it's a beautiful piece of architecture that underpins what we've been trying to do for a long time.

事實上，我認為我們的主要競爭優勢之一是，在整個 Markel 組織中，當我們面臨業務決策時，通常很明顯有些事情可能會在短期內讓您付出一些代價，但是從長遠來看，這更好。現在，如果您面臨支付短期帳單或滿足短期季度預算的壓力，那麼做出短期決定的誘惑就存在。我們盡一切努力避免受到這種誘惑。我們希望做的事情符合 Markel 集團、我們的股東、我們的客戶和我們的員工的長期利益。我們剛剛消除了很多噪音。我認為這是一個美麗的建築，支撐著我們長期以來一直在努力做的事情。

And it's nice to get to a quarter like this where you see all 3 engines firing, and it's clear.

很高興到達這樣的季度，您可以看到所有 3 個引擎都在點火，而且很清楚。

Right. I just have a suggestion on the presentation. I think Brian referenced like a 5-year cumulative investment gain or something. Maybe you could put the 5-year cumulative on your releases. Because 1 quarter of investment gain, which was nice to make $1 billion last quarter, but a lot of -- some of that's already gone in the month of April in stocks and bonds. So thinking about that and showing it out of 5-year and what the cumulatives are might help communicate that. So that's the suggestion.

正確的。我只是對簡報有一個建議。我認為布萊恩提到了 5 年累計投資收益之類的東西。也許您可以將 5 年累積記錄放在您的版本上。因為第一季的投資收益，上個季度賺了 10 億美元，這很好，但很多——其中一些已經在 4 月消失在股票和債券中。因此，請思考這一點並展示 5 年的情況以及累積的情況可能有助於傳達這一點。這就是建議。

All right. Good stuff.

好的。好東西。

Your next question comes from Scott Heleniak with RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Scott Heleniak。

You mentioned the rate increases picking up in casualty. Just wondering, are you seeing that across the board? Is there any lines where it kind of sticks out and it's perked up a lot more relative to the past few quarters?

您提到傷亡率上升。只是想知道，您是否全面看到這一點？是否有任何一條線比較突出，並且相對於過去幾季更加活躍？

And then just the second part is any sense on where just generally a loss cost trend is in casualty? I know it's tough to do by -- given your product set, but anything you can share on either one of those?

那麼第二部分對於傷亡事故中損失成本趨勢的整體情況有什麼意義嗎？我知道這很難做到——考慮到你的產品系列，但是你可以分享其中任何一個產品嗎？

Jeremy, if you'd be so kind to address that?

傑里米，您能幫我解決一下這個問題嗎？

Yes, sure. Sure, Scott. I would say that the biggest pockets of our overall casualty portfolio, the ones that we're working on most focused on and the ones that probably heard my comments around rate are really going to be in the primary casualty and excess and umbrella space, within the U.S. and that would contrast from -- and also our larger risk-managed excess casualty offerings, both in the U.S. and Bermuda.

是的，當然。當然，斯科特。我想說的是，我們整體傷亡投資組合中最大的部分，我們最關注的部分以及可能聽到我關於費率的評論的部分實際上將位於主要傷亡和超額和繖形空間中，在美國，這將與我們在美國和百慕達提供的更大的風險管理超額傷亡保險形成鮮明對比。

I would contrast that a little bit with let's say what's happening in the pricing environment for say, our binding lines or other sort of casualty offerings, be it in the sort of health care space or the environmental space where the rates wouldn't be quite as strong as what I commented on. So but across the portfolio, that's the case.

我會將其與定價環境中發生的情況進行對比，例如我們的綁定線或其他類型的傷亡產品，無論是在醫療保健領域還是在費率不會相當高的環境領域。強烈。但在整個投資組合中，情況就是如此。

As far as loss trends go, I said high single digits to low double digits for rate. And I would tell you it's -- loss cost trends are a few points below that.

就損失趨勢而言，我所說的損失率是高個位數到低兩位數。我想告訴你的是──損失成本趨勢比這個低幾個點。

Okay. That's definitely helpful. And then just switching to Reinsurance. I know you've been kind of remixing that business for a while and doing non-renewals, just kind of getting that book to where you want it to be. Do you feel like it's pretty close to that point and maybe you could see some growth later in 2024 and 2025? Just anything you can share there on just the Reinsurance side?

好的。這絕對有幫助。然後就轉向再保險。我知道你已經重新混合該業務一段時間了，並且不再續訂，只是讓這本書到達你想要的位置。您是否覺得已經非常接近那個點，也許您可以在 2024 年和 2025 年晚些時候看到一些增長？您可以在再保險方面分享什麼嗎？

Sure, Scott. So I mean, overall, you're exactly right. We've been working really hard. We have been remixing the portfolio, taking a lot of actions over the last several years. I'm pretty pleased with our position within Reinsurance. And I think the market conditions are pretty favorable at the moment in the current trading environment overall.

當然，斯科特。所以我的意思是，總的來說，你是完全正確的。我們一直在努力工作。在過去的幾年裡，我們一直在重新組合產品組合，並採取了許多行動。我對我們在再保險領域的地位非常滿意。我認為，在當前的整體交易環境中，目前的市場狀況相當有利。

We have walked away from renewals where the pricing wasn't at levels we wanted to support. So I know that the team is acting with discipline. And we're certainly being prepared to push and to be exacting around pricing in terms of conditions and structures. So we need to continue to see a favorable trading environment within Reinsurance.

我們已經放棄了定價未達到我們想要支持的水平的續訂。所以我知道團隊的行為是有紀律的。我們當然準備在條件和結構方面推動並嚴格定價。因此，我們需要繼續看到再保險內部有利的交易環境。

So our overall focus is absolutely on bottom line financial performance and underwriting profitability. But that being said, we certainly had a broad portfolio within the casualty professional and specialty space. We're writing that on a global basis. We're seeing pockets to grow. I think marine and energy is a good example right now in '23 and '24, where we're opportunistically growing. So we're -- and we're exploring other product areas or clients that we can support.

因此，我們的整體重點絕對是財務績效底線和承保獲利能力。但話雖這麼說，我們在傷亡專業和專業領域當然擁有廣泛的產品組合。我們正在全球範圍內撰寫此內容。我們看到口袋在增長。我認為海洋和能源是 23 年和 24 年的一個很好的例子，我們正在這兩個領域機會主義地發展。因此，我們正在探索我們可以支援的其他產品領域或客戶。

So we're certainly not at all opposed to growth, but we're also not chasing growth right now. We want to act with a great deal of discipline, and we want to really see that total performance underwriting profitability come through.

因此，我們當然一點也不反對成長，但我們現在也不追逐成長。我們希望以嚴格的紀律行事，我們希望真正看到承保獲利能力的整體表現。

There is really a sort of a contrast between having to address those older accident years, which we talk about, where we've seen some of the reserve development over the last couple of years in Reinsurance, and that current portfolio that you point to that we're feeling pretty good about.

必須解決我們所討論的那些較早的事故年份，我們在過去幾年中看到再保險領域的一些準備金發展，與您指出的當前投資組合之間確實存在某種對比我們感覺很好。

Okay. Okay. Great. And then just lastly, can you share what the new money yield is? I know you mentioned you have higher yields now in money market and some of the fixed income. Can you just talk about what -- give the spread on what the new money is versus existing? And any kind of major shifts that are going on in the investment portfolio at all?

好的。好的。偉大的。最後，可以分享一下新的貨幣收益率是多少嗎？我知道你提到你現在在貨幣市場和一些固定收益方面有更高的收益率。能談談新貨幣與現有貨幣的差異嗎？投資組合中正在發生什麼重大變化？

Yes, this is Tom. The new money yields are basically what you can see on your Bloomberg or Yahoo! Finance if you want to go the bargain route. And we are buying treasuries and government securities and the high-high credit quality. So there's really nothing new that happens for us that you don't see on a day-by-day basis. I don't have the numbers with me on what the rolling off on the quarter. But we do have a continuing increment of investment income coming on the books as the time goes by.

是的，這是湯姆。新的資金收益率基本上就是您在彭博社或雅虎上看到的內容。如果你想走討價還價的路線，就融資。我們正在購買國債和政府證券以及高信用品質。因此，對我們來說，每天發生的新事情確實沒有什麼是你看不到的。我沒有關於本季度的滾動數據。但隨著時間的推移，我們帳面上的投資收益確實持續增加。

Okay. But nothing really new happening on the fixed income side in terms of just the positioning, repositioning it all there, that's pretty steady state?

好的。但就定位而言，固定收益方面並沒有真正發生什麼新的事情，重新定位一切，這是相當穩定的狀態嗎？

I can assure you that I've been in Markel 34 years now, and we really don't do anything differently on the fixed income side ever.

我可以向你保證，我已經在 Markel 工作了 34 年，我們在固定收益方面確實沒有做任何不同的事情。

Your next question comes from Robert Farnam with Janney.

您的下一個問題來自羅伯特法納姆和詹尼。

Unfortunately, yet another question for Jeremy on the Insurance operations. Looking at that international professional liability, favorable development. I'm just trying to get a feel for -- it's probably several questions. One, did you do a review of that at year-end? And if so, kind of what changed in the first quarter? But I'd also like to know if there's much differentiation between the International book versus the U.S. book. I'm trying to talk -- are the tails similar? Are their loss trends similar? Or is litigation environment similar? Just trying to get a feel for what that book looked like relative to the U.S.?

不幸的是，傑里米還有一個關於保險業務的問題。著眼於國際化的職業責任，有利的發展。我只是想了解一下——這可能有幾個問題。第一，你在年底時對此進行了回顧嗎？如果是這樣，第一季發生了什麼變化？但我也想知道國際書和美國書之間是否有很大差別。我想說的是──尾巴相似嗎？他們的損失趨勢相似嗎？或是訴訟環境是否相似？只是想了解這本書相對於美國是什麼樣子？

Jeremy, if you'd be so kind as to respond?

傑里米，您能回覆一下嗎？

Yes, of course. So nothing out of the usual or ordinary with regards to our loss reserves in the first quarter. I mean we do a comprehensive loss reserve across our product portfolios in each of our businesses each quarter. We're always looking at actual experience versus expected and seeing whether or not we should make any modifications. As we've sort of said over the years very consistently, we react to bad news very quickly, and we take a very measured approach to the good news.

是的當然。因此，第一季我們的損失準備金並沒有什麼異常。我的意思是，我們每季都會在每個業務的產品組合中製定全面的損失準備金。我們總是專注於實際體驗與預期的對比，看看是否應該做出任何修改。正如我們多年來一貫所說的那樣，我們對壞消息的反應非常迅速，我們對好消息採取非常謹慎的態度。

What you're seeing in those professional lines in the international is more that latter bucket, where we've sat and been cautious and tried to understand whether or not some of the inflation trends that we would have witnessed within the U.S. on professional lines might come through in the international portfolio, and we've gotten more confident over time as actual experience has been better than what we anticipated or expected in our actuarial models. And when that's the case, we release reserves. So that was -- it's not that all of the favorable prior year takedowns by any stretch was just that line. That's just an example in a more meaningful year-over-year contributor.

您在國際上的這些專業領域中看到的更多是後者，我們坐在那裡保持謹慎，並試圖了解我們在美國專業領域目睹的一些通貨膨脹趨勢是否可能會發生。我們變得更有自信，因為實際經驗比我們在精算模型中預期或預期的還要好。當這種情況發生時，我們會釋放儲備金。所以，這並不是說去年所有有利的擊倒都只是這條線。這只是更有意義的逐年貢獻者的一個例子。

As far as the book differential, I spoke a little bit about this earlier, the biggest difference is our international portfolio is just that. It's risks that are outside the U.S. And as far as are there different risk profiles between U.S. risks and international risks, I would leave it to you to draw your conclusions about legal environment, social inflation trends, litigation financing and what you would see in the rest of the world versus what we would experience in the U.S. Our view is that, that looks a little bit different. And economic inflation, I think trends are a little bit different as well.

至於書籍差異，我之前談過一點，最大的差異是我們的國際投資組合就是這樣。這是美國以外的風險，至於美國風險和國際風險之間是否存在不同的風險狀況，我將讓您對法律環境、社會通膨趨勢、訴訟融資以及您在未來會看到的情況做出結論。其他地區與我們在美國的經驗相比，我們認為，這看起來有點不同。至於經濟通膨，我認為趨勢也有點不同。

The profile of the client, the insured, the products themselves, there's also some differences there as well between what we do in the U.S. and there. But also, it's the case that even in U.S. and internationally, we have very broad product capabilities, coverage capabilities and customer capabilities, ranging from small businesses all the way to very large Global 1000 risk managed accounts that we would do in U.S. and Bermuda.

客戶的概況、被保險人、產品本身，我們在美國所做的事情和在那裡也有一些差異。而且，即使在美國和國際上，我們也擁有非常廣泛的產品能力、覆蓋能力和客戶能力，從小型企業一直到我們在美國和百慕達做的大型全球 1000 強風險管理帳戶。

So -- but there's definitely sort of differences. Our international would weigh towards smaller and just that international non-U.S. risk.

所以——但肯定存在某種差異。我們的國際風險將傾向於更小、更小的非美國風險。

Your next question is a follow-up from Charlie Lederer with Citi.

您的下一個問題是花旗集團查理·萊德勒 (Charlie Lederer) 的後續問題。

So Tom mentioned in the shareholder letter a couple of months ago about the improving earnings trajectory at Nephila as it gets above its high watermark. Wondering if you can update us on the outlook there post 1Q? It doesn't look like we saw the uplift in 1Q. Should we think about that coming soon? Or revenue accelerating there? Any color?

因此，湯姆在幾個月前的股東信中提到，隨著 Nephila 的獲利軌跡超過了高水位，該公司的獲利軌跡正在改善。想知道您能否向我們介紹第一季後的展望？看起來我們並沒有看到第一季的成長。我們應該考慮一下很快就會發生的事情嗎？或是那裡的收入加速成長？任何顏色？

Yes, I'm going to take the first pass at that. And I would like Jeremy and Brian to chime in. Given the nature of Nephila's business, generally speaking, they're going to do their work through the course of the year, and we're not going to put up a lot of accruals for -- until after the year is closed, and you see what their share of profits are. So it'll tend to be reported with a year lag because you got to get into the first quarter of the subsequent year 'til you recognize what happened in the year before.

是的，我將採取第一步。我希望 Jeremy 和 Brian 插話一下。就會看到他們的利潤份額是多少。因此，它的報告往往會滯後一年，因為你必須進入下一年的第一季度，直到你意識到前一年發生了什麼。

So during the first, second and third and -- excuse me, second third, fourth quarters of the year, you're still just showing sort of what happened last year. Not so much what's happening this year.

因此，在今年的第一、第二和第三季度，以及——對不起，第二、第三、第四季度，你仍然只是展示去年發生的事情。今年發生的事情並不多。

Yes, Todd, it's Jeremy. I'll just -- I'll add to that, Charlie. There's a couple of things. One, there is -- probably most importantly, within our disclosures, I would just caution you or make the observation that the insurance-linked securities line alone doesn't include all of the economics and contributions from Nephila because within the program services and other fronting line, where you can see there's more revenues as well as a higher margin there, a portion of that is associated with the Nephila's operations as well. That's part of the overall earnings profile of that business. So in fact, the overall results would be better than just what you would see in the ILS line and would be profitable overall.

是的，托德，是傑瑞米。我會補充一點，查理。有幾件事。一，可能是最重要的是，在我們的披露中，我只是提醒您或觀察到，僅與保險相關的證券產品線並不包括 Nephila 的所有財務和貢獻，因為在計劃服務和其他方面在前線，您可以看到那裡有更多的收入以及更高的利潤，其中一部分也與Nephila 的營運相關。這是該業務整體盈利狀況的一部分。因此，事實上，整體結果會比您在 ILS 系列中看到的結果更好，並且總體上會獲利。

The other thing that's really important is there is certainly sort of seasonality. So the first quarter is a low earnings period within the funds because we're less on risk. That increases in the second quarter. The third quarter is the highest earnings. And that is largely correlated with wind season and exposure within the portfolios.

另一件真正重要的事情是肯定存在某種季節性。因此，第一季是基金收益較低的時期，因為我們的風險較小。第二季度這數字有所增加。第三季是獲利最高的季度。這在很大程度上與風季和投資組合的風險敞口有關。

And then the last point to build off Tom's comment is that idea of the performance management fees are just that. They come in as fees. Once we've performed, by and large, that is going to be measured in the most meaningful way to the extent that it's earned and available kind of at the stroke of midnight at the end of the year. So we don't make any provisions or accruals or assumptions around that until we were to get to the end of the year. We'll be back, I guess, in 3 quarters' time, and we'll tell you how that went.

湯姆評論的最後一點是，績效管理費的想法就是這樣。它們是作為費用進來的。總的來說，一旦我們完成了工作，就會以最有意義的方式來衡量它是否在年底午夜鐘聲敲響時獲得併可用。因此，在年底之前，我們不會對此做出任何撥備、應計費用或假設。我想，我們會在三個季度後回來，我們會告訴你事情進展如何。

Got it. That's very helpful. So that's a 4Q or a 4Q dynamic with performance fees?

知道了。這非常有幫助。那麼這是第四季還是第四季動態與績效費用？

That would be most significantly a fourth quarter, a full year dynamic. And that's not absolutely the case for all investors across all funds. But by and large, that's what it would be.

最重要的是第四季的全年動態。對於所有基金的所有投資者而言，情況並非絕對如此。但總的來說，情況就是這樣。

Okay. And if I could just ask one more. So Tom started the call, I think by complementing the management team for turning the Insurance business around and the results are much improved. Just curious, given some of the headlines we've seen with certain teams maybe defecting or just some of the changes within the last 6-plus months. Do you feel like you have the pieces in place now to accelerate growth as you lap some of the top line headwinds? Or do you think you need to -- or should we expect you to kind of keep adding?

好的。如果我能再問一個問題就好了。所以湯姆開始打電話，我認為透過補充管理團隊來扭轉保險業務，結果會大大改善。只是好奇，考慮到我們看到的一些頭條新聞，某些團隊可能會叛逃，或者只是過去 6 個多月內發生的一些變化。當您遇到一些頂線逆風時，您是否覺得您現在已經做好了加速成長的準備？或者你認為你需要——或者我們應該期望你繼續添加？

I think we have a wonderful team on the field. It's a dynamic business. People come and people go, but we have a wonderful roster of long-term committed veterans that have signed up to be part of the Markel Style, the Markel Group, and I feel very good about our people.

我認為我們在球場上有一支出色的球隊。這是一項充滿活力的業務。人們來了又走，但我們擁有一群長期忠誠的退伍軍人，他們已經簽約成為 Markel Style、Markel Group 的一部分，我對我們的員工感覺非常好。

Again, we're not focused on top line growth. We're focused on profitability and creating value for the Markel Group shareholders over time. So we might judge ourselves by a slightly different metric than you would look at or can be easily quantified, but I love our team that's on the field.

再次強調，我們並不關注營收成長。隨著時間的推移，我們專注於獲利能力並為 Markel 集團股東創造價值。因此，我們可能會透過與您所看到的稍微不同或可以輕鬆量化的指標來判斷自己，但我喜歡我們在球場上的團隊。

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

我們的問答環節到此結束。我想將會議轉回湯姆·蓋納（Tom Gayner）發表閉幕詞。

Thank you so much. And again, I'd just reiterate the invitation for you all to join us on May 22 at the Robins Center at the University of Richmond at 2:00 in the afternoon. It's a wonderful time. We would expect more than 2,000 people there. So it's an event that you don't want to miss, and I hope to see so many of you there.

太感謝了。我再次邀請大家於 5 月 22 日下午 2:00 在里士滿大學羅賓斯中心參加我們的活動。這是一段美好的時光。我們預計那裡會有超過 2,000 人。所以這是一個您不想錯過的活動，我希望在那裡見到你們很多人。

Thank you all for calling. Bye-bye.

謝謝大家的來電。再見。

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

電話會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。