Markel Group Inc (MKL) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Markel Group second quarter 2025 conference call. (Operator Instructions)

早安，歡迎參加 Markel Group 2025 年第二季電話會議。（操作員指示）

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. 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 second quarter 2025 results as well as our most recent annual report on Form 10-K and quarterly report on Form 10-Q, including under the caption Safe Harbor and cautionary statements and risk factors.

在今天的電話會議中，我們可能會根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述。它們基於有關各種已知和未知風險的當前假設和意見。實際結果可能與此類前瞻性陳述所包含或暗示的結果有重大差異。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，包含在我們 2025 年第二季度業績新聞稿以及我們最新的 10-K 表年度報告和 10-Q 表季度報告中，包括標題為“安全港”和“警示聲明和風險因素”的內容。

We may also discuss certain non-GAAP financial measures during the conference call today. You may find the most directly comparable GAAP measures and reconciliation to GAAP for these measures in the press release for our second quarter 2025 results or in our most recent Form 10-Q.

我們也可能在今天的電話會議中討論某些非公認會計準則財務指標。您可以在我們 2025 年第二季業績新聞稿或最新的 10-Q 表中找到最直接可比較的 GAAP 指標以及這些指標與 GAAP 的對帳。

The press release for our second quarter 2025 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. Please note, this event is being recorded. I would now like to turn the conference over to Tom Gayner, Chief Executive Officer.

我們的 2025 年第二季業績新聞稿以及 10-K 表和 10-Q 表可在我們的網站 www.mklgroup.com 的投資者關係部分找到。請注意，此事件正在被記錄。現在我想將會議交給執行長湯姆蓋納 (Tom Gayner)。

Please go ahead.

請繼續。

Thank you, Kelvin, and good morning. This is indeed Tom Gayner. It's my great pleasure to welcome you, along with Brian Costanzo, our CFO; and Simon Wilson, the CEO of Markel Insurance to our second quarter 2025 conference call. Mike Heaton, our COO, will also be available and join us for the Q&A portion. At Markel Group, we are a diverse and resilient family of businesses with insurance at the core.

謝謝你，凱爾文，早安。這確實是湯姆蓋納。我非常高興地歡迎您以及我們的財務長 Brian Costanzo 和 Markel Insurance 執行長 Simon Wilson 參加我們的 2025 年第二季電話會議。我們的營運長 Mike Heaton 也將出席並參加問答環節。在 Markel Group，我們是一個多元化且富有韌性的企業家族，以保險為核心。

We aspire to be the best home for our businesses. Over the past few years, we've made significant changes, all with the goal of relentlessly compounding your capital over time. We continue to take actions towards this goal.

我們渴望成為我們企業的最佳家園。在過去的幾年裡，我們做出了重大改變，所有改變都是為了隨著時間的推移不斷增加您的資本。我們將繼續朝著這一目標採取行動。

On today's call, beyond providing an overview of our results, we'll provide an update on some of our recent steps to improve our insurance business and enhance the financial reporting and disclosures for the insurance operations to better align it with the business' strategy and provide more detail for investors.

在今天的電話會議上，除了概述我們的業績外，我們還將介紹我們最近採取的一些措施，以改善我們的保險業務，並加強保險業務的財務報告和披露，以使其更好地與業務戰略保持一致，並為投資者提供更多細節。

As we announced earlier this year, we appointed Simon Wilson as the new leader of Markel Insurance, who, along with his team, is making great strides to improve that business with a point of emphasis on our US markets. Markel has been a leading specialty insurance company dating back to 1930. But every great company must continually renew itself, zealously pursue excellence and look for ways to improve. We are no different.

正如我們今年早些時候宣布的那樣，我們任命西蒙·威爾遜 (Simon Wilson) 為 Markel Insurance 的新領導人，他和他的團隊正在大力改善該業務，重點是美國市場。Markel 是一家領先的專業保險公司，其歷史可追溯至 1930 年。但每個偉大的公司都必須不斷自我更新，熱忱追求卓越，尋找改進的方法。我們也不例外。

We're working on that pursuit of excellence in our insurance operations by continuing to simplify and place more autonomy and accountability in the hands of individual business leaders through clear ownership of separate profit and loss statements.

我們致力於追求保險業務的卓越，透過明確單獨的損益表所有權，持續簡化流程，並將更多的自主權和責任交給各個業務負責人。

We've seen this decentralized approach work in our international operations. This is not a new idea. It's also the approach that characterized our US operations for most of their long history. It's the approach that will plant seeds for the future and put our cornerstone insurance business back in the top tier.

我們已經看到這種分散的方法在我們的國際業務中發揮了作用。這不是一個新想法。這也是我們美國業務在其悠久歷史中大部分時間所採用的方法。這種方法將為未來播下種子，並使我們的基礎保險業務重回頂級水平。

Those seeds will take time to fully bear fruit in our operating numbers, but I believe that increasing accountability and expense efficiency will lead to improved results over time. Also, yesterday, we announced the next big step in the insurance business' simplification, specifically the decision to sell our reinsurance renewal rights and to stop writing new business through our global reinsurance operation.

這些種子需要時間才能在我們的營運數字中完全結出果實，但我相信，隨著時間的推移，提高責任感和費用效率將帶來更好的結果。此外，昨天，我們宣布了保險業務簡化的下一個重要步驟，具體是決定出售我們的再保險續保權並停止透過我們的全球再保險業務開展新業務。

As a reminder, we entered reinsurance when we acquired Altera over 10 years ago. When the Markel Insurance team began to refocus on its core competitive advantages, it became evident that we should focus on our more core lines of business. While decisions like these are never easy, I am confident this step is necessary to deliver on our commitment within the Markel style to be a market leader in each of our pursuits.

提醒一下，我們在 10 多年前收購 Altera 時就進入了再保險業。當 Markel 保險團隊開始重新專注於其核心競爭優勢時，很明顯我們應該專注於更核心的業務線。雖然做出這樣的決定絕非易事，但我相信這一步對於兌現我們在 Markel 風格下的承諾是必要的，即在每項追求中成為市場領導者。

Simon and the team also simplified the organizational structure of our US wholesale and specialty operations during the quarter and consolidated the business under the leadership of Wendy Hauser.

西蒙和他的團隊還在本季度簡化了我們美國批發和專業業務的組織結構，並在溫迪·豪瑟的領導下鞏固了業務。

Simon will take you through the details, but essentially, we have combined our previous insurance and reinsurance segments while creating four distinct operating divisions of US wholesale and specialty, US programs and solutions, international and global reinsurance, which we have now placed into runoff.

西蒙將向您介紹細節，但本質上，我們合併了先前的保險和再保險部門，同時創建了四個不同的營運部門，即美國批發和專業、美國計劃和解決方案、國際和全球再保險，現在我們已將其置於決勝階段。

Brian will provide more detail later regarding how we have resegmented the reporting for our insurance businesses to align with how we're running them going forward. Again, we believe this will provide investors with greater transparency, allowing them to better track our performance.

Brian 稍後將提供更多細節，說明我們如何重新劃分保險業務的報告，以適應我們未來的營運方式。再次，我們相信這將為投資者提供更高的透明度，使他們能夠更好地追蹤我們的績效。

Finally, we increased our loss estimates and strengthened reserves within our discontinued US and European risk-managed D&O professional liability products, which is in runoff. And within our global insurance reserves -- global reinsurance reserves, establishing a higher level of management margin as we put the book into runoff.

最後，我們提高了損失估計，並加強了已停止的美國和歐洲風險管理 D&O 專業責任產品的儲備，這些產品正在流失。在我們的全球保險儲備金－全球再保險儲備金中，隨著我們將帳簿投入使用，建立了更高水準的管理保證金。

Our years of pursuing growth in our risk-managed D&O product line have proven an expensive lesson. It's one that we have learned from and are responding to through the simplification and improvement work in our insurance operations.

我們多年來追求風險管理 D&O 產品線的成長，已證明是一個昂貴的教訓。我們從中吸取了教訓，並透過簡化和改進保險業務來應對這一問題。

Despite putting up additional reserves for our US and European risk-managed D&O and global re-exposures, it's important to note that we reported 6 points of overall favorable reserve development from Markel Insurance in the first half of the year.

儘管我們為美國和歐洲風險管理 D&O 和全球再風險敞口增加了額外準備金，但值得注意的是，我們報告稱，今年上半年 Markel Insurance 的總體準備金發展呈 6 個百分點的良好勢頭。

We continue to set our reserves at conservative levels that we believe will be more likely redundant than deficient. Our favorable reserve development in aggregate continues to validate that statement. We've reported favorable reserve development for over 20 years in a row, and our goal is to continue to extend that record.

我們繼續將儲備設定在保守的水平，我們認為這更有可能是多餘的，而不是不足的。我們總體上有利的儲備發展繼續驗證了這一說法。我們已經連續 20 多年報告了良好的儲量開發情況，我們的目標是繼續延續這項記錄。

Also, the investments we hold against those reserves generate significant investment income. For example, overall recurring investment income from interest and dividends reached $467 million for the first half of 2025 compared to $441 million a year ago.

此外，我們利用這些儲備進行的投資也產生了可觀的投資收益。例如，2025 年上半年來自利息和股息的整體經常性投資收入達到 4.67 億美元，而去年同期為 4.41 億美元。

With respect to our public equities, the always volatile mark-to-market changes in the carrying value of our equity securities was a positive $431 million for the first half of 2025 compared to a positive $772 million in the prior year. Switching to our ventures operations. Revenues year-to-date grew to $2.7 billion compared to $2.6 billion and operating income grew to $310 million versus $281 million. The ventures businesses funded all ongoing capital expenditures internally while generating cash for use at the holding company to repurchase shares and other general purposes.

就我們的公開股票而言，我們股票證券的帳面價值的市價變動始終存在波動，2025 年上半年為正 4.31 億美元，而上年為正 7.72 億美元。轉向我們的創投營運。年初至今的營收從 26 億美元成長至 27 億美元，營業收入從 2.81 億美元成長至 3.1 億美元。合資企業內部為所有持續的資本支出提供資金，同時產生現金供控股公司回購股票和用於其他一般用途。

Our leaders within these businesses continue operating with autonomy, accountability, and excellence, driving great returns for shareholders. These businesses, along with our underwriting profits and investment income, added to liquidity, which we have been building intentionally.

這些業務的領導者繼續以自主、負責和卓越的方式運營，為股東帶來豐厚的回報。這些業務，加上我們的承保利潤和投資收益，增加了我們一直在有意建立的流動性。

Our significant cash and short-term investment balances reflect our desire to retain optionality across a broad set of future potential market environments. As for the price of your shares, each Markel Group share closed at $1,997 on June 30, 2025, compared to $1,576, a year ago and $923 five years ago on June 30, 2020. Our fully diluted share count now stands at 12.8 million compared to 13.1 million a year ago as we continue to repurchase our shares.

我們大量的現金和短期投資餘額反映了我們希望在未來廣泛的潛在市場環境中保留選擇性。至於您的股票價格，Markel Group 每股股票在 2025 年 6 月 30 日的收盤價為 1,997 美元，而一年前為 1,576 美元，五年前的 2020 年 6 月 30 日為 923 美元。由於我們繼續回購股票，我們的完全稀釋股票數量目前為 1,280 萬股，而去年同期為 1,310 萬股。

Over the last five years, the price of each share of Markel Group compounded at an annual growth rate of over 16%. Over the last 39 years of our existence as a public company, that number has been approximately 15%. So to restate the fundamentals in our largest business, we provide specialized forms of insurance all around the world. We're dedicated to earning an underwriting profit from doing so, and we have for decades. We allocate those underwriting earnings to investing in minority or majority-owned equity investments, which can earn higher returns than available from traditional fixed income securities.

過去五年，Markel Group 每股價格的年複合成長率超過 16%。在我們作為上市公司的過去 39 年裡，這個數字一直約為 15%。因此，重申我們最大業務的基本原則，我們在全球範圍內提供專業形式的保險。我們致力於透過這種方式獲取承保利潤，幾十年來我們一直如此。我們將這些承銷收益分配給少數股權或多數股權投資，這些投資可以獲得比傳統固定收益證券更高的回報。

We then take the income earned from our investments, ventures, and underwriting and operations and rinse and repeat and do it all over again.

然後，我們將從投資、創投、承銷和營運中獲得的收入重複一遍。

By consistently following this strategy, we've created a flywheel that continues to relentlessly compound the value of your company over decades through constantly allocating capital to its highest and best use. Finally, our Board level review is ongoing. I hope you can see from the evidence that we continue to act when we see opportunities to build the value of your company every day.

透過一致地遵循這一策略，我們創造了一個飛輪，透過不斷地將資本分配到最高和最佳的用途，它在未來幾十年中不斷增加您公司的價值。最後，我們的董事會層級的審查仍在進行中。我希望您能從證據中看到，當我們看到每天為您的公司創造價值的機會時，我們就會繼續採取行動。

With that, I'd like to turn the call over to Brian Costanzo to update you on the numbers. Brian?

說到這裡，我想把電話轉給 Brian Costanzo，讓他向大家通報這些數字。布賴恩？

Thank you, Tom. Good morning, everyone. The start of 2024, we began reporting Markel Group segment operating income for our investments, ventures, and insurance engines. Operating income is a key driver of our intrinsic value and long-term incentives. If you must pick one metric for our scorecard, operating income is the best place to start.

謝謝你，湯姆。大家早安。從 2024 年初開始，我們開始報告 Markel Group 部門的投資、企業和保險引擎的營業收入。營業收入是我們內在價值和長期激勵的關鍵驅動因素。如果您必須為我們的記分卡選擇一個指標，那麼營業收入是最好的起點。

We use five-year periods to keep that scorecard because the expected volatility in the mark-to-market of our equity portfolio normalizes over longer periods. Over the past four calendar years, plus the first six months of this year, we have accumulated operating income of just over $11 billion.

我們採用五年期來維持該記分卡，因為我們的股票投資組合的市價預期波動性在較長時期內會趨於正常化。在過去四個日曆年加上今年前六個月，我們的累積營業收入已超過 110 億美元。

In the second quarter of 2025, consolidated operating income was $1.1 billion versus $410 million in the same period one year ago. The biggest driver of the year-over-year difference was changes in unrealized gains on the equity portfolio, which flows through GAAP operating income, distorting quarterly year-over-year comparisons.

2025 年第二季度，綜合營業收入為 11 億美元，去年同期為 4.1 億美元。造成同比差異的最大因素是股票投資組合未實現收益的變化，該變化計入 GAAP 營業收入，從而扭曲了季度同比差異。

Within our insurance engine, which includes our Markel Insurance business, along with our State National and Nephila businesses, operating income was $128 million for the second quarter of 2025 versus $177 million in the same period one year ago. The decline in year-over-year was driven by less favorable prior year loss development and a higher expense ratio.

在我們的保險引擎中，包括我們的 Markel 保險業務以及我們的 State National 和 Nephila 業務，2025 年第二季的營業收入為 1.28 億美元，而去年同期為 1.77 億美元。年比下降的原因是去年虧損情況較不樂觀以及費用率較高。

Markel Ventures revenues were up 7% in the second quarter or $1.55 billion in the second quarter of 2025 versus $1.45 billion in the comparable period one year ago. Ventures operating income was up 17% year-over-year in the second quarter of 2025 or $208 million in the second quarter this year versus $177 million in the same period last year.

Markel Ventures 2025 年第二季營收成長 7%，達到 15.5 億美元，去年同期為 14.5 億美元。2025 年第二季度，創投營業收入年增 17%，即今年第二季為 2.08 億美元，去年同期為 1.77 億美元。

These increases were driven by the contributions from EPI, which we began consolidating in the first quarter of 2025 and Valor, which we acquired last year, along with increases within our construction services businesses, partially offset by decreases from our transportation businesses.

這些成長是由 EPI（我們於 2025 年第一季開始合併）和去年收購的 Valor 的貢獻以及我們的建築服務業務的成長所推動的，但部分被我們的運輸業務的減少所抵消。

Since EPI and Valor are newer businesses to the family, we thought context on each would be helpful. The multi-year nature of EPI's education placement contracts provides stability to its quarterly results.

由於 EPI 和 Valor 對於家族來說都是較新的企業，我們認為了解它們各自的背景資訊會很有幫助。EPI 教育安置合約的多年期性質為其季度業績提供了穩定性。

The company sponsors an exchange visitor program for teachers. It serves school districts in the Southeast and Mid-Atlantic US states. It serves a market with favorable long-term demand trends. This, plus EPI's sterling reputation, gives that business good revenue and earnings visibility with a steady growth profile.

該公司贊助了教師交流訪問計畫。它為美國東南部和中大西洋各州的學區提供服務。它服務的市場具有良好的長期需求趨勢。這一點，加上 EPI 的良好聲譽，使該公司擁有良好的收入和盈利前景以及穩定的成長前景。

Valor services the cyclical commercial and residential construction markets, where the latter has experienced softening conditions of late. However, the growing importance of proper erosion control and storm water protection provides Valor with a backdrop for growth over cycles. Our equifinance approach and capital discipline factors in cyclicality when we underwrite businesses. We are thrilled to welcome both businesses to the family.

Valor 服務於週期性商業和住宅建築市場，而後者最近經歷了疲軟狀態。然而，適當的侵蝕控制和雨水防護的重要性日益增加，為 Valor 提供了週期性增長的背景。當我們承保業務時，我們的平等融資方法和資本紀律會考慮週期性因素。我們非常高興歡迎這兩家企業加入我們的大家庭。

Turning over to our investments. Investments operating income was $822 million for the second quarter of 2025 and $100 million for the same period one year ago. Our equity portfolio returned 5.4% in the second quarter with $597 million in mark-to-market gains, which are included in our Q2 2025 operating income versus $116 million in losses in the comparable quarter last year.

轉向我們的投資。2025 年第二季投資營業收入為 8.22 億美元，去年同期為 1 億美元。我們的股票投資組合在第二季報酬率為 5.4%，以市價計價的收益為 5.97 億美元，這筆收益計入我們的 2025 年第二季營業收入，而去年同期的虧損為 1.16 億美元。

While we expect to see short-term fluctuations in our equity portfolio when measuring them on a quarterly basis, over the long term, our public equity portfolio has created excellent returns and now has a cumulative unrealized gain of $8.3 billion. We continue to take advantage of our low-cost and tax-efficient structures, long-term holding lens, and allocating a portion of our incoming cash flows to compound capital in our public equity portfolio.

雖然我們預計以季度衡量我們的股票投資組合會出現短期波動，但從長期來看，我們的公開股票投資組合創造了優異的回報，目前累計未實現收益已達 83 億美元。我們繼續利用我們的低成本和稅收效率結構、長期持有視角，並將部分現金流分配給我們的公共股權投資組合中的複合資本。

Net investment income was $228 million in Q2 2025 versus $220 million in Q2 2024. While net investment income from our fixed portfolio increased, declines in short-term interest rates caused the year-over-year increases in interest income to moderate.

2025 年第二季淨投資收入為 2.28 億美元，而 2024 年第二季為 2.2 億美元。雖然我們的固定投資組合的淨投資收入有所增加，但短期利率的下降導致利息收入的年增率有所放緩。

In Q2 2025, our fixed income book yield was 3.5% and our short-term investments yield was 3.9%. We continue to add new fixed income investments at higher yields, approximating 4.2% versus maturing bonds with yields approximating 3.4%. 96% of our bond portfolio was held in fixed income securities that are rated AA or better. As we have previously discussed, we seek to materially match our fixed income portfolio in both duration and currency to our net loss reserve liabilities.

2025 年第二季度，我們的固定收益帳面收益率為 3.5%，短期投資收益率為 3.9%。我們繼續以更高的收益率增加新的固定收益投資，收益率約為 4.2%，而到期債券的收益率約為 3.4%。我們 96% 的債券投資組合為 AA 或更高評級的固定收益證券。正如我們先前所討論的，我們力求使我們的固定收益投資組合在期限和貨幣上與我們的淨損失準備金負債實現實質匹配。

During the second quarter, the dollar weakened against our two primary transactional foreign currencies, the euro, and the British pound. We reported a net loss from foreign currency in the quarter of $192 million, which was substantially offset by positive movements in foreign currency within our fixed income portfolio that is included within other comprehensive income.

第二季度，美元兌我們兩個主要交易外幣歐元和英鎊走弱。我們報告本季外匯淨損失為 1.92 億美元，但這筆損失被包含在其他綜合收益中的固定收益投資組合中的外匯正向變動所大幅抵銷。

During the second quarter, we also made a change to our capital stack through the redemption of our $600 million, 6% preferred stock. The coupon rate on that instrument would have reset to current market rates, exceeding 10%, had we not redeemed the security this past quarter.

在第二季度，我們也透過贖回 6 億美元、6% 的優先股對我們的資本結構進行了調整。如果我們上個季度沒有贖回該證券，該工具的票面利率將重置為當前市場利率，超過 10%。

I will now spend a little more time discussing our Markel Insurance underwriting operations, our largest cornerstone operating business. First, I want to call attention to the changes in our external reporting this quarter within our insurance operations to align with our recent organizational and management changes.

我現在將花更多時間討論我們的 Markel Insurance 承保業務，這是我們最大的基石營運業務。首先，我想提請大家注意本季我們保險業務外部報告的變化，以符合我們最近的組織和管理變化。

We have resegmented our insurance operations and are now reporting our Markel Insurance business under Simon's leadership as one segment. As Tom mentioned, this new segment combines our previous insurance and reinsurance segments while providing more detail by breaking this segment into four operating divisions: US wholesale and specialty, programs and solutions, international and our global reinsurance division, which we have placed into runoff.

我們已經重新劃分了我們的保險業務，現在將 Simon 領導下的 Markel 保險業務作為一個部門進行報告。正如湯姆所提到的，這個新部門結合了我們以前的保險和再保險部門，同時透過將該部門分為四個營運部門來提供更多細節：美國批發和專業部門、計劃和解決方案部門、國際部門以及我們已納入決算範圍的全球再保險部門。

We believe our expanded disclosures will help investors better understand the performance and underlying drivers of our insurance business going forward. You can see a breakdown of our quarterly and year-to-date results by operating division within our 10-Q.

我們相信，擴大揭露範圍將有助於投資者更了解我們未來保險業務的表現和潛在驅動力。您可以在我們的 10-Q 中按營運部門查看我們的季度和年初至今業績的細目分類。

These changes are an initial step in our commitment to adapt and improve our external reporting. We expect to make further improvements to our reporting in the second half of this year and look forward to providing updates on our progress.

這些變更是我們致力於調整和改進外部報告的第一步。我們預計在今年下半年進一步改進我們的報告，並期待提供有關我們進展的最新資訊。

I'll now provide a bit more detail on the results of our new Markel Insurance segment. Underwriting gross written premiums were down 2% for the quarter and up 1% on a year-to-date basis versus the comparable period last year.

現在我將更詳細地介紹我們新的 Markel 保險部門的表現。本季承保毛保費與去年同期相比下降了 2%，年初至今則上漲了 1%。

The decline in gross written premiums in the second quarter was driven by a 26% decline from Global Reinsurance due to the timing of renewal on large contracts and a decline of 5% with our US Wholesale and Specialty division due to the impact of exiting our US risk-managed D&O product line. Programs and Solutions gross written premiums were up 8% in the second quarter versus the same period one year ago, driven by growth in personal lines.

第二季毛承保保費下降是由於全球再保險因續簽大額合約的時間而下降了 26%，以及由於退出美國風險管理 D&O 產品線的影響，美國批發和專業部門的承保保費下降了 5%。受個人險業務成長的推動，第二季計畫和解決方案毛承保保費較去年同期成長 8%。

Further, international was up 5% in the second quarter, year-over-year with growth across multiple product lines.

此外，第二季國際業務年增 5%，多個產品線均成長。

For all of Markel Insurance, net earned premium was up 3% on a consolidated basis in the second quarter and 1% year-to-date versus the same period one year ago.

對於 Markel Insurance 的所有業務而言，第二季淨保費收入按合併基礎計算增長了 3%，年初至今與去年同期相比增長了 1%。

Our more modest earned premium growth reflects growth within many areas of our portfolio, offset by the impact on gross written premiums from the underwriting actions in certain US casualty and professional liability lines that we've taken to improve profitability.

我們較溫和的已賺保費增長反映了我們投資組合中許多領域的增長，但被我們為提高盈利能力而採取的某些美國意外險和專業責任險承保行動對毛承保保費的影響所抵消。

We expect the impact on earned premiums from these underwriting actions to reduce in the second half of this year while continuing to improve our overall attritional loss ratio. The Markel Insurance combined ratio was 96.9% versus 93.8% in the same quarter one year ago. Adverse development in certain now discontinued product lines negatively impacted our combined ratio for the quarter.

我們預計這些核保行動對已賺保費的影響將在今年下半年減少，同時持續改善我們的整體損耗率。Markel 保險的綜合成本率為 96.9%，而去年同期為 93.8%。某些現已停產的產品線的不利發展對我們本季的綜合比率產生了負面影響。

Our US and European risk-managed D&O professional liability lines added $127 million or 6 points to the second quarter overall combined ratio.

我們在美國和歐洲進行風險管理的 D&O 專業責任險線使第二季整體綜合成本率增加了 1.27 億美元，即 6 個百分點。

Adverse development within our Global Reinsurance division added $50 million or 2 points to the Markel Insurance combined ratio. Further, losses from our collateral protection CPI product added another $26 million or 1 point to our current accident year attritional loss ratio. Excluding the impact from these run-off products, our Markel insurance combined ratio for the quarter is in line with our long-term targets.

我們全球再保險部門的不利發展導致 Markel Insurance 綜合成本率增加了 5,000 萬美元，即 2 個百分點。此外，我們的抵押品保護 CPI 產品造成的損失又增加了 2,600 萬美元，即當前事故年度的損耗損失率增加了 1 個百分點。排除這些流失產品的影響，本季我們的 Markel 保險綜合比率符合我們的長期目標。

Our current accident year's loss ratio was 64.5% in the second quarter of 2025 versus 66.6% in the same period one year ago, reflecting the impact of our underwriting actions, along with lower losses on our CPI product this year versus last year. Prior year loss development was 3.8% favorable on the combined ratio in the second quarter of 2025 versus 7.2% favorable in the comparable period last year.

我們目前事故年度的損失率為 2025 年第二季的 64.5%，而去年同期為 66.6%，這反映了我們承保行動的影響，以及今年我們的 CPI 產品的損失低於去年。2025 年第二季度，去年虧損發展比綜合比率好 3.8%，而去年同期則為 7.2%。

The lower favorable development year-over-year is the result of the reserving actions I just discussed in our runoff risk-managed D&O and global reinsurance product lines, while our ongoing book produced favorable loss takedowns, most notably within our property and marine and energy product lines.

與去年同期相比，較低的有利發展是由於我剛才討論的我們在流失風險管理 D&O 和全球再保險產品線中採取的準備金行動，而我們的持續賬簿產生了有利的損失減少，最明顯的是在我們的財產、海運和能源產品線中。

Our expense ratio was 36.3% in the second quarter of 2025 versus 34.5% in the comparable period. 50 basis points of the increase was driven by onetime severance and increased holding company allocations related to professional fees. The remainder was driven by increases in controllable expenses. We acknowledge that our expense ratio is not where it needs to be and are committed to reducing the controllable expense ratio within our insurance operations over time.

2025 年第二季我們的費用率為 36.3%，去年同期為 34.5%。 50 個基點的成長是由於一次性遣散費和與專業費用相關的控股公司撥款增加。其餘部分則受可控支出增加的影響。我們承認我們的費用率尚未達到應有的水平，並致力於逐步降低我們保險業務中的可控費用率。

As a reminder, beginning in 2023, we began taking a series of decisive actions, which we believe will better position the insurance business for profitable growth in the future.

提醒一下，從 2023 年開始，我們開始採取一系列果斷行動，我們相信這些行動將使保險業務在未來實現更好的獲利成長。

First, we took corrective actions through exiting several product lines, including primary casualty retail, business owners policy, risk managed excess construction, risk managed architects and engineers and CPI.

首先，我們透過退出幾條產品線採取了糾正措施，包括主要傷亡零售、企業主政策、風險管理過度建設、風險管理建築師和工程師以及 CPI。

Second, across our portfolio, we meaningfully reduced the construction mix in our casualty portfolio. We changed the terms and conditions to eliminate certain exposures to subcontractors, reduced limits on excess lines, and implemented premium caps in challenging states. We have been achieving double-digit rate increases across the casualty portfolio this year and are walking away from risks that are not adequately priced.

其次，在我們的投資組合中，我們大幅減少了傷亡投資組合中的建築組合。我們修改了條款和條件，以消除對分包商的某些風險，降低超額線路的限制，並在具有挑戰性的州實施保費上限。今年，我們的意外險組合的費率實現了兩位數的成長，並且正在規避那些尚未充分定價的風險。

Third, we took further actions in 2025, including combining our risk-managed public D&O to a single-access point within our Bermuda platform in our programs and solutions division and placed our US and European platforms for this line into runoff.

第三，我們在 2025 年採取了進一步的行動，包括將我們風險管理的公共 D&O 合併到我們計劃和解決方案部門百慕達平台內的單一接入點，並將該線路的美國和歐洲平台納入決勝階段。

We also announced yesterday the transition of our global reinsurance business into runoff through the sale of renewal rights to Nationwide. Premiums will continue to be earned in this division over the next two to three years due to the multiyear nature of contracts. Further, we will have some renewal contracts processed in the third quarter and premium writings going forward will largely be tied to adjustments on in-force contracts.

我們昨天也宣布，透過將續保權出售給 Nationwide，我們的全球再保險業務將轉入清算階段。由於合約的多年期性質，未來兩到三年該部門將繼續獲得保費收入。此外，我們將在第三季處理一些續約合同，未來的保費收入將主要與有效合約的調整掛鉤。

We expect the accumulation of all these actions to be accretive to our 2025 and 2026 results, but they will put short-term pressure on Markel Insurance's gross written premium growth. We continue to hold loss reserves at a level that we believe is more likely redundant than deficient.

我們預計所有這些行動的累積將對我們 2025 年和 2026 年的業績產生增值作用，但它們將對 Markel Insurance 的毛承保保費增長造成短期壓力。我們繼續將損失準備金保持在我們認為更可能是多餘的水平，而不是不足的水平。

Our reserve strengthening within our runoff books this quarter includes management actions intended to put these reserves at a level above our actuarial best estimate, creating a higher degree of confidence in the reserve adequacy. We expect our reserving philosophy to continue to produce prior year loss takedowns in future periods. We expect all of our actions to drive an improved attritional combined ratio in the back half of 2025 and continued improvement into 2026. With that, I will turn it over to Simon.

本季度，我們在決算帳簿中加強了儲備，包括採取管理行動，旨在將這些儲備置於高於我們的精算最佳估計的水平，從而對儲備充足性產生更高的信心。我們預計，我們的準備金理念將在未來期間繼續產生上一年虧損的減少。我們預計，我們所有的行動將推動 2025 年下半年綜合損耗率的改善，並在 2026 年繼續改善。說完這些，我會把麥克風交給西蒙。

Thanks, Brian. On the last quarterly call, I spoke about my natural inclination to keep things simple. Today, I want to speak about two things. First, I want to provide some straightforward insight into the latest results of Markel Insurance. And second, I'll summarize the actions that we have taken to implement the changes required to make Markel the world's preeminent specialty insurer.

謝謝，布萊恩。在上次季度電話會議上，我談到了我自然傾向於保持事情簡單。今天我想講兩件事。首先，我想對 Markel Insurance 的最新業績提供一些直接的見解。其次，我將總結我們為實施必要變革所採取的行動，以使 Markel 成為全球卓越的專業保險公司。

First, the results. A 97% combined ratio at this stage in the cycle isn't where I aspire to be. Yet the 97% result represents an average of our performance across all lines. The underlying story is that we have three specific pockets of pain in the business and many areas that are highly profitable. The specific pain points are as follows: pain point one.

首先，結果。在這個週期階段，97% 的綜合比率並不是我所期望的。然而 97% 的結果代表了我們所有產品線的平均表現。根本原因是，我們的業務有三個特定的痛點，但同時也存在許多高利潤領域。具體痛點如下：痛點一。

CPI has been an issue for several quarters. This quarter, we added a further $25 million to the reserves for this class. While the CPI pain continues to linger a little, this issue has now stabilized somewhat, and we expect this trend to continue over the coming quarters.

消費者物價指數 (CPI) 已經成為幾個季度以來的問題。本季度，我們又為此類儲備金增加了 2,500 萬美元。儘管消費者物價指數的痛苦仍會持續一段時間，但這一問題目前已穩定，我們預計這一趨勢將在未來幾季持續下去。

Pain Point 2. As Brian mentioned, our exited portions of our risk-managed or large-cap executive assurance D&O business, added $127 million of losses in the quarter or 6 points in terms of the combined ratio.

痛點2.正如 Brian 所提到的，我們退出的風險管理或大盤高管保證 D&O 業務部分在本季度增加了 1.27 億美元的損失，綜合比率增加了 6 個百分點。

This is an area that we identified as a persistent challenge in the latter part of 2024, and we put the business into runoff in February of this year. As you would no doubt expect, as the new CEO of Markel Insurance, I was keen to look at the IBNR that have been set against this class as part of the latest reserving exercise.

我們認為這是一個在 2024 年下半年將持續面臨的挑戰，並且我們在今年 2 月就將該業務納入了終止範圍。正如您所預料的，作為 Markel Insurance 的新任首席執行官，我熱衷於關注作為最新準備金活動的一部分針對此類設置的 IBNR。

My felt that we needed to act strongly to get ahead of the losses that we've continued to see in US large cap D&O business, especially on the 2020 and 2022 underwriting years.

我認為，我們需要採取強有力的行動來彌補美國大型 D&O 業務持續出現的損失，尤其是在 2020 年和 2022 年承保年度。

Pain point 3, our Global Reinsurance business has been loss-making for several years. This quarter, we saw further adverse development of $50 million, equivalent to just over 2 points on reported combined ratio. This business rises around $1.2 billion of GWP per annum, and in my opinion, is subscale.

痛點三，我們的全球再保險業務連續幾年處於虧損狀態。本季度，我們又看到 5,000 萬美元的不利發展，相當於報告的綜合比率略高於 2 個百分點。該業務每年的 GWP 成長約為 12 億美元，在我看來，規模較小。

A strategic decision was required to either scale the business to something more meaningful or to divest it. Given the focus on driving our position in the specialty insurance market, it was clear to me that the best course of action was to sell the renewal rights for our global reinsurance book for the remainder of the book into run.

需要做出策略決策，要麼將業務擴大到更有意義的規模，要麼將其剝離。鑑於我們專注於提昇在專業保險市場中的地位，我很清楚，最好的行動方案是出售我們全球再保險帳簿的續保權，以便剩餘的帳簿繼續運作。

Outside these three pockets of pain, all of which have been put into runoff alongside the strengthening of the reserves that we have set against them, the ongoing business is performing strongly with an underlying combined ratio below 90%.

除了這三個痛點之外，我們已將它們全部消除，同時也加強了針對這些痛點的準備金，目前的業務表現強勁，基本綜合成本率低於 90%。

Our International Division deserves special mention as a standout performer with a sub-80% combined ratio for the quarter. The second key area that I wanted to address this morning is organizational change and specifically, the changes that we've made to the business to set us up for long-term success.

我們的國際部門值得特別提及，其表現非常出色，本季綜合成本率低於 80%。今天早上我想談的第二個關鍵領域是組織變革，具體來說，就是我們為長期成功而對業務所做的變革。

Good strategy involves stopping doing things that aren't working. My previous comments addressed this, but it also involves focusing resources on areas where we can build lasting competitive advantage. Since March 2025, we have fundamentally reorganized Markel Insurance to enable us to focus on the US and international specialty insurance markets that we know best.

好的策略包括停止做那些沒有用的事情。我之前的評論已經提到了這一點，但它也涉及將資源集中在我們可以建立持久競爭優勢的領域。自 2025 年 3 月以來，我們對 Markel Insurance 進行了徹底重組，以便我們能夠專注於我們最了解的美國和國際專業保險市場。

Of all the changes made and most strategically significant were to our core US specialty operations. The changes to our US business will simplify how brokers access Markel, reduce channel conflict, and provide much greater clarity on business ownership and performance.

在所有變革中，最具戰略意義的是針對我們的核心美國專業業務的變革。我們美國業務的變化將簡化經紀人存取 Markel 的方式，減少通路衝突，並更清楚地說明業務所有權和績效。

We've aligned financial reporting against the new structure, which allows us to hold leaders accountable for their units performance. In simple terms, we divided our US operation into two divisions. The first is US wholesale and specialty.

我們已根據新結構調整了財務報告，這使我們能夠讓領導者對其部門的績效負責。簡單來說，我們將美國業務分為兩個部門。第一是美國批發和特產。

As President, Wendy Hauser, is responsible for our core lines of specialty business, property, casualty, professional, and binding, which are sold through both wholesale and retail channels. When we moved quickly to simplify our organization from six regions down to four: Northeast, Southeast, Central and West. Each with a single leader, fully accountable for their region's P&L. Each regional leader in turn, has identified an individual to run each of the four-core product lines in their region. This provides clarity to our brokers about who the key decision makers are and, in turn, will allow us to respond to those brokers more quickly than ever before.

身為總裁，溫蒂·豪瑟 (Wendy Hauser) 負責我們的核心業務線，即專業業務、財產、意外傷害、專業和保險，這些業務透過批發和零售管道銷售。我們迅速採取行動，簡化組織結構，從六個區域減少到四個：東北、東南、中部和西部。每個部門都有一位領導，對其所在地區的損益負全部責任。每個區域領導者都指定一名人員負責各自區域的四條核心產品線。這讓我們的經紀人清楚知道誰是關鍵決策者，進而使我們能夠比以往更快地回應這些經紀人。

Alex Martin is the President of the second division, our programs and solutions business. In this role, Alex was responsible for a portfolio of five specialty business units. -- each of which targets a specific product, distribution channel or customer type. Specifically, those business units are surety, workers' comp and small commercial, personal lines, Bermuda, and programs and alliances. Each of these business units also has a clearly identified leader, fully accountable for their associated P&L.

亞歷克斯馬丁 (Alex Martin) 是我們第二部門（即專案和解決方案業務）的總裁。在這個職位上，亞歷克斯負責五個專業業務部門——每個部門都針對特定的產品、分銷管道或客戶類型。具體來說，這些業務部門包括擔保、工傷賠償和小型商業、個人險、百慕達以及計劃和聯盟。每個業務部門都有一位明確的領導者，對其相關的損益負全部責任。

The third division at Markel Insurance is our international business, which is led by Andrew McMahon. This organization has operated for several years now, consistent with how we reorganized the US business and the excellent results speak for themselves. A final major change that was required to align costs with the business units is the federation of our corporate and shared service departments into the relevant divisions. This decentralizes significant portions of departments such as IT, finance, and claims into the business units that they directly support.

Markel Insurance 的第三部門是國際業務，由 Andrew McMahon 領導。該組織已運作數年，與我們重組美國業務的方式一致，其優異的成果不言而喻。為了使成本與業務部門保持一致，需要進行的最後一個重大變革是將我們的企業和共享服務部門合併到相關部門。這將 IT、財務和索賠等部門的很大一部分權力分散到它們直接支援的業務部門。

The colleagues in these teams are now more strongly aligned with the business. The associated costs are now more transparent and directly attributable to the P&L owners who will decide how best to utilize those resources.

這些團隊中的同事現在與業務更加緊密地結合在一起。相關成本現在更加透明，並直接歸因於損益所有者，他們將決定如何最好地利用這些資源。

We expect these changes will allow us to run the business more efficiently going forward. In total, we have now federated more than 70% of all corporate and shared service personnel, over 1,250 people into the business units over the past three months. To further solidify our ability to oversee and drive Markel Insurance forward, we have named Henry Garden, Chief Risk Officer; Ben Harris as Chief Commercial Officer; and Christian Stops, Chief Strategy and Corporate Development Officer.

我們期望這些變化將使我們今後更有效地經營業務。總體而言，在過去三個月中，我們已將超過 70% 的企業和共享服務人員（超過 1,250 人）聯合到業務部門。為了進一步鞏固我們監督和推動 Markel Insurance 發展的能力，我們任命 Henry Garden 為首席風險長；Ben Harris 為首席商務官；Christian Stops 為首席策略和企業發展長。

I'm a fervent believer in clarity of business ownership, aligned P&Ls, and allowing business leaders to make decisions as close to the customer as possible. Responsibility and accountability go hand in glove.

我堅信明確的企業所有權、一致的損益表，以及讓企業領導者盡可能貼近客戶做出決策。責任與義務密不可分。

Getting to the point where everyone within Markel Insurance is clear on their roles and responsibilities has been our north star for all the changes that have occurred throughout the past three months. In summary, since April, we have restructured Markel Insurance into three core operating divisions consisting of 16 underlying P&Ls.

讓 Markel Insurance 中的每個人都清楚自己的角色和職責，一直是我們過去三個月發生的所有變化的指導方針。總而言之，自 4 月以來，我們已將 Markel Insurance 重組為三個核心營運部門，包含 16 個基礎損益表。

Each P&L has a clearly identified leader. It is empowered to make decisions on behalf of their business. To better align resources with these P&Ls, we have federated over 70% of all colleagues from the central and shared organizations into the divisions. The divisions will now decide how best to utilize this resource.

每份損益表都有一個明確的領導者。它有權代表其企業做出決策。為了更好地將資源與這些損益表結合起來，我們將中央和共享組織中 70% 以上的同事聯合到各個部門。各部門現在將決定如何最好地利用這項資源。

The Global Reinsurance division has been put into runoff and the renewal rates have been sold. We've done a lot in a short span of time. Every decision has been taken with the sole focus of Markel becoming the world's preeminent specialty insurer. There is a long way to go, and this will take time. But we are back in the game and we're ready to start winning again.

全球再保險部門已進入清算階段，續保費率已出售。我們在短時間內做了很多事情。每個決定都以 Markel 成為世界領先的專業保險公司為唯一目標。還有很長的路要走，這需要時間。但我們已經回到了比賽中，並準備再次贏得勝利。

With that, I will hand you back over to Tom.

說完這些，我就把你交還給湯姆。

Thank you, Simon. With that, Kevin, would you please be so kind us to open the line for questions.

謝謝你，西蒙。凱文，請您允許我們打開熱線來回答問題。

(Operator Instructions) Andrew Kligerman, TD Cowen.

（操作員指示） Andrew Kligerman，TD Cowen。

Terrific. And my first question is around the reinsurance going into run loss. Could you share with us the capital that you might free up in doing so as well as the proceeds that you're going to get from renewal rights? It strikes me that there's a significant amount of cash that could be freed up? And what might you do with that?

了不起。我的第一個問題是關於再保險的虧損。您能否與我們分享這樣做可以釋放的資金以及從續約權中獲得的利益？我突然想到，有大量的現金可以放？你會用它做什麼？

That's the second part of the question.

這是問題的第二部分。

Right. And let me turn to Brian to address that. Thank you.

正確的。讓我請 Brian 來解決這個問題。謝謝。

Yes, Andrew, I'll say two things. On the first side, so in terms of the capital, we will see capital really over time as we reduce the premium volume that we write and the reserves run down. But as we move into runoff, the reserves still sit on our books, the capital, which is a vast majority of the capital tied in those long-tail reserves still sits there. and more importantly, the investments that back those reserves continue to earn returns for us that run through our net investment income and our equity appreciation that occurs.

是的，安德魯，我想說兩件事。首先，就資本而言，隨著我們減少承保保費金額和儲備金的減少，我們將看到資本隨著時間的推移而真正減少。但隨著我們進入流失階段，儲備金仍然在我們的帳簿上，資本，也就是那些長尾儲備金中絕大多數的資本仍然在那裡。更重要的是，支持這些儲備金的投資持續為我們帶來回報，這些回報貫穿我們的淨投資收益和股權增值。

In terms of the financial considerations, we're not going to disclose the terms of the deal and what the cash considerations were for the renewal rates.

在財務考量方面，我們不會透露交易條款以及續約率的現金考慮金額。

Hi, Andrew, let me add a little color to that. This is Tom. So Brian accurately talked about the capital requirements. And if you recall, the orange of Blue Capital discussion from the annual report a couple of years ago.

嗨，安德魯，讓我給它一點色彩。這是湯姆。因此，Brian 準確地談到了資本要求。如果你還記得的話，幾年前的年度報告中討論的藍色資本橙色部分。

So it correctly reminded you that the investments that are associated with that are still on the books, and we'll earn investment income because the capital requirements, regulatory rating agency, things will begin to diminish as the business runs off.

因此，它正確地提醒您，與此相關的投資仍然在帳面上，我們將獲得投資收益，因為隨著業務的減少，資本要求、監管評級機構等都會開始減少。

But that does open up the flexibility and optionality for how it can be invested. So when they're in reserves, we keep them in pretty plain vanilla fixed income securities as we make investment income and have reduced capital requirements, we can have a broader lens as how these proceeds will be reinvested over time.

但這確實為投資方式提供了靈活性和選擇性。因此，當它們作為儲備金時，我們將它們保存在相當普通的固定收益證券中，因為我們獲得投資收益並減少了資本要求，我們可以更廣泛地了解這些收益將如何隨著時間的推移進行再投資。

Got it. Thank you for that. And if I could just follow up on that one question. As I think about a pretty sizable $1.2 million in premium and typically premium to surplus is 1:1. Over time, over a few years. Am I thinking about it the right way that maybe $1.2 billion in capital could be freed? I know it takes a bit of time. But Yeah. Just check there on how I'm thinking about it.

知道了。謝謝你。我是否可以繼續回答這個問題？我認為 120 萬美元的保費相當可觀，而且保費與盈餘的比例通常為 1:1。隨著時間的推移，幾年過去了。我這樣想對嗎？也許可以釋放 12 億美元的資本？我知道這需要一點時間。但是是的。只要檢查一下我對此的看法即可。

That is correct. It will take a while to get to that point though, because you've still got contracts in force, we will be earning premium for the next three years, call it, a lot of the deals that we wrote. They're multiyear in nature. Quota share deals that we write, we earn those over two years.

沒錯。不過，要達到這一點還需要一段時間，因為你仍然有有效的合同，我們在未來三年內將獲得溢價，我們簽訂的許多交易都將如此。它們的本質是多年的。我們簽訂的配額份額協議，我們在兩年內賺到了這些錢。

So you're still going to have new earned premium coming through the back half of this year, all of 2026 and even into 27 that will keep some of the capital requirements there. That capital requirement will slowly work its way down over time as both the earnings diminish and then the reserves start coming down accordingly.

因此，您仍然會在今年下半年、整個 2026 年甚至 2027 年獲得新的保費收入，這將滿足部分資本要求。隨著收益減少，儲備金也相應減少，資本要求也會隨著時間推移慢慢下降。

Yes, it's Andrew, it's Simon. It's worth saying we do always have an option to look at the market for a deal that would release that capital sooner. But as Tom and Brian have both said, we're earning good investment return from that capital that stands here today. So we retain the option value to maybe release that capital earlier, but there will be kind of a cost associated with that over time. So we'll continue to look at that.

是的，是安德魯，是西蒙。值得一提的是，我們總是可以選擇在市場上尋找能夠更快釋放資本的交易。但正如湯姆和布萊恩所說，我們今天的資本獲得了良好的投資回報。因此，我們保留選擇權價值，以便可能提前釋放資本，但隨著時間的推移，這會產生一定的成本。因此我們會繼續關注這個問題。

Will balance the position as we see how the market moves. And one other point I'd like to raise is while on the subject of global res of recover of -- probably, what wasn't mentioned in our statements there was just the vast number of the underwriting community that went from our global re-operations over to Ryan Re, who are going to be running this book on behalf of nationwide in the future. That was a really important part of the deal for us to see that book just sort of continue and the people to continue with it. So we're really excited to see what can be done in the future with that, and we wish our people well in any shop..

我們將根據市場走勢來平衡部位。我想提出的另一點是，在談到全球恢復問題時——可能，我們的聲明中沒有提到的是，從我們的全球重新運營部門轉到 Ryan Re 的承保界人數眾多，Ryan Re 將來將代表全國來管理這本書。對我們來說，這是交易中非常重要的一部分，讓我們看到這本書能夠繼續出版，讓人們繼續關注它。因此，我們非常高興地看到未來可以實現什麼目標，並且我們祝福我們的員工在任何商店裡都能一切順利。

Thanks for the helpful answers on that. And then just to follow up, I also like that you kind of broke out those segments. And just trying to get a little more clarity around programs and solutions. When I think about programs, how much of the segment's business is written by MGAs? And what are some of the more prominent areas in which you do that?

感謝您對此提供的有益解答。然後，為了跟進，我也很喜歡你將這些部分分解開來。只是想更清楚地了解程序和解決方案。當我考慮程式時，該部分業務有多少是由 MGAs 編寫的？您在哪些方面做得比較突出？

Brian, looking at papers right now to tend to give you some more precise numbers than I have.

布萊恩，現在我正在看論文，傾向於給你一些比我更精確的數字。

Yes. So I'd call it roughly one-third is coming from delegated underwriting programs within that just under $1 billion of underwriting premium. There's a handful of larger programs that make that up along with a number of smaller, call it, $20 million-ish $40-ish million program that's one of the five kind of pillars in that group that's managed by Jeff Lam and he kind of oversees all of the delegated underwriting arrangements and programs that we contract out with.

是的。因此，我認為大約三分之一來自委託承保計劃，其中承保保費略低於 10 億美元。這個集團由幾個較大的項目組成，還有一些較小的項目，例如 2000 萬美元到 4000 萬美元的項目，這些項目是該集團的五大支柱之一，由 Jeff Lam 管理，他負責監督我們承保的所有委託承保安排和項目。

And has that business performed very well over the last few years?

這項業務在過去幾年中表現得非常好嗎？

Yes. Obviously, I mean, you've got a number of programs in there. So you've always got some going very well, some not. But on the whole, it's performed well for us.

是的。顯然，我的意思是，你那裡有很多程式。所以總是會有一些事情進展順利，有些則不然。但總體而言，它對我們來說表現良好。

I was talking to Jeff and the other day on this, Andrew, and we think of every a hundred programs that come as an opportunity through the door. We'll get interested in 10, maybe quote on 8th,on we'll end up writing two or three. So it's one of those kind of filtering mechanisms where it has to hit the mark in terms of specialty profitability, can we add some value? And we do look for these programs to be long term in nature. This isn't really transactional business.

前幾天我和傑夫以及安德魯談論過這個問題，我們認為每個出現的一百個項目都是一個機會。我們對 10 很感興趣，也許會引用 8 號，最後我們會寫兩到三號。因此，它是一種過濾機制，必須在專業獲利能力方面達到標準，我們能否增加一些價值？我們確實希望這些計劃具有長期性。這實際上並不是交易業務。

We look to embed ourselves with these programs. That really partners as much as anything out there in the marketplace. And I do think -- I will say this, I think it will be a growing sector of the US specialty market over the next 2 or 3 years. So I think being good at this area is very, very important for us to keep an eye on.

我們希望融入這些計劃。這實際上與市場上的任何產品一樣具有合作夥伴的作用。我確實認為——我想說的是，我認為在未來 2 到 3 年內，它將成為美國專業市場的成長領域。所以我認為做好這個領域對我們來說非常非常重要。

And it's not about premium. This is about profit. And every single time we look at one of those delegated opportunities.

這與保費無關。這是關於利潤的。每次我們都會關注其中一個委託機會。

Maxwell Fitcher, Truist.

馬克斯韋爾·菲徹，Truist。

I'm calling in for Mark Hughes. Any comment on the workers' comp line how much did that contribute to the quarter's favorable development? And then are you seeing any emerging signs of medical inflation pressure there?

我打電話給馬克·休斯。對工人補償項目有何評論？這對本季的良好發展有多大貢獻？那麼，您是否看到任何出現醫療通膨壓力的跡象？

Brian will speak to that.

布萊恩將會談論這一點。

Yes. So we kind of continually seen what I'll call gradual takedowns in our workers' comp line. That's been going on for 2, 3, 4 years similar to the rest of the industry. We have a smaller book there than some others focused on kind of micro-cap workers' comp has performed very well for us over a number of years.

是的。因此，我們不斷看到工人補償金的逐漸減少。這種情況已經持續了 2、3、4 年，與業內其他公司的情況類似。與其他專注於微型資本工人補償的公司相比，我們的帳簿規模較小，但多年來表現非常出色。

Certainly, medical inflation is a watch area in that space, maintaining rate adequacy, making sure that we've got admitted filing rates that cover the loss cost is heavy focus of that line.

當然，醫療通膨是該領域的一個關注點，保持費率充足性，確保我們承認的報銷費率能夠彌補損失成本，這是該領域的重點關注點。

It's growing modestly, kind of combination of growth, there's a little bit of negative rate environment in that space. But nothing too dramatic going on there.

它正在溫和增長，某種程度上是組合增長，但該領域存在一點負利率環境。但那裡並沒有發生什麼太戲劇性的事情。

Yes. And one on the pharmaceutical it, in particular, that aspect. The tariff situation more broadly is something that we keep and eye on, of the things I like about the new structure is that workers complicate business is very much segregated, so we can keep a close eye on both the rates and any of the inflation that's coming through. So a lot of this is out of our control.

是的。其中之一就是關於製藥的，特別是這個方面。更廣泛地說，關稅情況是我們一直在關注的事情，我喜歡新結構的原因之一是，工人和業務是嚴格分開的，所以我們可以密切關注稅率和任何即將出現的通貨膨脹。所以很多事情是我們無法控制的。

But we'll see it, and I think we'll see it a lot sooner than we may have done previously. So it's an area that we're keeping a watch on. But at this point in time, Brian, I mean, it does seem to be an area of business that's been profitable. And so we're confident in the book of business that we've got there.

但我們會看到它，而且我認為我們會比以前更快地看到它。所以這是我們密切關注的領域。但就目前而言，布萊恩，我的意思是，這似乎是一個有利可圖的業務領域。因此，我們對我們在那裡所取得的業務成果充滿信心。

Let me add one bit of texture to Simon's answer. The logical follow-on from being able to keep an eye on something is that, that would cause you to take actions when you observe data more closely than we would have been the case in the past. So I wanted to finish the setup there.

讓我為西蒙的回答添加一點內容。能夠密切關注某事的邏輯後果是，當你比過去更密切地觀察數據時，你會採取行動。所以我想在那裡完成設定。

Yeah. Very helpful. And then does the 2Q current accident year loss pick in Markel Insurance represent a good run rate for the back half of the year?

是的。非常有幫助。那麼，Markel Insurance 的第二季本年度事故損失選擇是否代表了下半年的良好運行率？

Yeah. I would generally say so. You're starting to see the impact of the underwriting actions we've been talking about the last kind of 18 months earned their way through, that has naturally kind of ticked down the accident year loss ratio year-over-year.

是的。我通常都會這麼說。您開始看到我們在過去 18 個月中一直在談論的承保行動的影響，這自然會使事故年度損失率逐年下降。

Andrew Anderson, Jefferies.

安德魯安德森，傑富瑞集團。

Within Ventures, you had highlighted some increased demand in construction services. Could you just talk about the environment there and pipeline, maybe how you're thinking about the second half. And I realize there was a little bit of an offset from transportation within there?

在創投領域，您強調了建築服務的需求增加。您能否談談那裡的環境和管道，以及您對下半年的看法。我是否意識到那裡的交通有些偏差？

The phrase I would use that we've bandied around is you have to burn more colors to get the same unit of output. So business is complicated. Tariffs that Simon referred to, they're just all these different sorts of curveballs and forces out there. And again, I take my hat off and I thank the CEOs and the leadership teams who are running those businesses. I think, they're doing a great job of navigating uncertainty and figuring out what the next day brings and taking reasonable thoughtful and skill actions to make the best of it.

我要使用的、我們經常談論的短語是，你必須刻錄更多顏色才能獲得相同單位的輸出。所以生意很複雜。西蒙提到的關稅，它們只是各種不同類型的曲線球和力量。我再次向經營這些企業的執行長和領導團隊表示感謝。我認為，他們在應對不確定性、預測第二天會發生什麼以及採取合理、周到和熟練的行動以充分利用它方面做得很好。

Thanks. and maybe pivoting to insurance. The decision to exit the risk-managed D&O book. Could you elaborate a bit on what the actuaries found that led to the adverse development there?

謝謝。也許可以轉向保險。決定退出風險管理的 D&O 帳簿。您能否詳細說明一下精算師發現的導致那裡出現不利發展的原因？

Maybe I'll kick off and Brian will come through. But we're right, we talked about large-cap side of generally US domiciled large businesses. We were just seeing, I think, certainly, I mentioned the year 2020, 2022, we're writing excess layer business there. But typically, we were fairly -- now we look at it in hindsight, we were fairly low down for very large-cap US businesses.

也許我會先開球，然後布萊恩會接球。但我們是對的，我們談論的是一般在美國註冊的大型企業的大盤股方面。我們剛剛看到，我想，當然，我提到了 2020 年、2022 年，我們正在那裡開展超額層業務。但總體而言，我們現在回想起來，對於美國大型企業來說，我們的估值相當低。

What we were seeing is that there are many, many court cases going through where these businesses were being sued for sums of money, which we were excess at 1 point in time. But given the kind of inflation and the legal environment in those years, what we thought was excess became almost like a working layer.

我們看到，有很多企業因為金錢糾紛被起訴，而這些案件在某個時間點是超額的。但考慮到當時的通膨和法律環境，我們認為的過剩幾乎變成了工作層。

So we were just in the wrong portion of that business work, we certainly weren't high enough. Unfortunately, that business has now been written, and we're seeing the claims come through, and we actually saw an acceleration of those claims, probably during the course of 2023, and certainly during 2024 on those particular years of account.

所以，我們只是處於錯誤的業務領域，我們的水準肯定不夠高。不幸的是，這項業務現在已經完成了，我們看到索賠正在通過，我們實際上看到這些索賠的加速，可能是在 2023 年期間，當然在 2024 年期間，在那些特定的會計年度。

So we've acted to stem the bleeding to a great degree, but we've got to take that news seriously. And I think you can see that with the reserving action that's been taken. But maybe, Brian, you got a bit more color.

因此，我們已採取行動，在很大程度上止血，但我們必須認真對待這一消息。我認為您可以從已經採取的保留行動中看到這一點。但是，布萊恩，也許你的顏色更豐富一些。

Yes. And maybe the only thing I'll add is if you rewind back to 2023, we talked about this line back then as part of the reserve review that we did. We had external parties come in and help us look at that. We had raised reserves in that product line at that time to the high end of the range of our view and the external views.

是的。也許我要補充的唯一一點是，如果回顧 2023 年，我們當時在進行儲備審查時討論過這條線路。我們請了外部人員來幫我們研究這個問題。我們當時已將該產品線的儲備量提高到我們和外界認為的高端水準。

What's happened since then is kind of what Simon is saying is particularly and probably the last six to nine months, claims severity and frequency have just exceeded the expectations of any of the modeling that we had out there.

自那時以來發生的事情就像西蒙所說的那樣，特別是過去六到九個月，索賠的嚴重程度和頻率已經超出了我們現有的任何模型的預期。

And we felt it was necessary to take a strong aggressive action against that and put meaningful reserves up against what might happen in the future with the claims going forward. So some of that was in reaction to what the actuaries were seeing. Some of that was management coming and saying, I want to go above and beyond what the actuals are recommending and put an additional level of margin of safety on top of the actuarial recommendation.

我們認為有必要對此採取強有力的積極行動，並為未來可能發生的索賠事件儲備足夠的資金。因此，其中一些是對精算師所見情況的反應。有些管理階層會說，我想超越實際情況的建議，在精算建議的基礎上增加額外的安全邊際。

And I think that's particularly true in this area in a runoff in it. Just when you do that, you don't want the distraction to be there time and time again. So I think the action we've taken now is to allow us to focus on the go-forward book of business that we've gotten.

我認為，在該地區進行決選時，情況尤其如此。當你這樣做的時候，你就不會希望幹擾一次又一次地出現。因此我認為我們現在採取的行動是為了讓我們能夠專注於我們已經獲得的未來業務。

You never know what happens with these things, but we've gone very hard at that particular line of business intentionally.

你永遠不知道這些事情會發生什麼，但我們有意在這特定業務領域付出了巨大的努力。

And that was sort of my next question here. I think the adverse in reinsurance that was driven by a third-party review, I believe, of the general liability. Did that same third-party review insurance this period? I know you mentioned you did it a couple of years ago, but was there a review from a third-party perspective of insurance this year?

這就是我的下一個問題。我認為再保險的不利影響是由第三方對一般責任的審查所導致的。同一第三方審查是否保障了這段時期？我知道您提到幾年前就做過這件事，但是今年有沒有從第三方角度對保險進行評價？

No. The review was the same third party that we used in '23 to review the insurance, but the review this quarter was only on the reinsurance book. I would say something very similar to what I just said on our kind of reaction in reinsurance. We looked at their recommendation. We raised our recommendation to something that was around what the recommendation from their side was and then management came in because we're putting it into runoff and went above kind of the actuarial recommendation and said we're going to put a level of prudency on top of that.

不。此次審查與我們在 23 年審查保險時使用的第三方是同一個，但本季的審查僅針對再保險帳簿。我想說的與我剛才關於我們在再保險方面的反應非常類似。我們看了他們的建議。我們將我們的建議提高到與他們那邊的建議大致相同的水平，然後管理層介入，因為我們正在將其納入決算，並且超出了精算建議的範圍，並表示我們將在此基礎上採取一定程度的審慎措施。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time. This concludes our question-and-answer session. I would now like to turn the conference back to Tom Gayner for any closing remarks. Please go ahead.

（操作員指示）目前沒有其他問題。我們的問答環節到此結束。現在我想請湯姆蓋納 (Tom Gayner) 致閉幕詞。請繼續。

Thank you very much. We appreciate you joining us. We hope you enjoyed the update on the pace of progress of the way things are going here at Markel and we look forward to connecting with you in about a quarter from now. Thank you.

非常感謝。感謝您的加入我們。我們希望您喜歡 Markel 最新進展，我們期待在一個季度左右後與您聯繫。謝謝。

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。