Pelagos Insurance Capital Ltd (PLGO) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Fidelis Insurance Group's fourth-quarter 2025 earnings conference call. As a reminder, this call is being recorded for replay purposes. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加 Fidelis Insurance Group 2025 年第四季財報電話會議。提醒各位，本次電話會議將錄音以供重播。（接線員指示）

With that, I will now turn the call over to Miranda Hunter, Head of Investor Relations. Ms. Hunter, please go ahead.

接下來，我將把電話交給投資人關係主管 Miranda Hunter。Hunter 女士，請開始。

Good morning, and welcome to Fidelis Insurance Group's fourth-quarter 2025 earnings conference call. With me today are Dan Burrows, our CEO; Allan Decleir, our CFO; and Jonny Strickle, our Group Managing Director.

各位早安，歡迎參加 Fidelis Insurance Group 2025 年第四季財報電話會議。今天與我一同出席的有我們的執行長 Dan Burrows、財務長 Allan Decleir，以及集團董事總經理 Jonny Strickle。

Before we begin, I'd like to remind everyone that statements made during the call, including the question-and-answer section, include forward-looking statements. Management's comments regarding expectations, projections, targets, and any future results are based upon current assessments and assumptions, and are subject to a number of risks, uncertainties and emerging information developing over time.

在開始之前，我想提醒各位，本次電話會議中所作的陳述（包括問答環節）包含前瞻性陳述。管理層就預期、預測、目標及任何未來結果所作的評論，係基於目前的評估與假設，並可能受到多項風險、不確定性以及隨時間發展的新資訊所影響。

It is important to note that actual results may differ materially from those expressed or implied today. Additional information regarding factors shaping these outcomes can be found in Fidelis' SEC filings, including our earnings press release issued last night.

請務必注意，實際結果可能與今日所表達或暗示者存在重大差異。有關影響這些結果之因素的更多資訊，請參閱 Fidelis 向美國證券交易委員會（SEC）提交的文件，包括我們昨晚發布的財報新聞稿。

Management will also make reference to certain non-GAAP and proprietary measures of financial performance. The reconciliation to US GAAP for each non-GAAP financial measure as well as descriptions of proprietary financial measures can be found in our earnings press release and financial supplement available on our website at fidelisinsurance.com.

管理層亦將提及若干非 GAAP 及專有的財務績效衡量指標。各項非 GAAP 財務衡量指標與美國 GAAP 之調節表，以及專有財務衡量指標之說明，均載於我們的財報新聞稿與財務補充資料，並可於我們網站 fidelisinsurance.com 查閱。

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

接下來，我把電話交給 Dan。

Good morning, everyone, and thank you for joining our fourth-quarter earnings call. Reflecting on our performance, I want to highlight three key takeaways.

各位早安，感謝各位參加我們的第四季財報電話會議。回顧我們的表現，我想強調三個關鍵重點。

Firstly, our ability to deliver excellent results. Our fourth-quarter performance is further validation of our business model. We delivered an 80.6% combined ratio, which represents a 47-point improvement year over year for the same period. This is the second consecutive quarter of performance exceeding our long-term targets, with the second half of the year highlighting the true strength of our portfolio and risk management.

第一，我們交出優異成果的能力。我們第四季的表現進一步驗證了我們的商業模式。我們達成 80.6% 的綜合成本率，較去年同期改善 47 個百分點。這是連續第二個季度的表現超越我們的長期目標；下半年更凸顯了我們投資組合與風險管理的真正實力。

Secondly, the growth of our platform. We remain focused on identifying the most attractive opportunities in the market and partnering with top-tier underwriting themes to execute our strategy. This disciplined approach enables us to allocate capital where we see the best risk-adjusted returns. Gross premium written grew 7.1% for the full year with new underwriting partners contributing 4 points of this total.

第二，我們平台的成長。我們仍專注於辨識市場上最具吸引力的機會，並與頂尖承保主題的合作夥伴攜手執行策略。這種嚴謹自律的方法，使我們能將資本配置於我們認為具最佳風險調整後報酬的領域。全年簽單毛保費成長 7.1%，其中新增承保合作夥伴貢獻了總成長的 4 個百分點。

We're excited about the progress we continue to make in expanding our network of underwriting partners, and we are well positioned to capitalize on attractive growth opportunities while continuing to deliver strong underwriting margins. Our new name and brand, Pelagos Insurance Capital, best captures our identity and future direction, reflecting our positioning as a capital allocator working with best-in-class underwriting partners.

我們對於持續擴大承保合作夥伴網絡所取得的進展感到振奮，且我們已具備良好定位，可把握具吸引力的成長機會，同時持續交出強勁的承保利潤率。我們的新名稱與品牌 Pelagos Insurance Capital，最能體現我們的身分與未來方向，反映我們作為資本配置者、與同級最佳的承保合作夥伴合作的定位。

And thirdly, our committed focus on being a best-in-class capital allocator. That focus concentrates on three areas: how we underwrite, how we use outwards reinsurance to enhance our risk profile, and how we return capital to shareholders. I'd like to briefly touch on all three pillars.

第三，我們堅定聚焦於成為同級最佳的資本配置者。此一聚焦集中在三個面向：我們如何承保、我們如何運用對外再保險以強化風險輪廓，以及我們如何向股東返還資本。我想簡要談談這三大支柱。

Our underwriting approach focuses on building a differentiated portfolio. As a leader, we are capturing enhanced pricing and structural efficiencies in a verticalized market while maintaining diversification and continuing to add accretive profitable business through selective new underwriting partnerships. Outwards reinsurance enables us to enhance our risk profile and optimize our portfolio. By thoughtfully combining pricing and structural differentials, we improve margin and increase capital efficiency.

我們的承保方法著重於打造具差異化的投資組合。作為領導者，我們在垂直化的市場中把握更佳的定價與結構效率，同時維持分散化，並透過審慎選擇的新承保合作關係，持續增加具增益且可獲利的業務。對外再保險使我們得以強化風險輪廓並最佳化投資組合。透過審慎結合定價與結構差異，我們提升利潤率並提高資本效率。

In terms of capital management, our first port of call will always be profitable underwriting growth. And because of our robust capital position, we were also able to repurchase over 15 million common shares in 2025, including privately negotiated transactions with a founding shareholder. This action contributed $0.90 to our book value per share in 2025.

就資本管理而言，我們的首要選項永遠是可獲利的承保成長。此外，憑藉我們穩健的資本部位，我們在 2025 年亦得以回購超過 1,500 萬股普通股，其中包括與一位創始股東進行的私下協商交易。此舉在 2025 年為我們的每股帳面價值貢獻了 0.90 美元。

Overall, our strategic approach to share repurchases has contributed $1.24 of book value per share since the inception of our program in 2024. This combination of discipline, flexibility, and execution underscores the strength of our balance sheet and the strategic advantage it provides to pursue both attractive underwriting growth and consistent shareholder returns.

整體而言，自 2024 年啟動回購計畫以來，我們在股票回購上的策略性作法已累計為每股帳面價值貢獻 1.24 美元。這種自律、彈性與執行力的結合，凸顯我們資產負債表的強健，以及其所帶來的策略優勢，使我們能同時追求具吸引力的承保成長與穩定的股東報酬。

Last week, we further increased our common share repurchase authorization to $400 million, providing additional flexibility. We strongly believe that, at our current market price, our stock is undervalued and buying shares represents an accretive use of capital. Later in the call, Jonny will go into more detail on our underwriting approach, including the new underwriting partnerships we've added and our strategic use of outwards reinsurance.

上週，我們進一步將普通股回購授權提高至 4 億美元，提供額外彈性。我們堅信，以目前的市場價格而言，我們的股票被低估，買回股份是具增益的資本運用。稍後在電話會議中，Jonny 將更詳細說明我們的承保方法，包括我們新增的承保合作夥伴，以及我們對外再保險的策略性運用。

Turning to fourth-quarter results. We are very pleased to have reported top-line premium growth of 3%, a combined ratio of 80.6% and an annualized operating ROAE of 18.3%, meaningfully exceeding our through-the-cycle targets.

接著談第四季業績。我們非常高興地報告，保費收入（top-line）成長 3%，綜合成本率為 80.6%，年化營運 ROAE 為 18.3%，顯著超越我們跨循環（through-the-cycle）的目標。

For the full year, we delivered on our growth objectives, posting an increase of 7% in gross premiums across the year, driven by strong retention rates and continued diversification through new business opportunities, including new strategic partnerships across multiple lines of business.

就全年而言，我們達成成長目標，全年簽單毛保費成長 7%，主要受惠於強勁的續保率，以及透過新業務機會持續分散化，包括跨多條業務線的新策略合作夥伴關係。

2025 has been a year of two distinct halves. In the first half, we worked to proactively resolve legacy challenges relating to our Russia-Ukraine aviation litigation exposure. Having taken actions to resolve this exposure, in the second half of the year, the underlying strength of the business is clearly visible in our results. These results reinforce the resilience of our platform and our confidence in sustaining strong performance moving forward. Notably, we would have delivered combined ratios well ahead of our through-the-cycle targets for the full year in 2025 and for every year since our IPO, if not for the impact of the Russia-Ukraine aviation litigation.

2025 年是截然不同的兩個半年。上半年，我們致力於主動解決與俄烏航空訴訟曝險相關的歷史遺留挑戰。在採取行動以解決該曝險後，下半年我們的業績清楚展現了業務的內在實力。這些結果強化了我們平台的韌性，也提升了我們對未來持續維持強勁表現的信心。值得注意的是，若非受到俄烏航空訴訟影響，我們在 2025 年全年以及自 IPO 以來的每一年，綜合成本率本可明顯優於我們跨循環目標。

Taking a closer look at the dynamics in each of our segments, our portfolio remains approximately 80% specialty insurance and 20% reinsurance. Within insurance, we delivered 6% growth in 2025 gross premiums written, demonstrating our disciplined approach to capturing growth opportunities where price and structure supported our return hurdles.

更深入檢視各業務分部的動態，我們的投資組合仍約為 80% 專業保險與 20% 再保險。在保險業務方面，我們 2025 年簽單毛保費成長 6%，展現我們在價格與結構支持報酬門檻的前提下，嚴謹自律地把握成長機會。

Asset-backed finance and portfolio credit was a significant driver of growth and opportunity through the year. We continue to see strong margins across these products, which are insulated from traditional market cycles. We have established ourselves as a leader in the structured credit market, driven by our underwriting expertise and our ability to price and structure effective and repeatable solutions for counterparties.

資產擔保融資與投資組合信用在全年是成長與機會的重要驅動因素。我們持續在這些產品上看到強勁利潤率，且其受傳統市場循環影響較小。憑藉我們的承保專業，以及為交易對手定價並設計有效且可重複解決方案的能力，我們已在結構性信用市場建立領導地位。

In addition, we have seen growth in our mortgage portfolio through our engagement with Euclid Mortgage, who we partnered with at the beginning of 2025. Asset-backed finance and portfolio credit now comprises over 11% of our total premium. These products are characterized by longer earning patterns compared to the rest of our predominantly short-tail focused portfolio. Jonny and Allan will provide further details on the extended earning patterns associated with these lines.

此外，透過我們與 Euclid Mortgage 的合作（我們於 2025 年初建立夥伴關係），我們看到按揭貸款組合有所成長。資產擔保融資與投資組合信用目前已占我們總保費的 11% 以上。相較於我們其餘以短尾為主的投資組合，這些產品的保費賺取模式更長。Jonny 與 Allan 將進一步說明這些業務線所對應的延長賺取模式細節。

In our direct property segment, we successfully maintained overall income year over year, which positively demonstrates our ability to navigate dynamic market conditions. We have a disciplined approach to portfolio management. We deploy capital by focusing on margin, optimizing line size and leverage, and selectively adding new niche and targeted books of business where we have identified attractive risk-adjusted returns.

在我們的直接財產保險業務板塊中，我們成功維持整體收入與去年同期持平，正面展現我們在動態市場環境下的應對能力。我們採取嚴謹的投資組合管理方法。我們透過聚焦利潤率、最佳化承保線額與槓桿，並在我們已辨識具吸引力之風險調整後報酬的領域，有選擇性地新增新的利基與目標型業務組合，以部署資本。

Examples of this include our expansion into data centers and the onboarding of new underwriting partners. We write a leading book of specialty marine business. Throughout the year, we leveraged our capacity to maximize margins across the subclasses, and in response to strong demand, we took advantage of opportunities to convert attractively priced, large capacity-driven construction risks.

例如，我們擴展至資料中心領域，並導入新的承保合作夥伴。我們承作領先市場的專業海事保險業務組合。全年期間，我們運用自身承保容量以在各子類別中最大化利潤率；並因應強勁需求，把握機會承接定價具吸引力、由大額承保容量驅動的建築工程風險轉入。

We have discussed our caution with respect to aviation throughout the year, and we walked away from risks that did not meet our hurdles. While we did see some improvement in pricing in the all-risks market, largely driven by loss activity in the early part of the year, in general, the uplift was not sufficient to meet our return hurdles.

我們全年都談到對航空業務的審慎態度，對於未達我們門檻的風險我們選擇退出。雖然全險市場的定價確有一些改善，主要由年初的損失活動所帶動，但整體而言，漲幅仍不足以達到我們的報酬門檻。

Given the complexity of this line of business, we are not willing to compromise on certain terms and conditions at any price, including governing law and jurisdiction, which can significantly impact loss outcomes. As a result, gross written premium in this line of business declined by approximately 50% year over year. And we made the strategic decision to pivot into other attractive areas of the market to allocate capital.

鑑於此業務線的複雜性，我們不願在任何價格下於特定條款與條件上妥協，包括準據法與管轄法院，因其可能對損失結果造成重大影響。因此，該業務線的毛承保保費較去年同期下降約 50%。我們也做出策略性決定，轉向市場中其他具吸引力的領域以配置資本。

Across the insurance portfolio, rate adequacy remains strong. Beyond price alone, our positioning allows us to achieve a consistent differential relative to [fellow markets]. By exercising underwriting leadership and leveraging relationships and line size, we are able to influence structure and terms, not simply accept them, driving stronger risk-adjusted outcomes across the portfolio.

在整體保險投資組合中，費率充足性仍然強勁。除了價格本身之外，我們的市場定位使我們能夠相對於[同業市場]持續取得穩定的差異化優勢。透過發揮承保領導力並運用關係與承保線額，我們能夠影響承保結構與條款，而非僅被動接受，從而在整體投資組合中推動更佳的風險調整後成果。

Turning to the reinsurance book, where we also continue to see strong margin, we delivered 11% premium growth for the year. Our excellent underwriting results reflects our ability to grow profitably and capitalize on favorable market conditions, including post-loss opportunities. So putting it all together, we are very pleased with our 2025 performance. This is an exciting time, and we are confident in our ability to continue delivering strong performance in the year ahead.

轉向再保業務組合，我們同樣持續看到強勁利潤率，全年保費成長 11%。我們優異的承保成果反映出我們能夠在有利的市場條件下實現獲利性成長並把握機會，包括損失後的承保機會。綜合而言，我們對 2025 年的表現非常滿意。這是一個令人振奮的時刻，我們有信心在未來一年持續交出強勁表現。

With that, I'll turn it over to Allan for a detailed review of our financial results. Jonny will then discuss our strategic approach to capital allocation, and then I'll return to share insights on our market outlook and new brand identity.

接下來，我將交由 Allan 對我們的財務結果進行詳細回顧。之後 Jonny 將說明我們在資本配置上的策略作法，接著我會回來分享我們對市場展望與全新品牌識別的觀點。

Thanks, Dan, and good morning, everyone. We had an excellent fourth quarter with operating net income of $110 million or $1.09 per diluted common share, resulting in an annualized operating return on average equity of 18.3%, driven by another quarter of strong underwriting performance. We delivered a combined ratio of 80.6%, an improvement of 47 points over the fourth quarter of 2024. Our book value per diluted common share continued to grow to $24.61. Including dividends, this is an increase of 15.2% in the year.

謝謝你，Dan，各位早安。我們第四季表現非常出色，營運淨利為 1.10 億美元，或每股稀釋普通股 1.09 美元；在另一季強勁承保表現帶動下，平均股東權益年化營運報酬率達 18.3%。我們的綜合比率為 80.6%，較 2024 年第四季改善 47 個點。每股稀釋普通股帳面價值持續成長至 24.61 美元。若含股利，全年增幅為 15.2%。

For the full year, our operating net income was $205 million or $1.92 per diluted common share, resulting in an operating return on average equity of 8.5%. Our full-year results reflect the actions we took in the first half of 2025 to move past the uncertainty associated with the Russia-Ukraine aviation litigation, judiciously settling claims and including the impact of the English High Court judgment. We believe our third- and fourth-quarter results are excellent demonstrations of the quality of our business.

就全年而言，我們的營運淨利為 2.05 億美元，或每股稀釋普通股 1.92 美元，使平均股東權益營運報酬率達 8.5%。我們的全年結果反映了我們在 2025 年上半年所採取的行動，以走出與俄烏航空訴訟相關的不確定性，包括審慎地和解理賠並納入英格蘭高等法院判決的影響。我們認為第三季與第四季的結果充分展現了我們業務的品質。

Turning now to our quarterly results. We grew our gross premiums written by 3% to $978 million, bringing our total for the year to $4.7 billion, an increase of 7% compared to 2024. During the fourth quarter, in the Insurance segment, gross premiums written increased by 6% to $981 million. We saw continued growth, including new underwriting partnerships in several lines of business.

接著看我們的季度結果。我們的毛承保保費成長 3% 至 9.78 億美元，使全年總額達 47 億美元，較 2024 年增加 7%。第四季在保險業務板塊，毛承保保費成長 6% 至 9.81 億美元。我們持續成長，包括在多條業務線新增承保合作夥伴關係。

The fourth quarter typically has minimal premium volume for our Reinsurance segment. The primary changes during the quarter resulted from a reduction in reinstatement premiums that were initially recognized in connection with the California wildfires. This is in line with us lowering our ultimate loss estimates for the wildfires during the quarter.

第四季通常是我們再保業務板塊保費量較少的季度。本季的主要變動來自於與加州野火相關、先前已認列的復效保費（reinstatement premiums）減少。這與我們在本季下調該野火最終損失估計一致。

As mentioned by Dan, we continued to walk away from business in certain lines that didn't meet our pricing hurdles, contributing to a 13% decrease in our net premiums earned in the quarter versus prior year.

如 Dan 所提到，我們持續退出某些未達我們定價門檻的業務，導致本季淨已賺保費較去年同期下降 13%。

A few points to highlight. First, our strategic decision to decline business that did not meet our pricing hurdles and our underwriting standards. This was most notable within aviation, where gross premiums written were down 50% from 2024.

有幾點重點說明。第一，我們策略性地拒絕未達我們定價門檻與承保標準的業務。其中最明顯的是航空業務，毛承保保費較 2024 年下降 50%。

Second, we have taken advantage of many new opportunities and achieved growth in asset-backed finance and portfolio credit, which in 2025 saw an increase of $132 million in gross premiums written versus the prior year. These lines have a longer earnings pattern, generally of five to seven years, compared to the rest of our portfolio, which typically earns out over one to two years. Finally, reinstatement premiums that were initially recognized in California wildfires were reduced during the fourth quarter. As I mentioned, this is in line with us lowering our ultimate loss estimates.

第二，我們把握多項新機會，並在資產擔保融資與投資組合信用方面實現成長；2025 年該等業務的毛承保保費較前一年增加 1.32 億美元。相較於我們投資組合其餘部分通常在一至兩年內賺取完畢，這些業務線的賺取模式較長，一般為五至七年。最後，先前因加州野火而認列的復效保費在第四季有所下調。如我所述，這與我們下調最終損失估計一致。

Looking ahead to the first quarter, we expect net earned premiums to range from $450 million to $500 million in our Insurance segment, and $50 million to $60 million in our Reinsurance segment. Our excellent underwriting performance resulted in a combined ratio of 80.6%.

展望第一季，我們預期保險業務板塊的淨已賺保費將介於 4.5 億至 5.0 億美元，再保業務板塊則介於 5,000 萬至 6,000 萬美元。我們優異的承保表現使綜合比率達 80.6%。

I'll break down the components of our quarterly combined ratio in more detail. For the fourth quarter, our catastrophe and large losses were $51 million or 9.1 points of the combined ratio. This is an improvement compared to the same period last year where our catastrophe and large losses were $133 million or 21 points of the combined ratio.

我將更詳細拆解本季綜合比率的組成。第四季的巨災與大額損失為 5,100 萬美元，或占綜合比率 9.1 個點。相較去年同期，這有所改善；去年同期的巨災與大額損失為 1.33 億美元，或占綜合比率 21 個點。

The Insurance segment was impacted by Hurricane Melissa in the fourth quarter as well as a satellite loss in our aerospace book, along with a loss event in our political risk violence and terror line of business. In contrast, the Reinsurance segment had no catastrophe and large losses and benefited from the sale of certain subrogation rights related to the California wildfires.

第四季保險業務板塊受到 Melissa 颶風影響，此外我們航太業務組合亦發生一筆衛星損失，並且在政治風險（暴力與恐怖）業務線出現一項損失事件。相對地，再保業務板塊沒有巨災與大額損失，並受惠於出售與加州野火相關的部分代位求償權利。

During the fourth quarter, our attritional loss ratio was 30.4%. We are pleased to see that the attritional losses have and continue to come through at a low level. As we look to 2026, we see our overall loss ratio in the mid-40% range, which includes attritional losses and cat and large losses. Of this number, in insurance, about two-thirds is from attritional losses and one-third is from catastrophe and large losses. In reinsurance, it is split roughly equally between catastrophe and attritional losses.

在第四季，我們的常態性損失率為 30.4%。我們很高興看到常態性損失一直且持續維持在低水準。展望 2026 年，我們預期整體損失率將落在 40% 中段區間，包含常態性損失以及巨災與大型損失。在保險業務中，該數字約三分之二來自常態性損失，三分之一來自巨災與大型損失。在再保險業務中，巨災與常態性損失的占比大致各半。

We recognized net favorable prior year development of $35 million for the quarter compared to net adverse development of $270 million in the prior year period related to the action we took to derisk our overall exposure to Russia-Ukraine aviation litigation.

本季我們認列淨有利的前期年度準備金發展（prior year development）3,500 萬美元；相較之下，去年同期因我們採取行動降低整體對俄烏航空訴訟曝險風險，而認列淨不利發展 2.70 億美元。

A key driver of this quarter's favorable prior year development was $25.6 million in our Insurance segment due to positive development on prior year cat events and from continuing benign attritional development on prior accident years.

本季前期年度有利發展的一項關鍵驅動因素，是我們保險部門的 2,560 萬美元，主要來自前期年度巨災事件的正向發展，以及前期事故年度持續溫和的常態性損失發展。

Turning to expenses. Policy acquisition expenses from third parties were 26.2 points of the combined ratio for the fourth quarter compared with 33.6 points in the prior-year period. We continue to anticipate our annual policy acquisition expense ratio to be in the low 30s for insurance and in the mid-20s for reinsurance, comparable to our year-to-date results. Policy acquisition expenses to the Fidelis partnership were 16.8 points of the combined ratio in the quarter.

接著談費用。第四季第三方保單取得費用占綜合比率 26.2 個點，較去年同期的 33.6 個點下降。我們仍預期年度保單取得費用率：保險業務落在 30% 初段、再保險業務落在 20% 中段，與我們年初至今的結果相當。本季支付給 Fidelis 合作夥伴的保單取得費用占綜合比率 16.8 個點。

Finally, our general and administrative expenses were $25 million, including the benefit from Bermuda's substance-based tax credits. This was compared to $24 million in the fourth quarter of 2024.

最後，我們的一般及行政費用為 2,500 萬美元，其中包含百慕達以實質為基礎的稅收抵免所帶來的效益。相較之下，2024 年第四季為 2,400 萬美元。

As we expand our pipeline of new underwriting partners, we continue to make strategic investments in our capabilities. This includes further strengthening our talent base and enhancing our infrastructure and technology to support this growth. For 2026, we anticipate these strategic investments will lead to G&A expenses of approximately $29 million per quarter. It's important to emphasize that our business is designed to have a lean and efficient structure and our expense ratio reflects that. This positions us well to scale effectively while maintaining operational discipline.

隨著我們擴大新承保合作夥伴的案源管線，我們持續在能力建置上進行策略性投資。這包括進一步強化我們的人才基礎，並提升基礎設施與科技，以支援此一成長。展望 2026 年，我們預期這些策略性投資將使一般及行政費用約為每季 2,900 萬美元。需要強調的是，我們的業務設計為精實且高效率的架構，而我們的費用率也反映了這一點。這使我們在維持營運紀律的同時，能夠有效擴張規模。

Moving on to our investment results. Our net investment income and net realized and unrealized gains on other investments for the quarter were $47 million. As of December 31, the average rating of our fixed income securities remains very high at A+, with a book yield of 4.9% and average duration of 2.7 years.

接著談投資成果。本季我們的淨投資收益，以及其他投資的已實現與未實現淨收益合計為 4,700 萬美元。截至 12 月 31 日，我們固定收益證券的平均評等仍維持在非常高的 A+，帳面殖利率為 4.9%，平均存續期間為 2.7 年。

Overall, these investment results reflect our disciplined approach to portfolio management and our focus on generating attractive risk-adjusted returns while supporting a broader capital allocation strategy. We anticipate that our 2026 investment results will be broadly in line with those of 2025, with our portfolio, including funds, expected to generate a return of approximately 4% to 4.5%.

整體而言，這些投資成果反映我們在投資組合管理上的紀律作法，以及在支援更廣泛資本配置策略的同時，專注於創造具吸引力的風險調整後報酬。我們預期 2026 年的投資成果將大致與 2025 年一致；我們的投資組合（包含基金）預計可產生約 4% 至 4.5% 的報酬率。

Turning to tax. Our effective tax rate for the year was 18.2% compared to 16.9% in 2024. This 2025 rate reflects a greater proportion of our pretax income generated in higher tax rate jurisdictions. For 2026, we anticipate a full-year effective tax rate of approximately 16%, reflecting the projected mix of profits across our three operating jurisdictions.

接著談稅務。本年度的有效稅率為 18.2%，相較 2024 年的 16.9%。2025 年的稅率反映我們稅前所得中，有較高比例來自較高稅率的司法管轄區。展望 2026 年，我們預期全年有效稅率約為 16%，反映我們在三個營運司法管轄區之間的預期獲利組合。

Turning to capital management. We are in a very strong capital position, which has enabled us to grow our underwriting portfolio and also return capital to shareholders. In the fourth quarter, we repurchased 6.4 million common shares for $119 million at an average price of $18.47. This includes $83 million through privately negotiated transactions.

接著談資本管理。我們目前資本部位非常強勁，使我們得以擴大承保投資組合，同時也能將資本回饋給股東。第四季我們以平均每股 18.47 美元的價格回購 640 萬股普通股，金額 1.19 億美元，其中包含透過私下協議交易回購的 8,300 萬美元。

This brings our 2025 repurchases to 15.2 million common shares at an average price of $17.22. This has been highly accretive on both the book value and earnings per share basis to our shareholders, contributing $0.90 to our book value per share in 2025.

這使得我們 2025 年累計回購達 1,520 萬股普通股，平均價格為每股 17.22 美元。

Subsequent to December 31 and through February 20, we repurchased an additional 967,000 common shares for $18 million at an average price of $19.12. And as mentioned by Dan, and as announced last week, our Board approved an increased share repurchase authorization of $400 million.

在 12 月 31 日之後至 2 月 20 日期間，我們另外回購 967,000 股普通股，金額 1,800 萬美元，平均價格為每股 19.12 美元。

In summary, we delivered excellent results for the quarter, further demonstrating our strong capital management, the strength of our portfolio, the effectiveness of our approach to investments and our commitment to delivering returns to shareholders.

總結而言，我們本季交出優異成果，進一步展現我們強勁的資本管理能力、投資組合的實力、投資方法的有效性，以及我們致力於為股東創造報酬的承諾。

And with that, I will now turn the call over to Jonny.

接下來，我將把電話會議交給 Jonny。

Thanks, Allan, and good morning, everyone. Today, I want to emphasize that our core strength lies in being a strategic capital allocator, an approach that not only drives our strong current performance, but also positions us to capitalize on future opportunities and outperform the market going forward.

謝謝你，Allan，各位早安。今天我想強調，我們的核心優勢在於作為策略性的資本配置者；這種作法不僅驅動我們目前強勁的表現，也使我們能把握未來機會，並在未來持續跑贏市場。

As Dan highlighted, our capital allocation approach consists of three core pillars. First, finding the most attractive areas of the market to allocate capital to, and the best partners to execute on our underwriting strategy within those areas. Second, using outwards reinsurance as a flexible tool to support growth, improve margins, and optimize our capital structure. And third, leveraging our strong balance sheet to return excess capital to shareholders through dividends and share buybacks.

如 Dan 所強調，我們的資本配置方法由三大核心支柱構成。第一，找出市場中最具吸引力、值得配置資本的領域，並在這些領域中找到最優秀的合作夥伴來執行我們的承保策略。第二，將對外再保險作為一項具彈性的工具，用以支援成長、提升利潤率並優化資本結構。第三，運用我們強健的資產負債表，透過股利與股票回購將多餘資本回饋給股東。

I will focus the remainder of my comments on how we advance those first two pillars during the year. Starting with underwriting. Each underwriting partner we work with brings expertise and proven track records in specific underwriting areas, allowing us to deploy capital where we see the most attractive risk-adjusted returns.

我接下來的評論將聚焦於我們在年度內如何推進前兩項支柱。先從承保談起。我們合作的每一位承保夥伴，都在特定承保領域具備專業能力與經驗證明，使我們能將資本部署在我們認為最具吸引力的風險調整後報酬之處。

We have exclusive first right of access through a 10-year rolling agreement to all business written by The Fidelis Partnership, a leading specialty insurance and reinsurance MGA. Only business outside our underwriting appetite, which we choose not to support, can be offered and placed with other capital providers. Expanding our underwriting partnerships builds on our proven strategy. Since the start of 2025, we have continued to broaden our network by establishing a growing number of select long-term underwriting partnerships in areas where we see profitable growth.

我們透過一項為期 10 年、可滾動續約的協議，對 Fidelis Partnership（領先的專業保險與再保險 MGA）所承作的所有業務，享有排他性的優先取得權（exclusive first right of access）。只有在超出我們承保偏好、且我們選擇不予支持的業務，才可提供並安排給其他資本提供者。擴大我們的承保合作關係，是建立在我們已被驗證的策略之上。自 2025 年初以來，我們持續拓展網絡，在我們看見具獲利成長的領域，建立愈來愈多精選的長期承保合作夥伴關係。

To give you a sense of these new partnerships, I'll highlight a few of the larger ones that we're working with. At the beginning of 2025, we began our first new underwriting partnership with Euclid Mortgage. We entered this partnership with long-standing relationships with the Euclid leadership team. Our first year together has been exceptional, successfully accessing US mortgage risk in a market dominated by the larger players. Our growth in these lines demonstrates both Euclid's technical expertise and our ability to identify and back high-quality partners.

為了讓各位了解這些新合作關係，我將重點介紹幾個我們正在合作、規模較大的夥伴。在 2025 年初，我們與 Euclid Mortgage 展開第一個新的承保合作夥伴關係。我們與 Euclid 的領導團隊長期以來即維持良好關係，因此促成此合作。我們合作的第一年表現非常出色，成功在由大型業者主導的市場中切入美國房貸風險。我們在這些業務線的成長，同時展現 Euclid 的技術專長，以及我們辨識並支持高品質合作夥伴的能力。

We view Euclid as a long-term partner in 2026 and beyond. By providing committed long-term capital and active partnership, we are helping them execute their strategy while benefiting from their level of differentiated access to risk. This is a clear example of how we combine careful partner selection with the capacity to support specialist businesses in building credible, scalable platforms.

我們將 Euclid 視為 2026 年及以後的長期合作夥伴。透過提供承諾性的長期資本與積極的合作關係，我們在協助其執行策略的同時，也受益於其在風險方面具差異化的取得管道。這清楚展現了我們如何將審慎的合作夥伴遴選，與支持專業型業務打造具可信度、可擴展平台的能力相結合。

Later in 2025, we partnered with Bamboo Insurance, a property MGA backed by industry-leading talent. Bamboo is a data-enabled insurance distribution platform, providing homeowners insurance and related products to the residential property markets in California and Texas. The collaboration builds on our property expertise and is highly accretive to our existing portfolio. We are aligned in our view of risk and exposure management, and we are excited to help Bamboo continue to scale their platform into 2026.

在 2025 年稍晚，我們與 Bamboo Insurance 建立合作關係；Bamboo 是一家由業界頂尖人才支持的財產險 MGA。Bamboo 是一個以數據驅動的保險分銷平台，為加州與德州的住宅不動產市場提供房屋保險及相關產品。此項合作建立在我們的財產險專業之上，並對我們既有投資組合具有高度增益效果。我們在風險與曝險管理的觀點上高度一致，並期待協助 Bamboo 在 2026 年持續擴大其平台規模。

At 1/1/2026, we initiated a portfolio-wide partnership with OAK Global, providing funds at Lloyd's for their syndicates and making a long-term commitment that we intend to expand as their business grows. We chose to partner with the team at OAK because of the exceptional performance track record of their leadership group and the strong data-driven, people-powered culture that they have built.

於 1/1/2026，我們與 OAK Global 啟動全投資組合層級的合作夥伴關係，為其在勞合社（Lloyd's）的承保辛迪加提供資金，並做出我們計畫隨其業務成長而擴大的長期承諾。我們選擇與 OAK 團隊合作，是因其領導團隊具備卓越的績效紀錄，以及其所建立的強大數據驅動、以人才為核心的企業文化。

Oak is bringing disciplined specialist capacity into the market, underpinned by technology, data-driven insights and deep expertise, addressing a gap in the Lloyd's market for a scaled reinsurance-focused platform. By committing meaningful long-term underwriting capital, we are supporting both OAK'S expertise and the structural opportunity, partnering with a platform built for durability across market cycles.

OAK 正以紀律嚴明的專業承保能力進入市場，並以科技、數據驅動洞見與深厚專業為支撐，填補勞合社市場中對可規模化、以再保險為重點平台的缺口。透過投入具實質規模的長期承保資本，我們同時支持 OAK 的專業能力與此一結構性機會，與一個為跨越市場循環而打造、具耐久性的平臺攜手合作。

Today, including those noted above, we are actively collaborating with a select group of leading global insurers and reinsurers as well as top-tier MGAs. Our approach to identifying and engaging with partners remains highly selective. We focus on partnering with organizations that demonstrate strong underwriting discipline, deep market expertise, broad market access, and a proven track record of performance.

目前，除上述合作外，我們也正積極與一小群全球領先的保險公司與再保險公司，以及頂尖 MGAs 展開合作。我們在辨識並與合作夥伴互動的方式上，仍維持高度嚴選。我們聚焦於與展現強勁承保紀律、深厚市場專業、廣泛市場觸及能力，以及經驗證的績效紀錄之機構合作。

We anticipate that contributions from new underwriting partnerships will become an increasingly meaningful component of our premium over time. And our goal is to achieve this growth with a small number of trusted partners that we can grow alongside. In fact, we turn down the vast majority of opportunities we review, underscoring our commitment to quality over quantity.

我們預期，新的承保合作夥伴關係所帶來的貢獻，將隨時間推移成為我們保費中愈來愈重要的組成。我們的目標是透過少數值得信賴、可與我們共同成長的合作夥伴來實現此一成長。事實上，我們會婉拒所審視機會中的絕大多數，凸顯我們對「重質不重量」的承諾。

Now let me spend a few minutes talking about why partners seek to work with us. A key reason is that, across our management team, we have decades worth of diverse experience, working directly with industry leaders. We have always placed a strong emphasis on building and maintaining trusted relationships. Underwriters and brokers know that our approach is based upon collaboration, trust and true partnership because they've seen it in action.

接下來我想花幾分鐘談談，為什麼合作夥伴會希望與我們合作。其中一個關鍵原因是，我們的管理團隊擁有數十年多元的經驗，並曾直接與業界領導者共事。我們一向高度重視建立並維繫值得信賴的關係。承保人與經紀人知道我們的方法建立在協作、信任與真正的夥伴關係之上，因為他們已在實務中見證。

In addition, I would cite our long-term focus. We are committed to long-term value creation, transparency and alignment of interest with our partners that goes well beyond onetime transactional interactions. This approach ensures that our clients and partners can rely on us for consistent support.

此外，我也要提到我們的長期導向。我們致力於長期價值創造、透明度，以及與合作夥伴的利益一致性，這遠遠超越一次性的交易互動。此一作法確保我們的客戶與合作夥伴能夠依賴我們提供一致且持續的支持。

Finally, our proven expertise in analyzing portfolio-level deals, combined with a structure, which enables engagement from the entire management team on every opportunity. This gives us the conviction to deploy bespoke solutions at scale, something that our partners have found of great value.

最後，我們在分析投資組合層級交易方面已被驗證的專業能力，加上能讓整個管理團隊在每個機會上都能參與的架構。這使我們有信心以規模化方式部署量身打造的解決方案，而這一點也被合作夥伴視為極具價值。

Our onboarding of additional underwriting partnerships is a natural extension of what we have been doing successfully since inception. By executing our strategy of partnering with multiple best-in-class underwriting teams, selecting the most compelling opportunities and sizing them appropriately, we expect to further improve portfolio diversification, tightly manage exposures and optimize margins throughout the cycle.

我們新增更多承保合作夥伴關係的導入，是對我們自成立以來成功實踐之作法的自然延伸。透過執行與多個同級最佳承保團隊合作的策略、挑選最具吸引力的機會並適當配置規模，我們預期將進一步提升投資組合多元化、嚴密管理曝險，並在整個循環中優化利潤率。

Our second strategic pillar is the disciplined use of outwards reinsurance. Our outwards program delivers robust portfolio protection while driving ongoing margin improvement. By combining disciplined execution with long-standing industry relationships and expertise, we secure broad multi-class coverage at strong risk-adjusted pricing.

我們的第二個策略支柱，是紀律性地運用對外再保險。我們的對外再保險計畫在提供強健的投資組合保護之餘，也推動利潤率的持續改善。透過將嚴謹執行與長期的產業關係及專業相結合，我們以具吸引力的風險調整後價格，取得廣泛的多險種保障。

Trusted partnerships with top-tier reinsurers built over decades are a cornerstone of this strategy and a clear competitive advantage. We balance core program development with opportunistic purchases, working with counterparties who understand our portfolio and our underwriting discipline.

數十年來與頂尖再保險人建立的可信賴合作關係，是此策略的基石，也是明確的競爭優勢。我們在核心計畫的建置與機會型採購之間取得平衡，並與了解我們投資組合及承保紀律的交易對手合作。

Our organizational structure and depth of expertise support this approach. Close collaboration between management, underwriting and our inwards partners gives us access to a wide range of products and market insight. This enables us to set an optimized reinsurance program each year and consistently improve outcomes.

我們的組織架構與專業深度支持此一作法。管理團隊、承保團隊與我們的對內合作夥伴之間的緊密協作，使我們能取得廣泛的產品與市場洞見。這讓我們得以每年制定最佳化的再保險計畫，並持續改善成果。

Throughout 2025, we strengthened our outwards program by securing additional coverage at attractive terms using a blend of traditional reinsurance and ILS. This broadened protection has enhanced overall portfolio margins as we continue to optimize the interplay between our inwards and outwards exposures.

在 2025 年期間，我們透過結合傳統再保險與 ILS，以具吸引力的條件取得額外保障，從而強化我們的對外再保險計畫。隨著我們持續最佳化對內與對外曝險之間的互動，這項更廣泛的保護已提升整體投資組合利潤率。

We use outwards reinsurance not only to manage downside risk, but also as a flexible tool to support gross line size while still controlling net exposure. This approach reduces volatility and supports a more resilient risk profile across stress scenarios.

我們運用對外再保險不僅是為了管理下行風險，也作為一項具彈性的工具，在仍能控制淨曝險的同時支持總承保線額規模。此一作法降低波動性，並在壓力情境下支持更具韌性的風險輪廓。

In January, when we placed the majority of our annual program, we capitalized on favorable market conditions to expand coverage and improve terms, delivering a really strong outcome, which included meaningful rate reductions of around 20%, while upgrading both coverage quality and counterparty security, enhanced structural protection through new aggregate purchases that were not previously available to improve the overall margin protection, and targeted enhancements that broaden coverage, enhancing terms where needed and strengthening program efficiency.

在一月我們完成年度計畫的大部分配置時，我們把握有利的市場條件以擴大保障並改善條款，取得非常強勁的成果，其中包括：約 20% 的顯著費率下調；同時提升保障品質與交易對手安全性；透過新增先前無法取得的年度累積（aggregate）購買來強化結構性保護，以提升整體利潤率保護；以及有針對性的強化措施以擴大保障範圍，在需要之處改善條款並提升計畫效率。

In addition, we also sponsored another Herbie Re catastrophe bond, securing $75 million of US earthquake protection, leveraging the pricing available in the cat bond market with what we can achieve writing the inwards portfolio. This renewal underscores the role of outwards reinsurance as a flexible and active portfolio and capital management tool.

此外，我們也再次贊助另一筆 Herbie Re 巨災債券，取得 7,500 萬美元的美國地震保障，並運用巨災債券市場可得的定價，結合我們在承作對內投資組合時所能達成的條件。此次續作凸顯對外再保險作為具彈性且主動的投資組合與資本管理工具之角色。

While January marks the core placement period, we remain opportunistic throughout the year, adding coverage when it improves margins, enhances our risk profile or increases capital efficiency.

雖然一月是核心配置期間，但我們全年仍保持機會主義，在能改善利潤率、提升風險輪廓或提高資本效率時增加保障。

To provide context on risk exposure, as of January 1, our 1-in-250 California earthquake probable maximum loss is in the mid-single digits as a percentage of shareholders' equity. And our 1-in-100 Southeast Gulf and Caribbean clash exposure remains below 10% of shareholders' equity, which is consistent with our view of risk and return metrics.

為提供風險曝險的背景資訊，截至 1 月 1 日，我們加州地震 250 年一遇（1-in-250）的可能最大損失（PML）占股東權益的比例為中個位數百分比。而我們東南灣岸與加勒比海地區 100 年一遇（1-in-100）的碰撞（clash）曝險仍低於股東權益的 10%，這與我們對風險與報酬指標的看法一致。

In closing, we are excited with the progress we continue to make. We have expanded our network of new underwriting partners, which will be key to our growth moving forward. Our strategic use of outwards reinsurance has been proven throughout market cycles to enhance our risk and return profile. And our balance sheet is in a very strong position with broad protection in place to manage peak exposures.

總結而言，我們對持續取得的進展感到振奮。我們已擴大新的承保合作夥伴網絡，這將是我們未來成長的關鍵。我們策略性運用對外再保險，已在不同市場循環中被證明能提升我們的風險與報酬輪廓。同時，我們的資產負債表處於非常強健的狀態，並已建立廣泛的保護以管理峰值曝險。

And with that, I'll turn it back to Dan to cover our outlook for 2026.

接下來，我把時間交回給 Dan，請他說明我們對 2026 年的展望。

Thanks, Jonny. I'd like to emphasize that our top priority is creating shareholder value. We are confident that our focused and strategic approach to capital allocation across our three core pillars will continue to differentiate us in the marketplace and drive sustainable value creation for our shareholders.

謝謝你，Jonny。我想強調，我們的首要任務是為股東創造價值。我們有信心，透過在三大核心支柱上採取聚焦且具策略性的資本配置方式，將持續使我們在市場中脫穎而出，並為股東帶來可持續的價值創造。

Turning to what we are seeing in the marketplace entering 2026. The broader environment has clearly evolved over the past year. Consistent with what others in the industry have reported, we are seeing a moderation in pricing in some areas. But importantly, we do not see this as a return to the old soft cycle.

接著談談我們在進入2026年時於市場上所觀察到的情況。整體環境在過去一年中顯然已經演變。與同業所回報的情況一致，我們看到部分領域的價格有所趨緩。但重要的是，我們不認為這代表回到過去的疲弱（soft）循環。

The correction we have experienced across the portfolio since 2019, including higher attachment points and tighter terms and conditions, has created a more durable trading environment. Those features have largely remained intact. Even as headline pricing may have come off a bit, margins and adequacy across the portfolio remains strong. It's important to note that in overall pricing terms, this is taking the market back to levels seen a few years ago, a period widely viewed as one of opportunity and margin, underpinned by underwriting discipline.

自2019年以來，我們在整體投資組合所經歷的修正，包括更高的起賠點（attachment points）以及更嚴格的條款與條件，已打造出更具韌性的交易環境。這些特徵大多仍然維持不變。即使表面上的價格可能略有回落，整體投資組合的利潤率與充足性仍然強勁。需要指出的是，就整體定價而言，這正使市場回到幾年前的水準；那段期間普遍被視為充滿機會與利差的時期，其基礎在於承保紀律。

When I think about the market, the message I really want to get across is that the impact, as we move through the cycle, is not the same for everyone. Outcomes are increasingly differentiated by not only market positioning, but also relevance to clients, quality of relationships, and execution discipline. How and where and with whom you are deploying capital matters, and we are confident in our ability to identify the most attractive areas of the market to allocate capital and to know who to partner with to grow a profitable and sustainable portfolio.

當我思考市場時，我真正想傳達的訊息是：隨著我們走過循環，其影響並非對每個人都一樣。結果正日益出現分化，分化因素不僅在於市場定位，也在於對客戶的相關性、關係品質，以及執行紀律。你如何、在哪裡、以及與誰部署資本都很重要；我們有信心能辨識市場中最具吸引力的資本配置領域，也知道應與誰合作，以擴大一個具獲利性且可持續的投資組合。

Our business model affords us three primary advantages as we navigate this environment. Our portfolio is highly diversified across products, geographies, and increasingly underwriting partners. We benefit from strong long-standing market relationships and, most importantly, we have the flexibility to allocate our capital dynamically. We remain focused on identifying new areas of opportunity, and we are partnering with those best positioned to execute alongside us. That's why we are confident in our ability to deliver top-line growth of mid-single digits in 2026, delivering strong performance through the cycle and continuing to create value for our shareholders.

在我們因應此環境的過程中，我們的商業模式賦予我們三項主要優勢。我們的投資組合在產品、地理區域，以及日益增加的承保合作夥伴方面高度多元化。我們受益於強大且長期的市場關係；最重要的是，我們具備動態配置資本的彈性。我們仍專注於辨識新的機會領域，並與最具執行優勢的夥伴攜手合作。因此，我們有信心在2026年實現中個位數的營收成長，於整個循環中交出強勁表現，並持續為股東創造價值。

Yesterday, we announced our new brand identity, Pelagos Insurance Capital. This branding underscores our positioning as a capital allocator, working with best-in-class underwriting partners. Pelagos comes from the root of the word archipelago, a community of islands, each unique, yet connected and working together. It reflects how we're built: a global community of teams, locations and trading partners, each bringing distinct expertise and made stronger by the connections between us.

昨天，我們宣布了全新的品牌識別：Pelagos Insurance Capital。此品牌定位強調我們作為資本配置者，與一流的承保合作夥伴共同合作。Pelagos 源自「archipelago（群島）」一詞的字根——由多個島嶼組成的社群，每座島嶼各具特色，卻彼此相連、共同運作。這也反映了我們的組成方式：由全球各地的團隊、據點與交易夥伴所構成的社群，各自帶來獨特專長，並因彼此連結而更為強大。

We are confident that the Pelagos Insurance Capital brand identity, which we expect to launch in May, provides greater clarity for our people, our clients, and our shareholders, highlighting our unique market presence and reinforcing our commitment to building lasting partnerships and meaningful connections.

我們有信心，預計於5月正式推出的 Pelagos Insurance Capital 品牌識別，將為我們的員工、客戶與股東帶來更清晰的定位，凸顯我們獨特的市場存在，並強化我們致力於建立長久夥伴關係與有意義連結的承諾。

Let me leave you with one final thought on the market. As a capital allocator, we navigate an environment shaped by macroeconomic shifts and ongoing geopolitical disruptions. The evolving risk landscape is creating new opportunities across our industry. In times of uncertainty, our sector's ability to provide innovative solutions becomes even more relevant.

最後，我想就市場留給各位一個想法。作為資本配置者，我們在一個受宏觀經濟變動與持續地緣政治干擾所形塑的環境中前行。不斷演變的風險版圖正在為我們的產業創造新的機會。在不確定的時期，我們產業提供創新解決方案的能力變得更加重要。

For those organizations that can adapt quickly and lead with innovation, these changes are not just challenges, they are catalysts for growth and differentiation. We remain committed to staying at the forefront, leveraging our agility and expertise to deliver value for our clients and our shareholders.

對於能夠快速適應並以創新領先的組織而言，這些變化不僅是挑戰，更是成長與差異化的催化劑。我們仍致力於保持領先地位，運用我們的敏捷性與專業能力，為客戶與股東創造價值。

And with that, operator, we will now open the line for questions.

那麼，接下來請接線員開放提問。

(Operator Instructions) Matt Carletti, Citizens.

(接線員指示) Citizens 的 Matt Carletti。

Thank you for the color on the partnerships you've established outside of The Fidelis Partnership. I think that's very helpful in terms of understanding how you go about it. I don't know if this is for Dan or Jonny. But as we think about how that plays out going forward and new partnerships, should we think more about lines of business? Is it more about geographies that maybe you don't have exposure to? Is it more about kind of bespoke products that maybe don't really exist in the market today? I'm just trying to get a feel for how your bingo card looks and what the missing pieces are.

感謝你們分享在 The Fidelis Partnership 之外所建立的合作夥伴關係的更多背景。我認為這對理解你們如何推進非常有幫助。我不確定這題是問 Dan 還是 Jonny。但當我們思考未來這將如何發展以及新的合作夥伴關係時，我們應該更多從業務線的角度來看嗎？還是更多從你們可能尚未涉足的地理區域來看？或者是更偏向某些目前市場上可能還不存在的客製化產品？我只是想了解一下你們的「賓果卡」長什麼樣，以及還缺哪些拼圖。

Yes. Thanks, Matt. So firstly, I'll start with -- I know that was quite a long introduction, but there was a lot to talk about, a lot of detail. So if you don't get through the questions today or during this call, please come back to us, and we'll take any questions you've got over the course of the coming days.

是的。謝謝你，Matt。首先我先說——我知道那段開場相當長，但確實有很多內容要談、細節也很多。所以如果今天或這通電話中沒能把問題都問完，請再回來找我們；接下來幾天我們都可以回答你所有的問題。

So Matt, great question, as I said. The way we think about underwriting is always to start with the risk strategy, and we think about our capital allocation. So we're always looking at what is the best risk-reward dynamic in the market across all of our options. So that could be underwriting or other capital actions we can take.

所以 Matt，正如我所說，這是個很好的問題。我們思考承保的方式，一向是從風險策略出發，並據此思考資本配置。因此，我們總是在所有選項中評估市場上最佳的風險—報酬動態。這可能是承保，也可能是我們可以採取的其他資本行動。

So we do have flexibility with the arrangement with the TFP about how we deploy. Obviously, we have the ROFR, so we have the right of first refusal on any business that they originate. But outside of that, obviously, we're always looking to execute on the relationships that we've got where we see margin that's attractive to us in other lines of business that are complementary to what we're doing or, in fact, in addition to what we're doing sometimes, then we're going to execute on that.

因此，透過與 TFP 的安排，我們在部署方式上確實具備彈性。顯然，我們有 ROFR，也就是對其所承作（originate）的任何業務享有優先承作權（right of first refusal）。但除此之外，我們也一直在尋求於既有關係中執行機會：只要我們在其他與我們現有業務互補的業務線，或有時甚至是新增於我們現有業務之外的領域，看到了對我們具吸引力的利差，我們就會去執行。

So it could be a mix of everything you just said. I think we don't close ourselves off. There are certain lines of business that aren't attractive to us. I think we've talked about aviation. Obviously, for us, casualty is not in scope at the moment. We don't see them hitting our hurdles at the moment. But I think in general, it's a mix. It's more about the quality of the underwriter, their track record, the leadership team, does it help to diversify? Is it creating margin for the book. And that, again, expanding the distribution channels that we have through new partners, geography or product line that we're entertaining, all of those things, and we're working hard to do that.

所以，可能會是你剛才提到的各種因素的組合。我認為我們不會把自己侷限住。有些業務線對我們而言並不具吸引力。我想我們談過航空。顯然，就我們而言，責任險（casualty）目前也不在範圍內。我們目前看不到它們能達到我們的門檻。但整體而言，這是一個組合。更重要的是承保人的品質、其過往績效、領導團隊；是否有助於分散風險？是否能為整體帳簿（book）創造利差。此外，透過新的夥伴擴大我們的分銷通路，不論是我們正在評估的地理區域或產品線，這些都是我們考量的因素，我們也正努力推進。

Jonny, do you want to add anything?

Jonny，你要補充什麼嗎？

Yes, I think you covered most of it, Dan. All I'd add is it's a very high bar. I think The Fidelis Partnership have performed very well. If you look at our combined ratio this quarter, it's obviously mostly driven by them. It's down 80%, 79% last quarter, and we're really pleased with that. And we're not going to lower the bar for new partners. They have to meet or beat that hurdle.

是的，我想你已經涵蓋了大部分內容，Dan。我唯一要補充的是，門檻非常高。我認為 The Fidelis Partnership 的表現非常出色。如果你看我們本季的綜合比率，顯然主要是由他們所帶動。它降到 80%，上季是 79%，我們對此非常滿意。而且我們不會為新合作夥伴降低門檻。他們必須達到或超越那個門檻。

I think the other thing I'd highlight is where a partner does meet that, where they do fit in well and hit those characteristics that Dan mentioned, then we're really in a position where we can get comfortable with that very quickly. As I said, the entire management team is able to look at every opportunity. And that gives us the conviction to commit at size and for the long term where we think that's the right thing to do.

我認為另一個值得強調的是，當某個合作夥伴確實達到那個標準、也確實很契合並符合 Dan 提到的那些特質時，我們就真的能在很短時間內對此感到放心。如我所說，整個管理團隊都能檢視每一個機會。這讓我們有信心在我們認為正確的情況下，以相當規模並以長期承諾投入。

And I think that's the key to what we bring to partners. We can lead them to concentrate on the underwriting, which is what we've done with The Fidelis Partnership, and benefit from the extra alpha that's generated by allowing that time to them.

而我認為這正是我們能帶給合作夥伴的關鍵。我們可以引導他們把重心放在承保上——這也是我們與 The Fidelis Partnership 所做的——並透過把時間留給他們，受益於因此產生的額外 alpha。

The only other bit I'd mention is, as I mentioned in the pre remarks, we're really looking to concentrate on a small number of partners and have something that's meaningful and something that can grow over time with them. This isn't something that we see being 100, 200 partners very quickly. It's a small number of core partners that we want to do something meaningful with.

另外我想提到的是，正如我在開場說明中提到的，我們確實希望把重心放在少數合作夥伴上，並與他們建立有意義、且能隨時間成長的合作。這不是我們認為會很快變成 100、200 個合作夥伴的事情。我們想合作的是少數核心夥伴，並與他們做出有意義的成果。

And then just a quick follow-up, probably for Allan. I appreciate the guidance you gave us on the net earned premium. Let's just take maybe the Insurance segment, kind of the relationship between net earned and net written has definitely come down. It was in the 90s for 2024, and got 75% earning through in 2025 and then even lower, that guide you gave us for Q1.

接著再快速追問一下，可能是問 Allan。我很感謝你對淨已賺保費（net earned premium）提供的指引。我們就以保險（Insurance）分部來看，淨已賺與淨簽單（net written）之間的關係確實下降了。2024 年是在 90% 多，到了 2025 年大約只有 75% 轉為已賺，然後你給我們的 Q1 指引甚至更低。

So can you just help us understand, you mentioned some credit type products and otherwise that have much longer earnings patterns than the rest of the book. Is that what we're seeing there? And then a follow-on to that is that lower level that we're seeing in Q1 to be expected to carry on through the year? I mean, it grows as premiums grow, but that relationship hold.

所以你能否協助我們理解：你提到一些信用類產品等，其賺取（earning）模式比其他業務組合長很多。我們看到的就是這個影響嗎？另外延伸問題是：我們在 Q1 看到的較低水準，是否預期會在全年持續？我的意思是，隨著保費成長它會增加，但那個比例關係是否會維持。

Yes. Thanks, Matt. This is Allan. Yes, we're obviously pleased with our gross premium written growth during the year of 7% and how this is flowing through our portfolio with a Q4 combined ratio of 80.6%. Three factors are really influencing that delta between earned and written in the quarter, some of it carrying through to 2026, as you're mentioning.

是的。謝謝，Matt。我是 Allan。是的，我們當然對全年 7% 的總簽單保費（gross premium written）成長感到滿意，也對其在我們投資組合中的反映感到滿意，本季第四季綜合比率為 80.6%。有三個因素確實在影響本季已賺與簽單之間的差異，其中部分會延續到 2026 年，正如你所提到的。

First of all, in the quarter, our loss experience improved on California wildfires, reducing our reinstatement premiums. And overall, our reinstatement premiums accounted for approximately 40% of the variance between written and earned growth.

首先，在本季，我們在加州野火方面的損失經驗有所改善，降低了我們的復效保費（reinstatement premiums）。整體而言，我們的復效保費約占簽單與已賺成長差異的 40%。

Second of all, as Dan mentioned, we came off aviation business throughout the year. This accounted for another 40% of the variance between written and earned. But yes, importantly, as you said, and it will be more obvious going forward, I think that our business mix reflects the positive steps that we've taken to grow in areas with attractive margin, such as asset-backed finance and portfolio credit, which do have longer earnings patterns.

第二，如 Dan 所提到的，我們在全年逐步退出航空業務。這又占了簽單與已賺差異的另外 40%。但沒錯，重要的是如你所說，而且我認為未來會更明顯，我們的業務組合反映了我們為了在具吸引力利潤率的領域成長所採取的正向措施，例如資產擔保融資（asset-backed finance）與投資組合信用（portfolio credit），這些確實有較長的賺取模式。

So three strong reasons for the delta between earned and written, favorable loss experience, disciplined underwriting, and a nimble portfolio focused on higher-margin business. And as you mentioned, and as I mentioned in my prepared remarks, the net premium earned, that guidance we're giving forward -- and we did listen to you guys because we know it's hard to sometimes model earned premium, is based on this new expected business mix that we have going forward.

因此，已賺與簽單之間出現差異有三個很強的原因：有利的損失經驗、嚴謹的承保，以及聚焦於較高利潤業務的靈活投資組合。而如你所提到、也如我在事先準備的發言中所說，我們對未來提供的淨已賺保費指引——我們也確實聽取了各位的意見，因為我們知道有時候已賺保費很難建模——是基於我們未來這個新的預期業務組合。

And again, the earned asset-backed finance and portfolio credit earned over sort of five to seven years rather than one to two years, that's something like aviation would earn.

再者，資產擔保融資與投資組合信用的已賺期間大約是 5 到 7 年，而不是像航空那樣 1 到 2 年就賺取完成。

Yes. I mean, we can, if you want to talk a little bit about the aviation. It's very important that we demonstrate disciplined underwriting. And that market, we have outlined the challenges, especially given very active loss activity over the last 18 months. We did see some green shoots midyear, especially in the risk market, driven by that loss activity.

是的。我的意思是，如果你想談一下航空業務。我們展現嚴謹承保是非常重要的。我們已經說明過該市場的挑戰，尤其是在過去 18 個月損失活動非常活躍的情況下。我們確實在年中看到一些回溫跡象，特別是在風險市場（risk market），這是由那波損失活動所帶動的。

But ultimately, the pricing did not meet our hurdles and our approach is all about risk-reward trade-off. So as a lot of that business is actually bound in Q4, it's difficult to get how that's going to emerge and how the execution is going to go as late in the year, and that's added to the net earned premium reduction. But part of it is price and part of it is terms and conditions that are just nonnegotiable.

但最終，定價並未達到我們的門檻，而我們的方法核心在於風險—報酬的取捨。因此，由於相當一部分業務其實是在第四季才承保生效（bound），到了年底才做，很難判斷它將如何逐步反映、以及執行會如何進行，這也加劇了淨已賺保費的下降。但其中一部分是價格因素，另一部分則是一些我們完全不可談判的條款與條件。

So I think as I've said, governing law and jurisdiction can significantly impact loss outcomes, and we're just not going to negotiate on that. So we dropped 50% of the premium. But because we've got a strong capital position, because, through our partnerships, we've got access to market, we've still grown. There's over 100 other lines of business, and we see plenty of margin in the current environment across those.

所以我想如我所說，準據法與管轄權會顯著影響損失結果，而我們不會在這方面妥協。因此我們把保費削減了 50%。但因為我們資本部位強勁，且透過我們的合作夥伴關係，我們能接觸市場，我們仍然實現了成長。市場上還有 100 多條其他業務線，而在目前環境下，我們在這些領域看到充足的利潤空間。

So if you want to grow, you've got to be disciplined, it's got to be with margin, it's got to be profitable, and that's what we're aiming to do across the market cycle. But it did impact, as Allan said, significantly the net earned premium.

所以如果你想成長，就必須自律，必須在有利潤的前提下成長，必須是可獲利的，而這正是我們希望在整個市場循環中做到的。但正如 Allan 所說，這確實對淨已賺保費造成了顯著影響。

Meyer Shields, KBW.

Meyer Shields，KBW。

One question to begin with on the new underwriting partners. How should we think of the timeline for you ramping up to your targeted participation on their book? I mean, I'm assuming with financial -- with The Fidelis Partnership, it's instant. Is there a longer duration before you're at your targeted share of the newer partners' book?

先從新承保合作夥伴的一個問題開始。我們應該如何看待你們把參與比例提升到其保單組合目標占比的時間表？我的意思是，我假設就財務——就 The Fidelis Partnership 而言，是立即的。那對於較新的合作夥伴，在達到你們目標份額之前，是否會有更長的時間？

Yes, it's a really good question. Obviously, when we're looking at partnerships, first and foremost, it's risk-reward. The characteristics are all very similar, high barriers to entry in that particular market, different distribution, strong teams with good track records with good technical underwriters. So the hit ratio is not going to be extremely high. We probably decline more than 90% of what we see. But we have identified, over the last couple of years, the relationships with those teams that we see being accretive to our business plan.

是的，這是個非常好的問題。顯然，當我們評估合作關係時，首要考量是風險—報酬。其特徵都非常相似：在該特定市場具有高進入門檻、不同的分銷方式、具良好往績的強大團隊，以及優秀的技術型承保人。因此命中率不會非常高。我們可能會拒絕我們所看到的超過 90%。但在過去幾年，我們已經辨識出與那些團隊的關係；我們認為這些關係能為我們的業務計畫帶來增益（accretive）。

So yes, I think we're in a very strong position now, given our capital strength, the performance of the business. It's working exactly as designed with the partnership. So adding on the complementary new partnerships, diversifying is a smart thing to do. I think in terms of timeline, we haven't really set a timeline. But certainly, what we'd be aiming for in the medium term is 25% to 30% plus of the book will be with new partnerships.

所以是的，我認為以我們的資本實力與業務表現而言，我們現在處於非常強勢的位置。與合作夥伴的合作正如設計般運作。因此，加入互補性的新合作夥伴、推動多元化是明智之舉。我認為就時間表而言，我們其實尚未真正設定時間表。但可以肯定的是，我們中期目標是讓新增合作夥伴承保的業務占整體承保組合的25%到30%以上。

But look, we're also looking for growth with the TFP. So I think we're in a strong enough position from a capital sense that we can do both so long as it's profitable, so long as we hit the very high benchmark that TFP sets and it's accretive to the business.

不過你看，我們也在尋求透過TFP實現成長。所以我認為從資本角度來看，我們的部位足夠強，可以兩者並行——只要有利可圖、只要達到TFP所設定的非常高的門檻，並且對業務具有增益（accretive）。

And what makes it so hard to split between TFP and new underwriting partners is it's not really how we think about it. We don't have a plan for how much to grow with each. We have a plan for where in the market we want to grow, where in the market we think things best add to our risk profile. And then we decide which partner we think is best placed to execute on that. So as the market evolves, that mix between things that TFP execute on for us and things that other partners execute for us shifts, if that makes sense, Meyer.

而之所以很難在TFP與新的承保合作夥伴之間做切分，是因為我們並不是用這種方式來思考。我們沒有規劃要分別與各方成長多少。我們有的是一個計畫：我們希望在市場的哪些領域成長、在哪些領域我們認為最能改善我們的風險輪廓。然後我們再決定哪一個合作夥伴最適合去執行。因此，隨著市場演變，由TFP為我們執行的部分與由其他合作夥伴為我們執行的部分之間的組合會有所變動——如果這樣說得通的話，Meyer。

Yes, it does. Second question, sort of unrelated, but as the mix shifts more towards longer-duration contracts like asset-backed finance and so on, does that imply an opportunity for extending the investment portfolio duration?

是的，確實。第二個問題，算是有點不相關，但隨著組合更多轉向像資產擔保融資等較長期間的合約，這是否意味著有機會延長投資組合的久期？

Yes. Thanks, Meyer. It's Allan here. Obviously, we do consider that as part of our capital allocation process. We are pleased with our investment portfolio producing a 4.4% yield on the year. Our return reflects our strategy that we focus on attractive investment income while targeting an above-average risk-adjusted return through all cycles. We take risk, though, first of all, on the liability side, not on the asset side, and that's consistent with our capital allocation strategy.

是的。謝謝你，Meyer。我是Allan。很明顯地，我們在資本配置流程中確實會把這點納入考量。我們對投資組合今年產生4.4%的收益率感到滿意。我們的回報反映了我們的策略：專注於具吸引力的投資收益，同時在各個景氣循環中，力求取得高於平均的風險調整後報酬。不過我們承擔風險首先是在負債端，而不是在資產端，這也符合我們的資本配置策略。

As I stated in my script, part of the investment this year was -- investment income reduced this year because our capital strategy meant we bought back a lot more shares during the year, $261 million worth, which, as a result, reduced the total amount of investable assets and, as a result, hit our investment income. We also paid dividends of $52 million during the year, contributing to shareholder return.

正如我在講稿中提到的，今年投資方面的一部分——投資收益今年下降，是因為我們的資本策略意味著我們在年內回購了更多股份，總額2.61億美元；因此可投資資產總量下降，進而影響了投資收益。我們在年內也支付了5,200萬美元股利，為股東回報作出貢獻。

So as we look forward, we will expect our returns to be broadly in line. Our expected return is 4% to 4.5% for 2026, but duration is always something we look at, but we're not going to do that immediately. We need to look at how new underwriting partners evolves, how the asset-backed portfolio evolves in terms of duration. But yes, that's always a consideration.

因此展望未來，我們預期回報大致會維持一致。我們對2026年的預期回報為4%到4.5%；久期一直是我們會關注的事項，但我們不會立刻這麼做。我們需要觀察新的承保合作夥伴如何演進，以及資產擔保投資組合在久期方面如何發展。但沒錯，這始終是一項考量。

And, Meyer, just to add on, some of the business that we write, it's not like casualty business. It's more long tenure than long tail is how we phrase it. And some of those asset-backed finance policies as a result of that, you get the premium over time. You don't necessarily get it all upfront. So there's not as big a shift in terms of our cash flow pattern as you might expect if we had gone in and written a big casualty book, for example.

另外，Meyer，我再補充一下：我們承作的部分業務並不像意外險（casualty）那樣。我們的說法是「期限較長」（long tenure），而不是「尾端較長」（long tail）。而其中一些資產擔保融資保單，因為這個特性，你會在一段時間內逐步收到保費。你不一定會一次在前期全數收到。因此，就我們的現金流型態而言，變化不會像你可能預期的那麼大——例如如果我們進去承作了一大本意外險業務的話。

Leon Cooperman, Omega.

Leon Cooperman，Omega。

Let me just say this. I've learned over the years that the value of the book for a company is a function of what the return on that book value is. Given your returns, I think the way you're trading in the market just seem to be a very well-kept secret. There are nine analysts that have a forecast for you and the nine analysts have you worth well below your book value. And it seems to me that you're worth well above book value.

我先說一句。多年來我學到，一家公司的帳面價值（book）的價值取決於其帳面價值報酬率。以你們的回報來看，我覺得你們在市場上的交易狀況似乎是一個被嚴密保守的秘密。目前有九位分析師對你們做出預測，而這九位分析師給你們的估值都遠低於你們的帳面價值。但在我看來，你們的價值應該遠高於帳面價值。

A company that can earn 15% to 18% of the book, that book is worth at least twice book value, yet we -- I think a year from today, I can see a book value over 30% and your earnings is close to $4.5, $5 a share. So your stock is 5 times earnings and the market is 23 times earnings. And your return on book value is higher than the S&P and yet your multiple is a quarter of it. So are you not telling your story? Or you're telling your story but nobody listening?

一家能夠在帳面上賺取15%到18%報酬的公司，那本帳面至少值兩倍的帳面價值；然而我們——我認為從今天起一年後，我可以看到帳面價值成長超過30%，而你們的每股盈餘接近4.5到5美元。所以你們的股票是5倍本益比，而市場是23倍本益比。你們的帳面報酬率高於標普500，但你們的倍數卻只有它的四分之一。所以是你們沒有把故事講清楚？還是你們有在講，但沒有人在聽？

Yes. Look, thanks very much, Leon. Good to hear from you. Everything you said, we agree with, we're undervalued. If we think about book value growth since the inception of the business, that's up 57%. In dividends, it's higher. In dividends, it's 15% in the last year. Then you look at ROAE, look at the last quarter, combined ratio, there are very few better, if at all, than those numbers going forward.

是的。Leon，非常感謝。很高興聽到你的聲音。你說的每一點我們都同意——我們被低估了。如果我們回顧自業務成立以來的帳面價值成長，已上升57%。若加上股利，表現更高。就股利而言，過去一年是15%。再看ROAE、看上一季的綜合率（combined ratio），未來要找到比這些數字更好的公司非常少，甚至可能沒有。

I don't think it's just about the numbers, though, Lee. It is about the story. We've listened to the messages in the market. People ask questions about the structure. We'll look at the performance, look at the growth in the business. It's working exactly as it was structured, as it was meant to do.

不過我認為這不只是數字的問題，Lee。也關乎故事。我們有聽取市場上的訊息。大家會問結構方面的問題。我們會看績效、看業務成長。它正如其架構設計般運作，也正如原本的目的那樣。

There were questions around Russia-Ukraine. We've dealt with that. There were questions around the overhang in terms of liquidity. ADIA, one of the bigger PE firms have exited in '25. We've been very front foot about buying shares in the open market, buying out PE when there's P&C opportunities, and then obviously, the diversification with partners, which we're expanding now. So we think we're doing the right things to send the right message out.

之前有人對俄烏問題提出疑問。我們已經處理了。之前也有人對流動性「懸而未決因素」（overhang）提出疑問。ADIA——較大型的私募股權機構之一——已在25年退出。我們在公開市場回購股份、在有產險（P&C）機會時買下私募股權持股，以及與合作夥伴進行多元化（我們現在正在擴大）等方面，都採取了非常積極主動的作法。因此我們認為，我們正在做正確的事情，把正確的訊息傳遞出去。

Consistency is key, making sure quarter after quarter, we're putting up these results. But Leon, be assured, we've got a big conference in Naples coming up this weekend. We'll be on the front foot. Our performance is strong. You need to start thinking about us and our performance as a capital allocator and the valuation should come through. But we're working very hard on that, Leon.

一致性是關鍵，確保我們一季接一季都能交出這些成果。不過Leon，請放心，我們這個週末在那不勒斯有一場大型會議。我們會採取積極主動的態度。我們的表現很強。你需要開始把我們以及我們的表現視為一個資本配置者，而估值應該會反映出來。但我們正在非常努力地推動這件事，Leon。

I'm not looking to put you out of business in terms of selling you, but I just looked at Zurich [Reinsurance] make an offer, and I think they've agreed to buy Beazley and they were paying over twice the book and about 10, 12 times earnings. And if somebody in a slow-growing world where people are looking to buy growth, I would think that we'd be very attractive at a multiple of earnings.

我並不是想在把你賣掉這件事上讓你沒生意可做，但我剛看到蘇黎世[再保險]提出了一個報價，我認為他們已同意收購 Beazley，而且支付的價格超過帳面價值的兩倍，約為盈餘的 10 到 12 倍。而在一個成長緩慢、大家都在尋求透過收購來買成長的世界裡，我會認為以盈餘倍數來看，我們會非常有吸引力。

Completely agree. And I think, as I said, if we continue on the path that we're on, then we would expect to see a similar run rate in terms of book value growth over the next couple of years. So yes, north of 30%, absolutely. And we would expect our valuation to come to par with that. We think the valuation should be a multiple of book. When you look at our results, they are exceptional. But it's got to be consistent we get that.

完全同意。而且我想，如我所說，如果我們持續走在目前這條路上，那麼我們預期在未來幾年，帳面價值成長的運行速度會相近。所以是的，超過 30%，絕對是。而我們也預期我們的估值會回到與之相當的水準。我們認為估值應該是帳面價值的倍數。當你看我們的結果，它們是卓越的。但必須要一致，我們理解這點。

I agree with you. Okay, well, congratulations and excellent results.

我同意你。好，那麼恭喜你們，成果非常出色。

Peter Knudsen, Evercore.

Peter Knudsen，Evercore。

The first one, I thought the reinsurance renewal commentary was interesting. I'm just wondering if you could maybe talk about any changes to the retention, if at all, on the XOL program, given the 20% rate decline? And then, in addition, it sounded like you guys were able to purchase an agg cover for the first time. And so, A, could you provide some details on that? And then B, what does that say about the market? Why do you think you were able to now versus I think you said in the past that wasn't available?

第一個問題，我覺得再保續約的評論很有意思。我想請問，在 XOL 計畫上，鑑於費率下滑 20%，你們的自留額是否有任何變化（如果有的話）？另外，聽起來你們似乎第一次能夠買到一個 agg（累積）保障。所以 A，你能否提供一些細節？然後 B，這對市場意味著什麼？為什麼你們現在能買到，而你們過去似乎說那是買不到的？

Yes. Thanks. Great question. It's Dan. I'll just put into context, the agg deal we spoke about actually was not for cat. We've had agg deals since the inception of Fidelis in 2015. So specifically, the natural perils, this was a volatility agg for other lines of business that we kind of said you couldn't have bought that a year ago. So that came on board in the fourth quarter. So we're very pleased with that.

是的。謝謝。問得很好。我是 Dan。我先補充一下背景，我們提到的那筆 agg 交易其實不是針對巨災（cat）。自 Fidelis 於 2015 年成立以來，我們就一直有 agg 交易。具體來說，就自然災害而言，這次是針對其他業務線的波動性 agg，我們的意思是你在一年前買不到這種。所以這是在第四季加入的。因此我們對此非常滿意。

But Jonny, do you want to answer the other question?

不過 Jonny，你要不要回答另一個問題？

Yes. I think we found ourselves in a completely different market to a year ago, Peter. I mean, on top of the agg Dan mentioned, we also bought aggregate cover in our cat program as well. That certainly wasn't available a year ago. In terms of attachment points, I mean, the exposure going through was up in some ways. I mean, you see rates have come off to some extent. Our premium is the same. So that aligns to that story.

好的。Peter，我想我們所處的市場與一年前完全不同。除了 Dan 提到的 agg 之外，我們也在巨災計畫中買了累積保障。那在一年前確實是買不到的。就起賠點（attachment points）而言，我是說，某些方面穿透的曝險是上升的。你也看到費率在某種程度上有所回落。我們的保費是一樣的。所以這與那個說法是一致的。

And we haven't had to push attachment points up at all. In fact, in some places, we've been able to either bring them down or broaden coverage. So we've got more perils attaching at lower attachment points in that. So we're very, very pleased. I mean, we've always said that our preference is usually, rather than to cash in on the price reduction, to spend the extra money on getting better, broader, and more coverage, and that's what we've done this time.

而且我們完全不需要把起賠點往上推。事實上，在某些地方，我們反而能把起賠點降低或擴大保障範圍。所以我們在更低的起賠點上，讓更多災因（perils）開始承保。因此我們非常、非常滿意。我的意思是，我們一直說我們的偏好通常是：與其把降價的好處直接變現，不如把額外的錢花在取得更好、更廣、更多的保障，而這次我們就是這麼做的。

I mean, as I said, we also remain opportunistic. I think there might be opportunities to add to that program as we move through the year. And what really helps us there is we can buy in any market. We buy UNL covers, we buy quota share, we buy ILWs, we buy cat bonds. And we're literally looking at options every week. We're looking at some stuff right now, in fact.

另外，如我所說，我們也會保持機會主義。我認為隨著今年推進，可能會有機會把那個計畫再加碼。而對我們很有幫助的是，我們可以在任何市場買保障。我們買 UNL 保障、買成數分保（quota share）、買 ILW、買巨災債券（cat bonds）。我們幾乎每週都在看選項。事實上，我們現在就正在看一些東西。

Okay. That's really helpful. And then I'm wondering if you guys could just help me -- maybe I'm thinking about this wrong, but maybe talk a little bit about the intellectual property line within ABS and portfolio credit, I guess, in relation to some of the software concerns in the market today. Is that a risk or a concern for you guys at all?

好的。這很有幫助。接著我想請問，你們能否幫我釐清一下——也許我想錯了——但想請你們談談 ABS 與投資組合信用（portfolio credit）裡的智慧財產權這條線，尤其是相對於目前市場上對軟體的一些疑慮。這對你們而言是風險或疑慮嗎？

Peter, intellectual property is something that we pulled out of a couple of years ago. And we've given commentary in prior calls that we really didn't have many exposures there. I think we're down to a couple of policies that will run off over the next year or so. We've not seen any real loss activity movement on that in the past few quarters. And it's certainly not something we'd be looking to go back into.

Peter，智慧財產權是我們在幾年前就退出的項目。而且我們在先前的電話會議中也評論過，我們在那方面其實沒有太多曝險。我想我們只剩下少數幾張保單，會在未來一年左右逐步到期結束（run off）。過去幾季我們沒有看到那方面有任何實質的損失活動變化。而且這也絕對不是我們會考慮再回去做的領域。

We have now hit the top of the hour, so this will conclude today's question-and-answer session. I'd like to turn the call back over to Dan Burrows for closing remarks.

現在已到整點，因此今天的問答環節到此結束。我想把電話會議交回給 Dan Burrows 做結語。

Yes. Look, thank you very much. We really appreciate you joining the call today. As I said earlier, for any additional questions, we're here to take them in the coming days and weeks. Thanks for your support, and I hope you enjoy the remainder of the week, and have a great weekend. Thank you.

好的。各位，非常感謝。我們非常感謝你們今天加入電話會議。如我先前所說，如有任何其他問題，我們在接下來幾天與幾週都會在這裡回覆。謝謝你們的支持，祝各位本週剩餘時間愉快，週末也過得愉快。謝謝。

Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。