Palomar Holdings Inc (PLMR) 2025 Q2 法說會逐字稿

Good morning and welcome to the Palomar Holdings Incorporated second quarter 2025 earnings conference call.

早上好，歡迎參加 Palomar Holdings Incorporated 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Chris Uchida, Chief Financial Officer. Please go ahead, sir.

提醒一下，本次電話會議正在錄音。現在我想把電話轉給財務長 Chris Uchida 先生。先生，請繼續。

Thank you, operator, and good morning everyone. We appreciate your participation in our earnings call. With me here today is Mac Armstrong, our Chairman and Chief Executive Officer. Additionally, John Christensen, our President, is here to answer questions during the Q&A portion of the call. As a reminder, a telephonic replay of this call will be available on the investor relations section of our website through 11:59 p.m. Eastern time on August 12, 2025.

謝謝接線員，大家早安。感謝您參加我們的收益電話會議。今天和我一起在場的是我們的董事長兼執行長麥克阿姆斯壯 (Mac Armstrong)。此外，我們的總裁約翰·克里斯滕森 (John Christensen) 也將在電話會議的問答環節回答問題。提醒一下，本次電話會議的電話重播將於 2025 年 8 月 12 日東部時間晚上 11 點 59 分之前在我們網站的投資者關係部分提供。

Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. These include remarks about management's future expectations, beliefs, estimates, plans, and prospects. Such statements are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those indicated or implied by such statements.

在我們開始之前，請容我提醒大家，本次電話會議可能包含某些構成《1995 年私人證券訴訟改革法案》所定義前瞻性陳述的陳述。其中包括對管理層未來期望、信念、估計、計劃和前景的評論。此類聲明受各種風險、不確定性和其他因素的影響，可能導致實際結果與此類聲明所顯示或暗示的結果有重大差異。

Such risks and other factors are set forth in our quarterly report on Form 10Q filed with the Securities and Exchange Commission. We do not undertake any duty to update such forward-looking statements. Additionally, during today's call, we will discuss certain non-gap measures which we believe are useful in evaluating our performance.

此類風險和其他因素已在我們向美國證券交易委員會提交的 10Q 表格季度報告中列出。我們不承擔更新此類前瞻性陳述的任何義務。此外，在今天的電話會議中，我們將討論一些我們認為有助於評估我們業績的非差距措施。

The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with the US GAAP. A reconciliation of these non-gap measures to their most comparable GAAP measure can be found in our earnings release. At this point, I'll turn the call over to Mac.

不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據美國公認會計準則編制的結果的替代。在我們的收益報告中可以找到這些非差距指標與最具可比性的 GAAP 指標的對帳。現在，我將把電話轉給 Mac。

Thank you, Chris, and good morning. I'm pleased to discuss our second quarter results as they further demonstrate our success in building a specialty insurance market leader as well as the execution of our Palomar 2X strategic imperative.

謝謝你，克里斯，早安。我很高興討論我們的第二季業績，因為它們進一步證明了我們在打造專業保險市場領導者以及執行 Palomar 2X 策略要務方面的成功。

We not only achieved exceptional top line growth of 29%, 45% on the same store basis, but we also saw strong bottom line growth of adjusted net income increasing 52% year over year.

我們不僅實現了 29%、同店 45% 的出色營業額增長，而且調整後的淨收入也實現了強勁的利潤增長，同比增長 52%。

The strong growth underscores the strength and diversity of our product suite and the effectiveness of our balanced book of property and casualty and residential and commercial risks. Our financial metrics were equally impressive as we generated an adjusted combined ratio of 73% and a 24% adjusted return on equity. Our portfolio is one of a kind in specialty insurance, and our second quarter results reflect its unique nature.

強勁的成長凸顯了我們產品套件的實力和多樣性，以及我們平衡的財產和意外傷害以及住宅和商業風險的有效性。我們的財務指標同樣令人印象深刻，因為我們實現了 73% 的調整後綜合比率和 24% 的調整後股本回報率。我們的投資組合在專業保險領域是獨一無二的，我們的第二季業績反映了其獨特性。

As I reflect on the results and the broader specialty insurance market backdrop, there are 5 key themes that I hope you take away from today's call. First, our ability to operate seamlessly across residential and commercial products, and the admitted in ENS markets is a core strength and differentiator. This flexibility allows us to respond adaptively to any shift in market conditions and deploy capital where the exposure and terms and conditions are most attractive.

當我回顧結果和更廣泛的專業保險市場背景時，我希望您從今天的電話會議中了解 5 個關鍵主題。首先，我們能夠在住宅和商業產品之間無縫運營，並且在 ENS 市場中得到認可，這是我們的核心優勢和差異化因素。這種靈活性使我們能夠對市場條件的任何變化做出靈活反應，並在最具吸引力的風險敞口和條款和條件下部署資本。

The strategy has proven the most opportune this quarter in our earthquake and in the marine and other property lines of business. Second, the breadth of our specialty portfolio provides balance across insurance and macroeconomic cyclicality.

事實證明，該策略在本季的地震、海洋和其他財產業務中最為有利。其次，我們專業投資組合的廣度在保險和宏觀經濟週期之間提供了平衡。

Beyond the mix of ENS admitted residential and commercial lines, products like surety and crop are not subject to traditional PNC insurance market cycles and in such afford as distinctive earning stability. Third, crop and casualties here and now not only meaningful growth engines, but moreover contributors to our near and long term success.

除了 ENS 認可的住宅和商業險種組合之外，保證金和農作物等產品不受傳統 PNC 保險市場週期的影響，並具有獨特的獲利穩定性。第三，農作物和植物的產量現在不僅是重要的成長引擎，也是我們近期和長期成功的貢獻者。

Both product categories have strong quarters and have exceptional leadership orchestrating our business plans. Fourth, we remain disciplined in our approach to underwriting and reserving. We are building reserves across the book and only releasing redundancies in short tail, mature lines of business.

這兩個產品類別都表現強勁，並且都有出色的領導層來協調我們的業務計劃。第四，我們在核保和準備金方面保持嚴謹的態度。我們正在全面建立儲備，並且只在短期、成熟的業務線上釋放冗餘人員。

Furthermore, we are maintaining conservative gross and net line sizes as our books season in newer lines of business like casualty and surety.

此外，隨著我們在傷亡險和保證險等新業務領域的業務成長，我們仍保持保守的毛額和淨額規模。

Our June 1, reinsurance placements were executed from a position of strength, enabling us to meaningfully reduce volatility, improve risk adjusted returns, and importantly ensure consistency in our earnings base for the remainder of the year and into 2026.

我們 6 月 1 日的再保險安排是在實力雄厚的情況下進行的，這使我們能夠顯著降低波動性、提高風險調整後的回報，並且重要的是確保我們在今年剩餘時間和 2026 年的盈利基礎保持一致。

With that said, I will now offer further commentary on the performance and market conditions of our 5 product categories.

話雖如此，我現在將進一步評論我們 5 個產品類別的表現和市場狀況。

Our earthquake franchise delivered consistent results with gross written premium growth of 9% year over year. This performance highlights the strength of our purposely structured portfolio of residential, small commercial, and large commercial earthquake insurance products. The strategy, which has been in place since our formation in 2014, allows us to achieve steady growth and returns regardless of the market environment.

我們的地震特許經營業務取得了穩定的業績，總承保保費年增 9%。這項業績凸顯了我們精心建造的住宅、小型商業和大型商業地震保險產品組合的實力。該策略自 2014 年成立以來一直實施，使我們能夠無論在何種市場環境下實現穩定的成長和回報。

With an increasingly competitive commercial earthquake market. Our current focus is directed towards the residential earthquake book. During the quarter, we wrote record new business premium that complemented the 87% policy retention and 10% inflation guard on the existing book. Residential earthquake continue to see growth opportunities from both the admitted and ENS markets, as well as new distribution partnerships.

隨著商業地震市場的競爭日益激烈。我們目前的重點是住宅地震書籍。在本季度，我們創下了新業務保費記錄，補充了現有保單 87% 的保單保留率和 10% 的通膨保護率。住宅地震繼續從認可市場和 ENS 市場以及新的分銷合作夥伴關係中看到成長機會。

We are seeing increased competition in commercial earthquake, most notably in large commercial accounts which saw an average rate decrease above 20%, albeit from record levels.

我們看到商業地震中的競爭日益激烈，最明顯的是大型商業帳戶，儘管利率處於歷史最高水平，但平均下降幅度超過 20%。

We remain disciplined on pricing and terms and conditions but are still allocating capital to large accounts businesses that meet risk adjusted return targets. Small commercial business, which represents a third of the commercial earthquake book, is more inflated the pricing pressure exhibited in the larger commercial ENS market. That said, it is still seeing rate decreases above 10%.

我們在定價和條款和條件方面保持紀律，但仍將資本分配給符合風險調整回報目標的大帳戶業務。小型商業企業佔商業地震帳簿的三分之一，其價格壓力在較大的商業 ENS 市場中更為膨脹。儘管如此，利率仍下降 10% 以上。

While the conditions in the large commercial segment have softened the strength of our residential book positioned the sustain growth in 2025. For the remainder of the year, we expect high single digit growth in our earthquake franchise, driven by the continued strength in residential earthquake.

儘管大型商業領域的條件有所減弱，但我們對住宅業務的強勁表現預測將在 2025 年持續成長。在今年剩餘時間內，我們預計地震特許經營業務將實現高個位數成長，這得益於住宅地震業務的持續強勁成長。

Eliminating of the property category 28% year over year.

房地產類別較去年同期減少28%。

Driven by a well diversified mix of residential and commercial lines like the earthquake book, residential and residential oriented emitted products were the best performers in the quarter. The admitted nature of the residential earthquake, Hawaiian hurricane, and residential builders risk business requires considerable investment in systems, distribution process and infrastructure and therefore has a more pronounced barrier to entry than commercial ENS segments.

受地震書籍等住宅和商業線路多樣化組合的推動，住宅和住宅導向的發行產品在本季度表現最佳。住宅地震、夏威夷颶風和住宅建築商風險業務的公認性質需要在系統、分銷流程和基礎設施方面進行大量投資，因此比商業 ENS 領域的進入門檻更高。

Our Hawaii hurricane line grew 39% as we continued to increase rates on the health book and selectively increase the exposure in our La Lima reciprocal. Our residential builders risk products performed well in the quarter, highlighted by our admitted single location business, which grew 52% in the quarter as recently added underwriting talent, was able to service new and existing distribution partners. The residential builders risk market, both standard and high value, continues to present attractive opportunities.

隨著我們繼續提高健康保險費率並有選擇地增加拉利馬互惠險的曝光率，我們的夏威夷颶風險線增加了 39%。我們的住宅建築商風險產品在本季度表現良好，其中最突出的是我們的單一地點業務，由於最近增加的承保人才，該業務在本季度增長了 52%，能夠為新的和現有的分銷合作夥伴提供服務。住宅建築商風險市場（無論是標準還是高價值）持續呈現誘人的機會。

In June we also announced a strategic partnership with Neptune flood to enhance our residential flood offering. The partnership with Neptune will expand our flood exposure from geographically concentrated inland flood risk to a more diversified nationwide portfolio that leverages Neptune's market leading technology and distribution reach.

6 月份，我們也宣布與 Neptune flood 建立戰略合作夥伴關係，以增強我們的住宅洪水服務。與海王星的合作將擴大我們的洪水風險敞口，從地理集中的內陸洪水風險擴大到更加多樣化的全國性投資組合，利用海王星市場領先的技術和分銷範圍。

Importantly, reductions in wind exposure over recent years have freed the capacity to right flood risk in coastal areas without stacking exposure and increasing earning volatility.

重要的是，近年來風力發電風險的減少釋放了解決沿海地區洪災風險的能力，而不會增加風險和增加收益波動。

While commercial property rates have softened in the builder's risk and excess national property segment, we are still growing and generating compelling results.

儘管商業房地產利率在建築商風險和過剩的國家房地產領域有所下降，但我們仍在成長並取得令人矚目的成果。

Builder's risk grew more than 30% and renewed its quota share reinsurance program at improved economics from the expiring treaty.

建築商的風險增加了 30% 以上，並在到期條約改善經濟效益的情況下續簽了其配額再保險計劃。

Access national property grew over 50% in the quarter and the teeth of low 10s rate decreases. The growth was driven by a 30% increase in submissions and a larger gross line. With significant prospects still available, we will continue to add underwriting talent in these commercial property lines.

本季度，全國房地產市場成長超過 50%，利率也出現 10% 的下降。成長的動力來自於提交量增加 30% 和總收入增加。由於仍有巨大的前景，我們將繼續在這些商業房地產領域增加承保人才。

Casualty had another strong quarter of growth. This gross written premium increased 119% year over year in the second quarter.

傷亡險業又迎來了一個強勁的成長季度。第二季度，該毛承保保費年增 119%。

The strongest performers in the quarter were the ENS casualty business led by David Sapia that continues to write buffer layer accounts that are seeing rate increases of 15%. Environmental liability, which nearly tripled year over year, albeit from a modest base, and the real estate ENO franchise, which grew 87% year over year as we expanded our geographic reach and distribution footprint.

本季表現最強勁的是 David Sapia 領導的 ENS 意外險業務，該業務繼續編寫緩衝層帳戶，費率上漲了 15%。環境責任業務年增近兩倍，儘管基數不大；房地產 ENO 特許經營業務同比增長 87%，因為我們擴大了地理覆蓋範圍和分銷足跡。

On the whole, rate momentum remains healthy and our risk appetite remains conservative, if not modest.

整體而言，利率動能依然健康，我們的風險偏好即便不溫和，也依然保守。

In the second quarter, our average casualty net line was less than $1 million with the largest line of business, ENS casualty, having a net line of approximately $800,000.

在第二季度，我們的平均傷亡淨額不到 100 萬美元，其中最大的業務線 ENS 傷亡淨額約為 80 萬美元。

We also added stellar talent to our casualty team in the quarter that will strengthen our underwriting bench and also launch new products.

本季度，我們也為傷亡團隊增添了優秀人才，這將增強我們的承保能力並推出新產品。

During the quarter, we welcomed Jason Porter to lead primary ENS casualty, and Frank Castro to build out our healthcare liability business. Jason and Frank are well regarded professionals with long standing distribution and reinsurance relationships.

在本季度，我們歡迎 Jason Porter 領導主要 ENS 傷亡，並歡迎 Frank Castro 拓展我們的醫療責任業務。傑森和法蘭克是備受尊敬的專業人士，擁有長期的分銷和再保險關係。

These additions reinforce our confidence in sustaining profitable growth in the casualty market while remaining disciplined on attachment points, net lines, and rate.

這些新增功能增強了我們在意外險市場維持獲利成長的信心，同時在附加點、淨額和費率方面保持紀律。

Our new surety business performed in line with expectations growing at a pace consistent with our overall portfolio. Similar to the other casualty lines, we added experience underwriting talent, expanded our geographic reach, and bolstered our distribution network in surety during the quarter. We remain highly confident in the long-term growth potential of this new franchise.

我們的新擔保業務表現符合預期，成長速度與我們的整體投資組合一致。與其他意外險業務類似，我們在本季度增加了承保人才經驗，擴大了地理覆蓋範圍，並加強了保證金分銷網絡。我們對這個新特許經營權的長期成長潛力仍然充滿信心。

The casualty reserve approach remains conservative. Our approach is informed by consistent monitoring of loss emergence patterns, attachment points, and portfolio mix. As discussed in prior quarters, we continue to carry nearly 80% of our reserves as IBNR, well above industry standards. Maintaining this conservative stance reinforces the strength of our balance sheet and provides confidence in the stability and predictability of our future results.

傷亡儲備方法仍然保守。我們的方法是持續監控損失出現模式、附著點和投資組合組合。正如前幾季所討論的，我們繼續將近 80% 的儲備作為 IBNR，遠高於行業標準。維持這種保守的立場增強了我們資產負債表的實力，並對我們未來績效的穩定性和可預測性充滿信心。

Our crop franchise generated 39 million in written premium in the second quarter compared to $2.2 million in the prior year period. The elevated result in the second quarter reflects scale, execution, and an earlier than expected reporting of acreage related to localized mild weather and geographies where we are strong.

我們的農作物特許經營權在第二季度產生了 3,900 萬美元的承保保費，而去年同期為 220 萬美元。第二季業績的成長反映了規模、執行情況以及與局部溫和天氣和我們實力雄厚的地理位置相關的種植面積報告早於預期。

Which ultimately shifted some premium volume forward from the third quarter.

這最終導致部分保費收入從第三季開始提前。

Our April acquisition of advanced protection has been well received by the market. As such, we are adding experienced talent to enhance our sales, claims, and technology teams.

我們四月份收購的先進保護措施受到了市場的好評。因此，我們正在增加經驗豐富的人才來增強我們的銷售、索賠和技術團隊。

These investments should ex expedite our long-term plan and crop. We remain confident in attaining our $200 million premium target this year and building the business to $500 million in the intermediate term.

這些投資應該會加速我們的長期計畫和成果。我們仍有信心在今年實現 2 億美元的保費目標，並在中期內將業務規模擴大到 5 億美元。

Fronting premium declined 38% year over year, reflecting the final full quarter of impact from the conclusion of our partnership with Omaha National. This headline will be all but gone in the third quarter, allowing the underlying growth of our fronting portfolio to become more visible.

預付保費年減 38%，反映了我們與 Omaha National 合作結束後最後一個完整季度的影響。這個標題將在第三季完全消失，使我們的前端投資組合的潛在成長更加明顯。

Looking ahead, we'll continue to have partners selectively, but funding is not our highest strategic priority.

展望未來，我們將繼續有選擇地選擇合作夥伴，但資金並不是我們的最高策略重點。

As it pertains to reinsurance, the second quarter was equally productive and successful. We completed the placement of our June 1 core excessive loss treaty, achieving a 10% risk adjusted rate decrease, better than the flat to down 5% we originally guided towards.

就再保險而言，第二季同樣有成效且成功。我們完成了 6 月 1 日核心超額損失合約的簽訂，實現了風險調整後利率下降 10%，優於我們最初預期的持平至下降 5% 的水平。

This terrific result locks in favorable economics through 2025 and into the first five months of 2026.

這一出色的結果將確保 2025 年及 2026 年前五個月的經濟狀況良好。

Our insurance coverage now extends to $3.5 billion for earthquake events, inclusive of $1.2 billion of catastrophe bombs and $100 million for continental US hurricane events.

我們的保險範圍現已擴大到地震事件的 35 億美元，其中包括 12 億美元的災難炸彈和 1 億美元的美國大陸颶風事件。

In addition, we introduced a stand-alone excess of loss treaty for Hawaii hurricane policies issued by Lalima, providing up to $735 million in coverage.

此外，我們還為 Lalima 簽發的夏威夷颶風保單引入了獨立的超額損失合同，提供高達 7.35 億美元的保額。

As a result, our core excess of loss reinsurance tower is over 95% earthquake only coverage, which makes the program both attractive and scarce to property catastrophe reinsurers.

因此，我們的核心超額損失再保險塔的地震覆蓋率超過 95%，這使得該計劃對財產巨災再保險公司來說既有吸引力又稀缺。

Beyond securing the limit to support our earthquake and wind books, we also improved our risk profile by lowering our all perils, excluding earthquake occurrence retention to $11 million from $15.5 million maintained a $20 million dollar retention for earthquake events, even with a 15% increase in limited exposure, and lastly put in place a $1.5 million dollar retention for lima.

除了確保支持我們的地震和風災帳目的限額之外，我們還透過降低所有風險來改善我們的風險狀況，不包括地震事件保留金，從 1,550 萬美元降至 1,100 萬美元，維持 2,000 萬美元的地震事件保留金，即使有限風險敞口增加了 15%，最後為利馬設立了 150 萬美元的保留金。

That these retentions are considerably inside of our stated guidelines of less than 25% of earnings and 5% of surplus.

這些保留額在很大程度上符合我們規定的指導方針，即低於收入的 25% 和盈餘的 5%。

We also successfully renewed 11 other reinsurance treaties during the second quarter, including quota shares for two large lines of business and builder's risk in our cyber fronting program. Both renewed and improved economics.

我們還在第二季度成功續簽了其他 11 項再保險合約，其中包括兩條大型業務線的配額份額以及網路前端計劃中的建築商風險。經濟得到更新和改善。

Separately, I'm pleased to share that our board has authorized a two year $150 million share repurchase program that permits us to opportunistically deploy capital and buy back our shares at levels that we believe are attractive.

另外，我很高興地告訴大家，我們的董事會已經批准了一項為期兩年、價值 1.5 億美元的股票回購計劃，該計劃使我們能夠適時部署資本，以我們認為有吸引力的價格回購我們的股票。

Stock buybacks will not impede our ability to capitalize on already identified or future market opportunities, and that they could enhance our Palomar 2X strategic imperative.

股票回購不會妨礙我們利用已確定或未來的市場機會的能力，而且它們可以增強我們的 Palomar 2X 戰略要務。

The buyback program simply demonstrates the conviction we have in our long term strategic plan and the future of Palomar.

回購計劃僅僅表明了我們對長期策略計劃和 Palomar 未來的信心。

In conclusion, we executed and delivered strong results this quarter, our 11th consecutive earnings beat in the face of a softening commercial property market. The results are a testament to our distinct portfolio of specialty products. On the heels of the second quarter's performance, we are raising our 2025 adjusted net income guidance to $198 million to $208 million from $195 million to $205 million in midpoint that implies an adjusted ROE of 24%.

總而言之，本季度我們取得了強勁的業績，在商業房地產市場疲軟的情況下，我們連續第 11 次實現盈利。結果證明了我們獨特的特色產品組合。在第二季業績表現的基礎上，我們將 2025 年調整後淨收入預期從中點的 1.95 億美元至 2.05 億美元上調至 1.98 億美元至 2.08 億美元，這意味著調整後的 ROE 為 24%。

With that, I'll turn the call over to Chris to discuss our financial results and guidance assumptions in more detail.

說完這些，我將把電話轉給克里斯，讓他更詳細地討論我們的財務結果和指導假設。

Thank you, Mac. Please note that during my portion in referring to any per share figure, I'm referring to per diluted common share as calculated using the Treasury stock method. This methodology requires us to include common share equivalents such as outstanding stock options during profitable periods and exclude them in periods when we incur a net loss.

謝謝你，麥克。請注意，當我提到任何每股數字時，我指的是使用庫存股方法計算的每股稀釋普通股。此方法要求我們在獲利期間納入普通股等價物，例如未償還的股票選擇權，而在發生淨虧損的期間則將其排除。

For the second quarter of 2025, our adjusted net income grew 52% to $48.5 million or $1.76 per share, compared to adjusted net income of $32 million or $1.25 per share for the same quarter of 2024. Our second quarter adjusted underwriting income was $48.4 million compared to $32.9 million for the same quarter last year.

2025 年第二季度，我們的調整後淨收入成長 52%，達到 4,850 萬美元或每股 1.76 美元，而 2024 年同期的調整後淨收入為 3,200 萬美元或每股 1.25 美元。我們第二季的調整後承保收入為 4,840 萬美元，而去年同期為 3,290 萬美元。

Our adjusted combined ratio was 73.1% for the second quarter of 2025 and 2024. Excluding catastrophes, our adjusted combined ratio was 73.1% for the quarter compared to 70.3% last year.

2025 年第二季和 2024 年第二季的調整後綜合比率為 73.1%。不包括災難損失，本季我們的調整後綜合比率為 73.1%，去年同期為 70.3%。

For the second quarter of 2025, our annualized adjusted return on equity was 23.7% compared to 24.7% for the same period last year.

2025 年第二季度，我們的年化調整後股本回報率為 23.7%，而去年同期為 24.7%。

Our second quarter results continue to demonstrate our ability to achieve our Palomar 2X objectives of doubling, adjusted net income within an intermediate time frame of three to five years while maintaining an ROE above 20%.

我們第二季的業績繼續證明我們有能力實現 Palomar 2X 目標，在三到五年的中期時間內使調整後的淨收入翻一番，同時將 ROE 保持在 20% 以上。

Gross premiums for the second quarter were $496.3 million an increase of 29% compared to the prior year second quarter, or 45% growth when excluding runoff business.

第二季毛保費為 4.963 億美元，與去年同期相比成長 29%，若不包括流失業務則成長 45%。

As we've discussed on prior calls, this runoff business will add a $32 million headwind in the third quarter and then will be behind us.

正如我們在之前的電話會議上討論過的，這項流失業務將在第三季度為我們帶來 3200 萬美元的逆風，然後就會過去。

Net earned premiums for the second quarter were $180 million an increase of 47% compared to the prior year second quarter. Our ratio of net earned premiums as a percentage of gross earned premiums was 44% as compared to 37.4% in the second quarter of 2024 and compared sequentially to 43.7% in the first quarter of 2025.

第二季淨賺保費為 1.8 億美元，比去年同期成長 47%。我們的淨賺保費佔總賺保費的百分比為 44%，而 2024 年第二季為 37.4%，而 2025 年第一季為 43.7%。

The year over year increase in this ratio is reflective of improved excessive loss reinsurance and of the higher growth rates of our non-fronting lines of business, including earthquake that see less premium.

這一比率的逐年增長反映了超額損失再保險的改善以及我們的非正面業務線（包括保費較低的地震業務）的較高增長率。

With the timing of our core excessive loss reinsurance program renewal and the majority of our crop premiums written and earned during the third quarter, we continue to expect the third quarter to be the low point of our net earned premium ratio, increasing throughout the remainder of the reinsurance treaty year in a similar pattern to last year.

由於我們核心超額損失再保險計劃續保的時間以及我們在第三季度承保和賺取的大部分農作物保費，我們繼續預計第三季度將成為我們淨賺保費比率的低點，並在再保險合約年度的剩餘時間內以與去年類似的模式增長。

While we expect quarterly seasonality in our net ear premium ratio, we continue to expect net premium growth over a 12 month period.

雖然我們預計淨保費比率會受到季度季節性的影響，但我們仍然預計 12 個月內淨保費將增長。

Based on our performance for the first half of the year, we expect our net earned premium ratio to be in a low 40s for the year.

根據我們今年上半年的業績，我們預計全年淨保費收入比率將維持在 40% 以下。

Losses and loss adjustment expenses for the second quarter were $46.2 million comprised primarily of non-catastrophe attritional losses with a very minor amount of favorable development on prior year catastrophe events.

第二季的損失和損失調整費用為 4,620 萬美元，主要包括非災難性損耗損失，以及與去年災難事件相比極少量的有利發展。

The loss ratio and nutritional loss ratio for the quarter was 25.7%. Additionally, the results for the quarter include $6.5 million of favorable development primarily from our shorter tail lines such as in the marine and other property business. We continue to hold conservative positions on our reserves. Favorable development is the result of our conservative approach to reserving up front, allowing us to release reserves later.

本季的損失率和營養損失率為25.7%。此外，本季業績還包括 650 萬美元的有利發展，主要來自我們的短尾線，例如海洋和其他房地產業務。我們繼續對儲備持保守立場。良好的發展是我們採取保守的方法預先儲備的結果，這使我們能夠在以後釋放儲備。

A great example of this is our all-risk business where we initially established conservative reserves as the book grew, then subsequently trimmed our exposure, resulting in strong reserve positions that we can release. Our results for the quarter reinforce our conservative approach to reserving and use of reinsurance. For the year, we expect our loss ratio to be in the low 30s.

一個很好的例子就是我們的全風險業務，隨著帳簿的成長，我們最初建立了保守的準備金，然後削減了風險敞口，從而形成了可以釋放的強大準備金頭寸。本季的業績強化了我們對儲備和再保險使用的保守態度。我們預計今年的損失率將在 30% 以下。

Our acquisition expense as a percentage of gross earned premium for the second quarter was 12.6% compared to 11% in last year's second quarter and 12.3% in the first quarter of 2025. This percentage increased along with the overall diversification of our unique specialty book of business. For the year, we expect this ratio to be around 11 to 12%.

我們第二季的收購費用佔總保費收入的百分比為 12.6%，而去年第二季為 11%，2025 年第一季為 12.3%。隨著我們獨特的專業業務的整體多樣化，這一比例也隨之增加。我們預計今年這一比例將在 11% 至 12% 左右。

The ratio of other underwriting expenses, including adjustments to gross earned premiums for the second quarter was 8.7% compared to 7.3% in the second quarter last year and compared to 7.5% in the first quarter of 2025.

第二季其他承保費用（包括毛已賺保費的調整）的比例為 8.7%，而去年第二季為 7.3%，2025 年第一季為 7.5%。

As demonstrated by our hires over the last year and in the second quarter, we remain committed to investing across our organization as we continue to grow profitably.

正如我們去年和第二季的招募所表明的那樣，我們仍然致力於在整個組織內進行投資，同時繼續實現獲利成長。

As we have discussed on our first quarter call, we have continued to invest our crop organization, acquiring advanced protection on April 1. We expect long term scale in this ratio, although we may see periods of sequential flatness or increases due to investments in scaling the organization within our Palomar 2X framework.

正如我們在第一季電話會議上討論的那樣，我們繼續投資我們的作物組織，並在 4 月 1 日獲得了先進的保護。我們預計這一比例將長期保持擴大，儘管由於我們在 Palomar 2X 框架內擴大組織規模的投資，我們可能會看到一段時間的連續持平或增加。

Based on the organizational investments made, I expect this ratio to decrease sequentially in the third quarter and be higher for the year overall compared to last year. We expect this ratio to be around 8% for the year.

根據組織所做的投資，我預計這一比例在第三季將環比下降，而全年整體比例將高於去年。我們預計今年這一比例將在8%左右。

Net investment income for the second quarter was $13.4 million an increase of 68% compared to the prior year second quarter. The year over year increase was primarily due to higher yields on invested assets and a higher average balance of investments held due to cash generated from operations and the August 2024 capital raise.

第二季淨投資收入為 1,340 萬美元，較去年同期第二季成長 68%。年比成長主要由於投資資產收益率提高、經營活動產生的現金流量和 2024 年 8 月的融資導致持有的投資平均餘額增加。

Our yield in the second quarter was 4.7% compared to 4.3% in the second quarter last year.

我們第二季的收益率為 4.7%，而去年第二季的收益率為 4.3%。

The average yield of investments made in the second quarter continues to be above 5%.

第二季投資平均報酬率持續維持在5%以上。

We continue to conservatively allocate our positions to asset classes that generate attractive risk adjusted returns.

我們繼續保守地將我們的頭寸分配給產生有吸引力的風險調整回報的資產類別。

At the end of the quarter, our net premium to equity ratio was 0.91 to 1. Our stockholders' equity has reached $847.2 million a testament to consistent profitable growth and the capital raise.

截至本季末，我們的淨溢價與股權比率為 0.91 比 1。我們的股東權益已達到 8.472 億美元，證明了持續的獲利成長和資本的增加。

I would like to comment on our business from a modeling perspective for the third quarter in addition to expectations mentioned earlier in my remarks.

除了我之前在發言中提到的預期之外，我還想從模型的角度對第三季的業務進行評論。

While we did see more crop premium and losses in the second quarter than originally anticipated, which is influencing our view, the third quarter will continue to stand out based on our crop participation increasing to 30%, the crop book's growth and seasonal earning pattern, and the first full quarter of our excess of loss reinsurance placed June 1,.

雖然我們確實看到第二季度的農作物保費和損失比最初預期的要多，這影響了我們的觀點，但第三季度將繼續脫穎而出，因為我們的農作物參與度增加到 30%，農作物賬簿的增長和季節性盈利模式，以及我們 6 月 1 日投保的超額損失再保險的第一個完整季度。

Taking all of that into consideration for the third quarter, we expect the following the highest gross earned and net earned premium dollars with the lowest net earned premium ratio, the highest lost dollars and highest loss ratio.

考慮到第三季的所有這些因素，我們預計總保費收入和淨保費收入最高，淨保費收入比率最低，損失金額最高，損失率最高。

And our acquisition expense and adjusted other operating expense dollars to continue to be in line with growth expectations but with the lowest gross earned premium ratio for the year.

我們的收購費用和調整後的其他營運費用持續符合成長預期，但年度總保費收入比率最低。

Thinking about the dollar sequentially from the second quarter to the third quarter, we expect a more pronounced increase in gross earned premium, net earned premium, and losses. We expect acquisitions expenses to be stable, and we expect adjusted other underwriting expenses to increase incrementally from the continued investment in our organization.

從第二季到第三季度，我們連續考慮美元走勢，預計總保費收入、淨保費收入和損失將出現更明顯的成長。我們預計收購費用將保持穩定，並且我們預計調整後的其他承銷費用將隨著對我們組織的持續投資而逐步增加。

Overall, we expect the combined ratio to be in the mid to upper 70s, including catastrophe losses. The apex of our combined ratio will be in the third quarter, primarily due to crop. Based on what we are seeing, I expect the tax rate to be between 23% and 24% next quarter.

總體而言，我們預計包括巨災損失在內的綜合比率將在 70% 左右。我們的綜合比率的頂點將出現在第三季度，這主要歸因於農作物的生長。根據我們所看到的情況，我預計下個季度的稅率將在 23% 到 24% 之間。

Turning to our guidance and as MAC discussed, reflecting our strong operating results for the first, six months of the year, we are raising our full year 2025 adjusted netcom guidance range to $198 to $208 million. Our guidance includes $8 to $12 million of additional catastrophe losses. Our wind retention of $11 million is well within our catastrophe loss range for exposure that has been meaningfully reduced over the last few years.

談到我們的指導，正如 MAC 所討論的，反映了我們今年前六個月的強勁經營業績，我們將 2025 年全年調整後的網路通訊指導範圍提高到 1.98 億美元至 2.08 億美元。我們的預測包括 800 萬至 1200 萬美元的額外災難損失。我們的風力自留額為 1,100 萬美元，完全在我們的災難損失範圍內，因為過去幾年中風險敞口已顯著減少。

Importantly, the midpoint of our full year guidance range implies adjusted net income growth of greater than 50%, a full year adjusted ROE above 20%, and doubling our 2022 adjusted net income in 3 years and doubling our 2023 adjusted net income in just two years. With that, I'd like to ask the operator to open the line for any questions, operator.

重要的是，我們全年指導範圍的中點意味著調整後的淨收入增長率超過 50%，全年調整後的 ROE 超過 20%，並且 2022 年調整後的淨收入在 3 年內翻一番，2023 年調整後的淨收入在短短兩年內翻一番。好了，我想請接線生開通熱線，以便解答您的任何問題。

(Operator Instructions)

（操作員指示）

Paul Newsom, Piper Sandler.

保羅紐瑟姆、派珀桑德勒。

Hello, thank you for the call. Maybe you could focus a little bit more, talk a little bit more about the property related, competition, and, I think, there's some fears out there that the sharp decline perhaps in the commercial earthquake pricing is something that could spread and and meaningfully reduce the the growth potential for at least in the near term for polymer.

您好，感謝您的來電。也許你可以更集中精力，多談一些與房地產相關的競爭問題，我認為，有人擔心地震導致的商業價格急劇下降可能會蔓延，並至少在短期內顯著降低聚合物的成長潛力。

Any further thoughts there that that might be helpful?

還有什麼其他想法可能會有幫助嗎？

Yeah, of course, Paul, this is Mac. Thanks for the question and I think I'd start with saying we're still forecasting growth in earthquake for the year and considerable growth in high single digits. It's down from where we started in 2020. 5, but it's still a healthy amount of growth in both earthquake and then the inland marine and other property which drew 30% in the second quarter.

是的，當然，保羅，這是麥克。感謝您的提問，我想首先要說的是，我們仍然預測今年地震數量將會增加，而且會以高個位數大幅增長。與 2020 年初相比有所下降。 5，但地震、內陸海運和其他財產仍保持健康的成長，第二季成長了 30%。

What's most important to convey is, our book is a balance between residential and commercial, and this is earthquake as well as in the marine and other property. It's also a mix between admitted and ENS, so. The mix between admitted and ENS and residential commercial allows us to play through market cyclicality and still grow.

最重要的是要傳達的是，我們的書在住宅和商業之間取得了平衡，這既包括地震，也包括海洋和其他財產。這也是承認的和 ENS 的混合體，所以。已承認的、ENS 和住宅商業的結合使我們能夠在市場週期中發揮作用並繼續成長。

And if you look at the residential earthquake book, I'll just reiterate what I said on the call. We have a 10% inflation guard. We have 80 high 80s policy retention. We are expanding our distribution.

如果你看一下住宅地震書，我會重申我在電話中所說的話。我們有 10% 的通貨膨脹率。我們有 80 多份 80 年代後期的政策保留。我們正在擴大我們的分銷範圍。

We are taking share from the largest incumbent in the. On earthquake Authority and we are a market leaders, so we are growing rapidly on commercial earthquake. There is rate pressure, but we are still seeing attractive business and we are still writing business at very compelling levels.

我們正在從最大的現有企業手中奪取市場份額。在地震權威方面，我們是市場領導者，因此我們在商業地震方面發展迅速。雖然存在利率壓力，但我們仍然看到有吸引力的業務，並且我們仍然以非常引人注目的水平開展業務。

So when you overlay that dynamic with a softening property cap reinsurance market, we're seeing scale in addition to growth in our Earthquake franchise in the marine and other property again, it's a balance between residential. In commercial business, the residential business has healthy growth.

因此，當你將這種動態與疲軟的財產上限再保險市場疊加時，我們會看到，除了海洋和其他財產領域的地震特許經營權的增長之外，我們還看到了規模，這是住宅之間的平衡。商業業務中，住宅業務健康成長。

The commercial business is seeing rate pressure, but it's also, we are also seeing great op opportunity to expand geographically, add underwriting talent, and also deploying larger lines as our balance sheet has grown, as our book has grown. So we think we are in very good shape on commercial property. It's not to say there's not competition in segments like large commercial, but in small commercial or admitted commercial business.

商業業務面臨利率壓力，但同時，隨著資產負債表和帳簿的成長，我們也看到了擴大地域範圍、增加承保人才以及部署更大額度的良好營運機會。因此我們認為我們在商業房地產方面的狀況非常好。並不是說大型商用車等領域沒有競爭，而是小型商用車或特許商用車領域沒有競爭。

It's very well positioned and it's healthy growth that we expect to see for the remain of this year in 206. And then on the residential side of the book there are multiple growth vectors, there are multiple products that are market leaders, and we are going to be able to execute the plan that we put forth and why we've raised our guidance 3 times this year and probably we'll do it a couple times more this year based on how we've executed.

它的定位非常有利，我們預計在 206 年剩餘時間內它將實現健康成長。然後在住宅方面，有多個成長向量，有多個產品處於市場領先地位，我們將能夠執行我們提出的計劃，這就是為什麼我們今年三次提高指導方針，並且根據我們的執行情況，我們今年可能會再提高幾次。

So, I'd like to allay any concerns about, property pressure, not to say we're impervious to it, but we are very well positioned because of the mix of our book and our expertise.

因此，我想消除大家對房地產壓力的擔憂，並不是說我們不會受到影響，但由於我們的帳簿和專業知識的結合，我們處於非常有利的地位。

And then maybe as a as a follow up and somewhat related any thoughts on sort of green shoots as you build out other parts of the business that are.

然後，也許作為後續行動，並在您建立業務的其他部分時，對某種綠芽有任何相關的想法。

New and early.

又新又早。

Green shoots in the property segment, Paul.

保羅，房地產領域出現了復甦跡象。

Just in general what new businesses you've been adding new products for a while and just wondering, yeah.

總的來說，您在一段時間內一直在添加哪些新產品，只是想知道，是的。

Well, I think we're very focused on, 3 different product categories that have a ton of potential in them, certainly casualty, which had very strong growth in the quarter, but our focus is as much growth from an exposure standpoint, but also discipline from an underwriting standpoint. I made the point that our Average net line was less than a million dollars in our fastest growing and largest casualty segment, and that's ENS casualty.

嗯，我認為我們非常關注 3 個具有巨大潛力的不同產品類別，當然是意外險，它在本季度實現了非常強勁的增長，但我們的重點是從風險敞口的角度看增長，同時也從承保的角度看紀律。我指出，在我們成長最快、規模最大的意外險領域，也就是 ENS 意外險，我們的平均淨額不到一百萬美元。

We also are seeing great growth in crop, and crop was one. The growth actually pulled forward a little bit earlier than we expected, which I think. Well, and our ability to achieve the $200 million dollar target that I've talked about, but also I think that pretends well for consistency in the losses because in many ways we've had to take a little bit of the loss early by nature of the reporting pattern in crop insurance. And then lastly, surety is another great growth factor for us.

我們也看到農作物的大幅成長，農作物就是其中之一。我認為，成長實際上比我們預期的要早一些。好吧，我們有能力實現我所說的 2 億美元的目標，但同時我認為這也表明損失是一致的，因為在很多方面，由於農作物保險的報告模式，我們不得不提前承擔一點損失。最後，保證金是我們另一個重要的成長因素。

New hires that we made in the course of the year will give us incremental opportunities or green shoots to use your term, but the growth vectors we have are considerable and they're multiple, and then we have a great anchor on the property side that affords us to be disciplined, conservative, and how we lean into those growth vectors. So I appreciate you asking because you know I could talk for hours about the growth opportunities that we see.

我們在這一年中招募的新員工將為我們提供增量機會或用你的話來說就是綠芽，但我們擁有的成長向量是相當多的，而且是多重的，然後我們在房地產方面有一個很好的支柱，這使我們能夠保持紀律、保守，以及我們如何依靠這些成長向量。我很感謝你提出這個問題，因為你知道我可以花幾個小時談論我們看到的成長機會。

Great, appreciate the help as always.

太好了，一如既往地感謝您的幫助。

Thank you very much.

非常感謝。

Thanks, Paul, appreciate it.

謝謝，保羅，非常感謝。

Thank you. We take the next question from the line of Peter Knutson from Ecor. Please go ahead.

謝謝。我們從 Ecor 的 Peter Knutson 那裡得到下一個問題。請繼續。

Hi, thanks for taking my question. I'm just wondering is there any way you'd be willing to give us any disclosure around the growth in uke between resi and commercial just to get a better sense of your guys' growth there and and the competition that's going on and then within that I'm just curious what the assumption around commercial earthquake pricing is moving forward within that updated high single digit earthquake outlook that you guys provided.

你好，謝謝你回答我的問題。我只是想知道您是否願意向我們披露有關住宅和商業之間 uke 的增長情況，以便更好地了解你們在那裡的增長情況以及正在進行的競爭，然後我只是好奇在你們提供的最新高個位數地震展望中，商業地震定價的假設是如何向前發展的。

Yeah, Peter, so we don't break out the growth rates between the two. What I can offer you is that, residential quake is larger. It's about 55% of the book.

是的，彼得，所以我們不會列出兩者之間的成長率。我可以告訴你的是，住宅區的地震更大。這大約佔了這本書的55%。

It's got a healthy inflation guard and strong policy retention that kind of blends out to a 6 or 7% growth rate if you just applied those two, so there's obviously growth and exposure in new business, as I said, record new business on the commercial quake, that's where we're seeing more pressure. It's more large. Account business and so that's not growing at the same clip that we're seeing in residential quake, but what I would offer you anecdotally is, in the month of July we're off to a good start this quarter with the growth and think that high high single digits if not low double digits based on July is attainable.

它擁有健康的通膨警戒和強有力的政策保留，如果只應用這兩項，成長率將達到 6% 或 7%，因此新業務顯然會有成長和曝光，正如我所說，商業地震中創紀錄的新業務，這就是我們看到的更大壓力。它更大。帳戶業務的成長速度不如住宅業務的成長速度，但我要告訴你的是，7 月份我們的成長勢頭良好，我認為，基於 7 月份的數據，即使不能達到低兩位數，達到高個位數的增長也是可以實現的。

Okay, great, thank you so much, and then just switching gears away from growth for a moment, just looking at the accident your loss ratio XA, if you exclude the favorable PYD when we calculated at a 294. I think increased a bit from the 26 6 and 12 and so I was just wondering if you could talk a little bit about, the driver of that elevated ratio. Is that entirely mixed driven or is there any, one off loss experience in the corner that you would call out? And then within that, am I correct in still thinking that 3 cus attritional on your reported basis should be in the mid-30s?

好的，太好了，非常感謝，然後我們暫時把話題從增長上移開，只看一下事故損失率 XA，如果您排除我們計算出的 294 時的有利 PYD。我認為從 26 6 和 12 有所增加，所以我只是想知道您是否可以稍微談談這一比率上升的驅動因素。這是完全混合驅動的嗎？或者是否存在任何一次性的損失經歷，您會指出嗎？那麼在此範圍內，我是否仍然認為，根據您報告的基礎，3 名員工的流失率應該在 30 多歲左右？

Yeah, no.

是的，不。

I think it is primarily mixed driven as you indicated, right? The biggest piece of that is we've mentioned on the prepared remarks that related to the crop business. Crop and premium came on a little bit earlier than we initially expected, so that earlier premium also avails itself to a little more overall when you look at this from a 12 month period of time or for the full calendar.

我認為它主要是混合驅動，正如您所說，對嗎？其中最重要的部分是我們在準備好的評論中提到的與農作物業務相關的內容。作物和保費的到來比我們最初預期的要早一些，因此，如果從 12 個月的時間週期或整個日曆來看，早期的保費總體上也會帶來更多收益。

It doesn't change our overall expectations for that book of business. Everything is performing as expected, but it would provide a little bit of a, I'll call it a tailwind in the second half of the year because we would expect losses to be a little bit lower than we initially predicted because the third quarter and fourth quarter losses that we expected to be there came a little sooner in the second quarter.

這並沒有改變我們對該商業書籍的整體期望。一切都按預期進行，但它會提供一點，我稱之為下半年的順風，因為我們預計損失會比我們最初預測的要低一點，因為我們預計的第三季度和第四季度的損失在第二季度出現得稍早一些。

But overall for the calendar year, no real change in philosophy. When you look at it on a quarterly basis, we would expect a little or have some potential favorability in the third and fouth quarter because those crop losses came in a little sooner than expected.

但總體而言，就全年而言，理念上並沒有真正的改變。從季度角度來看，我們預計第三季和第四季會出現一些或潛在的有利因素，因為農作物損失比預期來得更早。

So overall, no changes when we look at a line of business or no surprises that are concerning us on any of the lines of business, just overall strong results on the top line, driving a little bit of higher losses and mix when we look at it.

因此，總體而言，當我們查看某個業務線時，沒有任何變化，也沒有任何令我們擔心的意外，只是總體上收入表現強勁，導致損失和組合略有增加。

You mentioned prior period development. I think you know we've said this before. We continue to take initial reserves that are conservative. We have very conservative lossics as we start our books or start our years and so that avails itself to favorable prior period development as the periods go on. We don't plan for it, but it's not a surprise or not unexpected based on how we would like to reserve.

您提到了前期的發展。我想你知道我們之前說過這件事。我們繼續採取保守的初始儲備。當我們開始寫書或開始寫年份時，我們的損失理論非常保守，因此，隨著時間的推移，這有助於獲得有利的前期發展。我們沒有為此做計劃，但根據我們希望如何保留，這並不令人驚訝或驚訝。

Hi Peter, does that answer all your questions?

嗨，彼得，這回答了你所有的問題嗎？

Yes, thank.

是的，謝謝。

You so much.

你真多啊。

Thank you.

謝謝。

We take the next question from the line of Marcus from Tru Securities. Please go ahead.

我們從 Tru Securities 的 Marcus 那裡得到下一個問題。請繼續。

Yeah, thank you. Good morning, good afternoon. The guidance, you raised the guidance 3 million, the 198 to 208.

是的，謝謝。早安，下午好。指導方針中，您將指導金額提高了 300 萬，從 1.98 億提高到了 2.08 億。

If we think about the favorable development in the quarter, it was greater than that and so one might suggest the underlying guidance was a little bit lower. Is that a fair look at it or how would you frame that up?

如果我們考慮本季的有利發展，它比這還要好，因此有人可能會認為潛在的指導要低一些。這是公平的看法嗎？或者你會如何看待它？

Yeah, I mean, I think first off, we've raised guidance 3 times this year and we've only had 2 quarters of results, so we've raised guidance after a strong first quarter. We've raised guidance after a strong successful reinsurance placement, and then we're raising guidance again after a strong second quarter. I would not read much into that.

是的，首先，我認為我們今年已經三次上調了預期，但隻公佈了兩個季度的業績，所以我們在強勁的第一季度之後又上調了預期。在再保險業務取得巨大成功後，我們提高了預期，而在第二季表現強勁後，我們再次提高了預期。我不會對此進行過多解讀。

Our view is, Chris talked about. The seasonality and pulling forward some of the premium, but also the losses from the crop. We have not factored in the potential favorability in there. We still have a cat load that's equivalent to our retention and mind you, when there were major storms last year because of the reduction in our continental hurricane exposure, we didn't have anywhere close to retention losses.

我們的觀點是，克里斯談到了。季節性因素和提前拉動部分溢價，以及農作物帶來的損失。我們還沒有考慮到其中的潛在有利因素。我們仍然擁有相當於我們保留額的巨輪載重量，並且請注意，去年由於我們大陸颶風暴露的減少而發生重大風暴時，我們的保留額損失遠不及。

So we think there's conservatism and as I said earlier, our goal is to beat earnings. We've done it for 11 straight quarters and we've raised guidance 8 times in the last few years. So that's going to be our model.

因此我們認為存在保守主義，正如我之前所說，我們的目標是超越利益。我們已經連續 11 個季度實現了這一目標，並且在過去幾年中已經 8 次上調了預期。這就是我們的模型。

And you know that's what we did this quarter.

你知道這就是我們本季所做的事情。

But I wouldn't read anything into it, Mark.

但我不會對此做出任何解讀，馬克。

Understood, yeah, 50% earnings growth is, maybe a little higher, a little lower, still pretty good, when we think about the casualty, opportunity, obviously very strong growth. How would you, frame up the pricing there any kind of marginal change in the pricing trajectory from 1 to Q2, any sign of maybe some deceleration there or is that still the same momentum?

明白，是的，50% 的盈利增長，可能高一點，低一點，但仍然相當不錯，當我們考慮到損失、機會時，顯然是非常強勁的增長。您如何看待那裡的定價？從第一季到第二季度，定價軌跡是否有任何邊際變化？是否有任何減速的跡象？還是仍然保持相同的勢頭？

Yeah, it's products specific, I think, in excess liability and let's, a lot of our ENS casualty book is buffer layer business, you're still seeing. A mid high 10s rate increases. Some of the niche GLli environmental, it's still it's lower single digits but still good terms and rate increases. The area that we pulled back some in has been on the professional liability side where that market has softened.

是的，我認為它是針對特定產品的，在超額責任方面，我們的許多 ENS 傷亡險帳簿都是緩衝層業務，您仍然可以看到。利率成長了 10% 左右。一些利基 GLli 環境，它仍然是較低的個位數，但仍然是良好的條款和利率成長。我們撤回的部分領域是專業責任險，該領域的市場已經疲軟。

So where we are focusing, in particular on the excess liability, general liability, niche focused general liability, it's still a healthy rate. It's the professional lines with the exception of maybe some of the miscellaneous CO categories where there's the most pressure, and I think that's where as a result, we're more focused on the former as opposed to the latter.

因此，我們所關注的，特別是超額責任、一般責任、針對特定領域的一般責任，其利率仍然是健康的。除了一些雜項 CO 類別之外，專業線路的壓力最大，我認為因此我們更關注前者而不是後者。

Appreciate it. Thank you.

非常感謝。謝謝。

Thanks, Mark.

謝謝，馬克。

Meyer Shields, KBW.

邁耶·希爾茲，KBW。

Great, thanks so much. Max, I'm trying to just get my brain around how the crop business worked because you talked about booking the premiums earlier. Does that mean that there's more unearned premium compared to what you would might normally see on second quarter premium production?

太好了，非常感謝。馬克斯，我正在努力弄清楚農作物業務是如何運作的，因為你之前談到了預訂溢價。這是否意味著與第二季保費生產中通常看到的相比，未賺取保費更多？

Yeah, I think you'd kind of take all pieces of the crop premium of coming on a little bit earlier, right, when we initially talked about it and thought about it, we expected most of the written and earned premium to come in in Q3. While that is still true, some of that written and earned premiums came in a little bit earlier in the second quarter, as John Christensen likes to point out, we're talking about a matter of days when this is reported, right? If something is reported on June 30,

是的，我認為你會把農作物溢價的所有部分都提前一點考慮進去，對吧，當我們最初談論和思考這個問題時，我們預計大部分書面和賺取的溢價將在第三季度到來。雖然情況仍然如此，但正如約翰·克里斯滕森 (John Christensen) 喜歡指出的那樣，部分已賺保費在第二季度稍早一些的時候就已經到賬，我們談論的是報告此事的幾天時間，對嗎？若 6 月 30 日有報道，

Reported in 2. If it reported on July 1, it's reported in Q3, a lot more or not a lot more, but more of that premium than we expected came in in the second quarter. So that results in written premium being higher, that results in seeded premium being higher, that results in earned premium being higher, seeded earn being higher, and losses being losses being higher.

已報告 2。如果是在 7 月 1 日報告的話，那麼在第三季度就會有報告，可能會多很多，也可能不會多很多，但比我們預期的溢價更多的是在第二季度出現的。因此，這會導致已承保保費更高，從而導致種子保費更高，從而導致已賺保費更高，種子收益更高，損失也更高。

So all of that kind of came in a little bit earlier. But again, when you look at this on a 12 month period of time, that $200 million of crop premium that we're expecting for this year. We're still expecting all the results to be the same for a 12 month period of time.

所以這一切都來得比較早。但是，如果從 12 個月的時間來看，我們預計今年的農作物溢價將達到 2 億美元。我們仍然期望 12 個月內的所有結果都相同。

It's really just a slight shift between Q2 and Q3, where we still expect most of that to come in in Q3, but before I think we would have said something around the 60 to 70% range, we're probably in the 50 to 60% range that we now expect to come in in Q3 versus what we talked about. Let's call back an investor day.

這實際上只是第二季和第三季之間的輕微轉變，我們仍然預計大部分銷售額將在第三季實現，但之前我認為我們會說 60% 到 70% 左右，而現在我們預計第三季銷售額與我們之前談論的相比，可能在 50% 到 60% 的範圍內。讓我們回顧一下投資者日。

Okay, that is.

好的，就是這樣。

Helpful. And the one thing I would add is underlying that is is a bit of a positivity is a bit of a positive note, like it means there's been healthy production and yield and rain, and that generally speaking is a good thing for the crop business. So.

很有幫助。我想補充的一點是，這其中潛藏著一些正面因素，一些正面訊號，例如這意味著生產、產量和降雨都很好，總的來說，這對農作物生意來說是一件好事。所以。

Another silver lining there.

那裡還有一線希望。

Yeah, and one other thing I'd add is there's just, after the April 1st announcement of the advanced egg production acquisition and kind of combining our organizations together, just the the acceptance and the excitement in the market that has really motivated, agents to to be on top of these acreage reports and send them in and just showing the.

是的，我想補充的另一件事是，在 4 月 1 日宣布收購先進雞蛋生產公司並將我們的組織合併在一起之後，市場接受度和興奮度確實激勵了代理商掌握這些種植面積報告並將其發送並展示。

The good message of the combined force between advanced egg production and Palomar as we move forward throughout the growing season. So it's all been well received by the market, and I think that excitement is translated into a little bit of earlier reporting.

隨著我們在整個生長季節不斷前進，先進的雞蛋生產和 Palomar 的聯合力量傳遞出好消息。因此，這一切都受到了市場的歡迎，我認為這種興奮已經轉化為一些早期的報導。

As well.

也一樣。

Okay, no, that is very helpful and it's good to hear. And just I think we've talked about this in the past, but in terms of what you're booking for crop profitability when it's still relatively early in the harvest season, how should we think of sort of the strategy for booking incurred losses in the second and third quarter before we actually get to the major harvests?

好的，不，這非常有幫助，很高興聽到這個消息。我認為我們過去曾討論過這個問題，但就收穫季節還相對較早時作物盈利能力的記錄而言，在我們真正迎來主要收穫之前，我們應該如何考慮在第二季度和第三季度記錄已發生損失的策略？

Yeah, I'd say let's call it any favorable signs from the season will show up in the fouth quarter or potentially the first quarter, depending on the timing of when things come in, right? This is very dependent on people, right? They need to report their losses. We need to know what's going on. I think when we look at it overall, we're going to stick to our picks, right? I would also say that you know there was probably a little bit more of that coming in two just from a results standpoint.

是的，我想說，本賽季的任何有利跡像都會在第四季或第一季出現，這取決於事情發生的時間，對嗎？這很依賴人吧？他們需要報告他們的損失。我們需要知道發生了什麼事。我認為從整體上看，我們會堅持我們的選擇，對嗎？我還想說，從結果的角度來看，這兩件事可能還有更多進展。

We expect that to smooth out by the time we get to the end of the year, but we're not going to predict exactly when we're going to book, let's call it the favorability or potentially unfavorability based on the season until, but it won't be before the fouth quarter or potentially the 1st quarter of next year.

我們預計到年底這種情況會逐漸好轉，但我們無法準確預測何時會預訂，我們稱之為基於季節的有利因素或潛在的不利因素，但不會早於第四季度或可能是明年第一季。

And the season so far is. what we'd characterize as good to very good, but that being said, we are still in early August, and so there's a lot of time left before harvest, but you know the season is set up well, but we just need to continue to see capability from a weather standpoint as we go through the rest of the year.

到目前為止，這個季節的情況我們認為很好甚至非常好，但話雖如此，我們現在還處於八月初，所以距離收穫還有很多時間，但你知道這個季節已經安排好了，但我們只需要繼續從天氣的角度來觀察今年剩餘時間的情況。

Okay, that's very helpful. I can throw in one last question. Is there room for or need for maybe increasing the inflation guard ahead of tariffs?

好的，這非常有幫助。我可以問最後一個問題。在徵收關稅之前，是否有空間或必要提高通膨保護水準？

Hey Mary, yeah.it's something we do look at where we sit here today, we feel that we have an ample cushion with the inflation guard and the actual replacement costs for buildings, whether it be for builders risk, Hawaiian hurricane or quake and flood. So it's something we'll monitor, but right now we do believe it's an adequate cushion above inflation.

嘿，瑪麗，是的。這是我們今天所處的位置所看到的事情，我們覺得我們有充足的通膨緩衝和建築物的實際重置成本，無論是建築商風險、夏威夷颶風還是地震和洪水。所以我們會對其進行監控，但目前我們確實相信它足以緩解通貨膨脹。

Unfortunately, it's it's an underwriting rule and change so it doesn't require approval from the insurance department.

不幸的是，這是承保規則的變更，因此不需要保險部門的批准。

Right, understood. Okay.

對的，明白了。好的。

Great, thank you.

太好了，謝謝。

Pablo Singson, JP Morgan.

摩根大通的 Pablo Singson。

Hi.

你好。

Thank you. So first question, if we think about the reinsurance retention across the lines to disclose, which lines have the most immediate impact on underwriting? I guess I'm thinking about the bridge between gross premiums and underwriting income, right, and which lines have less. It seems to me that you're getting hit more immediately by slower growth and earthquakes, right? But then if you think about your faster growing lines like casualty, for example, you're not really seeing much of a benefit to underwriting today. Is that fair and how are you?

謝謝。因此第一個問題是，如果我們考慮跨險種的再保險自留額揭露，哪些險種對承保有最直接的影響？我想我是在考慮毛保費和承保收入之間的橋樑，對吧，以及哪些險種的毛保費較少。在我看來，你們正更直接地受到經濟成長放緩和地震的打擊，對嗎？但是，如果您考慮一下成長較快的險種，例如意外險，那麼您實際上並沒有看到今天的承保有多大好處。這樣公平嗎？你覺得怎麼樣？

Characterize how those lines feed ultimately into underwriting.

描述這些線路最終如何影響承保。

Well, yeah, Pablo, so if I understand your question, I think what you're trying to get is where there is the most leverage, so to speak, in our products and with the casualty, most of the reinsurance, if not all of it, is quota share. And so those quota shares are annual. Contracts and we have not really changed our risk participation in those quota shares because of the nascent yeah, their nascenty and a lot of these programs are early and they are longer tail lines, so we want to see the book season before we meaningfully change our risk participation.

嗯，是的，Pablo，如果我理解你的問題，我想你想要了解的是，我們的產品和意外險中，哪裡的槓桿作用最大，也就是說，大部分再保險（如果不是全部的話）都是配額份額。因此這些配額份額是按年度計算的。合同，我們並沒有真正改變我們對這些配額份額的風險參與，因為它們還處於萌芽階段，而且很多這樣的項目都還處於早期階段，而且它們的尾線較長，所以我們希望在有意義地改變我們的風險參與之前先看看圖書季節。

So yeah, I think that your point is with casualty we're probably not earning as much premium or definitely not earning as much premium as we are on some of the property which is more mature and shorter tail where we can see potentially more leverage long term would be in quake and.

所以，是的，我認為你的觀點是，對於意外險，我們可能賺不到那麼多的保費，或者肯定賺不到像一些更成熟、尾部更短的財產險那樣多的保費，我們可以看到，長期來看，潛在的更多槓桿作用將在地震等方面。

The all perils exposed business. If we want to increase our retentions, we actually chose to do the opposite in the circumstance of earthquake, we maintained it at $20 million at 61, and then on the wind side we pushed it down because we want to create alignment with our cat load that we've given in guidance. So as the balance sheet grows, and it certainly has 50% earnings growth does lead to compounding the book value pretty.

一切危險都暴露在外的業務。如果我們想增加保留額，我們實際上選擇在發生地震的情況下做相反的事情，我們將其維持在 61 美元的 2000 萬美元，然後在風力方面我們將其壓低，因為我們希望與我們在指導中給出的負載保持一致。因此，隨著資產負債表的成長，其 50% 的獲利成長確實會導致帳面價值的複合成長。

Effectively we can take those retentions up. Those retentions are those low layers are at expensive chunky rate on lines certainly north of our stated return on equity targets. So that does give us some optionality, and that same optionality does persist on the casualty side. It just won't manifest itself for a little bit longer period of time. It's a nice lever to have down the line.

我們可以有效地提高這些保留率。這些保留是那些低層次的，以昂貴的粗利率在線路上，肯定是在我們所聲明的股本回報率目標之上。因此，這確實給了我們一些選擇權，同樣的選擇權在傷亡方面也確實存在。只是在一段較長的時間內它不會顯現出來。這是一個很好的槓桿。

Yeah, and I would point out, Pablo, when you think about this from a call it a numbers and a metric standpoint, when we started this year and we thought about our reinsurance program, we talked about it being, it's called flat up 5%. And you look at that from a standpoint of our net earned premium for the year we expected our net earned premium to be in the high 30s based on all of the things Mac talked about, especially making our reinsurance ex access to loss program or keeping it conservative. We held the retention for earthquake, we lowered the retention for wind. Those aren't free.

是的，我想指出的是，巴勃羅，當你從數字和指標的角度來考慮這個問題時，當我們今年開始考慮我們的再保險計劃時，我們談到了它，它被稱為平穩上漲 5%。從我們今年的淨保費收入的角度來看，根據 Mac 談到的所有事情，我們預計我們的淨保費收入將在 30% 以上，特別是讓我們的再保險免除損失計劃或保持保守。我們提高了抗震強度，降低了抗風強度。那些不是免費的。

Our dollar increase in our reinsurance program. Only $10 million. So with all of that, we expect our expect our net earned premium now to be in the low 40s versus the high 30s. That is against the larger number of gross earned premiums.

我們的再保險計劃中的美元金額增加。僅 1000 萬美元。因此，考慮到所有這些，我們預計我們現在的淨保費收入將在 40% 出頭，而不是 30% 出頭。這與較大的總保費收入金額相抵觸。

So think about that when you think about earnings for the end of this year, but think about that also for all of 2026, we expect that benefit. So 2 to 3 points on the higher grosser. Premiums spread out through 2026 is how you should think about our model improving and even keeping all of our reinsurance very conservative, if not more conservative than last year and getting only a minor increase in dollar spent.

因此，當您考慮今年年底的收益時，請考慮這一點，但也要考慮整個 2026 年，我們預計會有這樣的收益。因此，收入較高的人將獲得 2 到 3 分。您應該考慮將保費分攤到 2026 年，這樣我們的模型就會得到改進，甚至會讓我們所有的再保險都保持非常保守的狀態，甚至比去年更加保守，而且支出只會略有增加。

So overall we're very happy with how the book is going, and that leverage on reinsurance is going to play through over the next 12 months in our P&O.

因此，總體而言，我們對帳簿的進展非常滿意，再保險槓桿將在未來 12 個月內在我們的 P&O 中發揮作用。

Yeah, thanks for that. And then the second question, I was curious if you're willing to provide the qualitative outlook for growth in the marine and other property, right? So it seems like Lier's risk is still going well. You probably have had within commercial property, right? And then you have rate increases in the Hawaii block dropping off by the end of the year.

是的，謝謝。然後是第二個問題，我很好奇您是否願意提供海洋和其他財產增長的定性前景，對嗎？由此看來，Lier的風險控制仍然進展順利。您可能擁有過商業房地產，對嗎？然後你會發現夏威夷地區的利率漲幅在年底前會下降。

So maybe you could sort of go through the bits and pieces of there and, put everything together, to the extent you're willing to talk about a growth outlook for the balance of the year.

因此，也許您可以稍微分析一下其中的點點滴滴，然後將所有資訊匯總在一起，以便您能夠談論今年剩餘時間的成長前景。

Well, I mean, we, we're not giving product specific growth rates, Pablo, but I think we feel that there are several growth factors in in the marine of the properties to sustain the growth and that some of that's geographic expansion driven, the addition of new underwriting talent that allows us to process more submissions, and that's most relevant for builders risk and excess national property. Certainly the new partnership on the flood side. Gives us a nice growth vector.

嗯，我的意思是，我們沒有給出產品特定的增長率，Pablo，但我認為我們認為在海洋財產方面有幾個增長因素可以維持增長，其中一些是由地理擴張驅動的，增加新的承保人才使我們能夠處理更多的提交，這與建築商風險和超額國家財產最相關。當然是洪水方面的新夥伴關係。給我們一個很好的成長向量。

Why, yeah, the rate increases will roll themselves through the book, but there still is the opportunity to increase our exposure there, especially with La Lima having its own reinsurance program and that market remaining a bit dislocated, and then, the admitted side of the builder's risk affords, ample opportunity for growth too.

是的，利率的上漲會透過帳簿自行計算，但仍然有機會增加我們在那裡的曝光度，特別是考慮到利馬有自己的再保險計劃，而且該市場仍然有點混亂，然後，建築商所承認的風險也提供了充足的成長機會。

We've already been, this year there's been headwind in that commercial segment of the inland marine of the property, and we've actually been winding down the all risk book as we pull back our continental hurricane exposure. So this year we've already seen that play through and we still do 30+% and we feel good about sustaining growth in this line that indexes that for the whole business.

今年，內陸航運商業部分已經遭遇阻力，隨著我們減少大陸颶風風險，我們實際上已經減少了所有風險帳簿。因此，今年我們已經看到了這一進展，並且我們仍然實現了 30% 以上的成長，我們對維持這項業務的成長感到滿意，這對整個業務而言是一個指標。

All right thanks.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Andrew Anderson from Jeffreys. Please go ahead.

來自 Jeffreys 的 Andrew Anderson。請繼續。

Hey, thanks. Could you expand a bit on on the Neptune relationship here and and perhaps how that compares with your your prior flood operations and just my, are you operating as a frontier or would you be taking balance sheet risk as well?

嘿，謝謝。您能否詳細闡述這裡與海王星的關係，以及與您之前的洪水行動相比如何，您是在前沿行動還是也會承擔資產負債表風險？

Hey, Andrew, yes, so our flood book historically has been concentrated in 567 states, really writing more inland flood. And so the partnership with Neptune allows us to write inland flood and coastal flood. So it expands the TAM. We will be taking underwriting risk. We've taken underwriting risk, in flood, since we launched the product some 6 or 7 years ago.

嘿，安德魯，是的，所以我們的洪水書歷史上集中在 567 個州，實際上寫的是更多的內陸洪水。因此，與海王星的合作使我們能夠記錄內陸洪水和沿海洪水。因此它擴大了TAM。我們將承擔承保風險。自從我們六、七年前推出該產品以來，我們一直承擔著大量的承保風險。

As I mentioned on my previous remarks, we, have call back our wind exposure meaningfully, so that's allowing us to write coastal flood and not stack limit. So this will be a risk bearing partnership with a nice operator that has really strong expertise in coastal flood, and then we can marry that up with what we've done in the inland flood to get a nice balanced book of flood that's not overly concentrated from a geographic standpoint or nature of law standpoint.

正如我在之前的評論中提到的那樣，我們已經有意義地回調了我們的風力暴露，因此這使我們能夠記錄沿海洪水而不是堆積限制。因此，這將是與一家在沿海洪水方面擁有真正強大專業知識的優秀運營商建立風險合作夥伴關係，然後我們可以將其與我們在內陸洪水方面所做的工作結合起來，以獲得一本從地理角度或法律性質角度來看不會過度集中的均衡洪水書籍。

Should we think of that as benefiting any growth in 25, or is this more of a 26.

我們是否應該認為這有利於 25 年的成長，還是更有利於 26 年的成長？

Type of? It's going to be more 26. It's really, we, it's going live 10 to 1, we didn't want to launch a new coastal flood program in the teeth of the hurricane season, so it's really going to be more of a 26 contributor. Yeah, that's a good question.

類型？將會超過 26。事實上，我們將以 10 比 1 的比例投入實施，我們不想在颶風季節啟動新的沿海洪水計劃，因此實際上將有 26 個貢獻者。是的，這是個好問題。

Ladies and gentlemen, as there are no further questions, I would now have the conference over to Mat Armstrong for his closing comments.

女士們、先生們，由於沒有其他問題，現在請馬特·阿姆斯特朗 (Mat Armstrong) 致閉幕詞。

Thank you, operator, and thank you all for joining us today. I'm very proud of our second quarter results. They are a clear demonstration of the success we are having in building Palomar into a market leader in the specialtyer sector, a market leader with a portfolio that is distinct and has industry leading products. We delivered strong top and bottom line growth.

謝謝接線生，也謝謝大家今天加入我們。我對我們第二季的業績感到非常自豪。它們清楚地證明了我們在將 Palomar 打造成為專業領域的市場領導者方面所取得的成功，該市場領導者擁有獨特的產品組合和行業領先的產品。我們實現了強勁的營收和利潤成長。

And our property, the balance of residential and commercial exposures allowing us to grow and perform in soft and hard markets like we're experiencing today. New lines like crop and casualty delivered strong growth this quarter and are well positioned to maintain them, and we are well positioned to maintain the momentum over the medium term, so.

我們的財產、住宅和商業風險的平衡使我們能夠在當今所經歷的軟性市場和硬市場中成長和表現。農作物和意外險等新業務本季度實現了強勁增長，我們有能力保持這種增長勢頭，而且我們也有能力在中期內保持這種增長勢頭。

We are positioned to sustain our growth, deliver consistent earnings and returns, and over time the results will speak for themselves. And so hopefully you get a sense that we could not be more excited about the opportunities that lie ahead of us. And as always, I want to thank our team and our terrific employees for their continued commitment to Palmar. Have a nice day.

我們致力於保持成長，提供穩定的收益和回報，隨著時間的推移，結果將不言而喻。所以希望您能感受到我們對未來機會的無比興奮。像往常一樣，我要感謝我們的團隊和優秀的員工對 Palmar 的持續承諾。祝你今天過得愉快。

Thank you, sir. On behalf of Palomar Holdings, thank you for your participation. You may now disconnect your lines.

謝謝您，先生。我代表 Palomar Holdings 感謝您的參與。現在您可以斷開線路了。