濱特爾 (RNR) 2023 Q2 法說會逐字稿

Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Second Quarter 2023 Earnings Conference Call and Webcast. After the prepared remarks, we will open the call for your questions. Instructions will be given at that time. Lastly, if you should need operator assistance, please press star 0. Thank you, and I will now turn the call over to Keith McCue, Senior Vice President of Finance and Investor Relations. Please go ahead.

早上好。我叫切爾西，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 RenaissanceRe 2023 年第二季度收益電話會議和網絡廣播。在準備好發言後，我們將開始電話詢問您的問題。屆時將給出指示。最後，如果您需要接線員幫助，請按星號 0。謝謝，我現在將把電話轉給財務和投資者關係高級副總裁 Keith McCue。請繼續。

Thank you, Chelsea. Good morning, and welcome to RenaissanceRe's Second Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer; and Bob Qutub, Executive Vice President and Chief Financial Officer.

謝謝你，切爾西。早上好，歡迎參加 RenaissanceRe 2023 年第二季度收益電話會議。今天與我一起討論我們的結果的是總裁兼首席執行官凱文·奧唐納 (Kevin O'Donnell)；執行副總裁兼首席財務官 Bob Qutub。

First, some housekeeping matters. Our discussion today will include forward-looking statements. It's important to note that actual results may differ materially from the expectations shared today. Additional information regarding the factors shaping these outcomes can be found in our SEC filings and in our earnings release.

首先，一些家政事務。我們今天的討論將包括前瞻性陳述。值得注意的是，實際結果可能與今天的預期存在重大差異。有關影響這些結果的因素的更多信息可以在我們向 SEC 提交的文件和收益報告中找到。

During today's call, we will also present non-GAAP financial measures. Reconciliations to GAAP metrics and other information concerning non-GAAP measures may be found in our earnings release and financial supplement, which are available on our website at renre.com. And now I'd like to turn the call over to Kevin. Kevin?

在今天的電話會議中，我們還將介紹非公認會計準則財務指標。 GAAP 指標的調節以及有關非 GAAP 指標的其他信息可以在我們的收益發布和財務補充中找到，這些信息可以在我們的網站 renre.com 上找到。現在我想把電話轉給凱文。凱文？

Thanks, Keith. Good morning, everybody, and thank you for joining today's call. We are pleased to report that RenRe delivered strong second quarter results that combine consistent bottom line profitability with continued top line growth. This growth was particularly robust in our property catastrophe business, where we continue to observe significant rate momentum. For the quarter, we reported an annualized operating return on average common equity of 28.8%, even with the dilution from the quarter's equity issuance.

謝謝，基思。大家早上好，感謝您參加今天的電話會議。我們很高興地報告，RenRe 取得了強勁的第二季度業績，將持續的盈利能力與持續的營收增長結合起來。這種增長在我們的房地產巨災業務中尤其強勁，我們繼續觀察到顯著的利率勢頭。我們報告的本季度平均普通股年化運營回報率為 28.8%，即使考慮到本季度股票發行帶來的稀釋。

On a quarter -- excuse me, on a year-to-date basis, our operating ROE is running at almost 30%. Of course, our most prominent strategic milestone this quarter was the announcement that we are acquiring AIG's treaty reinsurance platform, Validus Re. I will highlight some of the key business reasons we are excited about this transaction. Bob will then cover the financial details, including our recent equity and debt issuances to help finance the transaction.

抱歉，從今年至今的一個季​​度來看，我們的運營 ROE 接近 30%。當然，本季度我們最重要的戰略里程碑是宣布我們將收購 AIG 的條約再保險平台 Validus Re。我將重點介紹我們對此次交易感到興奮的一些關鍵商業原因。然後鮑勃將介紹財務細節，包括我們最近發行的股票和債券，以幫助為交易融資。

Beginning with Validus Re, we are very excited to partner with AIG on this win-win transaction. For RenaissanceRe, this advances our strategy as a leading P&C reinsurer. We are gaining access to a large, diversified business in a favorable reinsurance market. Validus Re has a great team and their underwriting portfolio consists of high-quality mix of property casualty, specialty and credit lines that closely mirrors our own.

從 Validus Re 開始，我們非常高興能與 AIG 合作開展這項雙贏的交易。對於 RenaissanceRe 來說，這推進了我們作為領先財產與意外險再保險公司的戰略。我們正在有利的再保險市場中進入大型多元化業務。 Validus Re 擁有一支優秀的團隊，他們的承保組合包括財產傷亡、專業和信用額度的高質量組合，與我們的承保組合非常相似。

We expect the Validus acquisition to be highly accretive across our financial metrics. For a premium over book value of $885 million, we anticipate receiving a gross written premium base of $3.1 billion in 2022, of which we are targeting at least $2.7 billion of premium, $4.5 billion of investable assets and a $250 million equity investment by AIG and our common shares as well as up to $500 million in our capital partner business. At close, we anticipate receiving $2.1 billion of unlevered shareholders' equity, which is $1.2 billion lower than Validus Re's year-end 2022 equity. This reduction is due to the capital efficiency we expect to bring to this business and as part of the reason, this transaction is a win-win for both us and AIG.

我們預計 Validus 收購將為我們的財務指標帶來巨大的增值。對於超過賬面價值8.85 億美元的保費，我們預計2022 年的總保費基礎為31 億美元，其中我們的目標是至少27 億美元的保費、45 億美元的可投資資產以及AIG 和AIG 的2.5 億美元股權投資。我們的普通股以及高達 5 億美元的資本合作夥伴業務。交易結束時，我們預計將獲得 21 億美元的無槓桿股東權益，比 Validus Re 2022 年年底的股本低 12 億美元。這一減少是由於我們期望為該業務帶來的資本效率，並且作為部分原因，此次交易對我們和 AIG 來說都是雙贏的。

As a result, and as Bob will explain, we believe this transaction will be immediately accretive to each of our 3 drivers to profit as well as book value per share, earnings per share and return on equity, excluding peak GAAP adjustments and integration costs. Of course, there are always risks in any transaction, but we believe we can manage them effectively. To begin with, we are a proven acquirer and have substantial institutional knowledge managing execution and integration risk. The fact that Validus Re underwriting portfolio is similar to our existing book also reduces our execution risk.

因此，正如鮑勃將解釋的那樣，我們相信這項交易將立即增加我們的三個利潤驅動因素以及每股賬面價值、每股收益和股本回報率，不包括峰值 GAAP 調整和整合成本。當然，任何交易都存在風險，但我們相信我們可以有效地管理風險。首先，我們是一家經過驗證的收購方，擁有管理執行和整合風險的豐富機構知識。 Validus Re 承保投資組合與我們現有的賬簿類似，這一事實也降低了我們的執行風險。

We have deep familiarity with the lines of business that they write and have the tools necessary to support the business. As a result, we expect that we can fully deploy Validus Re into our portfolio on day 1 and fully integrated into our risk management system soon afterwards, diminishing execution risk. The Validus Re portfolio will also benefit from a reserve development agreement. Validus Re is a strong underwriting platform and AIG should continue to profit from the attractive risk that they have underwritten. As such, AIG will retain 95% of any reserve development, whether favorable or adverse. We expect the Validus Re acquisition to close in Q4 and have already begun comprehensive integration planning.

我們對他們編寫的業務線非常熟悉，並且擁有支持業務所需的工具。因此，我們希望能夠在第一天將 Validus Re 完全部署到我們的投資組合中，並在不久之後完全集成到我們的風險管理系統中，從而降低執行風險。 Validus Re 投資組合還將受益於儲備開發協議。 Validus Re 是一個強大的承保平台，AIG 應該會繼續從其承保的有吸引力的風險中獲利。因此，AIG 將保留任何儲備開發的 95%，無論有利還是不利。我們預計 Validus Re 收購將於第四季度完成，並已開始全面的整合規劃。

Of course, the closing is subject to regulatory approval, among other customary closing conditions. I am pleased to report since the announcement of the Validus Re acquisition and completion of our debt and equity raises, the rating agencies have affirmed our A+ financial strength ratings. This is a good result as it is typical for potential acquirers to be placed on negative watch due to execution and integration risk.

當然，除其他慣例成交條件外，此次成交還需獲得監管部門的批准。我很高興地向您報告，自從宣布收購 Validus Re 以及完成我們的債務和股權融資以來，評級機構已確認我們的 A+ 財務實力評級。這是一個很好的結果，因為潛在收購方通常會因執行和整合風險而受到負面關注。

In conclusion, the acquisition of Validus Re advances our strategy of financial terms that should be immediately accretive. In addition, it extends our relationship with AIG, a key partner. For these reasons, I couldn't be more excited about our future or more convinced that this transaction will drive shareholder value.

總之，收購 Validus Re 推進了我們的財務條款戰略，該戰略應該會立即增值。此外，它還擴展了我們與重要合作夥伴 AIG 的關係。出於這些原因，我對我們的未來感到非常興奮，也更加相信這項交易將推動股東價值。

That concludes my opening comments. I'll provide more details on our segment performance at the end of the call, but first, Bob will discuss our financial performance for the quarter.

我的開場白就到此結束。我將在電話會議結束時提供有關我們部門業績的更多詳細信息，但首先，鮑勃將討論我們本季度的財務業績。

Thanks, Kevin, and good morning, everyone. Once again, we had a very strong quarter with net income of $191 million and operating income of $407 million. This is the third quarter in a row where we have reported annualized operating return on average common equity of over 28%. These excellent results reflect the momentum behind each of our 3 drivers of profit, with underwriting, fees and investments, all contributing significant income for our shareholders this quarter.

謝謝，凱文，大家早上好。我們再次迎來了非常強勁的季度，淨利潤為 1.91 億美元，營業收入為 4.07 億美元。這是我們連續第三個季度平均普通股年化運營回報率超過 28%。這些出色的業績反映了我們三大利潤驅動因素背後的動力，包括承銷、費用和投資，所有這些都為本季度為我們的股東帶來了可觀的收入。

Today, I'd like to start by highlighting a few key takeaways from the quarter, provide an update on the integration progress for Validus, and then discuss our results in more detail. Starting with some highlights. And first, we leaned into a very attractive property catastrophe market in the midyear renewals, growing property catastrophe net premiums written by almost 55%, even at an above-average quarter for cats, our Property segment performed well, reporting a combined ratio of 63% with other property having a particularly strong quarter.

今天，我想首先強調本季度的一些關鍵要點，提供 Validus 集成進度的最新信息，然後更詳細地討論我們的結果。從一些亮點開始。首先，我們在年中續約時進入了一個非常有吸引力的房地產災難市場，房地產災難淨保費增長了近55%，即使在貓的季度高於平均水平，我們的房地產部門也表現良好，綜合比率為63 % 與其他房地產的季度表現尤其強勁。

Second, Casualty and Specialty had another solid quarter, reporting a combined ratio of 93%. We are pleased with the positioning of the portfolio, and we continue to expect mid-90s combined ratio in 2023. And third, fee income rose 65% to a record $57 million. This reflects increased partner capital under management as we grow into an attractive market and a steady increase in performance fees from strong underwriting results. And finally, retained net investment income for the quarter was $189 million. This is more than double a year ago and up 13% from Q1 2023, reflecting our continued rotation into higher coupon securities.

其次，意外險和特殊險業務的季度表現依然強勁，綜合成本率為 93%。我們對投資組合的定位感到滿意，我們繼續預計 2023 年綜合成本率將達到 90 年代中期。第三，費用收入增長 65%，達到創紀錄的 5700 萬美元。這反映了隨著我們成長為一個有吸引力的市場，管理的合作夥伴資本有所增加，以及強勁的承保業績帶來的績效費用的穩步增長。最後，本季度留存淨投資收益為 1.89 億美元。這是一年前的兩倍多，比 2023 年第一季度增長 13%，反映出我們持續轉向更高息票證券。

As Kevin mentioned, we are also advancing our strategy through the acquisition of Validus Re, which we announced in May. I am pleased to say that integration planning is progressing well and that we are on track to close in the fourth quarter. We have established a dedicated integration team that is reviewing Validus' operating model, processes and systems so that we can bring together our 2 great companies. Our work to date supports our initial acquisition thesis, and we are very excited about the transaction. Validus is a great business with great people, and this deal will accelerate our strategy.

正如 Kevin 提到的，我們還通過 5 月份宣布的收購 Validus Re 來推進我們的戰略。我很高興地說，整合計劃進展順利，我們有望在第四季度完成。我們已經建立了一個專門的整合團隊，正在審查 Validus 的運營模式、流程和系統，以便我們能夠將兩家偉大的公司整合在一起。迄今為止，我們的工作支持了我們最初的收購論點，我們對此次交易感到非常興奮。 Validus 是一家擁有優秀人才的偉大企業，這筆交易將加速我們的戰略。

As we discussed when we announced the deal, we are paying just under $3 billion for $2.1 billion of unlevered shareholders' equity at close. We believe this transaction will be immediately accretive to each of our 3 drivers of profit as well as book value per share, earnings per share and return on equity when excluding PGAAP adjustments and integration costs. We're paying a premium of $885 million over shareholder equity for Validus. The majority of this premium, approximately 85% will be amortized over 10 years, with about 40% amortizing in the first 2 years.

正如我們在宣布此項交易時所討論的那樣，我們將以近 30 億美元的價格購買 21 億美元的無槓桿股東權益。我們相信，在排除 PGAAP 調整和整合成本的情況下，此次交易將立即增加我們的 3 個利潤驅動因素以及每股賬面價值、每股收益和股本回報率。我們為 Validus 支付的股東權益溢價為 8.85 億美元。該保費的大部分（約 85%）將在 10 年內攤銷，其中約 40% 在前 2 年攤銷。

In anticipation of the Validus transaction this quarter, we also successfully raised approximately $2.1 billion through public equity and debt issuances. This included almost $1.4 billion of net proceeds from the issuance of 7.2 million common shares at $192 per share and about $740 million of net proceeds from the issuance of 5.75% senior notes due in 2033. This additional funding was on top of our already strong capital position.

預計本季度將進行 Validus 交易，我們還通過公開股本和債券發行成功籌集了約 21 億美元。其中包括以每股192 美元發行720 萬股普通股的近14 億美元淨收益，以及發行2033 年到期的5.75% 優先票據的約7.4 億美元淨收益。這筆額外資金是在我們本已雄厚的資本之上進行的。位置。

In addition, we will issue $250 million of our common shares to AIG at closing and intend to fund the balance of the cost of the transaction with excess cash on hand. Until we close, the additional capital we raised for the deal will have a dilutive effect on our returns. In the second quarter, this capital diluted our operating return on average common equity by about 2 percentage points on an annualized basis. Our Q2 28.8% operating return on equity is particularly impressive and due to this [line]. In Q3, we expect the impact of the excess capital on our operating returns to be about 5 percentage points on an annualized basis.

此外，我們將在交易完成時向 AIG 發行 2.5 億美元的普通股，並打算用手頭多餘的現金來支付交易成本的餘額。在我們完成之前，我們為交易籌集的額外資金將對我們的回報產生攤薄影響。第二季度，這筆資本將我們的平均普通股運營回報率按年化計算稀釋了約 2 個百分點。由於這條線，我們第二季度 28.8% 的運營股本回報率尤其令人印象深刻。第三季度，我們預計資本過剩對我們經營回報的年化影響約為5個百分點。

Moving now to our second quarter results and our first driver of profit underwriting, where our total combined ratio was 80% with both segments delivering strong results. We achieved these returns against a backdrop of above-average catastrophe activity and modest favorable development. Overall, gross premiums written were up 8% and net premiums written were up 18%.

現在來看我們的第二季度業績和我們承保利潤的第一個驅動力，我們的總綜合成本率為 80%，兩個部門都取得了強勁的業績。我們在高於平均水平的災難活動和適度有利的發展的背景下實現了這些回報。總體而言，毛承保保費增長了 8%，淨承保保費增長了 18%。

This quarter, we continued to manage the cycle and allocated our capital to the businesses that we believe will generate the best relative returns. We grew property catastrophe and other specialty lines considerably while continuing to reduce on other property and professional liability lines.

本季度，我們繼續管理週期，並將資金分配給我們認為將產生最佳相對回報的業務。我們大幅增加了財產災難和其他專業責任險種，同時繼續減少了其他財產和專業責任險種。

Moving now to our Property segment. And as disciplined underwriters with differentiated cat modeling capabilities, we have continued to focus on property catastrophe and saw very attractive opportunities to grow this class of business at the midyear renewals at improved rates, which Kevin will speak more to in a few more minutes.

現在轉到我們的房地產部分。作為具有差異化貓模型能力的紀律嚴明的承保人，我們繼續關注房地產災難，並看到了非常有吸引力的機會，可以在年中續約時以更高的費率發展此類業務，凱文將在幾分鐘內詳細討論這一點。

Overall, net premiums written for the Property segment were up 29%, with property catastrophe net premiums written up 55%. Due to the U.S. storm activity this quarter, we recorded $30 million of reinstatement premiums in property catastrophe compared to almost none in Q2 2022. Without reinstatement premiums, property catastrophe net premiums were up 49%.

總體而言，房地產部門的淨保費增長了 29%，其中房地產巨災淨保費增長了 55%。由於本季度美國風暴活動，我們記錄了 3000 萬美元的財產災難恢復保費，而 2022 年第二季度幾乎沒有恢復保費。如果沒有恢復保費，財產災難淨保費增長了 49%。

Our other property book also continues to benefit from significant rate increases. Although net premiums written were down 4%, we have cut the risk in this book significantly with much of the reduction in cat-exposed business. We expect other property net premiums earned to continue to decline modestly in the third quarter. For the Property segment overall, we reported a combined ratio of 63% with a current accident year loss ratio of 41%.

我們的其他房產也繼續受益於大幅加息。儘管淨承保保費下降了 4%，但我們在本書中已經顯著降低了風險，其中大部分貓險業務都減少了。我們預計第三季度其他房地產淨保費收入將繼續小幅下降。對於整個房地產領域，我們報告的綜合成本率為 63%，當前事故年損失率為 41%。

So far this year, cat activity has been well above average. In the second quarter, large loss events had an overall net negative impact of $45 million on our consolidated results. About $25 million of this net negative impact came from a series of severe weather events in the second quarter. The remaining $20 million of net negative impact related to Q1 large loss events, including the Turkish earthquake, reported a 33% current accident year loss ratio in our Property catastrophe class of business. This is up from last year, but a good result given the increased cat activity in the quarter.

今年到目前為止，貓的活動遠高於平均水平。第二季度，重大損失事件對我們的綜合業績產生了 4500 萬美元的總體淨負面影響。其中約 2500 萬美元的淨負面影響來自第二季度的一系列惡劣天氣事件。與第一季度重大損失事件（包括土耳其地震）相關的剩餘 2000 萬美元淨負面影響報告稱，我們的財產巨災業務類別當前事故年損失率為 33%。這比去年有所增加，但考慮到本季度貓的活動增加，這是一個不錯的結果。

Other property performed well in the quarter, delivering a combined ratio of 79%. As I previously explained, we have been reducing exposure to cats in our other property business while benefiting from additional rate. Large losses contributed 4 percentage points to the other property combined ratio. We continue to expect an attritional loss ratio for the other property book to be in the low 50s. The property acquisition cost ratio improved by 4 percentage points from last year, primarily driven by a mix shift within the Property segment. Property catastrophe has a lower acquisition cost ratio than other property and now makes up 56% of property net premiums earned compared to 45% last year.

其他物業在本季度表現良好，綜合成本率為 79%。正如我之前所解釋的，我們在其他房地產業務中一直在減少與貓的接觸，同時受益於額外的利率。大額虧損對其他財產綜合成本率貢獻了4個百分點。我們繼續預計其他財產賬簿的損耗損失率將在 50 左右。房地產購置成本率比去年下降了 4 個百分點，這主要是由於房地產領域的組合轉變所致。與其他財產相比，災難性財產的購置成本比率較低，目前佔財產淨保費收入的 56%，而去年為 45%。

Moving now to our casualty and specialty portfolio, where we had another solid quarter, reporting a 93% combined ratio. Net premiums written were up by about 8%, similar to last quarter. There was a lot of movement within classes of business as we grew in attractive areas while coming off of deals that did not meet our return hurdles. Specifically, other specialty was up significantly, while we reduced on both professional liability and credit. Net earned premiums for the segment were about $1 billion, and we continue to expect a similar quarterly amount for the remainder of 2023.

現在轉向我們的傷亡和特種產品組合，我們又一個穩健的季度，報告綜合成本率為 93%。淨承保保費增長約 8%，與上季度類似。隨著我們在有吸引力的領域不斷發展，同時完成了不符合回報障礙的交易，業務類別內發生了很多變動。具體來說，其他專業顯著上升，而我們的專業責任和信用都減少了。該細分市場的淨賺取保費約為 10 億美元，我們繼續預計 2023 年剩餘時間內的季度收入將與此類似。

This quarter, reserve development in the Casualty and Specialty segment was essentially flat. We have been closely scrutinizing trends in earlier years in adjusting our reserves as appropriate. Conversely, we have not yet recognized much of the favorable trends from the more recent years as we'll wait for the book to season.

本季度，意外險和特殊險領域的儲備發展基本持平。我們一直在密切關注早些年的趨勢，並酌情調整我們的儲備。相反，我們還沒有認識到近年來的許多有利趨勢，因為我們將等待這本書的出版。

Moving now to fee income in our Capital Partners business, where fee income reached a record $57 million, driven by strong management and performance fees. Management fees were up 41% to $43 million as we grow our joint ventures to underwrite into this attractive market. We continue to expect management fees to run at about $45 million per quarter for the remainder of the year. Performance fees have largely recovered from prior year deficits, reaching $13 million this quarter. Absent large losses, these fees may tick up slightly in the second half of the year to about $15 million per quarter.

現在轉向我們資本合作夥伴業務的費用收入，在強勁的管理費和績效費的推動下，該業務的費用收入達到了創紀錄的 5700 萬美元。隨著我們擴大合資企業以承保這個有吸引力的市場，管理費上漲了 41%，達到 4300 萬美元。我們仍然預計今年剩餘時間內每季度的管理費約為 4500 萬美元。績效費用已基本從去年的赤字中恢復過來，本季度達到 1300 萬美元。如果沒有巨額虧損，這些費用可能會在今年下半年略有上升，達到每季度 1500 萬美元左右。

Overall, we shared $175 million of our net income with partners in our joint ventures as reflected in our redeemable noncontrolling interests. $234 million of this amount was operating income, which was partially offset by mark-to-market losses. In the quarter, the Capital Partners team also raised about $350 million of third-party capital focused on cat bond strategies.

總體而言，我們與合資企業的合作夥伴分享了 1.75 億美元的淨利潤，這反映在我們的可贖回非控股權益中。其中 2.34 億美元是營業收入，部分被按市值計價的虧損所抵消。本季度，Capital Partners 團隊還籌集了約 3.5 億美元的第三方資本，重點用於巨災債券策略。

Moving now to investments. We also reported record net investment income in the quarter. Retained net investment income was up $114 million to $189 million, and our retained net investment income return was up 2.7 percentage points to 4.9%. We have remained very defensive in the positioning of our investment portfolio. Most of the growth in net investment income relates to our proactive rotation into higher coupon securities over the last year. We did generate about $10 million in net investment income from increased invested assets related to the public equity and debt raise associated with the Validus acquisition. This quarter, rising interest rates led to retained mark-to-market losses of about $210 million.

現在轉向投資。我們還報告了本季度創紀錄的淨投資收入。保留淨投資收益增加了 1.14 億美元，達到 1.89 億美元，保留淨投資收益回報率增加了 2.7 個百分點，達到 4.9%。我們在投資組合的定位上仍然保持著非常防禦性的態度。淨投資收入的增長大部分與我們去年主動轉向更高息票證券有關。我們確實從與 Validus 收購相關的公共股權和債務籌集相關的投資資產增加中產生了約 1000 萬美元的淨投資收入。本季度，利率上升導致按市值計價的損失約為 2.1 億美元。

These higher coupons, coupled with additional capital from our equity and debt raises, should be a tailwind for net investment income. We expect retained net investment income will tick up to about $220 million in the third quarter. Retained unrealized losses in our fixed maturity investments are now $442 million or about $8.64 per share. We expect this to accrete to par over time.

這些更高的息票，加上我們的股票和債務籌集的額外資本，應該會成為淨投資收入的推動力。我們預計第三季度留存淨投資收益將增至約 2.2 億美元。我們的固定期限投資保留的未實現損失目前為 4.42 億美元，約合每股 8.64 美元。我們預計這一數字會隨著時間的推移而增加。

Now turning briefly to expenses, where operating expenses were up 11% in the quarter with the operating expense ratio remaining relatively flat. The increase reflects investments in people in our business to support our growth. As you would expect, operating expenses will increase with the Validus acquisition. However, in the near term, we will anticipate holding the operating expense ratio relatively flat. It should then tick down over time as we realize synergies from the transaction.

現在簡單談談費用，本季度運營費用增長了 11%，而運營費用率保持相對平穩。這一增長反映了對我們業務人員的投資，以支持我們的增長。正如您所料，收購 Validus 後運營費用將會增加。然而，在短期內，我們預計運營費用率將保持相對平穩。隨著我們意識到交易的協同效應，它應該會隨著時間的推移而下降。

Corporate expenses were elevated in the quarter with about $11 million related to the Validus transaction. After we close, corporate expenses will be temporarily elevated for a period of time as we integrate Validus.

本季度公司費用有所增加，其中與 Validus 交易相關的費用約為 1100 萬美元。關閉後，隨著我們整合 Validus，公司開支將在一段時間內暫時增加。

And in conclusion, we performed very well this quarter and with continued strong contributions from each of our 3 drivers of profit. Integration planning for Validus is well underway, and we have successfully executed our financing plan for the transaction. Over the last few quarters, we have demonstrated the power of our platform to deliver superior returns. As we look forward, we couldn't be more excited about the incremental benefits that we believe Validus will provide to our shareholders across all 3 drivers of profit. Kevin?

總而言之，我們本季度的表現非常好，三大利潤驅動因素都持續做出了強勁貢獻。 Validus 的整合計劃正在順利進行，我們已成功執行了本次交易的融資計劃。在過去的幾個季度中，我們展示了我們平台提供卓越回報的能力。展望未來，我們對 Validus 將為我們的股東在所有 3 個利潤驅動因素中提供的增量利益感到非常興奮。凱文？

Thanks, Bob. As usual, I'll divide my comments between our Property and Casualty, Specialty segments. The second quarter was an active renewal cycle with the midyear renewals and property and a busy period for Casualty and Specialty.

謝謝，鮑勃。像往常一樣，我將把我的評論分為財產和傷亡、專業部分。第二季度是一個活躍的續保週期，年中續保和財產險以及意外險和特殊險的繁忙期。

Beginning with our Property segment. As anticipated, the midyear property renewals benefited from continued upward rate momentum and improved terms and conditions. This brought the market in line with the step change in reinsurance we realized at January 1.

從我們的房地產部門開始。正如預期的那樣，年中的房產續租受益於持續上漲的利率勢頭以及改善的條款和條件。這使市場與我們 1 月 1 日實現的再保險的階躍變化保持一致。

Rate increases in the U.S. averaged 30% to 50% with pricing particularly challenged on more risk exposed layers. It is worth noting that the midyear renewals in 2022 experienced about a 10% to 30% rate increase. So rate increases this year were on top of a higher bids. Our strategy for the renewal was to offer private deals on nonconcurrent terms with core customers early in the process. This allowed us to achieve higher risk-adjusted rate increases on most programs relative to what was available in the open market.

美國的利率平均上漲 30% 至 50%，風險暴露層的定價尤其面臨挑戰。值得注意的是，2022年年中續約費率增幅約為10%至30%。因此，今年的加息是在提高出價的基礎上進行的。我們的續訂策略是在流程早期與核心客戶以非同步條款提供私人交易。這使我們能夠在大多數項目上實現比公開市場更高的風險調整利率增長。

Overall, we lean heavily into the property cat market in the second quarter and recorded property catastrophe net written premium growth exceeding 50%. We believe these higher rates will persist. Prior hard markets were driven by losses intended to be geographically concentrated. The current market is being driven by equity and ILS investor sentiment and is geographically broad. In particular, investors are concerned that they had not been adequately compensated for the volatility they experienced and in response are demanding substantially higher returns to continue taking risk.

總體而言，我們在第二季度大力投資房地產貓市場，並記錄了房地產巨災淨承保保費增長超過 50%。我們相信這些較高的利率將持續下去。之前的硬市場是由地域集中的損失所驅動的。當前市場是由股票和 ILS 投資者情緒驅動的，並且地域範圍廣泛。特別是，投資者擔心他們所經歷的波動沒有得到充分的補償，因此要求大幅提高回報以繼續承擔風險。

This is especially true now as other asset classes provide attractive yields with less volatility and greater familiarity. From our perspective, we are focused on rate adequacy in our property catastrophe business. Rate adequacy means that we expect business to have rate sufficient to provide investors with a return commensurate with the volatility they assume. We believe the property cat business is now broadly rate adequate. That said, inflation and climate change will continue to increase risk, which will require ongoing monitoring and careful underwriting.

現在尤其如此，因為其他資產類別提供了有吸引力的收益率，且波動性較小且更為人們所熟悉。從我們的角度來看，我們關注的是房地產巨災業務的利率充足性。利率充足性意味著我們預計企業的利率足以為投資者提供與其假設的波動性相稱的回報。我們認為，房地產貓業務目前總體上處於充足狀態。也就是說，通貨膨脹和氣候變化將繼續增加風險，這將需要持續的監控和謹慎的承保。

We are watching other property closely as substantial rate increases continue to flow through this business, especially in property E&S. Over time, this should increase the amount of other property business that is rate adequate, which should provide us fertile ground for future growth.

我們正在密切關注其他房地產，因為該業務繼續大幅加息，尤其是房地產 E&S 領域。隨著時間的推移，這應該會增加其他利率充足的房地產業務的數量，這將為我們未來的增長提供肥沃的土壤。

Another source of future growth could be substantial unmet demand for reinsurance. In part, this is because overall demand for traditional reinsurance at the midyear renewal was down, particularly in Florida. There are several reasons for this. First, Florida homeowners insurers reduce their exposure or stop driving business altogether. Many of these policies went to Citizens, which purchases proportionately less reinsurance.

未來增長的另一個來源可能是大量未滿足的再保險需求。部分原因是年中續保時對傳統再保險的總體需求下降，尤其是在佛羅里達州。有幾個原因。首先，佛羅里達州的房主保險公司減少了風險敞口或完全停止開展業務。其中許多保單都流向了公民，而公民購買的再保險比例相對較少。

Second, many larger companies obtained coverage from the reinsurance to assist policyholders or wrap layer, which is approximately $2 billion of free property catastrophe reinsurance below the cat bond provided by the state of Florida on a one-off basis. Third, cat bonds were increasingly used in more risk remote layers. And fourth, companies did not have adequate budgets to purchase additional cover that they desired.

其次，許多較大的公司獲得了再保險的承保，以幫助保單持有人或包裹層，這比佛羅里達州一次性提供的巨災債券低約 20 億美元的免費財產巨災再保險。第三，巨災債券越來越多地用於風險較低的層面。第四，公司沒有足夠的預算來購買他們想要的額外保險。

The first 2 factors should be temporary drags on demand, meaning it is only a function of time before demand returns to the traditional market. The third factor, the growth in cat bonds, plays to one of our unique strengths, our industry-leading capital partners business. As Bob discussed, these market opportunities allowed us to grow our cat bond strategy substantially, which will benefit our fee income.

前兩個因素應該是對需求的暫時拖累，這意味著它只是需求返回傳統市場之前時間的函數。第三個因素，巨災債券的增長，發揮了我們獨特的優勢之一，即我們行業領先的資本合作夥伴業務。正如鮑勃所討論的，這些市場機會使我們能夠大幅發展我們的巨災債券策略，這將有利於我們的費用收入。

The risk remote layers covered by cat bonds typically do not fit well on our wholly owned balance sheets due to their capital consumptive nature. Consequently, this shift in demand to cat bond should positively benefit our bottom line. Looking forward, we are seeing some signs of increased demand coming to the market. [Cedings] may seek additional limit if they believe capacity is available and they achieve rate increases to provide adequate funds for the purchase.

由於巨災債券所涵蓋的風險隔離層具有資本消耗性質，因此通常不太適合我們的全資資產負債表。因此，需求向巨災債券的轉變應該會對我們的利潤產生積極的影響。展望未來，我們看到市場需求增加的一些跡象。如果 [Cedings] 認為有可用容量並且實現費率上調以便為購買提供足夠的資金，他們可能會尋求額外的限制。

Our other property business had a strong quarter overall, and you're seeing the benefit of much of the work we have done over the past year to reduce exposure will benefit from increased rates. This business continues to experience double-digit rate increase that shows little sign of abating. At the same time, we have been shifting cat exposure away from other property, which has freed considerable capital that we deployed for growth in property cat.

我們的其他房地產業務整體上季度表現強勁，您會看到我們過去一年為減少風險所做的大部分工作都將受益於費率的提高。該業務繼續經歷兩位數的增長率，而且幾乎沒有減弱的跡象。與此同時，我們一直在將巨災投資從其他房地產中轉移出來，這釋放了我們用於房地產巨災增長的大量資金。

Even with the premium growth in property catastrophe, on a percentage of equity basis, our risk is flat versus last year and down at more frequent return periods for Southeast wind. We based this calculation on our pre-capital raised equity base. As such, it does not include the almost $1.4 billion in capital we raised in May as that capital is earmarked to support the Validus Re acquisition later this year.

即使房地產災難的保費增長，以股本百分比計算，我們的風險與去年持平，並且隨著東南風電更頻繁的回報期而下降。我們的計算基於我們的資本前籌集的股本基礎。因此，它不包括我們 5 月份籌集的近 14 億美元資金，因為該資金專門用於支持今年晚些時候收購 Validus Re。

We are closely monitoring meteorological conditions this storm season. As usual, RenaissanceRe Risk Sciences has provided full information to help us understand the climate dynamics likely to influence the remainder of the year. We are expecting an average hurricane season, which reflects the dampening effect of the El Nino cycle, offset by above-average sea surface temperatures.

我們正在密切監測這個風暴季節的氣象條件。與往常一樣，RenaissanceRe Risk Sciences 提供了完整的信息，幫助我們了解可能影響今年剩餘時間的氣候動態。我們預計颶風季節將處於平均水平，這反映了厄爾尼諾週期的抑制效應，但被高於平均水平的海面溫度所抵消。

Due to the prevalence of severe convective storms, the U.S. experienced its most active second quarter of catastrophe losses since 2011. Public reports of these losses are already exceeding $20 billion and we expect once the quarter is fully developed, this number could approach $30 billion. These events were localized and at least 3 are likely to exceed $4 billion in industry loss.

由於強對流風暴的盛行，美國經歷了自2011 年以來最活躍的第二季度災難損失。公開報導的這些損失已經超過200 億美元，我們預計一旦該季度全面展開，這一數字可能會接近300 億美元。這些事件都是局部性的，至少有 3 起事件的行業損失可能超過 40 億美元。

Taken together, it is not surprising that at least some of this loss would impact reinsurance. In addition, we updated our estimates on several of the events that occurred late in the first quarter based on additional information we received this quarter, and that contributed to the cat losses.

總而言之，至少部分損失會影響再保險也就不足為奇了。此外，我們根據本季度收到的額外信息更新了對第一季度末發生的幾起事件的估計，這些事件導致了巨災損失。

Against this backdrop, we are happy with the Property segment's performance this quarter. Property catastrophe reported $211 million of underwriting income, which is up from the same quarter last year. Other property results were particularly strong with minimal impacts from catastrophes, demonstrating the benefit of our underwriting discipline.

在此背景下，我們對本季度房地產業務的表現感到滿意。 Property Catastrophe 公佈的承保收入為 2.11 億美元，高於去年同期。其他財產業績尤其強勁，災難影響最小，這證明了我們承保紀律的好處。

Moving now to the Casualty segment. We are pleased to report that it was a solid quarter across the board with good top line growth, occurring at accident year loss ratio running a little better than expected and reserves remaining consistent. This resulted in a combined ratio of 93% and $70 million in underwriting profit.

現在轉向傷亡部分。我們很高興地報告，這是一個全面穩健的季度，收入增長良好，事故年損失率略好於預期，儲備金保持穩定。這導致綜合成本率為 93%，承保利潤為 7,000 萬美元。

In traditional casualty, we saw a continuation of the trends at January 1. Rates have been moderating relative to increases achieved over the last several years. Consequently, we have continued our process of managing the cycle with a focus on optimizing the portfolio through selectively reducing our share on less attractive deals and reducing acquisition costs to offset lower rate.

在傳統傷亡方面，我們在 1 月 1 日看到了這一趨勢的延續。相對於過去幾年的增長，死亡率一直在放緩。因此，我們繼續管理週期的過程，重點是通過有選擇地減少吸引力較小的交易中的份額並降低收購成本以抵消較低的利率來優化投資組合。

For example, underlying rates in public D&O programs continue to deteriorate, albeit after several years of substantial increases. In response, we have come off business or reduced seating commissions in some instances by 2 to 3 points. This quarter, you could see these actions reflected in a 25% decrease in net premiums written in professional liability. This decrease has been very selective and has resulted in an improved overall risk profile.

例如，公共 D&O 計劃的基本費率儘管經歷了幾年的大幅增長，但仍在繼續惡化。作為回應，我們在某些情況下停止營業或將座位佣金減少 2 到 3 個百分點。本季度，您可以看到這些行動反映在專業責任險保費淨保費下降了 25%。這種下降是非常有選擇性的，並導致整體風險狀況的改善。

In our specialty business, market conditions remain broadly favorable, and we continue to grow into a dislocated market characterized by limited supply. Specialty lines have greater exposure to volatility than more traditional casualty business and often require specialized knowledge and skills to successfully underwrite. This makes RenaissanceRe an ideal home for this business as we have the people, tools and platforms necessary to price and manage volatile risk.

在我們的專業業務中，市場狀況仍然總體有利，並且我們繼續成長為一個以供應有限為特徵的錯位市場。與傳統的意外險業務相比，專業險種的波動性更大，並且通常需要專業知識和技能才能成功承保。這使得 RenaissanceRe 成為該業務的理想家園，因為我們擁有定價和管理波動風險所需的人員、工具和平台。

When pockets of opportunity arise, such as we are currently experiencing lines such as aviation and marine and energy, we can move quickly to grow this business. In our credit portfolio, we are monitoring economic conditions and the potential for a U.S. recession. Mortgage rates are again around 7% and continued supply-demand imbalances have left many housing markets in the state of low-volume equilibrium.

當機會出現時，例如我們目前正在經歷航空、海運和能源等業務，我們可以迅速採取行動來發展這項業務。在我們的信貸投資組合中，我們正在監測經濟狀況和美國經濟衰退的可能性。抵押貸款利率再次回到 7% 左右，持續的供需失衡使許多房地產市場處於低成交量平衡狀態。

Currently, we continue to reduce market share in mortgage, move up the capital stack and target seasoned business. Demand exceeds readily available supply and mortgage reinsurance and rates continue to rise. We continue to believe that our mortgage portfolio is attractive and resilient in the event of a recession and another example of appropriate cycle management as we grew significantly in this business last year.

目前，我們繼續減少抵押貸款市場份額，提升資本結構，瞄準成熟業務。需求超過現有供應，抵押貸款再保險和利率繼續上升。我們仍然相信，在經濟衰退的情況下，我們的抵押貸款投資組合具有吸引力和彈性，這是適當週期管理的另一個例子，因為我們去年在這項業務中取得了顯著增長。

Closing now with Capital Partners. Our fee-generating activities performed well this quarter with strong management fees and profit commissions, reflecting both growth in partner capital and rebounding profitability. One highlight is the continued success of Medici, our cat bond fund. Medici continued to see strong capital inflows from both new and existing investors. And as a result, we exceeded $1.7 billion in assets under management. In aggregate, we have capital commitments of over $700 million so far this year for deployment into cat bond strategies, either through the [new] segregated accounts.

現已與 Capital Partners 關閉。本季度我們的收費活動表現良好，管理費和利潤佣金強勁，反映出合作夥伴資本的增長和盈利能力的反彈。其中一個亮點是我們的貓債券基金 Medici 的持續成功。美第奇繼續看到來自新投資者和現有投資者的強勁資本流入。結果，我們管理的資產超過了 17 億美元。總的來說，今年到目前為止，我們有超過 7 億美元的資本承諾用於部署巨災債券策略，無論是通過[新的]獨立賬戶。

Another highlight for the quarter, as I've already discussed, is the to AIG intent to invest up to $500 million to our Capital Partners business. Overall, we were pleased with the performance of the Capital Partners, and this is a growing and substantial part of our business that increasingly generates low volatility management fee income. This differentiates it from most of the ILS management industry where investor appetite has diminished by performance, draft capital and collateralization issues.

正如我已經討論過的，本季度的另一個亮點是 AIG 打算向我們的資本合作夥伴業務投資最多 5 億美元。總體而言，我們對資本合作夥伴的業績感到滿意，這是我們業務中不斷增長的重要組成部分，越來越多地產生低波動性管理費收入。這與大多數 ILS 管理行業不同，在大多數 ILS 管理行業中，投資者的興趣因業績、資本草案和抵押問題而減弱。

Our long-term track record and ability to bring rated balance sheets to ILS investors distinguishes our capital partners business and explains our continued success in raising capital and growing fees in an otherwise difficult environment.

我們的長期業績記錄以及為 ILS 投資者提供評級資產負債表的能力使我們的資本合作夥伴業務脫穎而出，並解釋了我們在困難的環境下在籌集資金和增加費用方面持續取得的成功。

Finally, I want to recognize the extraordinary contribution of Ian Branagan has made over the past approximately 25 years. He has developed a world-class risk oversight framework and advanced our strategy. He's made us a better company and be a better manager and a better person. He's leaving RenRe but will always be part of us. So thank -- we'd like to thank Ian for your service. And with that, we'll turn it over to questions.

最後，我想表彰伊恩·布拉納根 (Ian Branagan) 在過去大約 25 年中做出的非凡貢獻。他開發了世界一流的風險監督框架並推進了我們的戰略。他使我們成為一家更好的公司，成為更好的經理和更好的人。他將離開 RenRe，但將永遠是我們的一部分。所以謝謝——我們要感謝伊恩的服務。接下來，我們將把它轉為問題。

(Operator Instructions) Our first question will come from Elyse Greenspan with Wells Fargo.

（操作員說明）我們的第一個問題將來自富國銀行的 Elyse Greenspan。

Kevin, my first question is on the Validus Re deal, right? So you guys reaffirmed, right, all the targets you had laid out when you announced the deal. And so the premium base that you guys expect to take on, right, that $2.7 billion, that's off of 2022. And I know AIG themselves, right, they pointed to growing Validus Re by over 40% at January 1. So when you think it through that lens of the growth that they saw at 1/1, perhaps some during midyear, does that put you guys in position to perhaps bring on more premium than that base and have the deal potentially be more accretive than your -- the expectations you've laid out to the Street?

凱文，我的第一個問題是關於 Validus Re 交易，對嗎？所以你們重申了你們在宣布交易時所設定的所有目標。因此，你們預計到 2022 年將達到 27 億美元的保費基礎。我了解 AIG 自己，對吧，他們指出 Validus Re 的增長將在 1 月 1 日增長超過 40%。所以當你認為通過他們在1/ 1 看到的增長鏡頭，也許是年中的一些增長，這是否會讓你們能夠帶來比這個基礎更高的溢價，並且交易可能會比您的預期更具增值性你已經在街上佈置了嗎？

Yes. We're trying to be consistent in the information that was available at the time of the acquisition. Your commentary about their growth absolutely provides us with significant upside as to the amount of desirable businesses at Validus. So when we talk about the $2.7 million, we're saying $2.7 million with potential upside, I think everything that Validus achieved since the end of the year provides us with substantial upside.

是的。我們試圖使收購時可用的信息保持一致。您對他們的增長的評論絕對為我們提供了關於 Validus 理想業務數量的顯著優勢。因此，當我們談論 270 萬美元時，我們說的是 270 萬美元具有潛在的上漲空間，我認為 Validus 自今年年底以來取得的一切都為我們提供了巨大的上漲空間。

And then my second question, Bob, when you were discussing Casualty and Specialty, I think your comment was that you guys have not taken releases from recent accident years. So can you just provide -- and it sounded like that could be favorable, like what lines of business and accident years are you assessing? And what loss trends are you seeing? And what are you paying attention to before you might take some positive action there?

然後我的第二個問題，鮑勃，當您討論傷亡和特殊情況時，我認為您的評論是你們沒有從最近幾年的事故中獲得釋放。那麼你能提供一下嗎——聽起來這可能是有利的，比如你正在評估哪些業務領域和事故年份？您看到了哪些損失趨勢？在採取積極行動之前，您要注意什麼？

First, we feel very good about our reserves and Casualty and Specialty. And my reference was to the earlier years that we've been keeping a careful eye on it, limited favorable development. That's just an outcome of a process that we have. In my comments, I was referring to the favorable rate that we saw starting in '19 carrying on through this year in some -- in many of the classes of business and that rate did exceed the trend, and that's what I was referring to.

首先，我們對我們的儲備、傷亡和特種部隊感覺非常好。我指的是早些年我們一直在密切關注它，限制了有利的發展。這只是我們現有流程的結果。在我的評論中，我指的是我們從 19 年開始一直到今年在許多業務類別中看到的優惠利率，而且該利率確實超過了趨勢，這就是我所指的。

Yes, I think -- actually, one thing I'd add to Bob's comments is much of our growth in Casualty and Specialty is from '19 forward, which are obviously younger years and also years that have had COVID. We generally do not recognize good news in our reserves until the curve is approximately 30% developed. So I like the balance of the reserve profile within our casualty having had substantial growth since '19. And with that, we're being cautious about the recognition of good news embedded in those portfolios.

是的，我認為——實際上，我要在鮑勃的評論中補充的一件事是，我們在傷亡和專業方面的增長大部分是從19 年開始的，這顯然是年輕的年份，也是感染了新冠病毒的年份。在曲線發展到大約 30% 之前，我們通常不會認識到儲備中的好消息。因此，我喜歡自 19 年以來我們傷亡人員的儲備狀況的平衡，有了大幅增長。因此，我們對這些投資組合中包含的好消息的認可持謹慎態度。

Our next question comes from Ryan Tunis with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Ryan Tunis。

First question on Validus. On that net written premium that you guys are getting, how should we think about what percentage of that you probably are sharing with Capital Partners?

關於 Validus 的第一個問題。在你們獲得的淨保費中，我們應該如何考慮你們可能與 Capital Partners 分享的百分比？

Yes. So I think it's going to be largely similar split to what we have now. I think what we've talked about is we share roughly 50% of our property cat premium. And the new portfolio will also go into Fontana. The Fontana percentage is just under 20%. At this point, I think that's -- we still have some modeling to do, but I think that's a likely reasonable target as to how much we'll go in from the Casualty Specialty perspective as well.

是的。所以我認為它的劃分將與我們現在的劃分大致相似。我認為我們討論的是我們分享大約 50% 的房地產貓溢價。新的產品組合也將進入豐塔納。豐塔納的比例略低於 20%。在這一點上，我認為我們仍然需要進行一些建模，但我認為這可能是一個合理的目標，我們將從傷亡專業的角度進行多少研究。

Got it. And then in terms of fee income, if I go back to 2016, 2014 to '16 when they were capped, it was closer like -- performance fees were like close to 50% of the total fee income. This quarter, it was only like 20%. Is that the right way to think about -- How should we think about the potential for what performance fees could be?

知道了。然後就費用收入而言，如果我回到 2016 年、2014 年到 16 年，當他們受到限制時，情況更接近——績效費用接近總費用收入的 50%。本季度，這一比例僅為 20% 左右。這是正確的思考方式嗎？我們應該如何考慮績效費的潛力？

Yes. We've grown. I mean the part of our capital we have has grown significantly over that period of time. And that just in of itself is going to support a strong basis for the management fees coming. And our fee schedules are unchanged. They haven't changed. We brought in a new vehicle, Vermeer, over that period of time. But by and large, nothing has changed. So it just reflects the growth in our platform and the stability that we have and the relationship that we have with our third-party capital providers. And you can see that reflected in the management fees and the confidence that we have in being able to give the guidance on just the management fee side of $45 million. The performance fees are on top of that based on performance and they can and have been volatile with activity. As I said, it's about $15 million is kind of what we're looking right now, absent any large losses that may come through the book.

是的。我們已經長大了。我的意思是，我們擁有的部分資本在這段時間裡顯著增長了。這本身就將為即將到來的管理費奠定堅實的基礎。我們的收費表沒有變化。他們沒有改變。在那段時間裡，我們引進了一輛新車，威猛 (Vermeer)。但總的來說，一切都沒有改變。因此，它只是反映了我們平台的增長、我們的穩定性以及我們與第三方資本提供商的關係。你可以看到這反映在管理費上，以及我們對能夠僅就 4500 萬美元管理費方面提供指導的信心。績效費是基於績效的費用，並且它們可能並且一直隨著活動而波動。正如我所說，如果不考慮這本書可能造成的任何巨額損失，我們現在正在尋找的大約是 1500 萬美元。

Got it. And then I guess last one for Kevin. You talked a little bit about demand. And yes, I kind of get how in theory primary should be buying more but that hasn't really been a theme thus far. So just curious like from your perspective, if you want to make a prediction like what needs to happen for the demand to come through? From your experience, what needs to end that -- what needs to happen to end that lag?

知道了。然後我猜最後一個是給凱文的。您談到了一些關於需求的問題。是的，我有點明白理論上初級應該如何購買更多，但到目前為止這還不是真正的主題。因此，從您的角度來看，您是否想做出預測，比如需要發生什麼才能滿足需求？根據您的經驗，需要做什麼才能結束這種滯後？需要做什麼才能結束這種滯後？

Yes. It's a good observation. That demand -- we didn't really -- Florida and a midyear set up kind of as we expected. I think we expected a little bit more demand to be realized at 1/1. The demand was there by buyers. They just didn't have the wallet to be able to purchase what they needed. I think in order for that to change, they need rate. So if you think about what's happened is reinsurance programs have shifted up. So for insurance companies, and we're starting to see that with the second quarter cat losses, more volatility is residing on the income statement of primary companies.

是的。這是一個很好的觀察。這種需求——我們並沒有真正做到——佛羅里達州和年中的安排有點像我們預期的那樣。我認為我們預計 1/1 時會實現更多的需求。買家有需求。他們只是沒有錢包來購買他們需要的東西。我認為為了改變這種情況，他們需要利率。因此，如果您考慮一下所發生的情況，就會發現再保險計劃已經發生了變化。因此，對於保險公司來說，我們開始看到，隨著第二季度的巨額虧損，主要公司的損益表出現了更大的波動。

They need rate to cover that and an excess rate to continue to build capacity on their balance sheet through reinsurance. So we're watching what's going on with primary market, particularly admitted market rate change as that becomes more fulsome, I think the appetite -- or they'll be able to realize the budget to be able to purchase the limit that they desire. So they are getting rate. It obviously takes a while to run through the books there. But I believe that the appetite has not gone away. It's simply a matter of managing the limited wallet they have for reinsurance right now.

他們需要利率來彌補這一點，並需要超額利率來繼續通過再保險增強其資產負債表的能力。因此，我們正在關註一級市場的情況，特別是承認市場利率的變化，因為這變得更加令人滿意，我認為胃口 - 或者他們將能夠實現預算以能夠購買他們想要的限額。所以他們正在獲得利率。顯然，瀏覽那裡的書需要一段時間。但我相信胃口還沒有消失。這只是管理他們目前用於再保險的有限錢包的問題。

Our next question will come from Yaron Kinar with Jefferies.

我們的下一個問題將由杰弗里斯的 Yaron Kinar 提出。

Kevin, when you say that property cap rates are largely adequate now, does that mean that when you say that you expect higher rates to persist that you essentially expect them to hold where they are plus loss trends going forward? Or is there room for additional rate increases beyond that here?

凱文，當你說現在的房地產上限利率基本上足夠時，這是否意味著當你說你預計更高的利率將持續存在時，你基本上期望它們保持在原位，加上未來的損失趨勢？或者除此之外還有額外加息的空間嗎？

So what we're focused on is -- and the reason we talk about a step change is really getting to a level of rate adequacy. So investors are -- both ILS investors and equity investors are adequately compensated for the volatility and for the risk that they're taking. In general, as a market, I believe we're there. So certain deals are better rated than other deals. So I think there are opportunities for rate increase.

因此，我們關注的是——我們談論逐步改變的原因是真正達到利率充足的水平。因此，投資者 - ILS 投資者和股票投資者都因波動性和所承擔的風險而得到了充分的補償。總的來說，作為一個市場，我相信我們就在那裡。因此，某些交易的評級高於其他交易。所以我認為還有加息的機會。

But if we were -- if the market went and renewed as expiring, adjusting for unique idiosyncratic risk within certain companies, I think the market would largely be adequate for 2024. Investor sentiment other things will continue to be a factor as to what adequate means and whether they are relatively associated with the returns that they're achieving. But looking at it from a more academic perspective, I believe rates are compensating at adequate levels for the volatility we're observing in our portfolio.

但如果我們——如果市場繼續到期並更新，針對某些公司內部獨特的特殊風險進行調整，我認為市場在2024 年將基本上是足夠的。投資者情緒其他因素將繼續成為決定“足夠”意味著什麼的一個因素以及它們是否與他們所獲得的回報相關。但從更學術的角度來看，我相信利率足以補償我們在投資組合中觀察到的波動性。

Our portfolio is a bit unique in that we do capture alpha above what we consider to be the market. And then this distribution across our owned and rated balance sheets provide us additional ability to achieve better than market returns. So although we talk about rate adequacy of the market, we believe that we are achieving returns that are above rate adequacy and hence, the interest we continue to have in our equity and our third-party capital vehicles.

我們的投資組合有點獨特，因為我們確實捕捉到了高於我們認為的市場的阿爾法。然後，我們擁有和評級的資產負債表的這種分佈為我們提供了額外的能力，以實現優於市場的回報。因此，儘管我們談論市場的利率充足性，但我們相信我們正在實現高於利率充足性的回報，因此我們繼續對我們的股權和第三方資本工具感興趣。

Got it. And can find on what loss trends are like in property cat today, the best estimates for those?

知道了。並能找到當今房地產貓的損失趨勢，對這些的最佳估計？

I'm not sure I understand your question.

我不確定我是否理解你的問題。

I guess. What do you see as the rate of increase of costs and property catastrophe?

我猜。您認為成本和財產災難的增長率是多少？

I think there's kind of known things to think about and then more difficult things to think about. I think from a known, obviously, inflation, so that's something that we continue to capture. I think the more difficult things and one that obviously gets a lot of attention is climate and the effects of climate change on covered perils. When we think about that, we spend a lot of energy determining the rate of change. And I believe we talked about this in other calls that we think nature has outpaced science.

我認為有一些已知的事情需要考慮，然後還有更困難的事情需要考慮。我認為，顯然，從已知的通貨膨脹來看，這是我們繼續捕捉到的東西。我認為更困難、顯然受到更多關注的事情是氣候以及氣候變化對承保危險的影響。當我們思考這一點時，我們會花費大量精力來確定變化率。我相信我們在其他電話中談到了這一點，我們認為自然已經超越了科學。

So we have spent a lot of time trying to think about what the climate ramp looks like from today's regime to what we think a hotter world looks like in the future and then trying to stay ahead of the rate of change between the current state and the future state. I think we've done that well. I think our -- the shape of our curves reflect what I think is an above nature perspective as to the rate of change, so I feel good about that, but it is a little harder to assess. So I think there are quite a few things that are affecting trend in the industry. Social inflation, another one that's difficult to monitor. But I think we've done a good job staying ahead of what is likely the future state.

因此，我們花了很多時間試圖思考從今天的情況到我們認為未來更熱的世界的氣候變化是什麼樣子，然後努力保持領先於當前狀態和未來狀態之間的變化率。未來的狀態。我認為我們已經做得很好了。我認為我們的曲線形狀反映了我認為關於變化率的高於自然的觀點，所以我對此感覺良好，但評估起來有點困難。所以我認為有很多因素正在影響行業的趨勢。社會通貨膨脹是另一種難以監控的通貨膨脹。但我認為我們在保持領先於未來可能的狀態方面做得很好。

Our next question will come from Josh Shanker with Bank of America.

我們的下一個問題將來自美國銀行的 Josh Shanker。

Yes. Kevin, I don't mean to catch you and Bob in a conflict, but hear me out. At the beginning of the call, you said that you've leaned into improving property catastrophe market. But you also said later in the call that your capital utilization or your risk exposure, however you want to measure it, is lower than it was last year. Is there a disconnect there? And how do you guys think about those 2 things, if I'm putting it correctly?

是的。凱文，我不想讓你和鮑勃發生衝突，但請聽我說完。在電話會議開始時，您表示您傾向於改善房地產災難市場。但您後來在電話中也表示，無論您如何衡量，您的資本利用率或風險敞口都低於去年。那裡有斷線嗎？如果我說得正確的話，你們如何看待這兩件事？

Well, firstly, Bob and I are completely in sync on that. We may have used different words. You're absolutely right that those are 2 things we said. So leaning into the property cat market was you have to adjust for rate. So when we look at our percent of equity exposures, including rate and reinstatement premium and watching the effect of that, it's also against a bigger equity base. So we've shifted the shape of our overall portfolio so that we have reduced the amount of frequency risk we're taking in Southeast and as a percent of equity basis, have held our net negative impact from large wind storms or catastrophes in the Southeast, relatively flat.

嗯，首先，鮑勃和我在這一點上完全一致。我們可能使用了不同的詞語。我們說的這兩件事你是絕對正確的。因此，進入房地產貓市場時，您必鬚根據利率進行調整。因此，當我們查看股票風險敞口的百分比（包括利率和恢復溢價）並觀察其影響時，我們發現它也是針對更大的股票基礎的。因此，我們改變了整體投資組合的形式，從而減少了我們在東南部承擔的頻率風險，並以股本的百分比計算，控制了東南部大型風暴或災難帶來的淨負面影響，比較平坦。

So I think on a risk basis, absent the effective rate, there might be a way to say that those are inconsistent. But when including the effective rate, I think it reflects the change in the market and is a better way to think about the risk that we're taking. The other thing is included in my comments is the reduction in other property. So our other property contribution to a Southeast wind storm would be lower, which allows us to further lean into the property cat market.

因此，我認為，從風險的角度來看，如果沒有有效利率，可能有一種方法可以說這些是不一致的。但當包括有效利率時，我認為它反映了市場的變化，並且是考慮我們所承擔風險的更好方法。我的評論中包含的另一件事是其他財產的減少。因此，我們對東南風暴的其他房地產貢獻將會較低，這使我們能夠進一步投入房地產市場。

When you think about doing this over a 30-year period, what kind of market needs to occur for you to meaningfully increase the risk-adjusted exposure of the portfolio?

當您考慮在 30 年的時間內這樣做時，需要什麼樣的市場才能有意義地增加投資組合的風險調整敞口？

That's a good question. I like this market. And I think strategically, what we did is we wanted to focus on rewarding our existing investors with the highest probability of good to great returns that we could get for a relatively consistent level of risk. I think that's the right strategy. It's also why we bought Validus. So by buying Validus, we can take our existing portfolio and fully expose it with effectively what is a 30% quota share of our book on the day of close.

這是個好問題。我喜歡這個市場。我認為，從戰略上講，我們所做的是，我們希望專注於以最高概率回報我們現有的投資者，在相對一致的風險水平下，我們可以獲得良好的回報。我認為這是正確的策略。這也是我們購買 Validus 的原因。因此，通過購買 Validus，我們可以利用我們現有的投資組合，並在收盤當天有效地充分利用我們賬簿的 30% 配額份額。

If we were to try to leverage into a better cat market, which is what we're seeing right now, our portfolio would become unbalanced, and the tail would be more singularly exposed to windstorm, then we would have -- then we think would have been optimal. By buying Validus, we continue to expose the tail with diversified risks, and it's a better trade for investors than trying to grow solely into the better property market that's being offered.

如果我們試圖利用槓桿進入一個更好的貓市場，這就是我們現在所看到的，我們的投資組合將變得不平衡，尾部將更容易受到風暴的影響，那麼我們就會——然後我們認為會已達到最佳狀態。通過購買 Validus，我們繼續暴露風險多元化的尾部，對於投資者來說，這比試圖僅僅進入更好的房地產市場更好。

(Operator Instructions) Our next question will come from Meyer Shields with KBW.

（操作員說明）我們的下一個問題將來自 KBW 的 Meyer Shields。

Just a couple of brief questions, if I can. First, Kevin, you mentioned expectations of an average hurricane later this year. So that expectation actually impact underwriting decisions that you made at midyear or even in January?

如果可以的話，我只想問幾個簡短的問題。首先，凱文，您提到了今年晚些時候颶風的平均水平。那麼這種預期實際上會影響您在年中甚至一月份做出的承保決定嗎？

We don't believe that we can underwrite on a forecast because we don't think it's fair to our clients who look for us to provide consistent capacity. We do use our understanding of what is the market like or what is likely to occur to help shape the portfolio on the margin. But formations and landfall are very different, I think. So thinking about what an average year means and then what a landfall means is difficult to use that as the basis to create a portfolio. So I think it helps on the margin, but we believe that is our risk to manage, not our risk to, on an annual basis, leave with our customers or take from our customers.

我們不認為我們可以根據預測進行承保，因為我們認為這對於尋求我們提供一致產能的客戶來說不公平。我們確實利用對市場狀況或可能發生的情況的了解來幫助塑造邊際投資組合。但我認為，形成和登陸是非常不同的。因此，思考平均年份意味著什麼，然後登陸意味著什麼，很難將其用作創建投資組合的基礎。因此，我認為這在一定程度上有所幫助，但我們相信這是我們需要管理的風險，而不是我們每年離開客戶或從客戶那裡拿走的風險。

Okay. Understood. That's helpful. And a question on Casualty and Specialty reserves. But I am having a little bit of a challenge for relating this question. But if the process is unchanged and the last couple of quarters, that process invested $20 million of favorable development, give or take. What was it in the process that led to a different outcome this time?

好的。明白了。這很有幫助。還有一個關於傷亡和特種儲備金的問題。但我在回答這個問題時遇到了一些挑戰。但如果流程沒有改變，並且在過去幾個季度，該流程投入了 2000 萬美元用於有利的開發，無論給予還是接受。到底是什麼過程導致了這次不同的結果呢？

The process remains unchanged. We take a look on an annual basis -- it's a good question. We will look at on an annual basis, we'll take a look at the curves that we have on development. We'll look at where we are in the development along that curve. You can get some rebalancing that may look at it differently. So nothing's really changed at the core. This is part of an annual process we go through. The outcome of that process this quarter was that we had just very, very modest favorable development as opposed to what we saw last quarter.

該過程保持不變。我們每年都會進行一次審查——這是一個很好的問題。我們將每年觀察一次，我們將觀察我們的發展曲線。我們將看看我們沿著這條曲線的發展階段。您可以進行一些重新平衡，這可能會以不同的方式看待它。所以本質上沒有任何改變。這是我們每年都會經歷的流程的一部分。本季度這一過程的結果是，與上季度相比，我們取得了非常非常溫和的有利發展。

One thing I'd add to that is in different quarters, there are different deep dives down and different elements of the portfolio that are looked at. And so it's not as if formulas run against the portfolio and it spits out an answer. There's different emphasis within different books of business at different times. So I would say there's nothing -- I wouldn't read anything into reserves at this point. I think our reserve -- I feel equally good this quarter as last quarter is the quarter before with the reserve profile that we have and how things are developing on an actual versus expected basis.

我要補充的一件事是，在不同的季度，有不同的深入研究和投資組合的不同元素。因此，公式並不適用於投資組合併給出答案。不同時期不同的商業書籍有不同的側重點。所以我會說沒有什麼——我目前不會將任何內容讀入儲備金。我認為我們的儲備金——我對本季度的感覺與上個季度一樣好，我們擁有的儲備金情況以及實際情況與預期的情況如何發展。

Okay. And then one final question, if I can. And this is, I think, for Kevin, you talked about second quarter cash losses approaching $30 billion. So far, all the losses that we've seen from public companies looks manageable, even if they're painful. Is that a fair representation for the broader market? Or could just the second quarter losses or use date losses impact cat reinsurance purchasing programs?

好的。最後一個問題，如果可以的話。我認為，對於凱文來說，您談到第二季度現金損失接近 300 億美元。到目前為止，我們從上市公司看到的所有損失看起來都是可控的，即使它們是痛苦的。這是更廣泛市場的公平代表嗎？或者僅僅是第二季度的損失或使用日期的損失會影響巨災再保險購買計劃嗎？

So some of these covers are -- some of the deals that have happened are geographically small, but rather large in the geography that was affected. So I would expect with some regional covers, reinsurance is going to be impacted. I think that's less likely for the nationwide. There's also much less aggregate cover that's been purchased by primary companies. Aggregate covers, I think, would be heavily exposed going into wind season this year due to the activity in the first quarter.

因此，其中一些封面是——一些已發生的交易在地理上規模較小，但在受影響的地理範圍內卻相當大。因此，我預計，通過一些區域性保險，再保險將會受到影響。我覺得全國范圍內這種可能性比較小。主要公司購買的保險總額也少得多。我認為，由於第一季度的活動，今年進入風季時，總覆蓋率將受到嚴重影響。

So I think that's another reason that there's going to be more retained at the primary level. So I think everything that we're seeing is kind of consistent with our expectations. It's been a more active first half of the year, in particular, than one would have normally expected. But the fact that more of it's residing with primary companies is not surprising and the fact that some regional companies are benefiting from recoverables because of the concentrated nature of some of the events.

所以我認為這是小學階段留住更多學生的另一個原因。所以我認為我們所看到的一切都與我們的期望一致。尤其是今年上半年，比人們通常預期的更加活躍。但事實上，更多的資金屬於主要公司並不奇怪，而且由於某些事件的集中性，一些地區公司正在從可收回資金中受益。

Our next question comes from Mike Zaremski with BMO.

我們的下一個問題來自 BMO 的 Mike Zaremski。

Couple ones on Validus. So can you talk about the addressable cost base that you -- now that you've had a more comprehensive integration planning taking place? I know you're not giving the exact synergies on that cost base. But what is the addressable cost base? And then also on Validus, in the prepared remarks, did you change the amortization schedule that you had previously given guidance on in May or maybe I just heard incorrectly?

Validus 上的幾個。既然您已經制定了更全面的集成計劃，您能談談可解決的成本基礎嗎？我知道您沒有給出該成本基礎上的確切協同效應。但可解決的成本基礎是多少？然後還有關於 Validus，在準備好的評論中，您是否更改了之前在 5 月份給出的指導的攤銷時間表，或者也許我只是聽錯了？

Let me take that a couple of them. Look, synergies are going to be an outcome of a process of bringing 2 great companies together. We think that the combined platform will be a powerful acceleration of our strategy for our investors. We haven't given any guidance on synergies. We're going through the addressable cost base of about $150 million to $160 million. The purpose on addressing the amortization was we talked about in the call originally that the distribution or the allocation between that $900 million of excess purchase price, most of that 80%, 90% is going to be hard -- was going to be amortizable over time.

讓我舉幾個例子。看，協同效應將是兩家偉大公司合併過程的結果。我們認為，合併後的平台將有力地加速我們對投資者的戰略。我們尚未就協同效應提供任何指導。我們正在研究大約 1.5 億至 1.6 億美元的可尋址成本基礎。解決攤銷問題的目的是，我們最初在電話會議中談到，9億美元的超額購買價格之間的分配或分配，其中大部分80%、90%將是困難的——將被攤銷時間。

A lot of that's long-winded 10 years. But what I was trying to emphasize that the bulk of that, Mike, will go -- be amortized 40% over the first 2 years. So what you're going to see is massive noncash dilution to our earnings, and we're going to show you that separately in the disclosures once we get through to the 10-K. So that will be fairly transparent. But what we like to show is how fast that's going to erode really quick. That was the point of that comment. Nothing's changed.

其中很多都是漫長的10年。但我想強調的是，邁克，其中大部分將在頭兩年內攤銷 40%。因此，您將看到我們的收益被大量非現金稀釋，一旦我們完成 10-K，我們將在披露中單獨向您展示這一點。所以這將是相當透明的。但我們想展示的是這種侵蝕的速度會非常快。這就是該評論的重點。什麼都沒有改變。

Understood it. Okay. I guess lastly, if we were privy to kind of, I guess, ECS U.S. cat losses in the first half of the year, would you say RenRe's market share of U.S. losses have kind of been in line with your internal expectations?

明白了。好的。我想最後，如果我們了解 ECS 今年上半年在美國的巨額虧損，您是否會說 RenRe 在美國虧損中的市場份額與您的內部預期相符？

Yes, broadly. So the way I would think about answering your question is we have not changed the overall balance of our portfolio in a material way. I think we've done a better job in picking up a little bit more diversity away from Southeast wind in this portfolio than we had even last year. But I don't necessarily think about it as a U.S. market share perspective because there's different perils in different regions.

是的，廣泛地說。因此，我想回答你的問題的方式是，我們沒有以實質性方式改變我們投資組合的整體平衡。我認為，與去年相比，我們在這個投資組合中從東南風電中獲得了更多的多樣性，做得更好。但我不一定將其視為美國市場份額的角度，因為不同地區存在不同的危險。

And I think about it as when I look across the -- particularly in the tail of the distribution and the capital utilization, it is marginally better this year than last year. And the driver of the tail risk remains Southeast wind and as I already mentioned, that's relatively flat. So a little bit better balance in your terminology in our market share, but a relatively consistent portfolio compared to last year with a little bit better diversification balance in the tail.

我認為，當我縱觀整個市場時，特別是在分配和資本利用率的尾部，今年的情況比去年略有好轉。尾部風險的驅動因素仍然是東南風，正如我已經提到的，相對平穩。因此，我們的市場份額的術語平衡得更好一些，但與去年相比，投資組合相對一致，尾部的多元化平衡更好一些。

Our last question will come from Brian Meredith with UBS.

我們的最後一個問題將來自瑞銀集團的布萊恩·梅雷迪思。

Kevin, a couple here for you. First, I'm just curious, what size hurricane industry loss in Florida, do you think it would take for the reinsurance industry to take a meaningful loss? And then on that, how big would it need to be for you to actually see rate actually rise at 1/1/24 renewals?

凱文，有一對夫婦在這里為你服務。首先，我很好奇，佛羅里達州的颶風行業損失有多大，您認為再保險行業需要承受有意義的損失嗎？然後，您需要多大才能真正看到費率在 24 年 1 月 1 日續訂時實際上升？

I think the -- I think any storm of reasonable size is going to unsettle the market. I believe the market is up bit, is enjoying the benefits of the hard work of that we've achieved to bring rate adequacy. I think there's still a sense of -- or an expectation that results need to be achieved for the market to fully believe that this is adequate. So I think even just a loss of premium for some place like Florida will have a material impact on capital need for additional rate to continue to service the reinsurance market. The size of that is hard to predict. And I think -- but I think it's one which -- if there's another Ian type storm, I would expect that the market reaction to be at least as strong as what it was last year. Perhaps, we can't achieve the same percent rate increase, but I think rate increase would be required for capital to remain committed.

我認為任何規模合理的風暴都會擾亂市場。我相信市場有所上漲，正在享受我們為實現利率充足性而付出的努力所帶來的好處。我認為仍然存在一種感覺或期望，即需要取得結果才能讓市場完全相信這已經足夠了。因此，我認為，即使像佛羅里達州這樣的地方只是保費損失，也會對繼續為再保險市場提供額外費率的資本需求產生重大影響。其規模很難預測。我認為——但我認為——如果再發生一場伊恩型風暴，我預計市場反應至少會像去年一樣強烈。也許，我們無法實現相同的加息百分比，但我認為需要加息才能使資本保持承諾。

Got you. And then, Kevin, just my second question. I'm just curious, what's your thoughts -- and I know you talked a little bit about the capital markets players, but what's your thoughts on additional capital coming into the market to take advantage of the property cat, company formation, those types of things. Are we seeing that yet? And do you anticipate any potentially happening here between now and the beginning of the year?

明白你了。然後，凱文，這是我的第二個問題。我只是很好奇，你的想法是什麼——我知道你談到了一些關於資本市場參與者的問題，但是你對進入市場以利用房地產貓、公司組建等這些類型的額外資本有何想法事物。我們看到了嗎？您預計從現在到今年年初這裡可能會發生什麼嗎？

From a company formation, I think it's pretty late for a company to think that they're going to be able to come to market and execute in a way that's going to meaningfully impact the market. From an ILS perspective, I think there are alternatives. So what's going on with some of the more noteworthy allocators into ILS is their alternative allocation still probably at the high end of where they'd like it ILS fits into that so that there's a reticence to commit more. I think areas in which they have greater familiarity are producing good returns. So the competition against ILS remains robust. I think the issues with collateral and fronting, COVID and other things, trapped collateral are still very much in the minds of where investors are.

從公司組建的角度來看，我認為對於一家公司來說，他們認為自己能夠進入市場並以一種能夠對市場產生有意義影響的方式執行，為時已晚。從 ILS 的角度來看，我認為還有其他選擇。因此，一些更值得注意的 ILS 分配者的情況是，他們的替代分配可能仍然處於他們希望 ILS 適合的高端，因此不願投入更多資金。我認為他們更熟悉的領域正在產生良好的回報。因此，與 ILS 的競爭依然激烈。我認為，抵押品和前置、新冠疫情和其他問題、抵押品被困等問題仍然是投資者關注的焦點。

It's one of the reasons we've been successful, to be honest, is our platform is different than traditional ILS and that we bring rated balance sheets to clients. So it's a form that they're used to. And we bring our expertise and our entire platform and governance to capital so that they have the comfort of knowing that it's the RenRe franchise that's supporting their investment. So I don't believe we will be in a state where we're impacted with the limited appetite for ILS, but I think the appetite for ILS will remain challenged going into year-end.

老實說，這是我們成功的原因之一，因為我們的平台與傳統的 ILS 不同，而且我們為客戶提供評級資產負債表。所以這是他們習慣的形式。我們將我們的專業知識、整個平台和治理帶入資本，讓他們放心地知道是 RenRe 特許經營權在支持他們的投資。因此，我不認為我們會處於因 ILS 需求有限而受到影響的狀態，但我認為到年底，對 ILS 的需求仍將面臨挑戰。

And at this time, there are no further questions. So I'd like to turn the floor back over to Kevin O'Donnell for any additional or closing remarks.

而此時，已經沒有其他問題了。因此，我想請凱文·奧唐納 (Kevin O'Donnell) 發表補充或結束語。

Thanks, everybody, for joining the call. We reported a strong quarter in which we significantly advanced both our financial and strategic objectives. Each of our 3 drivers of profit met or exceeded expectations. And going forward, we're excited about the Validus acquisition and its ability to drive shareholder value. So thank you. Appreciate the attention on the call and look forward to speaking to you next quarter.

謝謝大家加入通話。我們報告了一個強勁的季度，我們顯著推進了我們的財務和戰略目標。我們的三個利潤驅動因素均達到或超出了預期。展望未來，我們對 Validus 收購及其推動股東價值的能力感到興奮。所以謝謝。感謝您對此次電話會議的關注，並期待下個季度與您交談。

Thank you, ladies and gentlemen. This concludes the RenaissanceRe Second Quarter 2023 Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

謝謝你們，女士們、先生們。 RenaissanceRe 2023 年第二季度收益電話會議和網絡廣播到此結束。此時請斷開您的線路，祝您有美好的一天。