濱特爾 (RNR) 2024 Q3 法說會逐字稿

Good morning. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Third Quarter 2024 Earnings Conference Call and Webcast. (Operator Instructions)

早安.我叫吉姆，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 RenaissanceRe 2024 年第三季財報電話會議和網路廣播。（操作員說明）

I would now like to turn the call over to Keith McCue, Senior Vice President of Finance and Investor Relations. Please go ahead, sir.

我現在想將電話轉給財務和投資者關係高級副總裁 Keith McCue。請繼續，先生。

Keith McCue Senior VP of Finance & Investor Relations Thank you, Jim. Good morning, and welcome to RenaissanceRe's Third Quarter Earnings Conference Call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer; Bob Qutub, Executive Vice President and Chief Financial Officer; and David Marra, Executive Vice President and Group Chief Underwriting Officer.

Keith McCue 財務與投資者關係高級副總裁 謝謝你，吉姆。早安，歡迎參加 RenaissanceRe 第三季財報電話會議。今天與我一起討論我們的結果的是總裁兼執行長凱文·奧唐納 (Kevin O'Donnell)； Bob Qutub，執行副總裁兼財務長；執行副總裁兼集團首席承保官 David Marra。

First, some housekeeping matters. Our discussion today will include forward-looking statements, including new and updated expectations for our business and results of operations. It's important to note that actual results may differ really 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. 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.

首先，一些家政事務。我們今天的討論將包括前瞻性陳述，包括對我們業務和營運績效的新的和更新的期望。值得注意的是，實際結果可能與今天分享的預期有很大差異。有關影響這些結果的因素的更多資​​訊可以在我們向 SEC 提交的文件和收益報告中找到。在今天的電話會議中，我們也將介紹非公認會計準則財務指標。GAAP 指標的調整以及有關非 GAAP 指標的其他資訊可以在我們的收益發布和財務補充中找到，這些資訊可以在我們的網站 renre.com 上找到。

And now I'd like to turn the call over to Kevin. Kevin?

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. I am pleased to report that RenaissanceRe delivered another quarter of strong performance. We earned over $540 million of operating income. This represents an operating return on average common equity of 22%. Year-to-date, we have earned $1.8 billion in operating income and delivered a 26% operating return on equity. Our results this quarter were due to a strong performance by the entire team.

謝謝，基斯。大家早安，感謝您參加今天的電話會議。我很高興地報告，RenaissanceRe 又一個季度表現強勁。我們的營業收入超過 5.4 億美元。這意味著平均普通股營運回報率為 22%。今年迄今為止，我們已賺取 18 億美元的營業收入，並實現 26% 的營業股本回報率。我們本季的業績歸功於整個團隊的強勁表現。

I believe these superior returns we have been delivering can persist into 2025. Each of our three drivers of profit continues to perform well. In underwriting, we have demonstrated our ability to grow aggressively when markets are favorable. Both our property business and our specialty business are two years into very attractive markets that show a little sign of abating. Year-to-date, top line growth in these businesses has been between 35% and 75% depending on the particular line of business.

我相信我們一直在提供的這些卓越回報可以持續到 2025 年。我們的三個利潤驅動因素中的每一個都繼續表現良好。在承保方面，我們已經證明了我們在市場有利時積極成長的能力。我們的房地產業務和專業業務已經進入非常有吸引力的市場兩年了，但顯示出一些減弱的跡象。今年迄今為止，這些業務的營收成長在 35% 到 75% 之間，具體取決於特定業務線。

In investments, interest rates have persisted at elevated levels and remain attractive relative to almost any point over the prior two decades. These elevated rates, in combination with our increased asset leverage, allows investment income to remain a significant contributor to our earnings. Finally, our Capital Partners business, already one of the largest managers of third-party capital continues to grow, while generating consistent management fees and attractive performance fees.

在投資方面，利率一直維持在較高水平，並且相對於過去二十年的幾乎任何時候都保持有吸引力。這些提高的利率，加上我們增加的資產槓桿，使投資收入仍然是我們收益的重要貢獻者。最後，我們的資本合作夥伴業務已成為最大的第三方資本管理公司之一，持續成長，同時產生穩定的管理費和有吸引力的績效費用。

Our acquisition of Validus has been a significant contributor to growth across each of our three drivers over the last year. But that is not the only way we're already creating value from the Validus acquisition. Our recently completed integration efforts have also resulted in significant capital and liquidity. We purchased Validus knowing we would unlock value by bringing it onto our platform and sharing risk with our capital partners. We have access to multiple forms of efficient capital, which allowed us to best optimize its capital structure and, by extension, profitability.

去年，我們對 Validus 的收購對我們三個驅動因素的成長做出了重大貢獻。但這並不是我們透過收購 Validus 創造價值的唯一方式。我們最近完成的整合工作也帶來了大量的資本和流動性。我們購買了 Validus，因為我們知道，透過將 Validus 引入我們的平台並與我們的資本合作夥伴分擔風險，我們可以釋放價值。我們可以獲得多種形式的高效資本，這使我們能夠最好地優化其資本結構，進而優化獲利能力。

The easiest way to explain how we achieve this optimization is what we call the 3-2-1 Validus portfolio transformation. Prior to the acquisition, Validus has had about $3 billion of equity capital. Just prior to close, this amount was reduced through a $1 billion dividend payment. This left the entities we acquired was $2 billion of capital, which represented the amount we needed to run the company through transition over the last year. By optimizing the Validus business on to our owned and partner capital balance sheets, we created an additional $1 billion in capital.

解釋我們如何實現這種優化的最簡單方法是我們所說的 3-2-1 Validus 投資組合轉換。在收購之前，Validus 擁有約 30 億美元的股本。就在收盤前，這筆金額透過支付 10 億美元的股息而減少。這樣我們收購的實體就剩下 20 億美元的資本，這代表了我們去年營運公司過渡所需的資金。透過在我們自有和合作夥伴的資本資產負債表上優化 Validus 業務，我們額外創造了 10 億美元的資本。

And finally, by merging the two main Validus balance sheets into legacy RenRe rebalance sheets, we shifted this excess capital to our holding company. This increased our financial flexibility, enabled strong support for our customers, enhanced fees associated with our capital farmers business and increased earnings for our shareholders.

最後，透過將 Validus 的兩個主要資產負債表合併到舊的 RenRe 再資產負債表中，我們將多餘的資本轉移到了我們的控股公司。這提高了我們的財務靈活性，為我們的客戶提供了強有力的支持，提高了與我們的資本農民業務相關的費用，並增加了我們股東的收入。

Our success in generating capital, however, extends beyond efficiencies we brought to the Validus portfolio. When we began evaluating the acquisition of Validus in early 2023, our common equity position was about $4.6 billion. Since that time, due to the strong performance of our three drivers of profit I previously discussed, we have generated almost $4.5 billion in retained earnings, while returning an additional $350 million of capital to our shareholders through dividends and share repurchases. As a result, we ended this quarter with $10.5 billion in common equity.

然而，我們在產生資本方面的成功超出了我們為 Validus 投資組合帶來的效率。當我們在 2023 年初開始評估對 Validus 的收購時，我們的普通股持股約為 46 億美元。自那時起，由於我之前討論過的三大利潤驅動因素的強勁表現，我們創造了近 45 億美元的留存收益，同時透過股息和股票回購向股東額外返還 3.5 億美元的資本。結果，本季末我們的普通股權益達到 105 億美元。

Obviously, with our significantly larger scale, we need more capital to run our business than we did two years ago. That said, a portion of this increase is on deployed capital. This positions us to both grow our business and increase capital returns to our shareholders. Bob will address our capital management plans in greater detail shortly. However, we are pleased to announce that we are increasing our share repurchase authorization from $500 million to $750 million. Importantly, this increase reflects the greater scale we have achieved with consistent, superior returns we expect to continue generating and enhances our capital flexibility.

顯然，隨著我們的規模顯著擴大，我們需要比兩年前更多的資金來經營我們的業務。也就是說，這一成長的一部分來自已部署的資本。這使我們能夠發展業務並增加股東的資本回報。鮑伯很快就會更詳細地討論我們的資本管理計畫。然而，我們很高興地宣布，我們將股票回購授權從 5 億美元增加到 7.5 億美元。重要的是，這一成長反映出我們已經實現了更大的規模，我們預計將繼續產生一致、卓越的回報，並增強我們的資本靈活性。

Moving now to a few comments on the upcoming January 1 renewal, which David will elaborate more on later in the call. We are beginning from a position of strong rate adequacy in our property catastrophe book. This market began hardening after Hurricane Irma and accelerated after Hurricane Ian.

現在談談即將到來的 1 月 1 日續約的一些評論，大衛將在稍後的電話會議中詳細闡述。在我們的房地產災難書中，我們從利率充足的立場開始。該市場在颶風艾爾瑪之後開始硬化，並在颶風伊恩之後加速。

Unlike prior circles -- excuse me, unlike prior cycles, however, we have yet to experience an influx of new capital, with the exception of certain corners of the market where we do not heavily participate, such as cat bonds. As a consequence, the market remains disciplined with reinsurers holding on retentions and terms and conditions.

與之前的周期不同——請原諒，與之前的周期不同，我們尚未經歷新資本的湧入，除了我們沒有大量參與的某些市場領域，例如巨災債券。因此，市場仍然受到再保險公司保留保留以及條款和條件的約束。

At the same time, demand for reinsurance continues to increase. In 2025, we estimate that US cat limit purchases will increase by about $10 billion. This should lead to new opportunities over the course of 2025, while keeping the rate environment favorable. We expect similar opportunities in other property, where Helene and Milton should assure that rates remain at attractive levels.

同時，再保險需求持續成長。2025年，我們預計美國貓限購量將增加約100億美元。這應該會在 2025 年帶來新的機遇，同時保持有利的利率環境。我們預計其他房地產也會有類似的機會，海倫和米爾頓應確保利率保持在有吸引力的水平。

Moving now to our casualty and specialty segment. Regarding specialty lines. Overall, these continue to remain attractive. We expect an orderly annual first renewal, and our focus will be on maintaining our book and to seek additional opportunities with existing customers.

現在轉向我們的傷亡和特殊領域。關於專業線。總體而言，這些仍然具有吸引力。我們預計每年都會有序地進行首次續訂，我們的重點將是維持我們的帳簿並與現有客戶尋求更多機會。

Regarding casualty lines. We are increasingly a top reinsurer on the programs that we participate on. This provides us a broad overview of the state of the market and puts us in a strong position to set the tone for renewals and drive positive change. This is important as much of casualty is written on a quota share basis, which means we depend on our customers' underwriting and rate setting more than in other lines.

關於傷亡線。在我們參與的項目中，我們日益成為頂級再保險公司。這讓我們對市場狀況有一個全面的了解，並使我們能夠為更新定下基調並推動積極的變革。這一點很重要，因為大部分傷亡事故都是按配額份額承保的，這意味著我們比其他險種更依賴客戶的承保和費率設定。

We think about the casualty business cycle over a 10-year time scale. We like our current portfolio, but believe casualty rates need to accelerate for this business to remain attractive over the next 10 years.

我們考慮十年時間範圍內的傷亡業務週期。我們喜歡我們目前的投資組合，但相信傷亡率需要加快，該業務才能在未來 10 年內保持吸引力。

Consequently, we are engaging with our customers and providing feedback regarding our observations on rate and trend. This engagement has been positive, and our customers share a similar assessment of the market requirements. For this reason, we are optimistic that additional rate will be achieved and we can continue to support our customers.

因此，我們正在與客戶互動，並就我們對利率和趨勢的觀察提供回饋。這種參與是正面的，我們的客戶對市場需求也有類似的評估。因此，我們對實現額外利率持樂觀態度，並且我們可以繼續為我們的客戶提供支援。

This concludes my opening comments. As discussed, Bob will cover our financial performance for the quarter, followed by David, who will provide an update on our segment performance. Bob?

我的開場白就到此結束。正如所討論的，鮑勃將介紹我們本季度的財務業績，隨後大衛將提供我們部門業績的最新資訊。鮑伯？

Thanks, Ken, and good morning, everyone. We had a strong third quarter with net income of $1.2 billion and an annualized return on average common equity of 47%. Operating income was $540 million, and our annualized operating return on average common equity was 22%. During the quarter, we reported a net negative impact of $243 million from large events, including $125 million from Hurricane Helene.

謝謝，肯，大家早安。我們的第三季表現強勁，淨利潤為 12 億美元，平均普通股年化報酬率為 47%。營業收入為 5.4 億美元，平均普通股年化營業報酬率為 22%。在本季度，我們報告了大型活動造成的 2.43 億美元的淨負面影響，其中包括颶風海倫造成的 1.25 億美元的淨負面影響。

As we have discussed, RenaissanceRe has built a very resilient platform to manage our customers' risk, while producing strong returns for our investors. All three drivers of profit performed well this quarter. Underwriting income was $394 million, with an adjusted combined ratio of 82%. Fees were $82 million, up 27%, and retained net investment income was $292 million, up 35%.

正如我們所討論的，RenaissanceRe 建立了一個非常有彈性的平台來管理客戶的風險，同時為我們的投資者帶來豐厚的回報。本季所有三個利潤驅動因素均表現良好。核保收入為3.94億美元，調整後綜合成本率為82%。費用為 8,200 萬美元，成長 27%，保留淨投資收益為 2.92 億美元，成長 35%。

When we acquired Validus, we noted that the transaction will be accretive to all three drivers of profit in addition to our key metrics. You can clearly see this in our 2024 results. Specifically, for the last nine months, operating income is up more than 50% year-over-year with strong contributions from our three drivers of profit. Operating earnings per share are up 36% year-over-year. Intangible book value per share plus change in accumulated dividends is up 30% since December 2023.

當我們收購 Validus 時，我們注意到，除了我們的關鍵指標之外，這筆交易還將增加所有三個利潤驅動因素。您可以在我們 2024 年的業績中清楚地看到這一點。具體來說，過去9個月，營業收入年增超過50%，三大利潤驅動因素的強勁貢獻。每股營業利益年增 36%。自 2023 年 12 月以來，每股無形帳面價值加上累積股息變動成長了 30%。

Importantly, we have been generating these strong returns in a year with catastrophes. Year-to-date industry losses exceeded $100 billion, which is slightly above the 10-year average, and this is before considering Hurricane Milton, which occurred in the fourth quarter.

重要的是，我們在充滿災難的一年中創造瞭如此強勁的回報。年初至今，該行業損失超過 1000 億美元，略高於 10 年平均水平，這是在考慮第四季度發生的颶風米爾頓之前的情況。

Moving now to capital management. During the quarter, we repurchased $107 million of our common shares. For the year, we have repurchased a total of $215 million at an average price of $224 per share. Last night, we were pleased to announce a 50% increase in our share repurchase authorization from $500 million to $750 million. This change reflects our larger scale and reinforces our commitment to being good stewards of capital.

現在轉向資本管理。本季度，我們回購了 1.07 億美元的普通股。今年，我們以每股 224 美元的平均價格回購了總計 2.15 億美元的資金。昨晚，我們很高興地宣布，我們的股票回購授權增加了 50%，從 5 億美元增加到 7.5 億美元。這項變化反映了我們更大的規模，並強化了我們成為良好資本管理者的承諾。

Our approach to capital management remains consistent. Our first priority is to deploy it into the business and then return the excess to shareholders. We do -- and we expect to do both. As Kevin mentioned, we are in a strong capital and liquidity position. Validus has been a tremendous success. We have scaled the business, grown our three drivers of profit and built an increasingly resilient platform that has been generating strong, consistent returns over the last two years. As a result, we expect to continue growing our tangible book value per share plus accumulated dividends, while actively repurchasing our shares at attractive valuations.

我們的資本管理方法保持一致。我們的首要任務是將其部署到業務中，然後將多餘的部分回饋給股東。我們確實這樣做了——而且我們希望兩者都做到。正如凱文所提到的，我們擁有強大的資本和流動性狀況。Validus 取得了巨大的成功。我們擴大了業務規模，發展了三大利潤驅動因素，並建立了一個越來越有彈性的平台，該平台在過去兩年中一直產生強勁、持續的回報。因此，我們預期每股有形帳面價值加上累積股息將持續成長，同時以有吸引力的估值積極回購我們的股票。

Turning now to our third quarter results and starting with our first profit underwriting, where gross premiums written were up 48% and net premiums written were up 52%. We continue to grow organically in both property catastrophe and specialty lines, where we're receiving the most attractive risk-adjusted returns. And as mentioned earlier, we have been able to continue growing profitably with an adjusted combined ratio of 82% in an active catastrophe quarter.

現在轉向我們第三季的業績，從我們的首次承保利潤開始，承保毛保費增長了 48%，承保淨保費增長了 52%。我們在房地產災難和專業領域繼續有機成長，在這些領域我們獲得了最具吸引力的風險調整回報。如同前面所提到的，我們能夠在災難活躍的季度繼續實現獲利成長，調整後的綜合成本率為 82%。

Moving now to our property segment and starting with property catastrophe. The third quarter is relatively quiet for renewals. Catastrophe gross premiums written were $344 million, up 114% or 65% without reinstatement premiums.

現在轉向我們的房地產領域，從房地產災難開始。第三季續約相對平靜。巨災毛保費為 3.44 億美元，成長 114%；不計復原保費則增加 65%。

Net premiums written were $262 million, up by 175% or 114% without reinstatement premiums. The growth was driven by -- primarily by new opportunities, increased demand from our customers and Validus. In the quarter, net written premiums grew faster than gross written premiums due to the timing of ceded contracts, which tend to accept in the first half of the year.

淨承保保費為 2.62 億美元，成長 175%；不計恢復保費則增加 114%。成長的推動因素主要是新機會、客戶和 Validus 需求的增加。本季度，由於分出合約的時間表（通常在上半年接受），淨承保保費的成長速度快於總承保保費的成長。

Overall, our property catastrophe adjusted combined ratio was 40%. This reflected a current accident year loss ratio of 56% and 36 points of favorable development from prior year events. This is a strong result, especially given the catastrophe activity of the quarter. The current year results include 44% on percentage point impact from Q3 large loss events, including Hurricane Helene, Debbie and Barrel, as well as the hailstorms in Calgary.

整體而言，我們的房地產災難調整後的綜合成本率為 40%。這反映了當前事故年度損失率為 56%，比前一年的事件有 36 個百分點的有利發展。這是一個強勁的結果，特別是考慮到本季的災難活動。今年的業績包括第三季大型損失事件（包括颶風海倫、黛比和桶子以及卡加利的冰雹）造成的 44% 的百分點影響。

Moving now to other property, where gross premiums written were up by 28% and net premiums written were up by 26% due to the action -- the addition of the Validus portfolio. Net premiums earned in the quarter were $403 million next quarter, we expect other property net premiums earned to be about $360 million. Overall, the other property book is performing well, and we reported an adjusted combined ratio of 84%.

現在轉向其他財產，由於 Validus 投資組合的增加，毛承保保費增加了 28%，淨承保保費增加了 26%。本季淨保費收入為 4.03 億美元，下季度我們預計其他財產淨保費收入約為 3.6 億美元。整體而言，其他房地產帳簿表現良好，調整後綜合成本率為 84%。

The current accident year loss ratio was 72%, which included a 25 percentage point impact from Q3 large losses. We reported 20 percentage points of favorable development in other property, primarily in the attritional book. Looking forward, we continue to expect an attritional loss ratio in the low 50s.

當前事故年損失率為72%，其中包括第三季大額損失造成的25個百分點的影響。我們報告了其他房地產的有利發展 20 個百分點，主要是在消耗帳簿中。展望未來，我們繼續預期自然減員損失率將在 50 左右。

Finally, a few comments on Hurricane Miton. Milton made landfall in Florida on October 9, so this will be a fourth quarter event. David will discuss Milton in more detail in his comments, but we currently estimate a net negative impact in the fourth quarter related to Milton of approximately $275 million. This is based on an industry loss estimate of $25 billion.

最後，關於颶風米頓的一些評論。米爾頓於 10 月 9 日在佛羅裡達州登陸，因此這將是第四季度的活動。David 將在評論中更詳細地討論 Milton，但我們目前估計第四季度與 Milton 相關的淨負面影響約為 2.75 億美元。這是基於 250 億美元的行業損失估計。

Moving now to casualty and specialty, where gross and net premiums written were up 45% and 50%, respectively. As in previous quarters, this growth primarily relates to renewing the Validus portfolio. We have retained the majority of the portfolio while capturing organic specialty opportunities. Net earned premiums were $1.6 billion, up 60%, and we expect casualty and specialty net earned premiums in the fourth quarter to also be about $1.6 billion.

現在轉向意外險和特殊險，毛保費和淨保費分別增加了 45% 和 50%。與前幾季一樣，這一成長主要與 Validus 產品組合的更新有關。我們保留了大部分產品組合，同時也抓住了有機專業機會。淨賺保費為 16 億美元，成長 60%，我們預期第四季意外險和特種險的淨賺保費也將達到 16 億美元左右。

This quarter, we reported a small underwriting loss in casualty and specialty. As a reminder, this was adversely impacted by $37 million of purchase accounting adjustments, which had a 2.4 percentage point on the combined ratio. The casualty and specialty adjusted combined ratio was 97.7% this quarter. This reflected about a point of integration-related acquisition costs, which are not related to purchase accounting.

本季度，我們報告了意外險和特殊險的承保損失。需要提醒的是，這受到了 3,700 萬美元的採購會計調整的不利影響，該調整使綜合成本率下降了 2.4 個百分點。本季傷亡和專業調整後綜合比率為 97.7%。這反映了與整合相關的採購成本，該成本與採購會計無關。

As Kevin mentioned, we have been keeping a close eye on specialty loss trends and lines being impacted by social inflation, most notably general liability. As we move forward, in 2025, we expect to report an adjusted combined ratio in the mid- to upper 90s on average. Our long-standing approach is to recognize increasing trend early. We're reflecting our insights into the prudent reserving process to proactively stay ahead of these trends and the increase will be reflected in our current accident year loss ratio.

正如凱文所提到的，我們一直密切關注受社會通貨膨脹影響的專業損失趨勢和線路，尤其是一般責任。隨著我們的前進，到 2025 年，我們預計調整後的綜合成本率將平均在 90 左右。我們長期以來的做法是儘早識別成長趨勢。我們正在反思我們對審慎準備流程的見解，以主動領先於這些趨勢，這一增長將反映在我們目前的事故年損失率中。

One final point. On a year-to-date business for casualty and specialty, we reported a $33 million underwriting profit. This was adversely impacted by $116 million of purchase accounting adjustments as well as $61 million from the Baltimore Bridge collapse in the first quarter. Together, these totaled $177 million. After adjusting for these impacts, our casualty and specialty underwriting income is running better than last year.

最後一點。在今年迄今的傷亡和特殊業務中，我們報告了 3300 萬美元的承保利潤。第一季 1.16 億美元的採購會計調整以及巴爾的摩大橋倒塌造成的 6,100 萬美元的損失對該公司造成了不利影響。這些總計達 1.77 億美元。調整這些影響後，我們的意外險和特殊險承保收入比去年好。

Looking out to fee income and our Capital Partners business, where fee income was $82 million, up 27%; management fees were $55 million, up 24%. Management fees have been at this level for the last three quarters, largely due to growth in DaVinci and Fontana. Performance fees were $27 million. This included the impact of favorable development in the quarter.

專注於費用收入和我們的 Capital Partners 業務，其中費用收入為 8,200 萬美元，成長 27%；管理費為5500萬美元，成長24%。過去三個季度的管理費一直處於這個水平，這主要是由於達文西和豐塔納的增長。演出費為2700萬美元。這包括本季良好發展的影響。

Looking ahead to the next quarter, we expect management fees to be around the same level. We expect performance fees to be down significantly given the impact of Hurricane Miton.

展望下個季度，我們預計管理費將保持在同一水平。考慮到颶風米頓的影響，我們預計績效費用將大幅下降。

Moving now to investments, where retained net investment income was $292 million, up 3% from the second quarter and 35% from a year ago. We reported significant retained mark-to-market gains of $786 million in the quarter. This was driven by, first, a $511 million gain in our retained fixed maturity portfolio, largely driven by decreased interest rates; and second, a $134 million gain related to the successful IPO of TWFG, which we have held in our strategic investment portfolio since 2018.

現在轉向投資，保留淨投資收入為 2.92 億美元，比第二季成長 3%，比去年同期成長 35%。我們報告稱，本季以市值計價的留存收益高達 7.86 億美元。首先，我們保留的固定期限投資組合獲得了 5.11 億美元的收益，這主要是由於利率下降所致；其次，與 TWFG 的成功 IPO 相關的 1.34 億美元收益，自 2018 年以來我們一直在戰略投資組合中持有該公司。

Overall, retained unrealized gains in our fixed maturity investments are now $283 million or $5.46 per share. As a reminder, last quarter, we reported an unrealized loss of $214 million, so some of the mark-to-market gains in the quarter reflect our investment portfolio pulling back to par. As a result of declining interest rates, our retained yield maturity decreased to 4.9% from 5.7% last quarter. We have increased duration slightly to 3.4 years. Interest rates are now up from where they were when the quarter ended. Consequently, we expect retained net investment income next quarter will remain flat around $290 million.

總體而言，我們固定期限投資的保留未實現收益目前為 2.83 億美元，即每股 5.46 美元。提醒一下，上個季度，我們報告了 2.14 億美元的未實現虧損，因此本季度按市值計價的部分收益反映了我們的投資組合回落至標準水平。由於利率下降，我們的保留收益率期限從上季的 5.7% 降至 4.9%。我們將持續時間略微增加至 3.4 年。目前利率較本季結束時有所上升。因此，我們預計下季留存淨投資收益將維持在 2.9 億美元左右。

As we look forward to 2025, given our positioning and anticipated asset growth, we should be less sensitive to rate cuts and shorter duration portfolios. Consequently, we expect our investment portfolio to continue providing a relatively consistent level of income next year.

展望 2025 年，鑑於我們的定位和預期資產成長，我們應該對降息和較短期限的投資組合較不敏感。因此，我們預計明年我們的投資組合將繼續提供相對穩定的收入水準。

Turning briefly to expenses. The operating expense ratio was 4.8%, which is about flat compared to a year ago. Going forward, we expect the operating expense ratio will stay around this level as we continue to invest in the business to support our growth over the last several years. Corporate expenses were $26 million, including $8 million from the Validus acquisition. These transaction-related expenses have been tapering off and are excluded from operating income.

簡單談談開支。營業費用率為4.8%，與去年同期持平。展望未來，隨著我們繼續投資該業務以支持過去幾年的成長，我們預計營運費用率將保持在這一水平左右。公司開支為 2,600 萬美元，其中 800 萬美元來自 Validus 收購。這些與交易相關的費用已逐漸減少，且不計入營業收入。

And finally, turning to tax. Our income tax expenses were $102 million in the third quarter, this primarily relates to an increase in investment gains in our taxable jurisdictions. Going forward, in 2025, the Bermuda government will be implementing a 15% corporate income tax in response to the OECD global minimum tax rules. We will start accruing for this tax beginning in Q1 of 2025.

最後，轉向稅收。第三季我們的所得稅支出為 1.02 億美元，主要與我們應稅管轄區的投資收益增加有關。展望未來，百慕達政府將根據經合組織全球最低稅收規則，於2025年實施15%的企業所得稅。我們將從 2025 年第一季開始提列該稅。

In conclusion, we were pleased to deliver another strong quarter with robust performance across all three drivers of profit. Going forward, at a larger scale, we are confident that we will continue to generate strong results for our shareholders. As a result, we expect to continue growing our tangible book value per share plus accumulated dividends, while repurchasing our shares at attractive valuations.

總之，我們很高興再次實現強勁的季度業績，所有三個利潤驅動因素均表現強勁。展望未來，我們有信心在更大的範圍內繼續為股東創造強勁的業績。因此，我們預期每股有形帳面價值加上累積股息將持續成長，同時以有吸引力的估值回購我們的股票。

And with that, I'll now turn the call over to David.

現在我將把電話轉給大衛。

Thanks, Bob, and good morning, everyone. With less than two months ago in 2024, we are deep in preparation for the January 1 renewals and are excited about the opportunities ahead of us. Our customers have been overwhelmingly supported the Validus integration, and we are entering the renewal season with a larger and more diversified portfolio and deeper partnerships.

謝謝，鮑勃，大家早安。距離 2024 年還有不到兩個月的時間，我們正在為 1 月 1 日的續約做深入的準備，並對眼前的機會感到興奮。我們的客戶對 Validus 整合給予了壓倒性的支持，我們正以更大、更多樣化的產品組合和更深入的合作夥伴關係進入更新季節。

Our focus leading into January 1 is on serving customers and deploying capacity at our increased scale. Our underwriting portfolio is very attractive. We will retain the combined portfolio and look for opportunities to deploy capacity where rates are at or above adequacy. As we have discussed, portfolio management is a continuous process. Our team is nimble and deeply experienced, and we can increase our participations on deals or classes where returns are most attractive and reduce where our hurdles are not met.

從 1 月 1 日開始，我們的重點是為客戶提供服務並以更大的規模部署容量。我們的承保組合非常有吸引力。我們將保留合併後的投資組合，並尋找機會在費率處於或高於充足水平的情況下部署產能。正如我們所討論的，投資組合管理是一個持續的過程。我們的團隊靈活且經驗豐富，我們可以增加對回報最具吸引力的交易或課程的參與，並減少未滿足的障礙。

As we look forward, we are in a strong position to grow with our customers. They know we are a trusted partner to help them manage their risk across portfolios and across market cycles. Especially in the current environment, where the market is contemplating several large property losses and growing concerns around casualty trends, we offer certainty of execution that others cannot. This consistency and confidence is the direct result of our clear risk appetite, deep customer relationships, strong balance sheets and the flexibility of our gross-to-net strategy.

展望未來，我們處於與客戶共同成長的有利地位。他們知道我們是值得信賴的合作夥伴，可以幫助他們管理跨投資組合和跨市場週期的風險。特別是在當前環境下，市場正在考慮發生幾起重大財產損失，並且對傷亡趨勢的擔憂日益增加，我們提供其他公司無法提供的執行確定性。這種一致性和信心是我們明確的風險偏好、深厚的客戶關係、強大的資產負債表以及靈活的總淨值策略的直接結果。

Shifting now to a deeper discussion of the property segment. This has been an active quarter for catastrophes, and I want to express our sympathies to everyone impacted by these events. RenaissanceRe is proud of the role that we play in helping communities recover and we are paying claims quickly to aid in these efforts.

現在轉向對房地產領域進行更深入的討論。這是災難頻繁的季度，我想向受這些事件影響的每個人表示同情。RenaissanceRe 為我們在幫助社區恢復方面發揮的作用感到自豪，我們正在快速支付索賠以幫助這些努力。

Diving deeper into the events of the quarter. Hurricane Helene was the most significant event, making landfall as a large category for a hurricane in the Florida Panhandle. The storm pushed heavy rain to the Carolinas, Georgia and Tennessee, causing devastating flooding and significant loss of life. Industry losses for Helene are likely to be in the low double-digit billions. In addition to Helene, hurricanes Beryl, Debbie, and Francine all made landfall in the US as relatively small hurricanes and did not significantly impact reinsurance programs.

更深入了解本季的事件。颶風海倫是最重要的事件，使登陸佛羅裡達州狹長地帶的颶風成為一個大類。風暴為卡羅來納州、喬治亞州和田納西州帶來了大雨，造成毀滅性的洪水和重大傷亡。海倫的產業損失可能會達到數十億美元。除海倫外，颶風貝麗爾、黛比和弗朗辛在美國登陸時都是相對較小的颶風，並未對再保險計劃產生重大影響。

Finally, industry loss in Canada at record levels this year, driven by approximately $5 billion in the quarter from a significant hailstorm in Calgary to floods in Toronto and Montreal. In the fourth quarter, Hurricane Milton followed closely on the heels of Helene, making landfall just south of Tampa on the West Coast of Florida as a Category 3 hurricane. As the storm approached Florida, its outer bands spawned several tornadoes across a wide area of the state. Close to landfall, Milton encountered increasingly hospital conditions, which weakened the storm from a strong Category 4 to a low category 3.

最後，由於卡加利的嚴重冰雹以及多倫多和蒙特利爾的洪水，本季度加拿大的工業損失達到了創紀錄的水平，損失約為 50 億美元。第四季度，颶風「米爾頓」緊隨「海倫」之後，在佛羅裡達州西海岸坦帕以南登陸，等級為 3 級颶風。當風暴逼近佛羅裡達州時，其外帶在該州大片地區引發了多場龍捲風。接近登陸時，米爾頓遇到了越來越多的醫院狀況，這使得風暴從強烈的 4 級減弱為低級 3 級。

While industry losses from Milton will be significant, they are much less than they would have been if the store made landfall in Tampa as originally forecast. Our diversified portfolio, platform of owned and managed balance sheets and three drivers of profit, put us in a differentiated position to absorb these losses, while still providing efficient capacity to our customers and producing strong returns for our shareholders.

雖然米爾頓的行業損失將是巨大的，但比該商店按照最初預測登陸坦帕時要少得多。我們的多元化投資組合、擁有和管理的資產負債表平台以及三個利潤驅動因素，使我們處於獨特的地位，可以吸收這些損失，同時仍然為我們的客戶提供高效的產能，並為我們的股東帶來豐厚的回報。

The core aspect of RenaissanceRe's purpose is to protect our customers against large events relative to their size, storms like Helene and Milton are large events for smaller insurance companies. These companies carry lower retention of the nationwide or global carriers, and storms of this size will trigger reinsurance recoveries to protect their capital. Our property cat portfolio demonstrated its value and its resilience in this active quarter, providing balance sheet protection rather than earnings protection at an appropriate level for each of our customers. We expect this dynamic to persist into 2025, supporting a healthy reinsurance market and the consistent protection our customers need.

RenaissanceRe 的核心目的是保護我們的客戶免受與其規模相關的大型事件的影響，像海倫和米爾頓這樣的風暴對於小型保險公司來說是大型事件。這些公司對全國或全球營運商的保留率較低，這種規模的風暴將觸發再保險追償以保護其資本。我們的房地產貓投資組合在這個活躍的季度展示了其價值和彈性，為我們的每個客戶提供適當水平的資產負債表保護而不是收益保護。我們預計這種動態將持續到 2025 年，以支持健康的再保險市場和客戶所需的持續保障。

It is too early to predict the outcome of January 1 renewal. Even before Hurricanes Helene and Milton, we were expecting additional demand to come to market. Rates remain favorable, and we will continue to grow with existing customers, while capitalizing on opportunities to increase our market share of attractive placements.

現在預測 1 月 1 日續約的結果還為時過早。甚至在颶風海倫和米爾頓之前，我們就預期市場會有額外的需求。費率仍然優惠，我們將繼續與現有客戶一起成長，同時利用機會增加我們在有吸引力的位置的市場份額。

Moving now to a few specific comments on other properties. While the loss events of the quarter also impacted other properties, we delivered another profitable quarter with a significant level of favorable development. As a reminder, we accessed at-driven E&S business through the other property book. With the recent loss activity, we expect increased opportunities in this space and are ready to deploy capital in the most attractive business.

現在轉向對其他屬性的一些具體評論。雖然本季的損失事件也影響了其他物業，但我們又實現了盈利的季度，並取得了顯著的良好發展。提醒一下，我們透過其他財產簿訪問了 at 驅動的 E&S 業務。鑑於最近的虧損活動，我們預計該領域的機會將會增加，並準備將資金部署到最具吸引力的業務中。

Now moving on to casualty and specialty. In 2024, we successfully brought on the Validus portfolio, enhancing our market leadership position materially in the areas we target. This provides us with stronger access to business and more options to construct our portfolio. First and foremost, we aim to optimize underwriting returns in line with our vision to be the best underwriter. It is important to recognize, however, that the casualty and specialty book also brings a significant amount of investment income and fee income, both of which have increased since Validus.

現在轉向傷亡和特種部隊。2024 年，我們成功推出了 Validus 產品組合，顯著增強了我們在目標領域的市場領導地位。這為我們提供了更強大的業務機會和更多建立投資組合的選擇。首先也是最重要的，我們的目標是根據我們成為最佳承銷商的願景來優化核保回報。然而，重要的是要認識到，傷亡和專業書籍也帶來了大量的投資收入和費用收入，這兩者自 Validus 以來都有所增加。

In combination, these income streams contribute meaningfully to earnings and book value growth as well as diversification of our property book. Our leadership position also means that we see the whole market, which provides us with unique insights on market trends and profitability drivers. As we discussed last quarter, we have been tracking general liability trends closely and engaging with the market to better understand and accurately price future trend.

總的來說，這些收入流對獲利和帳面價值成長以及我們的財產帳面多元化做出了有意義的貢獻。我們的領導地位也意味著我們能夠看到整個市場，這為我們提供了對市場趨勢和獲利驅動因素的獨特見解。正如我們上季度所討論的，我們一直在密切追蹤一般責任趨勢並與市場互動，以更好地了解並準確地定價未來趨勢。

Inflation and claim severity have been increasing in this line, driven by an aggressive plan for and sympathetic journeys. While social inflation is not new, we believe that the industry needs to continue to evolve to stay ahead. In the last five years, companies have responded by reducing limits and increasing rates. These remain important levers. But to stay ahead of loss trend, we believe that insurers also need to improve claims handling processes, refine their underwriting approach and accelerate rate increases.

在積極的旅行計劃和同情心的推動下，通貨膨脹和索賠嚴重程度一直在增加。雖然社會通貨膨脹並不新鮮，但我們認為該行業需要繼續發展才能保持領先。在過去五年中，公司的應對措施是減少限制並提高費率。這些仍然是重要的槓桿。但為了保持領先於損失趨勢，我們認為保險公司還需要改善索賠處理流程、完善承保方法並加快費率上漲。

To support this, we are actively working with customers to share insights and improve data capture throughout the renewal process. This enables us to deploy our capacity in the right place and charge the right price for each program. While our goal is to continue to partner with all of our customers, we are prepared to reduce on those programs that do not meet our requirements, most notably in our general liability book.

為了支持這一點，我們積極與客戶合作，分享見解並改善整個更新過程中的資料擷取。這使我們能夠將我們的能力部署在正確的地方，並為每個專案收取正確的價格。雖然我們的目標是繼續與所有客戶合作，但我們準備好減少那些不符合我們要求的計劃，尤其是在我們的一般責任書中。

We believe that the steps we are taking to increase rates, improve data and practice disciplined underwriting, will help create a more sustainable cat market and an attractive portfolio that maintains strong returns in short term over the cycle.

我們相信，我們正在採取的提高費率、改善數據和實行嚴格承保的措施，將有助於創建一個更可持續的貓市場和一個有吸引力的投資組合，在整個週期的短期內保持強勁的回報。

Outside of casualty, we continue to see opportunities in specialty and credit, and these portfolios are stronger than ever due to our larger leadership position. We have access to the best business and continue to find lines, such as aviation, marine, energy, mortgage and other credit classes attractive. We expect an orderly January 1 renewal, and our focus will be to maintain our book and grow where possible. We also make efficient use of ceded record capacity to shape our portfolio, particularly in marine and energy and in cyber, where we have grown our gross folio or reduced our aggregate exposure to loss.

除了傷亡之外，我們繼續看到專業和信貸領域的機會，並且由於我們更大的領導地位，這些投資組合比以往任何時候都更強大。我們可以獲得最好的業務，並繼續發現航空、海運、能源、抵押貸款和其他信用類別等有吸引力的業務。我們預計 1 月 1 日將有序續訂，我們的重點將是維持我們的帳簿並盡可能實現成長。我們也有效利用轉讓的創紀錄產能來塑造我們的投資組合，特別是在海洋、能源和網路領域，我們在這些領域增加了總投資額或減少了總損失風險。

And with that, I'll turn it back to Kevin.

說到這裡，我會把它轉回給凱文。

Thanks, David. In closing, we reported a strong quarter in what so far has been an excellent year. We delivered superior results across our three drivers of profit, underwriting, fees and net investment income, with a manageable level of catastrophe losses. We have unlocked significant capital synergies with Validus, and as a result, we have now increased our share repurchase authorization by 50%. We expect the property market to remain attractive, and in casualty, we are taking a proactive client by client approach. Consequently, I could not be more excited about our potential for future performance and ability to create value for shareholders. Thank you.

謝謝，大衛。最後，我們報告了一個強勁的季度，到目前為止，這是一個出色的一年。我們在利潤、承保、費用和淨投資收入這三個驅動因素上取得了優異的業績，並且巨災損失處於可控水平。我們與 Validus 釋放了顯著的資本協同效應，因此，我們現在將股票回購授權增加了 50%。我們預期房地產市場將保持吸引力，而在意外情況下，我們將採取積極主動的逐客戶方法。因此，我對我們未來業績的潛力和為股東創造價值的能力感到非常興奮。謝謝。

And with that, we'll open it up for questions.

接下來，我們將開放提問。

(Operator Instructions) Elyse Greenspan, Wells Fargo.

（操作員說明）Elyse Greenspan，富國銀行。

My first question is about the 1/1 renewals on the cap side. You guys have pointed, right, your excess capital to meet the additional supply that you're talking about and you're generating record ROEs. So isn't that an environment, when you kind of put that all together, where probably it shakes out to flat or rate decline during the renewals?

我的第一個問題是關於上限方面的 1/1 續約。你們已經指出，是的，你們的過剩資本可以滿足你們所說的額外供應，並且你們正在創造創紀錄的股本回報率。那麼，當你把所有這些放在一起時，這難道不是一個在續約期間可能會出現持平或利率下降的環境嗎？

So Elyse, thank you for the question. Just taking pure supply and demand. We also believe there'll be $10 billion or so new capacity coming to the market. We've seen capacity be continuously introduced in '24. We expect that to continue in '25. That additional demand will help stabilize the pricing environment. So when we go in, we believe rates are fair and adequate for the property cat market, that's the way we'll approach. And I think it will trade, as we've said before, at the new level in which the market reset to in the beginning.

Elyse，謝謝你的提問。僅考慮純供給和需求。我們也相信將有 100 億美元左右的新產能進入市場。我們看到 24 年容量不斷增加。我們預計這種情況將在 25 年繼續下去。額外的需求將有助於穩定定價環境。因此，當我們進入時，我們相信利率對於房地產貓市場來說是公平且充足的，這就是我們的處理方式。我認為，正如我們之前所說，它將在市場重置之初的新水平上進行交易。

Equally important, I think the slips that we -- that are in place with the level of retention will likely persist as well. So the reset retentions, I think, will continue. And I think rates will be, as with any financial market, they'll trade at roughly around the level that we're at.

同樣重要的是，我認為我們在保留水平方面的失誤也可能會持續存在。因此，我認為重置保留將繼續下去。我認為，與任何金融市場一樣，利率將大致以我們目前的水平進行交易。

And then my follow-up is on specialty casualty, right? So you guys said that you're going to start booking this to a higher adjusted combined ratio, right, mid- to high 90s next year. I guess it's kind of a 2-part question. If you're responding to social inflation, why wouldn't you have, I guess, started booking it higher this year? And if you think in trends that are going to go up, is that reflected in where your reserves sit today for the segment?

然後我的後續行動是特種傷亡，對吧？所以你們說你們明年將開始預訂更高的調整後綜合比率，對吧，90 年代中高。我想這是一個由兩個部分組成的問題。如果你要應對社會通膨，我想你為什麼不從今年開始提高預訂價格？如果您認為趨勢將會上升，這是否反映在您今天對該細分市場的儲備中？

Thanks for that question, Elyse. I pointed that out in my comments that we have -- we are increasing the combined ratio. We've been booking at in the mid-90s for our last couple of years. And now we're looking at changing in trend, whether it's mix or a trend that David was referring to, and I'll turn it back to him in a second. But we did reflect that in the current.

謝謝你提出這個問題，愛麗絲。我在評論中指出，我們正在提高綜合比率。過去幾年我們一直在 90 年代中期預訂。現在我們正在研究趨勢的變化，無論是混合趨勢還是大衛提到的趨勢，我會立即將其轉回給他。但我們確實在當前反映了這一點。

Two points to make. One, it's in the current accident year on a forward-looking basis. Two, we've talked about our historical portfolio that we have and how we've shaped that portfolio over the years. Shaping meaning we didn't grow it back in the challenging years, we grew it later on. And through acquisitions, we did get protections around it. And we talked about that in the past, but that's really the driver of it, and it's more on the trends that we're seeing going into it and how we're responding to those trends on a forward-looking basis.

有兩點需要說明。第一，從前瞻性的角度來看，這是在目前的事故年份。第二，我們討論了我們擁有的歷史投資組合以及多年來我們如何塑造該投資組合。塑造意味著我們沒有在充滿挑戰的歲月裡重新成長它，我們後來才成長它。透過收購，我們確實得到了圍繞它的保護。我們過去討論過這一點，但這確實是它的驅動因素，更多的是我們看到的趨勢以及我們如何前瞻性地應對這些趨勢。

Elyse, this is David. I can talk about what we're seeing on the underwriting side. We've been following loss trend for several years, and it's a known issue in the market. There's good awareness on the insurer side. Insurers are taking action. But we've done what we can to support this by engaging early, getting more data in advance of renewal, data like claims settlement patterns, individual case reserving data, that normally wouldn't be part of the annual submission process. So we're using that to have feedback with our customers.

愛麗絲，這是大衛。我可以談談我們在承保方面看到的情況。多年來我們一直在追蹤虧損趨勢，這是市場上已知的問題。保險公司方面有良好的意識。保險公司正在採取行動。但我們已經盡我們所能來支持這一點，透過儘早參與，在續保之前獲取更多數據，例如索賠解決模式、個案保留數據等數據，這些數據通常不會成為年度提交流程的一部分。所以我們用它來向客戶提供回饋。

They're taking the right action. They're getting rate. They're improving claims handling processes. Trend is a cumulative thing. So all those actions will be taking place over the next year, and it's too early to know the net-net result of cumulative loss trend for all those actions. So it's the prudent thing to do to look at where we're going to next year, but it is a 2025 issue more so than a current issue.

他們正在採取正確的行動。他們正在獲得利率。他們正在改善索賠處理流程。趨勢是一個累積的東西。因此，所有這些行動都將在明年發生，現在要知道所有這些行動的累積損失趨勢的淨結果還為時過早。因此，謹慎的做法是考慮明年的發展方向，但這是 2025 年的問題，而不是目前的問題。

Yaron Kinar, Jefferies.

亞倫·基納爾，傑弗里斯。

First one, maybe following up on the last question. I want to better understand why the loss trend issues that we're seeing kind of emerging wouldn't be also reflected in the potential need to revisit some of the reserves of the prior years, whether for the company itself or for the cedents that could ultimately reflect company results?

第一個，也許是對最後一個問題的跟進。我想更好地理解為什麼我們看到的新興損失趨勢問題不會也反映在重新審視前幾年的一些準備金的潛在需求中，無論是對於公司本身還是對於可能的分出公司最終反映公司業績？

Yes, this is David. Thanks for the question. I think what goes into the current reserves is the cumulative effect of all the actions we've taken over the last 10 years. And there's a lot to that. So it starts with just -- first of all, good underwriting and how we constructed the portfolio, avoiding the most extreme areas of inflation like commercial auto. We've also been very active in scaling the book up into the betters, and so we have more exposure to the more recent years, and you see the reinsurance as a way to manage our net risk in a lot of different ways.

是的，這是大衛。謝謝你的提問。我認為當前儲備金是我們過去十年採取的所有行動的累積效應。這有很多內容。因此，首先是良好的承保以及我們如何建立投資組合，避免商業汽車等最極端的通貨膨脹領域。我們也非常積極地將這本書擴大到更好的範圍，因此我們對最近幾年有更多的了解，並且您將再保險視為以多種不同方式管理我們的淨風險的一種方式。

As far as the reserving process, our process is independent from what our clients book. So one of the examples of how that manifests itself is when we grew into the 2021, [2020], rates were improving rapidly, but we didn't adjust our picks down as much as that rate would have implied we should. That has the effect of having our reserves be more resilient when we're facing inflation like we are now. So our focus is more on how do we get the right rate in 2025 and differentiate between portfolios rather than the current reserve pool.

就預訂流程而言，我們的流程獨立於客戶的預訂。因此，體現這一點的例子之一是，當我們進入 2021 年時，[2020]，利率正在迅速提高，但我們沒有像該利率所暗示的那樣調整我們的選擇。當我們面臨像現在這樣的通貨膨脹時，這會使我們的儲備更具彈性。因此，我們的重點更放在如何在 2025 年獲得正確的利率並區分投資組合，而不是當前的儲備池。

Got it. And then my second question, I wanted to touch on the buyback authorization, the 50% increase. I just want to understand what changed this quarter. Because if my recollection is correct, you've already talked about the expectation of the benefits from the Validus deal coming in when the $500 million authorization was set last quarter. So what's changed in these three months? Is it that the very active (inaudible) season that we expect it turned out to be not as active? Or were there other puts and takes?

知道了。然後是我的第二個問題，我想談談回購授權，也就是增加 50%。我只是想了解本季發生了什麼變化。因為如果我沒記錯的話，您已經談到了上個季度確定 5 億美元授權時對 Validus 交易帶來的收益的預期。那麼這三個月發生了什麼變化呢？我們預期的非常活躍（聽不清楚）的季節結果並不那麼活躍？或者還有其他的看跌期權嗎？

Yes. Both Ken and I have talked about that in our prepared comments, but the common theme is scale, is really we have to put that. The last time we did increase in our share authorization was back in 2007. And so that was quite a long time ago. A lot has changed. You start to see a number of things change in terms of size, volume in the market. And we just thought it was the prudent thing to do to be able to take advantage of what we see as attractive opportunities. That's a simple answer to that one.

是的。肯和我在我們準備好的評論中都談到了這一點，但共同的主題是規模，我們確實必須這麼說。我們上次增加股份授權是在 2007 年。那是很久以前的事了。發生了很多變化。你開始看到市場規模和數量方面發生了很多變化。我們只是認為，為了能夠利用我們認為有吸引力的機會，這是明智之舉。這是對此問題的簡單回答。

And adding to your comments, Bob, the other thing that happened is we're able to consolidate the Validus balance sheets onto the RenRe balance sheet, which produced the final piece of liquidity that rolled up to the holding company. So nothing's changed in the way we're going to manage our capital position where we're going to deploy first into the market and then be good stewards and return capital to shareholders. This is really a reflection of the change in scale and the flexibility and the timing really reflects the fact that the integration of Validus is complete and the capital flexibility and the liquidity that we expected from -- to achieve from the transaction has been realized.

Bob，補充您的評論，發生的另一件事是我們能夠將 Validus 資產負債表合併到 RenRe 資產負債表上，這產生了最終的流動性，最終流入控股公司。因此，我們管理資本部位的方式沒有任何改變，我們將首先部署到市場，然後成為好管家並將資本返還給股東。這確實反映了規模和靈活性的變化，而且時機也確實反映了 Validus 的整合已經完成，我們期望透過交易實現的資本靈活性和流動性已經實現。

Ryan Tunis, Autonomous Research.

Ryan Tunis，自主研究。

I guess following up on the last question. Kevin, you said there's [$1 billion] of common equity and a portion of that is increased undeployed capital. Just trying to get a feel for how much equity capital does this combined business of RenRe and Validus like need at this juncture? It's not $10.5 billion. Is it minus $10.5 billion minus $750 million? Or is the excess here a lot significant?

我想是在跟進最後一個問題。凱文，你說有 [10 億美元] 的普通股，其中一部分是增加的未部署資本。只是想了解 RenRe 和 Validus 的合併業務此時需要多少股本？這不是 105 億美元。是減105億減7.5億美元嗎？還是這裡的過剩量是否很大？

So I think we generally manage the company with undeployed capital that provides us flexibility to leverage into markets. It also provides a buffer for the balance sheet should there be a loss. We don't specifically disclose the amount of excess capital. What I would say is that we are in an above-average period of financial flexibility with the undeployed capital that we have. We do think we'll have some opportunities to deploy it into the market in 2025. We also believe we'll have equally strong opportunities to return to shareholders.

因此，我認為我們通常使用未部署的資本來管理公司，這為我們提供了利用市場的靈活性。如果出現損失，它還可以為資產負債表提供緩衝。我們沒有具體揭露超額資本的金額。我想說的是，我們正處於財務靈活性高於平均的時期，我們擁有未動用的資本。我們確實認為 2025 年我們將有機會將其部署到市場中。我們也相信，我們將有同樣強大的機會回報股東。

Got it. And then I guess just on the 1/1 renewal, it's active loss here in Europe. But then I guess the 3Q hurricanes are some more US-centric. So I was thinking there might be a little bit more June 1. But I guess first part, like, to what extent are the elevated losses in Europe going to affect the conversation around the 1/1 renewal? And is there a reason to think that some of the momentum we might pick up from pulling in Milton might be more evident in 6/1?

知道了。然後我想就在 1/1 續約時，歐洲這裡就出現了積極的損失。但我猜想第三季的颶風更多以美國為中心。所以我想 6 月 1 日可能會多一些。但我想第一部分是，歐洲的損失增加將在多大程度上影響圍繞 1/1 續約的討論？是否有理由認為，我們從米爾頓身上獲得的一些動力可能會在 6/1 中更加明顯？

Ryan, this is David. I'll start with that one. So there has been loss activity in Europe, like you mentioned, that's in the bucket of attritional losses that we're seeing in North America and in Europe. So it does -- had the impact of keeping the conversation around stability and retentions and how important that is to the reinsurance market.

瑞安，這是大衛。我將從那個開始。因此，就像您提到的那樣，歐洲出現了損失活動，這屬於我們在北美和歐洲看到的自然損耗損失。確實如此，它對圍繞穩定性和保留率以及這對再保險市場的重要性進行討論產生了影響。

So we see that US and Europe, we're expecting stable retention, stable structures, and the conversation is around price. And like we say, the price will trade around levels we're at. And we see opportunities with our market position post Validus to potentially deploy capital in both sides, both the North America and in Europe, with where we are now.

因此，我們看到在美國和歐洲，我們期望穩定的保留率、穩定的結構，而對話的焦點是價格。正如我們所說，價格將圍繞我們所處的水平進行交易。我們看到了 Validus 後市場地位的機會，可以在北美和歐洲兩地部署資本，就像我們現在所處的位置一樣。

Yes. The final thing I'd add to Dave's comments is Milton is a Florida event. So I would say that if there are to be loss-specific discussions, those will be largely more 6/1. I also believe that the market's matured a bit with what happened in '24. And discussions around loss and loss effective covers and that being the only catalyst for sustaining rate are no longer really the fixture of the market. I think everybody recognizes that today's structures and today's prices will persist.

是的。我要在戴夫的評論中添加的最後一件事是米爾頓是佛羅裡達州的活動。所以我想說，如果要針對具體損失進行討論，那麼很大程度上會是 6/1。我還相信，隨著 24 年發生的事情，市場已經成熟了一些。圍繞損失和損失有效保障以及作為維持利率的唯一催化劑的討論不再是市場的固定內容。我想每個人都認識到今天的結構和價格將會持續下去。

Joshua Shanker, Bank of America.

約書亞‧尚克，美國銀行。

So you guys have this larger share repurchase authorization of $750 million. Over the past 12 months, operating income has been $2.5 billion and net income has been $3.5 billion. We don't know what's going to be in the future for earnings, but at the rate you guys are generating capital, you're going to be -- so you have a significantly higher capital position over the next few months heading into '25 as you did a year ago. Is that amount of share repurchase adequate to think about the year ahead? Or would you burn through that more quickly than you foresee?

所以你們有7.5億美元的更大股票回購授權。過去 12 個月，營業收入為 25 億美元，淨利為 35 億美元。我們不知道未來的收入會怎樣，但按照你們產生資本的速度，你們將會——所以在進入 25 世紀的未來幾個月裡，你們的資本頭寸會明顯增加就像你一年前所做的那樣。股票回購的金額是否足以考慮未來一年的情況？或者你會比你預想的更快燒掉它嗎？

Thanks, Josh. This is Bob. Good question. I tried to address that in my prepared comments. You point out appropriately that we have been generating excess capital through operating income. All three drivers of profit have been contributing significantly.

謝謝，喬許。這是鮑伯。好問題。我試圖在我準備好的評論中解決這個問題。您恰當地指出，我們一直透過營業收入產生過剩資本。所有三個利潤驅動因素都做出了重大貢獻。

Also, the efficiency on what Kevin described in as 3-2-1 for Validus, generate excess capital. So we do have the capital. And what I had talked about in my prepared comments, we had the option to -- we have the option to do both at the same time. We'll be deploying capital into the business at the renewals next year, to which David and Kevin have spoken regarding opportunities as well as new demand.

此外，凱文在 Validus 中所描述的 3-2-1 的效率會產生過剩的資本。所以我們確實有資本。我在準備好的評論中談到的，我們可以選擇——我們可以選擇同時做這兩件事。我們將在明年的續約時將資本部署到業務中，大衛和凱文已經談到了機會和新需求。

But in the same light, we'll be returning capital as well at attractive valuations. The authorization increased from $500 million to $750 million is part of our scale that Kevin talked about. And we look at that each quarter. So if you go back in time, we approve -- we reapprove every quarter. So whether we use all of it or none of it, we're tapped into it, we look at that every quarter. So it's not an annual, it's quarterly.

但同樣地，我們也將以有吸引力的估值返還資本。授權從 5 億美元增加到 7.5 億美元是凱文談到的我們規模的一部分。我們每季都會審視這一點。所以如果你回到過去，我們會批准——我們每個季度都會重新批准。因此，無論我們使用全部還是不使用它，我們都會利用它，我們每個季度都會查看它。所以這不是年度報告，而是季度報告。

And I realize that once you establish a quarterly common dividend, it's a promise in perpetuity to the future. Do special dividends make sense, maybe not at the current valuation? How would RenRe approach that as a way of giving capital back to shareholders?

我意識到，一旦確定了季度普通股息，這就是對未來的永久承諾。特別股息是否有意義，也許以目前的估值沒有意義？RenRe 將如何將其作為向股東返還資本的一種方式？

I think it's a great question. I think we look at every way possible for us to think about managing capital. Obviously, first, as I mentioned several times, our first protocol is to deploy it into the business. Our preferred methodology in what we see as the most accretive over the long term to tangible book value per share is through their share -- through repurchasing our own shares. If that was a different calculation, we would certainly look at different mechanisms to manage capital.

我認為這是一個很好的問題。我認為我們會考慮一切可能的方式來考慮管理資本。顯然，首先，正如我多次提到的，我們的第一個協議是將其部署到業務中。我們認為，從長遠來看，每股有形帳面價值最能增值的首選方法是透過他們的股票——透過回購我們自己的股票。如果這是不同的計算，我們肯定會考慮不同的資本管理機制。

Our history suggests that we have a bias to share buybacks, and that's simply because the economics are most accretive to our existing shareholders. I don't see that changing in the near term.

我們的歷史表明，我們傾向於股票回購，這僅僅是因為經濟對我們現有股東來說是最有增值作用的。我認為這種情況短期內不會改變。

Meyer Shields, KBW.

邁耶·希爾茲，KBW。

Great. So one question I'm getting a lot of this morning is just whether the sort of flat reserve movements in casualty and specialty, is there a significant variation by accident year or by casualty versus specialty?

偉大的。因此，今天早上我收到很多人問的一個問題是，傷亡人員和專業人員的儲備變動是否持平，是否因事故年份或傷亡人員與專業人員的不同而存在顯著差異？

I mean I talked a little bit about that in my prepared comments regarding the overall profitability of casualty. But more specifically, when it comes down to purchase accounting, it's amortized into the acquisition ratio and prior year reserves. So that was actually affected by about $10 million, $11 million. So when you negate for that, the $1 million actually becomes a much larger and more consistent number what you've seen before. But again, it's the purchase accounting that's distorting that by about $10 million or $11 millio?

我的意思是，我在準備好的關於傷亡人員整體盈利能力的評論中談到了這一點。但更具體地說，當涉及購買會計時，它被攤銷到收購比率和去年準備金中。所以這實際上受到了大約 1000 萬美元、1100 萬美元的影響。因此，當您否定這一點時，100 萬美元實際上會變得比您之前看到的更大且更一致的數字。但同樣，是採購會計扭曲了大約 1000 萬美元還是 1100 萬美元？

One thing I'd add to Bob's comments is if you look at the reserve profile that we have, we grew pretty substantially in '20 and forward, which are seen to better years. We also have a nice balance of casualty and specialty. Within the casualty segment in the area of problem for the industry has been commercial auto, and we're not a commercial auto writer. So it's not only that we're in good years, I think we have a better balance of better business in our reserve pool than what the industry would reflect as well.

我要在鮑伯的評論中補充的一件事是，如果你看看我們擁有的儲備概況，我們在 20 世紀及以後的發展相當可觀，預計這些年會更好。我們在傷亡和專業方面也取得了很好的平衡。在傷亡事故領域，該行業面臨的問題是商用汽車，而我們不是商用汽車作家。因此，這不僅是因為我們處於良好的年份，而且我認為我們的儲備庫中的更好業務的平衡也比行業所反映的更好。

Okay. That's helpful. Second question, and it's so easy for me to ask this, but how hard would it be to set your focus on casualty lines, excess of loss so you're not dependent on your clients' rate actions?

好的。這很有幫助。第二個問題，對我來說問這個問題很容易，但是將你的注意力集中在傷亡額度和超額損失上，這樣你就不會依賴於客戶的利率行為，這有多難？

This is David. The market does trade on a quota share basis mostly, and that is a good structure with which we participate in the business because it aligns interest between the cedent and the reinsurer. So it's important that we engage with customers and understand how they're settling claims, understand how they're getting rate. And those are all very positive conversations, and they're making strong actions now, and we expect them to continue to do that in 2025.

這是大衛。市場主要以配額份額為基礎進行交易，這是我們參與業務的良好結構，因為它使分出公司和再保險公司之間的利益保持一致。因此，重要的是我們與客戶互動並了解他們如何解決索賠，了解他們如何獲得費率。這些都是非常積極的對話，他們現在正在採取強有力的行動，我們預計他們將在 2025 年繼續這樣做。

The other dial that we had to turn is the ceding commission. And ceding commissions are reducing with the early renewals that we've seen up into this season, and we expect that to continue in that has the effect of having -- we'll see more of the net premium with a lower ceding commission than we move with a higher one and (inaudible) position.

我們必須轉動的另一個旋鈕是放棄佣金。隨著我們在本賽季看到的早期續約，放棄佣金正在減少，我們預計這種情況會持續下去，我們將看到比我們更低的放棄佣金帶來更多的淨保費。的（聽不清楚）位置。

Yes. One thing I'd add -- or two things I'd add to Dave's comments, is it's a good time for quota share because the primary companies are aligned with our view of where -- of what needs to happen from a rate perspective. So they are pushing through primary rates, and we're harvesting the benefit of their work.

是的。我要補充的一件事——或者我要在戴夫的評論中補充的兩件事是，現在是配額份額的好時機，因為主要公司與我們對從費率角度需要發生的事情的看法是一致的。因此，他們正在推動初級利率的提高，而我們正在從他們的工作中獲益。

The second thing is with trend, there's been an increased frequency of severity. Being excess on that, you can be more impaired by that trend compared to quota share. So again, it's another reason to support the quota share market at this time.

第二件事是趨勢，嚴重程度的頻率增加。與配額份額相比，如果過度追求這一趨勢，您可能會受到這種趨勢的更大損害。再說一遍，這是此時支援配額市場的另一個原因。

Mike Zaremski, BMO.

邁克·扎倫斯基 (Mike Zaremski)，BMO。

Back to the casualty and specialty color you've offered in the guidance of mid- to upper 90s. Can you give us a flavor of whether you're contemplating within that guide any improvement in casualty ceding commissions for the reinsurance marketplace?

回到您在 90 年代中上層的指導下提供的休閒和特色顏色。您能否向我們介紹一下您是否正在考慮在該指南中對再保險市場的傷亡分保佣金進行任何改進？

And also just on just overall pricing in your prepared remarks, you did, Kevin, talk about the need for more rate. And at least the data plans we see so far, especially in 3Q, point to the market moving higher in terms of rates. So curious, too, if you're contemplating in that guide, especially since you're not taking any reserve charges on your back book, if you are contemplating the market moving higher on rate materially?

凱文，就您準備好的講話中的總體定價而言，您確實談到了提高利率的必要性。至少我們迄今為止看到的數據計劃，尤其是第三季的數據，顯示市場利率正在走高。也很好奇，如果您正在考慮該指南，特別是因為您沒有在您的帳本上收取任何準備金費用，如果您正在考慮市場利率大幅走高？

Yes, we definitely are. And we priced in some additional loss trend into 2025 and some additional rate. It's the best estimate that we have at this point. The -- we're seeing the same thing you are. The market is responding to this known issue, which is accelerating loss trends in some areas. They're getting more ready. They're taking underwriting actions. They're also improving the way they settle claims. That's a big differentiator that I think will come more and more important over the next few years. But that's how we're approaching it.

是的，我們絕對是。我們定價了 2025 年的一些額外損失趨勢和一些額外利率。這是我們目前的最佳估計。我們看到了和你一樣的情況。市場正在對這一已知問題做出反應，該問題正在加速某些領域的損失趨勢。他們正在做更多準備。他們正在採取承保行動。他們還在改進解決索賠的方式。這是一個很大的差異化因素，我認為在未來幾年內它將變得越來越重要。但這就是我們的處理方式。

If rate continues to accelerate, that will be a positive news. But as always, with our reserving process, we'll wait to recognize that good news until the business seasons and recognize the potential for trend like we are now early.

如果利率繼續加速，那將是一個積極的消息。但與往常一樣，透過我們的預訂流程，我們將等到業務季節到來時才認識到這個好消息，並像現在這樣提前認識到趨勢的潛力。

Got it. Okay. And sticking on casualty, and I know this question has been asked in many different ways, but I still to getting incoming questions on it from investors. So the reason you didn't take reserve charge, is it -- in layman's terms, could I say -- can we say that it's because you run read books more conservatively than -- and there is a cushion still even though you are seeing a materially higher trend line?

知道了。好的。堅持傷亡，我知道這個問題已經以多種不同的方式被問到，但我仍然會收到投資者提出的問題。所以你沒有收取儲備費用的原因是——用外行人的話來說，我可以說——我們可以說這是因為你比閱讀書籍更保守——而且即使你看到了，仍然有一個緩衝實質上更高的趨勢線？

Yes. So I'll continue on and kind of reference some of my remarks earlier about the process we follow in 2020, 2021, there was a significant improvement in the business, and we didn't reduce our reserving picks very significantly. That, in some cases, might lend that we're booking those years higher than some of the market. And that's just part of the process.

是的。因此，我將繼續並參考我先前關於我們在 2020 年和 2021 年遵循的流程的一些評論，業務有了顯著改善，並且我們沒有大幅減少預訂選擇。在某些情況下，這可能表示我們這些年的預訂高於某些市場。這只是整個過程的一部分。

The other thing that we have is we have curves, development curves that are slowing up to make sure that we wait until we see positive development before we recognize the good news. And if our curves were faster than the 2020, 2021 years, we might have reacted already, but that's not the way we approach the reserving process.

我們擁有的另一件事是，我們有曲線，發展曲線正在放緩，以確保我們等到看到積極的發展才能認識到好消息。如果我們的曲線比 2020 年、2021 年更快，我們可能已經做出反應，但這不是我們處理儲備過程的方式。

Brian Meredith, UBS.

布萊恩·梅雷迪思，瑞銀集團。

Two questions here for you. First one, just hopefully a simple one. Could you provide us some color how much is left in the Tokyo Marine adverse development cover? Is that kind of helping some of the reserve development?

這裡有兩個問題問你。第一個，希望是一個簡單的。您能否提供我們一些信息，告訴我們東京海洋不利發展保險還剩下多少？這對儲備金的開發有幫助嗎？

We don't disclose specific transactions. Tokyo has been a great partner. We're delighted to have that book as part of our portfolio. And we -- that's the last to pay cover. There's still available and it still remains unpaid.

我們不透露具體交易。東京一直是個很好的合作夥伴。我們很高興這本書成為我們投資組合的一部分。而我們——那是最後一個支付保險費的人。仍然可用，但仍然未付款。

Great. Helpful. And the other question, I'm just curious, what is your anticipation of kind of retro capacity availability as we look into 2025, property retro capacity? You think we'll see any increase?

偉大的。有幫助。另一個問題，我只是很好奇，當我們展望 2025 年房地產復古產能時，您對可用的復古產能有何預期？你認為我們會看到任何成長嗎？

That's a tough call right now because there isn't a ton of price discovery in the market. I think the retro market will have limited impact from the events that have happened so far this year. That's generally a good sign that capacity in the retro market will be at least stable.

目前這是一個艱難的決定，因為市場上沒有大量的價格發現。我認為今年迄今為止發生的事件對復古市場的影響有限。這通常是一個好跡象，表明復古市場的產能至少會保持穩定。

From our perspective, we use the retro market to really shape our portfolios. We'll build our performance with the expectation as to what we will likely purchase to help with that shaping. I would say, at this point, we have an expectation that we will purchase slightly less retro in '25, but we also have a belief that it will be available.

從我們的角度來看，我們利用復古市場來真正塑造我們的投資組合。我們將根據我們可能購買的產品來幫助塑造我們的績效。我想說的是，在這一點上，我們預計我們將在 25 年購買稍微少一點的復古款，但我們也相信它將可用。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

I had a question. So I think a few times, you've mentioned that you haven't assumed as much loss ratio improvement in your casualty picks during the hard market years. I'm just wondering how much improvement you guys have assumed if I were to look at accident year 2019 compared to accident year '20 or '21, '22? How much improvement have you guys assumed?

我有一個問題。所以我想，你有幾次提到，在市場艱難的年份裡，你沒有假設你的傷亡選擇有那麼多的損失率改善。我只是想知道，如果我將 2019 年事故年與「20 年」或「21 年」、「22 年事故年」相比，你們認為有多少改進？你們認為進步了多少？

Let me talk a little bit about our process for reserving and kind of the way we think about it, because I'm not sure that we have that information here with us for the call. What we do is we will set the initial loss pick and then we develop a curve. As the curve develops, we amend the curve to make sure we're reflecting what our observations are for trend. We believe when we set the initial expected -- we know we said it independent to the primaries, and our observation is we said it higher. Additionally, we are very slow to recognize good news, which means our curves will develop slowly.

讓我談談我們的預訂流程以及我們的思考方式，因為我不確定我們是否有這些資訊可供通話。我們所做的是設定初始損失選擇，然後繪製一條曲線。隨著曲線的發展，我們修改曲線以確保我們反映了我們對趨勢的觀察。我們相信，當我們設定最初的預期時，我們知道我們所說的話與初選無關，而我們的觀察是我們所說的更高。此外，我們識別好消息的速度非常慢，這意味著我們的曲線會緩慢發展。

I believe when I look at the balance of our reserves, they're in a very healthy state and they reflect our best estimate. The other thing which I do want to go back to is a lot of the conversation for casualty is around commercial auto. That is an insignificant part of our reserve base. The second thing is we've spent a lot of time talking about rate coming through on the accident year for casualty. And one of the things that's important is when we talk about the need for rate, we are talking about the need for margin for the risk that we're taking.

我相信，當我查看我們的儲備餘額時，它們處於非常健康的狀態，並反映了我們的最佳估計。我確實想回顧的另一件事是，關於傷亡的許多討論都是圍繞著商用汽車進行的。這在我們的儲備基礎中只是微不足道的一部分。第二件事是我們花了很多時間討論事故年份的傷亡率。重要的事情之一是，當我們談論利率需求時，我們談論的是我們所承擔的風險的保證金需求。

So we feel as if we're in a good position for the portfolio, but we want to make sure that we enhance the margin because we're looking at this over 10 years, and the margin that we're getting today is not the margin that we would target over a 10-year. So the book balance is in good shape. I believe we've got a great process, which reflects the uncertainty that emerges in casualty and reflecting that uncertainty by being cautious and slow. And then we are in a position where we're enjoying the benefit of a shared view of a difficult casualty market, harvesting additional rate, which will help enhance margin.

因此，我們覺得我們的投資組合處於有利位置，但我們希望確保提高利潤率，因為我們正在考慮這一點超過 10 年，而我們今天獲得的利潤率並不是我們的目標是 10 年的利潤率。因此，帳面餘額狀況良好。我相信我們有一個很好的過程，它反映了傷亡中出現的不確定性，並透過謹慎和緩慢來反映這種不確定性。然後我們就可以享受對困難的傷亡市場的共同看法所帶來的好處，獲得額外的費率，這將有助於提高利潤率。

Got it. And then it definitely sounds like you guys stepped up the engagement with the casualty ceding this quarter. I guess how far along are we in that information gathering process? And I guess is that something where we should expect you guys to reflect what you've gleaned from those conversations in your reserves and in your picks in addition to what has happened this quarter?

知道了。然後，聽起來你們確實加強了與本季傷亡人員的接觸。我想我們在資訊收集過程中已經進行到什麼程度了？我想除了本季發生的事情之外，我們還應該期望你們在儲備金和選擇中反映從這些對話中收集到的內容？

Yes. I would say, so we're -- in the normal part of business, the submissions come in 10/1, 11/1, 12/1, 1/1. And we started much earlier than that, and we engage with the brokers and the clients directly to let them know that we're seeing this in aggregate data. Because we see the whole market, we're not a lot aligned on just one company's data, and we could see where the trends were and where they weren't and what we needed to be able to help price that as accurate as possible. Very positive conversations.

是的。我想說的是，在正常業務中，提交的比例為 10/1、11/1、12/1、1/1。我們的起步早得多，我們直接與經紀人和客戶接觸，讓他們知道我們在匯總數據中看到了這一點。因為我們看到整個市場，所以我們不會只關註一家公司的數據，我們可以看到趨勢在哪裡，不在哪裡，以及我們需要什麼來幫助盡可能準確地定價。非常積極的對話。

And the first focus of the outcome will be for us to select our portfolio. Price the right rate, price the right ceding commission and make the right risk decisions into 2025. And we'll continue to keep you updated as we see more information on trends evolving, but that's the area of focus. And besides just the data, we're also getting the right level of information about claim settlement practices and underwriting adjustments, which all of those work together in order to create the right results into the future.

結果的第一個焦點將是我們選擇我們的投資組合。為正確的利率定價，為正確的放棄佣金定價，並在 2025 年做出正確的風險決策。當我們看到更多有關趨勢發展的資訊時，我們將繼續向您通報最新情況，但這是重點領域。除了數據之外，我們還獲得了有關索賠處理實踐和承保調整的正確信息，所有這些信息共同作用，以便在未來創造正確的結果。

And that was our final question from the audience today. Mr. O'Donnell, I'm happy to turn it back to you, sir, for any additional or closing remarks.

這是今天觀眾提出的最後一個問題。奧唐納先生，先生，我很高興將其轉回給您，請您發表任何補充或結束語。

Thank you, everybody, for joining today's call. We're looking forward to the one-month renewal and looking forward to talking to you in February. Thanks again.

謝謝大家參加今天的電話會議。我們期待一個月的續訂，並期待在二月與您交談。再次感謝。

Ladies gentlemen, this concludes the RenaissanceRe Third Quarter 2024 Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

女士們先生們，RenaissanceRe 2024 年第三季財報電話會議和網路廣播到此結束。此時請斷開您的線路，祝您有美好的一天。