濱特爾 (RNR) 2025 Q2 法說會逐字稿

Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe second-quarter 2025 earnings conference call and webcast.

早安.我叫安琪拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 RenaissanceRe 2025 年第二季財報電話會議和網路直播。

(Operator Instructions)

（操作員指示）

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

現在我將電話轉給財務和投資者關係高級副總裁 Keith McCue。請繼續。

Thank you, Angela. Good morning, and welcome to RenaissanceRe's second-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.

謝謝你，安吉拉。早安，歡迎參加 RenaissanceRe 第二季財報電話會議。今天與我一起討論我們業績的有總裁兼執行長 Kevin O'Donnell、執行副總裁兼財務長 Bob Qutub 和執行副總裁兼集團首席核保官 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 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，是一些日常事務。我們今天的討論將包括前瞻性陳述，包括對我們的業務和經營績效的新的和更新的預期。值得注意的是，實際結果可能與今天的預期有重大差異。有關影響這些結果的因素的更多資​​訊可以在我們的美國證券交易委員會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.

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。與 GAAP 指標的對帳以及其他有關非 GAAP 指標的資訊可在我們的收益報告和財務補充資料中找到，這些資料可在我們的網站 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, everyone, and thank you for joining today's call. As you'd expect, I review numerous reports detailing our risk, return, liquidity, capital utilization, and numerable other metrics. I've been doing this at RenRe for almost 30 years. In all these years, I have never been more pleased as I am today when I look at these reports and evaluate the state of our business. At the most fundamental level, our objective is to grow tangible book value per share over the long term. This quarter is an excellent example of our ability to do just that.

謝謝，基斯。大家早安，感謝大家參加今天的電話會議。正如您所期望的，我審查了大量報告，詳細說明了我們的風險、回報、流動性、資本利用率和其他無數指標。我在 RenRe 從事這項工作已經近 30 年了。這些年來，當我看到這些報告並評估我們的業務狀況時，我從來沒有像今天這樣高興。從最根本的層面來說，我們的目標是長期增加每股有形帳面價值。本季就是我們能夠做到這一點的絕佳例證。

Even with the impact of the California wildfires last quarter and substantial share repurchases, we have grown tangible book value per share by 10% year to date and over 20% over the past 12 months. We also delivered a 24% operating return on equity this quarter. These financial results demonstrate the strength of our income diversification and ability to absorb volatility. They also demonstrate that we are well compensated for the risk we choose to take. This manifests through a combination of underwriting income, investment income, and fee income. Each of these drivers of profit are performing well and are positioned for long-term success.

即使受到上個季度加州野火和大量股票回購的影響，今年迄今我們的每股有形帳面價值仍成長了 10%，過去 12 個月成長了 20% 以上。本季我們也實現了 24% 的營業股本回報率。這些財務結果證明了我們的收入多樣化和吸收波動的能力。它們還表明，我們選擇承擔的風險會得到豐厚的補償。這體現在承保收入、投資收入和費用收入的結合。這些利潤驅動因素均表現良好，並有望取得長期成功。

Starting with underwriting. Over the last several years, we have grown and diversified our underwriting portfolio substantially. This has benefited our business in numerous ways. As one of the largest P&C reinsurers in the world, we have built a company designed to solve any risk problem in any class of business for any client. We augment this powerful platform with people and technology that are industry-leading and client-focused. This incentivizes customers to come to us first because we can design better solutions for their biggest problems and back it with significant capacity. This ability to do these things enables us to secure better-than-market terms.

從承保開始。在過去的幾年中，我們的承保組合已大幅成長並多樣化。這在許多方面使我們的業務受益。作為世界上最大的財產和意外傷害再保險公司之一，我們建立了一家旨在為任何客戶解決任何業務類別的任何風險問題的公司。我們利用業界領先、以客戶為中心的人才和技術來增強這個強大的平台。這會激勵客戶首先來找我們，因為我們可以為他們最大的問題設計更好的解決方案，並以強大的能力支持它。具備這些能力使我們能夠獲得優於市場的條款。

A good example of this is the recent Florida renewal. 80% of the premium we wrote was at private terms above market rates. While we have been doing this for years in property catastrophe, our increased scale allows us to do so more broadly across classes. Obviously, this makes a substantial difference in the quality of our underwriting portfolios, and it bolsters our ability to continue to produce strong returns.

一個很好的例子就是最近在佛羅裡達州的續約。我們簽訂的保費中有 80% 是按高於市場價格的私人條款簽訂的。雖然我們多年來一直在財產災難中這樣做，但我們規模的擴大使我們能夠在更廣泛的各個階層中這樣做。顯然，這對我們的承保組合的品質產生了重大影響，並增強了我們繼續產生強勁回報的能力。

The second driver of profit we focus on is investments. Given the nature of cat business as well as continuing macroeconomic uncertainty, our investment approach remains relatively cautious. That said, over the last year, we have structured our investment portfolio to be strongly accretive in the current environment.

我們關注的第二個利潤驅動因素是投資。鑑於貓業務的性質以及持續的宏觀經濟不確定性，我們的投資方式仍然相對謹慎。儘管如此，在過去的一年裡，我們已經建立了我們的投資組合，以便在當前環境中實現強勁的增值。

As you can see from our investment results year to date, this approach has been successful. Ultimately, our investment portfolio is designed to support our underwriting book. At the same time, the growth and diversification in our underwriting book provides benefits to our investments. Because we are writing a larger portfolio of long-tail casualty and specialty lines, our overall net reserve position has grown to $19 billion. This results in significant investment leverage against a common equity position of $10 billion.

從我們今年迄今的投資結果可以看出，這種方法是成功的。最終，我們的投資組合旨在支援我們的承銷帳簿。同時，我們承保業務的成長和多樣化也為我們的投資帶來了好處。由於我們正在撰寫更大的長尾傷亡和專業保險組合，我們的整體淨準備金頭寸已增至 190 億美元。這使得 100 億美元普通股部位的投資槓桿顯著增加。

At today's yields, this leverage is highly valuable and generates consistent and significant net investment income, which we expect to persist. Equally, if not more important, the growth in reserves has lengthened the duration of our liabilities. This gives us greater flexibility in the allocation and duration of assets. All of these factors benefit our shareholders in a higher-for-longer interest rate environment.

以今天的收益率來看，這種槓桿非常有價值，並能產生持續且可觀的投資淨收益，我們預計這種收益將持續下去。同樣，甚至更重要的是，儲備的成長延長了我們的負債期限。這使我們在資產配置和期限方面具有更大的靈活性。在長期高利率環境下，所有這些因素都使我們的股東受益。

Of course, this investment approach in and of itself does not differentiate us from other diversified reinsurers. But it is different for us, and it should benefit you in a much bigger way than at any previous time in our history. This is one of the key reasons we are more profitable and less volatile than we were five years ago.

當然，這種投資方式本身並沒有讓我們與其他多元化再保險公司區分開來。但對我們來說，這是不同的，它將為你們帶來比我們歷史上任何時候都更大的好處。這是我們比五年前獲利更多、波動更小的關鍵原因之一。

Our third driver of profit is the fee income we earn in our capital partners business. Our integrated model allows us to deploy more than $10 billion of partner capital to benefit our customers in addition to our own capital. At the same time, our third-party investors value the low beta returns generated from well-underwritten and expertly sourced risk.

我們的第三個利潤驅動力是我們在資本合作夥伴業務中獲得的費用收入。我們的綜合模式使我們能夠部署超過 100 億美元的合作夥伴資本，除了我們自己的資本之外，還能使我們的客戶受益。同時，我們的第三方投資者重視由良好承保和專業風險來源產生的低貝塔報酬。

For our shareholders, the fees we generate through this business are also highly accretive. Just one quarter after the California wildfires, fees have reset to normal levels, and we have already recaptured management fees deferred from last quarter.

對於我們的股東來說，我們透過這項業務產生的費用也具有很高的增值性。加州山火發生後僅一個季度，費用就已恢復正常水平，並且我們已經收回了上個季度遞延的管理費。

The volatility in fee income generally averages out over several quarters, making it a stable and very profitable business for us that we have grown steadily over time. In fact, since the beginning of 2023, fees have totaled almost $700 million. This is more than double the amount we generated over the same period prior to 2023.

費用收入的波動性通常會在幾個季度內達到平均水平，這對我們來說是一個穩定且非常有利可圖的業務，隨著時間的推移，我們一直在穩步成長。事實上，自 2023 年初以來，費用總額已接近 7 億美元。這比 2023 年之前同期的產量高出一倍以上。

I should note that we manage third-party capital differently than others, typically in rated balance sheets in which we co-invest. By structuring our platform this way, we can optimize utility to customers and profitability to investors. While we recognize this structure creates certain modeling challenges for the investment community, we are continually working to enhance shareholder disclosures to provide a deeper understanding of the earnings power and competitive moat of our Capital Partners' fee income business.

我應該指出，我們管理第三方資本的方式與其他人不同，通常是在我們共同投資的評級資產負債表中。透過以這種方式建立我們的平台，我們可以優化客戶的效用和投資者的獲利能力。雖然我們意識到這種結構為投資界帶來了一定的建模挑戰，但我們仍在不斷努力加強股東揭露，以便更深入地了解我們的資本合作夥伴費用收入業務的獲利能力和競爭優勢。

Shifting now to a discussion of the midyear renewals and overall business environment. Looking forward, we are positioned to continue to deliver shareholder value. The underwriting market remains attractive with healthy returns across property catastrophe and specialty lines.

現在轉向討論年中更新和整體商業環境。展望未來，我們將繼續為股東創造價值。承保市場依然具有吸引力，財產災難和專業險種的回報十分可觀。

David will discuss the midyear renewal in detail with you later on the call, but we successfully met all of our objectives, growing property catastrophe in the US while continuing to optimize our Casualty and Specialty portfolio.

David 將在稍後的電話會議中與您詳細討論年中續約事宜，但我們成功實現了所有目標，在美國擴大了財產災難保險，同時繼續優化我們的意外險和特殊險組合。

For property cat specifically, we constructed our largest net retained portfolio to date. It is also one of our most profitable on an expected basis, both in terms of percentage return, but also in absolute dollars.

具體來說，對於房地產巨災保險，我們建構了迄今為止最大的淨留存投資組合。它也是我們預期利潤最高的項目之一，無論是以百分比回報率還是絕對美元計算。

With regard to Casualty and Specialty, we have a strong portfolio. Most lines in this segment are performing well. Overall, our Casualty and Specialty book continues to provide strong returns, primarily from investment income on the considerable float it generates.

在傷亡和特殊險方面，我們擁有強大的產品組合。該領域大多數線路表現良好。整體而言，我們的意外險和特殊險帳簿持續提供強勁的回報，主要來自於其產生的大量浮動資金的投資收益。

As we have previously discussed, we are keeping a close eye on casualty lines, including general liability, where we are holding reserve ratios high as we monitor elevated trend. So far, we are encouraged by the rate and claims management improvements we are seeing, which we believe are keeping rates above this elevated trend.

正如我們先前所討論的，我們密切注意包括一般責任在內的意外險，在監測上升趨勢的同時，我們將保持較高的準備金率。到目前為止，我們對所看到的費率和索賠管理的改善感到鼓舞，我們相信這將使費率保持在這一上升趨勢之上。

At this point in the year, our portfolio is largely set as very little business renews in the second half. Consequently, we are already planning for next year and approach 2026 from a position of continuing rate adequacy, which provides us confidence that our strong returns will persist.

今年這個時候，我們的投資組合基本上已經確定，因為下半年幾乎沒有什麼業務更新。因此，我們已經開始為明年做計劃，並將以持續保持利率充足的狀態迎接 2026 年，這讓我們有信心，我們的強勁回報將持續下去。

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

我的開場發言到此結束。鮑伯現在將討論我們本季的財務業績，隨後大衛將介紹我們部門的業績更新。謝謝。鮑伯？

Thanks, Kevin, and good morning, everyone. We delivered outstanding results this quarter with annualized return on equity of 34% and operating return on equity of 24%. Operating income per share was $12.29, our second best result ever exceeded only by this quarter last year.

謝謝，凱文，大家早安。本季我們取得了出色的業績，年化股本回報率為 34%，營業股本回報率為 24%。每股營業收入為 12.29 美元，這是我們有史以來第二好的成績，僅次於去年本季的成績。

Performance was strong across each of our three drivers of profit, with underwriting income of $602 million, up 26% from last year; fees of $95 million, which fully recovered from losses last quarter; and retained net investment income of $286 million, which remains a consistent and significant contributor to our bottom line. We are proud of our leading returns and have strong conviction in our ability to continue delivering at this level going forward.

我們的三大利潤驅動因素均表現強勁，承保收入為 6.02 億美元，比去年增長 26%；費用為 9,500 萬美元，已完全彌補上個季度的損失；留存淨投資收入為 2.86 億美元，這仍然是我們盈利的持續重要貢獻者。我們為領先的回報感到自豪，並堅信我們有能力在未來繼續保持這一水平。

There are four numbers that help illustrate this. First, 15 points, which is the aggregate contribution from net investment income and fees to our overall return on average common equity. We expect both of these drivers to remain stable over time, and therefore, we begin each quarter with a consistently strong earnings base.

有四個數字可以幫助說明這一點。首先，15個點，這是淨投資收益和費用對我們平均普通股整體回報率的總貢獻。我們預計這兩個驅動因素將隨著時間的推移保持穩定，因此，我們每季都以持續強勁的獲利基礎開始。

Second, $600 million, which was our underwriting profit this quarter. Underwriting leadership is the strategic core of our business, and it typically brings significant upside to the 15 points of the stable base I just described.

第二，6億美元，這是我們本季的承保利潤。承保領導力是我們業務的策略核心，它通常會為我剛才描述的 15 點穩定基礎帶來顯著的提升。

Third, $1.5 billion, the value of shares we have repurchased since we began buying back in April of 2024. This equates to 6 million shares or about 70% of what we issued in connection with the Validus acquisition. This demonstrates the robust efficiency of our platform, the strength of our earnings and most importantly, our conviction in the value of our stock and earnings sustainability going forward.

第三，15億美元，這是我們自2024年4月開始回購以來所回購的股票價值。這相當於 600 萬股，或約占我們在收購 Validus 時發行的股票的 70%。這證明了我們平台的強大效率、我們獲利的強勁，最重要的是，我們對未來股票價值和獲利可持續性的信心。

And finally, 20%, this is the amount we have grown our primary metric, tangible book value per share plus change in accumulated dividends over the last year. This is particularly notable given both the significant volume of shares we have repurchased along with the impact we have absorbed from multiple large loss events, including Hurricanes Helene and Milton and the California wildfires. Year to date, we have grown this metric by 10.4%.

最後，20%，這是我們的主要指標成長的金額，即每股有形帳面價值加上去年累積股息的變化。考慮到我們回購了大量股票以及我們承受了許多重大損失事件的影響，包括颶風海倫和米爾頓以及加州野火，這一點尤其值得注意。今年迄今為止，這項指標已成長了 10.4%。

Now I'd like to turn to a more detailed discussion of our results, starting with our first driver of profit, underwriting, where we had an excellent quarter. We delivered an overall adjusted combined ratio of 73%. This reflected a low level of catastrophe losses and favorable development within both segments.

現在我想更詳細地討論一下我們的業績，首先從我們的第一個利潤驅動力——承保開始，我們在這個季度表現非常出色。我們實現的整體調整後綜合成本率為 73%。這反映出災難損失水準較低且兩個部門發展良好。

Across our underwriting portfolio, overall gross premiums written were $3.4 billion, flat to the comparable quarter, and net premiums written were $2.7 billion, also flat to last year. However, there was a greater movement at a class of business level as we continue to shape the portfolio.

在我們的承保組合中，總毛保費為 34 億美元，與去年同期持平，淨保費為 27 億美元，也與去年持平。然而，隨著我們繼續塑造投資組合，業務類別層面出現了更大的變化。

Specifically, in property catastrophe, we grew gross premiums written by $98 million or 8%. This reflects our highly successful June 1 renewal where we grew premium in the US by 13% across nationwide and Florida-specific carriers.

具體來說，在財產災難方面，我們的毛保費增加了 9,800 萬美元，增幅為 8%。這反映了我們 6 月 1 日續約的巨大成功，當時我們在美國全國和佛羅裡達州特定營運商的保費增加了 13%。

In credit, professional liability and specialty, gross premiums were also up at a class level compared to last year, although this primarily related to premium adjustments in Q2 of last year. In other property, gross premiums written were down by $119 million or 24%. This reflects premium adjustments due to the rate decreases of around 10% to 15% in the E&S business as well as an adjustment to a large contract.

在信貸、專業責任和專業方面，毛保費與去年相比也有所上漲，儘管這主要與去年第二季的保費調整有關。在其他財產方面，毛保費下降了 1.19 億美元，降幅為 24%。這反映了由於 E&S 業務費率下降約 10% 至 15% 而導致的保費調整以及對大型合約的調整。

Similarly, General Casualty was down $118 million or 19%. About half of this relates to actions we are taking to reduce general liability exposure. We're also seeing double-digit rate increases in this class, which is partially offsetting the impact of this exposure reduction.

同樣，普通意外險的保額也下降了 1.18 億美元，降幅為 19%。其中約有一半與我們為減少一般責任風險所採取的行動有關。我們也看到此類利率出現了兩位數的成長，這部分抵銷了風險敞口減少的影響。

As I mentioned previously, we reported more than $600 million of underwriting income. Most of this came from the Property segment, where we reported an adjusted combined ratio of 26%, current accident year loss ratio of 30%, and favorable development of 31 percentage points. Other property, in particular, had its strongest quarter yet with an adjusted combined ratio of 43%. This was driven by solid current year results and a significant favorable development.

正如我之前提到的，我們報告的承銷收入超過 6 億美元。其中大部分來自財產險業務，我們報告該業務的調整後綜合成本率為 26%，本事故年度損失率為 30%，並且發展勢頭良好，為 31 個百分點。尤其是其他財產，本季經歷了迄今為止最強勁的時期，調整後的綜合成本率為 43%。這是由本年度穩健的業績和顯著的有利發展所推動的。

Casualty and Specialty underwriting performance was within our expectations. With an adjusted combined ratio of 99.5%, this included 1.6 points from large specialty events in the quarter, primarily from the Air India tragedy.

意外險和特殊險承保業績符合我們的預期。調整後的綜合成本率為 99.5%，其中包括本季大型特殊事件造成的 1.6 個百分點，主要是印度航空空難。

For the third quarter of 2025, we expect the following metrics in our underwriting book. Within other property, net premiums earned of about $360 million and an attritional loss ratio in the mid-50s. And within Casualty and Specialty, net premiums earned of about $1.5 billion and an adjusted combined ratio in the high 90s.

對於 2025 年第三季度，我們預期承保帳簿中的指標如下。在其他財產方面，淨保費收入約為 3.6 億美元，損耗率在 50% 左右。在意外險和特殊險領域，淨保費收入約為 15 億美元，調整後的綜合成本率達到 90% 左右。

Moving now to fee income in our Capital Partners business, where fees were $95 million for the quarter, up 13% and remain a powerful driver of shareholder value. This consisted of management fees of $57 million and performance fees of $39 million. Given our strong underwriting results and significant favorable development this quarter, we recaptured the majority of management fees that were deferred as a result of the California wildfires in the first quarter. This also resulted in earning performance fees earlier in the quarter than expected.

現在來看看我們的資本合作夥伴業務的費用收入，本季的費用為 9,500 萬美元，成長 13%，仍然是股東價值的強大驅動力。其中包括 5,700 萬美元的管理費和 3,900 萬美元的績效費。鑑於本季強勁的承保業績和顯著的有利發展，我們收回了第一季因加州野火而遞延的大部分管理費。這也導致本季的績效費用收入早於預期。

In the third quarter, we expect fees should be about $80 million, which includes $50 million in management fees and $30 million in performance fees, absent any large loss events. This is a unique business that leverages our existing infrastructure to generate persistent and substantial fees for our shareholders. Its operation requires no shareholder capital, few direct employees, increases our value proposition to customers, and adds roughly 3 points to our ROE annually. We believe that this is an underappreciated aspect of our business given its high-value generation and high marginal return.

在第三季度，如果沒有發生任何重大虧損事件，我們預計費用應該約為 8,000 萬美元，其中包括 5,000 萬美元的管理費和 3,000 萬美元的績效費。這是一項獨特的業務，它利用我們現有的基礎設施為股東創造持續而可觀的費用。它的營運不需要股東資本，只需很少的直接僱員，就能增加我們向客戶的價值主張，並且每年為我們的 ROE 增加約 3 個百分點。我們認為，鑑於其高價值創造和高邊際回報，這是我們業務中被低估的一個面向。

Moving now to our third driver, investments, where retained net investment income was $286 million, up slightly from the first quarter, driven by growth in invested assets. As we discussed on our last call, early in the quarter, we acted on market volatility, increasing our allocation to equities as well as high yield and investment-grade credit.

現在來看看我們的第三個驅動力，即投資，其中留存淨投資收入為 2.86 億美元，較第一季略有增長，這得益於投資資產的增長。正如我們在本季初上次電話會議上所討論的那樣，我們針對市場波動採取了行動，增加了對股票以及高收益和投資級信貸的配置。

We reported $343 million of retained mark-to-market gains in the quarter, primarily driven by a rally in shorter-term treasuries in addition to tightening credit spreads and rising equities, a substantial portion of which we access through investment-related derivative strategies.

我們報告本季保留了 3.43 億美元的按市價計價收益，這主要得益於短期國債的上漲以及信貸利差收緊和股票上漲，其中很大一部分是我們透過投資相關的衍生性商品策略獲得的。

Our retained yield to maturity stayed relatively flat at 5% and retained duration was also flat at three years. Looking forward, we expect retained net investment income to remain equally strong in the third quarter.

我們的保留到期收益率保持相對平穩，為 5%，保留期限也穩定在三年。展望未來，我們預期第三季的留存淨投資收益將維持同樣強勁。

Our investment portfolio is intended to complement our underwriting portfolio. As we have grown and diversified our business, we have greater flexibility in duration and asset mix while also increasing investment leverage. These factors have allowed us to shape the investment portfolio and evolve the asset mix to increasingly include classes such as private credit, private and public equity, and higher-yielding assets. Over time, this should enable us to increase investment income.

我們的投資組合旨在補充我們的承保組合。隨著我們業務的成長和多樣化，我們在期限和資產組合方面擁有更大的靈活性，同時也提高了投資槓桿。這些因素使我們能夠塑造投資組合併改善資產組合，越來越多地包括私人信貸、私人和公共股權以及高收益資產等類別。隨著時間的推移，這應該使我們能夠增加投資收入。

Our investment portfolio remains well positioned. So as the interest rate environment evolves over the cycle, we have the tools and flexibility to maintain our investment portfolio's strong contribution to our bottom line.

我們的投資組合仍然處於良好狀態。因此，隨著利率環境在周期內的變化，我們擁有工具和靈活性來維持我們的投資組合對我們的底線的強勁貢獻。

Moving now to expenses, where interest expense was somewhat elevated due to an overlap between some maturing debt in the quarter and the new issuances from Q1. Our operating expense ratio was 5.2%, up about a point from the second quarter of last year. This is in line with our expectations and reflects our continued investment in the business after a period of significant growth. Looking ahead, we expect our operating expense ratio to stay around 5% for the remainder of the year.

現在談談費用，由於本季部分到期債務與第一季新發行債務重疊，利息費用有所增加。我們的營業費用率為5.2%，比去年第二季上升了約一個百分點。這符合我們的預期，也反映了我們在經歷了一段顯著增長期後對業務的持續投資。展望未來，我們預計今年剩餘時間內我們的營業費用率將維持在 5% 左右。

Now I'd like to share an update on capital management. We continue to return capital to shareholders this quarter, repurchasing 1.6 million shares for $376 million at an average price of $242 per share. And so far this quarter, we have repurchased 294,000 shares for $70 million at an average price of $239 per share. Year to date, that brings total repurchases to 3.3 million shares for $808 million.

現在我想分享有關資本管理的最新情況。本季我們繼續向股東返還資本，以每股 242 美元的平均價格回購了 160 萬股，總價值 3.76 億美元。本季迄今為止，我們已回購了 294,000 股股票，總價值 7,000 萬美元，平均價格為每股 239 美元。今年迄今，回購總額已達 330 萬股，回購金額達 8.08 億美元。

We remain in a substantial excess capital and robust liquidity position and have demonstrated our ability to generate consistent, strong returns for our shareholders. As we move through the hurricane season, we will continue to look for opportunities to deploy capital into the business while repurchasing shares at attractive valuations.

我們仍然擁有大量的過剩資本和強勁的流動性，並已證明我們有能力為股東創造持續強勁的回報。隨著颶風季節的到來，我們將繼續尋找機會將資本投入業務，同時以有吸引力的估值回購股票。

And finishing now with tax. And as a reminder, the new 15% Bermuda corporate income tax went into effect this year, and our results this quarter include a tax expense of $177 million. The effective tax rate on our GAAP net income was 13% this quarter, although the effective tax rate on income attributable to RenaissanceRe shareholders is a few points higher. The difference relates to noncontrolling interest, which is subject to a minimal amount of income tax.

現在要繳稅了。提醒一下，新的 15% 百慕達企業所得稅已於今年生效，我們本季的業績包括 1.77 億美元的稅費。本季我們的 GAAP 淨收入的有效稅率為 13%，儘管歸屬於 RenaissanceRe 股東的收入的有效稅率要高出幾個點。差異與非控制性權益有關，非控制性權益需繳納最低限度的所得稅。

Given the new tax environment, our results this quarter are not directly comparable to last year. On a like-for-like basis, our ability to generate an after-tax 24% operating return on equity indicates that our earnings power is persistently strong.

鑑於新的稅收環境，我們本季的業績與去年的業績無法直接比較。以同類計算，我們能夠實現稅後 24% 的營業股本回報率，這表明我們的獲利能力持續強勁。

And finally, we delivered excellent results this quarter across each of our three drivers of profit, deploying capital to grow our property cat class of business while continuing to return significant capital through accretive share repurchases. We have the conviction in our ability to continue to deliver superior returns throughout the year.

最後，本季我們在三大利潤驅動因素上都取得了優異的成績，部署資本來發展我們的財產險類業務，同時繼續透過增值股票回購返還大量資本。我們堅信我們有能力在全年繼續帶來優異的回報。

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

現在，我將把發言權交給大衛。

Thanks, Bob, and good morning, everyone. Our second-quarter underwriting performance was excellent. We reported an adjusted combined ratio of 73% and significantly grew our US property catastrophe portfolio at the midyear renewal, outperforming the market with risk-adjusted rates in our book down low single digits.

謝謝，鮑勃，大家早安。我們第二季的承保業績非常出色。我們報告的調整後綜合比率為 73%，並且在年中續保時大幅增加了我們的美國房地產巨災投資組合，表現優於市場，帳面上的風險調整利率下降了個位數。

Our strong results this quarter are directly connected to our unique competitive advantages, including our integrated operating model, deep risk expertise and customer-centric approach. Our REMS underwriting system enables us to quickly deliver lead quotes and capacity in an integrated way across geographies and classes of business. This allows us to transact seamlessly with our clients across multiple lines. In fact, the majority of our premium comes from clients who buy products across Property, Casualty, and Specialty.

我們本季的強勁業績與我們獨特的競爭優勢直接相關，包括我們的綜合營運模式、深厚的風險專業知識和以客戶為中心的方法。我們的 REMS 核保系統使我們能夠跨地區、跨業務類別，以整合的方式快速提供主要報價和承保能力。這使我們能夠與多條線路的客戶進行無縫交易。事實上，我們的保費大多來自購買財產險、意外險和特殊險產品的客戶。

Our approach is unique and differentiated and clients reward us with strong signings and preferential terms. This benefits RenaissanceRe shareholders through an attractive combination of underwriting, fee and investment income, as Kevin and Bob have just discussed.

我們的方法獨特且差異化，客戶以強大的簽約和優惠條款回報我們。正如 Kevin 和 Bob 剛剛討論的那樣，這將透過承銷、費用和投資收入的有利組合使 RenaissanceRe 股東受益。

With respect to underwriting income, our margins across the portfolio remain very attractive. Since the reinsurance step change in rates and terms and conditions in 2023, we have generated $3 billion in underwriting profit and industry-leading combined ratios. During this time period, we have reported consistent favorable development, averaging 7 points.

就承保收入而言，我們整個投資組合的利潤率仍然非常有吸引力。自 2023 年再保險費率和條款和條件發生重大變化以來，我們已產生 30 億美元的承保利潤和行業領先的綜合比率。在此期間，我們報告了持續的良好發展，平均成長了 7 個百分點。

This has contributed to our underwriting profitability and is due to the strength of our previous underwriting decisions and our robust reserving process, both of which are key strengths of our business. We manage risk from the time of binding a treaty to the time claims settle, ultimately supporting strong financial results across our underwriting portfolio.

這有助於提高我們的核保獲利能力，這歸功於我們先前的核保決策和強大的準備金流程，這兩者都是我們業務的關鍵優勢。我們從簽訂合約到索賠解決期間管理風險，最終支持我們的承保組合取得強勁的財務表現。

We believe that risk is appropriately distributed across the insurance value chain with reinsurers largely providing balance sheet protection and being paid adequately for doing so. This is why we find the current underwriting market attractive, and it is also why we expect its current terms and conditions to persist.

我們相信，風險在保險價值鏈中得到適當分佈，再保險公司主要提供資產負債表保護，並因此獲得足夠的報酬。這就是我們認為目前承保市場具有吸引力的原因，也是我們預期其當前條款和條件將持續下去的原因。

Rate is likely to fluctuate around current levels depending on primarily on shifting supply and demand but should remain attractive. In short, the dynamics that have driven our strong results this quarter and since 2023 are still in effect and will support us in generating sustainable superior returns in the future.

利率可能會在當前水準附近波動，主要取決於供需變化，但仍應具有吸引力。簡而言之，推動我們本季和 2023 年以來強勁業績的動力仍然有效，並將支持我們在未來創造可持續的卓越回報。

Now moving to a discussion of our underwriting actions in the quarter. This renewal highlighted RenaissanceRe's underwriting culture at its best as we shaped our portfolio at scale in property, casualty, and specialty markets.

現在來討論我們本季的核保行動。此次續約凸顯了 RenaissanceRe 的最佳承保文化，因為我們在財產、意外傷害和專業市場中大規模塑造了我們的投資組合。

Across the midyear renewals, we chose to grow property catastrophe exposure in an attractive environment, deploying leading capacity at rates and terms that outperform the broader market, maintain our exposure in other property, shape our specialty portfolio, and continue to reduce exposure in select casualty lines where we believe caution is warranted.

在年中續保期間，我們選擇在有吸引力的環境中增加財產巨災風險敞口，以優於大盤的利率和條款部署領先能力，保持我們在其他財產方面的風險敞口，塑造我們的專業投資組合，並繼續減少我們認為需要謹慎的特定意外險的風險敞口。

Our highest marginal return business is currently US property catastrophe, where we grew premiums by 13% in the quarter, deploying capital at attractive expected returns. Loss experience and rate changes varied widely across clients and layers. Loss-impacted layers were flat to up 15%, although in California, rate increases were much higher. Conversely, loss-free layers were down 5% to 15%.

我們目前邊際回報最高的業務是美國房地產巨災保險，本季我們的保費增長了 13%，以具有吸引力的預期回報部署了資本。不同客戶和不同層級的損失經驗和損失率變化差異很大。受損失影響的層級保持平穩，但上漲了 15%，不過在加州，費率漲幅要高得多。相反，無損層下降了 5% 至 15%。

Our ability to understand each program, quote early and select the most profitable layers gave us a competitive advantage. As a result, we constructed a portfolio with rate down low single digits, which is a strong outcome given that we estimate the market was down around 10%.

我們能夠了解每個項目、儘早報價並選擇最有利可圖的層，這為我們帶來了競爭優勢。因此，我們建立了一個利率下降幅度低於個位數的投資組合，考慮到我們估計市場下跌了約 10%，這是一個強勁的結果。

Our key areas of growth where flat to up -- rates were flat to up were Florida, California and loss-impacted nationwide carriers. In Florida, we believe the pricing environment, terms and conditions and tort reform have helped stabilize the market. In addition, growth in demand created an opportunity for us to deploy significant capital at private terms as buyers look to secure increased capacity.

我們的主要成長區域是佛羅裡達州、加州和受虧損影響的全國性航空公司，其中費率持平或上升。在佛羅裡達州，我們認為定價環境、條款和條件以及侵權行為改革有助於穩定市場。此外，由於買家希望確保增加產能，需求的成長為我們創造了以私人條款部署大量資本的機會。

As Kevin mentioned, we wrote 80% of our Florida premium at private terms above the market. We have been underweight in Florida, but our position as a market leader enabled us to grow with rates roughly flat.

正如凱文所提到的，我們以高於市場的私人條款簽署了 80% 的佛羅裡達州保費。我們在佛羅裡達州的持股比例一直偏低，但我們作為市場領導者的地位使我們能夠在利率基本持平的情況下實現成長。

We also grew in California, where most business had been impacted by the catastrophic LA wildfires last quarter. RenaissanceRe Risk Sciences provided us with a competitive advantage by rapidly updating our California wildfire models to reflect an updated view of risk.

我們也在加州實現了成長，上個季度，該州的大部分業務都受到了洛杉磯災難性山火的影響。RenaissanceRe Risk Sciences 透過快速更新我們的加州野火模型來反映最新的風險觀點，為我們提供了競爭優勢。

At (inaudible), we provided lead market quotes and grew into an increasing rate environment, achieving premium rate increases of more than 50% on some loss-impacted programs. And finally, we also grew selectively with loss-impacted nationwide carriers using our risk selection capabilities to target growth and our customer relationships to secure bigger lines at rates up in the high single digits.

在（聽不清楚）中，我們提供了領先的市場報價，並成長為一個不斷增加的費率環境，在一些受損失影響的項目中實現了超過 50% 的保費率增長。最後，我們也選擇性地與受到虧損影響的全國性承運商合作，利用我們的風險選擇能力來實現成長，並利用我們的客戶關係來確保以高個位數的費率獲得更大的線路。

Year to date, we have deployed $1.7 billion of new limit into property cat with $1 billion of this in the second quarter. Our property catastrophe book is the largest we have ever written and among the most profitable on an expected absolute dollar basis.

年初至今，我們已向房地產保險投入了 17 億美元的新限額，其中第二季投入了 10 億美元。我們的財產災難帳簿是我們迄今為止撰寫的最大的帳簿，並且按預期絕對美元計算，利潤最高。

Before moving on to other classes of business, there are three points I would like to highlight about how we have shaped our risk going into this wind season. First, due to our growth in property catastrophe at the midyear renewals, risk is up on an absolute basis for US perils, although more heavily weighted toward the tail.

在討論其他業務類別之前，我想強調三點，說明我們如何在風季中塑造我們的風險。首先，由於年中續保時財產巨災風險的成長，美國災害的風險絕對值上升，儘管尾部風險的權重更大。

Second, on a percentage of equity basis, risk is also up, but generally in line or below the levels prior to the Validus acquisition. And finally, we purchased additional ceded protection, including products which provide increased resilience against multiple large events such as second event covers and the issuance of a cat bond, providing aggregate protection.

其次，以股權百分比計算，風險也有所上升，但總體上與 Validus 收購前的水平持平或低於收購前的水平。最後，我們購買了額外的轉讓保護，包括能夠增強抵禦多重大型事件的能力的產品，例如第二次事件保障和發行巨災債券，從而提供整體保護。

I will now briefly touch on themes we have observed across other classes of business, which broadly aligned to what we have seen earlier in the year. Starting with other property. We have been optimizing the mix of this book and are now seeing profit materialize following consecutive years of rate increases beginning in late 2017 through mid-2024.

現在，我將簡要地談談我們在其他業務類別中觀察到的主題，這些主題與我們今年早些時候看到的情況大致一致。從其他財產開始。我們一直在優化該帳簿的組合，並且現在看到，隨著從 2017 年底到 2024 年中期連續幾年的利率上調，利潤正在實現。

We are pleased with the strong returns we have generated both on a current and prior-year basis. Going forward, we are seeing increased competition and lower rates for E&S property business. We are monitoring this closely and we'll adjust our portfolio with respect to business that does not meet our hurdles.

我們對今年和去年的強勁回報感到非常滿意。展望未來，我們看到 E&S 房地產業務的競爭將加劇，利率將下降。我們正在密切關注此事，並將針對不符合我們要求的業務調整我們的投資組合。

In casualty, rates in US general liability continue to increase at approximately 15%. This is ahead of (inaudible), but we remain cautious and we'll continue to take a conservative approach. Casualty business is mostly quota share. And due to the long tail, we manage it over a 10-year cycle. During the last year, we have worked closely with our clients with a partnership lens, enhancing our underwriting and claims information flow and structuring our lines to create the optimal portfolio for the next cycle.

在意外險方面，美國一般責任險的費率持續以約 15% 的速度成長。這領先於（聽不清楚），但我們仍然保持謹慎，並將繼續採取保守的態度。意外險業​​務多為份額制。由於長尾效應，我們以 10 年為一個週期來管理它。在過去的一年裡，我們以合作夥伴的視角與客戶密切合作，增強了承保和索賠資訊流，並建立了我們的產品線，為下一個週期創建了最佳投資組合。

This data-driven underwriting approach will result in additional improvements in the business over and above the rate and claims improvements made by our clients. Over the last year, we have scaled back where exposure was greatest and reduced our general liability exposure in the US by approximately 30%, although significant rate increases have helped moderate the top-line impact.

這種數據驅動的承保方法將為業務帶來額外的改善，超越我們的客戶所取得的費率和索賠改善。在過去的一年裡，我們縮減了風險敞口最大的領域，並將美國的一般責任風險敞口減少了約 30%，儘管利率大幅上漲有助於緩和對營業額的影響。

Moving to Specialty. Our diversified book remains highly attractive and profitable. Some lines like aviation have seen increased loss activity and are responding with additional rate. Others like energy and cyber have remained profitable despite recent loss events. We have expert teams in each class and constantly evaluate our positions to optimize the portfolio based on risk and reward in the business.

轉向專業。我們的多元化書籍仍然極具吸引力且有利可圖。一些航線（例如航空航線）的損失活動有所增加，因此正在透過增加費率來應對。儘管最近出現虧損，但能源和網路等其他行業仍然保持盈利。我們在每個類別中都有專家團隊，並不斷評估我們的立場，以根據業務中的風險和回報來優化投資組合。

Finally, in credit, performance continues to be strong, and we remain prudently positioned to navigate uncertainty in the current geopolitical environment with a diversified risk profile and conservatively managed portfolios across the spectrum of mortgage, trade credit, political risk, surety and structured credit.

最後，在信貸方面，業績持續保持強勁，我們仍將保持審慎的態度，透過多元化的風險狀況和保守管理的投資組合，應對當前地緣政治環境中的不確定性，涵蓋抵押貸款、貿易信貸、政治風險、擔保和結構性信貸等領域。

In closing, just as each program's pricing reflects its unique risk profile, each reinsurers experienced at the midyear renewal reflected the expertise and leadership they brought to the market. For companies like RenaissanceRe with preferential access and deep client trust, we were able to build a portfolio with highly accretive economics that positions us for continued strong performance.

最後，正如每個計劃的定價反映了其獨特的風險狀況一樣，每個再保險公司在年中續保時所經歷的也反映了他們為市場帶來的專業知識和領導力。對於像 RenaissanceRe 這樣擁有優先准入權和深厚客戶信任的公司，我們能夠建立具有高度增值經濟效益的投資組合，從而使我們能夠繼續保持強勁的業績。

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

說完這些，我就把話題轉回給凱文。

Thanks, David. Our business is exceptionally healthy. All three drivers of profit outperformed expectations, and the current environment remains favorable. We had a strong renewal and constructed our largest and one of our most profitable net retained property cat portfolios. Our Capital Partners business has recovered to its full fee-generating potential and continues to contribute substantial low volatility earnings to our bottom line.

謝謝，大衛。我們的業務異常健康。三大利潤驅動因素均超乎預期，當前環境仍有利。我們進行了強勁的更新，並建立了我們規模最大、利潤最高的淨保留財產巨災投資組合之一。我們的資本合作夥伴業務已恢復其全部收費潛力，並繼續為我們的底線貢獻大量低波動性收益。

Finally, the interest rate environment remains attractive, and we took advantage of market weakness to increase our allocation to equities and high yield, which should help increase returns. And with that, I'll open it up for questions.

最後，利率環境仍然具有吸引力，我們利用市場疲軟的機會增加了對股票和高收益的配置，這應該有助於提高回報。現在，我將開始回答大家的提問。

(Operator Instructions) Elyse Greenspan, Wells Fargo.

（操作員指示）Elyse Greenspan，富國銀行。

Hi, thanks. Good morning. My first question is on the reserve releases in the quarter. I think it was around $132 million. I'm focusing on the property cat piece. And I know you guys called out from '21, '22 and '23. I'm just curious, was one of those years like the bigger driver of the releases?

你好，謝謝。早安.我的第一個問題是關於本季儲備釋放的情況。我認為大約是 1.32 億美元。我主要關注的是貓的財產部分。我知道你們在 21、22 和 23 年都發出過呼籲。我只是好奇，其中某一年是否是發行的更大推手？

And I guess the second part of that question is, I'm just curious if the releases just stem from Milton or Florida events that would just be reflective of just the reforms working in the state.

我想這個問題的第二部分是，我只是好奇這些釋放是否僅僅源於米爾頓或佛羅裡達州的事件，而這些事件僅僅反映了該州正在進行的改革。

Elyse, thanks. This is Bob. It comes from across all the accident periods going all the way back to 2017. And we share some of those losses with our joint ventures, about half of that sticks to us.

伊莉絲，謝謝。這是鮑伯。它來自自 2017 年以來的所有事故時期。我們與合資企業分擔部分損失，其中約一半由我們承擔。

Okay, thanks. And then I guess just it seems like the renewals at the midyear on the property cat side played out well relative to your expectations. I guess, Kevin, as you think forward, I guess, obviously, a lot depends on what happens with this hurricane season. But how are you thinking about things going into 2026, both January 1 and then even with the Florida renewals heading into the midyears next year?

好的，謝謝。然後我想，看起來財產險方面年中的續約情況相對於你的預期來說表現良好。我想，凱文，當你展望未來時，我想，顯然，很多事情取決於這個颶風季節發生的情況。但是，您如何看待 2026 年的情況，包括 1 月 1 日的情況，以及明年年中佛羅裡達州的續約情況？

Yeah. Great. Thanks. Yeah, you're right. This year has gone exceptionally well. And I think it's important to kind of remind ourselves as to where we are as we're thinking about planning for 2026. We've grown our portfolios where we've chosen to grow them. We've had good opportunities, and we continue to execute our strategy well.

是的。偉大的。謝謝。是的，你說得對。今年的進展異常順利。我認為，當我們考慮規劃 2026 年時，提醒自己現在所處的位置是很重要的。我們在自己選擇的地方擴大了投資組合。我們擁有良好的機遇，我們將繼續很好地執行我們的策略。

So as I look at where we are heading into 2026, really at this point, as I mentioned in my comments, not much business comes up between now and year-end. So one of the bigger variables will be what happens in wind season. But if you break wind season down, all wind season does is if it's an inactive year, it gives buyers pricing power. And if it's an active year, it gives reinsurers pricing power.

因此，當我展望我們即將邁向 2026 年的方向時，正如我在評論中提到的那樣，從現在到年底不會出現太多業務。因此，最大的變數之一就是風季會發生什麼。但如果將風電季節細分，就會發現，如果是風電淡季，風電季節的作用就是賦予買家定價權。如果這是活躍的一年，它就會賦予再保險公司定價權。

What we've talked about before is since 2023, we think the market has reset and will trade around this new level. And that is really what we've seen. And we have proven that we can execute to produce better-than-market returns in that environment.

我們之前談到的是，自 2023 年以來，我們認為市場已經重置並將圍繞這一新水平進行交易。這正是我們所看到的。我們已經證明，我們可以在那種環境下產生優於市場的回報。

So regardless of what happens between now and year-end, really, the way we're looking at it is we'll continue to execute our strategy. We believe we can continue to preserve our margin. We have no change in our ability to find opportunity to deploy capital. We have a strong capital and liquidity position. So we believe we can continue to manage capital through share repurchases.

因此，無論從現在到年底發生什麼，我們都會繼續執行我們的策略。我們相信我們可以繼續保持我們的利潤率。我們尋找資本部署機會的能力沒有改變。我們擁有強大的資本和流動性實力。因此我們相信我們可以繼續透過股票回購來管理資本。

So as we're really beginning to shift our focus from writing our book for 2025 to planning for 2026, nothing has changed with our strategy. Between now and year-end, we'll have great conversations, have price discovery. We'll sharpen our tools and tactics. But I think at the end of the day, '26 is going to look a lot like '25 for us.

因此，當我們真正開始將重點從撰寫 2025 年的書轉移到規劃 2026 年時，我們的策略沒有任何改變。從現在到年底，我們將進行深入的對話，探索價格。我們將完善我們的工具和策略。但我認為，最終，26 年對我們來說將會與 25 年非常相似。

Josh Shanker, Bank of America.

美國銀行的喬許‧尚克（Josh Shanker）。

Yeah, thank you. I just want to talk about management fees a little bit. I think at the last quarter call, you were pretty sure that management fees would be a little weaker and then they bounced back real fast. What's changed in the past few months? And also, how does the AlphaCat, OmegaCat book and that winding down play into the numbers here?

是的，謝謝。我只是想稍微談談管理費。我認為在上個季度的電話會議上，您非常確定管理費會稍微下降一些，但隨後它們卻迅速反彈。過去幾個月發生了什麼變化？此外，AlphaCat、OmegaCat 書籍和清盤對這裡的數字有何影響？

Yeah, I'll just make a couple of comments, and I'll turn it over to Bob. No, you're absolutely right. I think we had a strong second quarter. It tends to be a light cat quarter that is not necessarily what's budgeted. So we had greater earnings or greater catch-up on our fees because of that. And then obviously, favorable development benefited our third-party capital vehicles as well. So that pushed us to recover some of the deferred fees more quickly. AlphaCat, OmegaCat were not a big contributor, but I'll turn it over to Bob for more specifics.

是的，我只想發表幾點評論，然後就交給鮑伯。不，你完全正確。我認為我們的第二季表現強勁。它往往是一隻輕型貓，不一定符合預算。因此，我們的收入更高，或者說我們的費用得到了更大的彌補。顯然，良好的發展也使我們的第三方資本工具受益。因此，這促使我們更快收回部分延期費用。AlphaCat 和 OmegaCat 的貢獻並不大，但我會將其交給 Bob 以了解更多細節。

That said, I mean, as my prepared comments, Josh, the management fee, we expected the deferral to be a little bit longer. We got it all back, which is why the $56 million, but we're guiding you back to $50 million for the third quarter in my prepared comments for the management fee.

話雖如此，我的意思是，正如我準備好的評論，喬希，管理費，我們預計延期會更長一些。我們收回了全部資金，這就是 5600 萬美元的原因，但在我準備好的管理費評論中，我們指導您第三季度的管理費將回到 5000 萬美元。

And as Kevin pointed out, the favorable development in the property cat side accelerated the ability to earn the performance fees, but we're still guiding it to $30 million for the next quarter. So $80 million all in for Q3. And that's kind of what I referred to as the more stable area, kind of sort of neutral.

正如凱文所指出的，財產險方面的良好發展加速了賺取績效費用的能力，但我們仍然預計下一季的績效費用將達到 3000 萬美元。因此第三季的總投入為 8,000 萬美元。這就是我所說的更穩定的區域，有點中立。

So when I'm looking at the DaVinci income statement, it looks like premium growth is pretty healthy at DaVinci. I guess where I'm going, have you been able to convince AlphaCat investors to redeploy into your proprietary vehicles? Or why is there a difference between what we see at the firm-wide level in property and what we see at DaVinci?

因此，當我查看達文西損益表時，我發現達文西的保費增長相當健康。我想我要說的是，您是否能夠說服 AlphaCat 投資者重新部署到您的專有工具？或者為什麼我們在公司範圍內的房地產領域看到的情況與我們在達文西看到的情況有差異？

Yeah. So AlphaCat is not something is a vehicle that we purchased with Validus and we're managing down. We have broad and strong investor interest in DaVinci. So there's the migration of investors is not part of the story. It's really the ability for us to execute into the market and continue to grow both RenRe and DaVinci.

是的。因此，AlphaCat 並不是我們與 Validus 共同購買並管理的車輛。我們對達文西有著廣泛而濃厚的投資者興趣。因此，投資者的遷移並不是問題的一部分。這確實使我們能夠進入市場並繼續發展 RenRe 和 DaVinci。

And just bear with me. The fact that DaVinci, was there more opportunity to deploy capital into DaVinci? Or is there more capital in DaVinci so the risk-adjusted returns are the same? I'm looking at the strong growth there. It says to me that you leaned into DaVinci in the quarter or maybe just had more capital.

請耐心等待。事實上，DaVinci 是否有更多機會向 DaVinci 投入資金？或是達文西的資本較多，因此風險調整後的回報相同？我正在關注那裡的強勁增長。這告訴我，你在本季傾向於達文西，或者可能只是擁有更多的資本。

This is Bob, Josh. The way I look at it is that all of our property cat is going to our own account and DaVinci. We're not cultivating in the AlphaCat space. That's kind of a multi-risk strategy that doesn't fit our purpose-built balance sheet.

這是鮑勃，喬希。我的看法是，我們所有的財產都將進入我們自己的帳戶和達文西帳戶。我們並沒有在 AlphaCat 空間進行培育。這是一種多重風險策略，不符合我們專門建構的資產負債表。

Yeah, just to remind everyone, DaVinci is not exactly this, but it behaves a bit like a quota share of RenRe Limited. There's no risk in DaVinci that's not in RenRe Limited. One of the benefits was some of the favorable development. There was a little bit less ceded in DaVinci than in RenRe Limited. But I would think of -- there's no shift in earnings and no shift in strategy between RenRe and DaVinci going forward. But in any given quarter, there will be a little bit of noise.

是的，只是提醒大家，DaVinci 並不完全是這樣，但它的行為有點像 RenRe Limited 的配額股份。DaVinci 不存在 RenRe Limited 不存在的風險。其中一個好處是一些有利的發展。DaVinci 的讓渡額比 RenRe Limited 的要少一點。但我認為——RenRe 和 DaVinci 之間的獲利和策略不會改變。但在任何一個季度，都會出現一些噪音。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

Hey, good morning. I had a couple of questions. First, just on pricing. Obviously, prices have been coming down the last couple of years, but returns are still very attractive and for you guys and for your peers as well. So what gives you the confidence that the rates won't continue to decline and we're not facing a soft reinsurance market?

嘿，早安。我有幾個問題。首先，僅討論定價。顯然，過去幾年價格一直在下降，但回報仍然非常有吸引力，對你們和你們的同行也是如此。那麼，是什麼讓您有信心費率不會繼續下降，而且我們不會面臨疲軟的再保險市場？

Yeah, kind of back to the comments we've made on previous calls and a little bit earlier is you're absolutely right. There are price changes, but I think the real focus should be rate adequacy. Rates went up 50% in 2023. And over the last two quarters, we're talking about rate changes in the 10-ish percentage change, obviously, less for us because of our portfolio construction and access to business.

是的，回到我們在之前的電話會議上所做的評論，稍早一點，您是完全正確的。價格有變化，但我認為真正的重點應該是費率充足性。2023 年利率上漲 50%。在過去兩個季度中，我們討論的利率變化在 10% 左右，顯然，由於我們的投資組合建構和業務管道，我們的利率變化幅度較小。

So we believe that the market will continue to trade both on terms and conditions and rates at the levels that were reset in 2023. As with any financial market, there will be times where buyers have a bit more to push on price and there's times where sellers have a bit more to push on price.

因此，我們相信市場將繼續按照 2023 年重新設定的水平進行交易，條款和條件以及利率均保持不變。與任何金融市場一樣，有時買家會更積極地推高價格，有時賣家也會更積極地推高價格。

But we don't see a downward trend to rate inadequacy in the near term. We continue to believe that rates will trade at highly adequate levels, whether they're up or down a little bit is something the market will decide as we move forward.

但我們並不認為短期內評級不足的情況會呈現下降趨勢。我們仍然相信利率將保持在非常合理的水平，至於利率是小幅上漲還是小幅下跌，將由市場在未來做出決定。

And then on buybacks, it seems like you've been more active the last few quarters than you had in the past. I think the last three quarters combined, you've taken out almost 10% of your shares. So assuming a similar level of profitability, should we assume that buybacks continue at this pace? Or is the current level inflated either to minimize the Validus dilution or like some other factors?

然後在回購方面，似乎你們在過去幾個季度比過去更加活躍。我認為過去三個季度加起來，你們已經減持了近 10% 的股份。那麼，假設獲利水準相似，我們是否應該假設回購繼續以這種速度進行？或者目前的水平是否被誇大，以盡量減少 Validus 稀釋或像其他一些因素一樣？

I think -- thanks for the question. You're taking us back to fourth quarter. We consolidated some of the balance sheets, and we freed up an enormous amount of trapped capital. That would account for a lot of the accelerated share repurchases that we did in Q4, Q1.

我認為——感謝您的提問。你把我們帶回第四季。我們合併了部分資產負債表，並釋放了大量受困資本。這可以解釋我們在第四季和第一季進行的大量加速股票回購。

We saw great opportunities this quarter here, this past quarter in Q2 that carry over into three. So we've gotten $800 million. I mean, mindful of the fact we're going into the wind season, which may provide opportunities in and of itself, we are looking to deploy capital and return capital at attractive prices if it presents itself.

我們在本季、第二季以及接下來的三個季度看到了巨大的機會。因此我們獲得了 8 億美元。我的意思是，考慮到我們即將進入風力季節，這本身可能提供機會，我們正在尋求部署資本，並在出現有吸引力的價格時返還資本。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning. First one I had is on just following up on some of the prepared remarks around added outward reinsurance that you purchased. And I think there was a cap on aggregate that was mentioned as well. And just wanted to see if you'd provide a little more detail around that and help us just think through some of those things and accounting for what may or may not come from hurricane season.

嘿，早安。我首先要說的是，我只是對您所購買的附加外向再保險的一些準備好的評論進行跟進。我認為其中也提到了總量上限。我只是想看看您是否能提供更多細節，幫助我們思考其中的一些事情，並考慮颶風季節可能帶來或不帶來的影響。

Yeah, Alex, this is David. I'll provide some additional comments. So as we construct our inwards portfolio, we have a lot of options with how we shape that portfolio with ceded reinsurance. We buy reinsurance, we purchase cat bonds. We also have the joint venture vehicles that share some of the risk with us.

是的，亞歷克斯，這是大衛。我將提供一些補充評論。因此，當我們建立我們的內部投資組合時，我們有很多選擇來決定如何利用再保險來塑造該投資組合。我們購買再保險，我們購買巨災債券。我們還有合資企業與我們分擔部分風險。

One thing that we did specifically from wind season last year, wind season this year was we continue to buy. We bought additional ceded. The ceded is getting more efficient. And specifically, there was some ceded that was aside from our normal per occurrence ceded, we bought purchased a cat bond, which was in aggregate in nature. We also have a cat bond, which is occurrence in nature.

從去年風電季到今年風電季，我們特別做的一件事就是繼續買。我們買了額外的割讓。割讓變得越來越有效率。具體來說，除了正常的每次事故損失賠償外，我們還購買了巨災債券，本質上是集合性質的。我們還有巨災債券，這是自然界中存在的。

We have also some ceded reinsurance, which is specifically second event to protect against accumulation of large events. It's all to in order to keep our net portfolio optimized and the highest ROE we can and protecting against scenarios where earnings could be impacted.

我們也轉讓了一些再保險，專門針對第二次事件，以防止大型事件的累積。這一切都是為了保持我們的淨投資組合優化和盡可能最高的 ROE，並防止收益可能受到影響的情況。

Got it. Okay. That's helpful. And then I just wanted to ask about the casualty business. You guys pulled back a little more than I would have guessed in some of the general liability. And is that something that changes your view at all in terms of reserve adequacy? Is that something you've already done a deeper review on and this is sort of the action on the other side of it? Or is there new information that you're still sort of implementing in the balance sheet?

知道了。好的。這很有幫助。然後我只想問一下傷亡業務的情況。你們在一些一般責任上所做的讓步比我想像的還要多。這是否會改變您對儲備充足性的看法？您是否已經對此進行了更深入的審查，並且這是其另一面的行動？或者您仍在資產負債表中實施新的資訊？

Yeah, I'll start, and I'll turn it over to Dave. Nothing's changed about reserves or anything about this. This is more about how we want to structure the portfolio. As David mentioned, '25 from a casualty perspective, by every measure is a better year than '24. But we want to see more persistence in that improvement before we begin to reflect that in our results just to make sure that we are fully benefiting from the better claims management and the elevated rate compared to the trend.

是的，我先開始，然後交給戴夫。儲備或任何與此有關的事情都沒有任何改變。這更多的是關於我們如何建立投資組合。正如大衛所提到的，從傷亡角度來看，25 年無論從哪方面來看都比 24 年好。但我們希望看到這種改善能夠更加持久，然後我們才能開始在結果中反映這一點，以確保我們能夠充分受益於更好的索賠管理和與趨勢相比更高的費率。

So when I think about it, this is much more about the written portfolio and how it fits into the -- and marginally benefits the overall portfolio that we're writing than a reflection on the health of the legacy portfolio that was written. I don't know if you'd add something.

因此，當我考慮這個問題時，這更多的是關於書面投資組合以及它如何融入——並且略微有利於我們正在編寫的整體投資組合，而不是反映已編寫的遺留投資組合的健康狀況。我不知道您是否想添加一些內容。

Yeah, I can address some of the portfolio movements that we've made. With the Casualty and Specialty segment, we're always looking to how to optimize the portfolio. If you go back several years, we were overweight credit, and we grew general liability and professional liability into 2021 when rates were increasing. And now we have more emphasis on the specialty book following the Validus acquisition.

是的，我可以談談我們所做的一些投資組合變動。對於傷亡和特殊險種，我們一直在尋找如何優化投資組合。如果回顧幾年前，我們就已經加大了信貸投放，並且在 2021 年利率上升的時候，我們增加了一般責任和專業責任的投放。在收購 Validus 之後，我們現在更加重視專業書籍。

The reductions in GL was really just part of that normal process. And we've been talking about for about the last year, and that's enough for all of the renewals to be touched once. There's not one common renewal date. So that's what you're seeing there.

GL 的減少實際上只是正常過程的一部分。我們已經討論了大約一年的時間，這足以讓所有的續約都觸及一次。沒有一個共同的續約日期。這就是你所看到的。

Got it. Okay, thank you.

知道了。好的，謝謝。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey, thank you, good morning. Kevin, in your prepared remarks, I think you talked about Florida renewals and getting rates and terms above the market. I know you don't typically disclose P&Ls, but is there any color qualitatively you can share with us on how your Florida cat exposure has changed since renewals?

嘿，謝謝，早安。凱文，在你準備好的演講中，我認為你談到了佛羅裡達州的續約以及獲得高於市場的利率和條款。我知道您通常不會透露損益表，但您能否從品質上與我們分享一下自續保以來您在佛羅裡達貓險方面的投資情況發生了怎樣的變化？

Yeah, I think it's a combination of both something that I said and Dave said is we did grow into the Florida renewal this year. We did it significantly above market terms. So we feel really good about the economics.

是的，我認為這是我和戴夫所說的兩件事的結合，那就是我們今年確實在佛羅裡達州取得了進步。我們做得比市場價格高很多。所以我們對經濟狀況感到非常滿意。

If you break it down, I think it puts us from a market share perspective for Southeast wind about where we were on a percentage of equity before to the levels we were prior to the acquisition of Validus. So last year, a lot of our growth into Florida came not from expanding lines that we were on, but making sure we executed the Validus lines. This year, we were able to bring an underweight market share for Southeast wind back up to our market share on a relative basis at the same percent of equity that we had prior to Validus.

如果你把它分解開來，我認為從東南風電的市場份額角度來看，我們在股權百分比上的水平與收購 Validus 之前的水平差不多。因此，去年我們在佛羅裡達州的大部分成長並非來自於擴大我們所在線路，而是確保我們執行了 Validus 線路。今年，我們能夠將東南風電的低配市場份額以相對比例恢復到我們先前的市場份額，股權比例與 Validus 之前相同。

Got you. That's helpful. And maybe as a follow-up, it's probably a little bit of a tough one to quantify, but a question we get often from investors. And you mentioned the prop cat book is the largest it's been. But is there any level of industry loss this year in wind season that you think might recatalyze pricing in the prop cat market for January?

明白了。這很有幫助。也許作為後續問題，這可能有點難以量化，但這是我們經常從投資者那裡得到的問題。您提到道具貓書是迄今為止最大的一本。但是，您認為今年風電季節的產業損失是否會重新刺激 1 月自營發電市場的價格？

That, I think it's well, let's trace to where we are. So this year is already setting up from an aggregate basis to be a very substantial cat year. I think a lot of it happens -- a lot of the impact from an event really is specific to where the event hit. It will have a very different effect on nationwide accounts if it hits in Florida than if it hits in the Northeast. So I think larger events are going to have bigger impacts.

那，我想這樣就好了，讓我們追溯到我們所在的地方。因此，從總體來看，今年已經是一個非常重要的貓年。我認為很多事情都會發生——事件的許多影響實際上都與事件發生的地點有關。如果颶風襲擊佛羅裡達州和襲擊東北部，對全國範圍的影響將截然不同。所以我認為更大的事件將產生更大的影響。

In general, the reinsurance market is attaching higher. So I would say it also has to be probably a larger event than what we would have had prior to 2023, but it's pretty hard to put a fine point on it. If you look back at Helen or Milton, they had relatively -- the impact wasn't as profound as it would have been prior to 2023, so something above that level perhaps.

整體來看，再保險市場走勢走高。所以我想說，這可能也是一場比 2023 年之前舉辦的規模更大的活動，但很難給出一個明確的定義。如果你回顧海倫或彌爾頓，他們的影響相對較小，並不像 2023 年之前那麼深遠，所以可能高於那個水平。

Thank you, very helpful.

謝謝，非常有幫助。

Mike Zaremski, BMO.

麥克·扎雷姆斯基，BMO。

Good morning, question on the -- I think you did a good job of kind of giving us data points on why your midyear portfolio is constructed better than the market average. Do you feel -- and you said it was due to scale and you kind of talked about 80% of the premium you wrote at private market terms above market rates.

早上好，問題是關於——我認為您很好地向我們提供了數據點，解釋了為什麼您的年中投資組合比市場平均水平更好。您是否覺得——您說這是由於規模造成的，並且您談到了您在私人市場條款中簽發的溢價高於市場價格的 80%。

So I'm just kind of curious, is that durable? I don't know if there's any like -- is this -- is there any historical precedents for this wide of a delta? I'd have to go back and kind of check all your midyear renewals versus the market. I haven't done that off the fly. But kind of curious if this new scale, you think, has some duration in terms of your pricing versus the marketplace.

所以我只是有點好奇，它耐用嗎？我不知道是否有類似的——這是——歷史上有如此寬闊的三角洲的先例嗎？我必須回去檢查一下你們所有的年中續約情況與市場狀況。我還沒有立即這麼做過。但有點好奇的是，您認為這種新的規模在定價相對於市場而言是否具有一定的持續時間。

Yeah, I would say, I'm enormously proud of the team's execution. 80% is a great number to achieve with private terms. We always have a high percentage of private terms within our portfolio. I think there's two things that we tried to highlight.

是的，我想說，我為團隊的執行力感到非常自豪。就私人條款而言，80% 是一個很棒的數字。我們的投資組合中私人條款的比例始終很高。我認為我們試圖強調兩件事。

One is this was exceptionally good and great execution. And secondly, because we're so broadly integrated with the largest buyers, our conversations begin earlier and more broadly. And the size of our capacity and the expertise we bring allows us to have an increasing percentage of private terms in different areas of our business.

一是這是非常好的，而且執行得非常好。其次，由於我們與最大的買家有著廣泛的聯繫，我們的對話開始得更早、更廣泛。我們的產能規模和專業知識使我們能夠在不同業務領域擁有越來越多的私人條款。

So I would say it's not something that's new. I would say 80% is on the high end of our execution. I'm very proud of that, but hard to quantify more specifically. Dave?

所以我想說這並不是什麼新鮮事。我想說 80% 是我們執行的高端水準。我對此感到非常自豪，但很難更具體地量化。戴夫？

Yeah, I would say it was a great renewal for us and a couple of reasons in my mind on that is really just our risk selection capabilities and our access to business. And those two things, I believe, are sustainable. The market was not uniform. It was an underwriter's market. You had to pick and choose risks. Our underwriters know that business better than anyone, and we think we have the best access there.

是的，我想說這對我們來說是一次偉大的更新，在我看來，這實際上有幾個原因，那就是我們的風險選擇能力和我們的業務管道。我相信這兩件事是可持續的。市場並不統一。這是一個承銷商市場。你必須選擇風險。我們的承銷商比任何人都更了解該業務，我們認為我們擁有最好的管道。

So that was a differentiator, not just in Florida, which allowed us to get the 80% of the book on private terms and deliver flat rates. but also in understanding and being able to execute on the other key areas there. We talked about California. The key there was understanding the wildfire peril and being able to figure out how to execute into a post-loss market quicker than anyone else.

因此，這是一個差異化因素，不僅在佛羅裡達州，這使我們能夠以私人條款獲得 80% 的訂單並提供固定費率，而且還能夠理解並執行那裡的其他關鍵領域。我們談論了加州。其中的關鍵是了解野火危險，並能夠比任何人都更快找到如何進入損失後市場的方法。

And then the loss impacted nationwide, that was really about risk selection and then our ability to get those lines. So the team really did that. That's what they do best. They showed leadership and delivered a great portfolio.

然後損失影響到了全國，這實際上與風險選擇以及我們獲得這些賠償的能力有關。所以團隊確實這麼做了。這就是他們最擅長的事。他們展現了領導能力並提交了出色的作品集。

Got it. And my follow-up is on Florida tort reform. I think, Kevin, you brought it up in your prepared remarks that it's beneficial. Just curious, you don't have to if you have a proprietary quantification of how beneficial is, maybe that's not something you want to share.

知道了。我的後續關注點是佛羅裡達州侵權法改革。凱文，我認為你在準備好的發言中提到了這一點，這是有益的。只是好奇，如果你有關於其益處的專有量化方法，那麼你不必這樣做，也許這不是你想分享的東西。

But curious, are the reforms meaningful in terms of the impact RenRe feels will have on the loss ratio ultimately? And if so, are those positive impacts already being competed away? Are they fully understood by the marketplace? Or is that something that still needs more time to play out?

但令人好奇的是，RenRe 認為這些改革最終會對損失率產生什麼影響，這是否有意義？如果是這樣，這些正面影響是否已經被競爭所抵銷了？市場是否充分了解他們？或者這還需要更多時間才能實現？

Yeah, so it's a more meaningful impact for the domestic carriers or for any carrier in Florida because it affects all their claims. For us, we're excess of loss on the cat side predominantly. We're still an owner of Tower Hill, and we've seen the benefit there. Your question about is it some of it being competed away. We have seen some rate reductions in Florida, which I think are appropriate. And we're still seeing strong profitability and strong health in the primary market there.

是的，因此這對國內航空公司或佛羅裡達州的任何航空公司來說都是一個更有意義的影響，因為它影響到他們的所有索賠。對我們來說，我們主要在貓方面遭受了過多的損失。我們仍然是 Tower Hill 的所有者，我們已經看到了它帶來的好處。您的問題是，其中一部分是否已被競爭所取代。我們看到佛羅裡達州的利率降低，我認為這是適當的。我們仍然看到那裡的一級市場盈利能力強勁、健康狀況良好。

So from our standpoint, it's something that we reflect in our underwriting, but it's a significantly lower effect than the benefit that the insurers are receiving within the market. But again, there is price competition being introduced to manage that and put some of the benefit back to policyholders. Dave?

因此，從我們的角度來看，這是我們承保中反映出來的，但其影響明顯低於保險公司在市場中獲得的利益。但同樣，我們引入了價格競爭來管理這個問題，並將部分利益回饋給保單持有人。戴夫？

Yeah, I would just add to that, that the dynamic where there's the public markets are depopulating and private markets are more confident taking on risk, that definitely has something to do with the tort reform and the ability for the insurers to navigate that. And that benefits us as well because when the private markets grow their exposure, they have more reinsurance to buy and the growing demand was a factor that helped us in opportunities in Q2.

是的，我只想補充一點，公共市場正在減少，而私人市場對承擔風險更有信心，這肯定與侵權行為改革以及保險公司應對這一問題的能力有關。這也對我們有利，因為當私人市場擴大其風險敞口時，他們可以購買更多的再保險，而不斷增長的需求是幫助我們在第二季度獲得機會的一個因素。

Meyer Shields, KBW.

邁耶·希爾茲，KBW。

Great, thanks so much. Coming to Florida, I'm trying to understand, you talked about growth at flat rates. And I was wondering if there's a way of breaking that down into increasing confidence in the reforms on the one hand or increasing demand from clients on the other hand in terms of which of those different components impacted your willingness to grow.

太好了，非常感謝。來到佛羅裡達，我試著去理解，你談到了以固定利率成長。我想知道是否有辦法將其分解為一方面是對改革的信心增強，另一方面是客戶需求的增加，就哪些不同因素影響了您的成長意願而言。

Yeah, hi, Meyer, this is David. I think so with the reform, one of the takeaways that helps the market and helps us execute into the market is really just the stability it provides. So we have been a player in Florida for decades, right? But for many years, we were underweight, partly because of the negative effects of the legal system. Now it's in a much better spot and the profitability is in a much better spot.

是的，你好，邁耶，我是大衛。我認為，改革帶來的一個好處是它能夠幫助市場、幫助我們進入市場，實際上它所提供的穩定性就是它所提供的穩定性。所以我們已經在佛羅裡達州活動了幾十年了，對嗎？但多年來，我們一直處於弱勢，部分原因是法律體系的負面影響。現在，公司的狀況好多了，獲利能力也好多了。

So this year, we had opportunities because business was loss impacted. And we also had growing demand, like I mentioned, with private markets taking on more. We also have the benefit of the Florida Hurricane Cat fund moving up in its attachment. So the new demand was below that and those lower layers are layers that we target because of the high risk return.

因此，今年我們有機會，因為業務受到了損失的影響。正如我所提到的，我們的需求也在不斷增長，私人市場承擔了更多的需求。我們也受益於佛羅裡達颶風貓基金的增加。因此，新的需求低於該水平，而這些較低的層級正是我們的目標層級，因為風險回報較高。

So that as a whole enabled us to act quickly. When buyers are looking to secure new capacity, they often will be more interested in securing a private deal with a company like us. So our ability to quote big capacity and buying that at our terms rather than wait for the market to come up with the clearing price really was an advantage in how we executed into those private deals in Q2.

因此，總體而言，這使我們能夠迅速採取行動。當買家尋求獲得新產能時，他們通常更有興趣與我們這樣的公司達成私人交易。因此，我們能夠對大容量進行報價並按照我們的條款購買，而不是等待市場給出清算價格，這對於我們在第二季度執行這些私人交易確實是一個優勢。

That's really positive. Kevin, I don't know if I'm over interpreting things, but you mentioned having to write any class of business. And I know in the past, you've talked about a lot of caution with regard to commercial auto. Should we interpret this as a change? Or am I trying too hard?

這確實很積極。凱文，我不知道我是否過度解讀了事情，但你提到必須寫任何類別的業務。我知道，過去您曾談到對商用汽車的許多謹慎態度。我們應該將此解讀為一種改變嗎？還是我太努力了？

I had a bit of poetic license there. Our appetite with regard to commercial auto hasn't changed. We're also not a large writer of workers' comp. Neither of those two things have changed.

我在那裡有一些詩意的自由。我們對商用汽車的興趣並沒有改變。我們也不是大型工傷賠償保險公司。這兩件事都沒有改變。

Okay. I appreciate the clarification. And then this is, I guess, a question for Bob, and I'm happy to take this offline, if that's helpful. But Kevin mentioned increased transparency. Is it a ton of work for us to get an income statement on a retained basis rather than consolidated and then working [down]?

好的。我很感謝你的澄清。那麼我想，這是給鮑勃的一個問題，如果有幫助的話，我很樂意將其離線。但凱文提到提高透明度。對我們來說，取得保留基礎的損益表（而不是合併基礎的損益表）是一項繁重的工作，然後進行計算[向下]？

That's a good question, Meyer. I mean the challenge we have is the GAAP accounting rules and the amount breaking it out. We try and give you the breakout -- we give you the breakout of the retained investment income, which is about 70% of the overall managed, and that's pretty consistent.

這是個好問題，邁耶。我的意思是，我們面臨的挑戰是 GAAP 會計規則及其分項金額。我們嘗試為您提供明細數據——我們為您提供保留投資收益的明細數據，該數據約佔整體管理收益的 70%，而且相當一致。

We've given you some indications on the retained piece like on the favorable development. I talked about that on the property cat. I think about half of it stays with us. But we don't really have a good disclosure. We look at it internally and to get it externally would be an enormous amount of reconciliations that our legal department would probably put us through the grinder.

我們已經為您提供了一些有關保留部分（例如有利的發展）的指示。我在財產貓上談到了這一點。我認為其中大約有一半留在我們這裡。但我們確實沒有很好的披露。我們在內部審查這個問題，而要從外部獲得這個問題，則需要進行大量的調解，我們的法律部門可能會對我們進行嚴酷的考驗。

Happy to talk to you offline about it. I know you talked to Keith a lot about it and how we think about it. We've given you indications about half the property cat gets allocated over to DaVinci on the top line. We've got the 15% sessions on Fontana. We talk about that. But putting it all together is an onerous exercise just given the nature of how we're structured. But we're always seeking to --

很高興能與您線下討論此事。我知道您與基思談論過很多有關此事以及我們對此的看法。我們已經向您表明，大約一半的財產貓被分配給了頂線的達文西。我們在 Fontana 舉辦了 15% 的會議。我們談論這個。但考慮到我們的結構性質，將所有這些整合在一起是一項艱鉅的任務。但我們一直在尋求--

I'm sorry, go ahead.

抱歉，請繼續。

Like I said, I was closing up and saying, we're always trying to seek to give you more insight into it and more information on how you can cut down to the core and get down to the managed -- the retained numbers.

就像我說過的，我最後說，我們一直在努力為您提供更深入的了解，並提供更多信息，幫助您深入到核心，並掌握可管理的——保留的數字。

Brian Meredith, UBS.

瑞銀的 Brian Meredith。

Yeah, thanks, Bob, first one for you. I know there's continued to be some discussion about Bermuda tax credits potentially coming through. Can you give us an update on kind of where that stands and what the potential benefit for you all may be?

是的，謝謝，鮑勃，這是你的第一個問題。我知道關於百慕達稅收抵免可能實施的討論仍在繼續。您能否向我們介紹一下最新情況以及可能為你們帶來哪些好處？

Thanks, Brian. I touched upon it in my prepared comments that nothing's changed, okay? They haven't come out with -- what they have is the tax reform commission is working with the Ministry of Finance to give them some recommendations.

謝謝，布萊恩。我在準備好的評論中提到過，什麼都沒改變，好嗎？他們還沒有提出——他們所提出的是稅收改革委員會正在與財政部合作向他們提供一些建議。

They're still working on that. And the Premier is committed to give us an ability to give our perspective on it before it gets legislated. But what this does is the ETA, as we call it, the economic tax adjustment, gives us the ability to offset cash payments on our taxes as opposed to effective rate relief.

他們仍在努力。總理承諾讓我們能夠在立法之前表達我們的看法。但它的作用是，我們稱之為 ETA 的經濟稅收調整，使我們能夠抵消稅收的現金支付，而不是有效的稅率減免。

It doesn't change the effective tax. I talked about that being 13% in my prepared comments, but the noncontrolling interest pay a very nominal amount of tax. So that reduces it. But the tax to RenRe shareholders is just slightly above 15%.

它不會改變實際稅率。我在準備好的評論中提到了 13%，但非控制權益繳納的稅額非常少。這樣就減少了它。但 RenRe 股東的稅率僅略高於 15%。

And I guess just a follow-up on that. I was under the impression that maybe it could be an offset to G&A expenses. No? Okay.

我想這只是對此的一個後續行動。我的印像是，也許它可以抵銷一般及行政費用。不？好的。

It's a cash credit.

這是現金信用。

Got you. All right. Helpful, thanks. And then second question, I'm just curious, big picture, we've definitely seen capital coming back into the reinsurance industry and property cat. I know a lot of it has been cat bond. But maybe you can kind of talk a little bit about how disciplined that capital is that you're seeing? Is it any different than maybe prior soft cycles we've seen?

明白了。好的。有幫助，謝謝。然後是第二個問題，我只是好奇，從總體上看，我們確實看到資本回流到再保險業和財產險業。我知道其中很多都是貓債。但也許您可以稍微談談您所看到的資本有多有紀律？它與我們之前見過的軟循環有什麼不同嗎？

Yeah, I would say it's been disciplined. Capital is always interested and always comes into it. I think formations of new companies continues to be limited. Cat bonds is an attractive area of people, probably a little less attractive than it was a year ago, but that market remains disciplined.

是的，我想說這是有紀律的。資本總是感興趣並且總是參與其中。我認為新公司的成立仍然受到限制。巨災債券是一個對人們有吸引力的領域，可能比一年前吸引力有所下降，但該市場仍然保持紀律。

And then our discussions with investors coming in, they're very return focused. They have a good understanding of the market. So I don't see some of the issues that we've seen before with the influx of capital kind of wanting to be in the class regardless of return really being part of the dialogue at this point.

然後我們與投資者進行討論，他們非常注重回報。他們對市場有很好的了解。因此，我認為我們之前看到的一些問題，即資本的湧入，無論回報如何，都想進入這個階層，這實際上不是目前對話的一部分。

Great, very helpful. Thank you.

非常好，很有幫助。謝謝。

Andrew Andersen, Jefferies.

安德魯安德森，傑富瑞集團。

Hey, thanks. Recognizing you gave an NPE guide for other property. But if we look at it on gross a basis and just thinking about the second half of the year, should we be thinking about this segment kind of following primary E&S rates?

嘿，謝謝。認識到您為其他財產提供了 NPE 指南。但如果我們從總體上來看，並且只考慮下半年，我們是否應該考慮這個部分遵循主要的 E&S 率？

Hey, Andrew, this is David. So I'll talk a little more about how we're thinking about the overall segment and what's in there. And I guess, first of all, starting with the overall property segment, we have a lot of ways we can deploy cat capacity.

嘿，安德魯，我是大衛。因此，我將進一步談談我們如何看待整個部分以及其中的內容。我想，首先，從整體房地產領域開始，我們有很多方法可以部署巨災保險能力。

In the last few years, we've been -- had a preference to deploy that cat capacity in the property cat excess of loss product. But we also deploy cat capacity in the E&S space, and that goes into the other property segment. We also have per risk and quota share business in that segment, which is less cat exposed and isn't under as much rate pressure as what we're seeing in cat E&S.

在過去的幾年裡，我們一直傾向於將巨災保險能力部署在財產巨災超額損失產品中。但我們也在 E&S 領域部署了巨災能力，這涉及其他房地產領域。我們在該領域也有按風險和配額分成的業務，該業務對巨災風險敞口較小，而且不像我們在巨災 E&S 領域看到的那樣承受那麼大的利率壓力。

And overall, the whole subsegment and other property is performing well, which kind of leads to where we get the pressure. Looking forward, we're monitoring that really closely. We have a lot of tools to manage that.

總體而言，整個子細分市場和其他財產表現良好，這也導致了我們面臨的壓力。展望未來，我們將密切關注此事。我們有很多工具來管理這一點。

First of all, when we look at the business on a specific location basis, rated on a location basis and have real-time info on how it's trading, so we're able to make adjustments as needed. You're already shifting more of our business towards middle market versus large account.

首先，當我們根據特定位置來審視業務時，我們會根據位置對其進行評級，並獲得有關其交易情況的實時信息，以便我們可以根據需要進行調整。您已經將我們的更多業務轉向中端市場而非大客戶。

We also have options on how we shape the book with ceded. So we have a lot of ways to navigate what's coming. So it's too soon to tell exactly where the market will be, but we feel well placed to navigate it.

我們也可以選擇如何塑造這本書。因此，我們有很多方法來應對即將發生的事情。因此，現在判斷市場究竟走向還為時過早，但我們認為自己已經做好了應對的準備。

Thanks. And then just back on fee income. If I look at kind of the acquisition ratio and cat, it was kind of up year over year, but it was quite a bit stronger in 1Q. I would have thought we would be seeing some benefit from total fee income in that acquisition line. Is there maybe a lag there or perhaps profit commissions?

謝謝。然後就回到費用收入。如果我看一下收購率和貓，它同比有所上升，但第一季的強勁程度要高得多。我原本以為我們會從該收購線的總費用收入中看到一些收益。是否有滯後或利潤佣金？

No, they should be -- they're coming through in real time as we -- a lot of our fees that we get off of the joint ventures will come through the noncontrolling interest. Actually, a very small amount come through when you think about the performance fees, the management fees. So you'll see that that comes through noncontrolling interest, which is what we try and show in some of the supplemental information in our attachments.

不，他們應該——他們正在實時地通過我們——我們從合資企業中獲得的許多費用將通過非控制權益獲得。實際上，當你考慮績效費和管理費時，你會發現只有很少一部分是真的。因此，您會看到，這是透過非控制性權益實現的，這也是我們試圖在附件中的一些補充資訊中展示的內容。

Thank you.

謝謝。

David Motemaden, Evercore.

大衛‧莫特馬登 (David Motemaden)，Evercore。

Hey, thanks. Good morning. Thanks for squeezing me in. Just on the private transactions you guys were able to do in cat, it sounded like 80% was on the high end. I'm wondering maybe if you could talk about how pricing was on that 80% of private deals versus the other 20%.

嘿，謝謝。早安.謝謝你讓我加入。僅就你們在 Cat 中能夠進行的私人交易而言，聽起來 80% 都處於高端水平。我想知道您是否可以談談這 80% 的私人交易與另外 20% 的定價如何。

Hey, David, this is David. So we're comfortable with that the pricing was above market. It wasn't a one-size-fits-all market. So we don't have specific details on that. But we were able to execute into Florida and find up business early.

嘿，大衛，我是大衛。因此，我們對高於市場價格的定價感到滿意。這不是一個千篇一律的市場。因此我們沒有這方面的具體細節。但我們能夠進入佛羅裡達州並儘早開展業務。

This is a large portion of our book to be on private terms, and it really was a differentiator, we believe, in letting us grow into the market and land Florida at about flat versus down. There was rate pressure overall in the market on the loss -- non-loss impacted layers and the top layers like we talked about. So for our overall Florida book to be flat was a great result.

我們的帳簿中有很大一部分是私人條款，我們相信，這確實是一個差異化因素，讓我們能夠進入市場，並以持平而不是下降的幅度登陸佛羅裡達州。正如我們所討論的，市場上的損失、非損失影響層和頂層都存在利率壓力。因此，對於我們整個佛羅裡達州的預訂量來說，這是一個很好的結果。

Got it. Okay. And then maybe just following up quickly. I think Alex had tried and I'll take another shot at it. But just on the general liability book or general casualty book where you mentioned you're cutting exposure by 30% or you have cut exposure by 30% over the last year, have you guys taken any reserve actions or how much in terms of reserve actions have you guys taken on that part of the book, the back book now where you may have gotten off that risk?

知道了。好的。然後也許只是快速跟進。我認為亞歷克斯已經嘗試過了，我會再試一次。但是，就您提到的一般責任險或一般意外險而言，您將風險敞口削減了 30%，或者您在過去一年中已經削減了 30%，您是否採取了任何儲備措施，或者您對這部分責任險採取了多少儲備措施，現在您可能已經擺脫了風險？

Yeah. When we think about reserving, obviously, we start at the top of the house and then we break it into the segments. Within the Casualty and Specialty segment, we talked about this last year. We have added some reserves from redundancy within certain specialty and certain casualty classes to the GL portfolio.

是的。當我們考慮保留時，顯然我們從房屋的頂部開始，然後將其分成各個部分。在傷亡和特殊傷害領域，我們去年討論過這個問題。我們在 GL 投資組合中增加了某些專業和某些傷亡類別的冗餘儲備。

But there's nothing that is unusual with -- in any book of business, there are certain classes that are above producing results above trend, others that are below trend. But on balance, the portfolio the Casualty, Specialty book is in a very healthy state. So there's nothing really to report with regard to any changes within over the quarter.

但這並不罕見——在任何商業書籍中，都有某些類別產生的結果高於趨勢，而其他類別則低於趨勢。但總的來說，意外險和特殊險的投資組合狀況非常健康。因此，關於本季內的任何變化，實際上沒有什麼可報告的。

This does conclude today's question-and-answer session. I will now turn the program back over to Kevin O'Donnell for any additional or closing remarks.

今天的問答環節到此結束。現在我將節目交還給凱文·奧唐納 (Kevin O’Donnell)，請他發表任何補充或結束語。

Thank you, everybody, for joining today's call. We're proud of where the company is going into the second half of the year, and we remain optimistic about 2026. So I look forward to speaking to you in a couple of months. Thank you.

感謝大家參加今天的電話會議。我們對公司下半年的發展感到自豪，並對 2026 年保持樂觀。因此我期待幾個月後與您交談。謝謝。

This concludes the RenaissanceRe second-quarter 2025 earnings call and webcast. Please disconnect your line at this time, and have a wonderful day.

RenaissanceRe 2025 年第二季財報電話會議和網路直播到此結束。此時請斷開您的線路，祝您有美好的一天。