濱特爾 (RNR) 2025 Q4 法說會逐字稿

Good morning. My name is Nikki, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Fourth Quarter and Year-End 2025 Earnings Conference Call and Webcast. (Operator Instructions) Thank you.

早安.我叫妮基，今天我將擔任你們的會議接線生。在此，我謹代表 RenaissanceRe 歡迎各位參加 2025 年第四季及全年財報電話會議及網路直播。（操作說明）謝謝。

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

現在我將把電話交給財務和投資者關係高級副總裁基思·麥克休。

Thank you, Nikki. Good morning, and welcome to RenaissanceRe's Fourth Quarter and Year-End 2025 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，妮基。早安，歡迎參加 RenaissanceRe 2025 年第四季及全年業績電話會議。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；以及執行副總裁兼集團首席承保官 David Marra。

To begin 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.

開始處理一些家務事。我們今天的討論將包括前瞻性陳述，包括對我們業務和經營績效的最新預期。需要注意的是，實際結果可能與今天所分享的預期有重大差異。

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.

有關影響這些結果的因素的更多信息，請參閱我們提交給美國證券交易委員會的文件和我們的盈利報告。在今天的電話會議上，我們也將介紹非GAAP財務指標。有關 GAAP 指標的調節表以及有關非 GAAP 指標的其他信息，請參閱我們的盈利報告和財務補充文件，這些文件可在我們的網站 renre.com 上找到。

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

現在我想把電話交給凱文。凱文？

Thanks, Keith. Good morning, everyone, and thank you for joining today's call. The company we have built is fundamentally different from what it was just a few years ago. We are larger and significantly more diversified, geographically by line of business and by source of income, with much larger contributions.

謝謝你，基斯。各位早安，感謝各位參加今天的電話會議。我們所建立的這家公司，與幾年前相比，已經發生了根本性的變化。我們規模更大，業務範圍更廣，地理分佈更廣，業務類型更多樣化，收入來源也更多元化，而且貢獻更大。

I begin with this context because this time last year, a few would have predicted the strong financial performance we delivered in 2025. Our industry faced multiple headwinds, including the California wildfires, a softening reinsurance market and lower interest rates.

我之所以從這個背景講起，是因為去年這個時候，有些人會預測我們會在 2025 年取得如此強勁的財務表現。我們的產業面臨多重不利因素，包括加州山火、再保險市場疲軟和利率下降。

In the face of these headwinds, our larger size and greater diversification allowed us to deliver strong financial results. Bob will, of course, walk through the financials. But first, I would like to highlight some of the most notable achievements. Operating income was $1.9 billion. Operating ROE was 18% and tangible book value per share plus accumulated dividends, our primary metric grew by 30%.

面對這些不利因素，我們憑藉著更大的規模和更多元化的業務，取得了強勁的財務表現。當然，鮑伯會詳細講解財務狀況。但首先，我想重點介紹一些最顯著的成就。營業收入為19億美元。營運 ROE 為 18%，每股有形帳面價值加上累積股息（我們的主要指標）成長了 30%。

This is the third year in a row where we have grown this metric by over 25%. As a result, over the last three years, we have more than doubled tangible book value per share. Capital management was also notable. We repurchased $650 million of our shares during the fourth quarter, 13% of our shares over the course of 2025 and 17% of our shares since the first quarter of 2024 when we began repurchasing post Validus.

這已經是我們連續第三年該指標成長超過 25% 了。因此，在過去的三年裡，我們的每股有形帳面價值翻了一番多。資本管理方面也表現優異。我們在第四季回購了價值 6.5 億美元的股票，在 2025 年回購了 13% 的股票，自 2024 年第一季以來（Validus 收購後我們開始回購）回購了 17% 的股票。

I am pleased to report that we have now repurchased more shares than we issued in connection with the Validus acquisition. The cumulative return on our share since then, a little over two years ago has been around 30%. This demonstrates our ability to raise capital, and we have an attractive opportunity, reward investors by returning capital as we realize its benefits and execute transactions with minimal long-term dilution.

我很高興地報告，我們目前回購的股份數量已經超過了我們在收購 Validus 時發行的股份數量。自兩年多前以來，我們股票的累積報酬率約為 30%。這證明了我們有能力籌集資金，我們擁有一個極具吸引力的機會，可以透過在實現收益的同時返還資本來回報投資者，並以最小的長期稀釋來執行交易。

Bob will speak to you in greater depth regarding our financial results, but overall, I am proud of our performance. Moving now to address strategic results in 2025. Strategically, if 2024 was about retaining the Validus portfolio and successfully integrating the company, 2025 was about maintaining our underwriting book and optimizing our larger and more dispersed operations.

鮑伯會更詳細地向你們介紹我們的財務業績，但總的來說，我為我們的表現感到自豪。現在著手製定2025年的策略目標。從策略角度來看，如果說 2024 年的目標是保留 Validus 投資組合併成功整合公司，那麼 2025 年的目標就是維持我們的核保業務並優化我們規模更大、分佈更分散的業務。

We undertook a number of internal initiatives to improve efficiency and effectiveness and better manage our increased scale. We are upgrading our underwriting system to be more customer-centric and enhancing the architecture to be more efficiently organized to benefit from the growing influence of artificial intelligence.

我們採取了一系列內部舉措，以提高效率和效益，更好地管理我們不斷擴大的規模。我們正在升級核保系統，使其更加以客戶為中心，並改善架構，使其組織更加高效，從而受益於人工智慧日益增長的影響。

Moving now to some remarks on our Casualty and Specialty segment. Aggregate underwriting profits on the portfolio have been almost $500 million over the last five years, without the impact of purchase accounting. As we have discussed, however, earnings from this business emanate from three separate income streams underwriting fees and investments.

接下來我想談談我們的意外險和特殊險業務板塊。過去五年，該投資組合的總承保利潤接近 5 億美元，這還不包括購買會計的影響。正如我們之前討論過的，這項業務的收益來自三個獨立的收入來源：承銷費和投資。

It's harder to see the full benefit of casualty because fees are offset in our NCI and investments are not split by segment. This year alone, Casualty Specialty contributed about one third of our operating income across our three drivers of profit. The goal of any line of business is to grow tangible book value per share over time.

由於費用在我們的 NCI 中被抵消，而且投資沒有按板塊劃分，因此很難看到意外險的全部益處。光是今年，意外傷害保險業務就貢獻了我們三大利潤驅動因素中約三分之一的營業收入。任何業務線的目標都是隨著時間的推移，實現每股有形帳面價值的成長。

In casualty, there is a trade-off between underwriting results and investment results. Typically, when one is high, the other is lower and vice versa. Over a 10-year cycle, this balance of profit shifts back and forth, but nevertheless contributes to growth in tangible book value per share. Currently, the balance within the officially portfolio is heavily skewed toward investment returns.

在意外傷害保險領域，承保收益和投資收益之間存在權衡取捨。通常情況下，當一個值較高時，另一個值就會較低，反之亦然。在 10 年的周期內，這種利潤平衡會來回波動，但仍有助於每股有形帳面價值的成長。目前，官方投資組合的平衡嚴重偏向投資報酬率。

As a result, the market has tolerated rising technical ratios. This reduces underwriting margins available to compensate for inherent volatility. My belief is that technical ratios will fall but is difficult to predict when. For now, we will continue to monitor this class closely and make appropriate adjustments.

因此，市場容忍了技術比率的上升。這會減少可用於彌補固有波動性的承保利潤率。我認為技術比率將會下降，但很難預測何時下降。目前，我們將繼續密切關注該班級的情況，並做出相應的調整。

That said, while margins are tight, Investment in fee income from casualty are currently a substantial driver of book value growth. So we are not recognizing much underwriting profit today, which we think is the right approach in the current environment and are still making a strong overall return.

儘管如此，雖然利潤率很低，但對意外傷害保險費用收入的投資目前是帳面價值成長的重要驅動力。因此，我們目前並未確認多少承保利潤，我們認為這是當前環境下的正確做法，並且仍然獲得了強勁的整體回報。

I want to briefly touch on the January 1 renewal and our outlook for 2026. David will address this in more detail. Property CAT rates for us were down low teen percentages. We found some opportunities to grow, which should keep top line premium in property CAT down only mid-single digits, excluding the impact of restatement premiums.

我想簡單談談1月1日的續約以及我們對2026年的展望。大衛將對此進行更詳細的闡述。我們的財產巨災風險費率下降了十幾個百分點。我們發現了一些成長機會，這應該能讓財產巨災的總保費降幅保持在個位數中段，不包括重述保費的影響。

Terms and conditions mostly held solid including retentions. As I previously mentioned, we are a larger and more diversified company. Two drivers of these changes occurred in 2023. The step change in property CAT and our acquisition of Validus. So I think a comparison of our present opportunity set to the pre 2023 period is constructive.

條款和條件基本上保持不變，包括保留金。正如我之前提到的，我們是一家規模更大、業務更多元化的公司。2023 年發生了兩件促成這些改變的事。房地產 CAT 的重大變化以及我們對 Validus 的收購。所以我認為，將我們目前的機會與 2023 年之前的時期進行比較是有益的。

To begin, rates in property CAT remain attractive and well above return levels realized in the years before 2023. Equally important, most of the structural changes made in 2023 are still in place. As a result, our reinsurance portfolio in 2026 is still one of our best, a few other favorable comparisons to 2022. Our underwriting portfolio is roughly one third larger.

首先，房地產巨災的利率仍然很有吸引力，遠高於 2023 年之前幾年實現的收益水準。同樣重要的是，2023 年實施的大部分結構性改革仍然有效。因此，我們 2026 年的再保險組合仍然是我們最好的組合之一，與 2022 年相比還有一些其他有利的比較。我們的承保業務組合大約擴大了三分之一。

Our retained net investment income has tripled, and our fee income has more than doubled. In aggregate, when we look at our current state versus where we were before 2023, all points of comparison are favorable. Our increased scale and diversified sources of income mean we are more resilient to loss.

我們的留存淨投資收益成長了兩倍，費用收入增加了一倍以上。總體而言，當我們把我們目前的狀態與 2023 年之前的狀態進行比較時，所有比較點都是有利的。規模擴大和收入來源多元化意味著我們更能抵禦損失。

This gives us great confidence in our reinsurance portfolio and our continued ability to deliver consistent, superior returns to our shareholders. I'd like to finish my comments with a discussion about how we plan to continue growing tangible book value per share this year at an attractive pace by employing a similar strategy to last year.

這讓我們對我們的再保險組合以及我們持續為股東帶來穩定、優異回報的能力充滿信心。最後，我想談談我們計劃如何透過採用與去年類似的策略，在今年繼續以有吸引力的速度提高每股有形帳面價值。

This strategy was something I discussed last quarter and was composed of the following factors: first, to maintain or grow our property business; second, focus on preserving underwriting margin; third, prioritize casualty [ students ] who focus on claims handle practicing over those who solely focus on rate; fourth, continue to grow fees in our capital partners business; fifth, continue to grow invested assets; and finally, continue returning capital to our shareholders by repurchasing shares at attractive valuations.

我在上個季度討論過這項策略，它由以下幾個因素組成：第一，維持或發展我們的財產險業務；第二，專注於保持承保利潤率；第三，優先考慮專注於理賠處理實踐的意外險學生，而不是只專注於費率的學生；第四，繼續提高我們資本合作夥伴業務的費用；第五，繼續增加投資資產；最後，繼續以有吸引力的股東回購股票，從而向股東還向股東支付資本的估值。

I should add one more point to this list, which is continue to execute our gross-to-net strategy to arbitrage competitive cap on market and retro markets. As you can see, we have quite a few strategic levers to keep returns attractive. This is the playbook we successfully ran in 2025, and is the one we will run 2026.

我應該在這個清單上再補充一點，那就是繼續執行我們的毛利淨利策略，以在市場和追溯市場中進行競爭性上限套利。如您所見，我們有很多策略手段來保持收益的吸引力。這是我們在 2025 年成功實施的方案，也是我們將在 2026 年繼續實施的方案。

That concludes my initial comments. I'll turn it over to Bob to discuss our financial performance for the quarter, and for the year before Dave provides a more detailed update on renewal in our segments. Thank you.

我的初步評論到此結束。我將把發言權交給鮑勃，讓他討論我們本季度和本年度的財務業績，之後戴夫將就我們各業務板塊的續約情況提供更詳細的更新。謝謝。

Thanks Kevin, and good morning, everyone. In 2025, we demonstrated the efficacy of our strategy and the persistence of our earnings profile, delivering operating income of $1.9 billion even with a $786 million net negative impact from large events.

謝謝凱文，大家早安。2025 年，我們證明了我們策略的有效性和獲利能力的持續性，即使受到大型事件 7.86 億美元的淨負面影響，我們仍然實現了 19 億美元的營業收入。

My comments today will focus primarily on the drivers and sustainability of these annual results. I also want to touch on some highlights from the fourth quarter where we delivered operating earnings per share of $13.34 and an operating return on equity of 22%.

我今天的演講將主要集中在這些年度業績的驅動因素和可持續性方面。我還想重點介紹一下第四季的一些亮點，我們實現了每股營運收益 13.34 美元和 22% 的營運股本回報率。

In the quarter, all three drivers of profit produced strong results. Specifically, underwriting income was $669 million with a combined ratio of 71%, fee income was $102 million and retained investment income was $314 million. Both fees and retained net investment income are among the highest we have ever reported and demonstrate that we have continued to optimize these drivers as our underwriting portfolio has grown.

本季度，所有三個利潤驅動因素均取得了強勁的業績。具體而言，承銷收入為 6.69 億美元，綜合比率為 71%；手續費收入為 1.02 億美元；留存投資收入為 3.14 億美元。費用和留存淨投資收益均處於我們有史以來最高的水平，這表明隨著承保業務組合的成長，我們一直在不斷優化這些驅動因素。

Building on this, there are four numbers I have consistently highlighted that demonstrate the strength of our earnings profile and our ability to absorb volatility. The first number is [ 15 points ] which is the annual aggregate contribution to our overall return on average common equity from our investment and fee income in 2025. This is consistent with 2024, and creates a stable base of earnings each quarter, which we then build upon.

在此基礎上，我一直強調以下四個數字，它們體現了我們獲利狀況的強勁以及我們吸收波動的能力。第一個數字是 [ 15 分 ]，即 2025 年我們的投資和費用收入對我們普通股平均整體回報的年度總貢獻。這與 2024 年的目標一致，並為每季創造了穩定的收益基礎，我們在此基礎上繼續發展。

The second number is $1.3 billion, which is the underwriting income we generated in 2025, including a $1.1 billion underwriting loss from the California wildfires. Underwriting is the core of our business and provide significant upside to the earnings base from fees and investments.

第二個數字是 13 億美元，這是我們在 2025 年產生的承保收入，其中包括加州山火造成的 11 億美元承保損失。承保是我們業務的核心，並為費用和投資帶來顯著的收益成長。

The third number is $1.6 billion, which is the amount of capital we return to shareholders in 2025. Throughout the year, we purchased over 6.4 million shares. The average price of these share repurchases was near book value, essentially returning all of our operating income with minimal dilution.

第三個數字是 16 億美元，這是我們在 2025 年返還給股東的資本金額。今年我們共買了超過 640 萬股股票。這些股票回購的平均價格接近帳面價值，基本上在最大限度減少股權稀釋的情況下，返還了我們所有的營業收入。

We believe that our stock represents excellent value at current levels and expect share repurchases to continue in 2026, in line with our long history of being good stewards of our shareholders' capital. And finally, the fourth number is 31%, which is the amount we grew tangible book value per share plus change in accumulated dividends in 2025.

我們認為，以目前的水平來看，我們的股票具有極佳的價值，並預計將在 2026 年繼續回購股票，這與我們長期以來善待股東資本的傳統相一致。最後，第四個數字是 31%，這是我們 2025 年每股有形帳面價值的成長額加上累積股息的變動。

As Ken highlighted, we have more than doubled this metric over the last three years through a combination of strong retained earnings and disciplined capital management. Now I'd like to turn to a detailed view of our three drivers of profit, starting with underwriting where we delivered excellent results with an adjusted combined ratio of 85% for the year.

正如肯所強調的，在過去三年裡，透過強勁的留存收益和嚴格的資本管理，我們已經使這項指標翻了一番以上。現在我想詳細了解我們的三大獲利驅動因素，首先是承保業務，我們取得了優異的成績，年度調整後的綜合比率為 85%。

This performance is particularly strong, given that we absorbed several large losses across both segments. For Property Catastrophe specifically, we reported a current accident year loss ratio of 64% for the year and an adjusted combined ratio of 60%. This current accident year loss ratio included 50 percentage points of losses from the California wildfires and 3 percentage points of losses from Hurricane Melissa.

考慮到我們在兩個業務板塊都遭受了數筆巨額虧損，這一業績尤其強勁。具體到財產災害方面，我們報告稱，當年的當期事故損失率為 64%，調整後的綜合比率為 60%。在本事故年度的損失率中，50 個百分點來自加州山火造成的損失，3 個百分點來自颶風梅莉莎造成的損失。

Property catastrophe also benefited from 24 percentage points of prior year favorable development primarily from large events in 2022 through 2024 and changes to attritional loss estimates. Note that in the fourth quarter, in Property Catastrophe, we reduced our total estimate of net negative impact from the California wildfires by $42 million, driven by lower case reserves reported by our students during the renewal process.

財產災害也受惠於前一年有利的發展趨勢，增幅達 24 個百分點，這主要得益於 2022 年至 2024 年發生的重大事件以及損耗損失估計的變化。請注意，在第四季度，在財產災害方面，由於學生在續保過程中報告的準備金減少，我們將加州野火造成的淨負面影響總估計值減少了 4,200 萬美元。

In Other Property, we delivered exceptional results in 2025 with a current accident year loss ratio of 62% and an adjusted combined ratio of 60%. This is the lowest annual combined ratio we have delivered since we started reporting the Other Property class of business.

在其他財產險領域，我們在 2025 年取得了卓越的成績，目前事故年度損失率為 62%，調整後的綜合比率為 60%。這是我們自開始報告其他財產類業務以來實現的最低年度綜合比率。

The Other Property current accident loss year ratio for the year included 8 percentage points from the California wildfires and 2 percentage points from Hurricane Melissa. Other Property had 33 points of favorable development from prior years, primarily related to attritional losses.

該年度其他財產事故損失率包括加州山火造成的 8 個百分點和颶風梅麗莎造成的 2 個百分點。其他物業較往年有 33 個有利發展點，主要與損耗有關。

In Casualty and Specialty, we reported an adjusted combined ratio of 102% for the year. This includes 4 percentage points from large loss events in 2025. In the fourth quarter specifically, we reported losses on two recent events, the UPS aircraft crash and the Grasberg mine landslide in Indonesia. These two events impacted our quarterly adjusted combined ratio by 4 percentage points, pushing it to 102%.

在意外險和特殊險領域，我們報告的年度調整後綜合比率為 102%。這其中包括 2025 年重大損失事件造成的 4 個百分點的損失。具體來說，在第四季度，我們報告了近期發生的兩起事件造成的損失，分別是 UPS 飛機墜毀事故和印尼格拉斯伯格礦場滑坡事故。這兩件事使我們季度調整後的綜合比率上升了 4 個百分點，達到 102%。

Prior year development and Casualty and Specialty on a cash basis was slightly favorable for both year and fourth quarter, before the impact of 50 basis points of purchase accounting adjustments. Across our underwriting portfolio, gross premiums written for the year were $11.7 billion and net premiums written were $9.9 billion. both roughly flat compared to 2024.

上年度發展和意外險及特殊險的現金基礎在當年和第四季均略有有利，未計入 50 個基點的購買會計調整的影響。就我們的核保業務組合而言，本年度毛保費收入為 117 億美元，淨保費收入為 99 億美元，與 2024 年相比均基本持平。

In Property Catastrophe, we leaned into opportunities in the U.S. and grew gross premiums written by 5% this year and by $17 million in the fourth quarter in both instances without the impact of reinstatement premiums. Gross premiums written in Other Property declined by 11% in the year.

在財產巨災保險領域，我們抓住了美國市場的機遇，今年毛保費增長了 5%，第四季度毛保費增長了 1700 萬美元，而且這兩次增長都沒有受到複效保費的影響。本年度其他財產險毛保費收入下降了11%。

We have been holding exposure flat in this class while managing a declining rate environment. This book continues to produce strong results. In Casualty and Specialty, gross premiums written in 2025 were roughly flat compared to last year. We found opportunities to grow our credit book, primarily through seasoned mortgage deals.

在利率不斷下降的環境下，我們一直保持對該類資產的配置比例不變。這本書持續取得優異的成績。在意外險和特殊險領域，2025 年的總保費收入與去年基本持平。我們找到了擴大信貸規模的機會，主要透過成熟的抵押貸款交易。

This offset declines in casualty, where we have been optimizing the book and negative premium adjustments in specialty, largely from rate deceleration insider. Looking ahead to the first quarter, we expect other property net premiums earned to be approximately $360 million, and attritional loss ratio in the mid-50s.

這種抵銷作用在意外險領域有所下降，我們一直在優化業務組合，並且在特殊險種中出現了負保費調整，這主要是由於費率放緩內部因素造成的。展望第一季度，我們預計其他財產淨保費收入約為 3.6 億美元，損耗率約為 50% 左右。

In Casualty and Specialty, net premiums earned of around $1.4 billion and adjusted combined ratio in the high 90s, absent the impact of large losses. Moving now to our second driver of profit, fee income in our Capital Partners business. Fees were $329 million for the year, up from 2024. Within this management fees were $207 million, and performance fees were $121 million.

在意外險和特殊險方面，淨保費收入約為 14 億美元，調整後的綜合比率在 90% 以上（不包括重大損失的影響）。現在讓我們來看看我們的第二個利潤來源，即資本合夥人業務的費用收入。本年度費用為 3.29 億美元，高於 2024 年的水準。其中管理費為 2.07 億美元，績效費為 1.21 億美元。

This performance is particularly impressive given that the California wildfires suppressed fees in the first quarter. We fully recovered from this event in the first half of the year and performance fees have surpassed our expectations for the last three quarters due to strong underwriting results and favorable prior year development.

考慮到加州山火導致第一季費用下降，這一業績尤其令人印象深刻。今年上半年，我們已從該事件中完全恢復過來，並且由於強勁的承保業績和上年良好的發展勢頭，過去三個季度的業績費均超出了我們的預期。

Capital Partners produced excellent results throughout 2025 and continued strong engagement from our third-party investors and fees should remain a key driver of our financial success. Looking ahead to the first quarter, we expect management fees to be around $50 million and performance fees to return to around $30 million, absent the impact of large catastrophe losses or favorable development.

Capital Partners 在 2025 年取得了優異的業績，第三方投資者的持續積極參與和費用仍將是我們財務成功的關鍵驅動力。展望第一季度，我們預計管理費約為 5,000 萬美元，業績費約為 3,000 萬美元，前提是沒有重大災害損失或有利的發展。

Moving now to our third profit investments where our retained net investment income for the year was $1.2 billion, up 4%. We increased retained net investment income every quarter starting at $279 million in the first quarter and rising to $314 million in the fourth quarter.

現在來看我們的第三項獲利投資，本年度留存淨投資收益為 12 億美元，成長 4%。從第一季的 2.79 億美元開始，我們的留存淨投資收益每季都在增加，到第四季增至 3.14 億美元。

This outcome is primarily the result of net growth in underlying assets as well as proactive actions to select the credit throughout the year. This included increasing exposure to investment-grade credit agency mortgage-backed securities and high yield.

這一結果主要歸功於基礎資產的淨增長以及全年積極主動地選擇信貸產品。這包括增加對投資等級信用機構抵押貸款支持證券和高收益債券的投資。

Additionally, we have retained mark-to-market gains of $1.1 billion, driven by gains from equities, interest rate movements in our fixed maturity portfolio, and commodities, mainly gold. As we have previously discussed, we took a position in gold at the end of '23, which we added over the last two years as an inflationary and geopolitical hedge.

此外，我們保留了 11 億美元的按市值計價收益，這主要得益於股票收益、固定期限投資組合的利率變動以及大宗商品（主要是黃金）的收益。正如我們之前討論過的，我們在 2023 年底建立了黃金倉位，並在過去兩年中不斷增持黃金，以對沖通貨膨脹和地緣政治風險。

Since we made the investment, gold has doubled in price and led to over $400 million in retained mark-to-market gains this year. Our retained yield to maturity of 4.8% reduced from 5.3% in December of 2024 due to falling short-term yields. And our retained duration decreased from 3.4 years to three years.

自從我們進行投資以來，黃金價格翻了一番，今年已帶來超過 4 億美元的留存市值收益。由於短期收益率下降，我們的到期收益率從 2024 年 12 月的 5.3% 降至 4.8%。我們的客戶留存時間從 3.4 年減少到 3 年。

This was primarily related to our decision to reduce duration at the long end of the curve, while increasing exposure to securities with a three to five year duration. Looking ahead, we expect investment income to remain a persistent and meaningful contributor to our results and anticipate retained net investment income around similar levels in the first quarter. Now moving to some comments on tax.

這主要與我們決定減少長期債券的久期，同時增加對三至五年期證券的投資有關。展望未來，我們預期投資收益將繼續對我們的業績做出持續且重要的貢獻，並預計第一季留存淨投資收益將保持在類似水平。現在來談談稅務問題。

2025 was the first year we incurred a 15% corporate income tax in Bermuda, and we demonstrated our ability to continue producing excellent returns in a higher tax environment. As a reminder, our overall effective tax rate on our GAAP net income is often lower than this 15%. This is related to noncontrolling interest, which is subject to a minimal amount of income tax.

2025 年是我們首次在百慕達繳納 15% 的企業所得稅，我們證明了我們有能力在高稅收環境下繼續取得優異的回報。需要提醒的是，我們以 GAAP 計算的淨收入的實際稅率通常低於 15%。這與少數股東權益有關，少數股東權益只需繳納極少的所得稅。

You'll see this in the rate reconciliation in our 10-K when it's filed. In the fourth quarter, the Bermuda government introduced substance-based tax credits designed to encourage investment in Bermuda. There are two main components of the credit. Compensation-related and expense-related. The credits will be phased over time, scaling from 50% of the benefit in 2025, increasing to 100% in 2027.

您將在我們提交的 10-K 表格的費率調節表中看到這一點。第四季度，百慕達政府推出了以實質內容為基礎的稅收抵免政策，旨在鼓勵對百慕達的投資。信用評分主要由兩部分組成。與薪酬相關的和與費用相關的。稅收抵免將分階段實施，從 2025 年的 50% 開始，到 2027 年增加到 100%。

We have a significant presence on the island, and the credits provide a positive tailwind to our results, acting as an offset to certain operating and corporate expenses. Due to the timing of the legislation, we recognize all the 2025 credits in the fourth quarter, that were applied at the phase-in rate of 50%, and you can see the benefit to our expense ratios.

我們在島上擁有重要的業務，這些稅收抵免對我們的業績起到了積極的推動作用，可以抵消某些營運和公司支出。由於立法的時間安排，我們在第四季度確認了所有 2025 年的稅收抵免，這些抵免按 50% 的分階段實施率應用，您可以看到這對我們的費用率帶來的好處。

Specifically, the credits reduced our annual operating expense ratio by about 60 basis points and our annual corporate expenses by about 15%. Starting in 2026, we will recognize the credits on a quarterly basis at 75% of their value and then their full value in 2027. We also recognized about $70 million in cash benefit from our Bermuda deferred tax asset in 2025. This is in addition to the tax credits I outlined above.

具體來說，這些稅收抵免使我們的年度營運費用率降低了約 60 個基點，年度公司費用降低了約 15%。從 2026 年開始，我們將按季度確認這些抵免額，確認額為其價值的 75%，然後在 2027 年確認其全部價值。我們也確認了 2025 年百慕達遞延所得稅資產帶來的約 7,000 萬美元現金收益。這是在我上面提到的稅收抵免之外的額外優惠。

Next, moving to expenses, where our operating expense ratio for the year was 4.7%, down slightly from last year. This reduction is largely driven by the substance-based tax credits I just discussed and partially offset by continued investment in our business and the year-end bonus accruals. Looking ahead, we expect our operating expense ratio to average between 5% and 5.5% as we continue to invest in the business.

接下來，我們來看看費用狀況，今年的營運費用率為 4.7%，比去年略有下降。這項減少主要得益於我剛才討論的實質稅收抵免，部分被我們業務的持續投資和年末獎金提列所抵消。展望未來，隨著我們繼續投資業務，我們預計營運費用率平均將在 5% 至 5.5% 之間。

In conclusion, we delivered strong results in the fourth quarter and throughout 2025, driven by meaningful contributions from all three drivers of profit and disciplined capital management. As we look forward, our three drivers are positioned to produce similarly strong results in 2026 for the benefit of our shareholders.

總之，在獲利三大驅動因素和嚴格的資本管理的共同作用下，我們在第四季和整個 2025 年都取得了強勁的業績。展望未來，我們的三大驅動因素預計在 2026 年取得同樣強勁的業績，進而為股東帶來利益。

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

接下來，我將把電話交給大衛。

Thanks, Bob, and good morning, everyone. As Kevin and Bob both explained, we have maintained profitability throughout a wide range of market conditions because of the diversification across our three drivers and profit. Strong underwriting underpins the stability of our earnings because each of our three drivers of profit are ultimately fueled by our portfolio.

謝謝你，鮑勃，大家早安。正如凱文和鮑勃所解釋的那樣，由於我們三大驅動因素和利潤來源的多元化，我們在各種市場條件下都保持了盈利能力。強大的核保能力支撐著我們的獲利穩定性，因為我們的三大利潤驅動因素最終都源自於我們的投資組合。

I'm proud of the underwriting portfolio's contribution to our financial results in 2025 and equally proud of our execution at the recent renewals which will support sustainability of strong returns going forward. I'll expand on both topics, beginning with our 2025 performance and how superior underwriting supported strong results across each driver.

我為核保業務組合對我們 2025 年財務表現的貢獻感到自豪，也為我們最近續保工作的執行力感到自豪，這將有助於我們未來持續獲得強勁的回報。我將詳細闡述這兩個主題，首先是我們的 2025 年業績，以及卓越的核保能力如何支持每個驅動因素的強勁表現。

Starting with underwriting income. During 2025, we shaped our already attractive portfolio to make it even better, growing property CAT, holding our profitable positions in Other Property, Specialty, and Credit and reducing in the Casualty lines that were most exposed to high levels of claims inflation. As a result, in 2025, our underwriting portfolio generated $1.3 billion in income, with solid current year performance despite several large property and specialty events.

首先從核保收入說起。2025 年，我們對原本就極具吸引力的投資組合進行了調整，使其更加完善，擴大了財產巨災險業務，保持了在其他財產險、特種險和信用險方面的盈利地位，並減少了最容易受到高額索賠通膨影響的意外險業務。因此，到 2025 年，我們的核保業務組合創造了 13 億美元的收入，儘管發生了幾起大型財產和特殊事件，但今年的業績仍然穩健。

Prior year performance was highly favorable, reflecting the strength of our historical underwriting decisions and a disciplined reserving approach. With respect to fee income, we deployed efficient partner capital in both Property and Casualty and Specialty. This enabled us to trade broadly across programs with large capacity while also resulting in $329 million of fee income for the year.

上一年度的表現非常理想，反映了我們以往承保決策的穩健性和嚴謹的準備金提列方法。在費用收入方面，我們在財產險、意外險和特殊險領域都部署了高效率的合作夥伴資本。這使我們能夠在容量較大的項目中進行廣泛交易，同時也為當年帶來了 3.29 億美元的費用收入。

With respect to investment income, our underwriting portfolio has generated a $22 billion diversified pool of reserves. These reserves are our primary source of flow, which gives us meaningful investment leverage and result in substantial sustainable net investment income for our shareholders.

就投資收益而言，我們的承保組合已產生了 220 億美元的多元化儲備金池。這些儲備是我們的主要資金來源，這為我們提供了重要的投資槓桿，並為我們的股東帶來了可觀的可持續淨投資收益。

Both segments contributed significantly to our overall return on equity through these three drivers of profit: Property treated primarily to underwriting and fee income and Casualty and Specialty contributed primarily to investment in fee income. This was by design and as our results demonstrate, it was a highly profitable way to construct our portfolio in this market.

這兩個業務板塊透過以下三個利潤驅動因素對我們的整體股本回報率做出了重大貢獻：財產險主要透過承保和費用收入來獲利，而意外險和特種險主要透過費用收入進行投資來獲利。這是我們有意為之，而且正如我們的結果所證明的那樣，這是一種在這個市場中建立我們投資組合的高盈利方式。

Moving on to the January 1, 2026, renewal. As an underwriting team, we have two primary goals in each renewal. First, deliver our market-leading value proposition to clients and brokers. This ensures a sustainable pipeline of renewable business, first call status and favorable signings, which are resilient to competition.

接下來是 2026 年 1 月 1 日的續約。作為核保團隊，我們在每次續保中都有兩個主要目標。首先，向客戶和經紀人提供我們市場領先的價值主張。這確保了再生能源業務的可持續發展、優先簽約權和有利的簽約條件，使其能夠抵禦競爭。

Second, construct the optimal underwriting portfolio across business segments to feed each of our drivers of profit and generate capital-efficient risk-adjusted returns in any given year and over the cycle. I believe we achieved both objectives at January 1. The competition follows favorable reinsurance results, and we saw increased supply of reinsurance capacity with pressure on rates and margins.

其次，建立跨業務部門的最佳承保組合，以滿足我們每個利潤驅動因素的需求，並在任何給定年份和週期內產生資本高效的風險調整後收益。我認為我們在1月1日實現了這兩個目標。競爭加劇是由於再保險市場前景良好，我們看到再保險產能供應增加，導致費率和利潤率承壓。

We were starting from a strong position, however, and remain confident in rate adequacy across the portfolio. As I mentioned last quarter, this is not a market where all of us are equally attractive or equally accessible. We succeeded in building a differentiated portfolio by deploying our underwriting expertise to select the most attractive risks, and our broad client relationships to achieve the most attractive signings.

不過，我們一開始就處於有利地位，並且對整個投資組合的利率充足性仍然充滿信心。正如我在上個季度提到的，在這個市場中，我們並非每個人都同樣具有吸引力或同樣容易接觸到。我們透過運用核保專業知識來選擇最具吸引力的風險，並透過廣泛的客戶關係來達成最具吸引力的簽約，從而成功地建立了一個差異化的投資組合。

We took a deal-by-deal and client-by-client approach, trading our participation on program holistically across lines and geographies. This resulted in us securing our desired lines when many others were signed down due to competition. It also facilitated targeted reductions in some cases, without impacting the lines we wanted to maintain.

我們採取逐筆交易、逐個客戶的方式，從整體上跨業務線和地理參與此專案。由於競爭激烈，許多其他公司都失去了我們想要的線路，而我們卻成功拿下了這些線路。它還有助於在某些情況下進行有針對性的削減，而不會影響我們想要保留的產品線。

I'll now walk through our actions at the January 1 renewal in more detail by segment, starting with Property. Our goal in Property Catastrophe was to maintain our existing portfolio and deploy additional capacity into attractive opportunities. Reinsurance supply was up following several years of strong results.

接下來，我將按部分詳細介紹我們在 1 月 1 日續約時採取的行動，首先從物業部分開始。我們在財產災害險領域的目標是維護我們現有的投資組合，並將額外的資源投入到有吸引力的投資機會中。繼連續數年業績強勁之後，再保險供應量增加。

This additional supply resulted in increased rate pressure globally with rates down on average in the low teens for our portfolio. Retentions and terms and conditions remain consistent with recent strong levels. We successfully renewed our existing lines and deployed new limit selectively across our owned and managed balance sheets.

新增供應導致全球利率壓力增加，我們投資組合的平均利率降至十幾個百分點以下。保留率和條款與條件與近期強勁的水平保持一致。我們成功地更新了現有信貸額度，並選擇性地在我們自有和管理的資產負債表中部署了新的信貸額度。

Overall, we expect to see a reduction in gross premiums written in Q1 due to rate decreases, which will be partially offset by growth from new demand. Bottled margin in the Property Catastrophe book remains well above the cost of capital, and as we described last quarter, there are several mitigants to the effect of rate decreases on our net retained business.

總體而言，我們預計第一季毛保費收入將因費率下降而減少，但新增需求帶來的成長將部分抵銷這一影響。財產巨災險業務的利潤率仍然遠高於資本成本，正如我們上個季度所描述的那樣，有幾種因素可以緩解利率下降對我們淨留存業務的影響。

First, we shape our portfolio with ceded reinsurance, which improves our net result. Ceded rates were down high teens across our portfolio. In addition, we renewed a series of our Mona Lisa CAT bond at a larger size with spread tightening by more than 50% on a risk-adjusted basis.

首先，我們透過分出再保險來建立我們的投資組合，從而改善我們的淨收益。我們投資組合中的讓與利率都下降了十幾個百分點。此外，我們以更大的規模續發了一系列蒙娜麗莎巨災債券，風險調整後的利差收窄了 50% 以上。

And finally, we share a significant part of our portfolio with capital partner vehicles which produces fee income, which is less sensitive to rate movement. This strategy has resulted in an average underwriting margin of over 50% over the last three years, and we remain confident in our ability to continue producing strong returns in our Property CAT book.

最後，我們與資本合作夥伴工具共享了我們投資組合的很大一部分，這些工具會產生費用收入，而費用收入對利率變動的敏感度較低。過去三年，這項策略使我們的平均承保利潤率超過 50%，我們仍然有信心繼續在財產巨災保險業務中取得強勁的回報。

In Other Property, our goal was to optimize the book to reduce peak exposure and maintain attractive margins. While several years of profitable results and favorable claims trends, we are experiencing great pressure. Terms and conditions such as deductibles and policy supplements remain strong.

在其他房地產領域，我們的目標是優化帳簿，以減少高峰期的曝光量並保持可觀的利潤率。儘管過去幾年我們取得了獲利成果，理賠趨勢也十分有利，但我們正面臨巨大的壓力。免賠額和保單附加條款等條款和條件仍然嚴格。

At the January 1 renewal, we maintained our positions across Other Property but reduced exposure in areas with the most rate pressure and manage net profitability through improved ceded purchases. Shifting now to our Casualty and Specialty book.

在 1 月 1 日的續約中，我們維持了在其他房地產領域的投資，但減少了在利率壓力最大的地區的投資，並透過改善轉讓購買來管理淨利潤。現在轉到我們的意外險和特殊險種。

In Casualty, we aim to fine-tune our positions to continue to manage exposure to areas most at risk of continued loss inflation. After reducing exposure significantly in 2025, our approach at the January 1 renewal was [ little ] tough. We earned back on programs where we saw below-average results while continuing to benefit from rate increases across the book.

在意外險領域，我們的目標是不斷調整我們的投資組合，以繼續控制在最有可能持續遭受損失擴大的領域的風險敞口。在大幅降低 2025 年的風險敞口之後，我們在 1 月 1 日續約時採取了[不太]強硬的策略。我們從業績低於平均水準的項目中收回了成本，同時繼續受益於整個業務範圍內的費率上漲。

Over the last 18 months, clients have been keeping up the trend in general liability by increasing [ our rates ]. Many clients are further differentiating themselves through investments in claims handling. These improvements will take time to be reflected in results. but we like the progress that is being made.

過去18個月裡，客戶在一般責任險方面持續成長，保費也隨之增加。[我們的價格]。許多客戶正透過投資理賠處理來進一步提升自身競爭力。這些改進需要時間才能體現在結果上，但我們對目前的進展感到滿意。

We measure the success of our casualty business over a 10-year period and believe we have made the right underwriting decisions for this point in the cycle. Maintaining our casualty positions on the best panels gives us options to benefit from improved underwriting margins as the market strengthens, while still allowing us to earn a strong return from the float in the interim.

我們以 10 年為週期來衡量意外險業務的成功，並相信我們已經針對當前的週期做出了正確的核保決策。透過在最佳保險公司中維持我們的意外險業務，我們可以在市場走強時享受更高的承保利潤率，同時還能在過渡期內從浮動收益中獲得豐厚的回報。

For every dollar of Casualty business we write, we benefit from more than $0.20 of investment income. This is the best way to construct our portfolio in this market and make our Casualty portfolio highly accretive to book value over both short and long term.

我們每承保一美元的意外傷害保險業務，就能獲得超過 0.20 美元的投資收益。這是建立我們目前市場投資組合的最佳方式，可以使我們的意外險投資組合在短期和長期內都大幅提升帳面價值。

And finally, in Specialty and Credit, our goal was to hold our positions in profitable lines and shift the balance towards the highest margin classes. In Specialty, we have a strong leadership position across lines, and we're successful in achieving positive differential terms in several placements.

最後，在特種險和信貸險領域，我們的目標是保持獲利險種的部位，並將重心轉移到利潤率最高的險種上。在特種藥品領域，我們在各個產品線都擁有強大的領導地位，並且在多個專案中成功實現了積極的差異化條款。

Our ability to trade with clients across classes of Property, Casualty and Specialty, enabled us to successfully maintain lines despite competition, and we increased diversification by geography and line of business. In Credit at this renewal, we maintained our shares on profitable business and selectively grew into opportunities across the portfolio. We expect profitability to remain strong.

我們能夠與財產險、意外險和特殊險等各類客戶進行交易，這使我們能夠在競爭中成功維持業務，並且我們在地域和業務領域方面增加了多元化。在本次續約中，我們在信貸方面維持了獲利業務的份額，並選擇性地掌握了投資組合中的成長機會。我們預計獲利能力將保持強勁。

We purchased a significant amount of ceded reinsurance in the Casualty and Specialty business and found attractive opportunities at one by one to increase our protection. Putting this all together, gross premiums in our Casualty and Specialty portfolio are likely to be down in 2026 compared to 2025. Net premiums will be down more than gross given increased ceded purchasing.

我們在意外傷害和特殊險業務中購買了大量的分出再保險，並逐一發現了增加我們保障的有吸引力的機會。綜合所有因素來看，2026 年我們意外險和特殊險種組合的總保費收入可能會比 2025 年下降。由於分出購買增加，淨保費的下降幅度將大於毛保費的下降幅度。

Underwriting margins remain tight in the segment. We continue to expect an adjusted combined ratio in the high 90s. As I described earlier, however, we are confident we have effectively balanced trade-offs between underwriting margin and investment income, driving healthy returns for shareholders.

該領域的承保利潤率依然很低。我們仍預期調整後的綜合比率將在90%以上。正如我之前所述，我們有信心已有效地平衡了承保利潤率和投資收益之間的權衡，從而為股東帶來了健康的回報。

In closing, we entered 2026 with deep client relationships and an underwriting portfolio built to optimally support our three drivers of profit, all of which position us to continue delivering superior shareholder returns this year and over the long term.

最後，我們帶著深厚的客戶關係和完善的承保組合進入了 2026 年，這些都旨在最大限度地支持我們的三大盈利驅動因素，所有這些都使我們能夠在今年和長期內繼續為股東帶來卓越的回報。

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

那麼，接下來我就把麥克風交還給凱文了。

Thanks, David. To close our prepared comments, our performance in 2025 gives me great confidence in the future. We anticipate that each of our three drivers of profit will remain robust sources of income in 2026. More importantly, we have the strongest team in the industry, and I couldn't imagine a company better positioned to succeed in any and all market environments. As a result, we expect to continue to deliver outstanding shareholder value over the course of the year.

謝謝你，大衛。最後，我想說，我們對 2025 年的表現讓我對未來充滿信心。我們預計，到 2026 年，我們的三大利潤驅動因素仍將是強勁的收入來源。更重要的是，我們擁有業界最強大的團隊，我想不出還有哪家公司比我們更有能力在任何市場環境下取得成功。因此，我們預計今年將繼續為股東創造卓越價值。

Thanks. And with that, I'll turn it back to you to take the questions.

謝謝。那麼，接下來就交給你們來提問吧。

(Operator Instructions)

（操作說明）

Elyse Greenspan, Wells Fargo Securities LLC.

伊莉絲‧格林斯潘，富國證券有限責任公司。

Hi. Thanks. Good morning. My first question is on property CAT. You guys said that you expected, I think premiums to be down mid-single digits, right? Because due to some changes, right, that's obviously better than the price decline. So I just want to confirm, is that -- that's a view for all of '26?

你好。謝謝。早安.我的第一個問題是關於物業CAT的。你們之前說過預計保費會下降個位數中段，對吧？因為一些變化，對吧，這顯然比價格下跌要好。所以我想確認一下，這是——這是26年所有年份的普遍情況嗎？

And then if that is the case, I guess, what are you assuming within that guide happens for pricing during the other renewal seasons of the year?

那麼，如果是這樣的話，我想，您在該指南中假設一年中其他續訂季節的定價會是什麼樣的呢？

Yeah. Thanks, Elyse. Yes, that is our expectation for the year. If you look at the supply-demand dynamics at 1/1, we expect them to persist. So we anticipate that there will be continued rate reductions going into the mid-year renewals -- that said, if we look at -- I think there's a lot of focus on rate change. If we look at rate adequacy, it's a bit of a different story.

是的。謝謝你，伊莉絲。是的，這就是我們對今年的預期。如果觀察 1:1 的供需動態，我們預期這種動態將持續下去。因此，我們預計在年中續約時利率將繼續下調——也就是說，如果我們觀察——我認為人們非常關注利率變化。如果我們從費率是否充足的角度來看，情況就有點不同了。

There's very strong rate adequacy in the midyear renewals. A lot of those are U.S.-focused and many were affected by the wildfires. So we go into that renewal at the same risk-adjusted reduction. So if top line reductions are a little less, I think the rating environment -- or a little bit more, excuse me, the robustness of the rate adequacy should serve to produce results similar to what we got at one.

年中續約的利率非常充足。其中許多都以美國為重點，而且很多都受到了山火的影響。因此，我們以同樣的風險調整後降幅進入續約階段。因此，如果總削減幅度略小一些，我認為評級環境——或者更確切地說，評級充足性的穩健性——應該能夠產生與我們之前所獲得的結果類似的結果。

Thanks. And then I guess my second question, I guess, is just, I guess, a number question for Bob. You guided to an expense ratio, I think, in the range of 5% to 5.5%, right? I think it was 4.7% in '25. Is that including the benefit of the Bermuda tax credits, which I know go up, right, you'll see the 75% in '26? Because I know you said your investments in the business?

謝謝。那麼，我想我的第二個問題，大概就是一個關於數字的問題，問鮑伯吧。我認為，您引導的費用比率在 5% 到 5.5% 之間，對嗎？我認為2025年是4.7%。這是否包括百慕達稅收抵免的優惠？我知道這項優惠會增加，對吧？你會看到2026年達到75%？因為我知道你說過你對這家企業的投資？

Or is it before or after it? I just want to make sure I'm understanding the numbers correctly.

或者說，它是在它之前還是之後？我只是想確認一下我是否正確理解了這些數字。

That would be after. That would be after giving effect to all things that we understand in 2026 that we'll be investing in and other dynamics. But again, I'll point out, it's still an incredibly low expense ratio.

那應該是之後的事了。那是在考慮到我們預計在 2026 年將要投資的所有事項以及其他因素之後的結果。但我還是要指出，它的費用比率仍然非常低。

But then what are, I guess, is it just like talent and underwriting? I guess, what are the things that you guys are investing in that, I guess, that is taking them up -- taking that ratio up a little bit even with the tax credit benefit?

但我想，這到底是什麼呢？是不是就像天賦和核保一樣？我想問的是，你們都投資了哪些項目，以至於即使有稅收抵免優惠，這個比例還是有所上升？

Sure. That's a good question. We've bought Validus. We brought them on board in 2024, and as talked about the integration of it. Each year, we layer on another $11 billion to $12 billion of premium, each year brings more operational complexity, and we continue to invest in that. We have the scale.

當然。這是個好問題。我們收購了Validus公司。我們在 2024 年將他們納入麾下，並討論了整合事宜。每年，我們都會額外增加 110 億至 120 億美元的保費，每年都會帶來更多營運複雜性，而我們也將繼續為此進行投資。我們具備規模優勢。

We've gone through a lot of work internally to be able to process that, but that takes people as we get to scale. But again, we are managing that as efficiently as we can. It comes in through new systems, better efficiency on technology, but we'll continue to manage that. I give you a range. We'll probably be at the low end of that range.

我們內部做了很多工作來處理這些，但隨著規模的擴大，這需要更多的人力。但是，我們正在盡最大努力有效地管理這項工作。它透過新系統和技術效率的提升來實現，但我們會繼續管理它。我給你一個範圍。我們大概會處於這個範圍的下限。

Thank you.

謝謝。

Joshua Shanker, Bofa Merrill Lynch Asset Holdings Inc.

Joshua Shanker，美國銀行美林資產控股公司

Yeah. I'm going to ask two questions, and I'll start with the odd ball, it's so interesting. Let's talk about gold. Can you talk about how that appears on your balance sheet, whether the $400 million gains in the book value?

是的。我要問兩個問題，先問一個比較另類的問題，這個問題很有趣。我們來聊聊黃金吧。您能否談談這筆 4 億美元的收益是如何體現在您的資產負債表上的，例如帳面價值的增加？

And two, let's just say, the political situation on planet earth doesn't change. Do you care whether gold is $5,000 an ounce or $10,000 an ounce, you're going to hold that hinge?

其次，我們不妨假設地球上的政治局勢沒有改變。你會在乎黃金價格是每盎司 5000 美元還是每盎司 10000 美元嗎？你會堅持持有那個鉸鏈嗎？

Let me -- I'll take the second part of your question first, then Bob can answer the accounting question. We looked at -- we put the gold position on in '24 sorry, in '23, as we looked at the world and saw different risks emerging, and we think about the enterprise risk that we have to manage, and we thought it was a good hedge against the underwriting portfolio and a good hedge against some of the interest rate risk in the investment portfolio. It continues to serve as a hedge in the portfolio.

讓我先回答你問題的第二部分，然後鮑伯再回答會計方面的問題。我們考察了——我們在 2024 年（抱歉，是 2023 年）建立了黃金頭寸，因為我們觀察世界，看到各種風險正在出現，我們考慮到我們必須管理的企業風險，我們認為這是對沖承保組合風險和對沖投資組合中部分利率風險的良好手段。它繼續在投資組合中發揮對沖作用。

So whether it's at $4,000 or $5,000, it's something that we're constantly looking at it, but we don't have a price target to say that it's an investment, and we're exiting at this point. We continue to monitor it actively against the enterprise risk we're managing.

所以無論是 4000 美元還是 5000 美元，我們都在不斷關注，但我們目前還沒有設定目標價格，所以不能說這是一項投資，我們打算在這個時候退出。我們將繼續積極監控其與我們正在管理的企業風險之間的關係。

Josh, on the second question, it represents because these are futures contracts. It's the unrealized gain on the mark-to-market. And we have a modest margin up against and it doesn't really draw a lot of capital.

Josh，關於第二個問題，這是因為這些是期貨合約。這是按市值計價後未實現的收益。而且我們的利潤空間不大，也無法吸引太多資金。

Okay. And then on the question of capital. There's -- a lot of these companies give us PMLs and things and RenaissanceRe is not a part of the secret sauce. But can you talk about in any way that we can make how much more aggregate you want to put to work in property risk in 2026 or whether it's going to be a similar year 2025 and the money you make basically can be returned to shareholders?

好的。然後是關於資本的問題。很多公司都提供我們 PML 之類的東西，而 RenaissanceRe 並不是其中的秘訣。但是，您能否談談您希望在 2026 年投入多少資金用於房地產風險投資，或者 2025 年的情況是否類似，以及您賺的錢基本上是否可以返還給股東？

Yeah. We normally talk more about this at the next call. But our plan as we put together the pro forma for where we're going to structure the business. On a net basis, I would say we'll probably hold risk relatively flat for the hurricane Southeast hurricane, which is still our dominant peak.

是的。我們通常會在下次通話中詳細討論這個問題。但我們正在製定計劃，以便對公司架構進行初步規劃。總體而言，我認為我們可能會將東南颶風的風險控制在相對穩定的水平，這仍然是我們的主要風險高峰。

That could change if we see more opportunities or better than expected pricing going into the summer renewals. But at this point, I would say our risk will be on a net basis, relatively stable as far as our plan at this point, but that could change.

如果夏季續約時我們看到更多機會或價格好於預期，情況可能會有所改變。但就目前而言，我認為我們的風險淨值相對穩定，符合我們目前的計劃，但這可能會改變。

Yaron Kinar, Mizuho Securities.

Yaron Kinar，瑞穗證券。

Thank you. Good morning. Just wanted to go back to the property CAT market. Given the declines that we saw in rates and one by one renewals, and I think there's some expectation of further declines in 41/61. How are you thinking of expected returns and rate adequacy in that book in 2026.

謝謝。早安.只是想重返房地產CAT市場。鑑於我們看到的利率下降和續約率逐一下降，我認為人們預期 41/61 年利率會進一步下降。您認為該書在 2026 年的預期收益和利率充足性如何？

And then how are you looking to deploy capacity into that market? What areas would be more or less interesting compared to '25?

那麼，你們打算如何將產能部署到這個市場呢？與 2025 年相比，哪些方面會更有趣或更無聊？

Yeah. Hi, this is David. I can take that one. I think first of all, we said we did see pressure, but we were starting from a very good spot. So rate adequacy is still strong. I can break that down a little bit more for you and the low teens that we saw in the overall cap book, that is a bit separate.

是的。大家好，我是大衛。我可以接受這個。首先，我認為我們說過我們確實感受到了壓力，但我們的起點非常高。因此，利率充足性依然良好。我可以再詳細解釋一下，至於我們在整體資本預算中看到的十幾個百分點，那是另一回事。

The U.S. CAT book renews in Q1 at one by one is about one third of the U.S. CAT book. That was down about 10%, whereas the international and global portfolio was down about 15%. So part of what we're faced with, not all risks are the same.

美國CAT考試書籍在第一季陸續更新，大約占美國CAT考試書籍總量的三分之一。該投資下降了約 10%，而國際和全球投資組合下降了約 15%。所以，我們面臨的部分問題是，並非所有風險都相同。

Both of those risks are attractive in their own ways. But rating level is still high. We also see really strong term and conditions consistent with the last three years. So it's not as much about how will we react to rate decreases. We have a strong level of adequacy, access to all of the business and a lot of options to construct the portfolio.

這兩種風險各有其吸引力。但評分水平仍然很高。我們也看到條款和條件非常強勁，與過去三年保持一致。所以，問題的關鍵不在於我們將如何應對利率下降。我們擁有充足的資源，可以接觸到所有業務，並且有很多建立投資組合的選擇。

we do see growing demand on the U.S. side. There was only one by one, and we expect more in Q2. So that will present opportunities. But our approach is to select the best opportunities, make sure we get the best signings and construct an attractive portfolio.

我們確實看到美國方面的需求正在增加。目前只有一兩件，我們預計第二季會有更多。這將帶來機會。但我們的方法是選擇最佳機會，確保簽下最優秀的球員，並建立一個有吸引力的投資組合。

Okay. And then my second question, on recent calls, we've heard brokers talk a lot about the large opportunity for data centers in the insurance market. And I'd imagine that while a lot of that would fall into the insurance market, as underwriters in an attempt to be prudent, would look to manage their exposures.

好的。我的第二個問題是，在最近的電話會議中，我們經常聽到經紀人談論資料中心在保險市場中的巨大機會。我想，雖然其中很多都會落入保險市場，但核保人為了謹慎起見，會想辦法控制風險敞口。

I guess I'd be curious to hear how you as a reinsurer that has both a traditional balance sheet and large JV business, how you think about that opportunity and how you'd go about managing that risk?

我很想知道，作為一家既擁有傳統資產負債表又擁有大型合資企業業務的再保險公司，您是如何看待這個機會的，以及您將如何管理這種風險？

Yeah. This is David again. I'll continue to take that. So first of all, data centers are something that we currently reinsure. What's the new opportunity is the fact that there are more mega projects, which do require reinsurance capacity or third-party capacity. So its early stages of a positive opportunity, and we're working with our clients and brokers to understand the risk as well as we can and how we deploy capacity.

是的。這是大衛。我會繼續服用。首先，資料中心是我們目前提供再保險服務的對象。新的機會在於出現了更多的大型項目，這些項目確實需要再保險能力或第三方能力。所以現在還處於積極機會的早期階段，我們正在與客戶和經紀人合作，盡可能地了解風險以及我們如何部署產能。

Our focus first is to get the underwriting and pricing right and get terms and conditions and coverage and also get the aggregation right. So we're well along the path there, and we think it will continue to be an opportunity as it grows as a market.

我們首先要關注的是確保承保和定價正確，條款、條件和承保範圍正確，並確保合併正確。所以我們已經走在正確的道路上，我們認為隨著市場的發展，它將繼續是一個機會。

Thank you.

謝謝。

Meyer Shields, KBW.

Meyer Shields，KBW。

Thanks so much. So I'm inferring from the high 90s expected combined ratio in Casualty and Specialty that you're not anticipating much of a change in reserve philosophy for Casualty lines. And I'm wondering if you look at the older accident years that are close to being settled. I was hoping you could talk about how reserves for those accident years have played out where conservative reserving is just less relevant?

非常感謝。因此，從意外險和特殊險預計高達 90% 的綜合比率來看，我推斷您預計意外險的準備金概念不會有太大變化。我想知道，如果你查看那些接近結案的較早年份的事故案件，結果會如何。我希望您能談談在那些事故年份，保守的準備金提列方法是如何發揮作用的？

Yeah. I think overall, I think we're trying to be as transparent as we can on kind of the Casualty Specialty segment, and specifically GL. The book -- the Casualty Specialty looks great with that favorable development last year. But the overall reserve pool for Casualty, Specialty, I think of it as the old story of a duck. It's relatively stable on top, but there's a lot of pieces moving around down below.

是的。我認為總體而言，我們正在努力在意外傷害專業領域，特別是 GL 領域，盡可能做到透明。鑑於去年的有利發展，《意外傷害保險專業》這本書看起來很不錯。但就意外險和特殊險的整體儲備金而言，我認為它就像鴨子的故事一樣。它的頂部相對穩定，但底部有許多部件在移動。

It's moving by year and it's moving by line of business. And we continue to be extremely cautious in thinking about how to reflect, in particular, in GL, the increased pricing that's coming through, where pricing actuaries are putting it through on pricing. But from a reserving perspective, we're being cautious and continuing to not reflect that at this point.

它按年份和業務線進行調整。我們仍然非常謹慎地思考如何反映，尤其是在總帳業務中，不斷上漲的價格，以及精算師們在定價方面所採取的措施。但從儲備的角度來看，我們持謹慎態度，目前仍未反映這一點。

So, from the overall portfolio, it's behaving well. With regard to the years -- most of the years that are older seem to be settling down. And much of those older years still have the protections with regard to the protections that were part of the acquisitions of both Validus and Platinum. So they're less relevant for us than they are for some others.

所以，從整體投資組合來看，它的表現良好。就年齡而言——大多數年紀較大的人似乎都安定下來了。而且，這些較早年份的大部分內容仍然受到 Validus 和 Platinum 收購時所附帶的保護措施的約束。所以對我們來說，它們的重要性不如對其他人那麼高。

Okay. That makes perfect sense. And I go in a slightly different direction. One of the, I guess, chatter points for the one by one renewals was the increased inclusion of riot and civil commotion coverage, and I was hoping you could talk about whether your exposure to that specific risk is materially different than in 2025.

好的。這完全說得通。而我則走了一條略有不同的路。我想，在逐一續保的過程中，大家討論的重點之一是增加了騷亂和內亂保險的承保範圍，我希望您能談談您面臨的這一特定風險與 2025 年相比是否有實質性的不同。

Hi Meyer, this is David. There's no real change in our exposure there. It's apparel, which was -- is covered in a very specific way with tight terms and conditions. So while the risk is in there at the levels we attach at, the retentions keep us insulated from a lot of attritional loss and there's really no change in 2026.

你好，邁耶，我是大衛。我們在那裡的風險敞口並沒有發生實質變化。這是服裝，其保險條款非常具體，並有嚴格的規定。因此，雖然風險確實存在於我們所設定的水平，但留存收益使我們免受大量損耗的影響，2026 年也不會發生任何變化。

All right, fantastic. Thank you so much.

好的，太棒了。太感謝了。

Michael Zaremski, Bank of Montreal.

邁克爾·扎雷姆斯基，蒙特利爾銀行。

Hey. Thanks, Bob, back to the tax credits and all the tax legislation. I think clear about '26, the expense ratio, net of the credits. I guess we'll just have to see how the tax credits go up in '27. So I guess we'll have to decide if we want to also kind of re-spend some of the that, the credits as an investment, unless you want to comment.

嘿。謝謝你，鮑勃，我們還是回到稅收抵免和所有稅收法規的話題上來吧。我認為 26 年的費用比率（扣除抵免額後）已經很清楚了。我想我們只能看看2027年稅收抵免政策會如何改變了。所以我想我們必須決定是否要將其中一部分積分再投資，除非你想發表意見。

And the DTA, is there clarity on how that's going to play out? Or is it a write-down? I know it was a benefit this quarter. Thanks.

至於《國防貿易協定》（DTA），目前是否有明確的實施細則？還是這是一份書面記錄？我知道這在本季是一項福利。謝謝。

That's a good question. I'll tackle them both. The DTA, I'll start with that one. That's a legislation here by Bermuda. So it's a matter of law. We used it this year to defer our tax liability, and we fully intend to use it in 2026 to defer the liability. The only way that changes is if the law changes, and I don't control that. I haven't been any conversation about it.

這是個好問題。我會處理這兩個問題。DTA，我就先從它說起。這是百慕達的一項立法。所以這是一個法律問題。我們今年利用這項措施來延緩納稅義務，我們完全打算在 2026 年繼續利用這項措施來延緩納稅義務。只有法律改變，這種情況才會改變，而我無法控制法律。我還沒跟人談論過這件事。

So we're still moving forward on it. With respect to the credit, I kind of led in my prepared comments that it was 60 basis points on the annualized operating expense. It goes up to 75% next quarter. So it means it goes up to around 90% all things constant as my economics teacher used to say, and then it goes to the full impact of 2027.

所以我們仍在推進這項工作。關於信貸方面，我在事先準備好的評論中提到，它是按年度營運費用計算的 60 個基點。下個季度將升至75%。所以，正如我的經濟學老師過去常說的，在其他條件不變的情況下，它會上升到大約 90%，然後到 2027 年就會產生全面影響。

We don't intend to spend that specifically as a part that comes in on the back of our spend. It does reduce our net spend. But I stick by way what I was talking about with a lease was the we're investing in our infrastructure technology to be able to operate at scale.

我們並不打算將這筆錢作為我們日常開支的一部分專門用於支出。這確實能減少我們的淨支出。但我堅持我之前所說的租賃事宜，是指我們正在投資基礎設施技術，以便能夠大規模運作。

Okay. Great. And maybe pivoting back to the Casualty Specialty segments. And specifically on Casualty, I know you've given us some big commentary so far. But if we -- let's say, if we use the Marsh pricing gauge, excess casualty rates, which permit writes a lot of, you're seeing pricing kind of accelerate up into the close to 20% range.

好的。偉大的。或許會重新回到意外傷害專科領域。特別是關於《傷亡事件》，我知道你目前為止已經發表了一些重要的評論。但是，如果我們——比如說，如果我們使用 Marsh 定價指標，即超額意外險費率（許可證承保的此類費率很高），你會發現價格正在加速上漲，接近 20% 的水平。

I know Ren has taken -- you guys have taken a lot of positive reserving actions to put in conservatism. But curious, is there something causing rates to accelerate so much in excess casualty? Thanks.

我知道任正採取──你們採取了很多積極的儲備措施來貫徹保守主義。但令人好奇的是，是什麼原因導致超額傷亡率加速上升？謝謝。

Hey. This is David. So you're right to point out that the excess casualty, the high layers that are written by the Bermuda insurance market, some of which are our clients, although we service global casualty portfolio, that is accelerating more than the lower layers.

嘿。這是大衛。所以您說得對，百慕達保險市場承保的超額意外險（高層險），其中一些是我們的客戶，儘管我們服務於全球意外險組合，但其增長速度比低層險更快。

And that's just the effect of what the market has been doing for the last 18 months or so, where casualty rates for all excess casualty has accelerated as a response to accelerating loss trend, at the higher layers. It's -- the market is taking more rate than at the lower in the mid layers.

而這只是過去 18 個月左右市場走勢的影響，所有超額意外險的賠付率都因高層次損失趨勢的加速而加快。市場－中階市場的利率高於底層市場。

But that's what's going on there. There's nothing unique about those layers. What we're seeing overall is -- it's not just the rate acceleration, but it's also the investment in the claims handling. That helps all open lanes, not just the new underwriting years. So we're really encouraged by the signs, but it's going to take time for that to come through the numbers. Thanks.

但那裡的情況就是這樣。這些圖層並沒有什麼特別之處。我們看到的整體情況是－不僅是賠付率的加速成長，還有對理賠處理的投入。這有助於所有開放的通道，而不僅僅是新的承保年份。所以，這些跡象確實令人鼓舞，但這還需要時間才能反映在實際數字上。謝謝。

Ryan Tunis, Cantor Fitzgerald LP.

Ryan Tunis，Cantor Fitzgerald LP。

Hey. Thanks. Good afternoon. First question, just looking at the trajectory of fee income, in particular, management fee income, like I would think that that would move with the growth in the Partner Capital, but that was down in 2025, and it sounds like Bob's guidance was to kind of be flat in '26. Could you just kind of walk us through, I guess, why we're not seeing growth on that line?

嘿。謝謝。午安.第一個問題，僅從費用收入的軌跡來看，特別是管理費收入，我認為它會隨著合夥人資本的增長而增長，但2025年卻下降了，而且鮑勃的指導意見似乎是2026年將保持平穩。您能否簡單解釋一下，為什麼這條生產線沒有成長？

Brian, specifically, my guidance was the first quarter. It was at 59% based on what we had.

具體來說，布萊恩，我的指導主要集中在第一季。根據我們掌握的信息，比例是 59%。

But that's down from the fourth quarter --

但比第四季有所下降。--

It's around the same. There was a lot of noise in 2025, but the guidance that I was trying to give you was it's $50 million in the first quarter. And you're right. If we grow the assets significantly, the fees will fall. Performance fees are a different measure based on the volatility that can happen in the earnings stream and each of the JVs.

差不多。2025 年有很多傳言，但我一直想給你們的指導意見是，第一季收入為 5000 萬美元。你說得對。如果我們大幅增加資產，費用就會下降。業績費是根據收益流和每個合資企業可能出現的波動情況而製定的不同衡量標準。

If it's helpful. The joint ventures are all -- none of them are smaller going into '26 than where they were and we haven't changed the fee structure on our -- any of the vehicles that we're managing. So just as a starting point, there'll be ups and downs as new capital comes on board or there will be changes in the existing capital, but it's relatively stable from last year to this year.

如果這有幫助的話。合資企業——沒有一家在進入 2026 年時規模比以前小，而且我們也沒有改變——我們管理的任何投資工具的費用結構。因此，作為起點，隨著新資本的注入或現有資本的變化，會有起伏，但從去年到今年，情況相對穩定。

Hopeful, I'll follow-up probably for David and Bob. But also on the other property side, curious at one by one, what you're seeing from a demand perspective. Clearly, a lot of students been really strong accident years in '24, '25. Are you seeing them buy down? Or what are the trends there?

希望如此，我可能會跟進大衛和鮑勃的情況。但另一方面，從房地產的角度來看，我很好奇，從需求角度來看，你們看到的是什麼樣的狀況。顯然，許多學生在 2024 年、2025 年都遭遇了嚴重的意外。你看到他們減持了嗎？或者說，那裡的發展趨勢是什麼？

And then, I guess, separately, given the competitive environment in property, I was a little bit surprised that the other property margin guidance is still for mid-50s. I guess, just walk me through your confidence in that.

另外，考慮到房地產行業的競爭環境，我對其他房地產利潤率預期仍為 50% 左右感到有些驚訝。我想，你不妨跟我說說你為什麼對此充滿信心。

Hey Ryan, this is David. I'll start with your question on retention in terms of conditions. So in terms and conditions across other property and CAT remains strong and a big piece of that is retention. So the other property cat exposed structures or risks have had a step change after 2022. Those remain at strong levels.

嗨，瑞恩，我是大衛。我先回答你關於條件方面留存率的問題。因此，在其他財產和 CAT 的條款和條件方面，情況仍然強勁，其中很大一部分是保留率。因此，其他受財產巨災影響的建築物或風險在 2022 年後發生了巨大變化。這些指標仍保持在高位。

There's competition on price, and we're able to move around that portfolio to make sure that we're getting the best return on the risk that we've got, but we're really comfortable with the way the terms and conditions have held strong there. On the CAT side also, clients elected generally not to buy down their retentions as they save money on their CAT towers, they didn't send it on cover below.

價格方面存在競爭，我們可以調整投資組合，確保在承擔相應風險的情況下獲得最佳回報，但我們對目前的條款和條件非常滿意。在 CAT 方面，客戶通常選擇不降低保留率，因為他們在 CAT 塔上節省了資金，他們沒有將其發送到下面的封面。

Ryan, on the mid-50s, that was our guidance for the other property book. And that's kind of a mix issue that you have between the attritional versus the CAT exposed, non-CAT exposed. But we view that as a strong current accident year loss ratio. It's a little elevated this year, obviously, because of the events that came through. That's what we're steering in the mid-50s.

Ryan，50多歲，那是我們對另一本房地產書籍的指導價。這是損耗型和受 CAT 影響型、未受 CAT 影響型之間的混合問題。但我們認為這是一個較高的當期事故損失率。由於今年發生的一些事件，情況顯然要特別一些。這就是我們在 50 年代中期努力的方向。

Matthew Heimermann, Citi.

花旗銀行的馬修·海默曼。

I guess just a couple -- one, Kevin, following up on your comment on casualty with technical ratios eventually decreasing. I'm curious if you think that will have more to do with a change in loss trend turning out to be better than you think or rates going up?

我想就提兩點——第一點，凱文，關於你之前提到的傷亡率隨著技術進步而逐漸下降的評論。我很好奇，你認為這更多是因為損失趨勢的變化比你預想的要好，還是因為利率上升？

Yeah. I think right now, our pricing actuaries are reflecting the benefit of the price change. So if all works out well, I would hope our reserving will ratios trend to the pricing ratios, so I would say it's more of a reflection of the benefit of price having persistence and us increasing our confidence in that.

是的。我認為目前我們的定價精算師已經反映了價格變動帶來的好處。所以如果一切順利，我希望我們的儲備比率能夠與定價比率趨於一致，因此我認為這更反映了價格持續性帶來的好處，以及我們對此越來越有信心。

I would love to say that I see the trend decreasing over time. I think if we -- we'll certainly monitor that, any change in trend we will reflect over time, whether it's going up or going down, but I would say more likely price.

我很想說我看到這種趨勢隨著時間的推移而減弱。我認為如果我們——我們肯定會密切關注這一點，任何趨勢的變化我們都會隨著時間的推移而反映出來，無論是上漲還是下跌，但我認為更有可能是價格。

Okay. Thank you for that. And I guess I was just curious -- I mean, happy to listen, if there are more details you want to share on some of the investments you're making around the platform and embedding that in underwriting systems. But I'm also curious whether or not from a talent perspective, being in Bermuda, there's any limitations in terms of the speed or with what you can execute your technology road map?

好的。謝謝。我只是好奇——我的意思是，我很樂意聽，如果您想分享更多關於您在平台周圍進行的投資以及如何將其嵌入承保系統方面的細節。但我也很好奇，從人才角度來看，身處百慕達，在技術路線圖的執行速度或範圍方面是否有任何限制？

Yeah. So, with regard to our thinking about how to manage our risk, this isn't the first time we've used the capital markets to think about hedging risk in our underwriting portfolio or in our investment portfolio, obviously. With regard to talent, we have a global platform. Our investment team is split between New York, Bermuda and Dublin. So we've got kind of good coverage there, good access to talent.

是的。所以，就我們思考如何管理風險而言，這顯然不是我們第一次利用資本市場來考慮對沖承保組合或投資組合中的風險。在人才方面，我們擁有全球平台。我們的投資團隊分佈在紐約、百慕達和都柏林。所以我們在那方面涵蓋範圍比較廣，也能接觸到不少人才。

And almost all of the groups that we have within the company or split across multiple platforms. So I don't see any constraint with our ability to access talent. And with the technology that we have for collaboration, we can easily link teams in any location. So we have access to the best talent, I believe, anywhere in the world.

幾乎所有我們公司內部的團隊，或是分散在多個平台上的團隊。所以我認為我們在獲取人才方面沒有任何限制。借助我們現有的協作技術，我們可以輕鬆地將任何地點的團隊連結起來。因此，我相信，我們能夠接觸到全世界最優秀的人才。

Yeah. And just any call out on the types of add-ons that you're -- or enhancements you're making to the underwriting side? And I wasn't sure if you met REMS specifically or other platforms.

是的。能否談談您正在對承保方面進行的任何附加服務或改進？我不確定您是否專門參加了 REMS 會議，還是參加了其他平台的會議。

Yeah. We are enhancing our REMS program, which is the underwriting platform. We're probably one year, one and a half years into the actual technology rebuild, and that really is a shift in a couple of kind of material ways.

是的。我們正在改進我們的 REMS 計劃，也就是核保平台。我們可能已經進行了一年到一年半的實際技術重建，這在幾個實質方面確實是一個轉變。

As we've diversified, we want to make sure that our system is not as much of a deal system, but more of a client system. So it's easier for us to look at profitability per client and understand how do we age with the client to best bring our capacity to their problems.

隨著業務多元化，我們希望確保我們的系統不再是以交易為主的系統，而是以客戶為主的系統。因此，我們可以更輕鬆地查看每個客戶的獲利能力，並了解如何與客戶共同成長，從而更好地發揮我們的能力來解決他們的問題。

And then secondly, we're updating our architecture so that as AI becomes more meaningful in either automation or augmentation of our processes, we will have the infrastructure to plug it in much seamlessly than what we currently have. So we think these investments put us in a very strong competitive position to continue to adopt the best technology as it becomes proven.

其次，我們正在更新我們的架構，以便隨著人工智慧在流程自動化或增強方面發揮越來越重要的作用，我們將擁有比目前更無縫地連接該架構的基礎設施。因此，我們認為這些投資使我們處於非常強大的競爭地位，能夠繼續採用已被證明的最佳技術。

Appreciate it. Thanks.

謝謝。謝謝。

[Dean Crisitello, Wolf Research.]

[迪恩·克里西泰洛，沃爾夫研究公司。 ]

Hi. I was hoping if you could talk about how ceding commissions in your casualty book trended during January 1 renewals?

你好。我想請您談談在1月1日續保期間，您的意外傷害保險業務中佣金轉讓的趨勢如何？

Yeah, absolutely. So seating commissions and casualty were pretty flat overall. -- most of the improvements that are coming in the market are on the insurance side with insurance rate going up and insurers investing in claims handling to better be able to fight the plaintiffs' bar.

是的，絕對的。因此，座位佣金和意外傷害賠償金總體上比較平穩。 ——市場上的改善大多體現在保險方面，保險費率上漲，保險公司加大對理賠處理的投資，以便更好地對抗原告律師。

But the transfer to reinsurance and the reinsurance supply demand was pretty stable. The best accounts might have gotten to tick up, the worst accounts got to tick down, but that's pretty much the case across casualty and professional lines.

但再保險業務的轉移以及再保險的供需都相當穩定。最好的帳戶可能會上漲，最差的帳戶可能會下降，但這種情況在意外險和職業險領域基本上都存在。

Got it. And then within the Casualty and Specialty segment, you guys have been growing a lot within like the credit line. So I was wondering what kind of impact that would have on like the underlying losses and maybe the expense ratio going forward?

知道了。而在意外險和特種險領域，你們的信貸額度成長了許多。所以我想知道這會對潛在的虧損以及未來的費用率產生什麼樣的影響？

Yes. We did see some good opportunities in credit. Credit is one of the three main pillars of the book. We have casualty, specialty and credit with casualty being split into the general liability and professional liability. Credit has been a really profitable class. The pillars of the credit book are the mortgage business than the standard credit bond and political risk and then some structured credit business.

是的。我們在信貸領域確實看到了一些不錯的機會。信用是本書的三大支柱之一。我們有意外險、特殊險和信用險，其中意外險又分為一般責任險和職業責任險。信貸課程一直都非常賺錢。信貸業務的支柱是抵押貸款業務，其次是標準信貸債券和政治風險，然後是一些結構性信貸業務。

All of those are performing well. What we found in the last quarter and the last year was we found opportunities in the structured credit business and in the mortgage business. Both of those are high profit margin and good opportunities for us to add to the portfolio.

它們都表現良好。我們在上個季度和去年發現，結構性信貸業務和抵押貸款業務存在機會。這兩檔股票的利潤率都很高，是我們擴充投資組合的好機會。

Peter Knudsen, Evercore Group LLC.

Peter Knudsen，Evercore Group LLC。

Hey. Thanks for squeezing me in. In the prepared remarks, you noted prioritizing casualty seasons who focus on claims handling practices. I think going back to 2024, you had made a couple of comments around making a larger effort to work more closely with casualty ceded to sort of ramp up information flow renewals. So now at [January 1, '26].

嘿。謝謝你擠出時間幫我。在準備好的演講稿中，您提到要優先考慮那些專注於理賠處理實務的意外傷害季節。我認為，回到 2024 年，你曾發表過一些評論，表示要加大力度與傷亡人員更緊密地合作，以加快資訊流動更新。所以現在在[1926年1月1日]

Can you maybe talk a little bit about how this renewal period was different and how it's evolved in that regard, if at all, would you say there's a material difference in what's being collected now versus [ January 1, '23 ] before you guys were calling that out, for example?

您能否談談這次續約期有何不同，以及它在這方面發生了哪些變化？例如，您認為現在收集的資訊與您們提出這個問題之前的[2023年1月1日]相比，是否存在實質差異？

Yes. It's been two strong renewals since we started that, and we've been working collaboratively with clients. There -- we get materially better information than we got previously -- that information is not only geared towards understanding claims trends, but also geared towards how do we then understand their overall business approach and is led a lot into claims conversations -- so where we can then use that in our underwriting to make sure we're picking the best risks and avoiding those that are worse.

是的。自從我們開始這項工作以來，已經成功續簽了兩份合同，而且我們一直與客戶保持著密切的合作。在那裡，我們獲得了比以前更好的信息——這些信息不僅有助於了解理賠趨勢，還有助於我們了解他們的整體業務方法，並且與理賠討論密切相關——因此，我們可以在承保過程中利用這些信息，確保我們選擇最佳風險並避免更糟糕的風險。

It's been a very positive process and collaborative with the clients. One of the things on the renewals overall on the claims side is -- there's trend is not -- the plaintiff bar is not let up and how they're approaching trying to get big summons.

與客戶的合作過程非常積極有效。就索賠方面的續約而言，其中一個問題是——目前的趨勢是——原告律師並沒有放鬆警惕，他們正努力爭取巨額傳票。

But the insurance carriers have gotten much more proactive and from the top down. There's a lot of awareness of how they can invest, how they can use data, how they can collaborate across the tower -- and so it's not always the quantity of things we get from that process, but it's those qualitative things, which we're confident will have a strong impact over time.

但保險公司已經變得更加積極主動，而且是從上到下採取了行動。大家對如何投資、如何使用數據、如何跨部門協作都有了很高的認識——因此，我們從這個過程中獲得的不僅僅是數量，而是那些定性的東西，我們相信這些定性的東西會隨著時間的推移產生強大的影響。

Okay. Great. And then just a quick one for me on the casualty favorable ex the GAAP adjustment. I know it was minor, but I was just wondering if -- and maybe I missed it, I'm sorry, but if you could talk about the drivers of the puts and takes on that?

好的。偉大的。然後，我還要快速問一下關於意外損失有利因素（不包括 GAAP 調整）的問題。我知道這只是小事，但我只是想問——也許我錯過了，抱歉，但您能否談談這其中的推桿和反擊的驅動因素？

On the casualty, I talked up the favorable -- favorable development on a cash basis. The purchase accounting layers in around somewhere around $8 million on top of it. So that kind of pushes it around. That's what I was trying to point out that we have been favorable at the top of the house for that segment this year.

關於傷亡情況，我著重強調了現金方面的有利進展。採購會計處理在此基礎上又增加了約 800 萬美元。這樣就有點推波助瀾了。這正是我要指出的，今年我們在這個板塊的頂端一直處於有利地位。

Robert Cox, Goldman Sachs.

羅伯特‧考克斯，高盛集團。

Hey. Thanks. I just wanted to follow up on the artificial intelligence technology discussion from earlier. I think a lot of the programs that we hear in insurance, there's an automation efficiency component that often results in lower employee costs, and the reinsurance businesses tend to have lower employee costs and non-compensation operating costs relative to other insurance businesses.

嘿。謝謝。我只是想就之前關於人工智慧技術的討論做個後續跟進。我認為我們在保險業聽到的許多方案都包含自動化效率提升的成分，這通常會導致員工成本降低，而且與其他保險企業相比，再保險業務的員工成本和非補償營運成本往往較低。

So I'm just hoping for some color on how that dynamic informs your plans to use AI and how we should be thinking about potential benefits?

所以，我只是想了解這種動態如何影響你們使用人工智慧的計劃，以及我們應該如何看待潛在的好處？

Yeah. I think it's -- to your observation is consistent with ours. I'd say from the top of the house, many companies are looking at trying to measure ROI, the way to measure that is with automation and efficiency. And then I think a lot of the improvements, certainly, what we're seeing in how we're thinking about our processes and our and our analysis augmentation coming from the bottom up.

是的。我認為──你的觀察與我們的觀察一致。我認為，從高層角度來看，許多公司都在努力衡量投資報酬率，而衡量投資報酬率的方法就是透過自動化和效率提升。而且我認為，很多改進，當然，是我們從下而上地思考我們的流程和分析增強方式。

So, our focus really is becoming a stronger, better underwriter. If we become and those two (inaudible) at a point where if we -- like one example with -- we have some work that we've done with AI in some of our investment analysis, where we're taking what -- I'll make the numbers up, 10 hours of analysis and doing it in one. Well, that allows for better judgment to be applied to stronger data.

所以，我們的重點是成為更強大、更優秀的核保人。如果我們和那兩個人（聽不清楚）到了某個地步，例如舉個例子，我們在一些投資分析中使用人工智慧做了一些工作，我們把原本需要 10 個小時的分析工作，在 1 個小時內完成。這樣一來，就可以對更可靠的數據做出更明智的判斷。

So one could argue that, yes, we've increased efficiency, but it really is to augment our decision-making process. So I would say I don't anticipate that AI is going to materially improve us as a company through efficiency and automation as much as it will over time through augmentation of our judgment.

所以有人可能會說，是的，我們提高了效率，但這實際上是為了增強我們的決策過程。所以我認為，人工智慧不會像增強我們的判斷力那樣，透過提高效率和自動化來實質地改善我們公司，而是會隨著時間的推移逐步改善。

Okay. That's very helpful. And I just wanted to follow up on property CAT pricing. You guys laid out the supply demand dynamic that's out there right now. I'm curious if we model forward sort of a normal year of weather catastrophe losses in 2026. How would you expect property CAT pricing to change next year in 1/1 renewals in 2027? I realize that's pretty far out there, but curious your thoughts.

好的。那很有幫助。我只是想了解房產巨災費用的定價狀況。你們詳細闡述了目前的供需動態。我很好奇，如果我們模擬一下 2026 年正常年份的天氣災害損失情況，結果會如何。您認為2027年1月1日續保時，物業巨災險的定價會如何變動？我知道這想法有點異想天開，但還是很好奇你的想法。

Yeah. I would say markets tend to move in curves. So if it's going one direction, I think our planning will be that the direction will continue, but it's way too early for us to think about building our '27 pro forma our portfolios have been constructed with our best judgment and reflect where we think we'll be on October 1, so sort of the heat of wind season.

是的。我認為市場走勢往往呈現曲線狀。所以如果它朝著一個方向發展，我認為我們的計劃是讓這個方向繼續下去，但現在考慮構建我們的 2027 年預測還為時過早，我們的投資組合是根據我們最好的判斷構建的，反映了我們認為我們在 10 月 1 日（也就是風季最熱的時候）會處於什麼狀態。

Where it goes from there, I think there's a lot of things that can shift interest rates can change, geopolitical situations can change materially and then certainly, losses can change. So I think of it as incurred. So it's going in a direction. I generally think it will continue. But it's not something that we have a strong view on this.

接下來的發展方向，我認為有很多因素會影響利率，利率可能會變化，地緣政治局勢可能會發生重大變化，當然，損失也會改變。所以我認為這是已經發生的。所以事情正朝著某個方向發展。我總體上認為這種情況會持續下去。但我們對此並沒有強烈的看法。

Thank you.

謝謝。

Thank you. I will now turn the floor back over to Kevin O'Donnell for any additional or closing remarks.

謝謝。現在我將把發言權交還給凱文·奧唐納，讓他作補充或總結發言。

So, we're proud of the performance we achieved in '25, and eagerly working to build the best portfolio and maximize returns in 2026. I want to thank you for your attention and your questions today.

因此，我們對 2025 年的業績感到自豪，並熱切希望在 2026 年建立最佳投資組合併實現收益最大化。感謝各位今天的關注與提問。

Thank you. This concludes the RenaissanceRe fourth quarter, and full and year-end 2025 earnings call and webcast. Please disconnect your line at this time and have a wonderful day.

謝謝。至此，RenaissanceRe 第四季、全年及 2025 年終財報電話會議及網路直播結束。請您暫時斷開電話，祝您有美好的一天。