Ryan Specialty Holdings, Inc. (RYAN) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for joining us today for Ryan Specialty's Holdings first-quarter 2026 earnings conference call. In addition to this call, the company filed a press release with the SEC earlier this afternoon, which has also been posted to its website at ryanspecialty.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements.

各位下午好，感謝各位今天參加 Ryan Specialty Holdings 2026 年第一季財報電話會議。除本次電話會議外，公司已於今天下午稍早向美國證券交易委員會（SEC）提交新聞稿，並已同步發布於公司網站 ryanspecialty.com。今天電話會議中，管理層的事先準備發言及對各位提問的回覆可能包含前瞻性陳述。

Investors should not place undue reliance on any forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Listeners are encouraged to review the more detailed discussion of these risk factors contained in the company's filings with the SEC.

投資人不應過度依賴任何前瞻性陳述。此等陳述係基於管理層目前的預期與信念，並受可能導致實際結果與今日討論內容出現重大差異之風險與不確定性影響。建議聽眾查閱公司向 SEC 提交之文件中對相關風險因素更為詳盡的討論。

The company assumes no duty to update such forward-looking statements in the future, except as required by law. Additionally, certain non-GAAP financial measures will be discussed on this call and should not be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most closely comparable measures prepared in accordance with GAAP are included in the earnings release, which is filed with the SEC and available on the company's website.

除法律另有規定外，公司不承擔於未來更新此等前瞻性陳述之義務。此外，本次電話會議將討論若干非 GAAP 財務衡量指標，該等指標不應被單獨考量，亦不應作為依據 GAAP 編製之財務資訊的替代。非 GAAP 財務衡量指標與最可比之 GAAP 衡量指標之調節表已載於財報新聞稿中；該新聞稿已向 SEC 提交，並可於公司網站取得。

With that, I'd like to turn the call over to the Founder and Executive Chairman of Ryan Specialty, Pat Ryan.

接下來，我想把電話會議交給 Ryan Specialty 創辦人兼執行董事長 Pat Ryan。

Good afternoon, and thank you for joining us. With me on today's call is our CEO, Tim Turner; our CFO, Janice Hamilton; our CEO of Underwriting Managers, Miles Wuller; and our Head of Investor Relations, Nick Mezick. For the quarter, total revenue grew 15%, driven by organic revenue growth of 11.8% and contributions from M&A. Adjusted EBITDAC grew 15.7% to $232 million.

各位下午好，感謝各位加入我們。今天與我一同參與電話會議的有：我們的執行長 Tim Turner；財務長 Janice Hamilton；承保管理人（Underwriting Managers）執行長 Miles Wuller；以及投資人關係主管 Nick Mezick。本季總營收成長 15%，主要由 11.8% 的有機營收成長及併購（M&A）貢獻所帶動。調整後 EBITDAC 成長 15.7% 至 2.32 億美元。

Adjusted EBITDAC margin expanded 10 basis points to 29.2%. Adjusted earnings per share grew 20% year-over-year to $0.47. We also repurchased $40 million of our stock. We are very pleased with our strong start to 2026, especially considering the headwinds our industry is facing. Our first-quarter results on both the top-line and bottom-line speak to the resiliency of the platform we have built.

調整後 EBITDAC 利潤率擴張 10 個基點至 29.2%。調整後每股盈餘年增 20% 至 0.47 美元。我們亦回購了 4,000 萬美元的公司股票。我們對 2026 年的強勁開局感到非常滿意，尤其是在本產業正面臨逆風的情況下。我們第一季在營收端與獲利端的表現，充分展現了我們所打造平台的韌性。

Our founding thesis was to provide innovative specialty insurance solutions to brokers, agents and carriers. That's exactly what we have done. We created a true specialty insurance services firm, expanding our offerings far beyond wholesale broking. We have built one of the most efficient and effective insurance distribution platforms in the world.

我們創立時的核心理念，是為經紀商、代理人與保險公司提供創新的專業保險解決方案。我們確實做到了。我們打造了一家真正的專業保險服務公司，將服務範疇大幅擴展至遠超批發保險經紀業務。我們已建立起全球最有效率、最具效能的保險分銷平台之一。

Through RT Specialty, the second largest wholesale broker, we've assembled world-class expertise across industry verticals, serving global retailers as well as the tens of thousands of retail brokers in the US Ryan Specialty is the largest delegated underwriting authority provider. We deliver leading underwriting solutions, supported by strong alignment and governance, distribution at scale and our position at the intersection of the biggest secular tailwinds in insurance, all driving sustainable, profitable growth.

透過 RT Specialty（第二大批發保險經紀商），我們在各產業垂直領域匯聚世界級專業能力，服務全球零售經紀商以及美國境內數以萬計的零售保險經紀商。Ryan Specialty 亦是最大的授權承保權限（delegated underwriting authority）提供者。我們提供領先的承保解決方案，並以強大的利益一致性與治理架構、規模化分銷能力，以及我們位處保險業最大長期結構性順風（secular tailwinds）交會點的優勢為支撐，推動可持續且具獲利性的成長。

Together, RT Specialty and RSUM form a distribution engine of unmatched scale, sophistication and breadth in the specialty insurance market. This distribution platform is built to unlock all of the innovative solutions we're capable of building. Through our strategic alliances and executive level relationships with key carriers, we've holistically changed the conversation.

RT Specialty 與 RSUM 共同構成一個在專業保險市場中具備無可匹敵規模、成熟度與廣度的分銷引擎。此分銷平台旨在釋放我們所能打造的各項創新解決方案。透過我們與關鍵保險公司的策略聯盟及高層級關係，我們已從整體上改變了對話方式。

This goes beyond trust and strong returns. It has evolved into the development of innovative products and solutions to address the complex needs of our clients. Take one of the largest mutual carriers in the country as an example. Our relationship started many years ago when they were looking for access to specialty risk and has evolved into the creation of a new reinsurance market.

這不僅止於信任與強勁回報，更已演進為開發創新產品與解決方案，以因應客戶複雜需求。以全國最大的互助型保險公司之一為例，我們的合作關係始於多年前，當時他們希望取得專業風險的承保管道；如今已發展到共同打造一個新的再保險市場。

Over the last six years, we created a remarkable business through our reinsurance managing underwriter, Ryan Re, which is strategically positioned to capitalize on expanded opportunities and is quickly approaching $2 billion in premium. We've made acquisitions and brought in top talent across both benefits and alternative risk.

過去六年來，我們透過再保險承保管理人（reinsurance managing underwriter）Ryan Re 建立了一項卓越的業務；該業務具備良好的策略定位，可把握擴大的機會，且保費規模正快速逼近 20 億美元。我們也在員工福利（benefits）與替代風險（alternative risk）兩大領域進行收購並延攬頂尖人才。

With their support, we are building unique capabilities in structured solutions, capital management and funding through group captive or single cell captives. Separately, for a leading global property carrier, we expanded their reach into specialty lines they've never participated in before and are exploring various additional opportunities together.

在他們的支持下，我們正於結構型解決方案、資本管理，以及透過團體自留（group captive）或單一細胞自留（single cell captives）進行資金籌措等方面，建立獨特能力。另就一家全球領先的財產險保險公司而言，我們擴大其觸及範圍，進入其過去從未參與的專業險種，並正共同探索多項額外機會。

For a blue-chip specialty carrier, we have developed unique solutions throughout our firm across RT, RSUM and with new capital management capabilities, allowing us to launch our flagship alternative capital sidecar, RAC Re. These are not isolated stories. They are the compounding outputs of a distribution platform that gets stronger and more strategic with each relationship.

對於一家一流（blue-chip）的專業保險公司，我們已在公司內部橫跨 RT、RSUM 以及新增的資本管理能力，開發出獨特解決方案，使我們得以推出旗艦替代資本 sidecar——RAC Re。這些並非孤立的案例，而是分銷平台在每一段關係中持續強化、更加策略化所累積的複利成果。

Built on the strength of industry-leading underwriting results, we innovate alongside our clients and capital trading partners and deliver unique solutions that we believe cannot be easily replicated by our competitors. The depth and durability of these strategic alliances, the breadth of products and solutions we deliver to the market and the scale of capital we manage on behalf of our trading partners are the dimensions of value that capture what this platform is truly capable of and what will define our story over time.

憑藉業界領先的承保成果作為基礎，我們與客戶及資本交易夥伴並肩創新，並提供我們相信競爭對手難以輕易複製的獨特解決方案。這些策略聯盟的深度與持久性、我們向市場提供之產品與解決方案的廣度，以及我們代表交易夥伴所管理的資本規模，正是能夠體現此平台真正能力的價值維度，也將在長期中定義我們的故事。

Our strategy is to continue widening our moat, leveraging the operational flexibility created by Empower and building into the white space that we believe no one else in our industry can match. Turning to the market. We continue to operate in one of the most volatile and reactive insurance markets I've ever witnessed. While volatility in market cycles is inevitable.

我們的策略是持續擴大護城河，運用 Empower 所帶來的營運彈性，並在我們認為本產業無人能及的空白領域（white space）持續建設。接著談市場。我們仍處於我所見過最為波動且反應最劇烈的保險市場之一。雖然市場循環的波動無可避免。

We are feeling the effects of this across our business, particularly in wholesale brokerage, where we now expect more tempered growth in 2026. With that said, I am very proud of our brokers and underwriters as they're delivering impressive growth in the face of significant pricing pressures and broader economic uncertainty.

我們在整體業務中都感受到其影響，尤其是在批發經紀業務方面，因此我們目前預期 2026 年的成長將更為溫和。即便如此，我仍為我們的經紀人與核保人感到非常自豪，因為他們在顯著的定價壓力與更廣泛的經濟不確定性下，仍交出令人印象深刻的成長表現。

Turning to AI, which Tim will expand on shortly. I want to say a few words. Through automation and AI, we believe we are unlocking the capacity of our people to more efficiently and effectively do what our clients and trading partners value most. We solve for complexity through our expert-led advice and advocacy and a culture of execution and innovation.

接著談 AI，Tim 稍後會進一步說明。我想先補充幾點。透過自動化與 AI，我們相信正在釋放同仁的產能，使其能更有效率、更有效能地完成客戶與交易夥伴最重視的工作。我們以專家主導的建議與倡議，以及重視執行與創新的文化，來解決複雜問題。

We believe our scale, specialized talent, proprietary data, the breadth of trading relationships with brokers and carriers and the significant volume of transactions flowing through our platform and Ryan Specialty, a clear net beneficiary of the AI-driven transformation reshaping our industry. Lastly, on capital allocation, beyond our modest and sustainable dividend, we view both M&A and our share repurchase program as key priorities.

我們相信，憑藉我們的規模、專業人才、專有數據、與經紀商及保險公司之間廣泛的交易關係，以及大量交易在我們平台上流轉的規模，Ryan Specialty 將明確成為 AI 驅動轉型、重塑本產業的淨受益者。最後談資本配置，除我們溫和且可持續的股利政策外，我們將併購（M&A）與股票回購計畫視為兩項關鍵優先事項。

We will continue to do what we believe is right for our shareholders, particularly given the continued spread between public and private multiples and the dislocation between our current valuation and our confidence in the near- and long-term outlook of our business. Make no mistake about it, when the right strategic M&A opportunities present themselves, ones that fit our three M&A criteria, strong cultural fit, strategic and accretive.

我們將持續做我們認為對股東最有利的事，特別是在公開市場與私募市場估值倍數差距仍在、以及我們目前估值與我們對公司短中長期展望信心之間存在落差的情況下。毫無疑問，當合適的策略性併購機會出現時——也就是符合我們三項併購標準的機會：高度文化契合、具策略意義且具增益性（accretive）。

We will be the first in line for those high-quality assets, and we'll have the financial capacity to execute on those opportunities. As we look forward, we are confident in our ability to innovate, invest and continue to strengthen and diversify our offerings within the specialty insurance market. Our relentless efforts to navigate this transitioning market all while investing in areas of accelerating growth, give us strong conviction that we will generate industry-leading organic growth over time and remain a leader in the specialty lines insurance sector for years to come.

我們將會是第一批排隊爭取這些高品質資產的公司之一，而且我們具備執行這些機會所需的財務能力。展望未來，我們對自身持續創新、投資，並在專業保險市場中進一步強化與多元化產品與服務的能力充滿信心。我們不懈地在這個轉型中的市場中前行，同時投資於加速成長的領域，讓我們堅信長期將創造業界領先的有機成長，並在未來多年持續成為專業險領域的領導者。

Before I turn the call over to Tim, I want to share one more thing with you. We have announced a onetime option grant program in the second-quarter, funded entirely by a portion of my own holdings to make sure the broader team is properly aligned over the long term. It is structured to be neutral to the company's outstanding share count and will function as a direct reinvestment for me into the team that has built this platform.

在我把電話會議交給 Tim 之前，我想再與各位分享一件事。我們已宣布將於第二季推出一次性期權授予計畫（onetime option grant program），其資金完全由我個人持股的一部分提供，以確保更廣泛的團隊在長期上能夠適當對齊。該計畫的設計將對公司流通在外股數保持中性，並將作為我對打造此平台之團隊的直接再投資。

I believe in this team, I believe in this platform, and I believe in the direction Ryan Specialty is heading. As we look forward to the work of the next several years, I want every leader at this company to be aligned to our mission, and I'm offering a meaningful piece of my own capital to support that conviction.

我相信這個團隊，我相信這個平台，也相信 Ryan Specialty 正在前進的方向。展望未來幾年的工作，我希望公司每一位領導者都能與我們的使命保持一致，因此我願意拿出我自身資本中相當有意義的一部分來支持這份信念。

With that, I'm pleased to turn the call over to our Chief Executive Officer, Tim Turner. Tim?

那麼，我很高興把電話會議交給我們的執行長 Tim Turner。Tim？

Thank you very much, Pat. I am very proud of how our team performed this quarter. We remain hyper-focused on successfully executing what we can control. Diving right into our results by specialty, our wholesale brokerage specialty continues to deliver in a transitioning market. In property, our team navigated a very challenging environment.

非常感謝你，Pat。我對我們團隊本季的表現感到非常自豪。我們仍然高度專注於成功執行我們可控的事項。直接切入各專業別的成果：在市場轉換之際，我們的批發經紀專業持續交出成績。在財產險方面，我們的團隊在極具挑戰的環境中穩健應對。

Rates continue to decline with large and cat-exposed accounts down 25% to 35%. Capacity continued to increase across insurance, reinsurance and alternative capital and competition intensified broadly, including in the admitted market. However, despite these trends, our property book declined only moderately in the quarter, and we are extremely proud of these results. Again, we are controlling what we can control.

費率持續下滑，大型及暴露於巨災風險的帳戶下跌 25% 至 35%。保險、再保險與替代資本的承保能力持續增加，競爭也普遍加劇，包括在標準市場（admitted market）。然而，儘管有這些趨勢，我們的財產險業務在本季僅溫和下滑，我們對這些成果感到非常自豪。再次強調，我們專注於掌控我們能掌控的事。

We are focused on winning head-to-head against our competitors and capturing new business from the steady flow into the E&S channel. In casualty, the trends remain net favorable for Ryan Specialty, yet the picture is bifurcated. In high hazard large account classes like transportation, habitational, health care, social and human services and public entity, loss trends driven by social inflation continue to drive meaningful rate increases, in many cases, exceeding 10%.

我們聚焦於在與競爭對手的正面交鋒中勝出，並把握持續流入 E&S 通路的新業務。在責任險方面，整體趨勢對 Ryan Specialty 仍然淨有利，但呈現兩極化。在運輸、住宅（habitational）、醫療保健、社會與人類服務以及公共機構等高危險大型帳戶類別中，由社會通膨帶動的損失趨勢持續推升顯著的費率上調，許多情況下超過 10%。

At the same time, there is growing competition for small and medium hazard risks. We saw select carriers looking to deploy new capital, adding competitive pressure within the E&S market. Our professional lines team significantly outperformed the market despite continued yet moderating pricing pressure and aided our growth in the quarter. We also had strong construction activity in Q1.

同時，小型與中型危險風險的競爭正在升溫。我們看到部分保險公司希望部署新資本，對 E&S 市場帶來更大的競爭壓力。儘管定價壓力仍在但已趨緩，我們的專業線團隊仍顯著優於市場表現，並帶動本季成長。我們在第一季也有強勁的營建相關活動。

We remain optimistic about this pipeline heading into the balance of the year and are well positioned as the leading wholesale broker in the construction space. We are encouraged by the momentum of data center activity we saw this quarter, further supported by a strong pipeline. As we have noted in the past, this business is inherently lumpy and the timing of large project findings is difficult to predict.

對於今年剩餘期間的案源管線，我們仍保持樂觀；作為營建領域的領先批發經紀商，我們具備良好定位。我們也對本季看到的資料中心活動動能感到振奮，且強勁的案源管線提供進一步支撐。如同我們過去所提，這類業務本質上具有波動性，大型專案落地的時間點難以預測。

Taking these trends together, we're anticipating more moderate casualty growth in 2026. Now turning to our delegated authority specialties, which include both binding authority and underwriting management. Our binding authority specialty continued to perform well, though the environment showed signs of heightened competition.

綜合這些趨勢，我們預期 2026 年責任險成長將更為溫和。接著談我們的授權承保（delegated authority）專業，涵蓋綁定授權（binding authority）與承保管理（underwriting management）。我們的綁定授權專業持續表現良好，但市場環境已出現競爭加劇的跡象。

We saw pockets of small commercial business move toward the admitted market, consistent with what we've described last quarter. Our underwriting management specialty had an excellent quarter with strong results across transactional liability, international specialty, casualty, financial lines and reinsurance. Zooming in on the transactional liability, our practice once again performed exceptionally well, supported by the investments we've made over the past few years and a more constructive global M&A outlook.

我們看到部分小型商業業務轉向標準市場（admitted market），與我們上季所描述的情況一致。我們的承保管理專業本季表現非常出色，在交易責任險、國際專業險、責任險、金融線與再保險等領域皆取得強勁成果。聚焦交易責任險，我們的團隊再次表現卓越，受惠於過去幾年的投資，以及更具建設性的全球併購（M&A）展望。

Ryan Re delivered an outstanding start to the year with strong renewal retention, especially considering the tough pricing environment. We are encouraged by the Markel portion of the book, which also displayed strong client retention and was supported by expanded relationships across casualty, specialty reinsurance and the London markets.

Ryan Re 今年開局表現亮眼，續保留存率強勁，尤其是在艱困的定價環境下更顯難得。我們對帳簿中 Markel 相關部分感到鼓舞，其同樣展現強勁的客戶留存，並受惠於在責任險、專業再保險及倫敦市場的關係擴展。

As we do across our entire underwriting management specialty, we exercise underwriting discipline, leaning away from the property cat business where pricing did not meet our standards and leaning into risks with better risk-adjusted returns. Adding to what Pat said, I'd like to update you on our digital transformation and AI strategy.

如同我們在整個承保管理專業中一貫的作法，我們維持承保紀律：在定價未達我們標準的財產巨災業務上採取更保守立場，並更積極投入具備較佳風險調整後報酬的風險。延續 Pat 的說明，我想向各位更新我們的數位轉型與 AI 策略。

We are making significant and responsible investments in AI leadership and infrastructure and are partnering with leading AI platforms to accelerate our progress. This is a top priority for our management team, and we've rapidly delivered numerous models to our 6,000-plus employees. We are moving quickly live in production in certain areas and are actively developing new tools.

我們正以重大且負責任的方式投資於 AI 領導力與基礎設施，並與領先的 AI 平台合作以加速進展。這是管理團隊的最高優先事項之一，我們已快速向超過 6,000 名員工交付多個模型。我們在部分領域正迅速上線投入正式生產環境，同時也在積極開發新工具。

Our digital transformation and AI strategy is built around three principles. Our clients, our people and our process. In practice, we invest behind workflows that improve client outcomes, make our people more productive and make our process faster and more reliable. Let's start with our clients, spanning across brokers, agents and carriers. Faster speed to market, deeper risk analysis and even stronger advocacy.

我們的數位轉型與 AI 策略建立在三項原則之上：客戶、人才與流程。實務上，我們投資於能改善客戶成果、提升員工生產力，並讓流程更快且更可靠的工作流程。先從客戶談起，涵蓋經紀人、代理人與保險公司：更快的上市速度、更深入的風險分析，以及更強的倡議能力。

We are deploying AI that helps our underwriters triage a submission in minutes instead of hours, which benefits the flow in both directions. Our broker clients see improved turnaround times and the carriers receive better informed, higher-quality submissions. That is an improved client outcome. AI is also improving underwriting insights.

我們正在部署 AI，協助承保人員在幾分鐘內而非數小時內完成對投保申請（submission）的分流與初步判讀，讓雙向流程都受益。我們的經紀客戶可看到更好的回覆時效，而保險公司則能收到資訊更充分、品質更高的投保申請。這就是更好的客戶成果。AI 也正在提升承保洞察。

In parts of Ryan Re, we are running enhanced portfolio level analytics like concentration analysis and risk modeling, which gives our carrier trading partners a level of analytical rigor that is extremely challenging to complete manually. Better data leads to better placements and better placements lead to stronger, longer-lasting trading relationships.

在 Ryan Re 的部分業務中，我們正在運行強化的投資組合層級分析，例如集中度分析與風險建模，為我們的保險公司交易夥伴提供一種極難以人工完成的分析嚴謹度。更好的數據帶來更好的安排（placements），而更好的安排帶來更強、更長久的交易關係。

This also means more proactive service. As our broker workbench capabilities mature, we will enable automated coverage gap identification and AI-assisted cross-sell analysis. These maturing capabilities will assist our brokers in delivering more value to their retail trading partners by being increasingly proactive. The second of our three principles is our people.

這也意味著更主動的服務。隨著我們的經紀工作台（broker workbench）能力日益成熟，我們將能啟用自動化的保障缺口辨識，以及 AI 輔助的交叉銷售分析。這些逐步成熟的能力將協助我們的經紀人以更主動的方式，為其零售端交易夥伴提供更高價值。三項原則中的第二項是我們的人才。

We want our brokers to broker and our underwriters to underwrite. Today, too much of their time is spent on manual processes, ingesting submissions, massaging data, chasing subjectivities and formatting proposals. Not only does AI and automation take that work off their plate, but it will enhance their productivity by giving them capabilities at a speed and scale that weren't possible before.

我們希望經紀人專注於經紀工作、承保人員專注於承保。如今，他們太多時間花在手動流程上：接收投保申請、整理與清理資料、追蹤承保條件（subjectivities）以及格式化提案。AI 與自動化不僅能把這些工作從他們手上移除，還能以過去無法達到的速度與規模賦能，進一步提升生產力。

And this goes beyond our brokers and underwriters. We are changing how we train and develop talent. New hires will ramp up faster when our AI tools accelerate institutional knowledge, recommend next steps on unfamiliar risks and provide real-time guidance informed by decades of placement data. What used to take a junior broker two years to learn through experience, they will begin accessing in just months, accelerating our return on the most accretive investments we make.

而且這不僅限於經紀人與承保人員。我們正在改變人才訓練與發展方式。當 AI 工具能加速制度性知識的取得、針對不熟悉的風險建議下一步，並提供由數十年安排（placement）資料所驅動的即時指引時，新進人員將能更快上手。過去初階經紀人需要兩年透過經驗學到的內容，未來在短短幾個月內就能開始取得，從而加速我們在最具增值性的投資上的回收。

Across the organization, AI and automation are improving how we operate. We are enhancing our internal tools and systems to give our leaders better data to make timely informed decisions. When our people are equipped with tools that improve speed and efficiency, our clients get better outcomes. The last of our three principles is our process.

在整個組織中，AI 與自動化正在改善我們的營運方式。我們正強化內部工具與系統，讓主管擁有更好的數據，以便及時做出有依據的決策。當我們的人才配備能提升速度與效率的工具時，我們的客戶就能獲得更好的成果。三項原則中的最後一項是我們的流程。

Put simply, this refers to our scale. We manage over $30 billion in premium across hundreds of products. We are thoughtful in how we're turning manual tasks into reimagined end-to-end automated workflows deployed across our firm. Within our underwriting management specialty, certain projects are beyond the pilot phase.

簡而言之，這指的是我們的規模。我們在數百種產品上管理超過 300 億美元的保費。我們審慎地將手動任務轉化為重新設計的端到端自動化工作流程，並在全公司部署。在我們的承保管理專業中，部分專案已超越試點階段。

AI-enabled and automated submission processing has reduced turnaround times from approximately 24 hours to under two hours and look promising to scale. This digital transformation will assist us in scaling this platform without proportional headcount growth, while maintaining the differentiated specialist expertise that defines us.

AI 賦能與自動化的投保申請處理，已將回覆時間從約 24 小時縮短至 2 小時以內，且具備良好的擴展前景。這項數位轉型將協助我們在不按比例增加人力編制的情況下擴大此平台規模，同時維持定義我們的差異化專家能力。

Lastly, on process, it means building the right foundation, a unified data and technology architecture for the next decade of growth. Now that we've covered our principles, let's talk about how this all fits together across our two disciplines. Wholesale brokerage and delegated authority. On the brokerage side, we are building a submission gateway and broker workbench.

最後，就流程而言，也意味著打造正確的基礎：為未來十年成長建立統一的數據與技術架構。現在我們已說明原則，接著談這些如何在我們兩大領域中整合：批發經紀與授權承保。在經紀端，我們正在建置投保申請入口（submission gateway）與經紀工作台（broker workbench）。

These tools allow us to reimagine, redesign and automate the most time-consuming parts of the broker's day from submission, ingestion and clearance to carrier matching to detailed quote comparison from various carriers. On the delegated authority side, this is where our platform is most differentiated and where some of our most advanced capabilities are operating today.

這些工具讓我們得以重新想像、重新設計並自動化經紀人一天中最耗時的環節：從投保申請、資料接收與清關（clearance），到與保險公司配對，再到對不同保險公司的報價進行細緻比較。在授權承保端，這正是我們平台差異化最明顯之處，也是我們部分最先進能力目前正在運作的領域。

Within Ryan Re, we have built an AI-powered underwriting platform for our facultative reinsurance business. We have reduced average processing time per submission from approximately two hours to minutes while increasing the number of submissions each underwriter can evaluate by roughly 10 times. Within Velocity, our property catastrophe MGU, we deployed an AI-driven platform that scores every submission on appetite fit and propensity to bind.

在 Ryan Re 內，我們已為臨分再保（facultative reinsurance）業務打造 AI 驅動的承保平台。我們已將每件投保申請的平均處理時間從約兩小時縮短至數分鐘，同時讓每位承保人員可評估的投保申請數量提升約 10 倍。在 Velocity（我們的財產巨災 MGU）內，我們部署了 AI 驅動的平台，針對每件投保申請就承保偏好匹配度（appetite fit）與綁定傾向（propensity to bind）進行評分。

The result being an 11 times uplift in submit to bind ratios for our highest appetite category compared to our lowest. Simultaneously, the speed to quote has improved by 36% on a median basis. These capabilities are changing how our underwriters work every day, and we are preparing to deploy them more broadly across the firm.

結果是：相較於最低承保偏好類別，我們最高承保偏好類別的「投保申請提交至綁定」（submit-to-bind）比率提升了 11 倍。同時，以中位數衡量的報價速度提升了 36%。這些能力正在改變我們承保人員每天的工作方式，而我們也正準備在全公司更廣泛地部署。

Lastly, I would like to remind everyone what business we're in and why we believe this platform will endure. We solve for complexity through expert-led advice and advocacy and a culture of execution and innovation. Every placement we touch requires specialist judgment on unique risks, negotiation across multiple carriers and advocacy when the contract needs to perform.

最後，我想提醒大家我們所處的業務是什麼，以及為什麼我們相信這個平台將能長久延續。我們透過專家主導的建議與倡議，以及重視執行與創新的文化，來解決複雜性。我們所經手的每一筆承保安排都需要針對獨特風險做出專業判斷、在多家保險公司之間進行談判，並在合約需要發揮效力時提供倡議支持。

That is not a data processing problem. It is an expertise problem and expertise is what we deliver. Disintermediation risk rises as complexity falls. Ryan Specialties portfolio sits on the other end of that spectrum. Now turning to a brief update on our talent investments. The recruiting class from late 2025 is performing very well and contributing to our new business growth.

那不是資料處理的問題，而是專業能力的問題，而專業正是我們所提供的。當複雜性下降時，去中介化風險就會上升。Ryan Specialty 的投資組合位於該光譜的另一端。接下來簡要更新我們在人才方面的投資。2025 年底招募進來的那一批表現非常出色，並正在為我們的新業務成長做出貢獻。

We continue to expect these hires will become margin accretive within two to three years. Stepping back, we are very pleased with the first-quarter. That said, we are clear-eyed about what lies ahead, and Janice will walk you through how we're thinking about the rest of the year.

我們仍預期這些新進人員將在兩到三年內對利潤率產生增益。退一步來看，我們對第一季的表現非常滿意。不過，我們也清楚接下來將面臨什麼，Janice 會帶各位了解我們對今年剩餘時間的看法。

With that, I will now turn the call over to our CFO, Janice Hamilton. Thank you.

接下來，我把電話交給我們的財務長 Janice Hamilton。謝謝。

Thanks, Tim. In Q1, total revenue grew to $795 million, up 15% period-over-period. Growth was driven by organic revenue growth of 11.8%, contributions from M&A, which added over 2 percentage points to our top line and contingent commissions as we continue to deliver strong underwriting profits for our carrier trading partners.

謝謝，Tim。第一季總營收成長至 7.95 億美元，較前期成長 15%。成長動能來自 11.8% 的有機營收成長、併購貢獻（為我們的營收增加了超過 2 個百分點），以及或有佣金，因為我們持續為我們的保險公司交易夥伴帶來強勁的承保利潤。

As expected, Q1 was aided by Ryan Re, which had a strong start to the year as the Markel portion of the book contributed to our growth. Adjusted EBITDA grew 15.7% to $232 million. Adjusted EBITDAC margin of 29.2% expanded 10 basis points compared to the prior year period. Adjusted earnings per share grew 20% to $0.47. Our adjusted effective tax rate was 26%.

如預期，第一季受惠於 Ryan Re，其在年初表現強勁，因為承接 Markel 的那部分業務組合為我們的成長做出貢獻。調整後 EBITDA 成長 15.7% 至 2.32 億美元。調整後 EBITDAC 利潤率為 29.2%，較去年同期擴張 10 個基點。調整後每股盈餘成長 20% 至 0.47 美元。我們的調整後有效稅率為 26%。

We expect a similar rate for the remainder of 2026. On capital allocation, we repurchased $40 million of our stock. As Pat described, our key priorities remain our M&A strategy as well as our repurchase program. When high-quality assets come to market that meet our criteria, we will be first in line and we'll have the capital to execute.

我們預期 2026 年剩餘期間稅率將大致相同。在資本配置方面，我們回購了 4,000 萬美元的股票。如 Pat 所述，我們的關鍵優先事項仍是併購策略以及回購計畫。當符合我們標準的高品質資產進入市場時，我們會優先出手，而且我們也具備執行所需的資本。

We remain willing to temporarily go above our leverage corridor for compelling M&A opportunities that meet our criteria. We ended the quarter at 3.3 times total net leverage on a credit basis, well within our three to four times comfort corridor. Based on the current interest rate environment, we expect GAAP interest expense net of interest income on our operating funds of approximately $222 million in 2026 with $58 million to be expensed in the second-quarter.

對於符合我們標準、具吸引力的併購機會，我們仍願意在短期內暫時高於我們的槓桿區間。本季末以信用口徑計算的總淨槓桿為 3.3 倍，仍在我們 3 到 4 倍的舒適區間之內。基於目前的利率環境，我們預期 2026 年 GAAP 利息費用（扣除營運資金利息收入後）約為 2.22 億美元，其中第二季將認列費用 5,800 萬美元。

We are making good progress on our Empower program and are on track for a cumulative charge of approximately $160 million through 2028, delivering approximately $80 million of annual run rate savings in 2029, with savings ramping through 2027 and 2028. More than the savings themselves, Empower is creating the operational flexibility we need to invest behind the strategic opportunities Pat described.

我們在 Empower 計畫上進展良好，並按計畫在 2028 年前累計認列約 1.6 億美元費用，於 2029 年帶來約 8,000 萬美元的年度經常性節省（run rate savings），且節省效益將在 2027 與 2028 年逐步提升。比起節省本身，Empower 正在創造我們所需的營運彈性，以便在 Pat 所描述的策略性機會上加大投資。

Now turning to our outlook. The platform we have built positions us to navigate this environment with discipline, yet we want to be transparent about the recent trends we are seeing today. As Tim mentioned, current market conditions in both property and casualty continue to evolve rapidly. And as a result, for the full year, we are now guiding to organic revenue growth in the mid-single digits.

接下來談我們的展望。我們所建立的平台使我們能以紀律因應此環境，但我們也希望對近期所見趨勢保持透明。如 Tim 提到，財產險與責任險的市場狀況仍在快速演變。因此，針對全年，我們目前指引有機營收成長為中個位數。

Our guidance embeds continued property rate declines of 25% to 35% for the most cat-exposed lines and now incorporates the more recent acceleration in competition more broadly, resulting in a meaningful decline in our property book for the full year. In casualty, we are assuming more moderate growth across our book, reflecting growing competition for small and medium hazard risks and new capital being deployed, which Tim described.

我們的指引納入了對災害曝險最高的財產險線別持續 25% 至 35% 的費率下滑，並且也反映近期更廣泛的競爭加速，導致我們全年財產險業務組合將出現顯著下滑。在責任險方面，我們假設整體業務組合呈現較溫和的成長，反映小型與中型危險風險的競爭加劇，以及如 Tim 所述的新資本投入。

We continue to expect organic growth to fluctuate quarter-to-quarter. As we have discussed, the second-quarter is our seasonally largest property quarter. As of today, we are assuming Q2 organic growth to be near zero, with the biggest uncertainty being how property trends play out. On margins, we are now guiding to a full year adjusted EBITDAC margin that will be down approximately 100 to 150 basis points year-over-year.

我們仍預期有機成長將在各季之間波動。如我們先前討論，第二季是我們季節性最大的財產險季度。截至目前，我們假設第二季有機成長接近零，最大的不確定性在於財產險趨勢將如何發展。在利潤率方面，我們目前指引全年調整後 EBITDAC 利潤率將年減約 100 至 150 個基點。

The pressure will be most pronounced in the second-quarter, where we are assuming Q2 margins to be in the low 30s. That said, the year-over-year decline reflects the revenue impact of the current and evolving market conditions beyond what we described last quarter, the continued absorption of our talent investments, lower fiduciary investment income and higher health care and benefits costs.

壓力在第二季將最為明顯，我們假設第二季利潤率將落在 30% 出頭的低檔。不過，年對年下滑反映了目前及持續演變的市場狀況對營收的影響（超出我們上季所描述的範圍）、我們人才投資的持續吸收、較低的受託資金投資收益，以及更高的醫療保健與員工福利成本。

At the same time, we are taking thoughtful action across our cost structure, advancing the operational efficiencies underway through Empower, accelerating the integration of our recent acquisitions and continuing to leverage our digital transformation and AI strategy. These actions are designed to protect our ability to responsibly invest in the areas driving growth and position the platform to capitalize when the market returns.

同時，我們正審慎地在成本結構上採取行動，推進 Empower 所帶動的營運效率、加速整合近期收購案，並持續運用我們的數位轉型與 AI 策略。這些行動旨在保護我們能夠負責任地投資於推動成長的領域，並使平台在市場回暖時能把握機會。

Looking ahead, we continue to expect modest margin expansion in most years, supported by Empower and the natural operating leverage of our growing platform. Before I close, I want to make one important point about our guidance. Our mid-single-digit organic guidance for 2026 reflects what we can see and quantify based on the trends in the market that are impacting our near-term growth.

展望未來，我們仍預期多數年度將有溫和的利潤率擴張，並由 Empower 以及我們持續成長平台的自然營運槓桿所支撐。在我結束前，我想就我們的指引強調一個重要觀點。我們對 2026 年中個位數的有機成長指引，反映的是基於目前市場趨勢對短期成長的影響，我們所能看見並量化的部分。

We are encouraged by the momentum we've gained in the strategic alliances and executive level relationships that Pat and Tim described and look forward to updating you in future quarters. Through innovation, we have and will continue to create new differentiated opportunities to aid our growth over time, which is entirely unique to the scale and expertise we have built at Ryan Specialty and something we believe cannot be easily replicated by our wholesale broker peers.

我們對 Pat 與 Tim 所描述的策略聯盟與高階主管層級關係所累積的動能感到鼓舞，並期待在未來季度向各位更新。透過創新，我們已經並將持續創造新的差異化機會，以在時間推移中支持成長；這完全得益於我們在 Ryan Specialty 所建立的規模與專業能力，我們相信同業批發經紀競爭者不易複製。

This is the framework we want investors to understand. The diversification we have built and the platform we are continuing to expand are not theoretical. They are tangible compounding sources of growth. I am proud of how our team is executing through this environment, continuing to deliver for our clients, advancing our technology and AI investments and driving the Empower program forward with great collaboration.

這就是我們希望投資人理解的框架。我們所建立的多元化，以及我們持續擴張的平台，並非理論上的概念，而是可觸及、可複利的成長來源。我為團隊在此環境下的執行感到自豪：持續為客戶交付成果、推進我們的科技與 AI 投資，並以高度協作推動 Empower 計畫向前。

In closing, our first-quarter results are a testament to the dedication of our team and the strength of the platform we've built. We are navigating through a transitioning market, and we are doing so with discipline, transparency and a clear focus on the levers within our control.

總結來說，我們第一季的成果證明了團隊的投入以及我們所建立平台的實力。我們正處於市場轉換期，並以紀律、透明度，以及清楚聚焦於我們可控的槓桿來應對。

With that, we thank you for your time and would like to open up the call for Q&A. Operator?

接下來，感謝各位撥冗參與，我們想開放進入問答環節。接線員？

(Operator Instructions) Elyse Greenspan, Wells Fargo.

（接線員指示）Wells Fargo 的 Elyse Greenspan。

I guess my first question is on the updated organic growth. I know you did guide the Q2 to be flat. But I guess, how do you define mid-single digits, I guess, is that within range of 4%? Or where are you looking, I guess, for the full year? And then within that mid-single-digit guide, I'm assuming you're expecting property to decline for the full year and see like modest growth within casualty.

我想我的第一個問題是關於更新後的有機成長。我知道你們指引第二季會持平。但我想問的是，你們如何定義「中個位數」？是否在 4% 的範圍內？或者你們對全年大概是看在哪個區間？另外，在這個中個位數指引之下，我的理解是你們預期財產險全年會下滑，而責任險則會有些溫和成長。

But can you help us think through, I guess, the moving pieces of how you're expecting organic growth to trend over the course of the year while bucketing in what mid-single digit means?

但你們能否協助我們梳理一下，你們預期全年各期間有機成長的走勢會如何變化，同時也說明一下「中個位數」具體代表什麼？

Yes, sure. Elyse, this is Janice. So thank you for the question. All good parts. Hopefully, I can pick them all up here. So maybe just starting with your first one on the mid-single digits. So that is a step down from the high single that we had previously guided to. We think about that, kind of, either side of 5%. We've historically not -- or we've historically guided with a bit more precision with specific numbers, but we think about that just to help you out somewhere between the 4% to 6% range effectively.

好的，當然可以。Elyse，我是 Janice。謝謝你的問題，問得很好。我希望能在這裡一併回答。先從你第一個關於「中個位數」的問題開始。這確實比我們先前指引的高個位數有所下修。我們對此的理解大概是在 5% 的上下。我們過去通常會用更精確的數字來提供指引，但為了協助你理解，我們認為大致落在 4% 到 6% 的區間。

When we think about how organic growth will play out for the remainder of the year, obviously, we had a really strong start to the year with 11.8%. The additional help that we gave on the second-quarter, we typically don't guide by quarter. So we wanted to make sure that just given the concentration of property within the second-quarter being our biggest property quarter and the trends that we're seeing, the intensification of some of that competition that is continuing to interact also with the 25% to 35% rate reductions that we've seen that there is a risk that our property book combined with the rest of the portfolio could be effectively near zero for the second-quarter.

當我們思考今年剩餘時間的有機成長將如何展開時，很明顯地，我們今年開局非常強勁，達到 11.8%。我們在第二季提供的額外說明——我們通常不會按季度提供指引——因此我們希望確保，鑑於第二季物業業務的集中度（第二季是我們最大的物業季度），以及我們所看到的趨勢、競爭加劇仍在持續作用，再加上我們看到的 25% 至 35% 的費率下調，確實存在風險：我們的物業業務簿與投資組合其餘部分合併後，第二季可能實際上接近零成長。

Playing that out for the remainder of the year, third and fourth-quarters obviously are helped out by business mix. That concentration in property disappears. And then when we think about the full year being at that mid-single digits, we've also got other elements of where we think underwriting managers and other parts of the book will go, but then also the build-in or the buildup of the new talent that we brought on in the second half of last year.

把這個情境延伸到今年剩餘時間，第三季與第四季顯然會受惠於業務組合。物業的集中度會消失。當我們思考全年維持在中等個位數成長時，我們也還有其他因素，包括我們認為承保管理人（underwriting managers）以及業務簿其他部分的走向，另外也包括我們在去年下半年引進的新人才所帶來的內生成長或逐步貢獻。

And then my follow-up is on margin, right? Recognizing, right, the new guidance obviously factors in, right, this mid-single-digit growth combined, right? You guys are obviously investing in talent, right, that you started to do towards the end of last year. Can you guys help us think through like I understand it takes a couple of years for the hires to be margin accretive and then there's also time to benefit revenue.

接著我想追問的是利潤率，對吧？考量到新的指引顯然已納入這個中等個位數的合併成長，對吧？你們也明顯正在投資人才，對吧？這是你們從去年底開始做的。你們能否協助我們理解：我知道這些新聘人員通常需要幾年時間才會對利潤率有增益（margin accretive），而且也需要時間才能在營收端受益。

But how do you guys balance, right, just making these investments now, right, at a time when growth is lower, right? So you're going to see lower growth and then even more pressure on your margin as we're going through what you call like a transitionary period.

但你們如何在成長較低的時點仍做這些投資、對吧？也就是說，你們將看到較低的成長，然後在你們所稱的「過渡期」中，利潤率還會面臨更大的壓力。

Yes. So Elyse, I would just start with the guide for what we've just updated, that includes the impact on the top line pressures from a revenue perspective. So we were expecting to be moderately down -- flat to moderately down over where we ended last year. We're now projecting to be 100 to 150 basis points down, and that does reflect the increased pressures on our top line.

是的。Elyse，我先從我們剛更新的指引談起；其中已包含營收面臨的上行壓力對營收（top line）的影響。我們原本預期相較去年年底會小幅下滑——介於持平到小幅下滑。我們現在預估將下滑 100 到 150 個基點，而這確實反映了我們營收端所面臨的更大壓力。

Similar to the conversation that we just had around the organic, we expect that impact to be most pronounced in the second-quarter, just given the concentration of property. But we are taking thoughtful actions around our cost structure. And we really think about the timing and the opportunity and the flexibility that Empower affords us to do that.

類似於我們剛才關於有機成長的討論，我們預期這個影響在第二季會最為明顯，主要是因為物業業務的集中度。不過，我們也正在針對成本結構採取審慎的行動。我們確實會考量時點、機會，以及 Empower 所賦予我們的彈性來推動這些措施。

There are a lot of opportunities we have to advance our operational efficiency program. We are going to be focused on accelerating, integrating our platforms in terms of technology and then also just leveraging our AI and digital transformation strategy. So all of those together create additional flexibility to allow us to continue to invest in the platform.

我們有許多機會可以推進營運效率計畫。我們將專注於加速整合我們的技術平台，並進一步運用我們的 AI 與數位轉型策略。這些因素結合在一起，將帶來額外的彈性，使我們能夠持續投資於平台。

And then one more, if I could. The second-quarter organic for the property book to decline meaningfully. How much of that is within your MGU book of business?

如果可以的話，我再問一個。第二季物業業務簿的有機成長將顯著下滑，其中有多少是來自你們的 MGU 業務簿？

Elyse, I would say that when we think about the concentration of property, obviously, we've talked primarily about wholesale brokerage being where the concentration of that is coming from. We talked about the tempering of growth in that area. But I would also mention, and I think Tim shared this as well, that as we continue to face pricing pressures, the importance of exercising discipline in underwriting managers becomes paramount. We want to ensure that we're delivering profitable underwriting results for our carriers. And we will look past certain property risks if they don't meet our return threshold.

Elyse，我會說，當我們談到物業的集中度時，很明顯地，我們主要是在談批發經紀（wholesale brokerage）——集中度主要來自那裡。我們也談到了該領域成長趨緩。不過我也要補充，而且我想 Tim 也分享過：在我們持續面臨定價壓力之際，在承保管理人業務中維持承保紀律的重要性變得至關重要。我們希望確保為我們的保險公司客戶（carriers）交付具獲利性的承保結果。若某些物業風險無法達到我們的報酬門檻，我們會選擇放棄。

Alex Scott, Barclays.

Alex Scott，Barclays。

Could you describe, I guess, thinking more medium term, what kind of spread do you think you can make over sort of the retail brokerage business? And I think the knee-jerk would be this feeling like growth is coming down closer to where some of the retailers have been. But on the other hand, there's some unique pressure from price on you guys. So I just wanted to understand like where net new business is and how you view that just kind of making a broad comparison.

我想請你們描述一下，從中期角度來看，你們認為相對於零售經紀業務（retail brokerage business）可以拉開多大的差距（spread）？直覺反應可能會覺得你們的成長正在下滑、接近一些零售經紀商的水準。但另一方面，你們又面臨一些來自價格的獨特壓力。所以我想了解淨新增業務（net new business）目前的狀況，以及你們如何看待這種較廣泛的比較。

This is Pat. We're anticipating and realizing today the same as our founding thesis. Our role as the intermediary, as an adviser, and an advocate, that role that we're playing brings specialty insurance solutions to brokers, agents and carriers. That's all expanding, particularly providing services to carriers. However, in the soft market, pricing is a headwind. I've been through several soft markets and price does get to be a driver.

我是 Pat。我們的預期以及今天所實現的，與我們創立時的核心論點相同。我們作為中介者、顧問與倡議者所扮演的角色，能為經紀商、代理人與保險公司帶來專業保險解決方案。這一切都在擴張，尤其是為保險公司提供服務。然而，在軟市（soft market）中，定價是一個逆風。我經歷過幾次軟市，價格確實會成為驅動因素。

But it doesn't replace the value proposition that our people bring to our clients. So we're working our way through. We're fighting through, and we're fighting effectively. And we did have a good first-quarter. But we don't have the same trajectory that we've had in a hard market. Incidentally, the conditions that caused that hard market are still out there.

但它不會取代我們的人才為客戶帶來的價值主張。因此我們正在逐步推進。我們正在努力應對，而且應對得很有效。我們第一季確實表現不錯。但我們不再有硬市（hard market）時期那樣的成長軌跡。順帶一提，造成硬市的那些條件仍然存在。

But as we all know, there were some benign results in wind and other perils and carriers made a lot of money. And so they're buying market share. So we knew we'd be in a soft market, and we built this platform really with that in mind, and we've positioned the firm to really work its way through effectively, and we're confident that we will.

但如同大家所知，風險（wind）與其他災害（perils）的結果相對溫和，保險公司賺了很多錢，因此他們正在買進市占率。我們知道自己會處於軟市，而我們打造這個平台時就已把這點納入考量；我們也已讓公司處於能有效度過這段期間的位置，並且我們有信心能做到。

And we base that on, we have the largest and most effective distribution capabilities in our niche, thousands of relationships with large and small brokers. As we've said many times, they use us when they need us. But we are constantly expanding the services that we provide so that they need us more. And you're seeing that in our diversification strategy. That diversification strategy was not accidental.

我們的信心來自於：在我們的利基市場中，我們擁有最大且最有效的分銷能力，與大小型經紀商建立了數千個合作關係。正如我們多次提到的，他們在需要我們時會使用我們。但我們也在持續擴大所提供的服務，讓他們更需要我們。你們也能在我們的多元化策略中看到這一點。這個多元化策略並非偶然。

That was well thought through, planned for a long time. And that allows us to create new and innovative products and bring new solutions to our retail brokers and yes, even some of our wholesale broker competitors. So creating these new innovative products and solutions strengthens us in reinsurance underwriting.

這是經過深思熟慮、長期規劃的。而這使我們能夠創造新的創新產品，並為我們的零售經紀商帶來新的解決方案——是的，甚至也包括我們的一些批發經紀競爭對手。因此，創造這些新的創新產品與解決方案，也強化了我們在再保險承保（reinsurance underwriting）方面的實力。

And as Janice mentioned, or Tim mentioned, in facultative property, so expanding the reinsurance capabilities. We're growing very nicely in benefits. And that's tied in also to our alternative risk strategy because alternative risk is growing nicely and bringing solutions to clients who want to put up some of their own capital.

而如 Janice 提到的，或 Tim 提到的，在臨分物業（facultative property）方面，我們正在擴張再保險能力。我們在員工福利（benefits）方面成長非常不錯。這也與我們的替代性風險（alternative risk）策略相連，因為替代性風險也在良好成長，並為希望投入部分自有資本的客戶提供解決方案。

So we're applying that same principle on our benefits, whether it be employers are being put in the group captives. And so constantly improving our solutions that we bring to our broker clients. So we've got these strong strategic alliances. And I would submit that no one else in our space has those strategic alliances that allow us to create new solutions, allow us to bring more new capital to our clients' needs.

因此，我們也把同樣的原則運用在福利業務上，例如雇主被納入團體自保（group captives）。我們持續改進帶給經紀商客戶的解決方案。我們擁有這些強大的策略聯盟。我認為，在我們這個領域裡，沒有其他人擁有能夠創造新解決方案、並為客戶需求引入更多新資本的策略聯盟。

And frankly, those trading -- special trading relationships really make us enthusiastic about our future, but they also enhance our ability to attract and retain talent. And all of this is about talent. Talent gets a little more of a pressure when it's a pricing phenomenon like we're having in a soft market. But we know how to grow in a soft market. But we want to be transparent.

坦白說，這些交易——特殊的交易關係——讓我們對未來非常振奮，同時也提升了我們吸引與留任人才的能力。而這一切都關乎人才。當像我們在軟市中遇到的這種定價現象出現時，人才會承受更大的壓力。但我們知道如何在軟市中成長。不過我們也希望保持透明。

We want to make sure that you understand the headwinds we're facing but also understand the tailwinds that we have. So we're in a cycle here that is putting pressure on. But we're absolutely positioned to take advantage when the market turns, and it will. And I would say that we still believe that we will be the industry organic leader, having industry organic revenue growth translating into profit growth over time. Tim, if you want to add anything to that.

我們希望確保你們理解我們所面臨的逆風，也理解我們擁有的順風。因此，我們正處於一個對我們造成壓力的循環之中。但當市場轉向時——而它一定會——我們絕對已做好把握機會的準備。我也會說，我們仍然相信我們將成為業界有機成長的領導者，讓業界領先的有機營收成長隨時間轉化為獲利成長。Tim，如果你想補充的話。

No, I think that covered it, Pat. We're very optimistic that we can grow even in a softening market. And again, our creative, innovative culture gives us that confidence. We have the tools, we have the products, we have the talent, and we look forward to this challenge, and we know we can do it. Thank you.

沒有，我認為你已經涵蓋了，Pat。我們非常樂觀，即使在市場走軟的情況下也能成長。同樣地，我們具創意、創新的文化讓我們有這樣的信心。我們有工具、有產品、有人才，我們期待這個挑戰，也知道我們做得到。謝謝。

As a follow-up, I just wanted to ask about the broader macro environment and just some more volatility, a little more uncertainty out there. Is that affecting things, whether it's construction here in the US or some of the business you do in Europe?

作為後續問題，我想請教更廣泛的總體環境，以及外界更多的波動、更多的不確定性。這是否正在影響一些事情，無論是美國這邊的建築業，或是你們在歐洲所做的一些業務？

I'll let Miles talk more about Europe, Alex. But I would say this that our construction float is very strong. There's a little bit of pressure from interest rates. We've mentioned it before. The opportunities are as strong as they've ever been in construction, but there's a delay from submit to quote to buy. So our quotes and our winning RFPs are sitting for a little bit longer. But we are binding them. We're getting a lot of traction in the actual data center area and crypto opportunities. So we remain very bullish on our construction pipeline.

Alex，我會讓 Miles 多談一些歐洲。但我會這麼說：我們的建築業務流量非常強勁。利率帶來了一點壓力，我們之前也提過。建築領域的機會一如既往地強，但從提交、報價到成交之間出現了延遲。因此，我們的報價以及我們贏得的 RFP 會多停留一段時間。不過我們仍然在承保落地（binding）。我們在實際的資料中心領域以及加密貨幣相關機會上獲得了很多動能。所以我們對建築業務管線仍然非常看多。

I'll touch on transactional liability, which is a global product for RSUM. The space remains quite resilient despite macro uncertainties. The market is working extremely efficiently. There's substantial capital on the sidelines. There's efficient access to debt leverage. And so we're seeing dollar value of deals continue to increase. Unit count of deals is down slightly, but we continue to take more than our fair share of those deals in both transactional rep and warranty as well as tax indemnity.

我補充談一下交易責任險（transactional liability），這是 RSUM 的全球性產品。儘管總體環境存在不確定性，這個領域仍相當具韌性。市場運作極為有效率。場外有大量資本待命。取得債務槓桿的管道也很順暢。因此我們看到交易的美元價值持續上升。交易筆數略有下降，但我們在交易陳述與保證（rep & warranty）以及稅務補償（tax indemnity）兩方面，仍持續拿下超過我們應得份額的交易。

Bob Huang, Morgan Stanley (Operator Instructions)

Bob Huang，Morgan Stanley（操作員指示）

Can you hear me now?

你現在聽得到我嗎？

Yes.

是的。

Okay. Perfect. Sorry about that. My first question is about the broader macro environment. Just given there is likely higher expected inflation due to the Middle East conflict and inflation into the US. Is there any conversation or thoughts on how that might ultimately flow into pricing? When do you think pricing will start to reflect higher inflation through exposure units or through pricing initially? Just curious your view on that.

好，太好了。抱歉剛剛那樣。我第一個問題是關於更廣泛的總體環境。考量到中東衝突可能使預期通膨更高，並把通膨帶入美國。你們是否有任何討論或想法，這最終會如何反映到定價上？你們認為定價何時會開始透過曝險單位或一開始就透過價格，來反映更高的通膨？想請教你們對此的看法。

Well, so Tim spoke about RT's construction practice. And so maybe I'll tackle that through the lens of RSUM's builders' risk practice, which does tend to service more of the small and midsized builders risk part of the marketplace. Certainly, we would benefit from more certainty in that space. Borrowing rates remain higher, inflation remains high, and the war creates certainty in the smaller part of our -- the US economy.

嗯，Tim 談到了 RT 的建築業務。因此我可能會從 RSUM 的建築工程一切險（builders' risk）角度來回答，這項業務通常服務市場中較小型與中型的 builders' risk 客群。當然，在那個領域若能有更多確定性，對我們會更有利。借款利率仍然偏高，通膨仍然偏高，而戰爭在我們——美國經濟較小的那一部分——帶來了確定性。

But I think the same outcome, as I said on the -- we've all said in the larger risk and the transactional risks, we have the product, we have the quotes. We're winning more than our share. And we will all simply benefit from more shovels going in the ground as a result of stability. But yes, we are taking inflation into account as we price risk in real time. It does remain a factor in keeping rates firm in certain classes.

但我認為結果會一樣，正如我在——我們都在更大型風險與交易風險上所說的：我們有產品、我們有報價，我們贏得的份額超過應有水準。而一旦環境穩定、更多工程動工，我們都會受益。不過是的，我們在即時為風險定價時會把通膨納入考量。它仍是讓某些類別費率維持堅挺的一個因素。

Okay. Maybe a follow-up on data center because I want to unpack some of the commentary you had already. If we look at the larger brokers increasing their data center facility size meaningfully versus last quarter, can you maybe talk about the competitive environment here? It feels like the layer that you're playing with, I have a hard time seeing significant competition against you in the data center space.

好。那我想追問一下資料中心，因為我想更深入拆解你們剛才的一些評論。如果我們看到大型經紀商相較上一季大幅提高其資料中心設施規模，你能否談談這裡的競爭環境？感覺在你們所參與的那一層級，我很難看到在資料中心領域有明顯能與你們競爭的對手。

Is that right? And can you maybe give us more commentary around the pipeline for data centers, the great growth contribution in the next few quarters specifically?

是這樣嗎？另外你能否就資料中心的業務管線、以及未來幾季（特別是）對成長的重大貢獻，再多給一些評論？

Sure, Bob. For starters, as we've mentioned, we know we're the industry leader in construction in the wholesale market. And we know that our pipeline is full of opportunities for data centers. Having said that, there's quite a difference between property and casualty opportunities with data centers. So we would have to break that down for you.

當然可以，Bob。首先，如我們提過的，我們知道自己是批發市場建築業務的產業領導者。我們也知道，我們的管線充滿了資料中心的機會。話雖如此，資料中心在財產險與責任險的機會之間差異很大，所以我們需要把它拆開來說明。

But it all leads to what Pat says frequently, the brokers use us when they need us. And right now, there's a real strain on capacity in the valuation of these projects. And there's a completed operations exposure that long-tail casualty underwriters are leery of. So there's a lot of pressure on building towers and limits in space, and our services are in high demand. So we see this as a great opportunity going forward, all part and parcel of our construction practice group.

但這一切都回到 Pat 常說的一句話：經紀人在需要我們的時候就會用我們。而現在，這些專案的估值使承保容量承受很大壓力；同時，完工後營運（completed operations）的曝險讓長尾責任險核保人有所顧忌。因此，在這個領域的建築塔（building towers）與承保限額（limits）上壓力很大，我們的服務需求很高。我們認為這是未來非常好的機會，這也都是我們建築業務團隊的一部分。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Pat, you've been in the industry for many decades and seen many cycles. I was struck by your comments that we're in one of the most volatile and reactive markets you ever witnessed. So when I look at turning points in prior wholesale markets, what is different today? Or if I ask this differently, has the E&S market changed so much that what is ahead is less known? Like it used to be that E&S was a dirty word no longer as carriers are well capitalized. Is that part of it?

Pat，你在這個產業已經很多年，也看過很多循環。我注意到你提到，我們正處於你所見過最波動、反應最快的市場之一。當我回顧過去批發市場的轉折點時，今天有什麼不同？或者換個問法：E&S 市場是否已經改變到讓未來更難以預測？例如以前 E&S 是個「不太好聽」的詞，但現在保險公司資本充足，已不再如此。這是其中一部分原因嗎？

Well, I would say that the rapid increase in property and casualty rates starting back in '19, second half of '19. That rapid and prolonged rise in rates was -- I've never seen anything like that. And then we have a very risky world out there. And the risks have not diminished. They've just taken the hiatus, some of them have. And so what shocked me is how rapidly property rates have declined and now certain parts of casualty.

我會說，從 2019 年下半年開始，財產險與責任險費率快速上升。那種快速且持續的費率上漲——我從未見過類似情況。接著我們又面對一個非常高風險的世界，而風險並沒有減少；只是其中一些暫時停歇。讓我震驚的是，財產險費率下滑得如此之快，而現在責任險的某些部分也出現同樣情況。

And it's generally understood that casualty results in '21, '22, '23 are putting pressure on reserves, and it's still early. So some people have said caustic remarks about what underwriters are doing. We're not going to say that, but we are saying that it's surprising how quickly declines have emerged. And so it's that whipsaw volatility.

而且一般都理解，2021、2022、2023 年的責任險結果正在對準備金造成壓力，而且現在仍然算早期。有些人對核保人正在做的事說了些尖酸刻薄的話。我們不會那樣說，但我們確實認為，跌幅出現得如此之快令人意外。所以這就是那種被「鞭打式」的波動。

And as you know, when you're coming off large increases and then you get large decreases, that puts so much pressure on new business because you're renewing the business, but you're renewing at a lot lower rate. And as you know, we're a straight commission business. And so we rise and fall with how the pricing of our products are being presented to the marketplace.

如你所知，當你經歷了大幅上漲後又出現大幅下跌，這會對新業務造成很大壓力，因為你在續保，但續保是以低得多的費率續。也如你所知，我們是純佣金模式的業務。因此，我們的表現會隨著產品定價在市場上的呈現方式而起落。

So that's what I mean when I say I've never seen anything like that, particularly because so many hard markets in the past were event driven. This really wasn't an event. This was a recognition of how the world has changed with climate issues and litigation issues, all the litigation finance. None of that has subsided. And so it's surprising that people would take their products or their profits and reinvest so aggressively, property movement into casualty because it seems to have a better rate environment.

所以這就是我所說的「我從未見過這樣的情況」，特別是因為過去很多硬市場都是事件驅動的。這次其實不是某個事件，而是對世界如何因氣候議題與訴訟議題、以及各種訴訟融資而改變的一種認知。這些都沒有消退。因此令人意外的是，人們會把他們的產品或利潤如此積極地再投入，讓財產險的動能轉向責任險，因為那裡看起來有更好的費率環境。

All of that is sort of that's what's starting to surprise me. And I think it surprised a lot of people. We're one big storm away from some adjustments. And I can't -- I'm not going to comment about people's behavior. It's just surprising that it is so dramatically swing up and swing down as quickly as we have done.

這些種種就是開始讓我感到意外的地方，我想也讓很多人意外。我們距離某次大型風暴只差一步，就可能需要做出一些調整。我不會——我不打算評論別人的行為；只是令人驚訝的是，它竟然能在這麼短的時間內如此劇烈地上上下下。

Got it. And you guys tend to talk about how flow is so much more important than pricing. But if I listen to the commentary today, I think it's been mostly on pricing, particularly wholesale that's informing your outlook on organic. Can you touch on if you're though contemplating any reverse flow or even on the underwriting management business, are you seeing any type of MGA cancellations?

了解。而你們通常會談到「流量」比「定價」重要得多。但如果我聽今天的評論，我覺得多數都在談定價，特別是批發市場的定價，這也在支撐你們對有機成長的展望。你能否談談你們是否正在考慮任何反向流量（reverse flow）？或者在核保管理業務方面，你們是否看到任何類型的 MGA 取消？

Tracy, I'll start by kind of showing some of the statistics that we've all seen in the marketplace. We know that the non-admitted property and casualty market, the flow into the channel is up 8%, and we're outpacing that as a company. So our opportunities and the flow of business into the channel remain very strong and healthy. And so we -- a lot of our optimism comes from that. We're getting lots of opportunities.

Tracy，我先從我們在市場上都看到的一些統計數據談起。我們知道，非認可（non-admitted）的財產險與責任險市場，流入該通路的業務量成長了 8%，而我們公司的增速高於此。因此，我們的機會以及流入通路的業務流量仍然非常強勁且健康。所以——我們的許多樂觀情緒來自於此。我們獲得了大量機會。

It's just the price. The price continues to go down in property and starting to see some headwinds in casualty. But we're confident that the flow will continue. The business has been restructured. Pat talked about the cycles gone by. But one of the biggest changes has been that we now have instead of a dozen or so E&S companies, we have over 100, so structural change there.

只是價格而已。財產險價格持續下滑，而責任險也開始看到一些逆風。但我們有信心流量會持續。業務結構已經被重塑。Pat 談到了過去的循環，但其中最大的改變之一是：以前大概只有十來家 E&S 公司，現在已經超過 100 家，因此在結構上出現了變化。

The percentage of non-admitted business was 4%, 5% pre second-quarter of '19, and now it's up to 24%. So it's a very, very healthy flow into our channel. We believe that it will stay in the channel, most of it. We don't see -- we see some moderation back into the admitted standard market, but not very much. It's moderate. And again, the stamping evidence is strong. So we remain very positive that we'll be able to capture our fair share of that flow.

未核准業務（non-admitted business）的占比為 4%，在 2019 年第二季之前為 5%，而現在已上升至 24%。因此，流入我們通路的量非常、非常健康。我們相信其中大部分會留在該通路。我們確實看到有些回流到核准（admitted）的標準市場，但不多；幅度溫和。而且再次強調，從「落地」的證據來看非常強勁。因此，我們仍然非常正面地看待我們能夠取得這股流量中合理的份額。

Can I ask also about MGAs? Have they need carriers? How are those relationships going? Anyone cancel a relationship? Is that play in your outlook at all?

我也想問一下關於 MGA 的情況？他們需要承保公司（carriers）嗎？這些合作關係進展如何？有人終止合作關係嗎？這在你們的展望中有反映嗎？

This is Miles. I appreciate the question. It's actually quite the contrary where we continue to attract substantial capital from existing and new partners almost on a daily or weekly basis. I'd add to what my colleagues have said that Ryan's $12 billion delegated platform wins through standard of care, alignment and material investment in our people and our platform.

我是 Miles。謝謝你的問題。其實情況正好相反：我們持續從既有與新合作夥伴那裡吸引大量資本，幾乎每天或每週都在發生。我也補充同事們所說的，Ryan 的 120 億美元授權（delegated）平台，是透過標準化作業（standard of care）、一致的利益對齊（alignment），以及對我們的人才與平台的重大投資而贏得的。

And the reality is that the carriers are printing record ROEs, profit, combined ratios, none of that is at all coincidental. I think we've had a role in this. We've pushed substantial rate, terms and conditions and innovation. Beyond that, through the MGs and distribution, we've guided the highest hazard risk into the monoline -- excuse me, the highest hazard modeling risk into the E&S market where the balance sheets have the best chance of the proper risk-adjusted returns. And the outcome isn't that surprising.

而現實是，承保公司正在創下紀錄的 ROE、獲利與綜合率，這一點完全不是巧合。我認為我們在其中扮演了一定角色。我們推動了大幅的費率、條款與條件調整，以及創新。除此之外，透過 MG 與通路分銷，我們把最高危險度風險——抱歉，是把最高危險度的模型風險——引導到 E&S 市場，在那裡資產負債表最有機會取得適當的風險調整後報酬。因此，結果並不令人意外。

There's substantial insurance, reinsurance and alternative capital coming to support the channel. So there is a lot of talk in the industry where the world is always, I guess, essentially looking for an enemy who's driving this. But the answer is really pretty simple. It's an abundance of capital that was driving price pressure through new facilities, the easing of terms and conditions on existing facilities and even existing balance sheets.

有大量的保險、再保險與替代資本進來支持這個通路。因此，業界有很多討論，世界總是——我想——本質上在找一個「敵人」，看是誰在推動這一切。但答案其實很簡單：是資本過剩，透過新設施帶來價格壓力、放寬既有設施的條款與條件，甚至影響到既有資產負債表。

But as it pertains to, I believe, our role in the delegated space, over 40% of E&S premium is delegated today and delegated is approximately 20% of the US commercial P&C marketplace. So I'm actually quite proud of RSUM's or all of Ryan's delegated underwriting contribution to the exceptional results in the carrier community. And we're convinced that Ryan will continue to contribute to thoughtful underwriting and leading underwriting profit into the future, and that's represented in our forecast.

但就我認為我們在授權（delegated）領域的角色而言，目前超過 40% 的 E&S 保費是以授權方式承作，而授權業務約占美國商業財產與意外險（commercial P&C）市場的 20%。所以我其實非常以 RSUM 或 Ryan 在授權核保方面對承保公司社群卓越成果的貢獻為榮。我們也深信 Ryan 未來仍將持續貢獻於審慎核保，並帶來領先的核保利潤，而這也反映在我們的預測之中。

Meyer Shields, Keefe, Bruyette, & Woods.

Meyer Shields，Keefe, Bruyette, & Woods。

Am I connected?

我有連上嗎？

Yes, Meyer.

有的，Meyer。

Okay. Great. So really a couple of quick questions. First, I just wanted to confirm that the change in the margin guidance for 2026, is there anything in that other than the change in expected organic growth?

好的。那我有兩個很快的問題。第一個，我想確認一下：你們對 2026 年利潤率指引的調整，除了預期有機成長（organic growth）變動之外，還有其他因素嗎？

Meyer, I would say the simplest thing, the change from where we were last quarter to now is as a result of the top line change.

Meyer，我會說最簡單的解釋是：從上季到現在的變化，是由於營收端（top line）的變動所致。

Okay. Great. And I'm wondering -- so we're in clearly a weird environment right now in terms of pricing. When you take a three- to five-year outlook across the cycle, has your view on Ryan's organic growth potential in that environment changed at all?

好的，了解。然後我想問——目前在定價方面顯然處於一個很奇怪的環境。若以跨循環的三到五年展望來看，你們對 Ryan 在該環境下的有機成長潛力看法，有任何改變嗎？

Meyer, would you mind repeating that one?

Meyer，你介意再重複一次嗎？

Yes. I'm wondering, I understand that there are particularly surprising and pronounced pricing pressures in 2026. But if you take a step back and say, okay, over the next three to five years, has your view of the organic growth opportunity changed from that perspective?

好的。我想問的是，我理解 2026 年會有特別令人意外且明顯的定價壓力。但如果退一步看，說好，未來三到五年，你們從這個角度看，有機成長機會的看法有改變嗎？

My perspective on it, Meyer, it's Pat, is that we are much stronger today than we've ever been. We have so much more to offer our brokers and our carriers and these strategic alliances that the opportunity for innovation has never been greater. The data that we're now managing much more effectively as most people are because of the pressure of AI and the opportunity through AI, there's tremendous opportunity to utilize that data to innovate new product.

Meyer，我的看法——我是 Pat——是我們今天比以往任何時候都更強。我們能提供給零售經紀人（brokers）、承保公司（carriers）以及這些策略聯盟的內容更多，因此創新的機會從未如此之大。我們現在管理資料的效率也高得多——多數人也是如此——因為 AI 帶來的壓力與機會；而透過 AI 運用這些資料來創新新產品，有非常巨大的機會。

And the way we get organic growth is by bringing innovation and empowering our people to execute on that. And so absolutely remain very, very bullish on being long-term industry leader in organic growth. And we have not given up on double digit. We just are suffering from these price reductions. But in terms of the quality of our solutions, they just keep improving and the quantity keeps improving dramatically because of the innovation. So -- and I would add one other thing.

而我們取得有機成長的方式，就是帶來創新並賦能我們的人去落地執行。因此，我們對於長期成為產業有機成長領導者仍然非常、非常看多。我們也沒有放棄雙位數成長；只是目前受到這些降價的影響。但就我們解決方案的品質而言，它們只會持續提升，而在創新帶動下，數量也在大幅增加。所以——我再補充一點。

And that is that AI, as Tim talked about, is going to allow us or provide the opportunity for us to take people who are doing administrative support work and get them into the field. And there's nothing more successful than having more boots on the ground talking to clients. And so AI is opening that opportunity for us, and we are moving towards availing ourselves of that opportunity.

也就是，正如 Tim 談到的，AI 將讓我們能夠——或提供機會——把原本在做行政支援工作的人，轉到前線。沒有什麼比更多人員在第一線與客戶對話更有效。因此，AI 正在為我們打開這個機會，而我們也正朝著把握這個機會的方向前進。

We're not making any predictions, but for one, we'll have more people out dealing with clients in the quite near term because of the streamlining of our back-office work and taking very talented people that are now experienced enough to go out and work with clients and be successful. In my past life, I experienced the value of bringing young talented people into the marketplace and letting them loose to go out and make calls and develop business.

我們不做任何預測，但有一點是：在相當短期內，因為後勤作業的精簡，我們會有更多人走出去面對客戶，並把現在已累積足夠經驗、非常有才華的人才帶到市場端，與客戶合作並取得成功。在我過去的職涯中，我親身體會到把年輕且有才華的人帶進市場，放手讓他們去拜訪、開發業務的價值。

And so our strategy to recruit, train, develop people and bring them into the industry is going to accelerate the impact. That's my opinion.

因此，我們招募、訓練、培育人才並把他們帶入這個產業的策略，將會加速帶來影響。這是我的看法。

Rob Cox, Goldman Sachs.

Rob Cox，高盛。

Yes. My first question was just on retail brokers. I think there's some industry discussion that retailers are working to keep growth as the environment gets more challenging. Are you seeing retail brokers pushing harder to pivot business into retail or admitted markets? And are you seeing retailers look to internalize wholesale business? And is that embedded in your guidance at all?

是的。我第一個問題是關於零售經紀人（retail brokers）。我想業界有些討論認為，隨著環境變得更具挑戰，零售端正在努力維持成長。你們是否看到零售經紀人更用力地把業務轉向零售或核准（admitted）市場？以及你們是否看到零售端想把批發（wholesale）業務內部化？這些是否有納入你們的指引？

Rob, it's Tim. Yes, we are seeing some of that activity, but it's not a lot, and it's not a meaningful amount. There are retailers, global and national, as you know, that have wholesale solutions. For the most part, they're very small and they don't interfere with our flow. But there's pressure, and there's pressure to go direct when they can, and we deal with that every day.

Rob，我是 Tim。是的，我們確實看到一些這類活動，但不多，也不具實質影響。如你所知，有些全球性與全國性的零售商本身就有批發解決方案。大多數情況下，它們規模很小，不會干擾我們的流量。但確實有壓力，也有在可行時走直通（direct）的壓力，而我們每天都在面對。

But there's 100 wholesale-only P&C companies now in the US and the high hazard classes of business that we're in are very technical and they require expert marketing expertise to achieve the best results for the client. And I would say majority by far of the retailers in the US know that. And they'll continue to count on us. And again, our flow is as strong as it's ever been. So we see a little bit of activity to your question but it's not meaningful.

但目前美國有 100 家只做批發的財產與意外險（P&C）公司，而我們所處的高危險度業務類別非常技術性，必須具備專業的行銷與市場操作能力，才能為客戶取得最佳結果。我會說，美國絕大多數零售經紀人都知道這一點，他們會持續依賴我們。而且再次強調，我們的流量跟以往一樣強勁。所以針對你的問題，我們看到一點活動，但不具重大性。

Okay. That's helpful. And just as a follow-up, yes, I'm curious if you're seeing any insurance product innovation around artificial intelligence and if that's flowing into the E&S market at all?

好的，這很有幫助。再追問一下，是的，我也好奇你們是否看到圍繞人工智慧的保險產品創新，以及這是否有流入 E&S 市場？

No, we have not seen any particular product innovation around that. We've seen coverage enhancements. We've seen some coverage tightening, if you will, carriers creating manuscript endorsements around the exposure. So there's a heightened awareness about what the potential losses could be. So our professional liability brokers are fast at work. And I believe it's inevitable that there'll be new products that emerge from the AI explosion.

沒有，我們尚未看到任何特別針對那方面的產品創新。我們看到的是保障範圍的強化，也看到一些保障收緊；也就是承保公司針對該曝險制定客製化（manuscript）批單（endorsements）。因此，大家對潛在損失的認知提高了，所以我們的專業責任險（professional liability）經紀人正快速投入。我相信，隨著 AI 爆發，新的產品終將出現。

Okay. And if I could squeeze one more in. I just wanted to ask; did you guys quantify the RAC Re and Ryan Re deal benefit to organic growth in the quarter? And maybe how much you expect them to contribute next quarter as well?

好的。如果我可以再塞一個問題：你們是否量化了本季 RAC Re 與 Ryan Re 交易對有機成長的貢獻？以及你們預期它們在下季會貢獻多少？

Rob, it's Miles here. We do not break those out by line. But I mean, I think behind the numbers that we published, we're proud that across the entire underwriting segment with extremely attractive growth despite the property headwinds, new product development, incremental capital under management, taking share from others and compounding that core organic growth to get to total growth, we had continued increase in profit commissions. And then on top of that would be the Markel transaction, as you highlighted.

Rob，我是 Miles。我們不會按產品線拆分揭露那些項目。不過，我想就我們公布的數字背後而言，我們很自豪：在整個核保部門，即使面臨財產險（property）的逆風，仍有非常吸引人的成長，包含新產品開發、管理中的新增資本、從其他人手中取得市占，並把核心有機成長複利化以達到總成長；我們的利潤分成（profit commissions）也持續增加。而在此之上，還有你提到的 Markel 交易。

Going to the Ryan Re part of the question, Rob. We have tremendous, talented team. They've seamlessly taken over Markel Re and growing it really nicely. We can't predict any other subscale reinsurers, but it's certainly a great solution for Markel. And we just have a very, very strong team of management at Ryan Re. And that reinsurance capability permeates our entire strategy in that alternative risk is reinsurance.

回到關於 Ryan Re 的那部分問題，Rob。我們擁有一支非常優秀、才華洋溢的團隊。他們已經無縫接手 Markel Re，並且把它經營得非常好、成長得很漂亮。我們無法預測是否還會有其他規模偏小的再保險公司，但這對 Markel 而言確實是一個很好的解決方案。而且我們在 Ryan Re 擁有非常、非常強的管理團隊。那項再保險能力也貫穿我們的整體策略，因為替代性風險本質上就是再保險。

Our benefits is in funding through group captives, that's reinsurance, facultative capabilities that they have just launched. That's another service to other capital providers where they'll be facilitating facultative coverages. So there's a long runway on reinsurance. And this is not accidental. When I retired from Aon, I said we will not become a competitor as a retail broker or as a reinsurance broker.

我們在團體自保（group captives）的資金安排上的優勢，那就是再保險；以及他們剛推出的臨分（facultative）能力。那是提供給其他資本提供者的另一項服務，他們將協助促成臨分保障。因此，再保險還有很長的成長跑道。而這並非偶然。我從 Aon 退休時就說過，我們不會成為零售經紀或再保險經紀的競爭者。

But I love the reinsurance industry. And it was wide open for an MGU to partner with real solid capital like Nationwide Mutual and get innovated. And that's what's happening, and we're enthusiastic about the future of reinsurance as part of our portfolio.

但我很喜歡再保險產業。而且對一家 MGU 來說，與像 Nationwide Mutual 這樣真正穩健的資本合作並推動創新，當時的機會是完全敞開的。現在正在發生的就是這件事，我們也對再保險作為我們投資組合的一部分之未來感到非常振奮。

And Rob, just on the question of organic as well. Ryan Re was something that we called out as a contributor. We knew and we expected that with the Markel renewal rights deal, that would have an impact on our first-quarter organic, which it did. It was a strong contributor, and it exceeded our expectations as well. Going back to what I said earlier on the call with Elyse just around business mix, we do expect Ryan Re and the Markel book to contribute to our organic for the remainder of the year, but the largest renewal is actually in the first-quarter. So just from a seasonality perspective, we would expect the most significant impact to happen in the first-quarter.

另外，Rob，就你也問到的有機成長（organic）部分。Ryan Re 是我們點名提到的貢獻來源之一。我們知道、也預期 Markel 續約權利（renewal rights）交易會對我們第一季的有機成長造成影響，而確實如此。它是很強的貢獻者，而且也超出我們的預期。回到我先前在與 Elyse 的通話中提到的、關於業務組合（business mix）的部分，我們確實預期 Ryan Re 與 Markel 的業務簿（book）在今年剩餘期間會持續對有機成長有所貢獻，但最大的一次續約其實是在第一季。因此，從季節性角度來看，我們預期最顯著的影響會發生在第一季。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

Can you hear me?

你聽得到我嗎？

Yes.

聽得到。

Okay. Great. My first question is around delegated authority, which is now actually more than half of net commissions, and it's led by delegated -- I'm sorry, by underwriting management at 37.7%. So I'm wondering in the underwriting management area, what's the deal pipeline looking like? And is there a point when delegated authority is more than 2/3 of net commissions within the next five years, say?

好。很好。我第一個問題是關於授權承保（delegated authority）。它現在其實已經占淨佣金（net commissions）的一半以上，而且主要由授權——抱歉，是由承保管理（underwriting management）帶動，占 37.7%。所以我想問，在承保管理這一塊，交易管線（deal pipeline）看起來如何？以及在未來五年內，授權承保是否有可能上升到占淨佣金超過 2/3？

Well, that's a really interesting and important question because so much of the -- what we call our diversification strategy involves delegated authority. In fact, most of it does. So just by virtue of that, and the already good growth that we have in existing facilities, it's going to become a larger percentage for sure. That was part of the founding thesis, and that's got a lot of runway, Andrew.

這是一個非常有意思、也很重要的問題，因為我們所謂的多元化策略（diversification strategy）有很大一部分都涉及授權承保；事實上，大多數都是。因此，單就這一點，再加上我們在既有承保設施（facilities）上的良好成長，它肯定會成為更大的占比。這本來就是我們創立時的核心論點之一，而且在這方面還有很長的跑道，Andrew。

So we've got a great distribution business in wholesale broking. But as we've said, we're way more than a wholesaler. We love the wholesale broking business. It's been a fantastic growth business and will continue to be. But the diversity around that, these are more than adjacencies. These are really core businesses that integrate very nicely. So yes, I mean, delegators has continued to be a larger percentage.

我們在批發經紀（wholesale broking）方面有很強的分銷業務。但正如我們所說，我們遠不只是批發商。我們很喜歡批發經紀業務；它一直是非常出色的成長型業務，未來也會持續如此。但圍繞著它的多元化，這些不只是相鄰業務（adjacencies），而是真正能非常好地整合在一起的核心業務。所以是的，我的意思是，授權業務一直在提高占比。

Andrew, you asked about -- you asked about pipeline, so I just want to chime in. The focus is on organic buildouts on the platform and launching new products off of the M&A of the last two years. And I'd also highlight that the benefit of diversification of the platform is our ability to be an increased solution provider to our capital partners by creating more touch points across the distribution chain, binding programs, MGUs, alternative capital, alternative risk benefits.

Andrew，你問到管線（pipeline），我想補充一下。我們的重點在於在平台上做有機擴建（organic buildouts），並且把過去兩年併購（M&A）帶來的能力延伸出去、推出新產品。我也要強調，平台多元化的好處在於：我們能透過在分銷鏈（distribution chain）上創造更多觸點（touch points）——承保綁定計畫（binding programs）、MGUs、替代資本（alternative capital）、替代性風險福利（alternative risk benefits）——成為資本合作夥伴更重要的解決方案提供者。

And we're able to offer a much more holistic approach solving the carrier needs as well, create more FS, create stickiness and create more special relationships that Pat opened with in his intro.

同時，我們也能以更整體性的方式來滿足保險公司（carrier）的需求，創造更多 FS，提升黏著度（stickiness），並建立更多 Pat 在開場時提到的特殊關係。

Got it. And my follow-up is around just MGAs, MGUs in general. Some of the specialty carriers and maybe it's just talking their own books, but they've been very critical of MGAs and MGUs and how they're pricing in this declining or decelerating environment. Why is the Ryan MGA platform, the underwriting management platform, why is that different? What kind of distinguishes Ryan from kind of commentary that we're hearing?

了解。我的追問是關於一般的 MGA、MGU。某些專業型保險公司（specialty carriers）——也許只是談他們自己的業務簿——對 MGA 和 MGU 在這個下行或成長放緩的環境中如何定價，提出了非常多批評。Ryan 的 MGA 平台、承保管理平台，為什麼不一樣？Ryan 與我們聽到的那些評論相比，差異點是什麼？

Millions of dollars, hundreds of millions of dollars of investment. Most MGAs are started by capital backing some underwriters who have a following. We never believed that, that was the appropriate strategy. We always believe the appropriate strategy is to find a niche that needs delegated authority and to equip that with the top-quality services that any carrier would provide.

數百萬美元、數億美元的投資。大多數 MGA 是由資本支持一些有追隨者的承保人而成立。我們從來不認為那是適當的策略。我們一直相信，正確的策略是找到一個需要授權承保的利基市場，並為其配備任何保險公司都會提供的頂級服務。

That's actuarial, that's data science, that's cat modeling, and it's great underwriters and it's an overall culture. Culture number one is we have a duty of care to the capital provider to make an underwriting profit and represent them appropriately in the marketplace. That's not the way historically, MGAs have come and gone in the business.

那包括精算（actuarial）、資料科學（data science）、巨災模型（cat modeling），以及優秀的承保人與整體文化。第一個文化是：我們對資本提供者負有注意義務（duty of care），要創造承保利潤（underwriting profit），並在市場上適當地代表他們。這並不是歷史上 MGA 在這個行業中興起又消失的方式。

But we don't like being harnessed with that brand because we're totally different. It was part of the founding thesis that this was going to be an evolving -- quickly evolving change in the industry. We seized the opportunity, and we made the investments. And just to put an exclamation point on that, the $2.7 billion that we invested in '23, '24, part of '25 is all delegated authority.

但我們不喜歡被貼上那個品牌標籤，因為我們完全不同。這也是創立時的核心論點之一：這將是產業中一個正在演進——而且快速演進——的變化。我們抓住了機會，也做了投資。再強調一次，我們在 2023 年、2024 年以及 2025 年部分期間投資的 27 億美元，全部都是授權承保相關。

That's how much we believe in it. And so I said hundreds of millions, I should have said billions have been invested in that. So that's the difference between us and the run-of-the-mill new MGA. But that run of the new MGA is putting a lot of pressure on pricing, but that's not us, but it's putting a lot of pressure on pricing. So a carrier who wants to put capital to work, doesn't have the talent, knows some underwriters that they did business with a company A and they get together and they form an MGA.

這就是我們對它的信念程度。我剛才說數億，其實應該說我們在這上面投了數十億。所以，這就是我們與一般新成立 MGA 的差別。但那些新成立的 MGA 確實對定價造成很大壓力；那不是我們，但它正在對定價造成很大壓力。也就是說，一家想要投入資本運作的保險公司，自己沒有人才，認識一些以前在 A 公司合作過的承保人，大家湊在一起成立一個 MGA。

The average life cycle of those kinds of MGAs is very short term. At Aon, we had MGAs for many, many, many years, decades now. We have purchased companies that are over 60 years old as MGAs. So we take a totally different approach to it.

那類 MGA 的平均生命週期非常短。在 Aon，我們有一些 MGA 經營了很多很多年，甚至數十年。我們也收購過成立超過 60 年的 MGA 公司。所以我們採取的是完全不同的做法。

That was super helpful, Pat. Maybe just real quickly, the Ryan stock option trust, that's funded entirely by you? Or are there some loans? I read it so quickly. I just wanted to make sure I understood it. Are there loans attached to that?

這非常有幫助，Pat。也許再很快問一下，Ryan 的股票期權信託（stock option trust）是完全由你出資嗎？還是有一些貸款？我讀得很快，只是想確認我理解正確。那裡面有附帶貸款嗎？

Yes. You're talking about the option plan.

是的。你指的是期權計畫（option plan）。

Yes, yes.

對，對。

Andrew, would you just mind repeating the question?

Andrew，你介意把問題再重複一次嗎？

Yes. I just wanted to understand the dynamic. Is that -- is there some kind of loan that Pat is making and then funding it with the stock? Is that how it works?

好的。我只是想了解這個機制。那是不是——Pat 先提供某種貸款，然後再用股票去資助它？是這樣運作的嗎？

No, it's very simple. We have always believed in alignment. We've always believed in a reward system that gives people a long-term interest in their results. So we've, I think, been farsighted in sharing equity. We really believe we have a unique opportunity for our employees because of the tremendous pressure on our shares and the reduction in the share price.

不是，很簡單。我們一直相信利益一致（alignment）。我們一直相信一套獎酬制度，能讓人們對自己的成果有長期的利益關聯。因此，我想我們在分享股權方面一直很有遠見。我們真的相信，因為我們股價承受了巨大的壓力、股價下跌，這對員工而言是一個獨特的機會。

That is a unique opportunity to bring more of our people further along to align with all of our efforts, but aligned with our clients, aligned with our shareholders. So to align and reward certain employees. We believe it's a unique opportunity because of the dislocation. I consider it a direct investment in the platform. I believe in the team, I believe in the platform. I believe in the direction we're going.

這是一個獨特的機會，可以讓更多同仁更進一步地參與，與我們所有的努力保持一致，也與我們的客戶一致、與我們的股東一致。因此，為了讓特定員工能夠對齊並獲得獎勵。我們認為，因為這種錯位（dislocation），這是一個獨特的機會。我把它視為對平台的直接投資。我相信團隊，我相信平台，我相信我們前進的方向。

And I want every leader in the company to be aligned in our mission; there I'm offering a meaningful piece of my own capital behind that conviction. There's no loan involved. It's a reward and it's an alignment. And by the way, it's good business.

而且我希望公司裡的每一位領導者都能與我們的使命一致；因此我願意以我自己的資本拿出一個有意義的份額，來支持這份信念。這裡面沒有任何貸款。這是一種獎勵，也是一種對齊。順帶一提，這也是一門好生意。

Mike Zaremski, Bank of Montreal.

Mike Zaremski，蒙特婁銀行。

My first question is just trying to get some additional kind of macro context around the organic growth guide of mid-single digits. I guess in '25, the E&S market grew -- the US E&S market grew about 7%. Ryan's organic was about 10%. Is there a way we could -- since a lot of us think kind of outside looking in, would your mid-single-digit guide imply the US E&S market is still growing, growing a little bit, a lot, maybe 0%? Is there a way to kind of put that in context?

我的第一個問題是，想就中個位數的有機成長指引，取得一些額外的總體（macro）背景脈絡。我想在「25 年，E&S 市場成長——美國 E&S 市場大約成長 7%。Ryan 的有機成長大約 10%。我們是否可以——因為很多人從外部觀察——你們的中個位數指引是否意味著美國 E&S 市場仍在成長、成長一點、成長很多，或可能是 0%？有沒有辦法把它放在這個脈絡下說明？

Well, I'll try to explain what we think is happening here with the E&S flow. I mentioned it earlier. We continue to see 8% plus growth of new E&S business coming into the market. So the flow remains very strong and very healthy, and we're capturing more than that. We're outpacing that. It's just the prices are coming down, and the premiums are coming down.

好，我會試著解釋我們認為 E&S 流量（flow）目前發生了什麼。我先前提過。我們持續看到進入市場的新 E&S 業務成長在 8% 以上。所以流量仍然非常強勁、非常健康，而我們的攫取量還高於此——我們的增速超過它。只是價格在下滑，保費也在下滑。

But in terms of our market share, we're gaining market share all the time, and we're confident that we'll get even more market share this year. It's just, again, price effective flow at the moment, especially in property.

但就我們的市占率而言，我們一直在提升市占率，而且我們有信心今年會拿到更多市占率。只是同樣地，目前是價格主導的流量，尤其是在財產險（property）方面。

Got it. So yes, taking market share. Okay, then I can -- we can work with that. Maybe just also sticking with kind of on a macro level. So back to maybe Meyer's question that over time, if the North Star is still kind of getting back to double-digit organic, how would you break down that organic between flow versus pricing? Is it kind of 50-50 or lopsided towards flow or pricing?

了解。所以是拿市占。好，那我——我們可以用這個來推估。也許再把問題停留在總體層面。回到剛才 Meyer 的問題，長期來看，如果「北極星」仍是回到雙位數的有機成長，你會如何拆解這個有機成長在流量與定價之間的貢獻？大概是 50/50，還是偏向流量或偏向定價？

Well, it fluctuates constantly, not just property and casualty, but there's dozens of product lines within those verticals that have niche firming phenomenon is going on. Prices are going up on classes of business-like transportation, habitational, public entity, lots of health care verticals where, again, the pricing is actually going up, rates are rising, capacity is shrinking.

這會持續波動，不只是財產與意外險（property and casualty），而且在這些垂直領域裡還有數十條產品線，存在利基性的趨緊（firming）現象。像是運輸、住宅（habitational）、公共機構（public entity）、許多醫療照護垂直領域等，價格其實正在上升、費率在上調、承保容量在縮減。

So we give you a macro view of property and casualty, but there's so much more within these segments that are opportunistic for us. So it's kind of hard to break out those rates on a macro basis.

所以我們給的是財產與意外險的總體觀點，但在這些分項裡還有更多對我們而言具機會性的領域。因此要在總體層面拆分這些費率變動其實很難。

I think an important point to add to that, when we say we're still aiming for and believe we can get to down the road back to double digit. We're getting scale in what we call our diversification strategy. We're getting scale, we're getting good scale. And so as that scale rises, it actually has a bigger, obviously, mathematical impact on organic. So the two core divisions, each are going to perform well as we believe.

我認為需要補充的一個重點是，當我們說我們仍以長期回到雙位數為目標，並且相信能做到時——我們在所謂的多元化策略上正在取得規模。我們正在取得規模，而且是很好的規模。隨著規模提升，顯然在數學上會對有機成長產生更大的影響。因此我們相信兩個核心事業部門各自都會有良好表現。

But on top of that, we have this diversification with reinsurance, with newly created, we call them de novo delegated authority opportunities, but also alternative risk with new product and of course, benefits. Now those were all de novo, and so you've going through the growth pains, but they're getting scale. So they'll start to contribute more to the overall organic recovery over time.

此外，我們還有多元化布局：再保險、我們新建立的（我們稱之為 de novo 的）授權承保（delegated authority）機會，以及替代性風險（alternative risk）的新產品，當然還有員工福利（benefits）。這些原本都是從零開始（de novo），因此會經歷成長陣痛，但它們正在取得規模。隨著時間推進，它們將對整體有機成長的回升貢獻更多。

That's helpful. And just lastly, back to the, I think, $52 million stock grant. Any -- are there any terms and conditions that we should be aware of that the stock needs to hit certain hurdles or over certain time frames? Or is it just a straight stock grant that vests over x amount of years?

這很有幫助。最後一個問題，回到我想是 5,200 萬美元的股票授予（stock grant）。有沒有任何我們需要注意的條款與條件，例如股價需要達到某些門檻或在特定期間內？還是就是單純的股票授予，並在 x 年內歸屬（vesting）？

It's the latter. It's five-year vesting, years three, four and five.

是後者。五年歸屬，在第 3、4、5 年歸屬。

Rowland Mayor, RBC Capital Markets.

Rowland Mayor，RBC 資本市場。

Can you hear me?

聽得到我嗎？

Yes.

聽得到。

I wanted just a quick reminder on the timing of recent M&A. As we move through the year, I assume revenue growth should begin to converge with organic growth.

我想快速請你提醒一下近期併購（M&A）的時間點。隨著我們走過今年，我假設營收成長應該會開始與有機成長收斂。

Yes. So in terms of our M&A, and I think we shared this in our prepared remarks, the expectation is that more of our material opportunities are going to come potentially later in the year. So we would expect total revenue and organic to converge on that basis, excluding contingents.

是的。就我們的併購而言，而且我想我們在事先準備的講稿裡也有分享，預期較具實質性的機會可能會在今年稍晚出現。因此在此基礎上，我們預期總營收成長與有機成長會收斂（不含或有款項／或有對價 contingents）。

And the other part of that is that there are properties coming on the market, but not the quality that we're looking for generally. So there will be activity that we're not choosing not to participate in. We have line of sight out in time on potential really good strategic opportunities. But at the earliest, they'd be late in the year and probably '27. But in the meantime, we got a heck of a good investment opportunity in our own shares.

另外一點是，市場上確實有標的釋出，但整體品質通常不是我們在找的那種。所以會有一些交易活動我們選擇不參與。我們對未來一段時間內可能出現的、非常好的策略性機會有一定能見度。但最早也會在今年年底，且可能要到「27 年。不過在此期間，我們在自家股票上有一個非常好的投資機會。

Yes. And I did want to follow up on that. The authorization, I think, went in during the middle of the quarter. Is it better to think about the $40 million as for a go-forward basis is like the daily average volume or the $40 million overall?

是的。我也想追問這點。這個授權我記得是在本季中段核准的。對於 4,000 萬美元，較好的理解方式是：它是未來執行時以每日平均成交量為基礎的限制，還是 4,000 萬美元的總額？

Well, the $40 million is just limited by time and the rules. But let's be clear that within the rules, we want to buy stock. And that's the plan. I think we got a few days that we have to stay dark, but not much longer.

嗯，4,000 萬美元主要是受時間與規則限制。但要說清楚的是，在規則允許的範圍內，我們想買回股票，這就是計畫。我想我們還有幾天需要進入靜默期（stay dark），但不會太久。

There are no further questions at this time. I will now turn the call over to management for closing remarks.

目前沒有其他問題。我現在把電話交回管理層做結語。

Yes. Well, this is Pat. I'm not going to repeat all the challenges, but we're -- we know we're in a challenging market, but we're also disciplined. I hope you believe, and I think you do, that we're transparent, and we have a really clear focus on the levers we have within our control to bounce back and we're looking at that. We're looking at doing everything we can to bounce back to improve the growth and the margin, which will drive the share price.

好的。我是 Pat。我不會重複所有挑戰，但我們知道我們處在一個具挑戰性的市場，同時我們也很自律。我希望你們相信——而且我想你們確實相信——我們很透明，並且非常清楚聚焦在我們可控的槓桿上，以便反彈回升；我們正在檢視這些。我們正在盡一切所能反彈回升、改善成長與利潤率，而這將推動股價。

So we're investing in technology in a significant way, talent always and expanding the capabilities that will allow us to emerge from this current cycle that we're in much stronger. So thanks for your really good questions. Thanks for your support. We look forward to speaking with you next quarter. Thank you.

因此我們正以相當顯著的方式投資科技，也一如既往投資人才，並擴充各項能力，讓我們能在目前所處的這個循環結束後，以更強的姿態走出來。謝謝你們非常好的提問。謝謝你們的支持。我們期待在下個季度再與各位交流。謝謝。