Siriuspoint Ltd (SPNT) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to SiriusPoint's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay is available through 11:59 PM Eastern Time until August 18, 2025. With that, I would like to turn the call over to Liam Blackledge, Investor Relations, and Strategy Manager.

女士們、先生們，早安，歡迎參加 SiriusPoint 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，重播將於美國東部時間晚上 11:59 截止，直至 2025 年 8 月 18 日。接下來，我想將電話轉給投資者關係和策略經理 Liam Blackledge。

Please go ahead.

請繼續。

Thank you, operator, and good morning or good afternoon to everyone listening. I welcome you to the SiriusPoint Earnings Call for the 2025 Second Quarter and Half Year Results. Earlier this morning, we released our earnings press release 10-Q and financial supplements, which are available on our website, www.siriuspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website. Joining me on the call today are Scott Egan, our Chief Executive Officer; and Jim McKinney, our Chief Financial Officer.

謝謝接線員，各位聽眾早安或下午好。歡迎您參加 SiriusPoint 2025 年第二季及半年業績收益電話會議。今天早上早些時候，我們發布了10-Q財報及財務補充文件，可在我們的網站www.siriuspt.com上查閱。此外，今天的討論會期間還將舉行網路直播，屆時可在我們的網站上觀看。今天與我一起參加電話會議的還有我們的執行長 Scott Egan 和我們的財務長吉姆麥金尼 (Jim McKinney)。

Before we start, I would like to remind you that today's remarks contain forward-looking statements based on management's current expectations. Actual results may differ. Certain non-GAAP financial measures will also be discussed.

在我們開始之前，我想提醒大家，今天的言論包含基於管理階層目前預期的前瞻性陳述。實際結果可能有所不同。我們也將討論某些非公認會計準則財務指標。

Management uses the non-GAAP financial measures in its internal analysis of our results and operations and believes that they may be informative to investors, engaging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

管理層在對我們的業績和運營進行內部分析時使用非公認會計準則財務指標，並相信這些指標可以為投資者提供信息，了解我們的財務業績質量並確定我們的業績趨勢。然而，這些指標不應被視為替代或優於以 GAAP 編制的財務績效指標。

Please refer to page 2 of our investor presentation and the company's latest public filings with the Securities and Exchange Commission for additional information. I will now turn the call over to Scott.

請參閱我們的投資者介紹第 2 頁以及公司向美國證券交易委員會提交的最新公開文件以獲取更多資訊。現在我將把電話轉給史考特。

Thanks, Liam, and good morning, good afternoon, everyone. Thanks for joining our second quarter and half year 2025 results call. The second quarter has seen SiriusPoint deliver continued strong performance. Our underlying return on equity for the quarter was 17%, 2 points ahead of our across-the-cycle 12% to 15% target range, driven by strong underwriting and targeted growth.

謝謝，利亞姆，大家早安，下午好。感謝您參加我們的 2025 年第二季和上半年業績電話會議。SiriusPoint 在第二季持續保持強勁表現。受強勁承保和目標成長的推動，本季我們的基本股本回報率為 17%，比我們整個週期的 12% 至 15% 的目標範圍高出 2 個百分點。

Year-to-date, our underlying return on equity of 15.4% is at the upper end of our target range despite heightened first half losses in aviation and first quarter losses from California wildfires. The second quarter core combined ratio of 89.5% is a 3.8 point improvement year over year, further evidence of our focus on producing consistently strong and improving results.

年初至今，儘管上半年航空業務虧損加劇，且第一季加州野火造成損失，但我們的基本股本回報率仍達到 15.4%，處於目標區間的上限。第二季核心綜合成本率為 89.5%，年增 3.8 個百分點，進一步證明了我們專注於持續創造強勁且不斷改善的業績。

This marks our 11 consecutive quarter of underwriting profit. We also grew our gross written premiums by 10%, representing our fifth straight quarter of double-digit gross premium growth as we continue to allocate capital selectively towards attractive opportunities in the markets that we operate within.

這是我們連續第11季實現承保獲利。我們的毛保費也成長了 10%，這是我們連續第五個季度實現兩位數的毛保費成長，因為我們繼續有選擇地將資本分配給我們營運市場中的有吸引力的機會。

Premium growth is strong on a net basis as well, increasing 8% in the quarter and 14% in the first half of the year. Within our Insurance & Services business, we saw net premium growth of 15% in the quarter. This is at a faster pace than gross premiums as we deliberately retain more premiums on our own balance sheet from our MGA partners. This is in line with our prudent strategy of increasing our retention as these relationships season and mature and as we get increasing confidence with the performance and underwriting margin.

保費淨額成長也十分強勁，本季成長 8%，今年上半年成長 14%。在我們的保險和服務業務中，本季淨保費成長了 15%。這一增長速度比總保費增長更快，因為我​​們故意在自己的資產負債表上保留了來自 MGA 合作夥伴的更多保費。這符合我們審慎的策略，即隨著這些關係的成熟以及我們對績效和承保利潤率的信心不斷增加，我們會提高保留率。

This approach is an important proof point of our underwriting discipline. In the first half, we've seen double-digit growth in Accident & Health, Property and other specialties lines of business whilst decreasing our premiums within casualty as we remain deliberately cautious. We continue to expect our Insurance business to grow more than Reinsurance.

這種方法是我們承保紀律的重要證明點。上半年，我們的意外及健康險、財產險和其他專業業務線均實現了兩位數增長，同時，由於我們保持謹慎態度，意外險的保費有所下降。我們仍然預計我們的保險業務的成長速度將超過再保險業務。

In the quarter, we entered four new MGA partnerships. Three of the four new opportunities were expansions with existing long-term partners who we know well and share a commitment to underwriting excellence with. Deepening long-term proven relationships is a key part of our MGA strategy.

本季度，我們與四家新的 MGA 建立了合作夥伴關係。四個新機會中的三個是與現有的長期合作夥伴的擴展，我們非常了解這些合作夥伴，並共同致力於提供卓越的承保服務。深化長期有效的關係是我們 MGA 策略的關鍵部分。

Our selection of new partners is also a key part of our process, and we continue to reject over 80% of all opportunities we see in this distribution channel. We're excited by the pipeline of opportunities we see and are proud of our increasingly strengthening reputation as a partner of choice for MGAs. This was recognized during the quarter at the Program Manager awards in New York, where supported by our partners, we won Program Insurer of the Year.

選擇新的合作夥伴也是我們流程的關鍵部分，我們繼續拒絕在這個分銷管道中看到的 80% 以上的機會。我們對所看到的眾多機會感到興奮，並為我們作為 MGAs 首選合作夥伴日益增強的聲譽感到自豪。這在本季度紐約的專案經理獎頒獎典禮上得到了認可，在合作夥伴的支持下，我們獲得了年度專案保險商稱號。

Turning now to our underwriting performance. we delivered the combined ratio for our core business of 89.5% for the second quarter, contributing to our year to date core combined ratio of 92.4%. As I said, our second quarter result is a 3.8 point improvement year over year.

現在談談我們的核保績效。我們第二季核心業務的綜合成本率為 89.5%，年初至今的核心綜合成本率為 92.4%。正如我所說，我們的第二季業績年增了 3.8 個百分點。

And of this improvement, 1.8 point comes from improvement in our attritional loss ratio in line with our recent trend, marking the sixth consecutive quarter of year over year attritional loss ratio improvement. The quarter's results contain no catastrophe losses versus one point in the second quarter of last year, whilst favorable prior-year development continued to be strong.

其中，1.8個百分點的改善來自於我們的損耗率的改善，這與我們最近的趨勢一致，標誌著損耗率連續第六個季度同比改善。本季的業績沒有包含任何災難損失，而去年第二季則為 1 點，同時去年同期的良好發展勢頭依然強勁。

Looking at reserve development on a consolidated basis, which includes the development of our runoff business. This marked our 17 consecutive quarter of favorable releases. Turning briefly to our fee-driven profits from our consolidated MGAs, service revenues from our two 100% owned A&H MGAs increased by 16% in the quarter, with year to date revenues up 13%. For the half year, the service margin is a healthy and improved 23%, which is generating net service fee income of $28 million.

從綜合角度審視儲備開發，其中包括我們的徑流業務的發展。這是我們連續第 17 季發布利好消息。簡單談談我們從合併的 MGA 中獲得的費用驅動利潤，我們兩家全資擁有的 A&H MGAs 的服務收入在本季度增長了 16%，年初至今的收入增長了 13%。上半年，服務利潤率健康成長了 23%，產生了 2,800 萬美元的淨服務費收入。

Touching on investments, which Jim will cover in more detail. Net investment income for the quarter was $68 million and is tracking in line with our full year guidance of $265 million to $275 million. There were no significant movements on the valuations in our strategic MGA investments in the quarter.

談到投資，Jim 將進行更詳細的介紹。本季淨投資收入為 6,800 萬美元，與我們全年預期的 2.65 億美元至 2.75 億美元一致。本季度，我們的策略 MGA 投資的估值沒有發生重大變動。

Finally, our capital remains strong, and our second quarter BSCR ratio was 223% and within our target range as we continue to deploy our capital to support the organic growth opportunities of the business. Before I conclude, I wanted to take a moment to talk about our people, the real engine of our business.

最後，我們的資本依然強勁，第二季的 BSCR 比率為 223%，在我們的目標範圍內，我們將繼續部署資本來支持業務的有機成長機會。在結束之前，我想花點時間談談我們的員工，他們是我們業務的真正引擎。

During the quarter, we undertook our annual engagement survey, which showed another year of significant improvements across the metrics. We've included some of the details in Appendix 4 of our presentation. Our Net Promoter Score increased by 16 points year over year and 53 points over the past two years. We now sit in a very good category.

在本季度，我們進行了年度敬業度調查，結果顯示各項指標又取得了顯著改善。我們在簡報的附錄 4 中包含了一些詳細資訊。我們的淨推薦值年增了 16 點，過去兩年增加了 53 點。我們現在處於非常好的水平。

I highlight this because this business has always been about our people and our culture, and I'm incredibly proud and immensely grateful for the job that they do for our customers and shareholders every single day. The survey highlights that there is a feel-good factor within the company with staff turnover down to 13%. This is a key ingredient for our continued future success. It is also helping us attract talent to the company.

我強調這一點是因為這項業務始終與我們的員工和文化有關，我為他們每天為我們的客戶和股東所做的工作感到無比自豪和感激。調查顯示，公司內部員工流動率下降至 13%，員工情緒良好。這是我們未來持續成功的關鍵因素。這也幫助我們吸引人才加入公司。

And the quarter saw us again attract top talent from across the industry, including two new members of my executive leadership team. To end, I'll go back to where I started. This quarter provided us another opportunity to show our progress to becoming a best-in-class specialty underwriter. We continue to consistently deliver strong underwriting profits targeted and disciplined premium growth and stable investment results. We are committed to and relentlessly focus on value creation.

本季度，我們再次吸引了來自整個行業的頂尖人才，其中包括我的執行領導團隊的兩名新成員。最後，我將回到我開始的地方。本季為我們提供了另一個機會來展示我們成為一流專業承銷商的進展。我們持續持續提供強勁的承保利潤、有針對性的、有紀律的保費成長和穩定的投資績效。我們致力於並堅持不懈地專注於價值創造。

Book value per diluted share has increased 4% in the quarter and 10% year to date. Our underlying earnings per share for the quarter of $0.66 represents an increase of over 100% versus prior year. And our year to date underlying return on equity is at the top end of our 12% to 15% target range. We've made great progress in the first half of this year, but it's only half time in 2025, all to play for in the second half. We're more than ready.

本季每股攤薄帳面價值成長了 4%，年初至今成長了 10%。本季我們的每股基本收益為 0.66 美元，比去年同期成長了 100% 以上。我們今年迄今的基本股本回報率處於 12% 至 15% 目標範圍的上限。今年上半年我們取得了很大進展，但這只是 2025 年的一半，所有一切都要在下半年實現。我們已經做好充分準備。

With that, I'll pass it across to Jim, who will take you through the financials in more detail.

說完這些，我會把它轉交給吉姆，他會向你更詳細地介紹財務狀況。

Thank you, Scott. Turning to our second quarter results on slide 13. Let me begin by saying we are pleased with our financial results this quarter and for the half year. We meaningfully improved both the reported and core combined ratios. In addition, we generated higher gross and net written and earned premiums.

謝謝你，斯科特。看看幻燈片 13 上我們的第二季業績。首先，我要說的是，我們對本季和半年的財務表現感到滿意。我們顯著改善了報告綜合比率和核心綜合比率。此外，我們的總承保保費和淨承保保費均有所提高。

At 89.5%, the core combined ratio improved 3.8 points versus the prior year. the combination of higher premiums, a strong core attritional loss ratio and favorable prior year development produced core underwriting income of $68 million. This is an 83% increase from the second quarter of 2024 and our 11 consecutive quarter of positive income. These items are a testament to the team's strong execution disciplined underwriting and focused capital management.

核心綜合成本率為 89.5%，較前一年改善了 3.8 個百分點。保費上漲、核心損耗率強勁以及去年發展勢頭良好，這些因素共同產生了 6,800 萬美元的核心承保收入。這比 2024 年第二季成長了 83%，也是我們連續第 11 季實現正營收。這些項目證明了團隊強大的執行力、嚴格的承保能力和專注的資本管理。

Moving to net service fee income. As a reminder, following the deconsolidation of Arcadian in the second quarter of 2024, and our share of Arcadians profits are reported through other revenues. To normalize for this change, we focus comparison to the 100% owned A&H consolidated MGA businesses. This view highlights a 16% increase in year over year service revenues as well as net service fee income increasing 6% to $9 million.

轉向淨服務費收入。提醒一下，在 2024 年第二季度 Arcadian 脫離合併之後，我們在 Arcadians 中的利潤份額將透過其他收入報告。為了使這項變更正常化，我們將重點放在 100% 擁有的 A&H 合併 MGA 業務進行比較。這一觀點強調了服務收入年增 16%，淨服務費收入成長 6%，達到 900 萬美元。

The investment result is $69 million. It includes the full impact of the actions taken during the first quarter to support our repurchase activities. Net investment income continues to benefit from a supportive yield environment. We continue to see reinvestment rates greater than 4.5%. Underlying net income is $78 million. This excludes nonrecurring items such as foreign exchange losses.

投資成果為6900萬美元。它包括第一季為支持我們的回購活動而採取的行動所產生的全部影響。投資淨收益持續受益於有利的收益環境。我們繼續看到再投資率超過 4.5%。基礎淨收入為 7800 萬美元。這不包括外匯損失等非經常性項目。

Year over year, this is up 35%. Net income for the quarter was $59 million, resulting in diluted earnings per share of $0.50. This includes $17 million in foreign exchange losses. A significant portion of which are noncash items related to period-over-period valuation changes with corresponding offsets within our investment portfolio that are recognized through other comprehensive income.

與去年同期相比，這一數字成長了 35%。本季淨利為5,900萬美元，每股攤薄收益為0.50美元。其中包括1700萬美元的外匯損失。其中很大一部分是與期間估值變化相關的非現金項目，在我們的投資組合中具有相應的抵消，並透過其他綜合收益確認。

These items are recognized in our income statement when realized. This is consistent with our approach to economically hedge exposures. In summary, our second quarter results demonstrate our ability to profitably grow and create value for our shareholders.

這些項目在實現時在我們的損益表中確認。這與我們對經濟對沖風險的方法是一致的。總而言之，我們的第二季業績證明了我們有能力實現獲利成長並為股東創造價值。

Moving to our half year results on slide 14. Themes are consistent with the second quarter, strong execution, disciplined underwriting, and focused capital management produced profitable growth. Underwriting income for the period is $96 million. This includes solid gross premiums written, net premiums written and net premiums earned growth of 11%, 14% and 19%, respectively. The core combined ratio was 92.4%.

轉到幻燈片 14 上的半年業績。主題與第二季一致，強勁的執行力、嚴格的核保和專注的資本管理帶來了獲利成長。本期間承保收入為 9,600 萬美元。其中包括穩固的毛保費收入、淨保費收入和淨保費收入分別成長 11%、14% 和 19%。核心綜合成本率為92.4%。

This represents a slight year on year improvement despite elevated catastrophe losses incurred within the first quarter. Net service fee income was $28 million representing a slight decrease from the prior year period. Our 100% owned A&H consolidated MGAs produced $28 million of net service fee income, which is up 14% versus half year 2024.

儘管第一季發生的巨災損失增加，但年比仍略有改善。淨服務費收入為 2,800 萬美元，較去年同期略有下降。我們全資擁有的 A&H 合併 MGAs 產生了 2,800 萬美元的淨服務費收入，比 2024 年上半年成長了 14%。

Net investment income for the first half of the year was $139 million, down slightly from the prior year period as a result of the lower asset base. Lastly, common shareholders' equity increased $168 million to $1.9 billion resulting in diluted book value per share ex AOCI growing 7% or $1 to $15.64.

上半年淨投資收益為 1.39 億美元，由於資產基礎較低，較去年同期略有下降。最後，普通股股東權益增加 1.68 億美元，達到 19 億美元，導致每股攤薄帳面價值（不包括 AOCI）增加 7% 或 1 美元，達到 15.64 美元。

Moving to slide 15 and double clicking into our underlying earnings quality. Our underwriting-first focus continues to deliver strong underlying margin improvement. The attritional combined ratio chart on the left-hand side of the page strips out the impact from catastrophe losses and prior year development as these inherently vary over time. We believe this metric is useful to examine the quality of our underwriting income.

移至幻燈片 15 並雙擊我們的基礎獲利品質。我們以承保為先的重點繼續帶來強勁的潛在利潤率提升。頁面左側的綜合損耗率圖表剔除了災難損失和前一年發展的影響，因為這些影響本質上會隨時間而變化。我們相信這個指標對於檢驗我們的承保收入的品質很有用。

Our 90.9% core attritional combined ratio in the first half of the year represents a 2.3 point improvement versus the prior year period of 93.2%. All facets of the ratio improved, the attritional loss ratio improved 1.1 points. The acquisition cost improved 0.6 points and the OUE ratio improved 0.6 points. Important to note, we continue to benefit from scale from our earned premium growth. For the full year, we remain comfortable with an expense ratio expectation of 6.5% to 7%.

我們上半年的核心員工流動綜合率為 90.9%，較去年同期的 93.2% 提高了 2.3 個百分點。各項比率均有所改善，流失率改善了1.1個百分點。收購成本改善了 0.6 個百分點，OUE 比率改善了 0.6 個百分點。值得注意的是，我們持續受益於保費成長帶來的規模效益。對於全年而言，我們仍然對 6.5% 至 7% 的費用率預期感到滿意。

The right-hand side provides a bridge from our underlying earnings quality to our core combined ratio. This displays 3.8 points of favorable prior year development in the first half, partially offsetting 5.3 points of catastrophe losses that relate entirely to California wildfires.

右側提供了從我們的基本盈利品質到核心綜合比率的橋樑。這表明上半年的有利發展率為 3.8 個百分點，部分抵消了完全與加州野火相關的 5.3 個百分點的災難損失。

Turning to our Insurance & Services segment results on slide 16. Gross written premiums increased $70 million or 14% to $560 million in the quarter, driven by strong growth within our A&H other specialties and property lines. For the half year, gross written premiums increased $181 million or 18% to $1.2 billion. We expect to see existing growth trends persist throughout the remainder of the year. The Insurance and Services segment achieved a combined ratio of 89.3%, a 6.7 point improvement from the prior-year quarter.

轉向幻燈片 16 上的保險和服務部門業績。本季度，總承保保費增加了 7,000 萬美元，即 14%，達到 5.6 億美元，這得益於我們的 A&H 其他專業業務和財產險業務的強勁增長。上半年，毛承保保費增加 1.81 億美元，增幅 18%，達 12 億美元。我們預計現有的成長趨勢將在今年剩餘時間內持續下去。保險和服務部門的綜合成本率為 89.3%，比去年同期提高了 6.7 個百分點。

This was driven by an 8-point decrease in the loss ratio, partly offset by a 1-point increase in the acquisition cost ratio and a 0.3-point increase in the other underwriting expenses. The improvement in the loss ratio is largely due to a 4-point improvement in the attritional loss ratio from our North American P&C business.

這是由於損失率下降了 8 個百分點，但部分被收購成本率增加 1 個百分點以及其他承保費用增加 0.3 個百分點所抵銷。損失率的改善主要歸因於我們北美財產和意外保險業務的損耗率提高了 4 個百分點。

The quarter also saw no catastrophe losses representing a 0.9 point improvement year over year and favorable prior year development of $10 million, representing a 3.1 point improvement year over year. The half year result is strong with the combined ratio improving 5.5 points to 91.6%.

本季沒有發生災難損失，比去年同期改善了 0.9 個百分點，而去年同期的損失為 1,000 萬美元，比去年同期改善了 3.1 個百分點。上半年業績表現強勁，綜合成本率提高 5.5 個百分點，達到 91.6%。

This result was driven by a 6.3-point decrease in the loss ratio and a 0.4-point decrease in the OUE ratio, partially offset by a 1.2-point increase in the acquisition cost ratio. Similar for the second quarter, attritional losses for the half year represent the majority of the improvement down 4.1 points versus prior year, largely driven by our North American business. Favorable prior year development represented 6.3 points of the combined ratio compared to 3.3 points in the first half of last year was driven largely by favorable movement within Accident & Health.

這一結果是由於損失率下降了 6.3 個百分點，OUE 比率下降了 0.4 個百分點，但被收購成本比率上升了 1.2 個百分點部分抵銷。與第二季類似，半年的損耗佔了改善的大部分，比去年同期下降了 4.1 個百分點，這主要得益於我們的北美業務。上年同期的良好發展使綜合成本率上升至 6.3 個百分點，而去年上半年則為 3.3 個百分點，這主要得益於意外與健康險業務的良好發展。

Our Accident & Health book of business has provided us with a stable source of underwriting profit through the cycle and is a key offering that adds diversification to our portfolio and produces consistently strong results. Premium and this specialism are up 14% in the first half of the year and represent roughly half of the business mix and insurance and services. Rates in US Medical continued to rise at or above loss trend, while personal accident lines continue to see single-digit rate off softening. Pricing in Insurance & Services continues to trend back towards pre-covid pricing.

我們的意外和健康業務在整個週期內為我們提供了穩定的承保利潤來源，是增加我們投資組合多樣化並產生持續強勁業績的關鍵產品。今年上半年，保費和專項業務成長了 14%，約佔業務組合和保險及服務的一半。美國醫療保險費率繼續以損失趨勢或更高水準上漲，而人身意外險費率則繼續以個位數下降。保險和服務的定價持續趨向疫情前的定價。

The pricing environment within A&H continues to meet our risk and return profile, and we continue to see growth opportunities within this specialism. Within Casualty, premiums for the first half of the year have decreased by 10% and as we continue to allocate capital towards opportunities to have more attractive underlying margin.

A&H 的定價環境繼續符合我們的風險和回報狀況，並且我們繼續看到這一專業領域的成長機會。在意外險方面，今年上半年的保費下降了 10%，我們繼續將資本分配給機會，以獲得更具吸引力的潛在利潤。

The book continues to benefit from positive rate movements exceeding trend, particularly in excess casualty that has seen mid double-digit rate increases. Rates continue to hold firm due to lost cost trends, with industry-wide reserve strengthening, litigation financing and nuclear verdict pressures. We are never afraid to take decisive action to protect the bottom line. Within our auto book, we continue to reduce underwritings and exit businesses where rate is not keeping pace with loss cost trends.

該保險繼續受益於超出趨勢的積極費率變動，特別是在超額傷亡險方面，費率已出現中等兩位數的增長。由於成本損失趨勢、全行業儲備增強、訴訟融資和核裁決壓力，費率持續保持堅挺。我們從不懼怕採取果斷行動來保護底線。在我們的汽車保險中，我們繼續減少承保，並退出那些費率跟不上損失成本趨勢的業務。

Other specialties continued to see strong growth, with surety and environmental both seeing strong year over year increases in premiums. Within aviation, major airline renewals continue to see 5% to 10% increases with performance mix between subsegments. Most airline renewals are not due until the fourth quarter at which point the Air India incident will be better reflected in pricing. Space continued to see double-digit price increases given the significant losses experienced in the market in 2023 and resultant capacity exits.

其他專業領域持續呈現強勁成長，其中保證金和環境保險的保費年比均強勁成長。在航空領域，主要航空公司的續約量持續維持 5% 至 10% 的成長，且各細分市場之間的業績組合也呈現成長趨勢。大多數航空公司的續約要到第四季才到期，屆時印度航空事件將更能反映在定價中。鑑於 2023 年市場遭受的重大損失以及由此導致的運力退出，太空價格繼續呈現兩位數上漲。

Within energy, rates are a bit of a mixed bag. Energy liability rates remain positive and averaged 5%. Power rates are experiencing mid to low single-digit rate pressures. Despite this, we believe power remains rate adequate. Within upstream energy, small to medium risk, pricing is roughly flat to down single digit. Rate decreases for larger risks are down by around 10%.

在能源領域，利率有點參差不齊。能源負債率維持正值，平均為5%。電價正面臨中低個位數的壓力。儘管如此，我們相信電力仍然充足。在上游能源領域，風險較小到中等，價格大致持平或下降個位數。較大風險的利率下降了約 10%。

Turning to Marine. Rates continue to soften across the board. Cargo and hull generally saw single-digit rate decreases. Rates for marine liability and ports and terminals remain firmer with a range of low single-digit rises to low single-digit reductions. Premiums from our property specialism grew double digit in the quarter and first half.

轉向海軍陸戰隊。利率持續全面走低。貨物和船體的運費普遍出現個位數下降。海上責任險及港口及碼頭險費率維持堅挺，漲幅在個位數低位至個位數低位之間。本季和上半年，我們房地產專業的保費收入實現了兩位數成長。

This is driven by growth from MGA programs within our international business and from partnerships entered in 2023 and 2024. Our primary property portfolio is predominantly non-catastrophe and continues to experience rate adequacy.

這是由我們國際業務中的 MGA 項目以及 2023 年和 2024 年達成的合作夥伴關係的成長所推動的。我們的主要房地產投資組合主要是非災難性的，並且繼續保持利率充足性。

Moving to our Reinsurance segment results on slide 17. This quarter, the segment saw gross premiums written increased $17 million or 5% to $370 million. Double-digit growth in other specialties was partially offset by reductions in property reinsurance premiums. On a half year basis, gross premium written increased by 2%. On a net basis, premiums written decreased by 1% in the quarter and 4% in the first half.

前往投影片 17 上的再保險部門業績。本季度，該部門毛保費收入增加 1,700 萬美元，增幅 5%，達到 3.7 億美元。兩位數其他專業的成長則被財產再保險費的減少部分抵銷。以半年計算，毛保費增加了2%。以淨額計算，本季保費收入下降了 1%，上半年保費收入下降了 4%。

The combined ratio for the quarter improved 0.4 points to 89.8%. The result was driven by a 0.7 point improvement in the acquisition cost ratio and a 0.2 point improvement in the OUE ratio partly offset by a 0.5 point increase in the loss ratio. The loss ratio increased to 56.6%, partly as a result of a $9 million large loss from the Air India cross driving attritional losses up 0.9 points versus the prior year.

本季綜合比率改善0.4個百分點至89.8%。這一結果得益於收購成本比率提高 0.7 個百分點以及 OUE 比率提高 0.2 個百分點，但損失率增加 0.5 個百分點部分抵消了這一改善。損失率上升至 56.6%，部分原因是印度航空交叉損失 900 萬美元，導致損耗損失比前一年上升 0.9 個百分點。

The half year combined ratio of 93.5% contains 2.6 points of improvement in the acquisition cost ratio and 0.6 points of improvement in the OUE ratio. The loss ratio increased 9.5 points from the prior year period, driven largely by the California wildfires from the first quarter. Other Specialties saw 22% gross premium written growth this quarter and 6% growth in net premiums written. Within credit and bond pricing is under pure stemming from strong performance and ample capacity.

半年綜合成本率為 93.5%，其中收購成本率改善 2.6 個百分點，OUE 率改善 0.6 個百分點。損失率較去年同期增加了 9.5 個百分點，主要原因是第一季加州發生山火。本季其他專業保險的毛保費增加了 22%，淨保費增加了 6%。信用和債券定價純粹源自於強勁的業績和充足的產能。

The second quarter saw credit spread tightening, which impacted premium levels, while terms remain firm. Within aviation, reinsurance, pricing within excess of loss and pro rata was generally flat, although it is worth noting that Air India incident is not yet reflected in pricing as the majority of 7/1 renewals were already priced when the incident occurred.

第二季信貸利差收緊，影響了保費水平，但條款仍保持穩定。在航空再保險領域，超額損失和按比例定價的定價總體上是持平的，但值得注意的是，印度航空事件尚未反映在定價中，因為大多數 7/1 續保在事件發生時已定價。

For Casualty Reinsurance, gross premiums written increased by a modest 2% in the quarter but are down 6% at the half year. Casualty Reinsurance continued to benefit from positive rate that exceeded trend but as we guided since the fourth quarter of 2024, we reduced exposures on structured deals and certain cap classes at 1/1, such as commercial auto, as underwriting discipline led us to reallocate capital to protect underwriting margins.

對於意外險再保險而言，本季毛保費小幅增加了 2%，但上半年卻下降了 6%。意外險再保險繼續受益於超過趨勢的正利率，但正如我們自 2024 年第四季以來所指導的那樣，我們將結構化交易和某些上限類別（例如商業汽車）的風險敞口減少了 1/1，因為承保紀律要求我們重新分配資本以保護承保利潤率。

Within Property Reinsurance, premiums decreased 5% in the quarter, in line with the tougher market conditions in this specialism. For the first half, premiums are roughly flat, driven by reinstatement premiums from the California wildfires. We continue to monitor rate adequacy and property reinsurance, particularly following the heightened catastrophe activity in the last 12 months.

在財產再保險領域，本季保費下降了 5%，這與該專業領域更為嚴峻的市場環境一致。上半年，受加州野火恢復保費的影響，保費基本上持平。我們將繼續監測費率充足性和財產再保險，特別是在過去 12 個月災難活動加劇後。

Important to note, we will only grow premiums where we believe the margins are within our risk and profitability profile with competitive pressures persisting across reinsurance markets. Catastrophe excess of loss placements, have seen the greatest pressure with double-digit decreases across non-loss impacted placements. These accounts had previously seen the greatest rate increases over the prior few years. Proportional business is also competitive but has seen opportunities particularly for structured deals.

值得注意的是，我們只會在再保險市場持續存在競爭壓力的情況下，在我們認為利潤率在我們的風險和盈利狀況範圍內的情況下增加保費。巨災超額損失安排面臨的壓力最大，非損失影響安排的超額損失出現兩位數的下降。這些帳戶的利率在過去幾年漲幅最大。比例業務也具有競爭力，但尤其在結構化交易方面看到了機會。

Margins are tightening. However, there is still potential in loss-affected segments as improved rate adequacy legal changes and increased reinsurance availability to support both new and existing carriers entering the market.

利潤空間正在縮小。然而，隨著費率充足性法律變化的改善和再保險可用性的提高以支持新舊承運人進入市場，受虧損影響的領域仍然具有潛力。

Slide 18 shows our catastrophe losses versus peers and the reduction in volatility of our portfolio. Following portfolio actions taken in 2022, we have materially decreased our catastrophe exposure in order to deliver more consistent returns to our shareholders.

投影片 18 顯示了我們與同業相比的巨災損失以及我們投資組合波動性的降低。繼 2022 年採取投資組合行動之後，我們大幅降低了巨災風險敞口，以便為股東帶來更穩定的回報。

The charts show how we reduced our catastrophe losses in 2023 and 2024 and have continued on this path in 2025. Catastrophe losses in the first half represent 5.3 points of our combined ratio and were driven by the California wildfires in the first quarter with no losses in the second quarter.

圖表顯示了我們如何在 2023 年和 2024 年減少災難損失，並在 2025 年繼續保持這一趨勢。上半年的災難損失占我們綜合比率的 5.3 個百分點，主要由第一季的加州野火造成，而第二季則沒有損失。

During the second quarter, our loss estimate for California wildfires decreased by less than $1 million. Of course, it is more useful to view the loss ratios on an annual basis, but our half year 2025 figure already shows a comparatively low loss ratio amongst peers and demonstrates the benefits of our highly diversified portfolio.

第二季度，我們對加州野火損失的估計減少了不到 100 萬美元。當然，以年度查看損失率更有用，但我們 2025 年上半年的數據已經顯示出同業中相對較低的損失率，並證明了我們高度多元化投資組合的優勢。

Moving to Reserving. Our strong history of prudence is shown on slide 19. Favorable prior year development in the quarter stood at $14 million for the core business versus $4 million in the prior year quarter. It is important to consider our consolidated result here as this includes the business we have put into runoff. We have favorable prior year development on a consolidated basis of $9 million, marking the 17 consecutive quarter of favorable prior-year development.

轉至保留。投影片 19 展示了我們審慎的悠久歷史。本季核心業務收入為 1,400 萬美元，與去年同期的 400 萬美元相比，成長良好。在這裡考慮我們的合併結果很重要，因為這包括我們已投入的業務。我們在合併基礎上取得了 900 萬美元的良好上年發展，這標誌著我們連續第 17 個季度取得了良好的上年發展。

Our track record of consecutive favorable releases well exceeds the average duration of our insurance liabilities of 3.1 years, highlighting our prudent approach to reserving. Additionally, we show here the strong level of protection we have on each of our three loss portfolio transfers that were completed in 2021, 2023 and 2024.

我們連續有利釋放的記錄遠遠超過了我們3.1年的保險責任平均期限，凸顯了我們謹慎的準備金方法。此外，我們在此展示了我們對 2021 年、2023 年和 2024 年完成的三次損失組合轉移所具有的強大保護水準。

Turning to our strong investment results on slide 20. Net investment income for the first half of the year was $139 million, down slightly from the prior year period as a result of lower asset base following the settlement of the CM Bermuda transaction in the first quarter. We reinvested over $300 million this quarter with new money yields in excess of 4.5%. The portfolio continues to perform well, and there were no defaults across our fixed income portfolio. We remain committed to our investment strategy, which focuses on high-quality fixed income securities.

轉向幻燈片 20 上的強勁投資表現。上半年淨投資收入為 1.39 億美元，較去年同期略有下降，原因是第一季 CM Bermuda 交易結算後資產基礎較低。本季我們再投資超過 3 億美元，新資金收益率超過 4.5%。投資組合持續表現良好，我們的固定收益投資組合沒有違約。我們仍然致力於我們的投資策略，即專注於高品質的固定收益證券。

79% of our investment portfolio is fixed income, of which 97% is investment grade with an average credit rating of AA minus. Our overall portfolio duration remained at three years, while assets backing loss reserves remain fully matched and are at 3.1 years.

我們的投資組合中有 79% 是固定收益，其中 97% 是投資等級，平均信用評級為 AA 減。我們的整體投資組合期限仍為三年，而資產支持損失準備金仍保持完全匹配，為 3.1 年。

Moving on to our slide 21, looking at our strong and diversified capital base. Our second quarter estimated BSCR ratio stands at 223%, decreasing by 2 points versus the end of the first quarter. Our capital position continues to be robust and contain sufficient prudence as shown by the stress scenario of a one in 250-year PML event.

我們繼續看第 21 張投影片，看看我們強大而多樣化的資本基礎。我們估計第二季的 BSCR 比率為 223%，比第一季末下降了 2 個百分點。我們的資本狀況持續保持強勁，並具備足夠的審慎性，正如 250 年一遇的 PML 事件的壓力情景所顯示的那樣。

Moving on to our balance sheet on slide 22. We continue to have a strong balance sheet with ample capital and liquidity. During the quarter, the debt-to-capital ratio fell again to 24.4% driven by an increase in shareholders' equity from the level of retained earnings, partially offset by a weakening of the US dollar, Swedish corona exchange rate increasing the value of our debt issued in corona. Our debt to capital levels remain within our targets.

繼續看投影片 22 上的資產負債表。我們的資產負債表依然強勁，資本和流動性充足。本季度，債務資本比率再次下降至 24.4%，原因是股東權益從留存收益水平增加，但部分抵消了美元走弱、瑞典新冠匯率上漲以及我們在新冠期間發行的債務價值上升的影響。我們的債務與資本水準仍處於我們的目標範圍內。

We continue to have strong liquidity levels, including $682 million of liquidity available to the holdco following the final payment of $483 million to see in CM Bermuda in the first quarter. As a reminder, in the first half of the year, both A.M. Best and Fitch revised our outlook to positive from stable, while Moody's and S&P affirmed our ratings.

我們繼續保持強勁的流動性水平，包括在第一季度向 CM Bermuda 支付 4.83 億美元的最終款項後，控股公司可獲得的 6.82 億美元流動性。需要提醒的是，今年上半年，A.M. Best 和惠譽都將我們的展望從穩定調整為正面，而穆迪和標準普爾則確認了我們的評級。

Fitch highlighted the significant underwriting improvement in 2023 and 2024 and the completion of the CM Bermuda buyback. Baines called out the strength of our balance sheet when making their upgrades. We believe our balance sheet continues to be undervalued. There remains significant off-balance sheet value and the consolidated MGAs, which we own.

惠譽強調了 2023 年和 2024 年承保情況的顯著改善以及 CM Bermuda 回購的完成。貝恩斯在進行升級時強調了我們的資產負債表的強勁。我們認為我們的資產負債表繼續被低估。我們擁有的資產負債表外價值和合併的 MGAs 仍然很大。

This was demonstrated when we deconsolidate Arcadian last year and generated almost $100 million of book value. the carrying value on our balance sheet of the three remaining MGAs is $83 million, but net service fee income for the trailing 12 months of $45 million. This equates to an earnings multiple of just over two times the earnings versus the double-digit earnings multiple used by the market.

去年我們將 Arcadian 分拆出來並產生了近 1 億美元的帳面價值，這證明了這一點。我們資產負債表上剩餘三家 MGA 的帳面價值為 8,300 萬美元，但過去 12 個月的淨服務費收入為 4,500 萬美元。這相當於本益比略高於兩倍，而市場使用的本益比是兩位數。

With this, we conclude the financial section of our presentation. This quarter saw a continuation of strong double-digit growth in our top line while delivering a 3.8 point improvement in our core combined ratio, of which 1.8 points came from attritional loss ratio improvement.

至此，我們結束了演講的財務部分。本季度，我們的營業收入持續保持強勁的兩位數成長，核心綜合成本率提高了 3.8 個百分點，其中 1.8 個百分點來自損失率的改善。

Underlying return on equity for the quarter of 17% contributes to a first half underlying return on equity of 15.4%. This delivery at half year means we are on track to deliver another year with return on equity within our 12% to 15% across the cycle target. We have built a strong track record of delivery, and this quarter's result further validates the significant progress we have made on our journey to becoming a best-in-class specialty underwriter.

本季基本股本報酬率為 17%，帶動上半年基本股本報酬率達 15.4%。半年交付意味著我們預計在下一年實現股本回報率在周期目標 12% 至 15% 範圍內的目標。我們已經建立了良好的交付記錄，本季的業績進一步證實了我們在成為一流專業承銷商的過程中所取得的重大進展。

And with that, I will hand the call back over to the operator, and we can now open the lines for any questions.

說完這些，我會將電話交還給接線員，現在我們可以開通熱線來解答任何問題。

(Operator Instructions) Michael Phillips, Oppenheimer & Company.

（操作員指示）邁克爾·菲利普斯，奧本海默公司。

First question is on kind of the new programs you've done, I guess, this year, not just this quarter but this year. Thinking about the impact of those on the top line over the next maybe 18 months of those specific programs on a difference between the growth and the net premiums.

第一個問題是關於您今年開展的新項目，我想，不僅是本季度，而是今年。思考一下這些特定計劃在未來 18 個月內對成長和淨保費之間的差異的影響。

And I think it sort of goes to your philosophy, but also some of the comments that Scott made about that difference between taking the next overtime. But can you speak to the impact of those specific programs this year might have on both the gross and net premiums over the next 18 months?

我認為這有點符合你的哲學，但也符合史考特對下一次加時賽的差異所做的一些評論。但是您能否談談今年這些具體計劃對未來 18 個月的毛保費和淨保費可能產生的影響？

Yes. Thanks, Mike for the question. I appreciate it. Nice to speak to you. Look, Mike, I would say we sort of take them on a program-by-program basis, which I know isn't a helpful comment for you. But I think we don't sort of forecast ahead. So number one, we choose very carefully which I know is not the question you're asking, but we keep reinforcing that point we reject sort of 80% of the opportunities that present themselves. And I think our philosophy is very much we take gross and then lean into it.

是的。謝謝邁克提出這個問題。我很感激。很高興和你談話。聽著，麥克，我想說我們是根據每個專案的具體情況來採取這些措施的，我知道這對你來說沒有什麼幫助。但我認為我們不會提前做出預測。所以第一，我們會非常謹慎地選擇，我知道這不是您要問的問題，但我們不斷強調這一點，我們拒絕了出現的 80% 的機會。我認為我們的理念是，接受整體情況，然後傾向於此。

And so if you look at the pipeline of opportunities. And I would say not just this year, I would go back into sort of last year as well, where we reported quite a lot of new partnerships coming on. I think the way that we look at that is we season them yet in terms of leaning into the net adds and when we feel comfortable. So it isn't really a ready-made formula per se. But I think our direction of travel is we want to take more risk net risk with partners who we feel more comfortable with.

所以如果你看一下機會管道。我想說的不僅是今年，去年也是如此，當時我們報告了相當多的新合作夥伴關係即將建立。我認為我們看待這個問題的方式是，我們在傾向於網路添加方面以及在我們感到舒適時對它們進行調整。因此，它本身並不是一個現成的公式。但我認為我們的發展方向是，我們希望與我們感覺更舒服的伴侶承擔更多的風險。

So I would say we've got a strong tailwind of overall growth as evidenced by our sort of performance over the last five quarters, in particular. And I think that trend of sort of net potentially outstripping growth might be something that emerges. But as I say, we don't predict it per se, and we take it as it comes. So look, Jim, anything you want to add to that?

因此我想說，我們整體成長勢頭強勁，特別是過去五個季度的表現證明了這一點。我認為淨值可能超過成長的趨勢可能會出現。但正如我所說，我們不會預測它本身，而是順其自然。那麼，吉姆，你還有什麼要補充的嗎？

Yes, I think that was well said. I do think on both sides, it will be a tailwind in terms of total growth but it will really depend on the partnerships, kind of the seasoning at each of those levels, some seasonality with each of those things. So it won't be an exact linear component, but it is like a to further growth on both the gross and the net through time.

是的，我認為說得很好。我確實認為，從雙方整體成長來看，這將是一個順風，但這實際上取決於合作夥伴關係、每個層面的成熟度以及每個事物的季節性。因此它不會是一個精確的線性分量，但它就像是總量和淨值隨時間的進一步增長。

Okay. I appreciate that. On your Insurance segment, I think of pieces of that, that your growth over time despite what's happening in the external P&C market because they're kind of nonimable and when I think of that, I think the biggest one would be A&H. I guess I want to make sure that accurate? And then if so, could you maybe highlight some others within there that might have the similar characteristics besides A&H?

好的。我很感激。在您的保險領域，我認為，無論外部 P&C 市場發生什麼，您的保險業務都會隨著時間的推移而增長，因為它們是不可動搖的，當我想到這一點時，我認為最大的增長將是 A&H。我想確認一下是否準確？如果是這樣，您能否重點介紹一下除了 A&H 之外可能具有類似特徵的其他一些公司？

Yes. So you're right to think of it that way, Mike. So let me just kind of step back and position A&H public. Obviously, we've seen growth in A&H. 25% of that comes from one of our all the owned MGA, which is IMG. So actually, when we see growth in our revenue from A&H owned sort of MGAs then ultimately, that manifests itself as well in our sort of premium levels.

是的。所以你這樣想是對的，麥克。因此，讓我退一步，將 A&H 定位為公眾。顯然，我們看到了 A&H 的成長。其中 25% 來自我們旗下的 MGA 之一，即 IMG。因此，實際上，當我們看到來自 A&H 旗下 MGA 的營收成長時，最終這也會反映在我們的保費水準上。

Look, for me, A&H, the way that we think about that within the portfolio is, obviously, it's a volatility shock-absorber I think that's a phrase I've used across the market before. So if A&H is growing, it allows us to take more risk in other areas of the business and still maintain our overall lower volatility approach to the portfolio and that's something that we manage sort of very carefully and very well.

對我來說，A&H，我們在投資組合中考慮這個問題的方式顯然是，它是一種波動性減震器，我想這是我以前在整個市場上使用過的短語。因此，如果 A&H 業務成長，我們就可以在業務的其他領域承擔更多風險，同時仍然保持投資組合整體波動性較低的策略，而這一點我們管理得非常謹慎和出色。

And as I said, we feel very confident in the position of our A&H business. I would say -- if you look across other areas, I think we are happy, Mike, to take on risk as long as it aligns with our areas of expertise and specialism. I think, obviously, each one has a slightly different dynamic. So just to try and be helpful to you.

正如我所說，我們對我們的 A&H 業務的地位非常有信心。我想說的是——如果你看看其他領域，我想我們很樂意承擔風險，麥克，只要它符合我們的專業領域和專長。我認為，顯然每個人的動態都略有不同。只是想盡力幫助你。

I think on property, obviously, we manage our approach to peril quite tightly. Obviously, that's important when we have a sort of lower volatility aspiration. So Property depending on where we're at on our kind of P&L allocations to peril means that we will toggle down.

我認為，在財產方面，我們顯然對危險的處理方式相當嚴格。顯然，當我們有降低波動性的願望時，這一點很重要。因此，財產取決於我們的損益分配情況，危險意味著我們將切換。

I think Casualty, we are thoughtful and sort of cautious about not because of any specific reason just because I think that's the sort of prudent approach to casualty. We're not scaled a bit and we've got some very good lines that we write.

我認為，對於傷亡事故，我們深思熟慮並且謹慎，並不是因為任何特定原因，只是因為我認為這是一種謹慎的傷亡事故處理方法。我們並沒有被擴大規模，而且我們已經寫出了一些非常好的台詞。

But I think we are very thoughtful and careful about it. And then in other specialties, like whether it be surety, whether it be marine and energy, whether it be credit, I think these are opportunities that we can lean into both in some of the general market space, but also through MGA partners as well.

但我認為我們對此非常深思熟慮和謹慎。然後在其他專業領域，例如擔保、海運和能源、信貸，我認為這些都是我們可以依靠的一些機會，既可以在一些一般市場領域，也可以透過 MGA 合作夥伴來利用。

So yes, look, for me, I think we feel pretty positive. There are certain areas that we probably wouldn't lean into. So commercial auto would be a good example of that at the moment for us where we just don't think the environment out there is something that we would feel that excited about. I think some program and MGA partnerships give us the opportunity to have an edge there. But in general terms, that might be one that we would be sort of dialing back, dialing down.

所以是的，對我來說，我認為我們感覺非常積極。有些領域我們可能不會涉足。因此，商用汽車就是一個很好的例子，目前我們不認為那裡的環境會讓我們感到興奮。我認為一些項目和 MGA 合作夥伴關係為我們提供了在那裡佔據優勢的機會。但整體而言，這可能是我們要回撥、調低的一個面向。

But the rest, I would say, on balance, we feel reasonably positive about. So a long answer to your question. But Jim, anything you want to add?

但我想說，總的來說，我們對其餘的事情都感到相當樂觀。所以對你的問題有一個很長的答案。但是吉姆，你還有什麼要補充的嗎？

Yes. Mike, one thing I would add is really what you've seen from a pipeline growth perspective within our North American franchise. We've obviously establish a bunch of strategic partnerships over the last couple of years. And the result of those partnerships is that there's going to be a good tailwind of prudence profitable growth that we would expect to come through there or similar to what you're kind of the [stapability] that A&H provides, and that's something that's a little bit unique in terms of where we're at from a franchise perspective.

是的。麥克，我想補充的一點是你從我們北美特許經營的管道增長角度所看到的。顯然，我們在過去幾年建立了一系列策略夥伴關係。這些合作關係的結果是，我們預計將透過審慎的獲利成長獲得良好的順風，或類似 A&H 提供的 [穩定性]，從特許經營的角度來看，這是有點獨特的。

It's not that we're not subject to some of the market trends or other, but just from where that segment of our business for that line of business, subsegment, if you will, is within our overall franchise and its life cycle kind of growth maturity perspective. That's going to be a nice stable force or I would expect it to be a nice stable force from a growth and from a profitability perspective as we look forward.

這並不是說我們不受某些市場趨勢或其他因素的影響，而只是從我們該業務線的該部分業務、子部分（如果你願意的話）在我們的整體特許經營範圍內及其生命週期的增長成熟度角度來看。這將是一股很好的穩定力量，或者說，我希望從我們未來的成長和獲利角度來看，這將是一股很好的穩定力量。

Okay. Last one for me for now, a little bit higher level actually is in your press release, you talked about the international business and specifically the London MGAs. Could you characterize the difference between MGAs and London versus what we see here in the United States? (multiple speakers)

好的。對我來說最後一個問題，實際上更高層次的是在您的新聞稿中，您談到了國際業務，特別是倫敦 MGAs。您能描述一下 MGAs 和倫敦與我們在美國看到的差異嗎？（多位發言者）

And I ask because you called them out specifically there. So kind of what is the difference. And why there are more growth than what you see in the US, that's why I'm asking.

我之所以問這個問題，是因為你在那裡特別提到了他們。那麼到底有什麼差別呢？為什麼這裡的成長速度比美國更快，這就是我問的原因。

Yes. No, no, look, let me step back. I mean, obviously, in London, Mike, if you go back a few years, strategically when I came here London was declining overall for us. And given the assets that we hold there, i.e., Lloyd's syndicate managing general agent, et cetera, we decided to invest in Lloyd's. We don't obviously just access business in the London market versus Lloyd.

是的。不，不，聽著，讓我退後一步。我的意思是，顯然，在倫敦，麥克，如果你回顧幾年前，從戰略上講，當我來到這裡時，倫敦對我們來說總體上是衰落的。考慮到我們在那裡持有的資產，即勞合社辛迪加管理總代理等，我們決定投資勞合社。顯然，我們不僅僅與勞合社在倫敦市場開展業務。

We've also got our own paper. And because you've got it on paper, that also makes us attractive to sort of MGAs in the sort of London space and given the wider expertise that we've got across the group, we can leverage that from US into London.

我們也有自己的報紙。而且由於我們已經將其記錄在案，這也使我們對倫敦地區的 MGA 具有吸引力，並考慮到我們在整個集團中擁有的更廣泛的專業知識，我們可以將其從美國推廣到倫敦。

In one sense, the hallmarks are not that different. But what we are actually seeing is the pickup as we win business in the London space, which is obviously an area of the business that we would like to invest in and grow. And that's exactly what we're doing, Mike, to be honest. So hopefully, that answers your question.

從某種意義上來說，這些標誌並沒有什麼不同。但實際上，隨著我們在倫敦地區贏得業務，我們看到了回升的跡象，這顯然是我們希望投資和發展的業務領域。說實話，麥克，這正是我們正在做的事情。希望這能回答你的問題。

Okay. Operator, next.

好的。接線員，下一個。

Randy Binner, B. Riley Securities.

蘭迪·賓納 (Randy Binner)，B. Riley 證券。

I just have a couple. I think the first one for me is just on net investment income. It's trending ahead of your full year guide, I believe. And I think you're putting money to work at a higher rate as the year goes on. Is there just some conservatism in keeping the guide for the year? Can you just share kind of where you're putting new money work so we can just understand that line item a little bit better?

我只有幾個。我認為對我來說第一個就是淨投資收益。我相信，它的趨勢將領先於您的全年指南。我認為隨著時間的推移，你的資金投入將以更高的速度成長。保留年度指南是否只是出於一些保守主義？您能否分享一下您將新資金投入哪些工作中，以便我們更了解該專案？

I would say slightly. We're largely online with the plan that we had at the beginning of the year. It does include potential an interest rate cut in the back half to two cuts. So at the moment, I think we're largely in past. I would have expected the front part of the year to be a little bit above kind of the back half if effectively some of the Federal Reserve projected kind of market cuts were to come through.

我想說的是稍微。我們基本上是按照年初制定的計劃進行。它確實包括下半年可能降息一到兩次。所以目前，我認為我們基本上已經過去了。如果聯準會預測的市場降息措施能夠有效實施，我預計今年上半年的通膨率將略高於下半年。

And so really no change from that perspective. We do tend to be -- if we think about our range we do tend to have a range, in particular for this item. And to the extent that there's something that would take us outside of that range or that we would see that coming down, we would then update our guidance at that stage.

從這個角度來看，確實沒有什麼改變。我們確實傾向於——如果我們考慮我們的範圍，我們確實傾向於有一個範圍，特別是對於這個項目。如果出現某種情況導致我們超出該範圍或看到該範圍下降，我們將在那個階段更新我們的指導。

But I think it's fair to say at this point, as you've noticed, we're kind of at the midpoint, if not slightly higher than that from a range perspective, and we'll continue to work through what is really largely a favorable environment with the and items kind of being replaced with a yield greater than 4.5%. So I feel pretty good about that.

但我認為，現在公平地說，正如您所注意到的，我們處於中間點，如果不是從範圍角度來看略高的話，我們將繼續努力，在一個真正有利的環境中，和項目將被收益率超過 4.5% 所取代。所以我對此感覺很好。

Okay. Great. That's helpful. And then I have one on reserves. So clearly, the reserve profile is looking good with the continued redundancies. On A&H I guess it'd be helpful just maybe to learn a little bit more about how the tail on that book developed is because it seems like you're getting the majority of the reserve development from there and kind of going through the queue. I'm not seeing that broken out specifically for the quarter, and maybe I'm just not catching it yet.

好的。偉大的。這很有幫助。然後我有一個儲備。顯然，隨著裁員的持續進行，預備役人員的狀況看起來很好。關於 A&H，我想也許了解這本書的尾部是如何發展的會很有幫助，因為看起來你從那裡獲得了大部分的儲備發展，並且有點像是在排隊。我沒有看到本季的具體數據，也許我只是還沒注意到。

But like how long does a reserve there season kind of versus like casualty lines because mostly what we look at when we look at reserves as analysts that of how that's developing?

但是，那裡的預備役與傷亡線相比要持續多長時間，因為當我們作為分析師研究預備役時，我們主要關注的是它的發展？

Yes. Good question, Randy, and thanks,. So look, the -- let's step back on A&H. It's -- I would say most seasoned business. It has a long track record of growth -- profitable growth. So it's got an eight year track record of delivering strong returns. That's not perfect in every single year, of course, not. But it really, therefore, points towards a philosophy in A&H. So A&H, the business that we write is pretty short tail.

是的。蘭迪，這個問題問得好，謝謝。那麼，讓我們回顧一下 A&H。我想說這是最成熟的企業。它有著長期的成長記錄——獲利性成長。因此，它擁有八年來實現強勁回報的記錄。當然，並不是每年都是完美的。但實際上，它指向了 A&H 中的一種哲學。因此，A&H，我們所從事的業務是短尾業務。

And therefore, sort of on average sort of a couple of years, two or three years is really what we're looking at. When we look at it, Randy, we tend to err on the side of caution for the current year. So we would tend to reserve slightly higher for the current year and let the older year season. And so what you'll see in our A&H portfolio, if you went back through time is a pretty stable and solid track record of continual prior year releases given the profile, as I've just described it. And as I say, that's all because it's largest area of our business.

因此，我們真正關注的是平均幾年、兩三年的時間。蘭迪，當我們審視這個問題時，我們傾向於對今年採取謹慎的態度。因此，我們傾向於為當前年份預留稍多一點的庫存，並讓舊年份的庫存保持旺季。因此，如果您回顧過去，您會發現我們的 A&H 投資組合有著相當穩定和堅實的記錄，正如我剛才所描述的那樣，它具有持續的前幾年發布的記錄。正如我所說，這是因為這是我們業務中最大的領域。

It obviously operates within our portfolio really importantly in terms of volatility risk management, as I outlined later on. But I think we feel very confident about the quality of that business and the way that we reserve for it. But Jim, anything you want to add to that?

正如我稍後概述的那樣，它顯然在我們的投資組合中發揮著非常重要的波動性風險管理作用。但我認為我們對該業務的品質以及我們為其保留的方式非常有信心。但是吉姆，你還有什麼要補充的嗎？

Yes. So building on what Scott said, we tend to know the A&H portfolio results or have a large degree of conclusion within a 2 to 3 year time frame, which means that from an 18- to 24-month perspective, we generally have reasonably seasoned trend that, obviously, we continue to kind of follow through there, but that highlights a component where we would -- once we're more confident at that point in time, then we can begin to kind of think about that from a perspective of essentially enhancing kind of our estimates at that point in time.

是的。因此，根據斯科特所說的，我們傾向於了解 A&H 投資組合的結果，或者在 2 到 3 年的時間範圍內得出很大程度的結論，這意味著從 18 到 24 個月的角度來看，我們通常有相當成熟的趨勢，顯然，我們會繼續遵循這個趨勢，但這突出了一個組成部分——一旦我們在那個時間點估計這個時間點從這個時間點增強的時間點

The Casualty areas tend to be more four to five years. And so we're really thinking about components when you're looking at that just mechanically, you're not really generally looking at updates unless you're seeing something either negative or other within kind of a three to four year time period.

傷亡區域往往持續四到五年。因此，當您從機械角度看待這個問題時，我們實際上考慮的是組件，您通常不會真正關注更新，除非您在三到四年的時間段內看到一些負面或其他的東西。

So just from a natural course of business, you're going to see, as Scott noted, an initial reaction or an earlier reaction from an A&H just because of when you kind of have a real solid indication and kind of know the answer where it's a little bit longer against those casualty and then we'll begin to react in time.

因此，正如斯科特所指出的，從自然的業務流程來看，您將看到 A&H 的初步反應或早期反應，因為當您有真正可靠的跡象並且知道答案時，針對這些傷亡的情況還需要更長的時間，然後我們才會及時開始做出反應。

Either way, what I would take away from it is that we have a prudent reserving philosophy as demonstrated by the 17 quarters of favorable prior-year development and highlighting kind of the nature. Nothing has changed in relation to that. And that would be something that I think you'll find as a hallmark of us and something that would be -- when you think about how we look at it, we try to be prudent and thoughtful both on the initial setup of picks and then the picks that we have as we go through time.

無論如何，我想說的是，我們有一個審慎的儲備理念，正如 17 個季度的良好前一年發展和突出的性質所證明的那樣。就此而言，一切都沒有改變。我認為你會發現這是我們的一個特點，當你思考我們如何看待它時，我們會試圖在最初的選擇設定和隨著時間的推移而做出的選擇上保持謹慎和深思熟慮。

Andrew Andersen, Jefferies.

安德魯安德森，傑富瑞集團。

Just on the casualty within insurance, I think it's about 25% of the premium mix there. And you mentioned it was down 10% but at the same time, you're getting rate in excess of trend, and it sounds like the pricing environment is good there. So can you maybe just talk about the decision to write less business there? And perhaps remind us when this started, so we can think about when we lap the nonrenewal here?

僅就保險中的意外險而言，我認為它佔保費總額的 25% 左右。您提到它下降了 10%，但與此同時，您獲得的利率超過了趨勢，聽起來那裡的定價環境良好。那麼，您能否談談減少在那裡開展業務的決定？或許可以提醒我們這一切是什麼時候開始的，這樣我們就可以思考什麼時候才能結束這段不續約？

Yes. Thanks, Andrew. Thanks for the question, nice to speak. Look, we're not uncomfortable with casualty. We're just cautious on casualty. And so we've got some very mature MGA relationships. Arcadian being a great example of that where we feel very confident in both the rate and the performance I think for us, there are certain segments of casualty, I highlighted commercial auto earlier on where for us, we're probably just not really signaling as a sort of a go-forward trend for us.

是的。謝謝，安德魯。感謝您的提問，很高興發言。瞧，我們對傷亡並不感到不安。我們只是對傷亡保持謹慎。因此，我們與 MGA 建立了非常成熟的關係。Arcadian 就是一個很好的例子，我們對費率和性能都非常有信心，我認為對於我們來說，存在某些傷亡部分，我之前強調過商用汽車，對我們來說，我們可能只是沒有真正發出信號作為一種前進的趨勢。

I don't think we are signaling here any big sort of rectifications in casualty. There's nothing that's not what we're flagging. We're just, in general, seeing that we're cautious and where we're cautious, we'll trim at the edges if we feel we have to. But Jim, anything you want to add on Casualty in general?

我認為我們在這裡並沒有發出任何重大傷亡整頓的信號。沒有什麼不是我們所標記的。總的來說，我們只是看到我們很謹慎，如果我們覺得有必要的話，我們會在謹慎的地方進行修剪。但是吉姆，你想對《急診室的故事》整體補充什麼嗎？

No, I think what I would highlight is some of you that we remain disciplined, and this is an indication more of how we're allocating capital to what we see as the most profitable areas in the market, that are within our volatility quarters. And as we've kind of moved forward over the last 12, 18 months, we've seen opportunities in other areas of the book and have appropriately allocated capital to those areas.

不，我想我要強調的是，我們仍然保持紀律，這更表明了我們如何將資本分配到我們認為市場上最賺錢的領域，即我們波動的季度內。隨著我們在過去 12 到 18 個月中不斷前進，我們看到了書籍其他領域的機會，並為這些領域適當分配了資金。

And again, if we were to see trends or other components, in particular, that are attractive, we'll obviously allocate capital accordingly. And so I really view it as us looking at the market, seeing what we think is attractive and being disciplined about that and not simply saying, hey, we have X amount allocated. So we're going to allocate that much going forward. It's really an indication of how we are committed to writing profitable business and allocating our capital to the areas that we think will produce the best returns for our stakeholders.

再說一次，如果我們看到趨勢或其他特別有吸引力的因素，我們顯然會相應地分配資本。因此，我真的認為這是我們在觀察市場，看看我們認為有吸引力的東西，並對此進行約束，而不是簡單地說，嘿，我們已經分配了 X 金額。因此我們今後將分配那麼多。這確實顯示了我們致力於開展獲利業務並將資本分配到我們認為能為利害關係人帶來最佳回報的領域。

And then sticking with primary insurance, I think you mentioned double-digit growth in property. Maybe just give us some more color on what the primary property book consists of? Because I guess I'm a little surprised to hear double-digit growth just given the rating environment there, but perhaps this is not E&S, it's not cat exposed, but just maybe any color would be helpful?

然後繼續討論主要保險，我想您提到了財產保險的兩位數增長。也許只是給我們一些關於主要財產書包含哪些內容的詳細資訊？因為我想，考慮到那裡的評級環境，聽到兩位數的增長我有點驚訝，但也許這不是 E&S，也不是貓暴露，但也許任何顏色都會有幫助？

So back to the earlier question on London as well, Andrew. So we've obviously picked up some MGAs in London as well. So it's not all US exposed business. So some of it will be exposed to other sort of perils in Europe like European wind, flood, et cetera.

那麼回到之前關於倫敦的問題，安德魯。因此，我們顯然也在倫敦收購了一些 MGAs。因此，並非所有業務都與美國有關。因此，其中一些將面臨歐洲其他類型的危險，如歐洲風、洪水等。

But it's back to what I said a later on, we manage sort of pare exposures very tightly and obviously, want to make sure that we don't overexpose any of them in particular. We're also looking at property MGAs, which potentially don't have that type of exposure or where we can exclude certain exposures from those.

但它回到我稍後所說的，我們對曝光進行非常嚴格的管理，顯然，確保我們不會過度曝光任何一個。我們也在關注房地產 MGA，它們可能沒有這種類型的風險敞口，或者我們可以將某些風險敞口排除在外。

So look, I would say, in general, this morning of a diversification play as opposed to anything specific, and it's something we manage very tightly given our ambition to be lower volatility. But Jim, do you want to add anything on the MGAs?

所以，我想說，總的來說，今天早上的策略是多元化，而不是任何具體策略，考慮到我們降低波動性的目標，我們對策略的管理非常嚴格。但是吉姆，你想對 MGA 進行補充嗎？

No, I think that just represents, as you've highlighted, a little bit of a smaller base but also just were, again, from an opportunity perspective and as we've kind of further developed our presence in market in the London MGA space that we've had a benefit there that has come through from a property perspective in terms of an area where we think that there's attractive returns on capital and that was good for our franchise.

不，我認為，正如您所強調的，這只是代表了基數較小，但從機會的角度來看，隨著我們進一步發展在倫敦 MGA 領域的市場影響力，我們從那裡獲得了好處，從房地產角度來看，我們認為該地區的資本回報率很吸引人，這對我們的特許經營有利。

And maybe lastly, just any change in PMLs at mid-year renewals we should be thinking about into kind of hurricane season here?

最後，也許我們應該考慮 PML 在年中續約時的任何變化，以應對颶風季節？

No, nothing at all. We've been pretty stable, Andrew, since we went through the restructuring a while ago, very stable. And obviously, key will be, I think, 1/1 renewals next year in property, which I guess everyone is looking at, but nothing of any significance in terms of what we do just sort of normal BAU.

不，什麼也沒有。安德魯，自從我們前段時間進行重組以來，情況一直很穩定，非常穩定。顯然，我認為關鍵在於明年房地產的 1/1 續約，我想每個人都在關注這一點，但就我們所做的正常 BAU 而言，這並不重要。

(Operator Instructions) Anthony Mottolese, Dowling, and Partners.

（操作員指示）Anthony Mottolese、Dowling 和合夥人。

Scott and Jim, thanks for the answer so far with all these questions. I did have a follow-up on the Insurance & Services seeing that net growth outpacing relative to that gross basis. Could you elaborate on what sort of performance you need to see or needs to be achieved for that decision to retain more on that partnership business? And then were there any particular partnerships worth calling out that we would have seen this notable success and contribute to the net growth?

斯科特和吉姆，感謝你們迄今為止對所有這些問題的回答。我確實對保險和服務業進行了跟踪，發現淨增長率超過了總增長率。您能否詳細說明一下，為了做出保留更多合作業務的決定，您需要看到什麼樣的表現或需要實現什麼樣的表現？那麼，是否有任何特別值得一提的合作關係能夠讓我們取得如此顯著的成功並為淨成長做出貢獻？

Yes, so it's a really important question, Anthony. Look, the I think I said at later on, there's no sort of ready-made formula, but be really simplistic if it doesn't or ROE targets. I don't expect us to lean right? I think that's very clear. And I know that sounds potentially flipping.

是的，這是一個非常重要的問題，安東尼。你看，我想我稍後會說過，沒有什麼現成的公式，但如果沒有 ROE 目標，那就太簡單了。我不希望我們傾斜，對吧？我認為這非常清楚。我知道這聽起來可能會令人難以置信。

But ultimately, that's what we're managing our overall return profile, too. So if we feel like the financial profile is able to sort of get into that space with a degree of confidence than that's what we aim for. But I think the confidence part of that is also really important because for us, we won't just jump there because someone has told us that.

但最終，這也是我們管理整體回報狀況的方式。因此，如果我們覺得財務狀況能夠以一定程度的信心進入該領域，那麼這就是我們的目標。但我認為其中的信心部分也非常重要，因為對我們來說，我們不會因為有人告訴我們就貿然行動。

I think for us, we want to get really comfortable with the data flows. We want to get really comfortable with the data. We want to get to know people over time. And so it's very rare that we jump to a sort of let's call it, aggressive net position. Perhaps that's their own phraseology, but I guess a net position too quickly.

我認為對我們來說，我們希望真正熟悉資料流。我們希望真正熟悉這些數據。我們希望隨著時間的推移逐漸了解人們。因此，我們很少會採取我們稱之為「積極淨頭寸」的策略。也許這是他們自己的措辭，但我猜測淨頭寸太快了。

And we don't feel under any pressure to do that, to be frank, which is also really important. We would only grow and I think Jim said it later on, we'll only grow where we believe we feel confident to grow. And it's a function of how the partnerships work and how the data is flowing, how the chemistry between the underwriters, the philosophies working, et cetera, et cetera.

坦白說，我們並沒有感受到任何壓力，這也非常重要。我們只會成長，我想吉姆後來也說過，我們只會在我們相信有信心成長的地方成長。它取決於合作關係如何運作、數據如何流動、承銷商之間的化學反應、運作理念等等。

And remember that for the majority of our MGA relationships, we actually have profit share arrangements in place. And so there's actually skin in the game for them as well. We think that's a really important part of the overall sort of mix and formula. It's not the only part, but really important part as well. So for us, that's how we think of it.

請記住，對於我們大多數的 MGA 關係，我們實際上都有利潤分享安排。因此，他們實際上也參與了這場遊戲。我們認為這是整體混合和配方中非常重要的一部分。這不是唯一的部分，但也是非常重要的部分。所以對我們來說，這就是我們的想法。

And back to what Jim was alluding to and I was alluding to as well. We brought on a lot of new MGA relationships over the past, let's call it, 18 months or so. We feel really positive that there's a good strong tailwind behind us, but we feel no pressure to do that.

回到吉姆和我所暗示的內容。在過去的大約 18 個月裡，我們與許多新的 MGA 建立了合作關係。我們確實感到很樂觀，因為我們身後有強勁的順風，但我們並沒有感受到任何壓力。

And I think in terms of your specific on lines, I think in the first half of this year, we've lent into surety right? With one particular partner just to use that as an example. And actually, for the first I'll probably get this slightly wrong, but for the first sort of year to two years of that relationship, we took a very small net position. And therefore, it was sort of two years of almost getting used to seasoning, et cetera before we started to lean into the net.

我認為就您的具體情況而言，我認為在今年上半年，我們已經提供了擔保，對嗎？僅以一個特定的合作夥伴為例。實際上，對於第一次，我可能會稍微弄錯，但在我們建立合作關係的第一年到兩年裡，我們的淨頭寸非常小。因此，在我們開始依靠網路之前，我們花了兩年的時間來適應調味等等。

So a pretty fulsome answer, but it's the heart of our philosophy, Anthony and how we approach these. And it's a really important part where I think people need to get confidence in our approach to that distribution channel.

這是一個相當詳盡的答案，但這是我們哲學的核心，安東尼，以及我們如何處理這些問題。我認為這是一個非常重要的部分，人們需要對我們的分銷管道方法充滿信心。

Yes, appreciate all the color there. And then I just -- one other question, bigger picture. We've seen sort of an emerging trend of consolidation of MGAs. And I'm just curious, has this trend had any impact on SiriusPoint's model of partnering with MGAs or any effect to that pipeline of potential partnerships that you've seen?

是的，欣賞那裡的所有色彩。然後我只想問另一個問題，更大的圖像。我們已經看到了 MGAs 整合的新興趨勢。我只是好奇，這種趨勢對 SiriusPoint 與 MGAs 合作的模式有什麼影響嗎？或對您所看到的潛在合作管道有什麼影響嗎？

Nothing. Nothing material, Anthony. Nothing material.

沒有什麼。沒什麼實質的，安東尼。沒有任何實質的東西。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to Liam Blackledge for any closing comments.

我們的問答環節已經結束。現在我想將電話轉回給 Liam Blackledge，請他發表最後評論。

Thank you, everyone, for joining us today. If you have any follow-up questions, we will be around to take your call or you can e-mail us on investor.relations@siriuspt.com. Thank you for your ongoing support, and I hope you enjoy the remainder of the day. I will now turn the call back over to operator.

感謝大家今天加入我們。如果您有任何後續問題，我們將隨時接聽您的電話，您也可以發送電子郵件至 investor.relations@siriuspt.com。感謝您一直以來的支持，祝福您今天剩餘時間一切順利。我現在將把電話轉回給接線生。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受這一天剩下的時間。