0002040491-26-000024
SEC filingQ1 2026 净利同比增 201% 至 $25.5M，承保与投资收益双轮驱动，盈利质量显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross written premiums | $142.9M | $116.1M | +23.1% |
| Net written premiums | $118.7M | $89.9M | +32.1% |
| Net earned premiums | $105.2M | $78.3M | +34.4% |
| Total revenues | $129.0M | $83.1M | +55.1% |
| Losses and loss adjustment expenses | $61.9M | $46.9M | +32.1% |
| Underwriting, acquisition and insurance expenses | $32.3M | $24.9M | +29.7% |
| Underwriting income (Non-GAAP) | $13.3M | $7.1M | +86.6% |
| Net investment income | $12.0M | $7.9M | +52.5% |
| Net realized and unrealized gains (losses) on investments | $9.5M | $(4.6)M | — |
| Income before income taxes | $34.2M | $10.7M | +220.2% |
| Net income | $27.2M | $8.5M | +221.6% |
| Net income attributable to stockholders | $25.5M | $8.5M | +201.0% |
| Diluted EPS | $0.51 | $0.20 | +155.0% |
| Loss ratio | 58.8% | 59.8% | -100 bps |
| Expense ratio | 28.6% | 31.1% | -250 bps |
| Combined ratio | 87.4% | 90.9% | -350 bps |
| Return on stockholders' equity (annualized) | 16.4% | 8.2% | +820 bps |
| Adjusted return on stockholders' equity (annualized) | 16.4% | 8.3% | +810 bps |
| Adjusted diluted EPS (Non-GAAP) | $0.51 | $0.21 | +142.9% |
| Operating cash flow | $42.0M | $21.0M | +100.0% |
| Free cash flow (Operating cash flow - Capex) | $41.1M | $20.9M | +96.7% |
增长桥：Q1 2026 总营收 $129.0M，同比大增 55.1%，主要由三部分驱动：Net earned premiums 增长 34.4% 至 $105.2M，反映 Gross written premiums 23.1% 的增长以及 quota share reinsurance 比例下降带来的留存提升；Fee income 激增 297.1% 至 $2.2M，源于 2025 年实施的市场标准保单相关费用；Net investment income 增长 52.5% 至 $12.0M，受益于固定收益证券和短期投资规模扩大及关联贷款利息收入增加。
Margin 归因：Combined ratio 改善 350bps 至 87.4%，其中 Loss ratio 下降 100bps 至 58.8%，主要受益于 Property 业务表现强劲；Expense ratio 下降 250bps 至 28.6%，得益于政策获取成本率下降（业务结构优化）和运营费用杠杆效应（费用增长慢于保费增长）。Underwriting income 大增 86.6% 至 $13.3M，承保盈利能力显著增强。
盈利质量：Net income 同比增 221.6% 至 $27.2M，但需注意其中包含 $9.5M 的 Net realized and unrealized gains on investments（上年同期为亏损 $4.6M），主要来自 Utility & Infrastructure Investments 的收益。剔除投资波动后，Underwriting income 增长 86.6%，显示核心承保业务盈利能力强劲。Operating cash flow 翻倍至 $42.0M，现金流质量高，与净利增长匹配。
| 分部 | 营收 (GWP) | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Casualty | $104.7M | +27.4% | — | — | 分销网络扩张，业务执行良好 |
| Property | $38.3M | +12.6% | — | — | 承保业绩改善，损失率下降 |
注：公司按单一经营分部报告，此处按产品组披露 GWP。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $47.5M | +$17.8M |
| Fixed-maturity securities (AFS) | $574.4M | +$16.0M |
| Short-term investments | $219.9M | -$0.4M |
| Utility & Infrastructure Investments | $198.3M | +$8.5M |
| Loans to affiliates | $106.5M | 持平 |
| Total invested assets | $1,099.4M | +$24.0M |
| Reserves for unpaid losses and LAE | $538.2M | +$36.0M |
| Unearned premiums | $282.0M | +$0.1M |
| Total assets | $1,521.0M | +$46.7M |
| Total stockholders' equity | $631.0M | +$16.7M |
| Operating cash flow | $42.0M | +$21.1M |
| Capex | $0.9M | +$0.9M |
| Free cash flow | $41.1M | +$20.2M |
| FCF 转化率 (FCF/Net income) | 151.2% | — |
公司无有息负债，杠杆极低。投资组合以固定收益为主（占比 72.3%），平均评级 'A-'，book yield 5.3%，加权平均久期 4.0 年。
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