0001193125-26-450504
SEC filing毛保费增28.4%至$767.0M，但Crop留存上升致赔付率升920bps，综合成本率升至80.8%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross written premiums | $767.0M | $597.2M | +28.4% |
| Net earned premiums | $365.4M | $225.1M | +62.3% |
| Total revenue | $386.6M | $244.7M | +58.0% |
| Loss ratio | 41.5% | 32.3% | +920 bps |
| Expense ratio | 39.3% | 45.8% | -650 bps |
| Combined ratio | 80.8% | 78.1% | +270 bps |
| Adjusted combined ratio | 76.3% | 74.8% | +150 bps |
| Net income | $65.3M | $51.5M | +27.0% |
| Diluted EPS | $2.42 | $1.87 | +29.4% |
| Diluted adjusted EPS | $3.01 | $2.01 | +49.8% |
| Adjusted net income | $81.3M | $55.2M | +47.4% |
| Annualized adjusted ROE | 33.1% | 25.6% | +750 bps |
增长桥以规模驱动为主：毛保费增28.4%至$767.0M，Crop(+$106.9M)与Surety & Credit(+$33.7M)贡献主要增量，PCSC并表贡献$26.7M；净已赚保费增62.3%至$365.4M，显著快于毛保费，因公司主动提高Crop自留比例、XOL定价下降，净已赚保费率由43.4%升至49.6%。
margin 端呈"赔付率升、费用率降"的对冲格局：赔付率由32.3%升至41.5%(+920bps)，其中非巨灾赔付率40.3%(+880bps)，主因Crop、Surety & Credit、Inland Marine and Property等含attritional损失业务增长及Crop留存提高；费用率由45.8%降至39.3%(-650bps)，综合成本率仍升270bps至80.8%，调整后综合成本率76.3%(+150bps)。
盈利质量方面，承保利润(underwriting income)增42.6%至$70.2M，但净利仅增27.0%，差额主要来自利息费用由$0.1M升至$5.1M(收购Gray Surety的Term Loan)及投资净亏损$2.7M(上年为收益$3.5M)；净投资收益增53.8%至$22.4M部分对冲。调整后净利增47.4%至$81.3M，剔除交易费用$3.1M、股权激励$7.0M、摊销$6.2M等非经常/非现金项。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Crop | $226.7M | +89.3% | — | — | 新业务与留存率提升，占比升至29.6% |
| Casualty | $176.8M | +3.4% | — | — | 占比降至23.0%，增速放缓 |
| Inland Marine and Property | $160.7M | +13.4% | — | — | 分销扩张带动增长 |
| Earthquake | $154.5M | +3.0% | — | — | 成熟业务低速增长 |
| Surety & Credit | $48.4M | +228.4% | — | — | Gray Surety收购与新产品放量 |
注：分部层面未披露经营利润/利润率，故留"—"；上表为毛保费(gross written premiums)口径。
| 项目 | 本期末 | 上期末 | 变化 |
|---|---|---|---|
| Cash & equivalents | $55.6M | $106.9M | -$51.3M |
| Fixed maturity securities available for sale | $1,565.6M | $1,224.2M | +$341.4M |
| Fixed maturity securities held to maturity | $14.7M | — | +$14.7M |
| Equity securities | $123.7M | $99.3M | +$24.4M |
| Total investments | $1,758.0M | $1,352.0M | +$406.0M |
| Total Debt（Borrowings + Term loan） | $315.0M | — | +$315.0M |
| Net Debt（Total Debt − Cash） | $259.4M | — | — |
| Unearned premiums | $1,257.2M | $988.1M | +$269.1M |
| Reserve for losses and LAE（gross） | $1,105.0M | $688.2M | +$416.7M |
| Shareholders' Equity | $985.0M | $942.7M | +$42.3M |
| 项目 | 金额/数量 | 说明 |
|---|---|---|
| 2025 Repurchase Program 回购 | $27.3M / 226,130 股 | 均价 $120.65 |
| 2026 Repurchase Program 回购 | $45.7M / 402,844 股 | 均价 $113.44 |
| 2026 计划剩余授权 | $154.3M | 授权总额 $200M，至 2028-05-06 |
| 季度股息 | $0.45/股 | 本期宣告股息及等价物 $12.2M（现金 $11.8M） |
| Term loan 新增 | $300.0M | 本期偿还 $3.7M，期末余额 $294.0M |
| 信贷协议净借款 | +$21.0M | 提款 $208.0M，还款 $187.0M |
| 资本化软件及设备支出 | $7.1M | 设备 $0.5M + 软件 $6.6M |
| 有限合伙未出资承诺 | $163.4M | 十年期、无赎回权 |
| 产品（GWP，九个月） | 2026 | 占比 | 2025 | 占比 |
|---|---|---|---|---|
| Crop | $391.8M | 19.3% | $207.4M | 13.5% |
| Casualty | $580.6M | 28.7% | $448.5M | 29.2% |
| Inland Marine and Property | $497.0M | 24.5% | $408.1M | 26.6% |
| Earthquake | $438.4M | 21.6% | $431.3M | 28.1% |
| Surety & Credit | $119.5M | 5.9% | $40.2M | 2.6% |
| 合计 | $2,027.3M | 100.0% | $1,535.6M | 100.0% |
| 地区（GWP，九个月） | 2026 | 占比 | 2025 | 占比 |
|---|---|---|---|---|
| California | $498.4M | 24.6% | $472.3M | 30.8% |
| Texas | $170.2M | 8.4% | $119.3M | 7.8% |
| Other | $976.4M | 48.2% | $708.2M | 46.1% |