FNHC - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen, and welcome to the Federated National Holding Company's Third Quarter 2017 Financial Results Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. Statements in this conference call that are not historical facts are forward-looking statements. predict, of could, such indicate, identify will envision, might, or possibly, are generality budget, anticipate, intend, terminology or the project, comparable similar plan, continue, forma, statements. words or forward-looking contemplate, estimate, potential, thereon the limiting negative foregoing target to other as words believe, may, seek, thereof Without should, pro variations or and probably, intended expect, phrases guidance, or are this result The current that not call based matters statements and may on expectations forward-looking that being on in risks involving discussed management are expectations realized. uncertainties the Actual time. limited the forward-looking materially and from statements from to, the uncertainties described the events, uncertainties conference to what in this may by company on with and forecasted due risks our yesterday call and or outcomes issued and this press release made numerous other to in results not is call, made but differ filings SEC risks expressed including, time

this now only obligations to Sir, Forward-looking and forward-looking Company the you otherwise. events any disclaim made or they information, as specifically CEO. new over Federated or Braun, turn would National circumstances call revise made, Michael reflect which on during I statements update any are statements like future date to Holding the conference to conference or speak to begin. may

Michael Braun

which and far. third earnings million In we of in our course, our in quarter and of to entire quarter loss have Irma filed by believe team, results. who Hurricane [ph] including results third to The reported and headlines $XX field of over our operating our all excellent for have was you our our storms, participation pre-tax our of so Holding light agents, proud were, our with Thank the in of strategic provide morning. earnings net hurricane-related almost come strong and desk National Company. interest claims Harvey. of together million. these Good the XX,XXX performance partners, of insureds Yesterday, your for claims results, whom Hurricane I impacted represent reinsurance, $X.X Federated service particularly quarter us adjusters, a quarter which I'm third

the very program Atlantic over reinsurance hurricane billion has warnings of Despite performed $X.X we decade storm approximately the weathering reinsurance Florida, the XX% well. which our category a Ocean in X program. largest throughout only in state of per event utilized Our triggered

billion our event Our restoring on full a prepaid reinsurance available of multiple total future for events. operated $X.X per limit limit reinstatement feature as highly program intended, billion remaining basis, with $X.X cost-effective

realized down the down to interest our revenues auto second this space. so from the moment There on in XX% a approximately auto over excluding our by actions front, growth quarter auto with was revenue This the On quarter taken up the XX% and prior of investment XX% been figure XXXX. XXXX. quarter I'd size much in quarter includes and revenue homeowners, to XX% from plans total book, take like our gains, reduce in the comment of book, offset to third almost has

programs. the will out premiums of aggressive earn rate be gradually exit size will By no We over reduce fourth then discontinued the have The months. automobile taken programs gross written actions the of and end our to on inadequate written the written book. final quarter, the premiums overall following

underwriting improve XX%, X, effect of as August coming benefits, homeowners, rate increase of on will our of the took and statewide in to our which mitigate AOB, quarters. also assignment the impact back results Florida known Turning average

deploying announced we continued $X.X which up the quarter. through CFO, call repurchase to to As a further, in now I'll answers. program, numbers early third over Ron Jordan, with you after capital for take Harvey questions share the open the final a will Ron? call of and our and our turn the we note, previously million before the of in arrival quarter, Irma, bit

Ron Jordan

Mike. Thanks,

third Mike share. our already As has which equates loss $X.XX to quarter stated, net was million, per diluted $X.X

unrealized in after a book the sale decision quarter the or gains income. to tax from benefited of million state in gains million offset a the of and on decline by quarter. partially from impacted these approximately equity from profit related realized $X.XX of the quarter by Our business impact non-Florida perspective, from $X.X our the From gains The approximately $X.X impact $X.X $X the markets. of securities the exposure Harvey. our in were were result the business by of earnings reduce hurricane, pretax to These gains million pre-Irma million equity of a in reduces the to Losses storms comprehensive auto $XX.X relates from million Texas. economic our share pretax. were Irma, accumulated $XX including the Harvey $XXX,XXX provision other million value in

reserves hit claims storms, $XX million on share $X to consolidated XX related related profit represented storms the these of These dollar the This and additional tax. our itself around a our losses in The the the share commissions on homeowners revenue of profit ratio, presents revenue, and Hurricane growth. $XX alluded XXXX. pretax net our in across not lower I G&A with claims of million our revenue points the loss be of while recorded would in our quarter XXXX an also significant losses quarter storms impact like and if statements. $XXX share and premium a points these Net the of Also total to versus earnings. financials it's Compared flat million I loss loss to XXX on up I storms. total that on from being prior event due Irma the We incremental pretax items, liabilities after expenses approximately third on gross and has in our net expenses, increased did reinsurance line ratio. impact basis to quarter Hurricane handling Irma million handling sheet, and XQ additional XXXX, gross estimates claims of just adjusted the quarterly underwriting recoverables using a $X.X basis. were was for represent strengthening gross on in quarter assets book. GAAP impact and as generally financial of balance represents a to other handling remiss sequential million the presentation our in MGA, our quarter loss address also to, per or two impacting

The almost are CAT on Poor's or estimated Irma potential just or their from fully maximum & have Standard program recoverable up an reinsurers our reinsurance gross $XXX Our in A.M. million better, have of asset and XX-plus $XXX all that June of (inaudible) obligations A-minus losses or million that on I collateralized mentioned. dedicated trusts. those is XX rating versus Best Harvey

turn to receivable. As such, that, back of recoverability I'll in the we call over this With are Mike. confident full

Michael Braun

thank Q&A, Great, to ready you. we're after Operator, make I'll which begin remarks. some closing

Operator

Instructions] from comes Lenox And [Operator Ruth Services. question Doug first our Financial with

line open. now is Your

Douglas Ruth

increase think Mike. thinking what the your ideas did a XXXX? ability you contain the I reinsurance some forward, seeing I'm about you impressed what of job. what market Hi, to in really rate Could for losses. you're with us nice and sort looking give of you're some thought you

Michael Braun

Doug, morning, you. good thank Yes,

been that how pricing, hard, Many including in get London with see going of I then those they hit six much work are up markets. we terms are We'll of also areas, if go the They very soft see very that last that happy reinsurance Puerto up, public, years. have multiple pretty reinsurance reinsurance up, the they In in indicated And up. with. they of five XXXX. the pricing comes and for say, market's they rates would Obviously, going most obviously or did go from we markets Bermuda Rico. the

it think how is capital can I very efficient, flow.

coming there's you see market. up, talk as the of So I going rates capacity will into new think

say lot on whatever to got they So flat, a We it's got quality they points, program, of reinsurers don't we're up whether the in market But stay the and inch point we'll prepared, programs place, that whether really we've fine. so confident points. we're multiyear this at holds XX X know. be we've tough

Douglas Ruth

what the charging adequacy that about starting then you feeling are rates the you for the you're how are And to about, homeowners? now think, of

Michael Braun

the Yes, situation in very Florida it's marketplace. unfortunate a

talk is us consumer XXXX to XXXX as really is and It's that. we XXXX. for getting benefits. know took going flared early X.X% the points with up accident of XXXX, AOB, continue in consumer's for That assignment not really and the and XX another unfortunately, really you our We away, in about XXXX, hit And which in rates for that year unfortunate It's that. up paying XXXX.

to come and be is into well, claims, the Our taken once they we as and we for react expensive. shareholders want these it because insureds, on when our have marketplace get the things these again there what happens chin

body as rate attritional take the spring, see company and and we again, adequate insurance that twice, as have a the relates our to additional I the resolution So forthcoming, believe want that an it unfortunately sure coming once legislative be don't in did to would me may that we rate. make we losses lead rate and with to cover losses and

of market pressure the to say lot for there's continue is to that increase. would a on I So pricing soft, while them

Douglas Ruth

these Allstate that still is have of seems and additional book that and with the Is on it pockets Okay, like coming Where relationship based from? some policies strength. Florida that the has you Geico?

Michael Braun

the that partners work with. to I again, of Once are handle destination agents. believe looking with our us great always Yes, we I'll we because claims. service People you, we a how have tell business our for some we as we're how and business place

agents. all confident -- they're well partner very Allstate We have. in we Geico our by we're Geico independent see those opportunities. as our the then success. So to sorry, mean, really as and the Geico, far. is that partnerships critical largest I'm I Absolutely,

is talk the challenge, of In tough there's get as a well. Florida we Yeah, challenges Florida. about a up terms do -- is state, the There's there lot inadequate market. Orlando in get south market, AOB rate lot Orlando of of pockets though. a a we south and within

there's book with than impact I piece business. writing the our a we're absolutely, one has we've increases, to our back of so. other. the parts business voluntary different from continue And to once the voluntary operating But our there's challenges because, wouldn't we have still of once comes so… will again, underwriting will any AOB do really do So that's worse business agents on of continue state again, up rate Business our and that with. our cut and bit and say tightened

Douglas Ruth

through the at this policies currently? Monarch what's are you And issuing some status point, of Monarch

Michael Braun

at We're Yes, unfortunate liked have about would a book been to shareholders well a been time. at still $XX,XXX make of continuing again, as new amount you of a a unfortunately, million-plus, minimal Monarch, week market. with and book. in to deployed players about the business, a I that better. million as of little Once business have other it's we able the written I $XX much the haven't but it appropriate know, know, pricing's do our to see the $XXX of work it we're write and compared the in high to some Monarch, opportunity

we to unfortunate more date, it's opportunities a think but deploy I been basis. with effectively capital haven't So able got go-forward to that that we've on that

Douglas Ruth

is And Okay. quarter? little better rates the that better better be the sort in should do the expectation quarter, auto then out, fourth a in that that fourth with of things here bit the the looking will

Michael Braun

about performed. very that the cut in is to general you're going clear. Yes, I'd there be We're going off you're had where me What some expectation? the $XX things to shrinks, zero, million we multiple going book general doing. multiple that this We've improve, see book products a drop not definitely agents. XXXX a we're to different going but necessarily that's not We've like we're to and year, retooling take Yes, are of because millions. Auto to out to agents. see right has on so tens it with see it of to target let

unfortunately, But off needs premium in you're have these have it to over that it, have does Those you underwriting turned a performed and premium from it, an big XXX, but earned programs side earn have We investment underwriting that losses. seeing when been perform. still not program, as out and it you in turn off. a it's

bit. we end that premium loss into worse you'll should been going we're ratio at QX decrease that So And our QX, to what programs, to the continue will growing a the continue believe doing we they're those part in evaluate but and in we're them, fact cut tightening it programs shrink improve, correctly, see have are and working on we're other those so that containing and in and programs to really up not XXXX. off of

Douglas Ruth

now? thoughts have question you that you is have see Do with I might forward in million the what cash. you final do any My cash about $XX Okay. about going

Michael Braun

free Well, there's the to not in that. That's pieces holdco. cash multiple all necessarily nonstatutory

opinion. do the the dividend I past. my dividend us don't So at the in know where in various see we're space This Clearly, is you've subject and increasing say of at big entities, it we that Board. this advocate in cash I the buyback been to yes, have is. wouldn't in I and a personal this that dividend I see the the staying time expanding, time. the not obviously

Harvey well. don't increasing a it's I terms buyback, really see it have Irma us, as this AOB and We of where obviously and are comfortable in at. And at point. impacted

term. to we side year-end, as very see and our capital So with I are to the go company short we and insurance the in the on going We're other that where and the the holding don't reevaluate buyback company. of

Douglas Ruth

thanks Well, really you for that. grateful my and for I answering did Okay. questions, I'm wonderful circumstances, under difficult think very and job a

Michael Braun

thank day. Yes, Have Doug. a you, great

Operator

comes next question Greg with James. you. Peters from And Thank our Raymond

CarlDoirin

This Doirin morning. for good Raymond Carl James. Hi is

here. on auto Just a followup

You said XXXX post-XQ off auto? beginning, bit the that at the Mike. premiums you for Is believe a runoff contributions you any were expect wouldn't cutting I correct? to that

Michael Braun

No Carl. clarifying. Thank for you

general programs. multiple have We agent

- have in earlier as We programs and it book continuing calendar We - going of to of those Some an constrict of off, in operation. do so year premiums earning as we're agents, stop not other accident had those with from vacating what premium XXXX, general got so runs auto, been do book evaporates. size we've to see programs programs year you're that currently three have discontinued two we're place. the the contract in

underwriting and be why away, it's obviously, going getting getting been making book smaller has we're just it's point. as that's smaller to those it results, the performing be, and positive. will trying But It it So not smaller. should make this at not

not it, it. I've said to if we're as if able it, However, to we would in with then perform discontinue able past, the we're not fix

Carl Doirin

Okay, programs, actually year-over-year, growing the you at But premiums? makes looking if guess active you're are written sense. I

Michael Braun

away. So the are The inactive go active growing. programs programs obviously not

think So be to maybe as off perhaps on it programs. you're have once million to been just and from top going $XX million see head, again, million, not goes the I think in That the off the high XXXX, $XX my would $XX existing already. range, include of I that that as does the programs turned

Carl Doirin

called development you following then $X.X about any in claims And Did Hurricane million Okay. the hurricanes, in Irma? uptick AOB homeowners. out in reserved see you

Michael Braun

and seen AOB you're rest I know, commercials over the we've that. we pretty state. in know Yes, there the same relentless. is I'm It's that just the this And throughout you sure you've don't billboards Tampa. have that seen of

elevated. come X that those where But down quite at -- in big seeing That's adds still it's we're bit, real we're is with points -- frequency, quick. seeing attritional severity two, again, were So really, but still this from we're a not once about XXXX. losses up we're on seeing up the we -- money has

let it points years So up bit, ticked at has frequency we're bit, ago. me about The definitely still severity the two a plus-X down again. say a ticked from but has

Ron Jordan

prior not current year loss this, clear, Carl, year but year strengthening. accident development, be I to that's got you've just think that's

Carl Doirin

answers. you thank the for All right,

Michael Braun

Thank you.

Operator

from Thank you. with And Capital Management. our Samir Returns next question comes Khare

is line Your open. now

Samir Khare

guys. morning good Hi,

Michael Braun

Good morning Samir

Samir Khare

maybe clear I'm there reading, you Hi, up. a this can bit confusion notes on of think some little the help I is so

profit revenues I benefit the that auto additional be normalized would shares the do Cat If what for earnings your Q? and your program the you think with adjusting you unwinding remove normalize, claims of quarter, guess the and losses if you

Ron Jordan

and Yes, Samir, handling mentioned million I overall that as the impact additional I if around think Cat, out in share, my take remarks profit claims $XX is revenue, the pretax. I the

Samir Khare

of any you And equities equities? comfortable selling just more we the expect with? should down allocation to equity, What ultimately on are

Michael Braun

now we're that something in terms comfortable with. there Yes, we're of

were at with. have roughly higher prior that in takedown. That's We to equities this figure than comfortable We dialed a pre-hurricanes surplus. much we're of XX% that

million So we're place we're I we shifted think in this of point. and equities $XX out at a comfortable

Samir Khare

the subsidiary capital is QX? What for that at FedNat

Michael Braun

It's $XX million. around with from at down hurricanes, the XXXX taken We tax, in, million ended range, the basis. $XXX course. that hits of the say, We've storms after

So that brings it down to about $XXX million.

Samir Khare

that's And of P&L other is the in reflective or quarters, the just… that

Michael Braun

a That's yes. Yes, [ph] ballpark… XXX

Samir Khare

And the cash holdco now? right what's

Ron Jordan

about if just stable the pretty million be $XX wholesale. talking to at tends we're It at cash around

Michael Braun

Liquid.

Ron Jordan

in adding it's $XX Yes, range. investments, the million, in more $XX million

Michael Braun

million $XX about liquid So Samir.

Samir Khare

any to and of into… that downstream plans Okay, any

Michael Braun

come the storms down once a and surpluses Yes. Obviously, with AOB, FNIC's these again, bit.

RBC another can statutory reevaluating other quota to options to ensure it. for another the the share, with holding we so surplus on need opportunity that RBC of ensure as, ensure to debt which that risk-based or our think for have we and terms possibility, little from ensure We we're is everyone's will do that. satisfied there's speak capital, we'll that cash capital, well know, that strong. on very is we our has So we're in obtain in insurance the sufficient, sufficient sheet whatever you downstream That's the as But either with company, as keep that's that we capital to benefit us. FNIC balance as company multiple have relief I also we

Samir Khare

Hurricane on with been Tropical just Philippe. there's I Philippe to or storms? QX noise respect and there date, to has any Okay, Storm know

Michael Braun

through quick this so Florida, material nothing at pretty through came that Yes, point.

Samir Khare

markets hard Do markets? the they'll potential think Okay. to do and [indiscernible] Texas with are real over the year? And primary think dislocation in what be Irma, just Harvey Florida to and you you respect with respect in in of next prospects light your

Michael Braun

Florida or of growth in I'm in saying Florida? you not sorry, Florida terms are

Samir Khare

Texas. and Florida

Michael Braun

We're distribution. opportunity there. think out Yes, in happy I with Texas very there's our

As happy a we you that writes partner very for know, continues Texas ramp to and with we're that business that up. have and distribution us,

a Florida, of market's soft. the bit terms In

with the even seeing marketplace, So that all you're soft. in the the market's results still

So it is our focus the to was on really our ago, like is growth not underwriting two on years three focus profitability. the

have to need. we again we're profit achieve to our So happy - once slowed and manage underwriting that get to we writings to do so the very our

other case you're remains So as out think growth flattened that and going XXXX market, into Florida until it's to I the I change. see in XXXX think XXXX, our that things

Samir Khare

All guess you providing advantage that more can take was question with dislocation my I that of right, is expected? grow have Harvey than any specifically Texas, would you

Michael Braun

to Too book early of big Harvey sure and in did cars, on as you're a do auto a say. Unfortunately, I'm we well aware of. have lot a Texas, job

So book in in But of of it's will The we too changed again opportunities But terms us. hurt that property, in once Texas. to terms there's early that how think say market. Harvey's grow.

Samir Khare

of any in there just and in the of any Okay, auto, programs quarter? the were cancellations

Michael Braun

we for then still No, Gas, one is remain Florida, three two three very have Georgia. constant. small; which programs with and Those Texas; programs

them need to we're make show not able can have we'll If programs these auto of XXXX that and confident in turned hope is the off stop have if we're us will to in that nearing behind year-end we that - programs that that happen. not, their make in QX. discontinue the we've we results. of premium, to or and in - earlier we in in those work, auto are worst the runoff other The terms And but premium, we that

Samir Khare

you think the that the the What tightening taken? up ongoing were actions I about then and remediating were and some was what or spoke Okay problem programs. of

Michael Braun

Georgia, book in million go million to terrible Texas of unfortunately expanded timing Well, well. $XX from a was about two auto. terms that did book in markets, not and We $XX a our

specifically some mistakes the some the made has that but pressure did in markets. we of distribution, industry terms we the agents with general those and last also for the X, been year feeling auto So of in or in

rate underwriting general have as well. taken we've So their the some agents modified and

Samir Khare

of to to results if the worse-than-expected ongoing the the discontinued of your remediating at look tail you versus you what were much attribute programs? how part call in And auto, the programs I'll would

RonJordan

ongoing tell points is have The loss lay as results active a alluded of are shift. programs What the I the continues continues. of overall shift and and to that premiums than ratio continuing programs. premium loss as that you programs, could shift of going the Mike's the said, those that a to and there that our quarter-on-quarter With XX from lower perspective to, is to to so mix improve discontinued

Michael Braun

a big and the the difference Samir dead programs between active programs.

happy with better, to they profit And not need on invested going We're lot endlessly the be discontinued. on run where a period, the we're programs. However, into perform at need to not we're chase it. we've will period. better, those or They got They programs. to still active

Samir Khare

the was Okay, versus what programs discontinued in premium allocation programs from quarter? continued the

Michael Braun

XX% inactive It programs. was about XX% active programs,

Samir Khare

basis? earned an On

Michael Braun

On an earned basis.

Samir Khare

I but think you said rate programs? and ongoing in taking and increases last are Okay you have quarter in the been taking you Mike, this, the

Michael Braun

auto Correct. the programs? In

active the correct. ones, On

Samir Khare

Okay and to program? ratio then what are your get hopes for auto the the in to loss

Ron Jordan

Well, low perspective, already AOA loss nice and a the achieving [ph] a I from program, new ratio. Georgia with loss think we're

I come these where within terms walls loss exists our we handling see of down retool. opportunity for total of our claims the is in as to and practices, ratio think expect we some four improvement

Samir Khare

I thanks lot. a Okay, appreciate it.

Michael Braun

Samir. Thanks

Operator

from our Anthony question And To you. with KBW. Thank next comes

open. is now line Your

Anthony To

for you thank my questions. morning, good Hi taking

Michael Braun

morning, Anthony. Good

Anthony To

time I items. year was some remarks, the gross I development but apologize that a loss ex-Cat this housekeeping then XXXX, ago? missed I I morning. guess your and good Hey guess the earlier prepared XQ same in ratio in payroll and What just

Ron Jordan

one right sort just I papers a one. get got here got, I've the of stack to moment, and of

So in XX, at ago about ex-Cat, ratio it it we've been about year a loss and the XX. gross would have got quarter

Anthony To

we expected. the forward? than of the think should this the this thanks. bit was Great, How I run balance rate And and year, about premium a good moving is guess for ceded we higher a

Ron Jordan

certainly ceded Yes, sequential that a basis quarter premiums, look elevated. the on they agree, I

retrospectively to account to then an rated and provision after as that pertains the and treaties. experienced when of that losses they're they're are of opposed incurred, ceded treaties the Under there's treaties, Some our like. were paid share nature expiring those quota

that ceded June ceded business XX% XX% that to all the of what and XXXX, before when the and end So the sessions little accounting frankly the impact it's ceded And it's quarter. noise of is a result ceded when treaty $X so expired. related continue impacts when that's we happen, bit even those million will more from June XXXX, to than premiums but expired, premiums and premiums to the losses XX, is elevated going losses, treaty have it from economics, and over of ceded XX, in before it

So rated there's noise those definitely accounting some non-economic from retrospective treaties.

Anthony To

Is there looks any it like what idea normalized? of

Ron Jordan

effect over $X million, That those, come could of down certainly time.

terms economic quarter. the is the in we in in those slight do, range to of our program we have think a in I we what release, of the a of forward, increase overall in do going that's press $XXX,XXX Cat numbers, and said cost $XXX,XXX as

Anthony To

thanks. Great

a mentioned just guess previously into you more rates, you've Now in I that also confident Irma? rates getting issues. think needed following for you for how homeowners are And book I the getting AOB-related bit rates Florida

question I So for any my AOB is there guess rates and receiving storms? related both is, resistance in

Michael Braun

the Well, so, the get rate really, for you storm.

our mean been is cost. That's going because I works. rate of driver of had on already has we're reinsurance been we've that how it there AOB. our get We've and Harvey. our not what Irma to The anticipated retention by not rates or So already -

I we it, of recouped but there's majority pressure still think from the continued it.

department out you're in annual us, as We from X. to rate see consumer. going rate FNIC early our it's additional would to job. a action say But the that I It's for So for another the filing too August do that be. increase anticipate does there'll of believe XXXX. They're be what I think and going do I to requested always looking fantastic

they fair and us. can don't rate But anything. demonstrate they can we we happen they're look that at what demonstrate and It's need. we need going increase that not if on for to would confident just unless they work an I'm However, rubberstamp very present additional a

more know we'll we XXXX. in as So progress

Anthony To

profit million the the get Harvey? I a does we lastly, can ratio? Hurricane And guess then expense thanks. $X.X relating I guess benefit of around that walk-through sharing profit Great And why to sharing

Michael Braun

that question Say again? last

Anthony To

does ratio? Yes, lastly the why benefit profit sharing be it expense would the

Ron Jordan

XX% along, that of like book, just I'll share million, to take profit better speak, by on so provision a and some when But cost place. so line non-Florida payable, commission care accordingly, share They're can. to that you so being is adjusting as that's half mechanics that why a essentially this the Does distribution commissions to of share, comes and the then calculation virtue the the - partner the commission. a speak in profit our can storm It than essentially there's is a Erick in the expense profit you Harvey, more were $X.X result bearing lower that wanting financials. the and that benefiting in it's of a drops mechanics? take of or I

Anthony To

into back fine. for answers. get queue. the that's much I'll think I so Thank No, you

Ron Jordan

you. Thank

Operator

at not for would now to the questions Thank you. turn any back to Michael further call like showing any remarks. CEO, time. this further I'm I Braun,

Michael Braun

Well, thank you, Grace.

our Ron, at all the to with on you. Erick, you day. always everyone, us. that, remind myself to or Federated have investors we followup hard want of trust to reach to this I you As team everyone and call, great wish out partner may and placed free the questions to and Thank a with feel morning have. that any that our I work always, anyone appreciate the everyone With our policyholders entire Thank agents National

Operator

Ladies in you and participating conference. program. today's today's concludes gentlemen, for This thank

a have disconnect. great Everyone day. all may You

FedNat Holding (FNHCQ) 10 Nov 172017 Q3 Earnings call transcript