FNHC - Earnings call transcript Q4 2017

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Operator

Good morning, and welcome to the Federated National Holding Company's Fourth Quarter and Year-End 2017 Financial Results Conference Call. My name is Takia, and I will be your operator today. Please note that today's call is being recorded. [Operator Instructions] Statements in this conference call that are not historical facts are forward-looking statements. Words such as anticipate, believe, budget, contemplate, continue, could, envision, estimate, expect, guidance, indicate, intend, may, might, plan, possibly, potential, predict, probably, pro forma, project, seek, should, target or will and other similar words or phrases are intended to identify forward-looking statements. not this management are uncertainties expectations result these on based statements that discussed in current on involving expectations matters call forward-looking that are may The realized. being risks and or issued to described and to, outcomes release the not our and made materially is forward-looking may Actual in and filings call, made forecasted call uncertainties press events, time. the due results in this limited uncertainties this risks other from conference risks differ the SEC yesterday what and expressed numerous with company on from but statements including, to time by the

any Forward-looking during new information, statements events made Company as National to or speak only future Holding otherwise. circumstances of revise today's specifically disclaims statements to forward-looking conference and obligation Federated this reflect date, any or call or update

go at the time, Holding Executive and turn President Now of Braun, conference over Please sir. would to National Chief I Mr. Michael Officer ahead, this Federated like to Company.

Michael Braun

for five underway XXXX had Good comments morning. few creation I some on performance of such as claim policyholders. initiatives quarter benefit provide our to for am quarter. the handling XX,XXX hurricanes, a decade, was Overall quarter total including update having the XXXX team the event review Welcome Irma, year. last and pleased quarter XXXX Overall results the company we week. this mark forward. highlights for as of with more then position challenges performed of Atlantic continued multiple very we detailed and storms two the by strategic operational with that value in Ron full-year more storms I our throughout I come fourth and improved an moving our a experienced start the continue results number said, Ocean off the the will then you to which how our discussing past passed will our fourth our on a conference major call. a that and in count the in Harvey from and in than faced and financial including fact largest category Irma Claims smaller

million reported full $X.X of less Fourth the million of year or demonstrated of we strength million billion earnings share once XX% per $X program XXX have revenue again earnings were single utilized the $X.XX quarter XXX limit. on per and to-date or of $X.XX revenue. million. share on reinsurance our our reinsurance We For than event $X.X

XX% year $XXX revenue full to the from total million. grew Homeowners For

expense our year. excluding focus continue on expense gross value And year's driven exit Auto from XX% strategic and business increase in with The about more control a in The expenses at XX.X% to We $XX.XX respectively a XX% third the and coming controlling at revenue at Book was quarter. gains year-over-year for with revenue headwind I'll was fourth results, quarter our realized that quarter fourth our in to ratios total year's homeowners. non-controlling excluding XX% the by investment interest XX%. talk solid looking grew share ratio growth in from the grew last per from quarter and last and a moment. $XX.XX. net a improvement strong XX.X% over was

in and come. manage the position We profitability the have improve underwriting to to for taken significant years action our opportunities company growth, continued

has takes agent Florida, puts our of Building a resulted This and couple lies. ecosystem, broad claims homeowner's resources focused our our for attention loan partnership strong term quality a market and where company. presence leveraging our and on capabilities. and and and in important are organic network our strength book, We managing strategy the in underwriting

exiting company's be significant the staff general last in on insurance was exiting Each the Auto of and and will reported Auto the regulatory night's base a a as announced previously also obtaining approvals. share subject newly liability are appropriate drag these resources. actions commercial of and to we're the earnings release, market. as disproportionate required First, we as

well. exposures offers less much results smaller for being premiums we commercial liability active of limited the general which We reasonably Auto small reduced representing of business value go-forward and one two X% have a We anticipate gross in on market us creation And and programs believe written have performing already are it our currently also was for a XXXX opportunity. basis. than part our

growth years. for to continue runway the we Homeowners focused of sustainable next our profitable over couple build business, additional, property on creating As we are

we We well are fragmented are solid positioned network, property a time claims agent plus and strong with XX so. who us. growing with and It's be in to underwriting Florida it's partners want good we reinsurance a and and long to think a it's work market,

first XXXX of segment diversification XXXX impact are neighboring where build have the will AOB our we're nature We’ll market. ultimately as and strengthen to the Monarch pricing. expanding the Homeowners our Florida and presence be including we this Group. And address the markets. a our with on We're the class term opportunity continues On operate market has increase. strategy setting coming the mitigated Company minority the risk market for Insurance our year executing subsidiary to in as from Federated closed Florida the of Florida first year geographic it and of in largest have XXXX share continued and basis company issue, we as increase adjusted on earn-out further increases opportunities to our AOB. Monarch in the the team. a in benefit currently National rate interests of related years. $X homeowner also of we initial to the respect from AOB National long books this Internally to in our about has the billion Additionally order through acquisition developed underway XXXX, excited This In Florida we rate we selectively and of plus terms which the a and combined which of from quarter over aggregate the full the address proactively estimated within

strategic to Overall, Ohio We have us to quality and people our achieved which We've XXX XXX mostly enabled solutions great key talent from has about transparency. staff we insurance. financial management servicing namely on improve increased in and team at through reporting claims in and to underwriting first reduce our been that improved also experienced the current streamline core economic people strengths centers underwriting Homeowners attrition. which investor focus industry, feel and has technology part processes added our our investments insurance financial in which exposure

we and walking to we XXXX, are focused as Now continued on turn tackling.

focused are reinsurance catastrophe our on We XXXX-XXXX program particular. in

of a that despite XXXX place program strong have having than less for We utilized multiple have storms. to-date program in and experienced XX%

are have of for to contracts program our reinsurance Efforts with we to approach XXXX-XXXX stages season. confident the we the continue partners the Additionally, well. and partnership and under shareholders Florida coverage will company that serve Hurricane entered winter long-term traditional we're that our remainder upcoming early Fund Cat the in take our for the the

forecast of that space it's the in, what market. shelf will buying plenty capital early come pricing While in for it there's reinsurance appears too to

our about talk let Lastly, program. reinsurance me

at of multiple Our stock in quarter and a the of below fourth valuations has the book XX,XXX million. traded peers. cost in we the our Therefore our shares X.X value below reported

purchased quarterly we're capital million we strategic and with full our excited commitment million the like shares was turn shareholders calendar Ron. .X program to the the an combined approximately XXX,XXX our paid company heading with additional whether between purchase it return years. a in I will and the year deploying We price the to of price accretive calendar opportunities call it basis. a presence total utilize market in continue about We've thus to For transactions our XXX,XXX operational XX million $X.X an to Wrapping disconnects we the XX capital opportunistic shareholders. the over in strong for X.X shareholders also a that at moving would XXXX of far coming dividends into for strong and to the of with Homeowners proficiency. XXXX. on share had in committed I'm market XXXX a total feel being represent to remain to cost million the for up, focus increasing shares repurchase

Ron Jordan

Mike. Thanks

our the and XQ our through we've of number steps mentioned, a on mike liquidity. you XXXX more strategic our and capital a last sheet numbers in XX-K night, including improve results balance and take in taken financial to 'XX bit our As like comment on some to filing I’d color provide beyond. detail,

Hurricane Matthew. 'XX So turning loss $X.XX $X.X share or per in income Mike which included XQ the which share, improvement to mentioned course was net significant million per $X.X XQ our of over diluted impact million the of a $X.XX 'XX, was as

million for tax diluted full Our $X $X of the share $X.X or the realized a or share to $X.X full-year compared last $X.XX earnings or compared year quarter earnings XXXX. year. excluding per per in losses million gains increased per zero and in Investment to realized gains share gains XXXX. Full-year or excluding $X.XX $X.XX was and were million loss million diluted essentially million the after to $X.XX $X

earnings growth, smaller increased year-over-year consolidated those earnings that dragging overall homeowners' million automobile down to noting two it's periods is increase. with total a that almost in While back $X worth modest our between

XQ fourth million, both by storms. quarter, earnings Delving headwinds swing million being impacted favorable The a will X.X weather Auto the of historical $XX.X year-end of to quiet the which on net from quarter compared stands million and in loss were The impacted 'XX million the for our XQ Growth experience 'XX We $XXX pretty with of from $X.X XX% Nate incurred XXXX. Hurricane seated quarter under other ultimate losses from an Matthew not the respectively reinsurance million Homeowners a $XX XX% loss from and Hurricane fully losses like hurricanes. now of our for adjusting pretax XQ periods from Hurricane's our standpoint for increase 'XX of for million impact recorded with Irma XQ in this period of further with was Homeowners by and profit our into $XX.X for at was as retentions each to being estimated when program. the ratio increase and XX% Irma. 'XX

quarter. the increase company's XQ we So impact given recorded retention per had event no had full on third that earnings our during the this

consolidated our loss in LAE. to and handling gross quarter year third pre-tax we incremental points last third added However Homeowners net added ratio quarter of loss which of ratio losses catastrophe XX quarter revenue, fourth the claims loss XXX our for these million to statements additional points appears losses in XXXX In as Matthew quarter. gross XX.X the in a Irma our gross from earned the claims $X.X ratio. financial of of to handling reduction XXXX that fourth cat the quarter added and

As a of from go with With exiting and business. on in on moving from Homeowners business earnings to largely reserve I quarters is two XQ XQ 'XX in gross prior comment, from line Auto statement reflecting Auto but in in with drag XQ reinsurance better a last after-tax. growth results in for to in touch the business strengthening this XQ to coming of and lines the of announcement has were terms $X.X business. the XX% XX% Auto along off. years XQ night's 'XX the of $X.X really position exit puts decision and behind our almost adjustments on that both and The by future written and quarter's about come opportunities. down of netting loss pretax management's in briefly been line 'XX. other the CGL, included the quick let these ahead We XXXX. million from investment believe to $X.X moment. other said, the side ongoing Homeowners Auto, a I’ll will obvious session to FedNat premium also for XQ the and both into and impacted which for us move us of our and over XXX,XXX drag Auto 'XX that runs of was from quarter compared me a unfavorable that of In related results earnings back reserve results 'XX million the expenses a a business past our Auto income corporate lost in represent significant million periods we adjustments withdrawal and be as Auto we

the general commercial net 'XX. reinsurance 'XX expenses protection. loss XXX,XXX XQ quarter support line of business flood, net fourth loss a to of for other in which contributed and of excluding larger results the CGL, to per pretax CGL, includes and for realized $X loss million liability investment of income Our gain quarter corporate as $X.X experienced of income net compared XQ of risk and of million $XXX,XXX XXXX a

claims of of that is line our to XX% own a companywide five which at company also their in and of the XX% of back quarter view, in method other The in growth ratios $X Elevating we after-tax the million catastrophe on expenses in business lowest coming income equity handling a net ours includes investees an with quarters at behaved well levels past some expense respectively. of XX%.

for color filed some XX-K Now our night. last on

note will revenue these updated periods You while Under to XXXX. for economic the auto from whereas direct reserves no and are notable change our the remain X related go-forward virtually been corrections notice flows. of XX-K that adjustments. underlying of percentages. XXXX programs. premiums disclosed in preparing on adjusted in And previously recognition that auto and treatment revenue acquisition impact adjustments. closing business, and other these period and to fee in manner items our to the historical that our cash periods such on policies, were each need X changes previous also the in Footnote previous conclusion information. are new on deferred now, business line of to implications amortization, required. both recognized in the impact I historical end reinsurance the point would no figures. of our our in to the filings. in a as which out particular of timing important details of is issuance. material earnings to related of they came in also resulted as the public past accounting future of upfront XXX,XXX in document of footnote on unearned adjustments our policies includes quarters with XXXX have the also in cumulative beginning that to over offsetting reporting would of couple by this been proper admin the and related the the of release the With in corrections accounting recognized than revenue term from recognition items the corrected filings in again of already fees by we of on you in any FedNat out and It's deferred of no these quarterly adjusted XX-K our a include DAC to periods for appear notably This that way share recognition the earnings were because impact a to a historical filing our are included no previously matter maturely a timing premiums period our and XX course the XX-K company our is less to said, periods SEC were earnings and the policy restate under the quarter detailed items most historic a of power change any revenues X a such like to is any reinsurance our of not the or and as are written so auto. amendment basis at In policy completing and and eight process, deferral adjusted loss I our of they state but accounting or have or Similarly prior in has In of and circumstance, resulting go-forward fully of more can that written point our a revenue on no those provides costs on policy impact numbers. coverages impacted all footnote accounting But Other and XXXX future historical any earnings into our between to year-end that reported quota been that XX-K XXXX and background in recognize homeowners similar have assessing had see the modest line which

topic let year-to-date that basis and included interim as both XX-Qs our period me on just XXXX on compared will year the we months. Lastly be say quarterly quarterly file the coming business a line XXXX this for information of results prior earnings and releases as in

to Turning sheet. the balance

the of you placement capital our senior fourth know the in the As million quarter the completing notes. company accessed $XX markets

reflects which sheet off and million with assets that offering. of interests upon was proceeds million mid-February the minority off inside senior that were that note debt really million the JV the associated not Monarch balance figure XX/XX Monarch paid in paid the of the Our purchase from with includes was did come $XX resident $X of $X

with million, forward currently with instruments, positions in exposure portion consist months our five a and months $XX rates. of in economically go which assets portfolio year rate our with with intend offset floating in hedge million from maturity. to to is derivative such, years of investment As a three we are We rate of $XX expense debt $XX million the the rising stated XX fixed three future not interest LIBOR LIBOR intent on do interest due taking floating our other in however increases to

fixed is portfolio that of of Speaking well XX% income is $XXX A that positioned securities year-end, consolidated we our million as the have with Over cash million $XXX at sheet. cash investments minus. and with a a rating Combined million of balance on have of $XX S&P our basis composite year-end. investments, positions on in of carrying and conservatively investment our amount performing of value invested

from $XX $XX surplus and more and structure ending XX Monarch XXX% National minority this benefited that Company Turning reimburses enables which effectively year-end, securities, MNIC. XX.X% FNIC in existing capital of stacking remaining mentioned. and its owns for million was cash. capital of of was million FNIC's year-end Federated FNIC XQ interest the of inside sizing infusion surplus efficient company’s National of this one of of. holding that I the Company Monarch on activity Insurance in now in to cash Monarch purchased XX February then a ownership positioned interests for and use Shortly of FNHC million the borrowing February Anticipation a stats of it note and that to to that before the and as in of there Insurance liquidity, contributed surplus the just reasons of for purchase minority transaction $XX FNIC

In year-end terms of liquidity non-insurance holdco heading our into of into capital after infusion that have FNIC, million other approximately liquidity non-insurance $XX entities XXXX. and together

As had Tax year that impact a and yet results. our actually reform. I on one hot wrap haven't full XXXX topic mentioned XQ reform up I tax is minimal

Our tax a net year-end less position $X.X an million. deferred asset at was than of

perspective XX% So XX% rate points drop the on effective of of down in tax to the range, XX% rate by course from before. that's revaluing the federal that periods. bigger to will The a from is XXXX these our had impact first XX XX% net story negligible XX% reform range income tax to

have call over earnings. me that let With turn a go back the So Mike. to our will forward on impact beneficial notable that

Michael Braun

few our vision, after in begin up Operator, a a our entered closing improving strong are prepared make I So operating our the a we to ready question-and-answer focus performance. wrap XXXX to further which and remarks. on we've a strategic position dedicated team will great remarks, with

Operator

Our first Capital comes line question from the Instructions] with of Samir [Operator Khare Returns.

is Your now open. line

Unidentified Analyst

of Ed $X.X on how the questions Homeowners? in morning. to related This for On development the was quarter, adverse million much is this Samir asking

Michael Braun

pertains the X.X About of million million Homeowners. X.X to

Unidentified Analyst

buying something? the you quarter, could limited or ADV guys buybacks the from shares quarter? And was against in anything that additional in then there Like up bump an on you cap

Michael Braun

to a No, just continue slow we've we’ll slowly. we low and just in the so. out we to opportunistic XXb-X plan very do and were spread been Obviously that has had being methodical been and and it disciplined stock and

Unidentified Analyst

in PIKs thinking and on basis? just about XXXX a lost you of terms are then net on both PIKs, Homeowners, And for what initial guys gross

Ron Jordan

on at sitting right XX.X% perspective. now we're growth a So

adjust X.X% in earning key obviously right at rate that. basis piece we X, look the times loss our rate, earn a We'll of on will is in on XXXX. it ahead we kicked in that into in to of accordingly. kind of move big that the As a new in XXXX, And rate our we’ll ratio continue XXXX look obviously earn obviously results. August At will quarterly as

Michael Braun

And the then tends on a XX-XX net that to translate to basis about range.

Unidentified Analyst

auto earned the the When be impact longer exit in the no And we financials? gross fully you that about then just be being thinking would When reflected exited? thinking thinking on premiums. about about should guys and

Michael Braun

from Yes end the we auto be will we will - fully our premium earned from perspective. XXXX, by exited of

Ron Jordan

about is need. we're and you are as operational these Ed, know just is, we The two challenge that best half programs achieve our to programs, can't we a programs. the that we efficiency had dozen down two

So noise throughout to the pretty that the as We know is. should gradually it smaller think say come book in The that I that be noise should you we it able quick getting exit bad to an is should XXXX. the income statement end.

Unidentified Analyst

absolutely. Yes,

Just Like guys it this effect number quota or question experienced there Homeowner modeling quarter? a then just how share quarter, just like cede affecting in the account residual the the legacy was any something? definitely. XOL And like Homeowners quota versus you the to wondering, much of for do a an unwind share was

Michael Braun

Yes.

while continue have XX all across those have to effects that we that. treaties perspective? effective And then XXXX course quota we quota entered new share and add XX% almost and we want recapture you from out. to share I of our And were ongoing of think ended XX Erick treaties XX% did those of a there net-net have million lower all we was the they We range. to those through those XX it that are - actually close the of X until treaties have sessions anything in

Erick Fernandez

in X.X from million. say shares the the impact on quarter legacy just I ceded going Yes, premiums to quota was was the

Operator

Lenox. the line of at from Douglas comes question Ruth next Our

now Your line open. is

Douglas Ruth

is on year? might Could you Good for some you commentary improved what buy reinsurance, the morning the results. think offer what this with congratulations about reinsurance happen and the

Michael Braun

the in silver we're big state. also is alongside is which year market currently renewed FHCF But we our regard. us that of a the for in the Yes, through time We and just this of obviously that. obviously renewed

the us that So XX% and XX% to flat. in the enabled that XX% story chose choose do the FHCF market we XX%, was we and private long pricing didn’t short

So very encouraged We don't clearly going where of to on lot reinsurers. there's know capital. as it, pricing, we reinsurance but of a XX it's clearly renew be have a big panel

has Our XXXX. we’re with now book been maintaining flat XXXX And XXXX actually our rate premiums in and in increases.

exposures our decreasing the how so are purchased However, we reinsurance.

a So be we're more well-positioned out think XX terms days renewal. find less We’ll we’ll reinsurance and actually in the in good of pricing. purchasing we next actual the for

Douglas Ruth

what rate think the ask year? for you FedNat far increase do of in kind And segment you as this as might

Michael Braun

that has gross AOB We in you I The plus. something XX about we’re a XXXX That's evaluating up was in And driver that about seven as took been position. that's few we’re pretty think we that and in speak. good and XX XXXX, points. points X.X

marketplace. the in competitive still We’re

updated will So our in to new it's we’ve our had say place, code. of how much book rates we’ve some where We contracted. updated some exposures the impacted. got tax underwriting. non-renewals in too early be updated We've We’ve obviously

with there a algorithm a have out GLM. new We

in It's quickly are insurance proactively. just at the hand. primarily our the AOB, of and the and with We've improved moving in. AOB is state there and legislative a So that's unfortunately consumers communicating I going obviously where handling, away say the bit it’s it’s majority situation not the us impact priced behind the early this, but it, claims to of paying lot for ended. the I’ll is pieces, believe session say of here

in think mirror, accordingly. financial its results. our rearview I impacting the it's it's from ongoing and of price an have terms we a operations in how us So perspective, But

Douglas Ruth

you on Florida the commentary market some you this think what of state could at offer the And more point? is

Michael Braun

Yes, market. of we’re Florida about X% the

we're us the with place Clearly business think and we have to I they partner great with our competitive. want partnerships agents.

Our now underwriting I anything to with in the we business the There see our or at business coming in plan. sense of and market can we're the comfortable us. want very just we is right people make vying strict, is that business sustainable. in year sure that's write don't for last changing a lot that's

Now in anticipating now, it XX Florida of We Florida million to in about XX go Right that million. we did up grow. about will of continue to XXXX. premium outside we're

So only that's a XX% but sounds which a million it's increase. robust, increase $XX

So it's business methodical slow is plan. continued really our

Douglas Ruth

And what the in ramping to to segment Monarch do need start order happen you up business? of the

Michael Braun

Well, we month over control obviously got on Well the so. that we've or in last just closed that.

the to But underweight space. that story are space. market. there's credits part well homes for before a of by that I be where And the So I space. with. well the was built mean Florida more I opportunity typical by There's traditional other about, a which I that do mitigation can came we're think largest not expand depop the bigger we great to does which really, market. that National statement home us that in stand that in there's that we that's in whole And in still what what we And the call the is Federated mitigated business, is a

tweak got we've underway for out few few ahead So a roll the a think to in I will through Monarch we initiatives with as have just growth. in things underwriting pricing. a Monarch there's the go for But runway We long and that ‘XX.

Douglas Ruth

with an this And Monarch point? selling at of you're how per you week us give can much insurance idea

Michael Braun

about a $XX slow. a new still under business. million It's week it's XXX,XXX book. Yes, of hours It's

sense program. throughout structure We on is that have some have surprised the some non-renewals the in I'm there as But well. lot is? improvement Once pricing there further work - in it But of it and again, with that the soft I space think we'll does more the how I am happy soft a need that XXXX.

Douglas Ruth

relationship the and Allstate what's of with with SageSure? your status And

Michael Braun

partner the to Yes, so them are partner. going with four for have. them have been our non-Florida fantastic everything's in work or and they them. their grow is a SageSure Allstate they They company five a in as fast they They think our to we've growing They do job. with well business producer with. us, great years. last as I Since, of partnered of partner is that as They're continue largest and Florida, well. book through with partners are well we're a great other obviously

Douglas Ruth

any for the the quantify XXXX? way might Auto to Is from there be loss what

Michael Braun

it we've You of sell. I a it product quarters It's future difficult. know think future that think us. much Auto. it's to relates don't say behind of the impossible exactly. us, tail see that got what our short it's in will to But to as We that behind be you're think going We impact any we most in

Douglas Ruth

Will there general to liability be the insurance? exit cost any commercial

Michael Braun

Same thing.

basis in a the and think point, quarters. the coming of, we’re forward on Auto hopefully if CGL statement I case. in don't anything both to terms you're great And programs. see don't these going the much future I well, But or I the on we've that's on go see in both obviously to income got your profitability. programs and think the adequate as reserves either shape there CGL anything losses meaningful through, Auto

Ron Jordan

common not was team. Auto handling team claims there unlike separate any with a there from It's Doug and was And homeowners. CGL claims a handling perspective,

there. no is And So that impacted team CGL by sizable exit. that's synergies there

Douglas Ruth

folks. thank want to you I

asked stock We and - to of you buy-out exited the we exiting changes. make Auto. think time the over and smart stock. I know a decision. to the You Monarch changes prove of We you the be to bought Auto and you you consider you period buy-back will back did you to very made And a asked you asked

to looking The concur do in better And I a is I XXXX. forward much said. to So we're - year. with feel you positioned like company well what

you done. you've I what So thank for

Michael Braun

Yes, very Thank XXXX, you we're Doug. very much. about excited

Operator

line Midsouth next Jay of the Our from comes question of Kumar Fund.

Your is now line open.

Jay Kumar

why guys business? of reason Any getting you out completely the Auto

Michael Braun

Say again.

Jay Kumar

Any reason you're getting Auto the why out business? completely of

Michael Braun

Why business? we're Auto exiting the

Jay Kumar

Yes.

Michael Braun

anticipated but the had ramping four opportunity, ago. opportunity the saw the we entered we seeing. we it. business going of of back assumptions an great basically, results we not We the a were in in the saw that up, it corresponding - And We seeing lot Auto results, three, years a that process

million, million only we many the a And went we it therefore, when And we not the on well. when the up grew auto lot adjusting years. side we from had smoother. to but So XX inventory going about anticipated had a as on book book, for challenges we side, XX

results growing continue continue it get it it, thought couple for going we there growing so shareholders. to of on. So lot time. could we period a that dollars. and require time, didn't a technology to of hundred be see rather there up investments But generating it, And of dollars opportunity our million than to I the would We it more the it's held for just into a

Jay Kumar

One raise other market, rate? the question, what's what's Florida year-on-year, the insurance in the in typical pricing

Michael Braun

pricing did go much up? saying, how are You the

Jay Kumar

Yes.

Michael Braun

XX%. go seeing seeing pricing we're increase digit, XX%, people go Well up, single up X%. We're X%,

increase. So B. pricing in on cost would Florida. there's consumer the therefore claims or A inflating you're without clearly pressure driver the is And say premiums It's a seeing the I doubt and of

Operator

line the from a follow Samir of up question Khare Returns. of have Capital we Next

open. now is line Your

Samir Khare

be Just reinsurance decisions. Should quick quota are one to share? purchasing a upcoming thinking guys renewed? you How expect that we the about on

Michael Braun

program terms as evaluating quarter entire reinsurance of in excessive loss, share of We're in our the terms well.

no and July does made X quarter on time. at So renew That yet. this share we're been has it evaluating decision

Operator

I the Braun remarks. showing for conference Thank this like questions over Michael Mr. closing to no queue in back further you. And to at I'm time. would turn

Michael Braun

and their need place to people conclusion, in to of time trust I excellent in of for for of and this that want agents and morning services organization reach our Eric our thank for Thank time to for provide Federated you. out your National. each Yes. and may team myself with up they I'm across and Thanks free company their you to I'm Ron, opportunities hard in our the the your interest In ahead policyholders Feel about proud questions us. XXXX. to excited follow policyholders the partner work products in have. or any the to you our to

Operator

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

may great You a Everyone now disconnect. day. have

FedNat Holding (FNHCQ) 14 Mar 182017 Q4 Earnings call transcript