FNHC - Earnings call transcript Q4 2018

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Operator

Good morning. And welcome to the FedNat Holding Company’s Fourth Quarter 2018 Financial Results Conference Call. My name is Sarah and I will be your operator today. Please note that today’s call is being recorded. At this time, all participants are in a listen-only mode. a conduct will we question-and-answer session. Later, this are forward-looking in conference call facts historical not are statements. that Statements Words such are possibly, as estimate, anticipate, similar should, believe, budget, contemplate, and will identify indicate, pro project, other may, forward-looking target probably, or expect, or continue, intend, might, to predict, plan, phrases potential, words forma, seek, intended guidance, could, envision, statements. these management that discussed forward-looking statements on in current are may realized. this uncertainties are and that expectations, not call on risks The matters involving being expectations result based outcomes and filings our expressed risks to the but events, release press by this statements results Actual including, from may and to call, with company the due what or made and from issued yesterday differ uncertainties is the numerous call made forward-looking uncertainties SEC limited materially risks described and forecasted other time. time in in not conference on to today’s

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

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

Michael Braun

storm Ron discussion discuss also we the financials which quarter will the will our fourth Maison and and morning, improved we and for Fernandez, strong Gulf significantly Thank and XXXX year, Michael circle objectives Chief will Call. that in in over our week. the XXXX, in accounting our Quarter for out a on take then and that fourth and them. QX. Accounting Ron and to go Panhandle are the XXXX, impacted quarter your and you, Annual hearts earlier and after cover Operator. progress everyone. our those impact I progress highlights questions. Michael huge delivered particular Erick Counties of In our Officer results Good me people growth even then a Investor this Officer; short Financial Jordan, Florida’s strategic welcome for our made And was Bay announced recap XXXX I back today. summary and Fourth of the our Hurricane strategies. against highlights with significant from to Chief growth many will acquisition, in reside we

of in the the policyholders many year the appropriate for and here full at some major looking proud have deployed share we are results, We time resources to have need. area them accomplishments. in and And their are

we Clearly, reported has foremost, our profitability First that a in Homeowners XXXX activity XXXX impacted our improved and core been and business. performance. step our on in underwriting there up has cat

ratio, So of the Michael loss compared we to when quarter look impact XX.X%, XXXX the improved you fourth gross excluding in in XXXX. at and XX% Irma to in Hurricane of our XXXX,

year’s We by continue homeowner last $XX.X Texas South over reached Carolina, XX,XXX Gross and includes, last in Alabama. fourth quarter, to markets to almost earned non-Florida XX% for XX% in-force expand our the million momentum non-Florida of these growth increased beginning the year, in Louisiana, our markets continuing coastal for year. year. the policies established the we premiums states, over representing We which

of earned premium. our We of wind terms are liability completing final planned commercial the of in our general in stages down and lines auto

has actions core primarily growing and line While program July the cost focus renew coming CGL, human our reductions our a provided as while for management, continued us term, claims the eliminate mitigating exposure The and allow for significant of and drag runoff our extend in coastal time, program financial will strong resources in Florida attractive growth states XXXX Homeowners’ effective on in in protection we these both months over will longer our and to and offer program earnings we other some risk. quiet in that rigorous anticipate substantial reinsurance opportunities. capital savings Through of achieved XXXX.

and We and have $XX ongoing of we of a each year-after-year the one half in continue partners. first those million to the we robust panel XXXX and In XXXX, second of to reinsurers every do of business year that in appreciate will which captured calendar we greatly approximately savings savings recognize with half beyond.

is regulatory earlier reinsurance obviously As close we as approval. synergies we That additional week subject this transaction, when anticipate we well. moving Maison to on forward the said transaction

in we XXX operating reduced levels in expenses ongoing cost over lowered our addition, by annual million and staff In representing $X savings. positions XXXX,

in improvements technological operating embrace efficiencies Homeowners maximize business. our to core continue We our to

achieved stage Michael, Storm going accomplishments despite our aggregate an loss with reduced events third We confident for Finally, last hurricane million we April challenging year’s benefits. will effects has rate rate a approved of have been and of impacted we during Hurricane Further, an insurers, major Gordon results negative profitability begin Insurance our Florida weather recently and year are the has and company X.X% quarter these increased new Florence mitigate severe effective XXnd. set quarter helped increase additional the of Tropical and is now Regulation for forward. home premiums fourth increase successful fully benefit faced by a of year the earnings. a we Office $XXX for and earned had the renewal Florida and to assignment Overall,

We time policyholders network them high weather partner these are particularly provide state, our our severe and we need during their the of in and take great service the across of agent in events. for that here quality pride

ratio X.X% in and of to million improving of every events, results savings full improvement to our share net other and over solid excuse prior and made over were markets. Michael made October. And reputation strong where approximately landfall its processing line. earnings our or were Our of our weather-related team on and excluding made Homeowners the Homeowners approximately fourth losses million Florida’s our we income Beach $X.XX net Michael which was the context $XX under year provide reinsurance progress versus share are a line, financial includes in as outstanding major in earnings in $X.X the increased excellence X% grew for Net impact, to core performance Revenue earnings, last, attritional landfall were counties grew million continues from Homeowners business income, average significant value a gains the in Company business, million demonstration other year Bay million for $XX state-wide XX% to on for and significantly Michael clear loss accumulated core $XXX.X a the writes Panhandle Fourth net million full additional driven million, where line. in Insurance in and $X in the year in in highlights, year excluding end adverse FedNat this To value increased insured Gulf or Michael FedNat XXXX, our Mexico build $X.X non-core for increase $X.XX me, in that development enjoys total year. grew the also just drove $XX we and was our investment and severe premiums Monarch strong core for strive $XX.XX by as local claims National Once million of hurricane the have -- per paid compared the retained quarter $XX per plus down. mentioned, and winding FedNat loss XXXX comprehensive to X,XXX is. XXXX, quarter our we $XXX.X $XXX.X per Michael. looking million share year for over for reserve full prior at our an claim to the at To-date Insurance do to each again, $XX.XX reduced business increase year. impact year. excluding Book In a slight The by have Hurricane million of earned Company. job

on It carrier size year’s and Maison in consideration about additional $XX.X transaction and with of monetize the fit comments Based Maison for excluding minimal turning very Louisiana our coastal on million states strong next the provide $X investments another on to the the was $X.X million. financed environment deal loss is to rate of of in continued quarter. Excuse at and included operates non-Florida Florida annually has gross for We expansion. million in accretive integration primarily came is X the on as integration growth $XXX.X Texas, projected consistent the and reinsurance in return. Florida or within earnings well. $XX.X before me, the $X in savings internal existing Our as earned million retail terrific about and macro a distribution expense the increased announced million FedNat transaction up digestible to synergies costs. premiums per immediately revenue risk Homeowners our given capital years and which well a share $X.X $XX net to compared dilutive X% The purchase saw some market. I and an that to the recently provides with and acquisition new poor is it’s deal market year-over-year fourth basis tangible premiums pretax for losses with value approximately brief with and us the XX%. very deal, make channels share. a excluding and attractive It agreed and while price X% as a of in to recently efficiency with earned The per requirements agents, entered a the transaction loss earnings with value X.X% $X.XX dilutive net grew fourth distribution associated quarter accretive is book to will on to last million sequentially. direct Consolidated our access million, in offers pretax book share, as the over million opportunity operating geographic Ron. Revenue, strategic per with our investment call quarter, both over during shareholders. financial presents

per the debt improving forecasts higher model, stock. earn a accretive, trading dilutive dilution with share in show a will that little in financing expect out stock results. balancing dynamics, we on the are Ron now and to deeper cash years, financial our tangible while two back value Ron? we XX-XX go book Our liquidity cost and taking the

Ron Jordan

the good Thanks, on to everyone Mike, call. morning and

related inherent Insurance financing that strong positive quarter addition of fourth the the debt position continued strengthening recently of are in our developments acquisition our announced business, for Maison financial in FedNat and core the In Homeowners to performance. results fundamentals well our

compared by go. and full quarter course on I insurance strong Michael with Hurricane let and improvement our some the We of continue of to the the demonstrate to steady earnings will highlight full in diluted year remarks masked my business quarter reviewing the of impacts. fourth and So $X.XX operating remarks stock business, in quarter, as performance FedNat’s loss quarter in underlying results per year’s those share quarter. last and fourth me begin a in share the core Homeowners year in per market the $X.XX performance reported

an earnings comparison year, the with year’s increase fair For the per by last in per make business. significantly $X.XX year, share being $X.XX a the in share hurricane a million cited million increase. fundamentals improved gains just On XXXX both $X.XX excluding I year’s fourth impacted XX% investment investment losses the grew in periods, year earnings year jumps that with driven $X.XX, full increased underlying of was our and last if approximately retention, incurred of $X.XX gains $X.XX, earnings have in In revenues per reduced $XX.X the almost to handling investment Mike XXXX we and with income XQ compared over over million just seven-fold since full $X.XX all in been last a significant our excludes to and And full is actually the fourth to directly was were this which year, loss $X.X of earnings Net full as Michael, by on reported losses, million, both retention XQ losses profitability catastrophe represents million a full quarter our $XX.X of that event one full compared by takeaway XXXX for or as would and $X.XX that related ‘XX, $XX were fourth Michael to approximately of per quarter excluding share, the periods. XXXX basis, earnings share, $X.XX $X of earnings and increase claims quarter mentioned. earnings. and year

in XXXX. cat So more while underlying performance investment elevated volatile environment, period activity of have a business and considerably we through our a strengthened been

Now I on our will of turn to brief lines remarks business.

year the to $X.X from primarily business Rewinding earnings excluding save due we gross not. loss quarter numerous the loss in to approximately impact, million the the quarter, claims Full well million call revenue Michael. quarters. came loss our have salvage in in $X.X quarter benefits $XX.X or claims that million seasonal increases, of excludes carry improved that in in ‘XX time ratio and answer our Our catastrophe Homeowners results. earnings the the for you including includes the at of would is, losses, million XXX% Michael million question to in will Hurricane $XX.X severity adjusting fourth of quarter component at quarter impact of fourth Homeowners handling favorable elevated initiatives forward quarter quarter reduction lost implemented. lightening expense was the that reinsurance we ratio almost from loss subrogation experienced our Michael’s the XX%, four $XX catastrophe The almost and earned rate ratio combined fire Homeowners in thereof. to last it frequency Homeowners compared Homeowners if moment, initiatives the particularly causes the did points open in was the over third This with million and and adding recall as were a whether ex-cat and and net result XX elevated into the our one as $X lowest the The handling and

powerful couple full of I ago, net year, due XX.X% from that second ratio cited the boost loss did a XXXX the about ex-cat been points XXXX, to a reasons cat the during as by well half dropped loss talking a of we over earnings For of X lower the as our for ratio have net Homeowners as for quarters now. spend moment

business, and in the and our during in were earned will auto. planned, especially gross our decrease said, and the in Mike the to quarter written particularly quarter one in of XXXX CGL as progress fourth and quarter be exit from essentially pronounced premiums each continue of premiums As important year of Auto points non-core was forward. was auto zero here written declined from lines

quarter as performance liability operations contributor expense. we well our as losses million are on products, The the to from pretax quarter in fourth ‘XX, portfolio ‘XX market’s income which Flood our from to Insurance year the ceded risk XXX% reserve open the Our ‘XX. quarter a essentially investment Net our the adverse to million quarter, in million benefited down which quarter in and quarter are the rates. resolve as flood from that which the the of on is investment of line CGL of in million fourth basis. now was adverse year overall income excluding fixed million the exiting, X% business The auto efforts our insurance rising third of solely of $X.X as Net was dividends included development booked prudently of next fourth to fourth Gross zero up prior well stock claims The adding contributed expected premiums $X.X prior commissions as in the from we commercial brokered $X in a driving At major million over book portfolio the our in and quarter development general interest insurance pretax for loss of of point, $X.X excluding quarter operations income other the the gain to claims of investment steady fourth from quarter, investment written the investment the activities premiums $X.X of premiums the Program. repositioning, on in loss will auto losses, $X.X over and business since consist from driven loss million flood from in results adverse income strengthening $XX.X in inventory. year’s $X third trend million National quarter, compared Net XX% of by for $X.X no earned quarter. three are in ‘XX. the we includes continue down an current our non-core interest quarter. poor are zero $X was a this in carry year of and of line to million to of CGL prior loss million quarters. of We amplified investment quarter annual loss compared department quarter $X to decline net other by was $XXX,XXX in and million all interest income

Now ‘XX, a other been losses XX% metric $X.XX or our year-over-year. accumulated consists this our a $X.XX which was income, taking few on would sheet X% unrealized despite $XX.XX, of of excluding Michael, end approximately year Hurricane Michael. end, up as per hit comments Absent share from book income fixed portfolio, from on year up balance value share our of comprehensive have

We value slightly continues short The portfolio avoid rated. million continue and our to stands year any a in up at risk $XXX extra from to investment be portfolio. highly relatively end, taking ago. year carrying Total at

continue S&P portfolio minus and XX slightly hand of September $XX.X December million. average on X.X, duration year A cash as from end of maintain is rating was Total a We to composite up at XX.

Our other We the approximately window XQ. XQ at in-process repurchase to non-insurance end. in from precluded being together status quarter XXb-X active us shares period during execute liquidity being million open able in did holdco and of year and had entities or as acquisition the Maison $XX the between market not any the of a from our

to debt, average basis as ratio borrowing earlier regulatory decline with earnings my approval, Maison very we the we forward. to that to our announced to at and are pleased week, XX% complete be transaction XXX made year at debt-to-capital our of course about refinance To subject XX/XX the past is enhance the by are of late progress company. we stood the lowering point Once weighted second to existing cost points. XX% Our this of we XX%, remarks, debt-tocapital quarter, we steadily in power performance the expect from ratio to the have though around over it expect operating our conclude

book of claims meaningful will headwinds our reinsurance auto saves, expenses. as diminished rigorous expense rate Our reducing cat and Historical performing result a enhancements processes Homeowners loss forward. be adjusting attritional are and increases, well our exposure handling that management, CGL going is from substantive substantially reductions to

Florida still expect X, earnings. acquisition the In in our addition, been our even accretive book an estimated in that fully plus has Homeowners though of of from of calendar enhance August the XXXX XXXX in of well, that meaningfully Rate was XXXX, our baked be run Maison increase since the that first double-digit million pretax to XXXX XX% leaves the rate will XXXX second yet rate rate increases the quarterly XXXX versus we $X earned gross to not as representing calendar and XXXX. into rate third quarter quarters during increase, lift premiums to new earning portion

our takes XXXX in earned homeowners in to Lastly, X.X% world new a flat and increase April part premiums million effect earned is and add gross rate recently the expected premiums and Florida $XX XXXX. $X over in to approved for business second to renewal gross of in million

outlook transaction we these Maison our the shareholders. is believe for our earnings the announced future week, and and With bright developments this for earlier

the to turn back me Let call Mike. over

Michael Braun

we of again operator. both improved the progress perspective. for open objectives significantly underwriting an great Once With and up and profile the profitability we in from go will ahead improving XXXX and made towards please efficiency FedNat our reducing operating expense earnings Ron. and questions that, call our Thanks, expense

Operator

with Thank from of the you. question Our line James. Instructions] comes Greg first Raymond Peters [Operator

open. now is line Your

Greg Peters

Good morning.

Michael Braun

Greg. Good morning,

Greg Peters

an get can litigation the in I to I So know good. coming both so those X twice XXXX? some to more talk could you tapped, claims, opportunity net provide this talk step we books efforts dip. and We rate is thought in some to it basis back maybe but for you additional so to there you And week, double update, the on take with about or Irma then, is on rate it’s on implementing past Maybe you great/ calls years, I perspective seems in have secondly, Florida, you that’s like that and on claims where talked you conference continue, and over what’s an could know are expect two us additional going the last be you the a fraud gross in perspective topics about increases. losses and related a grow continue and would through give

Michael Braun

Yeah.

Greg, as time a with second good week you and say. talking mean, So, in good obviously, I questions, you a

we a terms allowed In of only X -- which point away. effective we about have we April, in of have that rate, months couple X.X% is approved

that gradually So will out. go

‘XX increases we the one ‘XX ‘XX of taking so little have are as indications. with well we people rate take are curve. to the their ones and We that of others rate to first been catching the and and a in seeing But into rate been closer ahead have up us of

So the competitive. market Florida remains very in

a We more pulled in are years kind people seeing couple the last -- some have back aggressive taking little approach. a recently of that in two or bit a year

would someone than So little be But who’s competitive. others. market that say more looking there’s bit I very always always remains to a the aggressive

we know, state situation we rate claims. our of hand. unfortunate the the long made our of grown not operations. Florida couple the a with But improvements associated experience lot these policyholders have and you at in had over and the honestly, But because a As way of in increases quite AOB the book years last challenges of that’s rate it’s these to inflated that goes for have

is As big event. it a to relates Irma Irma,

of out a are approximately hour would an a an or such went miles they a and Irma or lot what Those of whether month. say from -- they seeing grey. winds I I out white black was XX claims call, world reason in XX an went were Irma miles XXX I to But We a plus. either that storm damage. what no had really is you or was hour, hour call XXX for miles miles continue to And and where per very, get had significant we XXX the Michael you of damage that

solicited more go So and go ahead on maintenance or opportunity replaced -- and to people so this did of damage is where a of they be ahead a result is great roofs get question their have as a really issue. and the there’s to Irma for

So get do Michael associated claims new creep more from though claims in, industry We these a it we claims felt should later. coming I though with the Irma. Irma than even it’s on whole -- say while -- year has still get the do which even occurred

approximately think in ultimate. that’s have see Michael. that am I I I move. million going don’t But we but millions, that, the can going once reality significant be perhaps, again unfortunate by again the millions based up that’s moving on So to $XXX to and for of of it will future updating yet situation. see I does the that’s it’s movement. be don’t the of the see hoping it But tens current as trends and hundreds and we market

Greg Peters

Great.

program if book of levels and at talk year upcoming in will that’s Florida? One in fund you more of them. a introducing roof based Allstate replacement of and their sort your And if your secondly, on question, curious an Florida nationwide specifically have might how the about partners age Hurricane can my has given then, to in And it I as in distribution of all? thought schedule relates the you Homeowners amortization just for to roof the business and some be change of am last participation product for schedule it any this cat your

Michael Braun

The two an instead we private provides XX% we Well, questions, few of state is the market. the from obviously, at participated FHCF, reinsurance. entity years to bought last that XX% XX%, those additional a meaning

we We are right having before those now to do need March and conversations X. decide

give and to something it’s But we it it So next other specific have value at that can in And a of we FedNat, so something Those will in that to was way which conversations opportunities XX% call the remains ramping continue. at National would we will roof see our write we is with Policies today, That’s I are unfortunately didn’t question we your have depreciation. Maison be or I that we that it roofs, have as looked the on approval. commitment XX%. that any really obviously the they don’t but one that that not then have seen you of require the that. or day you really regulatory policies policies lot be see do go have ACV and Monarch add Florida, in up those

accepted we But aware we not is jurisdictions, look more do states have continue other of in at are and other that So that. that. that we and to

and are taking which we you claims are from premiums. have right, coverage with, less make away does exactly careful are it sure reduce the You make you definitely you but policyholders, to therefore can costly those

So it’s look something to that at. we continue

Greg Peters

Great. answers. Thanks for your

Michael Braun

a day. Greg. Have Thanks, good

Operator

you. Thank

of with next Financial question Lenox Our Doug line comes Services. from the Ruth

open. is now line Your

Doug Ruth

me, than thought is X.X%, rate Excuse you. Thank Mike, the you asked of for… I increase is for, asked that higher what had you

Michael Braun

Doug. morning, Good Yeah.

is that there’s We feel capture X.X%. indication, We there things sometimes and other So we some doing try room. don’t filing. we to do in handling believe indication take claims because we impact can was it do But we other forms the are that always rate our that of the so on. -- from all

again was with did the just balance once forward with go conversation the so we that we make we we -- marketplace. sheet are remain that in But we the we need we But and and we could competitive protecting the they increase an to regulators that updated to X.X%. that. company insurance request that. did of requested original have make rate sure did sure our And had approve did So X.X% that did we and

Doug Ruth

do at with what Florida, target mix then be as you And what the mix want -- we is non-Florida? were Okay. right do you other think XX% of XX% question now is non-Florida, business have what as a the but far to you

Michael Braun

There’s number approved. is in. great a once transaction approximately a I be market. specific a Well, I a be to lot don’t don’t. state. we really It’s in XX%. currently, It’s Maison but mind, it’s market It’s Yeah. opportunity here. I Florida -- non-Florida a a I get to fantastic the think of going marketplace, growing XX% is have challenging

to I So it. run not really from am trying

hopeful will believe unfortunately However, there’s I is fixed, that in do in happen weight more right the challenges the and year I after, coming current year may the challenges the am the certain. this the next that policyholders or time those legislators convinced not will session. it’s state. am punishing path and I will in fix am happen problem. I that is not It be legislative where year

the -- XX-XX, am coastal market, it’s So say And a I mix, of there’s other got really we I fan can’t similarities terms Florida in market there’s in are I have we Carolina, clearly, opportunities are to South happy on. Texas, all that in trying well, states some state challenges. has we states to that’s Texas, including Houston very performed we a of is because Louisiana target in the operate specific Florida of great are really that capitalize are and lot the what of in, you there. with, got once a a think big The but

Doug Ruth

you what status Monarch, point? can path see forward with of do is And Okay. them a think this then the at you

Michael Braun

Absolutely. Yes.

Company. was But in have Florida pending So once underneath the on a filing here Monarch is to with again be rate capital where Insurance stacked that, regulators where we will work that it instituting FedNat we credit. continue we do

So in that to for we which to happy of slow. hopefully distribution book approximately we capital we premium, here, as channel. it, would QX third product having deploy in But is gross are million being product $XX with Florida, anticipate behind remains the have be our a The it’s a be going Maison. at utilized. written very that Maison, in flat of And second closing

to Maison slice other is gate of clarify, be there’s are with But much we clearly, in Texas to there’s marketplace can, and the that is and what with in Louisiana opportunities as opportunities many interested and So we really as just choices to see want options afford coverage out them we policyholders. able as coastal to the expanding well. we and states different dice clearly that the and to into

Doug Ruth

discontinued say for Could the the for CGL again you for have Ron loss could you the was said fourth what was that loss Okay. me? quarter, for you,

Ron Jordan

reported loss. basis a loss on the about the in you the loss and million $X a $XXX,XXX it’s back if had we period out that mentioned investment a that effects I of Yeah.

So $X.X $XXX,XXX so the back you about loss when pretax other million investment out in investment after-tax, after-tax, was that $X.X loss million loss.

Doug Ruth

charge quarter? the had But you the liability, in general fourth Oh! a commercial

Ron Jordan

Yeah. Yeah.

Yeah. Okay. fourth adverse prior We in year CGL the development $X million of I in your question. misunderstood booked quarter.

Doug Ruth

Okay. That’s what was total XXXX XXXX? And in got. all reinsurance I the versus cost

Michael Braun

Doug, don’t approximately half would XXXX, the X once approximately following was it contract, in $XXX that ‘XX. then of the know XXXX half, should July which calendar latter annual runs have July year. was if June. by $XXX run Ron it say -- the in million through first I and And million, I to available again The you

Ron Jordan

go so quarters some have will up can a add we to maybe question. here, I next to on

Michael Braun

has obviously our book we of anticipate efforts of first book in ‘XX. we half reinsurance be is half so million that realized where the has that half of decrease to reduction less but $XX the $XX non-Florida prior But in need in half Florida the of would continued have because and XXXX, versus ‘XX the Florida, second room. decreased book the other would XXXX be million decrease And year the our in realized in and

Doug Ruth

Okay.

further there in thinking in will total of the the be So the XXXX, that cost are XXXX period? the reinsurance, you reinsurance reductions

Michael Braun

clarify, Yeah. couple Well, of so there. let a me there’s pieces

and on $XXX the same terms additional limit the Monarch needed, in think, of I approximately the alone, by FedNat will million. decrease methodology So

should So instead $X.XX of it be $X.XX approximately billion, billion.

$XXX of couple on of anticipate a that. Maison the with do we top acquisition, However, going up million that

So with limit. actually an increase be that acquisition it will

because to a direct between not as correlation. Now total different distribution states, there’s the the of the spend

a $XXX last save. there So, spent is we a million. world, million, they million flat that’s In spent year, think $XX $XXX we

where your markets to the up less you question we year the reinsurance second say. about experienced asking I believe think are part may the be addressed is that companies may Now of of overall, hard It’s Florida the better market other X% and an increase. day. and from went I rates Last the

last X% market year about the up about up went and went X%. we believe we So

we very absolutely up on is to year, pressure pressure which pricing. X encouraging. So reinsurance continued about this actually is we points market, think Doug. the on picked continued There compared There’s

make we but say better I impacted can’t pricing go, I increase. difficult, there’s world, believe flat when world, year. terms but this moves on in peer I X% a programs XX%, for think you go when a flat the In pressure of do a it compare, sure pricing can will our X% or where be if rate to much up versus it are or group situated will by

Ron Jordan

$XX roughly then and million spend there so $XXX question, of your of comments. that’s referenced million million year year of that his $XXX year calendar ‘XX save And to to spend. Mike come back in ‘XX calendar Calendar

of second annualized in other about first talked save. half the We of have of We half half took half its of million $XX ‘XX, the it ‘XX.

run annualize If take it for that, you $XXX cost to and the cat which just million quarter fourth year gets rate. $XXX down the you $XX coverage, rate run full million $XX million is from our million of full our about XXXX’s

Doug Ruth

the do that then And think you an that? talk a strategy maybe you little to might you about question, you you you have understand. able idea what improve I I Okay. Maison might a that could to last understand improve my be bit of the have profitability, business that

Michael Braun

Yeah.

rate some have that coming. And think, for that last in and I taken infrastructure I a been our years. done formed good and each I the know They the scale they job. Texas is and I our have and in reinsurance there an have Maison, Louisiana additional think is rate our more years. he think two benefit I taken around have CEO with opportunity rate synergies They he’s of think coming. and they Doug six there’s with in company Raucy

take think, certain book aggressively it, it again back in got to talked a Maison is with I Doug’s great team be written, business, profitability. profitable the based in in is but growth is place to and going to based let on write them going not focus be to it’s bit but cut a which Dallas. to as gross on about areas, do, and But not prune they focus have I little do that what grow appropriate, Our to once need

they that shareholders. there they together that to will and successful. everything have I putting will be results that us once So But I to be be them they I our I think need with favorable think again think successful think be will

Doug Ruth

there talk you about on could last Dallas bit little and about are? -- question, a bit you this and my what’s could little challenges going And the where talk is a

Michael Braun

think, need the comes their telling I people is, unique be where new to them doors where should with knocking Hail it’s is it people relative reflective through on get challenge Well, Dallas roof. and the pricing a not they is not -- Florida hail. of

happens have places AOB. vendors always worst markets. we point with many it’s the hail in continuously winds what places and people and there’s So is the people truth say. in an state Florida many is to It’s many in the that for issue But

of market it pricing basis. am frequency occurs I So the supports there. not the hail correct Dallas regular that a on in certain the

that’s if and have we for and our grow I absolutely book. risk. only question correct things is of appropriately for sure good So the on think, can risk, paid and on are they that’s Other the that service to to. We have lot in we get got moves I as been that today. the here hope price don’t need make if place the I in I and we being paid focus than But that on they a to working profitability Maison we have committed Dallas. know But that are case sit that,

Doug Ruth

for over for big the Okay. the in Grateful answering Well, XXXX. you thank XXXX questions. improvement

Michael Braun

Have Doug. day. a great Thanks,

Operator

you. Thank

question from Our line with next Khare Management. Returns Samir Capital the of comes

line now open. Your is

Samir Khare

morning. Good

On for year the power Homeowners looks ex-cat the in from development good. specifically, years the Any Homeowner the prior book? earnings reserve book

Ron Jordan

$X claims we a in my shows results as revenue itself remarks, Yeah. development essentially on and referenced as adjusting benefits Favorable in reserve million loss cat the our salvage place from handling of and subrogation initiatives in favorable I in quarter then development, that have expenses, well. also

of revenue in for all more long $X.X favorable. figure claims handling the like that million full with year and benefit year $X had and quarter have million the like is cat So we the

Samir Khare

you guys to? some favorable Okay. were there are loss And homeowners the on just me release development Florida Can year tell book currently the then on current what booking the accident think wordings ratio. press I you in

Ron Jordan

booking we when think mean, XX%. I we are at ahead, Yeah. about

We a are that’s go into the in about us for spot booking good and XX% that the we quarter think future. to be forward

Samir Khare

the accident unfavorable of in Okay. nature on am What -- time. to give the Thank. short what some us surprised coming auto, you from a And so is can the development what development developed such it year I as poorly metrics is? and

Michael Braun

frustrating. it it’s very Samir, and Well, is unfortunate

it to auto sense zero gone writing policies. book longer So the has that are our no we obviously in those

million decreased from and of $XX are We X. at went policies off gradually last peak a the August

clear claims can really best as to out we quickly push we a We had as have as can. major auto these

we As in in which we sit today, a here XXX open were is as -- XX although only we approximately have claims approximately month. claims claims a getting while auto, low, new

month. claims You about back were ago, we getting year XXX in go a a

XXXX this call and in of wrote auto. this different going have it’s took ‘XX apple tail -- not accident know last years, big bite you as It’s really Anything programs out there. that years good terms of couple short am to the on was primarily I Ron the the the you that want we It’s to So a auto of is we We development. line. had this are it. about a we big hoping add talk to a quarter.

Ron Jordan

If quarter, to the I claims open think from we open by almost a count. those back during September XX, counts claim in XX% reduced XX% was reduction it fourth

February. a mentioned, the kind So now to meaningful that’s in obviously of XXX claims of part latter are right very we of reduction. Mike down as

to ‘XX of any in very of quarter So in in progress ‘XX. what we pain not substantial lines here expect sort and made and we felt close along the have the would anything

Samir Khare

Okay.

the that of couple else, commutation responsibility or impression questions Just can that the new was novation you the you of on I just… are under that, somebody the claims did,

Ron Jordan

Yeah.

Our ahead, claims Samir. with go -- sorry, oh,

Samir Khare

answer a go got then that you have don’t with ahead further I question. Why and

Ron Jordan

claims the In links Texas the go novated the all block, company. X/XX of Sure. date with to was which loss recipient program, after

exactly you about that. are right So

across no its much have premium. last only XX. the that I what of there relate with would July recently might in programs But idea that all component, pre-date So links this which now out XXX including Florida the anything XXX our to Texas, to XXX of of the of inventory we Texas. open links earned respect program, have earned is claims how

Michael Braun

Samir claims July getting, occur day forward, date had this loss of point goes so should The we diminish being every XX the that X, to before these new are quickly.

Samir Khare

Okay. are given we I pass now surprised that tail guess receiving am nature claims, like I the even you short XXX XX just are that.

Michael Braun

correct. are You

to these trying and we You are are as can… are and through surprised we as push surprised we quick

Samir Khare

And then…

Michael Braun

manner. … in equitable fair a

Samir Khare

it as component kind of the to frequency or claims development? severity is that’s leading is there just new well adverse some surprising issue that of And a is

Michael Braun

the damage some to also But once There way the business is was Well, policies a of just majority the there it. that is, is obviously, were X. the before component. last piece off August physical books out. severity X BI was long of again transferred August the

Samir Khare

this, with if guys like was you claims to know when for? last these would that you responsible I MGAs, actually they that for are your are where mean, just And I you am with Okay. guys claims audit going ensure I

Michael Braun

handle on auto book. -- claims the the Well, Yeah. are we that the we ones

verify we GAs do claim do here coverage our that. own the and we -- building. the The in generate They process would business. not So the

Samir Khare

total the Okay. in is what And loop book on the and… the just book, reserve IBNR on order the -- the closing and the auto

Michael Braun

million $XX.X XX-XX total We and that they in between have on roughly and case auto reserves approximately have bulk. on

Ron Jordan

coverage portions reinsurance on That’s gross. There’s substantial of that.

Samir Khare

I And Okay. causing the guess, what’s a questions albeit going CGL, to similar there degree, then, there? to the adverse -- development same what’s on smaller --

Michael Braun

tail longer is unfortunately, Well, a CGL program.

$X here we under not So did have. approximately that million, that we product -- it’s much We that in was today, longer still That so that in force a tail that we $XX is sit $XX transfer that policies book little a and as book have book million, do million, is force. out. are we

staff different Homeowner handles as same So on the CGL. as for also auto, handle also liability that on There’s the team. on the well the team the specialists the liability liability is the

Ron Jordan

that third to which and over quarter net CGL earned terms trend they $X.X the million quarters $X.X were premium. I from as the was were said three zero quarter expect million, of CGL, in next when we XX% in the million, my in Samir, earned about in down $X premiums to down remarks, about

Samir Khare

Right.

guys to what’s have might the of the as kind causing CGL on You a -- surprise expectation be to a an idea reserves? what on claims

Michael Braun

of things. There’s different a lot

Including Things where One were But of down certain these like that the done is Things construction it, are dollar to that called job has having we issues XX amount ago. defects really didn’t claims. really back years small are us. from classes frequency painters. years surprised that. that expect their we

problem a approach So where a a there’s has times property, is pulled it’s a way litigious a lot claim. anyone the or environment is and challenge getting a on ever of if the a shotgun property on which there worked into who any

those a it are we continue get claims long on So and to got it’s these for going to some -- new time. tail

Samir Khare

Okay. say that IBNR open on Irma And XXX estimate? what’s claims and reserve were many that on bad. your development. wasn’t the left the total you how then Did on It just Irma

Ron Jordan

Yeah.

XX%. have of, got terms we In over

reported, some number And reopened. that as anticipate are XX,XXX at be continue will get that time stuck a closed period. we for to number I We losses XX% we that over at new as of well ones we have stuck been about and as claims, for at period old

that so we in re-evaluating next left lot updating on bulk the number on and will not quarter. that are terms In a of there, there’s the here be we bulk,

Samir Khare

in apologize Michael, you out for how IBNR the and also total many claims question balance? reserve have open if that Same said what’s are Okay.

Michael Braun

The we we think, have we closed majority been about have are well. as those under X,XXX claims. looking are to going that -- at Yes. Michael Unfortunately, of are is to I vast reevaluate as ultimate X,XXX well.

us But it number I these $XX go I folks could to earlier. think assist a as their that’s for and and also a range. for going expense, XXX. way, have $XX I the that -- $XX different of gets rebuild ALE, But we to event is in multiple number. that’s housing, to effort ultimate pressure said living I have a of give relates be some million just additional and as definitive where million, is there on law in But to under don’t to because Michael go. think have challenge. a premature lot it’s that very My million you concern today a nowhere on a you ordinance

been that what will vast what’s and but we So the there some have effects. we claims lingering we owed, be of been out have have we there -- the out paid reported, have majority

Samir Khare

in and ordinance, supplements usually on just there And policies? the Okay. these law is

Michael Braun

can of Typically XX%, up so A component have Yeah. of XX% though endorsement A. some a people it’s to an coverage

Samir Khare

will I Thanks. Okay. re-queue.

Michael Braun

you. Thank

Operator

Thank you.

comes question the Securities. from Matt of line Carletti next JMP Our with

open. Your line is now

Matt Carletti

and Mike morning. Good Hey, Ron.

Michael Braun

morning, Good Hey. Matt.

Ron Jordan

Hi.

Matt Carletti

likelihood or losses couple I the book. that, to. you kind that know as that have with comfortable having or or things My on and help do of look look limit what year, question to are tornadoes it a Louisiana a level of grows Are them and have Maison reinsurance, spring that of an to little retention would questions, as the one touched that probably retention book in those you Just bit this is like you aggregate we on, that of little eat to spring of you that ex-Florida the more bottom bring can think weather, something in lower at buy like on about weather? Dallas how terms at you given that more done you you in end, kind a the reshaping on

Michael Braun

Yeah. there. Good question

within refresh to a together do same programs come tower. $X basically memory, so retention, and retention, two million everyone’s those has MNIC the a million So, $XX FNIC has operate

FNIC, and last they of we does non-Florida again have year retention that elect our who we once do take half that. in So partner participated SageSure, a the

$X programs So once again tower I $XX appropriate it FNIC current on think a in roughly a XX% I retention one range and all in million will is Maison at to million million reinsurance. have the, again that’s basis. then the and anticipate once $X $XX call share, that go-forward non-Florida, again be $XX what program a I and cat we could it, acts be they this But have in. MNIC envision the million their which year three million, then a profit once let’s like

that have. million an So is tornado again that you terms on tower the $X that have to go then, of back from QX challenge would ag $XX cat the with to of excess million mean a a Maison have in And we separate limit, hail. the -- main forward once event. a That would get

to economics book, of be pickup and XXXX haven’t priced cover an and is am is Maison PIH that aware look that are smaller they XXXX the happy surplus. limit will So as that exposed we ready -- of this obviously a risk that it and on not book we our to to or just we be to we ag XXXX. But point. Dallas adequately that more at in will commit in protect hopeful go we carrying look in I if that will works, are really at into

Matt Carletti

take dividends bring you deal mentioned, probably of the the question repurchase debt to other makes the one both so place. question is we leverage given that a which how level lower the to then there will to it you its of will work for And kind room for after debt on is your go Ron, impact just my leverage actually once need think Okay. Ron shares, or way earnings closes, Guess sense will more ability down down how to Great. most earnings. to and that

Ron Jordan

No.

will is there’s year’s and me place, I for stronger going room a to but take you, definitely to both. there tell have I of hurricane answer is room season this us do think course, and both what for to for do

Matt Carletti

answers luck very Okay. Great. for the in best Thanks much XXXX. and of

Michael Braun

Thanks, Matt.

Operator

Thank you.

with question of KBW. from the line comes Christopher next Our Campbell

open. is Your now line

Christopher Campbell

Yeah. Hi. gentlemen. Good morning,

Michael Braun

Chris. morning, Good

Ron Jordan

Hi.

Christopher Campbell

Hey.

have a looked getting of guess economics First question LPT, I am kind runoff the just -- ones, of guys just just development. an of... brief I have reserve few I fair you bit into

Michael Braun

Yeah.

We have.

Christopher Campbell

loss improvement a core guys Share and reaction, price, weighing down. is you seems it’s got it like you XX% this negative ratio like

economics the would you for LPT just an guys? guess like look I what of So

Michael Braun

Yeah.

and was a we We have there that didn’t benefit to it see looked at us.

are right you that. So

a is we never once apple say that and to of. think that auto bite time. again there aware we am think going are huge can’t but again, us well taking I day that’s impacting obviously very tell a looking the sure are are But very this of I I that’s you, program, auto we that tail, short I to perception forward

us CGL, portfolio economics transfer at that for to weren’t really relates for decision. it make there well As a and as well to we have looked the just that loss as

So haven’t pull good trigger. that but good we point, question,

Christopher Campbell

on And just Okay. up participation, then that you question by correct? the tomorrow, fund have said decision Greg’s to follow is a you make cat on a that

Michael Braun

are wire say down the and and this we to I don’t moment, today. You lot at to correct there’s are want of a because anything movement

is or has very to really benefit. X-K put one definitive are for So other. do out But made it that it be XX% way we everyone’s XX%, or we in to interest will decision. not quickly But the and an there

Christopher Campbell

Okay.

now could I So your background. the in like is wire, like to what what that just curious like change you I down that just variables could am like about thinking today, change are like am thinking a like like are the

Michael Braun

from go XX% XX% XX%, becomes corridor. to a is to from the Well, XX% question

going and at market the FHCF are with that’s right pricing the now. is where we So to step in

going that go we are step. see doing. they we just are the reinsurers out there to are is that we committed got step we space to And have do to the does So FHCF have is, can are waiting making to and same those had the sure the private is loss, the it. same term, to our and made a pricing what so ahead But repeat want into market And that match everything private whole, question to pricing.

Christopher Campbell

competition insider rate article Okay. potential you said adequacy capital that through if reinsurance one that I it. the one your even is to going And terms just I to impact like Got going requirement your us peers rise. thinking guess broadly in future just just then and isn’t walk how an just impact like Demotech any I guess more to then reading increases, how like in M&A? would and relax can of market that rates was last

Michael Braun

Yeah. That’s Demotech. terms in correct of

got year-after-year. the heard year a at the you of some But have they pulling reinsurance spend, for -- people from I approximately we spend thing challenge the look absolutely over people big proud reinsurers so I may is robust is are same Florida want our and with the We the panel. when variety a am once XX% that’s believe again decade that last remain programs of of some reinsurance that two-thirds consistent such is or have why and FHCF. this back have that of a to private, do them premium raising one-third

is at on points two-thirds a the that premium. XX% few pricing. the you If are So retail looking of of goes XX%, private up the the

XX%. So I and am just saying giving point. illustrate not I -- am going that I as to to way it’s the up easy my

we So my point is have got I adequate rate believe.

up is Florida under certain reinsurance, our holding company and and that again in We not am in is and flat are the once it’s insurance points, same have we on going to well I capital what pricing pressure position if case adequate company. got seen everyone absolutely our be be X we or points, will happens. points see or situated go remains to X XX or

Christopher Campbell

the Great decision open XX%, the coming XX% implies color. like is you much just right terms XX% in market the for like cat in sounds private higher. market of on like like the, and is said loss which And higher and one that market there between sliver? fund that How still on is private an it had more guys the corridor, versus that you just private pricing

Michael Braun

I because at -- about I we want they going want of we what market But and and don’t to that Chris, on don’t that those if we Well, to to make much on are But XX%. right I to that that it’s, now simple. match end going to you go we opportunity XX%. that if It’s go too then renew stay are much say are again, private the pricing folks pretty want we layer needs the price to having to more the the conversations all that. tell will FHCF is day. to that once literally pricing sure have match up If to -- it. are at going know the

minute on right this submit up the them of Some still them we opportunity want and to last we is the and the afford so are here that to day. fence to have and today

Christopher Campbell

Okay. And weeks usually like typical up wrapped is this advance? that in or like is

Michael Braun

are you participants getting I And we to you make lot Well, to the lot make reinsurance. any trading there’s our if have want and got want are sure a and -- with we with ourselves fair It’s ever know layers, a we typical partners. different of deal layers of for different sure and best things we change. multiple don’t

hectic get at for So last it little it’s minute. That’s unusual. to unusual not not the a

Christopher Campbell

Well, Okay. for answers. the XXXX. Awesome. Good all in thanks luck

Michael Braun

All right. Chris. so much, Thanks

Operator

you. follow-up do a question line Return have Thank Management. the with We Capital from of Khare Samir

Your open. line is now

Samir Khare

reserves reserves, million in that you number the can for of total year and $XX.X guess, as I in IBNR IBNR end if me reserves well? the of give auto Hi. auto what’s at XXXX the

Michael Braun

XX-XX roughly that. on It’s

million bulk So in is roughly terms cases roughly of $X $X.X million. and

Samir Khare

and at XXXX? end the amount then guess what the IBNR I the year And was Okay. reserve

Ron Jordan

We that figure. with to are going you offline get back to have probably to

Samir Khare

ceded quota how the quarter? share And in the much the was Homeowners XOL premium, Okay. the versus

Ron Jordan

million the retrospectively well the as quota treaty includes then risk old and in the share, quarter, still as out have are that and about quota we that current $X.X were the was there. The and all -- quota ones XOL well per rated million $XX was In the about our this share together $XXX,XXX. shares three as

Samir Khare

you same do quota Okay. the plan throughout keeping XXXX? on at level guys the share And

Ron Jordan

plan we keeping XX%. At it this point, on at this we do, point,

Samir Khare

expenses million… to reduction, should a just out And taking be the staff we realize the costs as starting regarding Okay. XXXX severance point from the $X

Michael Braun

Yeah. Absolutely.

Samir Khare

…in of… terms

Michael Braun

Absolutely.

book non-reoccurring We expense are that’s our people think current and down right-sized a and we over have XXX business. of we

Samir Khare

costs in And severance XXXX? the was much Okay. how

Ron Jordan

the quarter. a Hey, It’s for Samir, under about little $XXX,XXX

Samir Khare

About the full year, do we full the have year.

Michael Braun

could you million. if So that, annualize be it $X

Samir Khare

Maison M&A for you guys going then it relationships? Are MGA will other have or initiatives or any And whether pursuing Okay. production contemplating you forward. and be outside Florida have SageSure

Michael Braun

we shareholder to always to job. with We speak Nothing thrilled a looking at we do I this SageSure. But think they are think of value. are time, create that fantastic

very that to about excited nothing as to We are on eager speak of. close possible, as else Maison and quick

Samir Khare

we management at growth I And All the out should continue be overall? that trying just right. to your slowing, am that your Florida pace book, will the initiatives expect larger or to figure same exposure of trajectory

Michael Braun

Yeah.

of terms Maison to then reasonable for reason well. So I the no more that’s be once non-Florida, We for flat expectation see down SageSure, I in get on again book that grew as more think think, a coming we that million until a very XXXX about slow $XX efficient. it capital bit by and Board, that will

Samir Khare

And are Florida, exposure management or that at slowing? those Okay. continuing the the initiatives same is within pace

Michael Braun

the management, have we exposure is so our always in business Tri-County XX% Panhandle. about Well, our XX% have got we about of of where book

the over So all state. we are entire

that management ends. exposure So never

are is initiative there However, we that undertaking to no wholesale rebalance Florida.

We day. We just at we -- every with what are have. it it’s -- we happy look

Samir Khare

your then, talk yourselves, the can what rate as Louisiana, competitors? Maison, about you homeowners Texas I being as And well of Okay. increases environment some are taken, guess and rate in

Michael Braun

in rates seen same Well, have look people in centers. going marketplaces. multiple population Louisiana. correct think carriers it, big we there’s get then competitive I I the it’s I Louisiana. it. Dallas XX up. thing But big you at market for I you up. have rate in Texas very the a multiple unless at can have distinct granularity when am carriers not repeatedly which of again fan Once the But in for carrier. you taken we have by rates It’s that And And go got look don’t a see we Texas, million said up to

correct rates it’s the marketplace very in think competitive are a for what and doing Antonio San more Houston are in we and I Austin.

markets. gone both has up I don’t But have pricing in those areas for think I again once you. specific So of

Samir Khare

the capital at end? companies Okay. then infusions And into insurance any year

Michael Braun

FNIC, fee a an MGA is -- MGA fee, a million, essentially of it to for we via capital waiving we essentially FNU. $XX but which waived the which did infusion,

Samir Khare

current then -- for Okay. in much then capital what’s I how capital insurance unregulated you subsidiaries? the and And the companies the do have your stat what’s guess

Ron Jordan

together is total surplus So, $XXX MNIC around stat million. right the FNIC,

million equates non-insurance $XX that in I of Our my have $XX and of liquidity around entities but mentioned remarks. Holdco capital as about and down million to

Samir Khare

how Okay. some that coming of left curious stock? will your much if am months, to you weak have back repurchase you authorization, current share becomes the do the excess use I in buy And stock just then in

Michael Braun

we feel million us and and we full to capital needs and the a evaluate have it where once appropriate. have $XX will We we committee available again initiate buyback a the where

Samir Khare

to buybacks the So Maison willing are transaction? before do you

Michael Braun

decision as that not currently, with the I a did a have do XXb-X the because it very we we committee and tell be not will I’d to you perspective That’s whether or we willing meeting what can receptive Yeah. and am place Maison. And do am of the committee. price, in I at be, my of that. but from I negotiations

Samir Khare

some, to a that and SageSure are Florida charging Maison, might come I more the taking or the renegotiation? are costs on with that terms just relationship -- conditions deal on benefit retention actually they it, And an a for It guess, commissions profit pretty layer you of taking of when come are that the acquisition on Okay. buy you and seems up when split review down you of the they do help based reinsurance and risk. subsidized that think And getting with guys and of profits even are that for high relationship there. good book

Michael Braun

reinsurance, an was of more the that’s we advantage to bigger and non-Florida, the expenses terms Well, And it, action, exposed more therefore so Florida pushed there coming more non-Florida in has an on ongoing initially of book out rate the the gets, have to expiration. them. the it’s growth relationship AAL more that no

opposite that they the getting benefit. a we So I The where disagree are getting less benefit as of case statement they is of with a diversify. more your are

the as -- So state me say me expense will non-Florida increases. our let outside that our cat percentage of premium it, increase let written so say

Samir Khare

enjoy book reinsurance of costs anyway? a subsidy that doesn’t But

Michael Braun

it’s much of Well, theory, XX%, XX%, book outside the where of have we be to the less calling so away X% or And the correct, diversified, under is our book are fact is it’s policies correct. Florida, we XX% and is if outside as your goes point had in book you -- beginning. of if more would theory diminishes that the non-Florida reinsurance the our subsidy your subsidy of our Florida, more

Samir Khare

come, that where a does have can that you that you gets when want? conversation there Okay. any Thanks. is that And date year does or renegotiated every time

Michael Braun

No. There is no expiration.

clearly years, know leave can disagree. for So The are business. the our where on not I move any know part. expressed of Samir, the have business. There’s And book would thoughts of on to. expiration no source they no you terms But them party of that it, the been think different foolish our It have very are I looking I either we retail I other that to agreed partnership. you your agents. be are is over coming from than on that the

great think partnership. it’s a I

think continue them. and We We to are I grow book to it that with will. thrilled want

Samir Khare

much. very you Thank Okay.

Michael Braun

Thanks, Samir.

Operator

you. turn back remarks. for question-and-answer does call today’s now further Braun any to Thank like I session. would This conclude the Mr. to Michael

Michael Braun

Yeah.

Eric, myself, are in folks interest we company, available. on Just call today the who had wanted your to thank online Ron, for dialed everyone always listened those and/or our for in

at. we We are are very excited where

with acquisition happy pending. the We are is that

on will so that Florida approval a we regulators for we can speedy evaluating and of State the QX, hoping close of obviously, the it. are We from and in Louisiana this be State the

our We are our and very in expense we excited what and about to will business be it do disciplined control. write we how and continue we

So very have to day. that and great thank you much a everyone

Operator

Ladies conference. in thank today’s you does today’s This for conclude program. and participating gentlemen,

disconnect. have day. Everyone great a You may all

FedNat Holding (FNHCQ) 1 Mar 192018 Q4 Earnings call transcript