joining our is This Hello. today. Dan Peed, Thanks Chairman call Adam. for of Thanks, CEO and UIHC.
was pursue quarter second quarter. June other to Our big resigned Effective John XX, a opportunities. Forney
the Directors XXXX excited I the role a to Chief I'm of to Directors of new well. UIHC been joining, role we American and to them Board July acquisition the as part Board Effective X, he's company We Coastal, me and have the the in of CEO. Executive of jump Chairman with this since of and are friends Officer. appointed wish
and owned and XXXX President, served to of I as co-founded in provide the in U.S., property of background. CEO of information specialty is XXXX. finally, largest a cat BB&T portfolio retiring AmRisc catastrophe end and now at touch the my commercial underwriting Truist the Vice an outstanding one record track results. AmRisc writing and XX-year of Just large by MGA commercial of business a a Chairman, underwriter, on oriented is with MGAs
is As of AmRisc continues since to continue Branch United, and Mr. American of as provided relationship founding appointment Chair. UPC XXXX. role actively I've the I Effective has a excellent of partnership been Coastal strong on serve in UPC Coastal, time, Board. to Chairman the X involved my the American with as Board. Greg and he Directors AmRisc. underwrite since UPC to of continues At for with sale Emeritus. July that the Board very Vice of assumes leadership to joined the the share Branch Chairman will
We to also President, promoted the continuing role CFO. assume role while his Brad as of Martz in
and way. is QX and next our through will our are placement. I'm executive year-to-date walk lead of as portfolio reinsurance about promoted we opportunity at Chris while a then responsibilities to Chris the very formed the newly on UPC. Officer. improve results, to overview the Martz team to I'd excited take risk will an and focus continuing Dittman on and of underwriting numbers. Brad you overseeing to his management huge level Chief position here well opportunity optimization There this we give our our our Lastly, performance, Risk and to our like the
cat-focused in a competitive are coastal areas. specialty with We cat-exposed underwriter advantages
sufficient leveraging prioritizing are we are underwriting to to generating is our underwriting hurricane This combined competitive and we a but before that generating non-hurricane are focused slow our generating specialty profit some, critically top profit consistent ratio, staying focus I to an an pursue an growth we underwriting our may We we committed that It line profit. by on line important catastrophe underlying on planning prioritize growth. non-cat our within losses. underwriting intensely is further are profit our absorb advantages. and mentioned top
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nor in to where rates growth new limit in business exposure writing in cat-focused to are we outside and appear be intend interested our areas of asset. However, footprint areas we an
months, various XX and We have these rate increases through states working in the the are way over rates last their taken numerous financials.
rate We expect costs. in accommodate changes costs to to loss increases anticipated taking reinsurance continue and
success components. driven is by several Our
underwriting non-cat named non-named underlying briefly. our income. have we our cat, Then expense bonds. our and on we operating expense, cat, investment touch reserves, have our First, reinsurance each these I'll of our
this underwriting good the over we is turned the We quarters. to the risk year, non-cat, our in XX%. improved quarter improved to an to For as risk and first underway. selection of positive success mostly of X news last reflecting combined results ratio is as started rate This down continue path continuing with below XQ, well and due and filings, we improve X underlying rate selection increases increases
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heavy losses. peers. loss, with net cat line second we million In was which cat non-named in our we $XX.X with resulted quarter, non-named This a million the $XX experienced have in consistent we quarter, preannounced. a Secondly, our the
to cat underwriting positive While disappointed with underwriting a continues core yet enabled the season, our generate to and non-cat income. a non-named profit we were we cat and us that had margins absorb
the mid-single-digit had which the reinsurance. Storm with on estimated quarter, being in relative we in name For largest storms X Tropical Cristobal, is second new named of small net cat, basis yields, a a
our underwriting long-term More including June renewal reported, with is we with reinsurers, competitive and completed years have cat treaty were relationships importantly, One of happy the time our we we as on X many results. advantage excellent profits.
to were management profit competitive development position. placement most expense years the We of on losses, in expect advantage favorable other remain and generated difficult prior us comfortable the that you year and with our majority and our improve a the will XQ, is basis. believe the underwriting and gross an we this and X more, quarter continued Reserves; reserving significant loss future. been to Expenses. or XXXX our first we for While give even both numbers, year, enabled successful net continue our reinsurers but this years in have Brad free, ratio with continues current position. XXXX of in the cat
expense believe expect to our migrate to policy as Agent in further will in called months. We we in technology administration our ratio out our invest improvement We which continue systems, roll billing all this Texas Connect. platform currently over to XX new products out and space the Connect and rolled we drive next Agent
further We to have quarter. equities will and our we seeing be bonds, away legacy strong realize reductions. we single and I we end a unrealized strategy specific had numbers, loss. rebound positioned we do COVID-driven will the will within better from various the stock investment automation As into were significant both quarter gains and with on expense will a a but system, existing prior the and COVID. opportunity a in material to comment systems migrate anticipate we of to towards not Investments; rewarded that invest Brad provide in
lines book exposure. personal does have material to Our appear not
book, American have don't residential material does interruption, expect there not Our to BI, commercial to or a heading either. so business Coastal, associated have we exposure
Our portfolio has typically commercial specialty a buyers. specific
our we don't loss mid-XXs To continued we turn towards XQ, summarize, in there. a ratio. expect the low to combined material again, profitability with So underlying
quarter active storms. loss, $X.XX Not named named but with of be, per in to yet very we a a modest a So share, even right per storm and where core we wind in the moving cat $X.XX a direction. and delivered income excluding share want net
a We our underwriting are non-cat profit. executing focusing hard of our plan, underrating significant working on generation
strengthen underwriting exposure line our to here excited management units, all excited could to we work rate We given, with expect be team. increases, continue and top see our to very I'm this to growth. expense
in the and on the to of over personal reflect rate profitability couple of the book, taken years crossed billion generate last to is our lines has forward. which premium the force potential we've increases we underwriting end significant over beginning of As X July,
Coastal, Florida we grow American our enable generates called best-rated We've subsidiary. insurer, an solid us to and our rating. platform commercial will Agent residential premier have continue distribution And which commercial launched within technology expenses to Journey, potentially We excellent expand channels. a disclosures market-leading our to which reduce Connect, specialty
working here and happy we'll over be Martin, to forward I'd to to the that, excited looking turn it I'm like team. said, be questions. and then to Martz to With with Brad your I address as So
