CNFR - Earnings call transcript Q1 2020

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Operator

Good morning and welcome to the Conifer Holdings, Inc. Q1 2020 Investor Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Adam Prior of The Equity Group. ahead. go Please

Adam Prior

good quarter and yesterday. Conifer its issued Thank results morning after first financial market the XXXX you everyone. close of

On as you earnings the accompanies ir.cnfrh.com, copies today. company’s the of management’s can discussion release slide the find well presentation that as website,

slides slide right are that view, webcast be on at the which side may looking read of page. to you presentation via can easier If you in hand the webcast, that find are the large selected

disclaims Form or as filings our the including or Conifer to result of company the with developments of federal started, Conifer within of get with COVID-XX as in associated underlying otherwise. operations these asked information, that made except Actual the and the to we statements new the and from result impact financial may relating revise and a Before obligation of conference products securities statements latest company’s and on risks SEC, as that results from reports. statements subsequent note its has specifically constitute respect any statements in the differ subsidiaries. with I forward-looking including including the whether its our meaning any described anticipated uncertainties and forward-looking the update historical various to results laws, call economy statements, XX-K those uncertainties the a materially statements time-to-time as and in from and well risks risks this information, may Conifer’s and business forward-looking results trends, company forward-looking business future the and

through link website. made Relations the replay – on a of will section addition, this of will be be provided a In our Investor call

to possible non-GAAP prepared data SEC will rules and During when statutory measures in as non-GAAP measures, financial our Reconciliation Statutory accounting also to these reconciled of defined accounting therefore earnings is by filings. this and with are our measures comparable included the historical SEC in financial release GAAP. is Regulation G. GAAP call, financial not accordance we discuss

Q&A a this conduct remarks will after session prepared management’s We morning.

the Jim Chief I And ahead, turn go Executive with Jim. will over Chairman that, Petcoff, to Officer. and call Please Mr.

Jim Petcoff

Thank everyone. morning, you. Good

Brian. to Nick, with Joining us Harold, a and brief from begin management would the COVID-XX. like the discussion are Andy I of today

their We will today. reference will brought Since pandemic share for the ever partners to presentation day conditions be our I to really it life-saving the to appreciation efforts they fight their and Conifer that all like recognize during worked this loyalty continuing believe My and contribute the this throughout my responders to first outbreak. the on In has everywhere for outbreak. our by the support world every agents, our thanks for together. adjust started, each time as and we forever around ways, business this we also shifting many diligently changed. pandemic distribution

Conifer our products of to employees to have deliver All worked insurer. and our our services tirelessly

have transact during of customer shown company at forced us level uncertain business, so adamantly. people it all, has times, to them. and thanks to these the Through done While great our we of this that way has all incredibly our many service our altered adapt commitment high

in pandemic the the would the to testament in impact days challenges extraordinary is to were paying operations to COVID-XX, been people almost unusual many are work gate technology approaching. our Throughout evaluate successfully planning, managed circumstances fact the be disruption clearly had of a day-to-day infrastructure. given was the our worked have outbreak, made and early well-developed that remotely. significant challenge the the there times, right a on highly company investments off effort our history today. early be without stages This but and entire our of the As our we together send seamlessly normal we Yet going home in we in company’s to ahead. of We the out

started Our and management on. for planning implementing remote operations early

As and and resilient a our to the we manage in future. successfully clearly result, are business have well-positioned been believe successful I

dramatically duration, we portfolio. years, of The the world are while companies, asset the our what at volatility come investment our first admittedly, While We philosophy. investment valuations risk swift caused in current industries ERM peers, impacts us were impacted to positions giving Along have immediate the one over in in COVID-XX much and – of falloff ways, the many short we significantly And felt like as period. risk so our with in affected. our some plummet our we not yield we take quarter income at have strong given investment believe high-quality, Thankfully underwriting and of consistently fixed our was retaining drive a investment largely investment markets. markets. were investment end the protected the up most way, the to dramatic the end marketing right different adhered ranging to to portfolio better day-to-day the better was clearly past in for the

were were immune. better not we protected, Although clearly we

solid. investment mark-to-market the our was first directly Roughly transitory changes quarter so other fair investment the portfolio. period on market was though, our in largely same were the our Overall public results impacted moves. losses remains the unrealized our position three-quarters many of fact, bottom net Like loss companies, in attributable financial impacted by our In by value. in to line

later. more However, short portfolio position we on markets. with situated turbulent comfortable well investment financial our duration will for today’s feel with very this the Harold have

at Conifer, their markets ever serve blocks our even execution the building our during of remain fiscally we, better all These the are insurers. successful and to committed we company any times changing basic management agents, remain insurance pandemic. distribution at sound to underwriting sound claims fundamentally and and partners across of global and Regardless dedicated all to investments,

lines in to our As by and some a this an was changing driven our that seek off rate and rate lines low about overall, in increase taken Prior very profitable pleased I later. to and a quarter, business be with to whenever result cautious outbreak, is more working profit tapered underwriting our to various our times. our program. at culture we expansion. in our and production being previous possible, the actions value in manage has combined we discipline dwelling appears lines Nick mostly underwriting we as these this pricing towards business lines some quarter commercial company personal feel to added ratio growth incremental in especially overall and along lines and in exhibited talk the to for our were in confident The time, with personal more seeing as see new showing going well we the steady transition the while traction consistent

With I our you, on over color underwriting. to that going turn am over to more bit Nick to a for

Nick Petcoff

good COVID-XX. Thank line families efforts individuals and We appreciate greatly with all you, the all and morning and responders impacted the thoughts our Jim of everyone. and by first prayers are

our for maybe the possible business began COVID revenues. business. slowdown the general. pandemic we place specialize into example, results, to important quarter directly the impact procedure evaluate be books restrictions, in underwriting of March, may impact certain of our economy economic When that to first on the impacted classes our review performance proper of our lines in the do from the put in on immediately and and and the restrictions As it’s have We implemented hospitality balance that we began evaluate select to

risk, markets. of specialty businesses book coverages cancellation are policy. events limited These lines in as our lines. largely of credit industry, of package Also, and travel workers’ trade offered professional companion commercial is comprised property product a liability small to in Our primarily a general business policies the packaged to exposure we commercial to variety exposure no midsized have represents to or real liability compensation to with owner-operated it largely

the of coverage specialty do responders XX% quarter not book first are of first percentage remains premiums small, we to lines dedicated whole in majority but overall compensation commercial gross the of The premium offer requesting in our X% total line a return written XXXX. gross Additionally, of of our rate at line premiums. workers roughly and

gross to new the mix during the business COVID and QX. are This and in of with onset X% rates Prior steady premium quarter. approximately commercial we rate of increases written achieving growth the lines restrictions, reasonable increasing

uncertainty did in decline business a see we continued new pandemic as the through expected, surrounding production As of March. month the

have prior following, However, to high commercial retention we policy period in quarters. the continued with and this report consistent through overall XX% range high

strengthening always As position is or underserved our customer biggest across classes. service on niche priority and our

such our be to in a these and have for and to and discussions most surrounding the to noted all direct times, number is policies on there help of as may times. that required Our now whole. during even more that industry should serve a reviewed public property they carriers order for company we items implications so Like be customers but It business our the challenging all of loss physical goal interruption as our to covered. properties any our have a provide coverage at

applies authority. not Additionally all contain loss personal including and and policies coverage to the income damage of or and to civil an due limited forms virus to our the forms action exclusion us this to expense all bacteria property make actual that vast of our business to majority from or property polices or endorsements or but exclusion under endorsements apply that buildings

constitute not COVID-XX from is with While reduce conscious ago under events covered related volatility. a our have exposed example Briefly working quarter merit solid we ERM pleased largely This profit expect wind and interruption combined our ratio made the our on lines a do on to the with exit earning we values for to investigate talking all largely their years underwriting of claims results personal several decision business individually very been overall coming growing will on starting an XX% we we business that business. continuing low a as policies.

of earlier the are those of results we some seeing Today, efforts.

lines smaller portion been pleased and quarters with future improved our of Our periods. to for profitable contributions up prior we've more much the versus look commence even personal today business results make a

with underlying ratio we is lower originally environment the anticipated about very personal growth than hoped quarter year and recorded of are period results reported both today’s our the we data first XX% the Conifer's we heartened one we accident strongly are the element During for or feel business. and commercial key with that combined where agency of build-out lines sub

designed paper and has throughout with infrastructure diverse and that changing highly this IT a commercial admitted personal in This and flexible exhibit client manage we base and with have current carrier economy growth we that where area strong years, overall should a versatile continued a in cultivated a an business beneficial believe that ability the with was proved customer sticky or E&S to this period. most post write our market operating on to maintains COVID lines network is the platform conifer For and conditions. to recent

too example, our in challenging this IT force and customers to of the For see flawlessly the specifically existing a impact have any remote during of agency industry diligently but premiums setting fairly in gauge to the day holders worked operations level deal line of generated a overall early looking expect don’t and the by high in pressure fair feels properly is the time seen trends retention and going seasonal all those future with continue. our we on a working we to portal future their agents is among systems both of encouraged our have policies great admittedly to in in variants many to day like in top changing it has we that forward are and overall process policy are premiums late today recently our

I the financials. review for that, brief turn it a Harold to with will And of over

Harold Meloche

reporting our then up impact will will I and I pandemic provide COVID-XX we my and first Jim quick quarter. of questions Nick review it since for for will limited Nick. a discussed to comments the you, and keep open the Thank had any of results results

to in written million commercial were first quarter ratio period in compared which the was in growth was the showing $XX premiums lines in in XXXX. XXX% quarter Gross the X% our XXX% steady same business increase first combined Conifer’s

allocation the our was the personal in XX% by between in a adverse quarter year have yet the improvements a year in lines. development expense combined expense policies during commercial be quarters timing XXXX ratio year both Our between ratio a from The loss prior to period. improved in years an over related to We commercial and ago that considerably XX% some did prior XX% for was XX% differences the quarter year change slightly ratio XX% from ago versus prior largely was XX% ratio years accident first compared which expense to XXXX to impact higher and quarter average. segments than the to driven

to we expense improvement opportunity year. to will ratio see numerous management expect more underway, and maintaining the up to reduce for our was $XXX,XXX lower last normalize year the and have to continue expense ratio $XXX,XXX throughout efforts we continue the X% that we we first While investment measures net are the ongoing during to expense continue income with quarter reductions compared cost-cutting

value responded in a of our net in to markets year Our loss loss decline to gain to million in by March equities during to portfolio in our proactively X% disruption of market related from financial slightly prior to $X.X unprecedented We to fair the compared investments the $X.X largely X%. due was the COVID-XX exposure the the pandemic. about of going increasing the decline included the This period. change equity million in stock

– we and best insurance recognized has improve our significant conservative investments positions. bond the as a opportunities us gain flexibility capital to has extreme historically as repositioned conditions. gain approach yield company’s protection and portfolio our in to market We and also afforded believe obtain these provided our means $XXX,XXX the We statutory realized downside

quarter a In compared of per of or loss X.X%. just an loss a to income of first tax or a securities to net $X.XX mentioned, per equivalent the in a company the investable AA, $XXX,XXX be with an reported average years with ago. of average over X and investments continued As quality XX% our million managed share of $X.X Jim credit $X.XX year of XXXX, yield fixed duration conservatively assets net of share

at the balance of $XXX end. quarter at total and the million Moving were million to XX, total XXXX $XXX year with of March at sheet, at the million total compared to compared $XXX assets to end $XXX end, year cash investments million

a $X.XX at value of deferred that valuation had against $X.XX end quarter not per the share. was book share reflected in tax We was company’s Our allowance per value. assets book

like to closing I would And turn to remarks. over it back with that, Jim for

Jim Petcoff

and asset it plants Thank closing been impact With you, and Much could a sheet. has belabor to have the fact in seen immediate if of claimants, It industry. any of and yet there to such our from our side these we and silver and the possibly further, of is Harold lining Nick. the today. on liability won’t come made I the they times seek we of volatile COVID-XX the in balance changing provide times. here diligently worked need markets in general, possible as liquidity reasonable to continue difficult insurers wherever side

some It who are are finding take rallying clients Within we on that see unprecedented. working ordered deep schools country truly thereafter continued believe their end serving in together QX Operator? so had and claims of XXXX what ways definition and Overall, and have families throughout our weeks our commissions subsequent to cannot through dedicated your creative in all compared trend form but new historical again of the March did we now, challenging the this that to the I pleased gratitude get far. how And we times. we to held we to call continue, and of and long decrease Clearly, will conference or down. remarkable throughout to It’s our business of everything in are year express in with shut say February to together. is We XX decline shortly are new questions. employees hard all my and XX offices. closures want states we across ready these our will norms. in weeks, our

Operator

go from first ahead. We is question come with Piper will Sandler. the Instructions] Paul, yours. Newsome will floor [Operator Our question-and-answer Paul begin the now Please session.

muted. line maybe Your

Paul Newsome

coming – if now? about am I I Sorry that, not am through

Jim Petcoff

Yes.

Paul Newsome

everyone. morning, Good

as doing what is if be the in wondering would Sorry are about conditions as market competitive there if changing? well, in about maybe of that. you or and as conditions of could from what thinking that I little any to rates interested terms a due and your was do bit might terms be see the thoughts you give us a perspective itself, well what pandemic particularly about with sort you happening you

Jim Petcoff

to Nick, you about want that? talk

Nick Petcoff

as perspective, conditions mean, coronavirus. and the I sort result think from a Yes, I directly our terms of

mentioned, virus certainly bacteria – of of continue vast we to apply our have we exclusion. As most our will the policies majority a the And excluding given have and that crisis.

side. I our think sounds it of for the the part, a most similar had like language lot in already market companies

we to those Certainly, rate haven’t earlier seeing the we in seen change as were I some in quarter. So seeing conditions. some ability a rate noticeable we the get on – mentioned were

since I the sales, in from reduction, it’s in a the started, offset also think particularly seen coronavirus somewhat class. competition lower have hospitality We but

difficult kind opposite in direction. really right momentum rate say of sort given that those to it’s So, moving now total factors of two the

from so of and hospitality on than that’s of been side I to think as other that any really focused seen be seems the have beyond communicable with as liabilities. the it of as exposures seen and My to-date, movement been more as the classes the But some businesses our most business impacted moving forward say those of more of confident doing. the have kind in going are where good think we think I a guess I’d I look what most small those write impacts is are businesses that and market that what terms see. we have a overall reopening, largest think have of policies reopen, of they is don’t disease write I exclusion gauge liability – what companies is percentage to we some relates that such we that are people we that I have – to

Jim Petcoff

– any answer you, you Paul, need you follow-up? have for that Did do or

Paul Newsome

No, that’s fantastic.

there ‘XX that? in small commercial bit on you give driving – development in could the little the what reserve development, a and more detail on insurance just and is was question color kind ‘XX just some any Second of us

Jim Petcoff

I Nick talk too. will let about that

Nick Petcoff

Yes.

with and that development sort the ‘XX. hospitality of Florida the story hospitality our in there. written similar by a that was years, noticeable was was offset some by the was favorable small jurisdictions of business other tougher on in prior in figure we the had the Just ‘XX of being development book. probably ‘XX and in lines those Most very some That small of driven most some development

more and difficult at more what like of have the Michigan favorable obviously toward and like in prior. of We also working of book jurisdictions and hospitality the areas the But really repositioning ‘XX outside Midwest Pennsylvania states hard been the Florida that’s other liquor. and drove some sort

continue will We impact progress and certainly to in it’s moving make think closing significant be out than I older on claims much years. smaller that forward those been, those

Jim Petcoff

well, The to some that like development on situation the side I of Southeast that, out as of the and QSR because is in and those Florida which one geography only would ‘XX that other out thing had of areas. those was more ‘XX to add

much So – reporting. quicker we and QSR has

And is to so comfortable going forward we off. less going be that development are the

Paul Newsome

somebody realized ask ask would an And affected what but statutory the loss. a about to and capital the it have been Obviously, happened gain, earnings let but by on my I also had question, final want operating to the I you mark-to-market will the not bonds, else during quarter.

sure all went those not quarter? you in direction am the put capital and things together tell us I which statutory So

Jim Petcoff

Harold? question. Good

Harold Meloche

if basis have from on evaluations a realized to the and basis thoughts directly with that's our we comfortable sure a think we that some following it capital Yes our XXX market position back some statutory kept bonds okay position to did surplus mark Brian in some do do where so. amortized of to a the I'm a we a think are from gains to on of are end also Yes in seeing stock surplus of ensure problems so in we the to a the quarter be statutory portfolio add do perspective market are you we of statutory are see good adjustments the capital aware we and even had the at sure you effect they revert capital capital ended healthy we're closely bond I and recovery came statutory monitoring we going up were still position bit $XXX,XXX bond portfolio a and market the perspective we very want help

Brian Roney

there as and strong. portfolio so Yes no want add portfolio markdowns healthy were I that changes just of the a bond permanent the in remains to result the

Jim Petcoff

Nice addition Brian.

Paul Newsome

appreciate the I help. guys. Thanks

Jim Petcoff

Paul. Thanks

Operator

Our next & with Bob Boenning will Farnam question go come ahead. Scattergood. from Please

Bob Farnam

on I is thanks good was occurred actually companies curious because stress Yes the for is with Paul’s stance with if testing is your for COVID-XX be A.M. going so I'm has morning. just and statutory I wanted that this A.M. continue your just at how Best how to know capital to point? you guys there theme Best

Jim Petcoff

specific actually position at anything speak kind them would far we looking if is look Nick actually don’t had categories we A.M asset things there category than so as X% good to aware time and have but were three, as equity at our of like fared of category Bob, they they you're the and portfolio equity at we review very I direct were only in actually most you business. Well kind for talked largely this X look event so our of good that very given Best estate we don’t they look you we our exposure taking nature and about good better we taking feel the about business real tell book high mortgages and your at of your exposure feel of quality are then and they three

there out all but we should be working stress shape. kind I discussions any modeling in us the I think we help with So haven’t considered things brokers kind own on we had think think with as our and good to test of them we our of internal done hopefully specific

Bob Farnam

claims. going And for a the back issue interruption great. Okay business to

recap a an of and language this different the is I contract much standard excess how your freedom I kind have of basis policy we’ve is that language the much think how so concern ISO compliance part had of types language? so comparable are versus of how on I for written more business in the curious was

Jim Petcoff

Yes.

in do follow E&S read in and we with where our the so that our is the language so most and there to follow not it’s business in primarily have. good set favorable the really with language the language admitted way that regulatory changes on basis admitted resistant are on language half language were E&S and and we of we feel glad ISO had side their terms the lot comfortable of ISO the typically most follow so we environment of and So feel the much flexibility make question pretty coverage consistent certainly had safe of have we more like we an in are obviously that than a carriers out rises policies pretty that we ISO we

Harold Meloche

across in smaller don’t add the types though are write have expand write things hospitality language specifically standard for coverage’s board. the manual we any usually me Let to and to script we we that almost and others forms the of property don’t ISO

Bob Farnam

okay. interesting you because to the everything at it but as That's much put you it be language it Right sounds pretty what for I well? like ISO want that have basically since taken pre-form and you could in basis the had policies E&S thought

Jim Petcoff

where means get. we about with the utilize am to what old too – lot old language too Yes, people I argue a people we our easier know for are the to ISO language it's and we

Bob Farnam

have even of to do expect expect to you though litigation face pretty like the language? that sounds still you language to tight expense, – kind increased you at lawsuits Do pick it’s trying

Nick Petcoff

that lawsuits a clarified have the majority has the we given point. have environment am The and virus think seems sure there policies will do the lawsuits at have been that vast exclusion. seen some I policies most in It be that necessarily our of media exclusion. I attacking don’t bacteria like of

present I economy think as an the certainly is from right up. nature of litigation the our will it make our the now of on of ever sort and book, it litigation pop it tougher a country could reflects but given that we that part So definitely standpoint

issue, we on monitor. far received lawsuits to are any we So and something our continue not going are but challenging specific it’s position claims have closely we that certainly monitoring to that

Harold Meloche

are Nick in there says majority. mean, vast And majority few that. very when it’s the is exclusion, I have – vast the

Bob Farnam

for And the me, over was you battling Okay, it about coming right sizing might of premium question years, great. last you last of know expense have I couple match ratio it of been the about be down. fact interesting the to infrastructure. and kind expect your the And kind

whatnot see the with premiums savings going it was to or might fact ratio like the of well, curious near-term. So, the or at down in I doing? how of coming as down much be sounds least that that coming it coming coming to like initiatives you why expense that be is are down from

Jim Petcoff

There that. is a couple of things hitting

premium. development, to said we our We XX% when you because Irma Irma, our little premiums. a Having are you have that, up of have as less a everybody lower time, but used on earned in reinstatement bit to the you only have of industry is every getting capital development have in going continues than earned Irma, have lower Irma development premium, we it

were commission was at the ratio first business, expense end There March up to business mix, the it quarter. premium of for of down written of And therefore, portion then due policies, kind the was of a there the our number larger drove Our the where factors. some COVID. a higher

ratio that had So, a we expense go confluence made the with up. us

made commission future. lower the we have come full that And that We not have into continuing and are well. we cost some in and changes effect see as have fixed our continuing to

So, we expect this continue to go down.

Bob Farnam

thanks for Okay, that.

Operator

Raymond Greg from next James. will question ahead. Please Peters Instructions] [Operator Our with go come

Greg Peters

I try can of but track my February how have March new sense answered, been to Real most give production might just a could question written from get sense and you the to gross of a morning. premium Good quick flowed it we first, how of so wondering was April, if business Thanks. us for year?

Jim Petcoff

because Yes, drive grown, obviously continuing lines talk let are it, guard, of that fire side, we stayed diversification, commercial The out Nick are our people let to necessarily a not have all on our The repo business expand at be but the do business, going because QSR is been those those hospitality consistent a lines and to if that to [indiscernible] you specifics, look am have because of because but whether one risk. that? I auto suppression, other want more the to am has you business personal grow. areas are Nick And going about we bit. into the is I more [indiscernible] Nick security through. it our they little

Nick Petcoff

Yes.

on So, months we saw Overall, probably but didn’t really we impact were new impact, a from was some in large perspective. submissions not business April business March, really see telling more new a – or virus, but the a things that’s by couple obviously XX%, side have don’t which surprising given down I obviously, about of you driven bars think restaurants not new commercial lines the opening.

flow. impacts business that new So

see Additionally, shopping. much we don’t as

So, or insurers policies people uncertainty. coverage move really agents given carriers and and different to looking shop for aren’t or the

April stayed new stayed bit as through retention So, well. has you as and see an uptick and of little steady pretty type ratio March actually we in business still saw of submission high that dynamic. it The don’t much a in

to So Jim’s diversification renewal that then benefits business. the even side. have a do the point, us within hospitality from And we

the restaurant you see are ask on type So, various caverns for by of already states, carry-out, drive-through, some different they impacted most the are quick-service using setup typically businesses our at delivery, than successfully. they bar obviously shutdowns delivery are while line,

focused not hospitality. impact an we And healthy seen that really book line of we an that’s of virtual as percentage and much really our then overall been on So, it’s on have book. pretty the hospitality in and as on of side impact, classes, other haven’t much

Harold Meloche

the side, that are they and sales. we buildings liability writing but with insured, own coverages – to the they still want bar We do on and have And we tend smaller non-aligned associated the accounts policy buildings right, that. properties. the the lowered limits remain there they have Therefore, to caverns people not

seen government that people much so… to pressure the top accounts. yet, on are but responded necessarily the are shutdown we haven’t that, are but we programs, seeing So, we way not the And losing seeing shutdown, with we has with various respect line

Nick Petcoff

slowly business in seeing solid I’d country, And had distribution we of in and add being those of Texas. are one we pickup network states submissions they impact Texas new a certain the reopen, as areas

So, happy And a our different up, but hard we really on obviously specific now. of shakes think it it’s to April gauge certainly us, really that’s it’s I to a but sort as how premiums. right of terms as and open growth put out, for line say were states all with top in uncertain this positive

Greg Peters

versus it put would on we at want the of at to XXXX XX% as you or a possibilities you all? looking X% if of are for written range handicap gross like handicap premium Just up down if a how to the ‘XX you follow-up, could outcome to range

Jim Petcoff

We surprised if would down. I actually personal to up do it places some distribution have is new lines, initiatives be down. there. be we we picked going expecting were am the not I growing. and And

I you, I and new would shutdown to of we core and would We agents have down, surprised another if also other in I not have for down with if could. us geographies. or hoping was to added it mean some mean, bit marginally. are thing, kind what’s was can’t expansion right. I tell going that I it surprised be it in be who we the we happen, little are but am knows – going fall more some lines our

Greg Peters

your you Thank for it. Got answers.

Operator

[Operator Instructions]

Jim Petcoff

Alright.

good. are We

is think I coming, Grant. there more unless questions

Operator

Yes, for all I turn like any remarks. to it closing clear. over management would to

Jim Petcoff

to this don’t but want on a I period you time, Thank the in. claims coming you. being new for in we are during all Thank call seeing today. reduction overemphasize, the of

So, to perform year continue accident well. to current fairly expect our we

premium. remains events in the we for have out overall anticipate in hope just some and look thank your fall. don’t barring of don’t care reduction everybody crazy person But we We expect to We time. there safe take all in someday discussed, As you seeing a yet. we you and forward

Operator

now The today’s concluded. for conference attending has Thank presentation. you

You now may disconnect.

Conifer (CNFR) 14 May 202020 Q1 Earnings call transcript