Old Republic International (ORI) 25 Jul 242024 Q2 Earnings call transcript

Company Profile

Participants

Craig Smiddy	executive
Francis Sodaro	executive
Carolyn Monroe	executive
Charles Peters	analyst
Matthew Carletti	analyst
Jon Paul Newsome	analyst

Call transcript

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Operator

Thank you for standing by. At this time, I would like to welcome everyone to today's Old Republic International Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Joe Calabrese with MWW. Joe, please go ahead.

Joe Calabrese

Thank you. thank call joining Second and Old for everyone, conference Republic Quarter afternoon, you us for the Good XXXX Results. distributed separate we and morning, a the of This press posted a financial supplement. copy release be in documents XX, are XXXX. dated involve Old at call Both of release advised as and available this discussed the that statements July press Republic's on website www.oldrepublic.com. Please the forward-looking supplement may financial found led in conference Risks Craig the planned latest executive time, can associated to the this with CEO afternoon's be these members I'd meeting. At SEC International several turn and call President call be will Republic Corporation; by Smiddy. statements Smiddy, filings. This as Old to other over this like company's of for and senior Craig sir. ahead, go Please

Craig Smiddy

Well, enjoying ORI; good Monroe, hope Call. to Insurance. you. and welcome again With We everyone. Sodaro, CEO your of of and Frank Republic's are and our thank Second XXXX you're Old afternoon, CFO me Carolyn Joe, Quarter Earnings President summers Okay, our Title today

So XXXX. pretax in operating during was million of million That $XXX we consolidated quarter, up from the income. $XXX produced second

Our saw consolidated year. was combined little last the XX.X% which changed was from ratio we XX.X%,

in still we they half XX%. income ratio face the to the Insurance's XX.X% to increase mortgage General pretax continued in General results the but XXXX, of an estate were $XX able continued ratio quarter, was quarter, Insurance through combined of The increase from million headwinds interest quarter. In Insurance quarter. underwriting combined in pretax the $XXX.X rates Insurance, produce was market, Title producing of of the million operating real operating first Title the strong in The income of an XX%. in XX.X%

reserve we're expected, noting in in year of to produce the years. worth outsized as reserving that that underwriting It's our XXXX, the conservative reserve and loss degree track Insurance with same last general XXth to consecutive Insurance, Title on development produce General practices and Our though insurance in we development. year couple favorable both saw not to favorable prior continued loss

remains it Insurance share return sheet, And General long shareholders both General we our in as to in new subsidiaries balance while well and invest the focused as dividends term, through and to on underwriting strong, will continue repurchases. Insurance we Title continue technology to Our in capital both Insurance.

opening Frank. who those then things Carolyn, He'll to will back with we'll General So me cover usual the up over as the Insurance, Title to remarks, discussion discuss then and to turn turn open Q&A. I followed to Insurance, now by will it

I hand it you. to So Frank, with that,

Francis Sodaro

book morning, at higher we $XXX income and corporate continue Thank was portfolio yield over afternoon, as at of the operating to yield last the while everyone. now bonds up second net you, of was corporate operating the quarter the under portfolio. The of Craig, book the bonds million million in compared comparable X%, year. impact average the Total This investment last from increased XX% over good income year. Net $X.XX per a quarter, to XX% share quarter, basis, On we the $XXX income the was year. by reported in net for driven last X.X%. reinvestment compared yields on bond on X.X% end of second rate disposed just stands quarter to X.X% bond turn

and portfolio securities XX% comprised the is from years. an investment of average blue-chip of X.X investment-grade portfolio stock unchanged of Our remained portfolio comprised mix The quarter. with is last largely maturity bond companies, dividend-paying

the last level level representative continued leading from lower than to X.X General comp some in of will at Turning loss last the year. of year. business the but reserve favorable it groups lower auto line Commercial a some favorable accident development More a recognized favorable reserves. years from now the in quarter, ratio. when have color quarter. had favorable Both points Workers' the was development unfavorable compared entity reserve of Title now This development, of to a but significant too than loss points at and give X.X percentage benefit was amount. consolidated of majority significant which development throughout a subsidiaries development coming had with General recent to our to liability a Group came to about XXXX. Insurance to of some development, last having no spread the more one several you prior development year. I normalized General Insurance level is

is auto reminder, an shares for our a total in of equates $XX and resulting us X.X% with we year-end, as primarily to with about share $XXX million shareholders. small for workers' earnings. In our from a million operating to the value paid dividends $XXX strong quarter, inclusive of increase to since just a book Now ended worth million repurchased million line $XX this of dividends, returned under of which, comp. We quarter per commercial of the and compared relatively of quarter, in $XX.XX, premium earned the

Now $XXX in back with million turn remaining since leaving the over Craig of to our the for repurchased General $XX about million our us of repurchase the current quarter, we shares, call Insurance. of end a another now discussion worth program. I'll

Craig Smiddy

Okay. that, Thanks Frank. for

rate in premium ratios, these Union, growth premium renewal growth quarter coverage, last of premium, of policy the that noting written in were written million. on issuing insurance, months in company most direct new So E&S retention It's and is underwriting lines our XX% Republic at because our with new Old strong XX of subsidiaries non-admitted general running net in in which underwriting premiums is our $XXX increases the subsidiaries. business most worth production new up of

operating my pretax ratio combined and XX.X%. remarks, General As was the Insurance was mentioned income $XXX.X in opening million,

lower The was at ratio ratio of level. at development that X.X reserve included XX.X% quarter including X we're to the loss quarter the So of compares XX.X%. same reserve points The a loss growing XX.X%, which development profitable was for 'XX. favorable favorable in points of expense ratio

year Commercial written XX.X% up trends grew the on due commensurate premiums we're development. to largest compared favorable of increases with XX% year approximately Now that you observing. more coverage. quarter, loss the of net came in in loss ratio some is Rate the prior loss color XX%, levels the provide lines with while which XX.X% were auto last our to lower at X

there. we're holding So steady

compensation trend year, net relatively decline, X% trend comp we're increased by lower for of year written continues Workers' which premiums came loss prior stable. while seeing development. The in due favorable quarter, to ratio frequency XX.X%, that last remains work while severity loss loss the levels to at in the loss XX.X% to the compares again

rating the X% stable loss within loss in trend we frequency, wage higher rate the is rate base, severity, given quarter. in declining So adequate, trend payroll, the the think decreases remain our approximately in trend though we gave of even our which levels

underwriting growth initiatives our in in We new Insurance and in our to scaling operational continue reflecting their that stages expect and are solid specialty General strategy, of still excellence the early second profitability half our subsidiaries XXXX, up. of

that for now summary on to I can over So it Insurance, she report Carolyn will hand Title so General with Carolyn? Insurance.

Carolyn Monroe

Craig. were The Directly represents versus and million. quarter were year. fee XX% year, group revenue This you, X%. These the from second X% fees $XXX of up up produced produced second of in for of quarter premium from increase last represented while the fees premium XX% second of premiums of of XXXX. quarter last revenue Thank and an and premium quarter X% Title reported agency

with by consistent our accounts premiums order XXXX. XX% earned open are of also premiums compared the our found quarter XXXX. quarter second These Direct of in enhanced quarter, financial this this of quarter when XX% supplement. Commercial increased metrics to recently were second

slow, is has the that Although remain although channels. found estate revenue forecast. some market pleased high timing in see mortgage of the direct optimistic cautiously rates quarter footing, overall and the market in the we're and to agency difficult real really growth the remain both recovery the and pace to the We're

an was income XXXX. quarter pretax of the XX% over second Our of operating increase of $XX million

Our of ratio last XX.X% to quarter of XX.X% combined year. in the second compared

Our from revenue. gains and by of the XX.X% driven This recent primarily as modest quarter expense growth the ratio improved second is XX.X% XXXX. our expense in in well as efficiency to

in is emphasize a priority. to that investing continue We critical technology

Our investments verification Insurance, wire agents real issue a fraud and to of us resulting the service brought and this this and of security. Housing the our fraud title alliance, cost benefits remains [indiscernible] issue such high in offices policymaker provide estate partnership Utilizing technology cost solutions and to being alliances. deployment strategic of One the also significant into mitigate A and Title and diversions. include technology we programs respond can industry. unregulated insurance Title Insurance in industry-wide challenges tool of been strategic and partnerships to internally a to issue play. affordability byproduct help our developed alternative recent through allows quickly has

protecting title them ever to address ways the industry We and homeowners continue biggest work policymakers of decisions affordability through will financial to in educating and benefits of many about association on the our housing challenges make. insurance

are and quarter you, While remain our strategic people. we to with we results built pleased Craig. our and the focused mindful recovering, is market executing our on it and on our remain still expenses that and activities, back plan will second while turn managing around we agents I'll Thank now

Craig Smiddy

Carolyn. Thank you,

in the to real remainder await Title the remain as continues optimistic the transition we XXXX, same General growth in General for in of Insurance remain Title and market. goes we've able been and Insurance, for Insurance. profitable for And So estate we Insurance profitable a

now we'll up the respond. your So to help ask that Carolyn questions and remarks, out our and where to discussion answer open I'll I'll or Frank concludes prepared Q&A, or

Operator

first Greg the [Operator Raymond Instructions] And it looks like with from Peters today line comes question James. of our

Charles Peters

about for I Let's development, minute business go your first. you picks their on And review most approach the Frank. up inflation loss loss compensated and Maybe the adequately the Insurance because under General companies recent sort color a of intense some spend and picks and could of methodology revisit to liability concerns to years. of and appreciate of longer-tail you've the for and some other the segment not accident line reserve picks loss come for seen cost loss the companies lines. raise other being It's so

be on having so perspective Republic that helpful. thinking about Old And some how is would

Craig Smiddy

it initially hand a color. then Frank to more Greg, for and I'll little respond

range good auto. selling I we're good proof recent on years. we commensurate can development talked that favorable had the proven the amounts with our a and in first And so pudding. seeing. again, in We and measuring end large think in necessary changes rate And way proposition the out the of thing historic frequency, the as last and that we've is the the on even very top commercial in very more get we've the against years, itself frequency value favorable we're severity trends has like severity quarters, of at it up several is feel hit we've about and very at those

for time a that challenging industry difficult Going very us, considerable where in and spike a for the there few X it unforeseen. was years back, was a years severity was

monitoring we're However, or real diligent in responding last and to over X X we've seeing. years, very frequency, the severity time measuring, what been

if be recent very we coming set and We quick And the pick Frank? very fashion. So conservative but hand, conservative other those than remain comment something we when in then, them see higher our years. those might could those approach maybe in can assume increase that periods not comment lines, those, conservative reducing We'll picks. things to and we about hold we go we if Frank, on expected, you set as you about the recent a what we're on year planned, we how loss

Francis Sodaro

Sure.

we generally here, for set hold color some for plus year. speaking, you comp, the a pick current years give we it and workers' to X then Just

auto, current For speaking, year. current plus the And year. generally GL, years hold the plus we X it's X years commercial for

and actually Craig West, a the pick. the we're dipped picks really Great West, we're range Now of not our top original at hold up been back Great reduced And of into lowering end outside at we hold but we're mentioned that's in those those recently. some against below periods, the periods of point have

range. problem the Great the we West of up So as of end one the against the have in about talked good the it's past is top running we've just actuarial spot where

Charles Peters

also picked Craig, much your has at your how last on looking that. sure in that X numbers. talked new last, Slide spoke you think is comments, quite supplement, appreciate up not in where was statistics I'm I about of And ventures. the it I trailing your these And written over Okay. and about XX months. I'm you the the been financial premium operating

piece it of So can maybe sort you for us. together

Craig Smiddy

Sure. happy Greg. be to, I'd

of in. So writing that our that gave subsidiaries new Republic color is decent we a to the It's just just of fact I you Old business. an for that we're utilized insurance policy company several number a to that amount gave to write player that about are our written I business. Union, more reiterate, and that the business issuance E&S non-admitted are several E&S you number that And lines a number little of give a company,

you And the property. line business is that supplement see come where on financial of page through that in

compared the from that million can write perhaps $XX with exposure. million and of see hazard million there, the line to exposures $XXX compares. very can X in last focused can to limits And last quarter year. $XXX see in the a account where from, You instance, too, industry quarter, you we're where liability, see where at that of again, that's on you higher same and kinds general different liability larger liability, the months million, and here, $XXX levels types of general for compared others what, increase specialized small we're General

So on in our or small focused bread not on of commercial subsidiary E&S It's very -- they business, and Again, E&S of subsidiary umbrella are here, that's We're lines focused type and are the kind property and Marine primarily the underwriting new we're Marine butter company Inland cat. contributing focused the that Inland we're is large business. new exposures. on those writing. not limit it's other also

So Greg. a gives hopefully, more you color, that little

Charles Peters

be I'll importantly, recognize result of return I because questions, because forward, as seems it And thinking just year-to-date should quarter going of recently, it's what capital at like, ask so phenomenal and shareholders, been returning more there's -- a on amount least about to think with does. capital we math elevated. the been It what it's ordinary we capital to others focus return. kind

Craig Smiddy

favorable sheet that more problem. down though really significant level. here, we've Yes. even we Well, sheet, haven't much because of to capital the bring years over good able And very so to to income last returned had too, a net we balance producing we're few have a the been is, income, balance levels the appropriate

capital a again, a we though see do have, pace. last as even recent the nice increased have, we we to years, problem needed than So more that carried but to we the it in few result,

mentioned in to go that about that's refilling $XXX program if and remaining available to about shareholders the capital strong return repurchase to through would comments to with we'll you And by complete this shareholders year, of his million. the Frank end hope share We the the year. we have the that to forward. of earnings we again, But capital keep return will, coffers, anticipate more as

helps anything would you So hopefully, that that add, Frank.

Francis Sodaro

think I it. No, covers that

Craig Smiddy

Yes.

Charles Peters

that sale on sheet? shareholders? follow-up Is returned remaining the and some minor there still has from Or mortgage is a on capital that been for fully accounted Just the point. of the business, to balance the insurance

Francis Sodaro

put has say that buyback for been returned. contemplated part, would that I the Yes, We've been closed. most The in sale that's this we place program so... in

Operator

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

Matthew Carletti

just just there give are couple and I question, buckets dollar quarter? development of [indiscernible] in questions start Maybe workers' of at and business with you, level. what go a reserve GL auto, back those is, that to numbers X the to to just given you of comp the is able for a the commercial stuff amount want us main in the focus

Francis Sodaro

We yes, give you those we could can numbers. --

of GL was quarter. $XX rest share million give about development nothing about significance. of in unfavorable. So we a of was favorable the million else of the The there's there the favorable. of auto million of dollar you I'll just Workers' it, $X over Commercial That's cap had. was amounts $X.X little lion's and

Matthew Carletti

your broad I was a was strokes, heard XX auto small. of pretty commercial or workers' years, older where -- set there is comp, concentration think guess, call Okay. I -- it comp prior, particular broad-based? said you GL Perfect. and a comments, you very Was in I And years workers'

Francis Sodaro

Well, broad-based. workers' look about the pretty analysis was It's year on comp every we at. just

we of years the look was it across and subsidiaries across our So most that at. all of

Matthew Carletti

on a guys really to probably I to of this recent listened, and point more accident earnings Obviously, Okay. quarter, particularly GL seem be particularly lines, commercial think, maybe And been peers. there's of auto. lot And a the better just same a calls put of years, higher-level then your performing big your a than couple you kind all we've and but question.

business, the come more why question my you line and because matter so process you're peers? be a Or they started conservative kind writing it it's of subject that is that just those maybe spot that? it is, leading And is you how or that are what within Is underlying reserving write out? of out what's and is different of versus do you write the large you it the as kind whether guys that much more [indiscernible] a that's business think

Craig Smiddy

Matt. Yes,

how the talked severity to real-time of So combination we I basis, rates least of quarterly probably a you necessary. answer it's our very a trends is the really and earlier, business. response mentioned. on I But that Greg depending think adjusting frequent on slightly different a the analyzing all my certainly, and In lines of about basis, and frequency a in are diligent as at basis, things

ago, cost responding my even auto, more of in ahead it on we in to X were as earlier we've top and -- Greg, our years -- proven pudding. out proof think were trend. said staying I loss been that remarks, quick And the and commercial in was I on of the we X, in has

initial to our addition last in put have our and business, possible as We have possible case those development. what underwrite very industry in few sight for play of we the years, reserves reserves as ultimate even as our going be. so -- clear we to is underwriters unfavorable soon the reserves pick, business, reserves set has to how for the are And diligence actuaries price loss out conservative. commercial set how though line as Our the up reserves to case ultimately been our auto to favorable case continued set into that

is bring it's where And and going service, they're they're trend, mentioned auto claims clients superior -- that their don't their that increases price proposition. every our with the risk first understand also rate value then policy value write marketplace. deal that us West only And that losses there sell when they, about partners Great outlined, ultimately business, set the with buy into clients they We to model. into that year commercial from. we and here And that of down, Great Frank distribution only that service, strategy. We too, of value not amount but partners with spreadsheet value loss not that a just strategy out have we to but going very our brokers large ultimate receive West, coming lowest a that will how that that buy to on proposition, us control with the select distribution service, commensurate underwriting they buy buy that bring clients business. I distribution want possible in want work That's for the to into

you So that think a the help variables but results you've that years it's deliver that was different few of said, I last a I that seen see. the to mouthful, continue really and as will us lot

Matthew Carletti

up this there. helpful. And million. of question, $XX sustainable going it like step very one-time more to quarter up nice stepped That's anything quick just a a reserves. could Is what's and on million $XX quick more in, comment mission of then million, from Fee quarters kind $XX Maybe income a on that if there Or several is number? not million, there? $XX I one for Okay. numbers took squeeze

Craig Smiddy

a that our and had have good Sure, claims deliberate strategy. from that PMA, And of onetime. business. growth, unique effort management. within services see a where TPA It business new strategic to strategic And not that our our product around expanding is starting grow the fee risk of fee value a path and into we're states, management operation to labor proposition fruits coming amount of is TPA is offering again, Matt. and It with a we

on focused it's not So business forward. going and growing onetime, fee we're very

is area growth us. So for a that

Operator

[Operator Instructions] Piper of next And the Sandler Newsome from comes with question line Companies. our Paul

Jon Paul Newsome

actually you I better little One more industry you ask of year within peers. horse there perspective year a improved, a business particular. fill your the there's allowed improved that the but sort picks have to are commercial pick ratio, more write bit a than say, over the business the is that than about the what would lot, lot dead in than of bit auto blanks that relative the to accident not like question a a segment, going book caveat and something bit could the Obviously, to on a peers I should in loss doing rate [indiscernible] It little of on some looks time a more enough. about Is from or that are or accident have great. little reserves more is commercial had wanted be because the on -- any that overall. you lot is address thoughts would you

Craig Smiddy

Sure. Sure, wants he comment there, our and Frank been, loss happy We've in picking to I'd conservative add first, methodology. if very to be can. anything, Paul.

responded relative we We years in you a been then back down. We we've pick those year severity, major as year for by could example, no X loss about would current the in X think only, point this And So commercial even comes earnings increases severity raising industry level. loss though talking lower And suggest very auto back to those from we high those trends, our X, we surprised for bringing by ago, lower earlier. prior indications I conservative made the pretty might picks accident points. picks move a reduction our year as last those, shocks, to It started would maybe had to we've it your on years to calls, ago. X rate did all I from X, make out. On commented We by were the would high -- and auto, year. with to a things next. big point. prove X We X see pick a move never want

I coming X it's And -- -- years our where Again, it very point, that's bringing our and very that's and where our were down why been we've again, if from auto, Matt goes why off you distribution and was IBNR it to years conservative question that's then record we had reserves, and it so that's we're we of pricing high, approach, robust all And that value about insured from then to pick, to a West look to those robust buy-in, better down severity, all commercial track repeat it Great that's commercial have had confident, that why in those than ago business. won't to proposition just the conservative we've conservative thinking. and on able coming go pricing maybe earlier but perform case all in auto. approach, reserves, frequency, that, monitoring philosophy, but all, the to to loss X, back much approach the X industry

Jon Paul Newsome

feel to the where just ongoing doesn't market ask on of time. -- there updated the having about Or to obligated time talking time? technology something assuming talking play that essentially how end that ability now ongoing we back point to quite some about I change? that pull from spend is some Maybe some in the been spending. is that of future, there's a should Are sort your out on over technology still Title. about -- talked thoughts The as we've question until

Craig Smiddy

really kick happy our I'll comment, we and Carolyn you to and about But efficiency have be -- your thoughts. then in been technology can investments in gains. Carolyn, Yes, efficiencies

categories. able other offset technology in And than more so in investments to expenses are

it's a So from good investment. that standpoint,

will agents to continue our business talked that earnings that so premier the independent as has The provider edge. are be our we to technology to we to with, continue and focus other as make is as do Title thing calls, friendly Carolyn of easy and streamlined we're and for trying our XX% that it agents work several for on cutting is, we about possible on. And

that for Title. Title those we say So would for both various to going where be a improve where that in might going decision-making actually technologies industries, AI process areas making X And and those in should in Insurance, I analyze we're rigorous continue And in those just efficiency, -- future. at of productivity, that's through investments. make in area, come, available and are the think to all General we Insurance other will we then we're we looking are investments to all both

this because at our desire independent IT, for as I be efforts efficiencies premier point, want So within to our many desire of and modernization say of agents to create would our AI, provider General exploration as to we our the that, can board, and on across given Title we lawmakers technology by as Insurance in to go Title in Insurance and focus regulators the especially some continue Insurance of will invest we expense forward.

of add specific to kind to any assume reductions. Carolyn, Title? not would I anything So

Carolyn Monroe

it. covered you. recap. Nice you I Thank think

Operator

another looks question with it Greg Raymond James. got like we've from Peters And

Charles Peters

you're relevant making, comments follow-up your Craig, Probably Okay. about just to expenses...

Craig Smiddy

Greg, Department I you to haven't you give because us want yet think can you're so coming just and Fire in heard hear you that Chicago a Cyren. back, time, siren more

Charles Peters

time. at your X:XX comes usually it around No,

at look improvement? that's is structural the result expect And looks what -- know at you lead not They're to don't fire there to the us about happened running like clockwork a General I spend and the something I today. the ratio improvement. in happened Can and the to X-month department. like we to talk So let's don't to Should that And minute quarter, continue? want let's Insurance. expense that

Craig Smiddy

Greg.

pretty about spoke good XX$ as the trend business we the year, I XX% of General XX%, a know ended writing be ratio mix -- specifically of XX% at XX.X% call portion pay in we is good that line where consistent sit from at we lower Last last I a where year. to with is XX.X% And happening why last the several the about might in we're the to was call look months of commissions, earnings where today, we we Insurance, but year, of run if rate. So expense a it, calls business X XX.X%. probably loss opposed ratio. In we changes that of, because having ended up that about higher think to at current

I underwriting produce those heard relative these in gave which, yet And to had or response that General the Paul, Insurance in expense Matt new load new profitable. scaling And As still continuing in up in in remarks, They're recall my and to to to just as can't said very that premium. you technology. a X I the X subsidiaries underwriting added. subsidiaries. X heavy opening we're We've what become I drivers, carrying make we have investments expense of we've able not they're are are

up, to extent that subsidiaries than expected, So But talking quicker and come come that if around however, we're on subsidiaries. years a at yet continuing is we scale similar add as out, good additional a don't few down, underwriting assumption keep underwriting further But run up XX%. to could and new could down. That we I make investments do it we scale rate. plan think in new a the that hold they catches the

Charles Peters

at title expense what's last view the this expense year? the pivot I revenues. moving that. there? looking next parts later inside do And come the there result an versus because ratio business with you year, given some X-month could Or expectation the have what's or going to on title Carolyn, Okay. Again, and your just down year know ratio there's

Craig Smiddy

Carolyn?

Carolyn Monroe

to will XXXX. for similar would a to We're what that saw we at to stay I pretty full really combined ratio close in the our expectations be looking year XXXX. say

commensurate revenue. be Our There's is expense expenses a ratio going tied of the that to always get lot the with to revenue.

be would I So would that around was. we right what XXXX hope

Craig Smiddy

in the there's the in there if a really real and later, surprise Greg, And Title upside there's rebound sooner than estate big that is Insurance. scale driver here, rather a market too,

comes it now you or my we're As do during -- that, the bouncing more could extent get ratios with bottom. back the a right know, ready into extent the we've to down top see expect reasonable And line, expense through to you title ratio said ratios along say, in We satisfied as lower with the combined of able would time expense what steeper we're be between a that respect it over with we XX% in that feels at bottom we've the averaged hit earlier, and we a top came term Insurance, and revenues, Title. the XX% those in amount coming like elevated. and -- into like down not through to improvement it's combined line those to we that slope going of to -- happens, General see feel opening for But range. those to XXs just I we're turn await as that comments, comes the good we're back to what with turn. And the but XX% see we we years, rapidly. combined level ratios XX% we ratios want targeting XX.X% And in

Operator

looks that the today. have And like all questions we

turn floor. back for So to Management, have the the closing over now I management will call remarks. you

Craig Smiddy

focus And very and quarter to of everyone covered to results to rest for exceed and our we just And standpoint the you call. discussion touch drained delivering third you either much the a Okay. our on, on in think we've forward remarks look Well, from hoped to wish say the we shareholders summer opening expectations. would seeing that everything had or we continue that, good with that conference Q&A. through our I much. and superior Thank are that pretty we

Operator

and And Thank call. ladies you concludes for and gentlemen, disconnect. that you now may today's all joining,

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