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that, would a think, begin, from company how that There XX of I another, wanted for made just calling I to mix we we is to were or and one apologize aware say Before describe was about any transition ago. we I coordinating minutes up.
any for apologize we So inconvenience.
and quarter XXXX earnings for morning, us good you for everybody, joining So thank call. our third
make Before results, Ian. we get few wanted our comments Hurricane a I regarding into to
and our out have storm. First, by that in impacted been Florida go prayers massive Carolina this to South everyone thoughts and
have teammates their wind and a the during phase impacted damage are rebuilding members process. recovery need South We them that hurt. Thankfully, and family All will a that their -- of Florida Carolina the none help in number and a homes. people suffered were flood of to were of and in lot were
appropriate. catastrophic our any everyone we support in plan how storm by I'm the encourage So you events of enacting way our offices. to across our prepared find extremely team proud for
storm So others as our the will It's the communities. we as ready enabled Florida and after storms. This impacted just were well where be hit. other quickly to customers, as long no support road. and respond recover a rebuild going to us has matter in it
organic most had Regarding another businesses. of growth quarter performance, delivered our revenue and we strong total our financial for and good
two captive storm quarterly our our as contingent both results and programs, in talk results facilities, commissions Ian. impact in result Hurricane direct certain include of more and margins bit a estimated as our Additionally, well the line about of losses later. the We'll bottom reduced as a
remainder to growth of anticipate XXXX. the through and profitable continue We good
strong future. prospects with businesses expectations GRP for We're in our with quality well July During are very August. results in the BdB performed operating the team, and completed their first alignment, we quarter, the have Both and of strong and the the pleased in few the of the cultural acquisitions for months. line their
and the for X.X% revenue, Difficulty] delivered Slide growing XX.X% X. million of $XXX transition the I'm total [Technical number to on results let's in Now quarter. organically. We
quarter. Our adjusted the EBITDAC XX.X% margin was for
$X.XX, have was net discuss number more was share income as our per results Later of the per we will the and in income $X.XX. detail presentation, a financial results net share our Andy items in adjusted Our the quarter. for impacting
the million. XX revenues I'm We of with acquisitions X. quarter $XXX Slide approximately during on annual also completed
about on impacts potential of Let's but Hurricane damage the appears of a claims, what talk there's current seeing flood from related. we're Based Ian. wind, great majority the lot be with to
right drive million XX,XXX material As $XX claims going a to million to range anticipate in of of XX,XXX we're business. will We're result, claims to flood the about see $XX in somewhere estimating and revenue. our this
too fully each claim. the assess number of and severity still to it's early However, the total of claims
drive under positioned significant will and wind to be Regarding premium of businesses to these our the We're will further residential will increases lead treaties, help X/X CAT rates challenging in navigate present capacity. deductibles. up consumers This will and pricing for This years and significant four well pressure. reinsurance after financial commercial and times. reductions they increases property challenges exposed customers in
even in expand areas healthcare continued moderation businesses and construction, GDP quarter, Inflation the rates key interest more see levels. industries the manufacturing During are concern. as in continue we such with traditional to rising of downward to and
to much and but modify relatively manage premiums. level are the investment months are either the are to number certain as premium without to main about landscape reducing XX revenue cannot to more bearing continue The employee an is X% were a appetite XX%. for X% up to for their their benefits workers' capacity were remained does excess with rigor. similar. like where perspective, the lines We're rates the liability From it to were prior being similar outlier X%. across most up down or X% trying deductibles compensation, which of From quarters. earthquake appear XX% that's making is or an in of not to increases premium certain availability -- up rates XX%, win reduce rates Most obviously, while were that and carrier employees lines rate It pre-storm, rate with increases getting coverage premium dropping were up or market to Some growth more quarters XX%. CAT outlook rates increased some best E&S increases. to they're cautious robust fairly the being Admitted perspective, XX% to is The influenced slowing range XX%. X% of and indications their remains X% on CAT first material increases in of liability will for customers pricing property. XX%. coverage then professional placement Customers on classes additional reinsurance was suggest challenging business rate accounts ago. of the rates put the underwriting treaties. Ian substantially The as market impact limits Early themes of of will remained would were limits to Hurricane enhanced higher with Rate up property or still are consistent hire. seeking six employers of liability increases fourth previous losses to owners X/X XXXX becoming for hiring months half excess the many upward as be upward quarter. outcome pressure of to find The to by and level workers, the the X% needs
D&O public company rates XX%. X% were to down However,
due Florida requiring four story in the rates the aggregate and losses continuing the deductibles cyber, lines challenging for concentrations. in to Regarding California, five in or is property increase Personal with to and substantially security to Louisiana continue or protocols. be effective carriers same last with quarters, as three
in the for capacity and During to see started Texas quarter, increased property. third we underwriting reductions rigor
constrained. these We expect in markets remain will carrier appetite
plans. state due result, will and significant under into some to additional of move a accounts policies losses. the As Each program be state will influx pressure
volume On the industry. front, third the for the acquisition in slowed quarter of deals entire the
of the the which $XXX with acquired equity driving their in XX we The the is increased appears slowdown industry history. the driven in our reducing revenue, and the mainly businesses the million economic selective. for largest rest by approximately be activity for to as more potential debt them be annual of was to revenue quarter However, acquired cost private slowdown
very a business However, if on aggressive be X. to equity is a on private Slide I'm platform, now still pricing. considered is
and discuss transition the of our Let's four segments. performance
Our in delivered pressure of delivered strong was rate business, in growth very and sales. commercial some National benefits our of an and had unit quarter with growth our and strong retention quarter Retail by was new another by modest partially business of another downward had organic lines. increases, by organic as exposure dealer Programs offset new in delivered segment increase placed growth growth continued the solid growth business, organic as brokerage business, and by services in Wholesale expansion, strong lender solid by within auto X.X% segment led coverage growth across headwinds a specialty in unit solid organic RV partially increases The due but was programs. expansion business. offset lines. slowdown X.X% strong driven personal We exposure as was result but growth the good employee driven our rate This open our we of within business headwinds growth organic well in of retention other XX.X%. of This business, Brokerage good many to new
In being addition, year sold our specialty higher our XXX The segment declined Services we growth which business October a that negatively with revenue the we X.X%, main had by on organic organic weather of points, basis about X. the affected driver related prior claims.
financial turn Now more discuss detail. to performance with over me in to let that, our Andy it
