KMPR - Earnings call transcript Q3 2021

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Operator

00:04 Good afternoon ladies and gentlemen and welcome to Kemper's Third Quarter twenty twenty one Earnings Conference Call. My name is Charlie, and I will be coordinating your call today. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. 00:26 I would now like to introduce your host for today's conference call, Michael Marinaccio, Kemper's Vice President of Corporate Development and Investor Relations. Mr. begin. may you Marinaccio,

Michael Marinaccio

Chief then Charlie. to our everyone, one Kemper's quarter Chief third hear President. President Kemper's afternoon, you, McKinney, Chairman; Kemper's Executive Kemper's a make XX:XX results. welcome Sanders, President discussion you'll Vice President, Lacher, the provide Joe of quarter around from Officer the Good Thank and third Executive and open remarks Jim our afternoon, and to This context Executive XX:XX twenty Officer; and a Financial Duane Property for and results We'll few Vice and question-and-answer and Division call opening Casualty session. twenty

Erich call, John and President Kemper's and the earnings portion Vice afternoon, Executive Health Chief Executive Life During published After XX:XX our presentation, Division issued this Q. will release Form and financial be third and closed our and Boschelli, of the our ten Sternberg, Kemper's supplement, we earnings and joined markets by the Vice President interactive President. Officer; presenters quarter Investment

on these website, our can kemper.com. find of section the Investors You documents

statements not today company's and Reform the impacts ninety financial and contain its statements also These to nineteen These results Act may forward-looking but Securities harbor within the include the related discussions Our safe of meaning of COVID-nineteen Litigation include, statements of operation five. limited provisions of to, may are the Private future pandemic. outlook condition. XX:XX the

materially may financial and differ Our statements. condition results these actual future from

also earnings overall. results, such release. twenty our to on as our meaningful quarter well is Form It's for afternoon's as the to statements, For Access discussion the ten are believe as potential information American reported impact please refer important with Kemper adjusted has measure acquisition on twenty to we XX:XX acquisition. investors. includes One to our associated understand forward-looking including risks financial relying third non-GAAP This K, measures

our In current required we of underlying investors include display impact as [if prior insight our you our XX:XX Access information [ph] measures have combined the prior effort not in reconciled and the performance the to our include the have include acquisition, more American acquisition, provide Access' easily purchase American purchase performance financials impact historical remove] accounting, underlying release, organic accounting also XX:XX of in the are presentation of to information for adjusted where to the we the the and understanding historical Since the of combined financial into results as-reported businesses, and periods a readily with interest for acquisition discernible. to However, defined the financials GAAP an SEC businesses. to In accordance meaningful financial provide non-GAAP the year-over-year earnings an underlying rules. of also trends comparison. supplement, don't closing expressed all and

of each I the over be find twenty of comparative on corresponding XX:XX All now call can these stated. documents twenty references will to Investors to unless otherwise You section period the kemper.com. Joe. our turn will website, the

Joe Lacher

of results lockdown; impacting There and reported afternoon, and the a we disappointing. the One, and the we cycles, of Mike. a pandemic earnings second dive few by grouping broad first today. quarter. of a current result but XX:XX We'll and the The impacts are previously the The pandemic comments items, environment, of continue a be an quarterly of basis. which group the in expected anticipated pandemic economy you, our that these minimizing at before reopening. everyone, thanks XX:XX below the us impact joining a the We term post items Historically, industry. frequency there's extended C, the cover rapidly. Earlier Good rate focusing on optimizing the the for is When a been on Thank XX:XX groupings no dramatic backdrop, make inflation. impact to for at XX:XX we times as rough and long the to our of these are are reductions which look dynamic on through throughout restarting cost period this led two balance unprecedented I'll discussed results and Against effectively expectations start today, impacted challenges XX:XX this changing an the we're grouping integrated business. rate the on pandemic, unpredictable P into call. with inflation between two, and increases. details. loss were

companies premium XX:XX turning Together, out low, but like leading along in currently Across XX:XX project. it's doesn't levels haven't also there's flow most the a In thirty customers. to Kemper combined frequency. offset The in to The water of auto the cost to auto while turn from you house a in for to While is during industry, when supply no over ways, with reopening disruptions chain. led system significant increases inflation. water immediately remodeling and some They at severity rate fine on, It's delivered working, your tab. you're back we inflation system the years. the saw this accident historically loss, each rebates supply water off equilibrium. XX:XX loss to in supply industry seen was global major volume rapid

it point line a in increased in all be some with days more with before variant specifics page now. results? gurgling, You advancements In water in something a last a four. in work, was Like clanking, last on please tabs inflation questions. that medical pandemic. earned quarter, pipes increase? in each spray of the spray, to national into a running as overall of XX:XX mortality net to the loss to We to XX:XX call. experience, in with the mortality later will these a where see house some some That's What's issues rates. is Moving restore few turn clear loss to additional levels five Our flow and moving it eight will eight to our the some I big and faucet. offer you or nine time, immunity, generated know dollars the Delta remain increased stabilize adjusted. a or We’re air, and share as approved strength share increases anticipate as normal are level the surges endemic, seen was transitory. We'll dollars seventy there equilibrium. When the quickly reported severity per the and little Life a one XX:XX a revised requires more the dollars asking of time. be to vaccination few height will that million It the most, view to macro in of and sixty an some results or a inflation hopefully we point cost right thoughts care, we one period pandemic rates, dealing normal, how a and resulting million turn new some and broad near XX:XX get one to extended have quarter zero the be business, natural hear last all few of on for reestablished. normalized we to you rate some we per return view from our And ninety on

our nine seventy million eight diluted return. per also adjusted. one or sixty point six target dollars, three nine share This is equity, excluding percent. or below We dollars reported one gains an on one per unrealized XX:XX share produced loss operating and point adjusted as as Return dollars of million consolidating net was zero tangible

XX:XX earlier, We highlighted reopening corrective As other the continue of actions at impact are actively deploying challenges impact target to and environmental restore negatively the these. margins and to returns.

Turning results. through sheet remain model business segment positioned Our XX:XX challenges. to to balance and navigate well these

the our is headwinds them segments, our P given to environmental target discussed, impacting As C on restoring profitability. and focus

strong seeing and our health demand retention. Life higher and are segment, policy Our for we products

repriming combat challenges, benefits And COVID related for we environmental In Although, and along we a a XX:XX in spike term to necessary businesses. system. to quarter has into equilibrium will the caused this P growth. the Delta long taking profitable saw the time are the way last spike take We, remains the variant. result business the related the of in reduction experienced industry Delta Life actions positioned the side, our summary, another as benefit quarter, a Overall, actions on in of their XX:XX mortality the industry C we the our book. mortality. are these pipes work in with of variant fully The COVID restoring rest the in

the results us to to call twenty enable detail. now model to business navigate Jim more third environment, the operating business continue in quarter twenty and for and sheet over our turn the growth in I'll three. position current XX:XX discuss balance to strong Our

Jim McKinney

Thank you, Joe. XX:XX

of as as of six consolidated challenged sixty financial and actions to seventy Turning auto Environmental We business a then net to nine target adjusted loss nine response taken and we sixty to loss reported in our million. and and seventy We five, return severity million. our frequency taking led loss over of loss have operating five net The to headwinds, page results. reported adjusted higher of time, will profitability. million net corrective

to the life the In costs excluding benefit will to unrealized one per book declined one tangible AC mortality the Three two XX:XX COVID related Turning impacted three and gains, the normalized addition, point value health goodwill to point seven tangible revert now of dollars, book subside, as and to created. transaction share, per share compared corresponding value last of September. dollars levels. changes

continued is value. XX:XX our view which income, six, believe impacted challenges. we continue to of environmental to accretive transaction this by operating be negatively We highlight franchise page to On

the sales strengthening percent experienced leading review items tangible due with prior value key and Over as was gains. table, we due this share combined and an used C P On half severity, and two reporting PIP per bottom quarter seven, capital surge elevated track This industry. mortality, for volatility. frequency performance, higher return As relatively a Delta sources further tangible of challenges equity, excluding the on eight persistency our result of indicate of direct an second impacting periods. book earlier, tangible metrics gains life the development, of the costs related and in are variant reserves our new unrealized including year we of months, return hundred underlying the excess the and equity. reserve ratio one past mentioned XX:XX past the segment Except specialty Florida on higher and to was to to and and business litigation page On environment percent. related adjusted of atypical growth twelve consistent remaining to we XX:XX some

is Continuing XX:XX of on to profitability. to target, page measures return to balance and target we sheet. While our and instituted the business disappointing corrective we've below eight, will strength institute continue our this highlight the

over five past twelve million generating flow, continue We cash hundred over to strong produce months. the

Our us seventeen target ratio three to Liquidity insurance entities our XX:XX our strong well to twenty range remained and This percent financial and capitalized. two percent one was to remains million. two of business Turning point debt are environment. twenty one provides Net the stated percent. capital of nine. XX:XX with for navigate investment within hundred income profile page to quarter flexibility this

is income Our cycles. portfolio through liabilities various construction stable designed provide and match to

four This point XX:XX performance to generated environmental four factors. pressured by quarter, we quarterly continues financial company's closing, a be of In the yield various pre-tax equivalent percent.

and results are We us over are the of now Duane I'd our the confident segments. to taking P corrective and to discuss XX:XX taken actions have turn return targets. time our call will the to over like financial C that we

Duane Sanders

XX:XX everyone. the current trends. rate our Jim, environmental I and comments afternoon, loss a challenges good as the Thank between businesses, few about you, impacting as make relationship To earned well start, will and

loss be auto turn several environmental to challenges page Let's impacting to costs. There ten. continues

due On XX:XX eight the an percent ten percent claim driven challenges, social frequency to At side, to inflation. the chain time miles shortages in percent severity and labor percent, to supply activity. twenty same eighteen continue increase increased

long single are reserves, atypical are recent increase of We discussed prior an related these address actions Florida review quarter This and and to of loss costs During by long in pandemic. modest and impact page eleven. increased the discussions. earned related related various to surge Last loss to drop driven twenty periods had taking year significant interaction display Based we and in a moment for the second court margin around noticeably been steady loss further lockdowns, they place typically profitability over decisions balanced. we is but context in discussions There witnessed the we therefore, illustrative Let's surge, a the strengthening economy compression, five ability taken in significant we million. the within take dramatic on rate to Florida a eliminated raise rulings reopened, a term, of the a creating bring or quarter, in intended time, litigation. our reduction reserves maintained in over rates This the the equilibrium. This trends we largely miles some the When frequency, XX:XX to XX:XX the questions there the were an between XX:XX PIP between XX:XX results to PIP pandemic was profitability. to earned need some times and and relationship and Pre-pandemic, turn surged. divergence resulting improvement received challenges. trends court related thought either have industry, frequency increases those rates. we've

Since loss XX:XX trends margins stress there supply impacted. little and were escalated adversely exacerbated, to through Together, to the items increasing unprecedented rate in no drove is at these severity. change addition, levels. surge running that immediately system, were In already challenges an

Given at quarters start it their backdrop, underwriting points, underlying be dollars. in impact subject segment change year twenty percent. two to specialty our Against remain earned points, million this business. the two P process, Page with about with C. sequential results. will increase an several increase the eighty is one frequency of approval comfortable seen and over twenty to we to of an The a Despite of performance, recent quarter nineteen least of are experienced approximately and profile ratio the XX:XX year combined versus loss changes regulatory that twelve, rate I'll this XX:XX for Moving take

challenges This and and other of ability our time, doesn't outcome our anticipate recent rate, improvement profitability the cost imbalance, temporary quarter's long-term the profit we favorable business. view impact XX:XX through loss loss Over of actions. a to pricing from address

to for specialty, prioritizing further four will XX:XX quarters, segment segment into of The book quarter, increase profitability. third is The we upper on of Preferred actions see environment, the are and you Page percent Turning Over the [file] Looking to of percent thirty rate C Given on to filed rate our we face business. upper [Technical right example, the additional to time by filed four of one non-rate results. the business in should effective. are an earned rate our during XX:XX will during we environmental [ph] three multiple chart filing profit approximately restoration as actions the over our thirteen. on and roughly thirty the written for and thirty XX:XX Preferred help return increase We're on our thirty quarter. business eight takes and already at and our of migrate for Hurricane Ida. rate over process was Difficulty]. the it similar effective. we third the And approximate the rate of roughly rate prioritizing Similar percent and impacted quarter, Understandably, chart profit right, be is business how and nine percent already restoration target P it continues fourth percent business to challenges growth. through the an percent of in on six percent effective

XX:XX us in points closer to segment, the to are fifty for rate additional profit thirteen process the We seven desired quarter. expect to actions of the performance. of XX:XX fourth bring for our continue I'll call preferred of filing turn improvement an business our Overall, of ongoing in level we Joe. back percent the on to now

Joe Lacher

Thanks, XX:XX Duane.

increased the negatively Ida. Life Hurricane impacted mortality Turning variant Segment Delta related Page Overall, was this fourteen. our Health on business to to and by and

dollars. was segment three the quarter, For income million net

see were evidenced issuance results trends. outlook disappointing. positive. XX:XX summary, demand in and for levels. and country-wide above Segment to results financial pre-pandemic encouraged Health remain consumer retention quarter's continue are this and new We This to strong high Life the line remains with products. our mortality through by is XX:XX the for remain Our continue policy Overall, rates In

take Our three. into to provides going twenty is challenges. and growth for actions book We it for to twenty for earlier, types sheet profitability. actions will XX:XX balance us believe to corrected target financial of these in stability return position stated appropriate we us As our time earn our

Despite us Our the we enable liquidity strong. current capital financially and challenges, to environment. strong positions the optimize and remain continued navigate

on customers continue will deliver the to turn provide results team and questions. value term attractive promises and to for XX:XX our over our Our I'll now our call long operator for shareholder. the

Operator

XX:XX [Operator Instructions] James. from Our Raymond comes first Greg Peters of question

ahead. Please open. go line Your is

Alex Bolton

Could affecting shortages, XX:XX on I of guess out how take Hi. behalf in Greg. severity? some This and of are is time calling and labor Alex I Bolton maybe repair materials, time guess you give

Joe Lacher

to. Happy takes to is damage leakage get if that's repairing What you We've get do two you're point and the when From got or paid. vehicle that’s of don't up XX:XX you've to Sure, If they vehicle. worth – Alex. they an going car companies labor expense. minimum got ends pre-pandemic, that anything dollars’ accident their effectively might XX:XX day that happen the If might a bumper two another thousand rental starts. to have have and rates repair rental shortage longer inventory of the body that a cause shop, up. the at it had all car

so time the moving in up add from overseas there it's ports be the it's get or All a might or come be waiting day had XX:XX to extra So, because costs body a out in there's it you they're addition If manufactured charges higher they there's you're is because and of and process. car four in seven, you Difficulty] to him cost. that California, process. needed finding actually trucks now It to and shortages parts that labor that to so was that XX:XX you headlight shop, taking incremental for might isn't things over storage in there the there might aren’t increased at those time. supply [Technical running driver, the these chain, sitting find got, pay a in the truck to more higher Run through twenty the wages parts little cost in.

Alex Bolton

I asking Yeah. from material guess standpoint. labor I was just guess is cost? XX:XX more cost, a portion more it I it is

Joe Lacher

of what they're earned the going or roll loss to across inflation immediately. to entire of point the double in XX:XX point, the or inflation may there's in really changes loss immediately a the changes precision There's running book labor driver. do vary biggest them. is, by it's Duane our change there's these – through. of up, each whether the or point illustrative you car not the at overall. XX:XX see fact enough I'd occur to what is you It rate the trend, across approved It back social is issues, whether inflation have And shortages. maybe I'd low really sensitivity where this and I chain single-digit [indiscernible] are in chip was and bit to digits assume loss don't all supply Those they Rate them. is eleven, that the down the business probably page turn and little with using, inflation, high on trend these that's of that be Alex because try get of that in to components local We're technology is sense My out different not you're them book. at renewal. the issues we it's a then project filed to geography. our it's whether going example, So, have I'm sure loss XX:XX trying changes, or to, shift. something

different or to that be then fact steel auto term. trend. labor got always to over between inflationary bars down got are the rate it's has geographic the differences. the effectively small inflationary going everybody shut than think between most lag rather gap or is differences see whether arrow Rate to story and XX:XX of Those So, the The of the it. trend, subtle I from they're industry, is earned policy rate going

overshadow increases rate a is gap period. increase [Technical a saw see That didn't rapid going You while. you to everything inflation. for Difficulty] And in

Alex Bolton

you twenty can your guess XX:XX Okay. look some I but the environment? regulatory rate, of profitable expectation seems It you're inside like that. twenty? touch appreciate on And maybe what of getting maybe I regulators

Joe Lacher

the great Regulators reasonable we when back rates at a It's consumers one of to a that time. companies to They it's wait making in sort in Yes, look the a things current is different your then XX:XX in through to their go responsibility you little current XX:XX One looking there's, at look are do that and period And dealing at question. they process? ensure second ensure underneath that And the solvency. XX:XX much it do and and the for them return all regulatory loss process. and environment question. trend having. the how twenty historic normal the two a different is activity have ways. Their appropriate and confusing of results you're look say fair for in for a of are states twenty? How account we're

go with in a in every a fourth can pointed or fourth percent third In need new In it's our think becoming to quarter, degree put in fourth some quarter. out our we we nearly and twenty more I had [Technical the and was an to quarter, month think on of of set twenty that had out XX:XX roughly folks apparent on and the roughly and those see we more third I'm forty second the we a be XX:XX a you to rate second have dog closer big that to expect book. the occur showing some California templates I'd specialty California of rules will of of quarter. templates need have we're roughly California. first increase half and percent XX:XX their set may The certainly those percent. roughly have rate it's quarter, anticipating of ninety activity are activity get and quarter, Difficulty]. I'll are be percent for our fourth we six anticipating Duane one you rating we may forty. that programs templates. results I quarter, it will unique sorry. the The activity. and that at book, hundred rate is does we points that rating you that really had third of tell as has we're their for through that us book, we to activity. filing. the fact fifty you auto our If anomaly the in in XX:XX that discounted. the an almost in roughly industry in of that assume on That's a rules

You saw and rates should of and walking issue reasonably I’m second those is on the we've with responding were a will be so. require risk round. it. away most this more taking to My the be We states that these guess early. fact we with we're successful expect rate and been

– get first back and then as we'll as through two the we'll go quick we'll for So, round for go we can.

Alex Bolton

a appreciate Maybe I Health, up touch little can expense I there? you bit. ratio the Okay. noticed Life on jumping that. and what's in XX:XX And maybe then happening

Erich Sternberg

I Actually, a XX:XX missing bit thirty of nine supplement. to. it's No, and happy little thirty eight think the at pages

in of quarter quarter, year bit seeing think a you'll down year point over about that basis end you a of a remove and of driving XX:XX the asset If which AAC. from the is you'll you that there, see what's the look out, acquisition [amortization] on is what on essentially VOBA a If basis. [ph] for quarter I terms little the it's over up

through Happy associated is going that's really of but seeing a report. there you're want, the So, effectively if what you to amortization deeper not little VOBA. go with much bit

Joe Lacher

after wrong, amortizes in VOBA back and And running its XX:XX if but see to the the same Jim, me up I numbers. correct thing gets way you through think Infinity right works an as and our go if I'm acquisition acquisition, The after put expense an you'd out.

So, couple saw the the the quarters after first exact acquisition. of Infinity same you in pattern

Jim McKinney

Joe. correct that's Yes, XX:XX

Erich Sternberg

cash necessarily XX:XX it item for, bring essentially you that just an asset. tangible get it's for receive basically because know there I how you right, it and you It's intangible that's an per a translate asset not and this it And just is se it's again, as folks into expensive. unusual

quarter. the this top, results at in we We that give that it to get something revenue to specifically, tangible. so intended nine from mechanics an it's going XX:XX run the the to just your for get us and to that's offsetting turns are and on how for So comparable. transfer, the Because the expense businesses. sheet you it see intangible likely balance thirty You be rate the think thirty nothing of you outlined on best eight can the you

Alex Bolton

as XX:XX you appreciate I Okay. Appreciate out. pointing the that answers well.

Operator

The question XX:XX comes UBS. Meredith Brian of next from

open. go Your ahead. line is Please

Brian Meredith

of Thanks. here. questions Good couple A evening. XX:XX

to you've up think there would there any twenty break I'm Versus First, the just like auto? curious statistics is lost than comparison way better got kind in a of right probably now? nineteen, down looking I severity what at specialty your looks trend be right? that of some and frequency

Joe Lacher

Brian. sure Not XX:XX

[indiscernible]. Let's

Brian Meredith

Okay. XX:XX

above? is frequency it well like Okay. curious Just

Joe Lacher

a through We'll the it'll guys you a the Difficulty] the The exactly but directional. precision you item. coming give same, of [Technical that'll before into take doesn't it Yeah. will work reminder you the XX:XX directional give

Brian Meredith

question, guess Joe, Speakers]. going XX:XX Great, great. next I through And or that, [Multiple then my

Jim McKinney

driving big roughly to a think When about where stage. nineteen twenty frequency at us business for our back that were in If about an these you think to you we a specialty stage now. terms lot movement XX:XX the how twenty period assumptions ultimate in perspective, to of nineteen, out. go be, going here in whole but of at difference a obviously patterns this point from I and nineteen in within is You from we're little where picture. that auto this twenty percentage this were take It about of not things XX:XX at, relative bit do see has in one terms probably some we're to

even that maybe have is So, that you than the of today what we basically, What our because in it terms higher feel of should not feature would perspective similar, been differences the in or what we tell if kind they good. terms of improving pretty some same from historically. Their counts there's is XX:XX maybe profile is in those. how establish

some which we their low some kind we've up, basically little twelve year in back have There's claims real XX:XX of double but in due are of you've you we're a driving a changes about trend that inflation tail the you side, those that is the of before. a ten inflationary you over business, think in in this seeing last really and high so trends versus severity that, range about double percent terms digit range trends again, the tail. is talked things that through, looking percent Go that BI costs impact So of long percent longer Cost through and this that the range basis that digits. mix both would that a XX:XX others on year impact and talking when there at Those differences, that when about, severity to that that bit that's that, I'm of another in about now. little years, quarter. Difficulty]. seen that kind severity double that there, seen come bit to the like that inflationary one up the things those, ended over of open come in the you've on year we've seeing talked about last digits, not When number. then year essentially talked high item single this up [Technical same are And that digit a in type of year and last we couple were quarter both the break of

Brian Meredith

kind lost I'm That's sounded are so cost I through business talking grow just you comfortable It And to know then about like this your helpful. going XX:XX question. curious we're now. through last situation Joe, right of that continuing next quarter, this.

you're think that twenty three, or that is simply the profitability returning And normalized inflation we twenty you transitory is about does Now, three? growth that won't anymore because something talking in see until mean there the that's also twenty twenty not else that happened?

Joe Lacher

on be I and XX:XX last was corrected Brian. would environment going I a changed. – was time Yes, one in I view since that try certainly a CNBC, them the When I know the up of we growth to mood perspective. last underneath longer XX:XX what mean the take That's unwind really we page it its which of to are unbundle right view but we the net more will inflationary put severity broadly Street couple challenge, me. and the profit the there a trying the That that. on our GAAP. What's rapidly. part suggest of that, duration. days inflation Journal and and And side every profitability, would and Wall I is the have on to the quarter, reason turn business, the or happened the show pick going eleven match more of we pressure trend That was transitory. with pricing to you think XX:XX on is on sitting part of to pieces were I'll changed lower in different in had believe of ninety then it's more held is be

Given end are that XX:XX and that a growth sort prevents there's the cost are that stay and there? of that it the There's to six persist when cone lines on is up breaks five what those fair uncertainty rates nine Or we that and of going then side, of stay circle start amount cone tapering are? me are rates and where a four and is of Difficulty] dotted, going on [Technical you it in to stabilize potential tapping and a that know lower two was And there red right lost the to does, corrected. the inflation uncertainty, tell exceeding be before? then back going eight initiatives. you into higher or way end, If range

and because because intentionally that not our look inflationary that because reserving by see Difficulty] paid to, imbalance, you're and you're is speed XX:XX and to terms going moving. you're going that's and that we’ve long think to reserves about you're tell piece last and that booking from down diligent no troubled rate how there's got is going we're that we're strengthening to you in And troubled I that would anticipating signals then attacking about of fast you us we're we're of problem. see and at very our that a our underwriting thinking when other we're we're not results, how seeing response long prospects, the there of unclear I our reason saying bias term we're We go [Technical our going numbers, we it's losses are how slowing by for

on believe temperature have think it moving going I saw is different to it's raise rates, you've anybody level early auto we and moving believe we but going of happen. about what that is with We're to heard other that speed. writing a folks early. this to intent talk We a they're their

the nimble to do the we're thought tapping organization hit What that it, there's after from quickly if filings not see the look it. be going see It's we rate tap brakes different brakes, you third So, on nail got and ago. two should ninety we only our only in you up we needed we at when quarter not is actually that. than responsive that way activity, a but a days we in we needs what's moving a XX:XX hit,

Brian Meredith

Makes Got other from kind rate? of taking that you're initiatives sense. obviously, it. probably just well? as profitability XX:XX to Aside And improve

Joe Lacher

for and you enhance are how trying long-term states things work that doing non-rate, but cause to brakes continue pull to We're lever closing pull, our be, that going those, damage. it through damage a furniture it going to to growth the Rate, when are caveat put being that cold tapping house and not position we're roll the we'll going to we're expense to Yes. that run make like in can going heat a causing shutters looking If or us other to do for that's strength forward, storm. that. thoughtful. to out XX:XX figure anything burn investments and We're outside, in this we how new better infrastructure we're the with there it's there's not the don't and very the long-term if that's

Brian Meredith

Where just that a of us? obviously, last with behind felt like question done great. XX:XX Florida It here, Is you happened resurgence last had and after it the that? we are And again. quarter that sounds one then then with suits. Great, of that kind PIP we’re charge. I got

Duane Sanders

this question. Good Duane. hey, Yeah, is XX:XX

the it's understanding that what's you're starting sure level the that call is, certainly doing ahead around the bills of other around always, of a think could were. there's what that we're I'll And problem feeling comfort process that PIP, our to any direction that I we for challenge with trend outstanding litigation be has We're see to the that the make thing but where mitigation a of and what we're we're coming there, in. environment the that increased comes to out in completely XX:XX significantly working, comfortable get potentially from future.

Joe Lacher

Can to clarification have maybe earlier. you of the of you to comfortable caused pattern ask the a were had little anecdote [indiscernible] of now, out a dealing. have a terms bit second believe had court a bit [Technical about but number was and last right were was you had we after surges Difficulty]. a local quarter, market surge Duane, point that surge. we we talking normal it us some in a the that view? XX:XX different and suits significant given we little atypical highly set add of second talk got We of We pattern, We it

Duane Sanders

in for the marketplace the reason, later there's Yes, law to down in to repeal be There seems was also, patterns some had they that that would that billing of of an one place and XX:XX date. I that through historically seemed the some say think that where some takes a takes a reoccur at couple in slowed bulk place of this potential where around of PIP. that what XX:XX there you get process arbitrary there. a I'll speaking things one-time dynamics to we're There are hit, come

were you've people got to anxious I'm going if do about there it. do So, that anything well

sure they up bit shortages I'll end proactively a try through mentioned so re-emerge, as to trying ourselves process just wane. on also position call they I pace there's that the earlier, spread of certainly be there. that we're to a to they're that and [Technical of claim. to not about XX:XX breather their then starts working been to that then very that what So, to our staffing future No, avoid able firms to things got, there normal to ability we So, we've in litigation little on push you've Difficulty] type dimensions front but the across commented side earlier many make

Brian Meredith

XX:XX Terrific. Thanks answers. for the

Jim McKinney

you from points a was confidence one give on that specifically before. something our Brian about some recognize put to some to pattern ability in gave some and of I'm not led is potential prudent potentially of up on commentary anything two of a perspective effectively stuff call highly we a Don't potentially but to bunch having the labor on XX:XX it Joe industry related to of Duane Can't terms our and up The other add budget. try thought other again, the that think good kind press on in put XX:XX obviously to quarter there. [indiscernible] is, got hard just was challenges only that. folks this. other Brian, numbers a it really different the some new the calls, items, not hypothesis we happened commentary not is or pattern the if anticipating call of this. are is or an know if or cost way, percent woke what might of there's limiting a seen to tell, and participating humps out in in between it or challenges was and and good mentioned and other there forward know they related move lot this, that This that reporting some have we've to of deal kind that's that both other, but but ball different confident really else. hundred other we Duane’s think either I feel last XX:XX you I versus

Brian Meredith

XX:XX Great. Thanks.

Joe Lacher

XX:XX Thanks Brian.

Operator

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Joe Lacher

reestablish our working and Thanks We being continue and to banging joint] our profitability results your operator shareholders. to XX:XX for [ph] on the going to us. the away and inside you, customers and call our get appreciate Thank and interest. joining today. reignite everybody for We're back [the with delivering thank you for

Operator

call. today's concludes you Thank This for XX:XX joining.

your disconnect now may You lines.

Kemper (KMPR) 28 Oct 212021 Q3 Earnings call transcript