Jonathan Old

Jonathan Old of Long Meadow Investors asked for an update on the company's plans for geographic expansion into other states beyond its current focus on New York.

Answer

President and CEO Meryl Golden stated that the strategy for 2025 is to focus on Downstate New York and execute the AmGUARD transaction. She clarified that any geographic expansion is a strategy for 2026 and beyond. Ms. Golden assured investors that the company has learned from past mistakes, now has a product that better matches rate to risk, and any future expansion would be approached slowly and thoughtfully.

Jonathan Old inquired about the company's priorities for capital allocation and use of cash, specifically asking if a stock buyback program is being considered given the current share price.

Answer

Executive John Suzuki stated that while the primary focus is on rebuilding the balance sheet, the Board of Directors is actively discussing the reactivation of the company's share buyback program due to the recent decline in stock price. He added that the existing authorization is several years old and would likely need to be reauthorized by the Board before proceeding.