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    Karol Chmiel

    Research Analyst at Citizens JMP

    Karol Chmiel is an Equity Research Associate at Citizens JMP Securities, specializing in equity research within the real estate and financial sectors, with a focus on companies such as Lemonade, Arch Capital Group, and Heritage Insurance Holdings. He has established a strong performance track record, achieving a success rate between 77% and 87%, an average return nearing 70%, and earning a professional analyst ranking in the top quartile among nearly 4,800 peers. Chmiel began his career at Citizens JMP in 2016 after completing his undergraduate studies at Loyola Marymount University and earning an MBA from McCallum Graduate School of Business. His professional credentials include relevant industry experience and licensing required for equity research and securities analysis.

    Karol Chmiel's questions to Heritage Insurance Holdings (HRTG) leadership

    Karol Chmiel's questions to Heritage Insurance Holdings (HRTG) leadership • Q2 2025

    Question

    Karol Chmiel from Citizens Capital Markets and Advisory asked for a comparison of the current quarter's catastrophe and weather losses to previous years and sought details on the favorable prior period reserve development.

    Answer

    CFO Kirk Lusk attributed the year-over-year decrease in non-catastrophe weather losses to a better-underwritten portfolio with newer roofs, which is less susceptible to severe convective storms. Regarding reserve development, Lusk confirmed that the current favorable trend is partly a reflection of the reserve strengthening actions taken in the prior year and that the company is pleased with the current positive development.

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    Karol Chmiel's questions to Heritage Insurance Holdings (HRTG) leadership • Q1 2025

    Question

    Karol Chmiel asked for a better understanding of the market dynamics in Florida and other states, questioning why premiums were down while policies-in-force (PIVs) were also decreasing and total insured value (TIV) was flat.

    Answer

    CFO Kirk Lusk explained that the premium trend reflects less substantial rate increases compared to the past. He also noted some competitive pressure in the commercial markets. Lusk reiterated that as the company continues to reopen territories that were previously closed, they anticipate growth will accelerate in the second half of the year.

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    Karol Chmiel's questions to Heritage Insurance Holdings (HRTG) leadership • Q4 2024

    Question

    Karol Chmiel of B. Riley Securities inquired about the profile of the California wildfire claims, asking for a breakdown between total loss and smoke damage, and the distribution across the Eaton and Palisades fires. He also requested more detail on the prior period development for the quarter.

    Answer

    CEO Ernesto Garateix stated that there were 15 total loss claims and approximately 20 smoke damage claims, with most originating from the Palisades fire. Executive Kirk Lusk explained that the prior period development was primarily driven by the final stages of winding down claims related to Hurricane Irma.

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    Karol Chmiel's questions to OLD REPUBLIC INTERNATIONAL (ORI) leadership

    Karol Chmiel's questions to OLD REPUBLIC INTERNATIONAL (ORI) leadership • Q3 2024

    Question

    Karol Chmiel from Citizens JMP inquired about the commercial auto business, asking if Old Republic is experiencing the same adverse frequency and severity trends as the broader industry and what differentiates its book. She also asked for clarification on capital management priorities, specifically whether capital would be increasingly allocated to premium growth over share buybacks.

    Answer

    Executive Craig Smiddy acknowledged that Old Republic is not immune to industry-wide loss trends in commercial auto but emphasized that the company's specialized claims, conservative reserving practices, and distribution model are key differentiators. He noted that ORI reacted much sooner than peers to rising severity trends in 2018-2019, which explains its continued favorable reserve development. On capital management, Smiddy reiterated that organic growth is the first priority. However, because strong retained earnings consistently replenish capital, the company will continue to evaluate returning excess capital to shareholders through buybacks or special dividends if sufficient growth or M&A opportunities are not present.

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