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    Matt Carletti • Citizens JMP

    Matt Carletti's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership

    Matt Carletti's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership • Q2 2025

    Question

    Matt Carletti from Citizens JMP asked for clarification on the 'Corporate and other expenses' line, questioning if the recent figure of approximately $25 million per quarter is a sustainable run rate or if it includes one-time IPO-related costs.

    Answer

    Mark Pickering, Group CFO & Treasurer, confirmed that the $25 million figure for 'Corporate and other expenses' is an appropriate run rate going forward. He specified that any expenses related to the IPO are reported separately in the non-operating expense line.

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    Matt Carletti's questions to Hci Group Inc (HCI) leadership

    Matt Carletti's questions to Hci Group Inc (HCI) leadership • Q2 2025

    Question

    Matt Carletti of Citizens Capital Markets inquired about the current market conditions and competitive landscape in Florida, HCI's appetite for the upcoming October Citizens depopulation, and the strategic reasoning behind pursuing an IPO for Exeo instead of a spin-off.

    Answer

    Karin Coleman, COO, described the Florida market as healthy but increasingly competitive, noting HCI is well-positioned with multiple underwriters and advanced technology. She confirmed that three HCI carriers were approved for 25,000 policies each in the October depopulation. Mark Harmsworth, CFO, addressed the Exeo question, stating that while separating Exeo is a key focus to unlock value, he could not comment on the specifics of the IPO strategy versus other options due to regulatory restrictions.

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    Matt Carletti's questions to Hamilton Insurance Group Ltd (HG) leadership

    Matt Carletti's questions to Hamilton Insurance Group Ltd (HG) leadership • Q2 2025

    Question

    Matt Carletti from Citizens Capital Markets asked for guidance on how to think about Hamilton's effective tax rate going forward.

    Answer

    CFO Craig Howie explained that Hamilton maintains a strategic competitive advantage regarding taxes. He stated that the company has a five-year deferral on the global minimum tax, which will not apply until 2030. As a result, Hamilton's effective tax rate is expected to remain in the low single digits for the foreseeable future.

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    Matt Carletti's questions to Bowhead Specialty Holdings Inc (BOW) leadership

    Matt Carletti's questions to Bowhead Specialty Holdings Inc (BOW) leadership • Q2 2025

    Question

    Matt Carletti of Citizens JMP requested a qualitative update on the progress and outlook for Bowhead's flow underwriting platform, Baleen, beyond the reported premium figures.

    Answer

    Founder, President, CEO & Director Stephen Sills described the outlook for Baleen as 'very positive.' He acknowledged that premium volume is not yet at expected levels but stressed that the core technology is fully developed and functional, enabling automated quoting and binding with minimal human intervention. The current focus is on increasing submission volume to scale the business, and he expressed confidence in its future growth path.

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    Matt Carletti's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership

    Matt Carletti's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q2 2025

    Question

    Matt Carletti from Citizens JMP asked for details about the new aviation unit that Skyward launched since the previous quarter, specifically inquiring about the types of risks it will target.

    Answer

    CEO Andrew Robinson explained that the new unit was formed by acquiring a program administrator they had an existing relationship with. The focus is on a niche, underserved segment of the market: the small, non-commercial end, such as personal aircraft. He noted they acquired a book of around $20 million and see a path to grow it to approximately $50 million while maintaining margins.

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    Matt Carletti's questions to Employers Holdings Inc (EIG) leadership

    Matt Carletti's questions to Employers Holdings Inc (EIG) leadership • Q2 2025

    Question

    Matt Carletti of Citizens JMP asked for more detail on the cumulative trauma (CT) claims, specifically if there were any discernible trends by account size, industry class, or geography beyond the previously mentioned Northward spread in California. He also inquired about the upcoming Q3 reserve study, asking if its methodology would differ from typical studies or if it was simply a matter of increased frequency to monitor the developing situation.

    Answer

    President & CEO Katherine Antonello responded that beyond the geographic spread from Southern California to the Bay Area and Sacramento, the company has not observed any other specific trends in CT claims related to class code or policy size. Regarding the Q3 reserve study, she clarified that the general approach to reserving has not changed, but it will be a similar, full study to the one conducted in Q2, providing another data point to reflect on the rapidly changing environment.

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    Matt Carletti's questions to RLI Corp (RLI) leadership

    Matt Carletti's questions to RLI Corp (RLI) leadership • Q2 2025

    Question

    Matt Carletti from Citizens JMP asked for an assessment of the casualty market, particularly for transportation and general casualty, questioning how much longer significant rate increases will be needed to offset loss cost trends.

    Answer

    President and CEO Craig Kliethermes stated that for transportation, underwriters assume double-digit loss cost inflation and are achieving rate increases of 12-14% to match, despite MGA competition. He stressed RLI's focus on disciplined risk selection. COO Jen Klobnak added that competitive pressure is highest on large accounts, leading to a mix shift toward smaller accounts, but the core strategy of rate adequacy and risk selection remains unchanged to stay ahead of trends.

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