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    Matthew Carletti • Citizens JMP

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

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

    Question

    Matthew Carletti of Citizens JMP asked for guidance on how to think about the company's effective tax rate going forward.

    Answer

    CFO Craig Howie explained that Hamilton Insurance Group has a significant competitive advantage regarding the global minimum tax. He stated that the company has a five-year deferral and will not begin paying the global minimum tax until 2030. As a result, the current effective tax rate is expected to remain in the low single digits.

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    Matthew Carletti's questions to Hamilton Insurance Group Ltd (HG) leadership • Q1 2025

    Question

    Matthew Carletti from Citizens JMP Securities asked if the quarter's ex-catastrophe accident year loss ratio included any noise from large, single-risk industry losses that had been reported by other carriers, such as an airline crash or energy sector events.

    Answer

    CFO Craig Howie responded that while Hamilton has exposure to such events, there were no significant aviation losses in the quarter, and any impact from other large losses was manageable and already included within the current attritional loss picks. He reminded the analyst that Hamilton's aviation exposure is through reinsurance, not direct insurance.

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    Matthew Carletti's questions to Hamilton Insurance Group Ltd (HG) leadership • Q1 2025

    Question

    Matthew Carletti of Citizens JMP Securities asked whether any recent large, industry-wide risk losses, such as an airline crash or energy sector events, created noise in the ex-catastrophe accident year loss ratio for the quarter.

    Answer

    CFO Craig Howie acknowledged that Hamilton has exposure to the large industry losses mentioned but confirmed they were manageable and not significant for the company. He stated that these losses were already accounted for within the current attritional loss picks for the quarter and reminded that Hamilton's aviation exposure is in reinsurance, not primary insurance.

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    Matthew Carletti's questions to American Integrity Insurance Group Inc (AII) leadership

    Matthew Carletti's questions to American Integrity Insurance Group Inc (AII) leadership • Q1 2025

    Question

    Represented by David, Matthew Carletti's line of questioning focused on which geographies in Florida the company is currently avoiding and the company's view on future opportunities for takeouts from the Citizens program.

    Answer

    Founder & CEO Robert Ritchie clarified that while they are not broadly avoiding regions, they actively manage exposure in certain areas like Pasco and Lee County. President Jon Ritchie specified that Monroe County (The Keys) is the only county they will not write in. Regarding Citizens, Jon Ritchie stated that the pool of policies is shrinking and opportunities for large-scale takeouts are likely in the past, though they will continue to seek strategic opportunities without compromising underwriting standards.

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    Matthew Carletti's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership

    Matthew Carletti's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q1 2025

    Question

    Matthew Carletti sought clarification on the potential $150 million adverse development from the Russia-Ukraine litigation, asking if this figure represents a probabilistic estimate or a 'hard stop' maximum loss based on remaining policy limits.

    Answer

    Group Managing Director Jonathan Strickle clarified that the $150 million figure is a 'hard stop,' representing the worst-case impact if the company were to lose the U.K. trial. CEO Dan Burrows added that resolving the U.K. trial would put approximately 95% of the litigated exposure behind them, making the issue essentially resolved.

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    Matthew Carletti's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q4 2024

    Question

    Matthew Carletti asked about lessons learned from the California wildfires and whether the outcome would alter underwriting strategy. He also inquired about the profit commission framework and if there would be a deficit carryforward from 2024 results.

    Answer

    CEO Dan Burrows explained that the wildfire loss was within the company's catastrophe budget and expectations for such a tail event, validating their gross-to-net underwriting approach. CFO Allan Decleir confirmed that due to the 99.7% combined ratio in 2024, there is no deficit to carry forward into future years regarding the profit commission for The Fidelis Partnership (TFP), stating the framework agreement is working as intended.

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    Matthew Carletti's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q3 2024

    Question

    Matthew Carletti asked for details on the adverse development in the aviation business, including the specific dollar amount and any changes to the reserving methodology for the Russia-Ukraine conflict. He also inquired about Fidelis's perspective on the competitiveness of the London market.

    Answer

    CFO Allan Decleir confirmed the adverse development was driven by Russia-Ukraine litigation but was offset by favorable development in property D&F, and stated the reserving methodology has not changed. He declined to provide a specific dollar amount for the aviation line. CEO Dan Burrows addressed the London market, emphasizing that Fidelis's lead position, scale, and global nature provide preferential terms and allow them to find opportunities despite broader market competition.

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

    Matthew Carletti's questions to Hci Group Inc (HCI) leadership • Q1 2025

    Question

    Matthew Carletti of JMP Securities inquired about the target market for the Exzeo spin-off, early reception from potential third-party clients, the quantifiable impact of favorable weather on the gross loss ratio, and expectations for the upcoming June 1 reinsurance renewals.

    Answer

    Chairman and CEO Paresh Patel and President of Exzeo Kevin Mitchell explained that Exzeo's technology is proven across multiple states and lines of business, with a massive addressable market. CFO Mark Harmsworth quantified the weather impact, noting the sub-20% gross loss ratio would normalize to around 24-25%. Paresh Patel described the reinsurance renewal market as having ample capacity, calling the process 'boring,' which he indicated was a positive sign.

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    Matthew Carletti's questions to Hci Group Inc (HCI) leadership • Q4 2024

    Question

    Matthew Carletti asked about the strategic rationale for separating the insurance and technology units, potential expansion opportunities outside of Florida, the outlook for Citizens takeout activity, and the components of the fourth-quarter gross loss ratio.

    Answer

    CEO Paresh Patel explained that separating the Axio Group technology platform provides flexibility to partner with or service other carriers in new geographies like California, independent of HCI's own insurance carriers' risk appetite. He also noted that significant opportunities remain within Citizens and that HCI's technology has become highly efficient at selecting desirable policies. CFO Mark Harmsworth clarified that the Q4 loss ratio included $24.5 million in favorable development, primarily from prior quarters in 2024, and provided the normalized loss ratio figures.

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    Matthew Carletti's questions to Hci Group Inc (HCI) leadership • Q3 2024

    Question

    Matthew Carletti asked for observations on Hurricane Milton's impact compared to prior storms, the effectiveness of recent reforms, the drivers behind the strong Citizens policy takeout rate, and the sustainability of the low underlying loss ratio.

    Answer

    Executive Paresh Patel explained that based on claim counts, Hurricane Milton is tracking at about half to two-thirds the size of Hurricane Ian, indicating a less severe event. He attributed the high Citizens policy take-up rate to HCI's brand reputation, technology, and timing relative to the storm. Executive Mark Harmsworth confirmed the quarter's underlying loss ratio of approximately 25% is a stable, normalized figure and a reliable go-forward number for the near term.

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

    Matthew Carletti's questions to Bowhead Specialty Holdings Inc (BOW) leadership • Q1 2025

    Question

    Matthew Carletti from Citizens Financial Group requested a qualitative update on the rollout of the Baleen platform and asked if the Q1 effective tax rate of 21% is a reliable indicator for the full year.

    Answer

    CEO Stephen Sills reported that the Baleen technology is working well, enabling rapid quoting, and the focus is now on expanding the broker distribution network. He expressed confidence in a significant premium ramp-up in the second half of the year. CFO Brad Mulcahey stated that the 21% tax rate is likely in the lower range for the year, as the final rate will depend on stock price changes impacting stock-based compensation benefits.

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    Matthew Carletti's questions to Bowhead Specialty Holdings Inc (BOW) leadership • Q4 2024

    Question

    Matthew Carletti of JMP Securities requested an outlook for the slower-growing professional liability and healthcare lines and asked for more detail on competitive behavior, including whether competitors were aggressively pursuing year-end budgets.

    Answer

    CEO Stephen Sills confirmed that some competitors were aggressive late in the year. He explained that in professional liability, Bowhead is avoiding the highly competitive large public D&O market, instead focusing on growth in cyber, private, and small public D&O. For healthcare, he sees growth in the hospital business, senior care, and managed care E&O, while acknowledging that the miscellaneous medical segment is currently very competitive.

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    Matthew Carletti's questions to James River Group Holdings Ltd (JRVR) leadership

    Matthew Carletti's questions to James River Group Holdings Ltd (JRVR) leadership • Q1 2025

    Question

    Matthew Carletti asked for an update on the previously mentioned spike in Florida construction claims and requested a breakdown of the moving parts in the Specialty Admitted segment's Q1 premiums, including any potential one-time impacts.

    Answer

    CEO Frank D'Orazio confirmed that elevated claim frequency persists in the Florida Manufacturers & Contractors book, likely due to a rush to file claims before a change in state statutes, but noted severity in that book is down. Regarding Specialty Admitted, D'Orazio detailed the strategic derisking away from commercial auto. CFO Sarah Doran clarified that the premium decline also reflects the continued runoff of legacy workers' comp programs, which had a larger impact in the prior year's quarter.

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

    Matthew Carletti's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q1 2025

    Question

    Matthew Carletti of JMP Securities asked about the seasonality of growth, particularly in the high-performing crop and A&H divisions, and how Q1's results fit within full-year expectations. He also requested color on which business lines were seeing favorable reserve emergence.

    Answer

    CEO Andrew Robinson confirmed significant seasonality, with A&H's major renewal period boosting Q1 growth, while the second quarter will be a lower growth period due to dynamics in Global Property. He reiterated confidence in achieving the mid-teens growth guidance for the full year. CFO Mark Haushill added that accident years 2020 and onward showed favorable emergence, specifically in property, surety, and professional liability, increasing the company's overall reserve margin without prompting a release.

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    Matthew Carletti's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q4 2024

    Question

    Matthew Carletti from Citizens JMP asked about Skyward's strategic view on M&A and its current capital position, including whether it holds excess capital and has target leverage ratios.

    Answer

    CEO Andrew Robinson stated that while they are more actively looking at M&A, the bar is 'exceptionally high' to avoid disrupting their successful organic growth engine. CFO Mark Haushill and CEO Andrew Robinson both expressed confidence in the capital position, noting a balanced leverage ratio and significant capital efficiency from the company's diverse portfolio.

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    Matthew Carletti's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q3 2024

    Question

    Matthew Carletti asked about Skyward's strategy for adding new growth initiatives, such as Media Liability, and inquired about the company's management of casualty reserves amid industry-wide focus on social inflation.

    Answer

    CEO Andrew Robinson explained that Skyward is strategically focused on building out existing investments rather than needing to add new 'puzzle pieces' for growth, highlighting the new Media Liability unit as a key example. Regarding casualty reserves, he stated that Skyward reserves conservatively with a buffer above indications. While this buffer has eroded in some bodily injury-exposed areas, it remains positive, preventing adverse development, and has been favorable in other lines like transactional E&S.

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    Matthew Carletti's questions to Amerisafe Inc (AMSF) leadership

    Matthew Carletti's questions to Amerisafe Inc (AMSF) leadership • Q1 2025

    Question

    Matthew Carletti of JMP Securities LLC inquired about the audit premium impact from prior quarters, potential premium benefits from recent hurricane rebuild activities, and the possible effects of tariffs on medical costs for injured workers.

    Answer

    President and CEO G. Frost provided the audit premium figures for the four quarters of 2024, noting Q1 2025 was $5 million versus $6.4 million in Q1 2024. She confirmed a slight increase in audit premiums from rebuilding classifications in North Carolina and Georgia. Regarding tariffs, Frost speculated they could affect pharmacy and durable medical equipment costs, but the overall impact would depend on whether those costs are passed through to customers.

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    Matthew Carletti's questions to Amerisafe Inc (AMSF) leadership • Q4 2024

    Question

    Matthew Carletti asked if the strong voluntary premium growth was driven by an expanded agency appetite for AMERISAFE's broader high-hazard offerings, beyond just specific niches like roofing. He also questioned whether recent hurricane activity contributed to Q4 growth or if it is expected to provide a future tailwind.

    Answer

    President and CEO G. Frost confirmed that a key part of their strategy is ensuring the agency base understands the full breadth of AMERISAFE's risk appetite. She stated the company is focused on increasing the percentage of agents who submit and bind business. Regarding hurricanes, Frost explained that it is too early to see a significant impact in audit premiums and that while there was a slight increase in monthly payroll reporting from affected states, it could not be definitively attributed to storm-related reconstruction.

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    Matthew Carletti's questions to Amerisafe Inc (AMSF) leadership • Q3 2024

    Question

    Matthew Carletti of JMP Securities inquired about the drivers of AMERISAFE's accelerating top-line growth, the progress of its agency engagement initiatives, and the potential business impact from recent hurricane reconstruction efforts. He also requested the ELCM metric for the quarter.

    Answer

    President and CEO G. Frost attributed the top-line momentum to successful, employee-led initiatives enhancing agent engagement and internal efficiency, all while maintaining strict underwriting discipline. She confirmed that post-hurricane reconstruction in the Southeast could provide a business boost. Frost also stated the ELCM for the quarter was 157.

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    Matthew Carletti's questions to Goosehead Insurance Inc (GSHD) leadership

    Matthew Carletti's questions to Goosehead Insurance Inc (GSHD) leadership • Q1 2025

    Question

    Matthew Carletti asked about Goosehead's E&S capabilities, particularly in California, and its potential impact on commission rates. He also questioned whether the return of product availability would be gradual or a more sudden event post-storm season.

    Answer

    CFO Mark Jones Jr. described E&S as a useful tool but stated it's not large enough to materially impact overall commission rates, and he expects the admitted market to eventually return to California. Regarding product availability, he and CEO Mark Miller suggested it could be a 'chunky' comeback, with carriers indicating a potential reopening of capacity after the spring wind and hail season concludes.

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    Matthew Carletti's questions to Goosehead Insurance Inc (GSHD) leadership • Q4 2024

    Question

    Matthew Carletti inquired whether the improving product availability is consistent across geographies and perils, and asked about the impact of California wildfires on Q1 production and the long-term opportunity in the state.

    Answer

    CEO Mark Miller responded that the market improvement varies by state and product, with auto recovering broadly while homeowners remains tight in certain areas. He stated that despite temporary underwriting moratoriums from the wildfires, California remains operational with a thriving E&S market, and Goosehead sees significant long-term potential to expand its franchise footprint there.

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    Matthew Carletti's questions to Goosehead Insurance Inc (GSHD) leadership • Q3 2024

    Question

    Matthew Carletti inquired about the stabilization of product availability in key markets like Texas and California, and also asked for clarification on a sequential decrease in G&A expenses.

    Answer

    CEO Mark Miller explained that the auto insurance product market is improving and changes to home insurance policies, such as depreciable roofs and higher deductibles, are creating optimism for a return of product availability. CFO Mark Jones Jr. added that the lower G&A expense was due to disciplined cost control and delaying non-essential spending, with no one-time items affecting the figure.

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    Matthew Carletti's questions to ProAssurance Corp (PRA) leadership

    Matthew Carletti's questions to ProAssurance Corp (PRA) leadership • Q4 2024

    Question

    Matthew Carletti asked for an update on capital management strategy, noting the context of flat premium growth, rising equity, and the stock's discount to book value, and referenced past share buybacks.

    Answer

    Dana Hendricks, Chief Financial Officer, outlined a comprehensive capital management approach. She emphasized balancing the capital needs of operating subsidiaries, maintaining their 'A' rating from A.M. Best, and ensuring stable RBC levels. Hendricks mentioned they are cautiously adding some investment risk to the portfolio to increase yield. While share repurchases are a consideration, they are weighed against other uses of capital, such as operational investments and managing debt levels.

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    Matthew Carletti's questions to ProAssurance Corp (PRA) leadership • Q2 2024

    Question

    Matthew Carletti asked for an update on ProAssurance's capital management strategy, questioning the use of capital for buybacks versus holding it, given the stock's discount to book value and the company's cautious growth outlook.

    Answer

    Dana Shannon Hendricks, Chief Financial Officer, responded that ProAssurance remains committed to capital sufficiency, balancing the needs of its A.M. Best rating, risk-based capital requirements, and liquidity. While comfortable with the current capital position, she stated the company remains cautious due to market volatility, despite A.M. Best's recent affirmation of its ratings.

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    Matthew Carletti's questions to Horace Mann Educators Corp (HMN) leadership

    Matthew Carletti's questions to Horace Mann Educators Corp (HMN) leadership • Q4 2024

    Question

    Matthew Carletti asked about management's confidence level in achieving the 2025 EPS guidance of $3.60 to $3.90, especially compared to the variability of recent years, and questioned what the largest driver of variance within that guidance range is expected to be.

    Answer

    President and CEO Marita Zuraitis expressed high confidence in the 2025 guidance, attributing it to the successful profit restoration in the P&C segment and the predictable, stable earnings from the Life, Retirement, and Supplemental businesses. She identified catastrophe and weather-related losses as the primary remaining variable that could drive results toward the high or low end of the range, while noting that the science behind predicting these events is improving.

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    Matthew Carletti's questions to Selective Insurance Group Inc (SIGI) leadership

    Matthew Carletti's questions to Selective Insurance Group Inc (SIGI) leadership • Q3 2024

    Question

    Matthew Carletti requested a breakdown of Standard Commercial catastrophe losses by line of business and asked about the long-term strategic vision for the Personal Lines business, including its potential scale and geographic footprint, after the current profit improvement actions are complete.

    Answer

    John J. Marchioni, Chairman, President & CEO, provided the cat loss breakdown: Property at $93.7M, BOP at $4.4M, and Commercial Auto at $2.3M. On long-term strategy, he explained the first step is proving success in the mass affluent market within the current footprint. A potential second step would be disciplined geographic expansion, while carefully managing the company's overall catastrophe exposure.

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    Matthew Carletti's questions to Selective Insurance Group Inc (SIGI) leadership • Q3 2024

    Question

    Matthew Carletti requested a breakdown of catastrophe losses by line within Standard Commercial and asked about the long-term strategic vision for the Standard Personal Lines business after the current profitability actions are complete.

    Answer

    CEO John J. Marchioni provided the specific breakdown of Standard Commercial cat losses: $93.7M in property, $4.4M in BOP, and $2.3M in commercial auto. For the long-term Personal Lines strategy, he stated the near-term goal is proving they can compete in the mass affluent market, with a longer-term vision that includes potential geographic expansion to better tap that market in a disciplined way.

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