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    Nicolas Iacoviello

    Research Analyst at Dowling & Partners Securities, LLC

    Nicolas Iacoviello is an Equity Analyst at Dowling & Partners Securities, LLC, specializing in insurance sector research for both property and casualty as well as reinsurance companies. He provides coverage for a range of major publicly listed insurers such as Accelerant Holdings, ACE Limited, ACP Re, Aflac Inc., A.J. Gallagher, Alleghany Corp, Allianz SE, and Allied World, among others. Actively engaged in earnings calls and investor coverage for leading firms like HCI Group and Universal Insurance, Iacoviello has demonstrated a depth of industry knowledge and analytic rigor, although specific performance metrics and historical rankings are not publicly available. He is a key member of Dowling & Partners' equity research team, though further details on professional credentials, FINRA registration, or earlier career history have not been disclosed.

    Nicolas Iacoviello's questions to International General Insurance Holdings (IGIC) leadership

    Nicolas Iacoviello's questions to International General Insurance Holdings (IGIC) leadership • Q2 2025

    Question

    Nicolas Iacoviello of Dowling & Partners inquired about the decline in the net-to-gross written premium retention rate and the cession history of the non-renewed professional indemnity portfolio.

    Answer

    President & CEO Waleed Jabsheh explained the lower retention rate was driven by opportunistic facultative reinsurance buying to generate fee income and strategic expansions backed by reinsurer support. Regarding the non-renewed portfolio, he noted the cession rate had increased over time to around 80-85% as the book grew, and the non-renewal is a disciplined action to enhance future profitability with a minimal net impact.

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    Nicolas Iacoviello's questions to International General Insurance Holdings (IGIC) leadership • Q1 2025

    Question

    Nicolas Iacoviello of Piper Sandler & Co. asked for clarification on the professional indemnity (PI) portfolio under review, questioning if it was the same area that underwent remediation in Q3 2024 and seeking more detail on the specific underlying class causing issues.

    Answer

    Waleed Jabsheh, President and CEO, confirmed it is the same U.K.-based PI portfolio segment that has been underperforming. He noted that while the issue is not systemic, the company is reviewing it closely and may decide to discontinue that part of the business later in the year.

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    Nicolas Iacoviello's questions to UNIVERSAL INSURANCE HOLDINGS (UVE) leadership

    Nicolas Iacoviello's questions to UNIVERSAL INSURANCE HOLDINGS (UVE) leadership • Q2 2025

    Question

    Nicolas Iacoviello asked for confirmation on whether there was any prior year development or claims handling benefits and inquired about the cost of the new reinsurance program as a percentage of direct earned premium.

    Answer

    CFO Frank Wilcox confirmed that any prior year development in the quarter was negligible. He also stated that the cost of the new reinsurance program, effective June 1, is not significantly different as a percentage of direct earned premium compared to the previous program, viewing this as a positive indicator for the Florida market.

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    Nicolas Iacoviello's questions to UNIVERSAL INSURANCE HOLDINGS (UVE) leadership • Q2 2025

    Question

    Nicolas Iacoviello inquired about any net prior year development or claims handling benefits in the quarter and asked for commentary on the cost of the new reinsurance program.

    Answer

    CFO Frank Wilcox stated that any prior year development was negligible. Regarding the new reinsurance program effective June 1, he noted that its cost as a percentage of direct earned premium is not significantly different from the prior period, which he views as a positive indication of an improving Florida marketplace, especially following three landfalling storms last year.

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    Nicolas Iacoviello's questions to UNIVERSAL INSURANCE HOLDINGS (UVE) leadership • Q1 2025

    Question

    Nicolas Iacoviello asked if any claims handling benefit was booked during the quarter and sought confirmation on the structure of the GAAP retention for the new reinsurance program, particularly the role of the captive insurer.

    Answer

    CFO Frank Wilcox stated that any claims handling benefit was 'negligible.' He also confirmed the company plans to use its captive reinsurer in the same capacity as the prior year, covering $66 million in excess of a $45 million retention, for a total net retention of $111 million for the first event.

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    Nicolas Iacoviello's questions to UNIVERSAL INSURANCE HOLDINGS (UVE) leadership • Q3 2024

    Question

    Nicolas Iacoviello asked whether Universal Insurance Holdings should anticipate additional reinstatement premiums following Hurricane Milton.

    Answer

    Chief Financial Officer Frank Wilcox explained that many lower layers of the reinsurance tower are covered by reinstatement premium protection, making additional premiums unlikely unless losses penetrate significantly higher into the tower. Chief Executive Officer Stephen Donaghy added that, for modeling purposes, no such premiums should be expected in Q4 due to the current pace of claims.

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