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    Paul Newsome • Piper Sandler Companies

    Paul Newsome's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership

    Paul Newsome's questions to ASPEN INSURANCE HOLDINGS LTD (AHL) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies asked if the faster growth in long-tail business would naturally lead to a higher loss ratio. He also inquired about the demand from alternative capital providers and whether Aspen is seeing increased competition from MGAs backed by this capital.

    Answer

    Mark Pickering, Group CFO & Treasurer, confirmed that a mix shift towards longer-tail casualty business would cause a slight uptick in the accident year ex-cat loss ratio, particularly in the Reinsurance segment. Christian Dunleavy, Group President & CEO of Aspen Bermuda Limited, added that interest from third-party capital in longer-tail lines is a structural and permanent market feature, noting that Aspen is well-positioned as a first mover in this area.

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    Paul Newsome's questions to Heritage Insurance Holdings Inc (HRTG) leadership

    Paul Newsome's questions to Heritage Insurance Holdings Inc (HRTG) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies requested more detail on expected policy growth by region and asked about the current underlying property claim trends, specifically frequency and severity.

    Answer

    CEO Ernie Garateix detailed the expected policy-in-force (PIF) growth, highlighting momentum in the Mid-Atlantic (Virginia) and the Northeast (New York), with Florida's PIF count expected to turn positive soon. CFO Kirk Lusk added that underlying claim trends are stable and manageable, with three-year frequency nearly flat (down 0.9%) and three-year severity up a modest 5.4%, indicating a moderation from prior years.

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    Paul Newsome's questions to United Fire Group Inc (UFCS) leadership

    Paul Newsome's questions to United Fire Group Inc (UFCS) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies inquired about the competitive environment, asking for details on differences between primary and reinsurance business, and sought to understand the drivers of the improved catastrophe loss results, parsing between strategic improvements and favorable weather.

    Answer

    EVP & Chief Operating Officer Julie Stephenson stated that while the market remains competitive with moderating rates, UFG is well-positioned due to improved risk selection. She noted the reinsurance market has been softer, leading UFG to non-renew some treaties. Regarding catastrophe losses, she attributed the favorable results to deliberate actions like increasing deductibles and resetting the hurricane risk profile, rather than just luck.

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    Paul Newsome's questions to Bowhead Specialty Holdings Inc (BOW) leadership

    Paul Newsome's questions to Bowhead Specialty Holdings Inc (BOW) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies asked for an outlook on investment income, specifically how the shift to long-tail business and rapid growth would affect underlying cash flows and the investment portfolio's growth rate.

    Answer

    CFO Brad Mulcahey stated that investment income should continue to grow due to increased balances from long-tail lines. He estimated that between $60 million and $90 million in cash could be added to the investment portfolio each quarter. He emphasized that growth will primarily be driven by the increasing size of the portfolio at current new money rates, rather than by trying to predict or control future interest rate movements.

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    Paul Newsome's questions to Palomar Holdings Inc (PLMR) leadership

    Paul Newsome's questions to Palomar Holdings Inc (PLMR) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies inquired about the competitive pressures in property lines, particularly the risk of declining commercial earthquake pricing spreading, and asked about emerging growth opportunities or 'green shoots' in newer business segments.

    Answer

    Mac Armstrong, Chairman, CEO & Founder, explained that Palomar's balanced portfolio across residential/commercial and admitted/E&S markets allows it to navigate market cycles and sustain growth. He highlighted that strong performance in residential earthquake, which has an inflation guard and high retention, is offsetting commercial rate pressure. Armstrong identified casualty, crop, and surety as key growth vectors where the company is expanding with disciplined underwriting.

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    Paul Newsome's questions to Hartford Insurance Group Inc (HIG) leadership

    Paul Newsome's questions to Hartford Insurance Group Inc (HIG) leadership • Q2 2025

    Question

    Paul Newsome of Piper Sandler Companies asked for The Hartford's perspective on social inflation and litigation finance challenges. He also questioned if it was possible to measure the specific impact of litigation finance separately from other social inflation drivers.

    Answer

    Chairman & CEO Christopher Swift described social inflation as an ongoing 'tax' on the system but expressed optimism about growing legislative efforts to enact tort reform. He acknowledged that litigation finance contributes to higher loss trends and expenses. While not providing a specific measurement, he confirmed that both inflated average costs from lawyers and nuclear verdicts are contributing factors that the company tracks.

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    Paul Newsome's questions to Goosehead Insurance Inc (GSHD) leadership

    Paul Newsome's questions to Goosehead Insurance Inc (GSHD) leadership • Q2 2025

    Question

    Paul Newsome from Piper Sandler Companies requested more details on the company's direct-to-consumer channel plans and investment size, and asked if the increased proportion of state-fund policies had impacted contingent commissions.

    Answer

    President & CEO Mark Miller indicated the direct channel investment builds on prior technology work to enable cross-sells and enterprise sales, with the project's size still being determined. CFO Mark Jones Jr. confirmed that state-run plans do not pay contingent commissions, so a shift away from that business creates more opportunities for such earnings.

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    Paul Newsome's questions to American Integrity Insurance Group Inc (AII) leadership

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

    Question

    Paul Newsome asked for insights into the current competitive environment in Florida, noting talk of increased aggressiveness from peers.

    Answer

    Founder & CEO Robert Ritchie responded that he is not deterred by new entrants, stating that the market is large enough and that he welcomes responsible competition. He expressed confidence that the Office of Insurance Regulation is preventing underpriced products from entering the market. He emphasized that American Integrity's key advantage lies in its strong, long-standing relationships with quality independent agents, which ensures a steady flow of desirable business, and noted that large national carriers are not re-entering Florida in a significant way.

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    Paul Newsome's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership

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

    Question

    Paul Newsome asked for an update on the investment portfolio, specifically what changes have been made and what is left to do, to better understand the prospective net investment income run rate.

    Answer

    CFO Mark Haushill stated that very little is left to do with the investment portfolio, as they are pleased with its structure, allocation, and duration. The main focus is completing redemptions from the alternatives portfolio, which is now under 6% of total investments. CEO Andrew Robinson added that while cash flow continues to be deployed into fixed income, the extraordinary yields earned on cash in 2024 will not be replicated, creating a headwind for year-over-year investment income growth.

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