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    Tommy McJoynt • Keefe, Bruyette & Woods (KBW)

    Tommy McJoynt's questions to American Integrity Insurance Group Inc (AII) leadership

    Tommy McJoynt's questions to American Integrity Insurance Group Inc (AII) leadership • Q2 2025

    Question

    Tommy McJoynt from Keefe, Bruyette & Woods (KBW) inquired about the reinsurance cost benefits from geographic diversification, the company's competitive moat in the new home construction market, and the policy mix between voluntary and Citizens takeout policies.

    Answer

    President Jon Ritchie and Founder & CEO Bob Ritchie clarified that while Tri-County expansion beneficially diversifies the portfolio and PML, out-of-state growth is not expected to materially impact reinsurance costs. Bob Ritchie attributed their 30% market share in new homes to deep-seated relationships with builder agents, a tech-enabled platform with APIs, and capitalizing on market shifts. Jon Ritchie stated that of the 399,000 policies in force, approximately 100,000-110,000 were from Citizens.

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

    Question

    Tommy McJoynt asked about the expected reinsurance cost impact of expanding into the Tri-County area and the outlook for the attritional loss ratio for the remainder of the year, considering factors like Citizens takeouts.

    Answer

    President Jon Ritchie explained that due to the company's current lack of concentration in the Tri-County region, the expansion is expected to be accretive to the reinsurance program through diversification. Founder & CEO Robert Ritchie added that the non-cat loss ratio is benefiting from substantially reduced claim frequency, which offsets inflation on the severity side. CFO Ben Lurie noted that current financial ratios are temporarily benefiting from Citizens takeouts, which artificially depress the ratios, and expects a reversion to more normalized levels over time.

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    Tommy McJoynt's questions to Slide Insurance Holdings, Inc. (SLDE) leadership

    Tommy McJoynt's questions to Slide Insurance Holdings, Inc. (SLDE) leadership • Q2 2025

    Question

    Tommy McJoynt from KBW asked for context on the potential assumption rate for the 175,000 approved Citizens takeouts and inquired about Slide's organic growth initiatives outside of the Citizens depopulation program.

    Answer

    Founder & CEO Bruce Lucas explained that predicting the final Citizens assumption rate is difficult, but noted historical rates have ranged from 30% to over 70%, and Slide currently wins 65-70% of double-tagged policies. For organic growth, Lucas detailed a multi-channel approach, including expanding its network of over 5,000 agents, forming national agency partnerships, exploring auto insurance partnerships, and scaling its direct-to-consumer (DTC) channel, which recently doubled in size.

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    Tommy McJoynt's questions to Assured Guaranty Ltd (AGO) leadership

    Tommy McJoynt's questions to Assured Guaranty Ltd (AGO) leadership • Q2 2025

    Question

    Tommy McJoynt asked about the recent dismissal of several members of the Puerto Rico Oversight Board, its potential impact on restructuring timelines, the company's current holdings of Puerto Rico contingent value instruments (CVIs), and the potential correlation between strong economic activity and PREPA's ability to repay its debt.

    Answer

    President and CEO Dominic Frederico stated he was optimistic about the board changes, suggesting the previous board was already causing significant delays and that any change could be an improvement. He disclosed that Assured Guaranty holds approximately $117 million in CVIs, which have performed well. Regarding PREPA, Mr. Frederico expressed confidence in its ability to repay debt, noting that the situation is becoming more positive for reaching a consensual agreement.

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    Tommy McJoynt's questions to Hamilton Insurance Group Ltd (HG) leadership

    Tommy McJoynt's questions to Hamilton Insurance Group Ltd (HG) leadership • Q2 2025

    Question

    Tommy McJoynt of KBW asked if Hamilton is still facing premium growth headwinds from its discontinued lines of business. He also questioned whether the higher profit commission that impacted the expense ratio was an anomaly for the quarter or represented a new run rate.

    Answer

    CFO Craig Howie responded that the company still expects double-digit premium growth for the year, albeit at a slower pace than in the past, reflecting a disciplined underwriting culture. He clarified that the profit commission is not a new run rate; rather, it is accrued based on the performance of specific underlying books of business and can fluctuate quarter to quarter.

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    Tommy McJoynt's questions to Root Inc (ROOT) leadership

    Tommy McJoynt's questions to Root Inc (ROOT) leadership • Q2 2025

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods inquired about the outlook for policies in force (PIF) growth, the impact of a competitive direct channel, whether the partnership channel is now large enough to offset a direct channel pullback, and the budget for sales and marketing spend for the remainder of the year.

    Answer

    Co-Founder and CEO Alex Timm noted modest PIF growth quarter-to-date in Q3, driven by the rapidly expanding partnership channel, which tripled new writings year-over-year. He stated that while the company will not chase a soft market in the direct channel, the partnership channel is expected to drive modest near-term growth and become a more sizable portion of the business over time. CFO Megan Binkley added that marketing spend will remain opportunistic and is expected to be slightly elevated compared to Q2, driven by R&D investments in new channels.

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    Tommy McJoynt's questions to Assurant Inc (AIZ) leadership

    Tommy McJoynt's questions to Assurant Inc (AIZ) leadership • Q2 2025

    Question

    Tommy McJoynt from Keefe, Bruyette & Woods (KBW) asked about the potential for a pull-forward in consumer activity for devices and vehicles ahead of tariffs, and questioned the opportunity for further operating leverage in the Global Housing segment's expense ratio.

    Answer

    President and CEO Keith Demings acknowledged a slight pull-forward in mobile trade-in activity but emphasized that the primary driver of Connected Living's outperformance was strong subscriber growth. For Global Housing, Demings confirmed there is an opportunity for continued leverage, driven by business growth, new client wins, and significant investments in technology and automation. CFO Keith Meyer added that approximately 80% of the housing costs are leveragable, as they are not commission-based.

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    Tommy McJoynt's questions to Baldwin Insurance Group Inc (BWIN) leadership

    Tommy McJoynt's questions to Baldwin Insurance Group Inc (BWIN) leadership • Q2 2025

    Question

    Tommy McJoynt of KBW inquired about the key drivers behind the stronger-than-expected 10% organic growth in the Insurance Advisory Solutions (IAS) segment and sought clarity on the company's conviction in its updated guidance for negative rate and exposure impacts.

    Answer

    CEO Trevor Baldwin attributed the IAS strength to top-decile new business generation, with sales velocity at 22%, and a temporary pull-through of renewal exposures from large energy clients. He explained the negative outlook is based on a significant deceleration in property rates observed in June and sluggishness in client capital expenditures. CFO Brad Hale added that since rate and exposure have never been a primary growth driver, they are confident in their assessment of the potential downside.

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    Tommy McJoynt's questions to Baldwin Insurance Group Inc (BWIN) leadership • Q2 2025

    Question

    Tommy McJoynt from Keefe, Bruyette & Woods (KBW) inquired about the drivers of the stronger-than-expected 10% organic growth in the Insurance Advisory Solutions (IAS) segment and the company's conviction in its updated guidance for negative rate and exposure impact.

    Answer

    CEO Trevor Baldwin attributed the IAS strength to exceptionally strong new business, with sales velocity at 22%, and a higher-than-anticipated rate and exposure impact from accelerated renewals for large energy clients. He explained that normalizing for this pull-through reveals underlying negative trends in property pricing, which informs the updated guidance. CFO Brad Hale added that rate and exposure have never been a primary growth driver, giving them confidence in their forecast.

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    Tommy McJoynt's questions to Lemonade Inc (LMND) leadership

    Tommy McJoynt's questions to Lemonade Inc (LMND) leadership • Q2 2025

    Question

    Tommy McJoynt asked for an update on the premium leverage Lemonade can write on a gross basis and how the new reinsurance structure affects it. He also inquired about capital trends at the holding company level versus the insurance entities.

    Answer

    CFO Tim Bixby stated that the company's capital planning and its target premium leverage ratio of roughly 6-to-1 on a gross basis remain substantially unchanged. He explained that the company can now leverage its own captive structures to replace the capital surplus benefit lost from reducing the quota share. Bixby also clarified that while individual entities have different profitability profiles, the company manages capital on a consolidated basis and maintains a sufficient cushion of around $200 million.

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