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    Tommy McJoynt

    Research Analyst at Keefe, Bruyette & Woods (KBW)

    Tommy McJoynt is an Assistant Vice President and Equity Research Analyst at Keefe, Bruyette & Woods (KBW), specializing in residential real estate, mortgage finance, and specialty finance sectors. He has covered a range of companies including Hamilton Insurance Group, Goosehead Insurance, MediaAlpha, Assurant, TWFG, and Root, Inc., with a performance record featuring a 55.56% success rate and a 23.87% average return across his ratings, ranking in the top half of over 4,000 tracked analysts. McJoynt began his career as a Senior Audit Associate at Crowe LLP in 2013 before joining KBW in 2016, and holds both a CFA charter and active CPA credentials with dual BBA degrees in Finance and Accounting from Villanova University. He is also registered with FINRA and maintains securities licenses relevant to his role.

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

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

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods (KBW) asked about the potential benefits of geographic diversification on reinsurance costs, specifically from the Tri-County expansion and growth in other states. He also questioned the company's competitive moat in the new home construction market and requested a breakdown of policies in force between voluntary and Citizens takeout programs.

    Answer

    President Jon Ritchie explained that while expansion into the Tri-County area incrementally aids the PML and balances the portfolio, growth in other states like Georgia and South Carolina does not provide a material reinsurance benefit. Founder and CEO Bob Ritchie detailed the company's new home market moat, attributing it to deep relationships with builder agents, a tech-enabled platform with APIs, capitalizing on market shifts, and a strong internal focus. Jon Ritchie also clarified that of the policies in force, approximately 100,000 to 110,000 were from Citizens.

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

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods (KBW) questioned the expected impact on reinsurance costs from expanding into the Tri-County area. He also asked for the outlook on attritional loss ratio trends for the remainder of the year, considering various factors.

    Answer

    President Jon Ritchie stated that because the company is under-concentrated in the Tri-County region, the expansion is expected to be accretive to the reinsurance program due to diversification. Regarding the loss ratio, Founder & CEO Robert Ritchie noted that reduced claim frequency is offsetting inflation. CFO Ben Lurie added that current ratios are temporarily depressed due to the accounting effects of Citizens takeouts and will normalize over time.

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    Tommy McJoynt's questions to TWFG (TWFG) leadership

    Tommy McJoynt's questions to TWFG (TWFG) leadership • Q2 2025

    Question

    Tommy McJoynt questioned the future trajectory of EBITDA margins, asking if continued year-over-year expansion is expected and if a 25% full-year margin is feasible in the coming years. He also asked for quantification of the one-time gain on sale that was mentioned as a contributor to Q2 margin uplift.

    Answer

    CEO Gordy Bunch described a 25% full-year EBITDA margin as 'feasible' in the next couple of years but not currently projected, stating it would depend on the scale of future high-margin acquisitions and the success of efficiency initiatives involving AI and offshore operations. CFO Janice Zwinggi quantified the one-time gain on a book of business sale at approximately $600,000. She also noted that a year-over-year increase in interest income of over $1 million also boosted profitability.

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    Tommy McJoynt's questions to TWFG (TWFG) leadership • Q3 2024

    Question

    Speaking on behalf of Tommy McJoynt, an analyst asked for quantification of the organic growth headwind from an MGA program's commission structure change and for clarification on the components and run rate of the 'Other Income' line.

    Answer

    CFO Janice Zwinggi quantified the MGA program headwind at a $1 million decline in fee income for the quarter. Executive Richard Bunch added that this was a one-time impact from a new 5-year agreement and is not expected to recur in 2025. Regarding 'Other Income,' Janice Zwinggi stated that 95% is investment income, which has increased due to IPO proceeds and is expected to remain elevated.

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

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

    Question

    Tommy McJoynt asked for context on the potential number of policies that could be assumed from the 175,000 approved Citizens takeouts and inquired about the company's organic growth efforts outside of Citizens, such as agent and channel expansion.

    Answer

    Founder & CEO Bruce Lucas explained that the ultimate Citizens assumption rate is variable, historically ranging from 30% to over 70%, but noted they remain bullish on the Q4 opportunity. For organic growth, Lucas highlighted the expansion of their agent network to over 5,000, the formation of national partnerships, and the successful scaling of their direct-to-consumer (DTC) channel.

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    Tommy McJoynt's questions to ASSURED GUARANTY (AGO) leadership

    Tommy McJoynt's questions to ASSURED GUARANTY (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 (HG) leadership

    Tommy McJoynt's questions to Hamilton Insurance Group (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 MBIA (MBI) leadership

    Tommy McJoynt's questions to MBIA (MBI) leadership • Q2 2025

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods (KBW) inquired about the recent transfer of certain PREPA bankruptcy claims to a custodian, asking if this signals an intent to sell them, the potential buyer pool, and the criteria for selecting which claims to transfer. He also asked for management's view on the impact of the dismissal of five Puerto Rico oversight board members and sought clarification on a 10-Q disclosure about modifying National's settlement.

    Answer

    William Fallon, Director & CEO, explained that transferring $374 million in fully paid-off PREPA claims to a custodian creates more marketable securities with their own CUSIP numbers, but a sale is not certain. He noted that the claims transferred were from bonds that have been fully paid off, not a selective process. Regarding the oversight board changes, Fallon stated it is too early to determine the full impact but hopes it could be a positive catalyst for a consensual deal. He clarified the disclosure about the settlement modification referred to a past event where the agreement was effectively terminated.

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    Tommy McJoynt's questions to Root (ROOT) leadership

    Tommy McJoynt's questions to Root (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 (AIZ) leadership

    Tommy McJoynt's questions to ASSURANT (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 (BWIN) leadership

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

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods (KBW) asked for the key drivers of the strong 10% organic growth in the Insurance Advisory Solutions (IAS) segment and the company's conviction in its updated forecast for negative rate and exposure.

    Answer

    CEO Trevor Baldwin attributed the strong IAS results 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 informed by a significant deceleration in property rates observed in June and sluggishness in capital expenditures. CFO Brad Hale added that rate and exposure have never been a primary driver of their growth story, giving them confidence in the downside prediction.

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    Tommy McJoynt's questions to Baldwin Insurance Group (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 Lemonade (LMND) leadership

    Tommy McJoynt's questions to Lemonade (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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    Tommy McJoynt's questions to RE/MAX Holdings (RMAX) leadership

    Tommy McJoynt's questions to RE/MAX Holdings (RMAX) leadership • Q2 2025

    Question

    Tommy McJoynt of Keefe, Bruyette & Woods (KBW) asked for clarification on the reduced guidance, questioning the split between lower variable brokerage fees versus recurring agent count fees. He also inquired which geographic regions were the primary drivers for the upwardly revised full-year agent count guidance.

    Answer

    Chief Financial Officer Karri Callahan explained the reduced guidance stems from three main factors: a slower-than-expected ramp-up of the REMAX Media Network, a more tempered outlook on variable broker fees, and a near-term revenue lag from the new Aspire program. Regarding the agent count guidance increase, Callahan credited strong international growth as the biggest driver, while also highlighting positive momentum and a key conversion in the U.S.

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    Tommy McJoynt's questions to RE/MAX Holdings (RMAX) leadership • Q1 2025

    Question

    Asked about U.S. agent market share trends and the company's official stance on the recent NAR policy changes regarding listing cooperation.

    Answer

    The company believes its agent market share performance is slightly better than the industry trend due to the high productivity of its agents. Regarding the NAR policy, RE/MAX's official view supports maximum transparency and the broadest possible distribution of listings as being in the best interest of most consumers, while still providing guidance for situations requiring private listings.

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