Financial Data and Key Metrics Changes - Adjusted diluted earnings per common share increased to $1.36 from an adjusted loss of $0.73 in the prior year quarter, primarily due to a lower net loss ratio, higher net premiums earned, net investment income, and commission revenue [4][5] - Core revenue reached $400 million, up 4.9% year over year, driven by higher net premiums earned, net investment income, and commission revenue [4] - Direct premiums written were $592.8 million, a 3.2% increase from the prior year quarter, with a notable 22.2% growth in other states, partially offset by a 2.6% decrease in Florida [4] Business Line Data and Key Metrics Changes - Net premiums earned rose to $359.7 million, up 4% from the prior year quarter, mainly due to higher direct premiums earned, despite a higher ceded premium ratio [5] - The net combined ratio improved to 96.4%, down 20.5 points compared to the prior year quarter, reflecting a lower net loss ratio [5][6] - The net loss ratio decreased to 70.2%, down 21.5 points from the prior year quarter, attributed to the absence of significant hurricane activity in the current quarter [6] Market Data and Key Metrics Changes - The company experienced a 22.2% growth in direct premiums written in states outside Florida, indicating a positive trend in its multi-state operations [4] - Florida's market remains competitive with new players entering, but the company maintains a focus on rate adequacy and service quality [11][12] Company Strategy and Development Direction - The company is positioned to succeed in the improved Florida market, with a conservative reserving process aimed at enhancing balance sheet resilience [3] - The management emphasizes maintaining a conservative approach to reserving and capital management, with potential share repurchase activity as part of ongoing business strategy [14] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in claims count and faster claims processing, contributing to a positive outlook for the future [9] - The competitive environment is described as highly competitive, particularly outside Florida, with a focus on maintaining established relationships with agents [11][12] Other Important Information - The company repurchased approximately 347,000 shares at a cost of $8.1 million, with $7.1 million remaining in the share repurchase authorization program [7] - A quarterly cash dividend of $0.16 per share was declared, payable on August 9, 2025 [7] Q&A Session Summary Question: Insights on reserving and profit margins - Management indicated that they have come through a challenging period in the Florida market and are optimistic about future reserving practices, with a focus on maintaining a conservative approach [9][10] Question: Competitive environment in Florida - Management acknowledged the competitive landscape in Florida, noting the presence of new players and the importance of rate adequacy and service quality [11][12] Question: Capital management priorities - Management expressed confidence in share repurchase activity as part of capital management, while also considering future growth opportunities [14]

Financial Data and Key Metrics Changes - Adjusted diluted earnings per common share was $1.36 compared to an adjusted loss per common share of $0.73 in the prior year quarter, primarily due to a lower net loss ratio, higher net premiums earned, net investment income, and commission revenue [4] - Core revenue reached $400 million, up 4.9% year over year, driven by higher net premiums earned, net investment income, and commission revenue [4] - Direct premiums written were $592.8 million, up 3.2% from the prior year quarter, with a notable 22.2% growth in other states, partially offset by a 2.6% decrease in Florida [4] - Net premiums earned increased to $359.7 million, up 4% from the prior year quarter, attributed to higher direct premiums earned [5] Business Line Data and Key Metrics Changes - The net loss ratio was 70.2%, down 21.5 points compared to the prior year quarter, reflecting the absence of hurricane activity in the current quarter [6] - The combined ratio improved to 96.4%, down 20.5 points from the prior year quarter, indicating better overall operational efficiency [6] - The net expense ratio was 26.2%, up one point compared to the prior year quarter, driven by a higher ceded premium ratio and increased policy acquisition costs [6] Market Data and Key Metrics Changes - The company experienced a 22.2% growth in direct premiums written in states outside Florida, indicating a successful expansion strategy [4] - Florida's market remains competitive with new players entering, but the company maintains a focus on rate adequacy and service quality [11][12] Company Strategy and Development Direction - The company is positioned to succeed in the improved Florida market, with a conservative reserving process aimed at enhancing balance sheet resilience [3] - The management emphasizes maintaining a conservative approach to reserving and capital management, with potential share repurchase activity as a priority [14] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in claims count and faster claims processing, contributing to a positive outlook for the future [9] - The competitive environment is described as highly competitive, particularly outside Florida, but the company remains committed to its established market strategies [11][12] Other Important Information - The company repurchased approximately 347,000 shares at an aggregate cost of $8.1 million, with $7.1 million remaining in the current share repurchase authorization program [7] - A quarterly cash dividend of $0.16 per share was declared, payable on August 9, 2025 [7] Q&A Session Summary Question: Insights on reserving and profit margins - Management indicated that they have come through a challenging period in the Florida market and are optimistic about their reserving philosophy moving forward [9][10] Question: Competitive environment in Florida - Management acknowledged the competitive nature of the Florida market with new entrants but emphasized their focus on rate adequacy and service quality [11][12] Question: Capital management priorities - Management expressed confidence in share repurchases as part of their capital management strategy, contingent on market conditions [14]

Financial Data and Key Metrics Changes - Adjusted diluted earnings per common share was $1.36 compared to an adjusted loss per common share of $0.73 in the prior year quarter, indicating a significant improvement [4] - Core revenue reached $400 million, up 4.9% year over year, driven by higher net premiums earned, net investment income, and commission revenue [4] - Direct premiums written were $592.8 million, up 3.2% from the prior year quarter, reflecting growth in other states despite a decrease in Florida [4] - Net premiums earned increased to $359.7 million, up 4% from the prior year quarter, primarily due to higher direct premiums earned [5] - The net combined ratio improved to 96.4%, down 20.5 points compared to the prior year quarter, reflecting a lower net loss ratio [5] Business Line Data and Key Metrics Changes - Direct premiums earned were $534.1 million, up 5.2% from the prior year quarter, indicating growth in policies in force and higher rates [4] - The net loss ratio was 70.2%, down 21.5 points compared to the prior year quarter, attributed to the absence of hurricane activity in the current quarter [5] - The net expense ratio increased to 26.2%, up one point compared to the prior year quarter, driven by a higher ceded premium ratio and increased policy acquisition costs [5] Market Data and Key Metrics Changes - The company experienced a 22.2% growth in direct premiums written in states outside Florida, while Florida saw a 2.6% decrease [4] - The overall growth reflects higher policies in force and inflation adjustments across the multi-state footprint [4] Company Strategy and Development Direction - The company is focused on maintaining a conservative reserving process to protect and enhance the resilience of its balance sheet [3] - Management emphasized a commitment to rate adequacy and high service levels rather than chasing premium growth, particularly in the competitive Florida market [10][11] - The company plans to continue evaluating its capital management strategy, including share repurchases, as it maintains a strong return on equity [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the revamped Florida market and noted a significant reduction in claims count, which has positively impacted reserving practices [9] - The competitive environment remains challenging, with many new players entering the Florida market, but the company believes its established relationships with agents provide a competitive advantage [10][11] Other Important Information - The company repurchased approximately 347,000 shares at an aggregate cost of $8.1 million, with $7.1 million remaining in the current share repurchase authorization program [6] - A quarterly cash dividend of $0.16 per share was declared, payable on August 9, 2025 [7] Q&A Session Summary Question: Insights on reserving and profit margins - Management noted that the company has come through a challenging period in the Florida market and is optimistic about future reserving practices, with a focus on maintaining a conservative approach [9] Question: Competitive environment in Florida - Management acknowledged the competitive nature of the Florida market, with many new entrants, but emphasized their commitment to rate adequacy and service quality [10][11] Question: Capital management priorities - Management indicated that while they view share repurchases positively, they will continue to assess their capital management strategy based on market conditions and returns [12] Question: Prior year catastrophe development - Management confirmed that there was approximately $3.9 million related to prior year catastrophe development booked in the current quarter [15]