The biggest way to mitigate risk is really the only free lunch in finance, which is diversification. And to be properly diversified, I think there's really three levels of diversification. You have level one, which is basically your broad asset allocation, your stocks, bonds, cash.Over the past decade, we've seen a move towards alternative assets and other illquid assets as as another asset class. So, you want to be diversified amongst the asset classes. Okay.The second level of risk control uh and specific ...

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Group 1 - U.S. investors typically favor domestic securities for risk mitigation, investment assessment, and historical performance reasons [1] - Income-oriented investors have an even stronger case for avoiding foreign assets due to their focus on portfolio cash flows [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates with financial strategies and large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1] - Berzins holds a CFA Charter and an ESG investing certificate, and has interned at the Chicago Board of Trade [1] - He is actively involved in thought-leadership activities to support the development of pan-Baltic capital markets [1]

Core Insights - FOREWARN services will be made available to approximately 10,000 members of the MIBOR REALTOR Association to enhance agent safety [1][3] - The service provides real-time information solutions, including identity verification and criminal history checks, accessible via a mobile app [2][5] - MIBOR members can access FOREWARN services at no additional cost, promoting proactive safety measures [2][3] Company Overview - FOREWARN, LLC is a leading provider of real-time information solutions for real estate agents, focusing on safety and risk mitigation [1][5] - MIBOR REALTOR Association represents central Indiana's REALTORS, serving around 10,000 professionals across 14 counties [7][8] - MIBOR aims to strengthen communities and promote professionalism through technology resources [8]

Summary of Granite Ridge Resources Conference Call Company Overview - Granite Ridge Resources is a publicly traded diversified US oil and gas company with a market cap approaching $900 million and an enterprise value of about $1 billion [5][9] - The company focuses primarily on the Permian Basin but has assets across six major basins in the US [6] Core Business Strategy - The objective is to provide public investors with private equity-like exposure with daily liquidity [4] - The company emphasizes finding compelling opportunities and allocating cash flow to the best deals [7][16] - Granite Ridge aims for a 16% year-over-year production growth, supported by a strong balance sheet with a leverage ratio of approximately 0.7x [9][10] Financial Performance - The company reported approximately $291 million in EBITDA for 2024, with expectations of cash flow around $330 million for the current year [15][43] - The dividend yield is around 9%, with a commitment to defending it while also focusing on production growth [8][10] Investment Approach - Granite Ridge employs a dual strategy of operated partnerships and traditional non-operated investments, with a focus on risk-adjusted returns [11][12] - The company has evaluated over 650 unique transactions in 2024, maintaining a disciplined approach with a less than 10% closure rate on deals [18][20] Market Position and Competitive Landscape - The company trades at a discount compared to peers, around three times earnings, despite strong asset growth and a solid balance sheet [10][41] - The non-operated space has become more competitive, prompting a shift towards operated partnerships, which are expected to account for about 25% of production this year [32][35] Hedging Strategy - Granite Ridge entered the year with 90% of its current production hedged, which is seen as a risk mitigant rather than a speculative tool [40][41] - The company aims to maintain cash flow to cover maintenance CapEx and dividends for at least 18 months in a challenging price environment [76] Future Outlook - The company anticipates continued growth in operated partnerships, with plans to increase production and capitalize on favorable market conditions [36][47] - There is a focus on maintaining flexibility in drilling operations, allowing for adjustments based on market conditions [68][72] Investor Relations - The company acknowledges the need to communicate its strategy effectively to investors, especially given the broader skepticism towards the energy sector [78][80] - Granite Ridge is committed to proving its business model and generating shareholder value through disciplined capital allocation and operational excellence [80][81] Key Takeaways - Granite Ridge Resources is positioned for growth with a strong focus on disciplined investment strategies and risk management - The company is leveraging its unique expertise in both technical and financial aspects to navigate the oil and gas market effectively - Continued communication with investors and demonstrating operational success will be crucial for the company's market perception and valuation moving forward [82]

Group 1 - Mercury Insurance has appointed Steve Bennett as Senior Director of Climate and Catastrophe Science to lead a team focused on risk mitigation in property and casualty insurance [1][2] - The company aims to work collaboratively with homeowners, municipalities, and government to create more resilient and insurable risks in high-risk areas affected by climate change [2][4] - Mercury has successfully written more policies in areas where competitors have withdrawn, such as Paradise, CA, by implementing new zoning and construction standards for wildfire mitigation [3][4] Group 2 - The company emphasizes a science-based approach to risk management, encouraging customers to enhance their properties against catastrophic events in exchange for affordable coverage options [3][5] - Bennett brings over 30 years of experience in climate risk and effective risk management, previously co-founding Demex and serving on the faculty at the University of North Carolina [5] - Mercury's strategy includes analyzing geographical factors, building methods, and policy concentration to manage catastrophic risks more effectively, rather than excluding entire areas from coverage [4][5]

Core Insights - FOREWARN, LLC has partnered with NEXUS Association of REALTORS to provide its services to over 5,000 real estate professionals in New Jersey, focusing on enhancing agent safety [1][3] - The FOREWARN service offers real-time data analysis, allowing agents to verify identities, check criminal histories, and validate client information using just a phone number [2][5] - NEXUS members will have access to FOREWARN services at no additional cost, promoting proactive safety measures for real estate agents [2][3] Company Overview - FOREWARN is a leading provider of real-time information solutions for real estate agents, leveraging extensive data analytics to enhance safety and decision-making [1][5] - The company aims to ensure safer engagements and smarter interactions through innovative solutions that provide instant knowledge [5][6] - Red Violet, the parent company of FOREWARN, specializes in identity intelligence and risk mitigation technologies, serving various sectors including real estate [6]

Financial Data and Key Metrics Changes - The company reported net income from continuing operations of $9 million, or $0.18 per diluted share, with adjusted net operating income of $9.1 million, or $0.19 per share for Q1 2025 [16][9] - The annualized operating return on common tangible equity was 11.5%, and tangible common book value per share grew to $7.11, reflecting a 6.6% increase [9][16] - The combined ratio for the first quarter was 99.5%, driven by a loss ratio of 66.8%, which is largely unchanged from 66.4% a year ago [17] Business Line Data and Key Metrics Changes - The E and S segment produced a combined ratio of 91.5% for Q1, with $11.7 million of underwriting income, indicating a solid start to the year [12] - New and renewal submissions grew by 6% during the quarter, establishing a new quarterly record of over 91,000 submissions, with notable growth in environmental (26%), manufacturers (18%), and contractors (10%) [9][10] - The Specialty Admitted segment saw gross written premiums decline by 21% compared to the prior year quarter, primarily due to a reduction in primary commercial auto exposure [12][13] Market Data and Key Metrics Changes - The company experienced minimal prior year reserve activity during Q1, maintaining a balance of unused coverage at $116 million [7] - The average premium per policy across the E and S segment declined by 8.4% compared to the prior year quarter, with specific divisions like life sciences seeing a 23% decline [10][11] Company Strategy and Development Direction - The company is focused on long-term stability and profitability, particularly in the E and S business, while actively managing risks and expenses [4][14] - There is an emphasis on profitability and efficiency, with initiatives underway to increase quotes and drive profitable growth in the E and S segment [31] - The company is redomiciling its holding company from Bermuda to the U.S., expected to reduce the effective tax rate and provide significant cost savings [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding market conditions, noting that pricing remains attractive across casualty E and S, allowing selective underwriting [10] - The company is monitoring potential impacts from new administration policies and market volatility, while maintaining a focus on core competencies [5][6] - Management believes 2025 will provide significant opportunities for attractive risk-adjusted returns for shareholders [56] Other Important Information - The company successfully concluded a post-close purchase price adjustment process for its former Bermuda reinsurance segment, resulting in a minor downward adjustment of approximately $500,000 [6] - The impending retirement of the E and S segment leader, Richard Schmitzer, will see Todd Sutherland take over, bringing over 30 years of experience [8] Q&A Session Summary Question: Growth potential in E and S segment - Management indicated that they will continue to manage the portfolio actively and aim for profitable growth, leveraging technology and innovation [31] Question: Update on claims in Florida's construction sector - Management noted elevated claim activity persists in Florida, attributed to a rush by plaintiff's attorneys, but overall severity has decreased [38][39] Question: Economic proposition of the Specialty Admitted business - Management clarified that the fronting business is focused on diversification without consuming much additional capital, and they are constantly evaluating profitability [50][51]

Core Insights - FOREWARN, LLC, a subsidiary of red violet, announced a partnership with HiCentral MLS® to provide its services to over 6,000 real estate agents in Honolulu and Oahu, enhancing agent safety [1][3] - The FOREWARN service utilizes extensive data analysis to help agents verify identities, check criminal histories, and validate client information using just a phone number, thereby increasing safety during property showings [2][5] Company Overview - FOREWARN offers its services at no additional cost to HiCentral MLS® members, aligning with the organization's mission to equip agents with resources for safety and fraud mitigation [3] - The technology behind FOREWARN is designed to provide real-time knowledge and risk assessment, enabling safer engagements and smarter interactions for real estate professionals [5][6] Additional Information - Other real estate agencies and professionals can access more information about FOREWARN through its website [4] - Red violet focuses on delivering identity intelligence through proprietary technologies and analytical capabilities, supporting various applications including fraud detection and regulatory compliance [6]