Maybe just want to start off with a with a an interesting kind of clarification on what you guys do. You no longer insure PNC with regard to homes. You still active in autos, but you have a very kind of specialized approach to auto and that business.What types of clients and products do you cover on the auto side of things. >> Sure, Don. And thank you guys for for having me this morning.So excited to be with you. Um, we we love our business. We're we're a specialty insurer.You know, most of us think about u ...

Financial Data and Key Metrics Changes - Total revenue increased by 18% to $369 million, driven by an 11% increase in written premium and a 12% growth in commission revenue [6][13] - Net income rose by 11% to $47 million compared to $43 million a year earlier, with adjusted EBITDA increasing by 20% to $64 million [15][16] - Operating margins improved by 70 basis points to 13%, with a significant increase in operating profit to $48 million [15][16] Business Line Data and Key Metrics Changes - Earned premium for Hagerty Reinsurance increased by 12%, while membership marketplace and other revenue surged by 68% due to higher inventory sales and the launch of the European auction business [6][7] - Mission and fee revenue grew by 11% to $143 million, and earned premium increased by 13% to $178 million [14] Market Data and Key Metrics Changes - The company reported a strong retention rate of 89%, contributing to the growth in written premium [13] - The marketplace revenue showed strong performance, particularly in private sales and inventory sales, which were key drivers for year-to-date revenue [24][25] Company Strategy and Development Direction - The company aims to expand specialty insurance offerings, simplify the membership experience, and grow the marketplace business internationally [8][9] - A new fronting arrangement with Markel will allow the company to control 100% of the premium and risk starting in 2026, enhancing profitability and operational control [12][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 13% to 14% revenue growth for 2025, supported by strong business momentum and the integration with State Farm [18][65] - The company is optimistic about the long-term growth potential, particularly in the collectible car market, where current penetration is only 6.7% [20] Other Important Information - The company has filled key positions with experienced talent to support long-term success, including new hires in distribution, insurance products, and brand marketing [86] - The technology spending is expected to trend down as revenue accelerates in 2026 and 2027, following significant investments in a new cloud-based insurance platform [10][29] Q&A Session Summary Question: Marketplace revenue performance and future trajectory - Management noted strong second-quarter performance in private sales and inventory sales, with expectations for continued growth in the second half due to upcoming auctions [24][25] Question: Incremental technology spending outlook for 2026 - Management clarified that the $20 million in technology spending is not a one-time expense but rather an investment in future revenue generation [28][29] Question: Earnings impact from the Markel shift - The transition to a 100% quota share arrangement is expected to yield significant underwriting profit and investment income, enhancing overall profitability [33][34] Question: Customer shopping behavior and market dynamics - Management indicated a balanced market with muted growth expectations, but strong quote volume and confidence in new business generation [37][38] Question: European expansion and addressable market - The company is optimistic about its European expansion, focusing on high-end auctions and private sales, with plans for a larger auction calendar in the coming years [42][45] Question: State Farm integration progress - The integration is progressing well, with the company live in 17 states and plans to expand to 25 states by the end of the year, focusing on both new business and existing customer rollovers [47][52] Question: Pricing trends and competition - Management acknowledged a stable pricing environment in the collector car niche, with no significant changes in competition dynamics [76][81] Question: Initiatives to increase vehicles per policy - The launch of the Enthusiast Plus program aims to increase the number of vehicles per policy by allowing the company to underwrite more diverse vehicle types [82][84]

Company Overview - Ryan Specialty is a rapidly growing provider of specialty products and solutions for insurance brokers, agents, and carriers[8] - The company's total revenue for the Last Twelve Months (LTM) ending June 30, 2025, was $2.8 billion[9] - As of June 30, 2025, Ryan Specialty's year-to-date (YTD) total revenue growth was 23.9%[9] - The YTD organic revenue growth was 9.6%[9] - Ryan Specialty is the 2nd largest U S P&C wholesale broker/managing underwriter[9] Market Position and Growth Strategy - Approximately 78% of Ryan Specialty's premiums are placed in the attractive Excess & Surplus (E&S) market[14] - Ryan Specialty's revenue growth with the top 100 retail brokerage firms exceeded the company's organic revenue growth of 12.8% in 2024[36] - The company has completed 62 acquisitions since its founding[35] - Ryan Specialty is capitalizing on market needs to enhance product capabilities through the launch of new Managing General Underwriters (MGUs) and Programs[38] Financial Performance - Ryan Specialty's LTM Adjusted EBITDAC as of June 30, 2025, was $915 million[52] - As of March 31, 2025, the company had $172 million in unrestricted cash and cash equivalents[59] - As of June 30, 2025, Ryan Specialty's net leverage on a credit basis was 3 5x[60]

Core Viewpoint - Skyward Specialty Insurance Group, Inc. is set to release its first quarter 2025 earnings results on May 1, 2025, and will host an earnings call on May 2, 2025, to discuss these results [1][2]. Company Overview - Skyward Specialty is a rapidly growing specialty insurance company that provides commercial property and casualty products and solutions on both non-admitted and admitted bases [3]. - The company operates through nine underwriting divisions: Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Programs, Surety, and Transactional E&S [3]. - Skyward Specialty's subsidiary insurance companies include Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company, all rated A (Excellent) with a stable outlook by A.M. Best Company [4].