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“Obviously, I should have bought it long ago, because I admired it long ago,” he said. “But I didn’t understand the power of the model as I went along. And the price always seemed to more than reflect the power of the model at that time. So, it’s one I missed big time.”In a February 2017 interview with “Squawk Box,” Buffett was asked why he’d never bought stock in Amazon . He admitted he didn’t have a good answer.The investment advice here is not to let emotions factor into your financial decisions.Buffett ...

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 and higher net premiums earned, net investment income, and commission revenue [5][6] - Core revenue reached $400 million, up 4.9% year over year, driven by higher net premiums earned, net investment income, and commission revenue [6] - Direct premiums written were $592.8 million, a 3.2% increase from the prior year quarter, with growth mainly from other states [6][7] - The net combined ratio improved to 96.4%, down 20.5 points compared to the prior year quarter, reflecting a lower net loss ratio [7] Business Line Data and Key Metrics Changes - Direct premiums earned were $534.1 million, up 5.2% from the prior year quarter, reflecting growth in direct premiums written [6] - Net premiums earned increased to $359.7 million, a 4% rise year over year, primarily due to higher direct premiums earned [6] Market Data and Key Metrics Changes - The increase in direct premiums written was driven by a 22.2% growth in other states, while Florida experienced a 2.6% decrease [6] - 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 [7] 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, particularly in the revamped Florida market [4][5] - Management emphasized a commitment to rate adequacy and high service levels rather than chasing premium growth, especially in a competitive environment [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current position in the Florida market, noting a significant reduction in claims count and faster claims processing [11] - Future adjustments to profit margins and loss ratios will be considered after the year-end review, maintaining a conservative approach [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 current share repurchase authorization program [7][8] - A quarterly cash dividend of $0.16 per share was declared, payable to shareholders of record [8] Q&A Session Summary Question: Insights on reserving comments and profit margins - Management noted a significant improvement in the claims environment and a reduction in claims count, leading to a more optimistic outlook for reserving and profit margins [10][11] Question: Competitive environment in Florida - Management acknowledged increased competition with new players entering the Florida market but emphasized their focus on rate adequacy and service quality [13][14] Question: Capital management priorities - Management indicated a positive view on share repurchases as part of capital management, with ongoing evaluations of capital access and guidelines [17][18] Question: Net prior development from actuarial review - Management confirmed a net prior development of approximately $3.9 million related to prior year catastrophes [21]

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]

Wright National Flood Insurance Company (Wright Flood), a wholly owned subsidiary of Brown & Brown Inc. operating within Arrowhead Programs, has announced that its affiliate, Wright National Flood Insurance Services LLC, has entered into an agreement to acquire the assets of Poulton Associates LLC.Founded in 1989 and headquartered in Salt Lake City, Poulton Associates is a provider of private flood insurance, offering coverage through its National Catastrophe Insurance Program (NCIP) and other insurance off ...

Kinsale Capital Group (NYSE:KNSL) Q3 2025 Earnings Call October 24, 2025 09:00 AM ET Company ParticipantsJoseph Tumillo - Equity Research AssociateMichael Kehoe - CEO and ChairmanAndrew Andersen - Equity Research Vice PresidentBryan Petrucelli - CFOStuart Winston - EVP and Chief Underwriting OfficerBob Huang - Equity Research Executive DirectorAndrew Kligerman - Managing DirectorPablo Singzon - Equity ResearchBrian Haney - President and COOConference Call ParticipantsMichael Zaremski - Research AnalystMark ...

Kinsale Capital Group (NYSE:KNSL) Q3 2025 Earnings Call October 24, 2025 09:00 AM ET Speaker10Good morning and welcome to Kinsale Capital Group's third quarter 2025 earnings conference call. All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question and answer session. To ask a question at this time, you will need to press star, followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. Before we get started, let me re ...

Kinsale Capital Group (NYSE:KNSL) Q3 2025 Earnings Call October 24, 2025 09:00 AM ET Speaker0Good morning, and welcome to Kinsale Capital Group's Third Quarter twenty twenty five Earnings Conference Call. All participants are in a listen only mode. After the speakers' remarks, we will conduct a question and answer session. As a reminder, this conference call is being recorded. Before we get started, let me remind everyone that through the course of the teleconference, Intel's management may make comments th ...

Kinsale Capital Group, Inc. reported a net income of $141.6 million for the third quarter of 2025, an increase of 24% compared to $114.2 million for the same period a year earlier.Net income included after-tax catastrophe losses of $1 million, compared to $10.8 million in Q3’24.In Q3’25, net operating earnings amounted to $121.2 million, up from $97.9 million in Q3’24.Gross written premiums (GWP) increased 8.4% to $486.3 million from $448.6 million.GWP in the Commercial Property Division, Kinsale’s largest ...

Molina Healthcare (NYSE: MOH ) is an upstart in the Health Insurance space. I last wrote about Molina in an article comparing them to United Healthcare ( UNH ) the old dog in the space.The author has an honours degree in economics and politics with a focus on economic development. With 36 years of experience in executive management he has extensive knowledge of insurance/reinsurance, Global and Asia Pacific markets, climate change and ESG. He invests in his personal capacity.Analyst’s Disclosure:I/we have a ...