Conifer Holdings, Inc.

Good morning, and welcome to Conifer Holdings' third quarter 2022 investor call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Brian Roney. Please go ahead.

Thank you, and good morning, everyone. Conifer issued its 2022 third quarter financial results after the close of market yesterday. You can find copies of the earnings release on the company's website, ir.cnfrh.com. The slide presentation accompanying management's discussion this morning is available to view or download via webcast or from the investor relations portion of Conifer's website. Before we get started, please note that except with regard to historical information, statements made in this conference call may constitute forward-looking statements within the meaning of the federal securities laws, including statements relating to trends, the company's operations and financial results, and the business and the products of the company and its subsidiaries. Actual results may differ materially from the results anticipated in these forward-looking statements. due to various risks and uncertainties underlying our forward-looking statements, including risks and uncertainties associated with COVID-19 and its impact on the economy and on our business, as well as those risks described from time to time in Conifer's filings with the SEC, including our latest Form 10-K and subsequent reports. Conifer specifically disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, future developments, or otherwise. In addition, a replay of this call will be provided through a link on the investor relations section of our website. During this call, we'll also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included, when possible, in our earnings release and our historical SEC filings. Statutory accounting data is prepared in accordance with statutory accounting rules and is therefore not reconciled to GAAP. We will conduct a Q&A session after management's prepared remarks this morning. With that, I'll turn the call over to Jim Peckhoff, Executive Chairman and Co-Chief Executive Officer. Jim?

Thanks, Brian. Good morning, everyone. Also joining Brian and me on the call today are Nick and Harold. As on previous calls, I will briefly highlight a few updates on our overall business strategy and then hand it off to Nick for a deeper discussion of our underlying results. Harold will then cover the financials and we'll open it up for questions and answers. As we announced earlier, Conifer recently closed two significant strategic transactions that we believe will help position us for stronger near-term results and improved and sustainable profitability going forward. Effective October 1st, the company completed an asset purchase agreement with Whitetail Insurance Services, a subsidiary of Acrisure. With that sale, we were able to monetize certain assets of our MGA, Venture Agency Holdings. That completed sale is especially relevant when considering the second completed transaction, the purchase of a lost portfolio transfer reinsurance agreement with Fleming Re. The monetization of our agency asset more than helps pay for the upfront costs of the executed LPT agreement. Both transactions were completed in the early fourth quarter. Accordingly, they will be reflected in our fourth quarter financials. The executed LPT agreement will provide us with an additional $20 million of adverse development cover for accident years 2019 and prior. This transaction should provide more than ample support for our reserve position. The LPT is expected to effectively minimize the impact of any ongoing legacy reserve drag that we have experienced from those applicable accident years, opening the door to profitability for our company. In conjunction with executing the MGA asset sale and LPT purchase, profitable premium growth remains top priority. Over the last several years, we have experienced consistent top-line growth, and we expect to see similar growth for this year and next. In addition to rationally growing our best-performing lines, we also remain steadfastly focused on streamlining expenses through a number of ongoing initiatives. These efforts are proving successful, as we have seen the expense ratio continue to decline consistently over the past few quarters. Further, we expect to see these outcomes persist through the rest of 2022 and beyond. As a result, we have made our near-term expense ratio goal of 35%. Given the considerable performance improvements exhibited in our business mix, coupled with the expected removal of legacy drag on our reserves, we feel we're even more confident that sustained profitability is imminent. And we are now clearly on the path toward delivering profit for our shareholders. With that, I'm going to hand it over to Nick for more color on our under.