Trean Insurance Group, Inc.

Greetings. Welcome to the Treon Insurance Group, Inc. First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Garrett Edson. You may begin.

Thank you, Operator. Good afternoon and welcome to Trion Insurance Group's first quarter 2022 earnings call. This afternoon, the company released financial results for the first quarter ended March 31, 2022. The press release is available in the investor relations section of the company's website at www.trion.com. I would like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. I refer you to the company's filings made with the SEC for a more detailed discussion of the risks and factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. The company undertakes no duty to update any forward-looking statements that may be made during the course of this call. Additionally, certain non-GAAP financial measures will be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or is a substitute to the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures and the most comparable measures prepared in accordance with GAAP can be accessed through a filing with the SEC at www.sec.gov. Joining me on the call today are Andrew O'Brien, the company's Chief Executive Officer, Julie Barron, the company's President and Chief Operating Officer, and Nick Vassallo, the company's Chief Financial Officer. With that, I am now going to turn the call over to Andy.

Thank you, Garrett, and welcome to our first quarter 2022 earnings call. We appreciate your participation on our call and for your continued support and confidence in Treon. We were pleased with our first quarter performance as we posted a combined ratio of 89.6%, and reported adjusted net income of $8.3 million, or 16 cents per diluted share, which represents a 16.2% adjusted return on tangible equity. At our fourth quarter earnings call, we forecasted a first quarter 2022 loss ratio between 61.5 and 62.5% of net earned premiums. We reported a 61.1% loss ratio for the quarter. We did not experience adverse loss development across our lines of business during the first quarter. Events during the first quarter supported our belief that the unexpected number of large losses in 2021 were a non-recurring exception to our historical and expected loss results. As we forge ahead, we remain focused on our strategic plan, emphasizing strong partnerships disciplined program selection and management, and efficient, effective claims management. On a personal note, as this is my final earnings call before I move into the executive chairman role, I want to thank our partners, our investors, and especially the entire Treon team for their support and dedication over the years. We've built an excellent, consistently profitable business that is positioned to succeed for the long term, and I am excited to remain involved at the board level in helping Treon further and sustainably grow its top and bottom line. With that, let me turn the call over to our incoming CEO, Julie Barrett. Julie?