Tiptree Inc.

and welcome to TipTree Inc. second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Scott McKinney, Chief Financial Officer. Thank you, Mr. McKinney. You may begin.

Good morning, and welcome to our second quarter 2024 earnings call. Joining me today are Michael Barnes, our Executive Chairman, and Jonathan Alani, CEO. Some of our comments today will contain forward-looking statements, and actual future results may differ materially. Please see our most recent SEC filings, which identify the principal risks and uncertainties that could affect future performance. In today's call, we will discuss non-GAAP financial metrics, which are described in more detail in our presentation. Reconciliations of these metrics and additional disclosures can be found in our SEC filings, the appendix to our presentation, and on our website. With that, I will turn the call over to Michael.

Thank you, Scott, and good morning to everyone. We are extremely pleased with Tiptree's first half results. Revenues year-to-date have increased by 33% from the prior year, and our collective businesses produced a 21% adjusted return on equity. Our specialty insurance company for Tegra posted record results in the first half, with revenue growth of 34% and adjusted net income growth of 40% from the prior year. Gross written premiums and equivalents were $1.4 billion, while delivering a combined ratio of 90%, demonstrating the ability to generate consistent growth and consistent underwriting performance over time. As we look to the future, we remain bullish on Fortegra's growth, given the continued hard market environment and the strong level of submission activity within our specialty sectors. The investment portfolio, which is overseen by our asset management subsidiary, Tiptree Advisors, ended the quarter at 1.4 billion of investable assets. As the book of paid-in premiums continues to grow, we remain focused on investments in primarily high quality liquid fixed income securities, coupled with select higher yielding investment opportunities to enhance overall returns. Portfolio duration was just under three years at quarter's end, which gives us room to modestly extend duration given anticipated interest rate cuts in the second half of 2024 and 2025. The team at our residential mortgage origination and servicing business, Reliance, has shown resilience in navigating the challenges posed by elevated mortgage rates. In the first half, volumes increased modestly compared to prior year, and the income along with a sustained market value of our retained servicing book led the business to profitability. We hold a positive outlook for the business with greater potential for future profit as mortgage rates tighten. With a strong first half of 2024, we are in a good position to sustain our growth, and we have a positive outlook for Tiptree's future. And as always, we remain committed to growing long-term shareholder value and will continue to seek constructive ways to more fully reflect the intrinsic value of Tiptree's businesses in our share price. With that, I'll turn the call over to Scott to discuss our financial results.