HCI Group, Inc.

Good afternoon and welcome to HCI Group's second quarter 2020 earnings call. My name is Christy and I will be your conference operator this afternoon. At this time, all participants will be in a listen-only mode. Before we begin today's call, I would like to remind everyone that this conference call is being recorded and will be available for replay through September 5, 2020, starting later this evening. The call is also being broadcast live via the webcast and available via webcast replay until August 6, 2021, on the Investor Information section of HCI Group's website at www.hcigroup.com. I would now like to turn the call over to Rachel Swansinger, Investor Relations for HCI. Rachel, please proceed.

Thank you and good afternoon. Welcome to HCI Group's second quarter 2020 earnings call. With me on today's call is Parish Patel, our Chairman and Chief Executive Officer, and Mark Harmsworth, our Chief Financial Officer. Following Parish's opening remarks, Mark will review our financial performance for the second quarter of 2020, and then turn the call back to Parish for an operational update and business outlook. Finally, we will take your questions. To access today's webcast, please visit the investor information section of our corporate website at www.hcigroup.com. Before we begin, I would like to take the opportunity to remind our listeners that today's presentation and responses to questions may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipate, estimate, expect, intend, plan, and project and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risk or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial conditions, and results of operations. HCI Group disclaims all the obligations to update any forward-looking statements. Now with that, I would like to turn the call over to Parish Patel, our Chairman and CEO. Parish?

Thank you, Rachel, and welcome everyone. I hope everyone is healthy and staying safe. First, very quickly, a comment about Hurricane Isaias. Isaias stayed off the coast of Florida, therefore we've had very few claims and we don't expect many. Also, as I've stated before, HCI's operations have not been materially impacted by the COVID-19 pandemic, and we continue to do business normally. Now, on to our second quarter results. It was a solid quarter. Our fully diluted, unadjusted earnings per share were $1.08. Highlights for the second quarter include growth rate and premiums that were up 29% over the same quarter last year. Net income was up 18%. We paid 40 cents per share dividend, our 38th consecutive quarterly dividend, and based on today's share price, our stock has a yield of 3.4%. Also, we completed integration of the policies we transitioned from anchor property and casualty, and retention of that book has been as expected. And finally, we also completed our catastrophic reinsurance program for the 2020 hurricane season. We increased our first event coverage tower from $960 million to almost $1.4 billion. We believe the additional limit better positions the company for the 2020 hurricane season. And although there was a higher expense incurred for the higher limit, we determined that it was most important to protect the business enterprise over maximizing short-term profit margins. I will now turn the call over to our CFO, Mark Harmsworth, who will walk us through our financial performance for the second quarter. Mark.