HCI Group, Inc.

Good afternoon and welcome to HCI Group's third quarter 2022 earnings call. My name is Paul and I will be your conference operator. 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 December 8, 2022, starting later today. The call is also being broadcast live via webcast and available via webcast replay until November 8, 2023 on the Investor Information section of HCI Group's website at www.hcigroup.com. I would now like to turn the call over to Matt Glover, Gateway Investor Relations. Matt, please proceed.

Thank you, Paul, and good afternoon. Welcome to HCI Group's third quarter 2022 earnings call. On today's call is Karen Coleman, HCI's Chief Operating Officer, Mark Harmsworth, HCI's Chief Financial Officer, and Parish Patel, HCI's Chairman and Chief Executive Officer. Following Karen's operational update, Mark will review our financial performance for the third quarter of 2022, and then Parish will provide a strategic update. 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 this 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 risks 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 Karen Coleman, Chief Operating Officer. Karen?

Thank you, Matt, and welcome, everyone. Before we discuss the quarter, I would like to express our sincere sympathy for all who have been impacted by Hurricane Ian, the Category 4 hurricane that hit Florida just six weeks ago. Every day as we work with our customers, we're reminded of the thousands who have been affected and the time it will take to fully recover. Serving our policyholders remains our top priority. It is why we're here. Having navigated 15 storm seasons and several major hurricanes, HCI was prepared when Ian made landfall on September 28th. Our dedicated customer service teams answered calls, providing a human voice to our policyholders while keeping wait times to a minimum. After just 14 days, we had received over 10,000 claims across Homeowner's Choice and CHIP TAP. We thank all of our associates for their hard work and dedication to our policyholders. Immediately after Ian made landfall, our proprietary technology showcased its ability within the claims handling process. Our systems are specifically designed to drive efficiency in claims processes through resource allocation, management oversight, and report automation. We have real-time information at our fingertips. This unique transparency is invaluable and is a proven differentiator in claims handling. On October 10th, We shared our preliminary views of Hurricane Ian in a presentation posted to our webpage. To date, we received just over 12,000 claims in line with our initial estimates and consistent with a loss that is comfortably within our reinsurance powers. Now, moving on to our third quarter financial results, the pre-tax impact of Hurricane Ian was $78 million for the quarter, resulting in a loss of $51 million for the company. If not for Ian, we would have reported a profit for the quarter. Gross premiums earned grew more than 20% over last year, while our loss ratio, excluding Ian, improved more than six points, sequentially, to 41%. This improvement in our loss ratio reflects both the decline in daily claims frequency and rate actions at both of our carriers. Mark will provide more detail on these numbers. Investment income was another bright spot in the quarter, highlighting the power of our diversified business model and the potential to generate additional income from our balance sheet. In the third quarter, net investment income increased $16 million over last year, including a $13 million gain from the sale of 1.5 acres of land in our Greenleaf subsidiary. Excluding this gain, income from our investment portfolio doubled over last year as we put cash to work in short-duration debt instruments. With rates increasing and plenty of liquidity on hand, we look forward to generating more income from our sizable investment portfolios. Finally, we remain committed to returning capital to shareholders. During the quarter, we continued to execute our share buyback and paid our 48th consecutive dividend at 40 cents per share. And in October, we declared a similar dividend to be paid in the fourth quarter. And now I'll turn it over to Mark to provide more detail on our financial results. Mark?