HCI Group, Inc.

Good afternoon and welcome to HCI Group's first quarter 2023 earnings call. My name is John 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 is being recorded and will be available for replay through June 8, 2023, starting later today. The call is also being broadcast live via webcast and available via webcast replay until May 9, 2024. on the investor information section of HCI Group's website at www.hcigroup.com. I will now turn the call over to Matt Glover, Gateway Investor Relations. Matt, please proceed.

Thank you, John, and good afternoon, everyone. Welcome to HCI Group's first quarter 2023 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 first quarter of 2023, 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'd 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 obligations to update any forward-looking statements. Now, with that, I'd like to turn the call over to Karen Coleman, Chief Operating Officer. Karen?

Thank you, Matt, and welcome, everyone. HCI Group reported a strong first quarter with pre-tax income of $23.1 million and diluted earnings per share of $1.54. Our homeowners Choice, TipTap, and Greenleaf subsidiaries all contributed to earnings with several noteworthy accomplishments during the quarter. TipTap Insurance Group, our insurance and technology subsidiary, reached a milestone with its first quarter of profitability on a gap basis and more than $350 million of in-force premium. At both of our insurance companies, loss ratios improved from last quarter, driven by lower claim volumes, partially due to legislative reforms enacted in Florida last year. Our real estate division, Greenleaf Capital, earned over $9 million, reflecting gains on the sale of two properties disclosed on our last call. As a reminder, over the last three years, Greenleaf realized gross proceeds of close to $90 million and a gain of $60 million on just four transactions. And we believe there is still plenty of upside in our real estate portfolio. In addition, our investment portfolio earned $9 million during the quarter, with 90% of it coming from interest income alone. This is a result of steps we took to reposition the balance sheet into short duration interest earning assets over the last year. We now have an investment portfolio capable of generating $30 million in interest income on an annualized basis with a low risk profile. We also continued to deliver on our commitment to shareholders, paying a 40 cents per share dividend, our 50th consecutive quarterly dividend. In summary, it was a solid, profitable quarter with all three of our main divisions contributing to the success of the quarter. And now I'll turn it over to Mark who will provide more detail on our financial results.