HCI Group, Inc.

Good afternoon and welcome to HCI Group's second 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 call 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 would now like to 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 second 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 second 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 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 risks or uncertainties develop into actual results, 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'd like to turn the call over to Karen Coleman, Chief Operating Officer. Karen?

Thank you, Matt, and welcome, everyone. HCI Group reported another strong quarter with pre-tax income of $20.3 million and diluted earnings per share of $1.28. Operating earnings improved over last quarter, again reflecting positive contributions from each of our business segments. In insurance, gross premiums earned were stable while losses and expenses declined, driving increased profitability in the quarter. Our consolidated loss ratio was approximately 34%. down from 47.9% last year and consistent with our expectations. Homeowner's Choice continued to generate healthy earnings while TipTap Insurance Group reported its second straight quarter of gap profitability. In May, we finalized our reinsurance program for the coming year with rates and terms that were consistent with our expectations. We filed an 8K detailing this program with the SEC on May 31st. In investments, net investment income totaled $8.8 million, almost entirely derived from interest on our cash and fixed income holdings. Our portfolios continue to generate steady streams of income, benefiting from higher interest rates, short duration, and reinvestment yields above 5%. Finally, HDI Group continued to deliver on its commitment to shareholders, paying a dividend of 40 cents per share our 51st consecutive quarterly dividend. To summarize, this quarter highlighted the underlying strength of our diversified businesses and the true earnings power of HCI Group. And now I'll turn it over to Mark to provide more details on our financial results.