HCI Group, Inc.

Good afternoon and welcome to HCI Group's fourth quarter 2024 earnings call. My name is Ali 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 March 27, 2025, starting later today. The call is also being broadcast live via webcast and available via webcast replay until February 27 of 2026 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 and good afternoon. Welcome to HCI Group's fourth quarter 2024 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 fourth quarter of 2024, 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 the opportunity to remind our listeners that today's presentation in response to the questions may contain forward-looking statements made pursuant to the Private Securities Litigation Form 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, 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 of the obligations to update any forelooking 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. At the beginning of the fourth quarter, Hurricane Milton made landfall in Florida as a Category 3 hurricane. Losses from this event were significant, and our hearts go out to everyone impacted. We continue to work with our policyholders to pay claims and help them rebuild their lives. With that said, our results continue to demonstrate the resiliency of our business model. Mark will walk you through the numbers, but I think it's important to highlight several notable things that HCI accomplished in 2024. We handled over 22,600 claims during the year, with over half of them coming from Hurricanes Debbie, Helene, and Milton. Ultimately, we expect these three events will result in HCI paying over half a billion dollars to help Florida rebuild. Despite this, we held our rates steady in Florida, and we plan to continue to do so in 2025. Our customers appreciate that we are a steady partner, and the retention rate of our existing customers remains strong at approximately 90%. During the year, we offered over 68,000 citizens policyholders a private market option and nearly 53,000 policyholders moved to HCI. This implies a blended success rate across our different insurance companies of 77%. We started a new insurance company, Condo Owners Reciprocal Exchange, which we grew to approximately $70 million of in-force premium. Across our different growth initiatives, we increased our policies in force from 247,000 to more than 272,000. And our in-force premium grew 22% to over $1.2 billion. This was accomplished all while reducing our underlying net combined ratio by 10 percentage points. In the fourth quarter, HDI continued to deliver on its commitment to return value to our shareholders by paying a dividend of 40 cents per share. our 57th consecutive quarterly dividend. We were able to achieve all of this because we have a solid management team with proven successes backed by best-in-class technology. HEI has been able to consistently grow its top line and bottom line, and we look forward to continuing on this path. Now I'll turn it over to Mark to provide more details on our financial results.