Heritage Insurance Holdings, Inc.

Good morning and welcome to Heritage Insurance Holdings first quarter 2021 financial results conference call. My name is Karen and I'll be the operator today. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. Please note this event is being recorded. I would now like to turn the conference over to Arash Soleimani, Executive Vice President at Heritage. Please go ahead.

Good morning and thanks for joining us today. We invite you to visit the investor section of our website, investors.heritagepci.com, where the earnings release and our earnings call will be archived. These materials are available for replay or review at your convenience. Today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. In our earnings press release and in our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, and we have no obligation to update any forward-looking statements we may make. For a description of the forward-looking statements and risks that could cause our results to differ materially from those described in the forward-looking statements, please refer to our annual report on Form 10-K, earnings release, and other SEC filings. With us on the call today are Ernie Garate, our Chief Executive Officer, and Kirk Lusk, our Chief Financial Officer. I will now turn the call over to Ernie.

Thank you, Arash. Good morning, everyone. Thank you for joining us today. We have been very fortunate that COVID-19 has had virtually no impact on our business, and much of that has to do with our employees. Productivity remains high and we continue to provide our policyholders and distribution partners with the service they have come to expect from Heritage. I would like to thank our employees for their dedication to the organization. We were disappointed with the quarter's results, which included weather losses that were up over 10 million year over year. The uptick in weather losses stemmed in large part from a high number of small events. which precluded us from receiving any reinsurance recoveries as gross and net weather losses in the quarter were identical at 31.4 million. With that said, we see light at the end of the tunnel and are aggressively raising rates and taking underwriting actions to improve our profitability and get us to a double digit ROE profile over a long term underwriting cycle. While it's difficult to see our measured progress over one or two quarters, given the inherent lag of rate increases, we expect to see some improvement emerge by the end of the year with more meaningful improvement in 2022. I will now turn the call over to Kirk to provide more details on our financials.