UNIVERSAL INSURANCE HOLDINGS INC

Ladies and gentlemen, thank you for standing by, and welcome to the Universal Insurance Holdings first quarter 2020 results call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Vice President of Corporate Strategy and Investor Relations, Mr. Rob Luther. Sir, please begin.

Thank you and good morning, everyone. Welcome to our discussion on our first quarter 2020 earnings results, which were reported yesterday. On the call with me today is Steve Donaghy, Chief Executive Officer, John Springer, President and Chief Risk Officer, and Frank Wilcox, Chief Financial Officer. Before we begin, please note today's discussion may contain forward-looking statements and non-GAAP financial measures. Forward-looking statements involve assumptions, risks, and uncertainties that could cause actual results to differ materially from those statements. For more information, please see the press release, our earnings presentation, and UVE's SEC filings, all of which are available on the investor section of our website at universalinsuranceholdings.com and on the SEC's website. A reconciliation of non-GAAP financial measures to comparable GAAP measures is included in the quarterly press release. With that, Steve, I'll turn it over to you.

Thank you, Rob, and good morning, everyone. Thank you for joining us today. As we mentioned in our release yesterday afternoon, the circumstances over the past few months in all of our communities have been both difficult and inspiring. Our hearts go out to all those affected by the COVID-19 pandemic. We are inspired by the healthcare providers, the first responders, the ingenuity of our communities, businesses, and governments. We commenced business operations more than 20 years ago, intent on protecting and serving our consumers in their most critical time. and some of the most challenging coastal areas in the United States for natural disasters. We have remained highly proficient and steadfast in that commitment. We entered this critical time in a position of strength with a debt to equity ratio less than 2%, currently accruing more reserves than at any point in the company's history and with a highly experienced rapid response disaster team. We are off to a good start in 2020 with solid first quarter results, including an annualized return on average equity of 16.1% and progress on our reinsurance renewals for June 1st. In this dynamic environment, we continue to support our consumers, whether they are shopping for new policies, submitting claims, refinancing, or extending terms, while having substantially all of our employees in our rapid response virtual protocol. On those last two points, I would like to highlight the following. First, since March 15th, we have extended favorable terms to consumers in all states upon request. Secondly, around the same mid-March timeframe, we implemented our rapid response virtual protocol, which included outfitting employees with remote capabilities and enhancing our consumer outreach via virtual solutions. In addition, we have accelerated the use of our virtual inspection software and trained an additional 100 employees on the application. We have utilized various virtual tools to continue to attend appraisals, mediations, and depositions. All of our continuous improvement training has been uninterrupted through the use of Microsoft Teams, led by our learning and development organization. Most importantly, We continue to accelerate the use of virtual desk adjusting when appropriate. And for the claims that cannot be adjusted virtually, we recognize the increased hardship placed both on the consumer and our field staff. So as an essential business, we have outfitted our adjusters with the appropriate personal protective equipment. We do not have exposure to many lines of business directly impacted by COVID-19, but we continue to monitor the currently unknowable longer tail impacts We believe we remain well positioned for 2020 and remain resolute in serving our consumers and creating value for our stakeholders. So with that, let me now turn it over to Frank to walk through our financial results. Frank?