UNIVERSAL INSURANCE HOLDINGS INC

Good morning, ladies and gentlemen, and welcome to the UVE Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 1 on your telephone. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rob Luther, Vice President of Corporate Strategy and Investor Relations.

Thank you, and good morning, everyone. Welcome to our discussion on our third quarter 2020 earnings results, which were reported yesterday. On the call with me today is Steve Dunahee, 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 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. We continued to see headwinds in the third quarter as we dealt with elevated industry-wide weather events year to date, particularly in coastal states. Our catastrophe response teams have directly engaged with our insurers to ensure they receive the attention they deserve. As previously announced, we were affected by full retention events from hurricanes Isaias and Sallie, in addition to other PCS events year to date. As the statute of limitations for Hurricane Irma approached its end date, we experienced increased prior year companion claims as the window closed. This increase in claims led us to increase our reserves in years prior to 2020. We feel good to have Hurricane Irma behind us. The ability to strengthen reserves appropriately and proud of our employees for their contributions during these unprecedented times. Our vertically integrated suite of capabilities continues to differentiate us in our home state. Our primary rate increases continue to flow through our book, as evident by our strong direct premiums written growth of 19.4% in the quarter. We continue to selectively write new business, are quickly approaching $1.5 billion in premiums in force, and are optimistic about our prospects in the future. So with that, let me now turn it over to Frank to walk through our financial results.