UNIVERSAL INSURANCE HOLDINGS INC

Good morning, ladies and gentlemen, and welcome to the UVE first quarter 2021 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 the question during this session, you will need to press star then one on your telephone. As a reminder, this conference is being recorded. I would now like to turn the conference over to Rob Luther, Vice President of Corporate Strategy and Investor Relations. Sir, you may begin.

Thank you, and good morning, everyone. Welcome to our discussion on our first quarter 2021 earnings results, which were reported yesterday. On the call with me today is Steve Dunahee, Chief Executive 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 are off to a strong start to 2021 with solid first quarter results, including close to 12% top line growth, margin expansion in excess of 200 basis points, and a total annualized return on average equity of 23.2%. We continue to make progress on our reinsurance program renewal, and we're oversubscribed on our first cap bond in March at rates below the low end of our initial range. We have now completed procurement of our All-States First Event Reinsurance Program for UPCIC for the 2021 win season, and we'll have additional details in May as we finalize the remaining pieces of our risk management strategies for our insurance company subsidiaries. In addition, we were encouraged earlier this month when the Florida Senate passed Bill 76. which would enable Floridians to have reliable access to property insurance. For a number of years, Florida has been a significant outlier compared to the rest of the country when it comes to litigated property claims, which has put significant pressure on the Florida property insurance marketplace. We have not been immune to these market dynamics, and during the first quarter, we actively reduced our policies and force sequentially and reduced new and renewal policy counts in aggregate this quarter when compared to the first quarter of 2020. That being said, we continue to monitor closely the companion bill in the House, House Bill 305, which has differences from the Senate Bill 76. We look forward to continue to make positive strides throughout 2021 and should have additional details on our reinsurance program renewals in the next several weeks. So with that, let me now turn it over to Frank to walk through our financial results. Frank.