Q1 2020 Earnings Call
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Okay. So the called Holdings Inc. Q1 2020 in circles.
All participants will be somewhat.
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I'd now like to turn the call cats in prior the equity group. Please go ahead.
Thank you and good morning, everyone conifer issued its 2021st quarter financial results. After the close of market that's true.
On the company's website I R C N.
Each dot com they can find copies of the earnings release as well as slide presentation that accompanies management's discussion today.
You're looking at that presentation by webcast you may find slides are easier to read and large slide you, which can be selected right hand side of the wet gas page.
Before we get started the company is that I note that except with respect to historical information.
Eight on this conference call May constitute forward looking statements within the meaning of the federal Securities laws.
Statements relating to trend the company's operational financial results.
And the products the company and its subsidiaries actual results from copper may differ materially from the results anticipated and its forward looking statements as a result to various risks and uncertainties underlying.
Statements, including risks and uncertainties associated with October 19, and its impact on the economy.
And our business as well as those risks described from time to time first filings with the epilepsy, including our latest form 10-K subsequent reports.
First specifically disclaims any obligation to update or revise any forward looking statements, whether as a result of new information future developments or otherwise.
In addition, a replay of this call will be made.
It will be provided through a link on the Investor Relations section of our website. During this call will also discuss non-GAAP financial measures as defined by actually see regulation G.
So the nation of these non-GAAP financial measures to comparable GAAP financial measures are included when possible than earnings release, and our historical what do you see five.
That's a Tory accounting data is prepared in accordance with statutory accounting rules and therefore not reconciled.
We will conduct a QNX session. After managements prepared remarks this morning.
That I'll turn the call administer Genpact Chairman Chief Executive Officer, Let's go ahead.
Thank you good morning, everyone.
Joining us today from the management, our next year old Andean Brian.
I'd like to begin with a brief discussion of the code 19, we will reference it throughout her presentation today.
That's a pandemic started kind of Fred we're really worked diligently to adjust to the ever shifting conditions brought on by this outbreak.
In many ways, we believe the business around the world will be forever changed.
My Thanks go out to all the first time responders everywhere.
Where their life saving afterwards that they contribute each and every day as we fight this pandemic together.
I'd also like to recognize.
And share my appreciation for our agent.
Our distribution partners for their continuing loyalty and support during this outbreak.
All of our can kinda for employees have worked tirelessly.
To deliver our products and services to aren't sure.
Wow this is forced us to adapt and offer the way that we transact their bid.
Our company has done so add.
Through at all or people are shown great commitment at high level of customer service.
During these incredibly uncertain times.
Many thanks to all of it.
As we evaluate the impact of Cowen Nike and they're going to be many challenges and the Dave.
Yeah. The fact that we managed our day to day operations successfully right out of the game without disruption is a testament to our planning to keep on our well developed infrastructure.
We made significant investments in technology early in our company's history and we were in.
That.
Throughout the outbreak we've worked together seamlessly to send almost our entire company home to working remotely.
This would be a challenge in normal times, but the upper was extraordinary given the a highly unusual circumstances when the early stages of the pandemic, we're approaching or management started planning and implementing remote operations earlier.
As a result, I believe we have clearly that's successful and our resilient and well positions successfully manage our business in the future.
Well cover 90, a dramatically impacted our company, our industry and our world and so many different ways.
What are the most immediate impacts felt was in the investment.
Along the way, we like our peers were Nick.
Significantly affected.
The swept ride raging dramatic investment fall off at the end of the first or caused asset valuations plummet.
Right at the end of the Marquis area.
Thankfully, we have consistently adhered to a strong.
Our investment philosophy.
We believe retaining high quality short duration, largely fixed income investment portfolio better positions us.
You take risk in our day to day underwriting and not as much risk in our investment.
And admittedly, while we were giving have given up some current yield over the past years, we're clearly better protected for what was to come with the volatility in it.
Although we were better protected we were clearly not immune backed every adults in the first quarter were largely impacted by that same investment moves.
Roughly three quarters of are not lost in the period was attributable to a transitory changes in fair market value.
Overall, though our financial position remained so.
Like so many other public company their bottom line was directly impacted by unrealized mark to market losses on our fashion.
However, we feel very comfortable with our financial position with a short duration investment portfolio well situated for today's turbulent markets.
Harold will have more on this later.
Regardless of ever changing investment markets, we had kind of remain dedicated to fundamentally sound underwriting in fiscally sound claims management to better serve our agent distribution partners and aren't sure.
These are the basic building blocks of any successful insurance.
We remain committed to their execution at all times across all markets and even during Oh.
As a result, and overall for the quarter, we exhibited steady growth in our commercial lines and an increase in personal lines production as well.
Driven mostly by or low value dwelling program.
I was especially pleased to see our personal lines combined ratio showing a crop in the quarter.
Nick is going to talk more about that later.
The previous.
Consistent underwriting actions taken to transition or business towards more profitable lines appears to be working with incremental rate being added whenever possible.
And with cautious new business expansion.
Prior to the outbreak we're seeing some rate traction at various lines as.
Well this is tapered off some at the time overall, we feel very confident in our underwriting culture and in our pricing discipline.
As we see seek to manage the company in these changes.
With that overview I'm going to turn it over the next for a bit more color on our underwriting.
Thank you Jane and good morning, everyone.
We greatly appreciate the effort ball for finer spotters in our thoughts and prayers are with all the individuals and families impacted by covert Nike.
As we evaluate our underwriting performance and review our first quarter result, it's important to balance the impact that ended up and down they may have on our lines of business and the economy in general.
When the restrictions began be implemented in March we immediately put into place proper procedure began to evaluate the impact the possible economic slowdown on our books of business.
We do specialize in black classes that may be impacted directly from the called it a restriction for example, certain hospitality REIT.
Our commercial lines book of business represents primarily property and liability copper good offered the owner operated small to midsize businesses in a variety of specialty market.
These are largely comprised of commercial package policy it with no real exposure to the travel industry you back cancellation dress trade credit for professional liability arm.
Also we have limited exposure to workers compensation in general is largely a companion products our package policy.
Additionally, we do not offer workers compensation coverage first wind responder and overall demand remains a small but dedicated perspective, though are well above 3% of gross written premium.
The majority of our premiums written our in specialty commercial lines recapping roughly 93% total gross written premium and the first quarter 2020.
Prior to the opposite of covered restrictions were achieved achieving steady growth in reasonable rate the commercial lines gross written premium increasing approximately 4% UAN.
This increase was the mix of rape and new business during the quarter.
As expected we did see a decline in new business production as uncertainty surrounding the pandemic continued through the month of Mark.
However through this period. Following you have continued to report high overall commercial policy retention the high 80% rain.
Yeah with prior quarters.
As always our biggest priority is that customer service and strengthening our position across our niche underserved by.
Our goal is to be there for our customers after them at all.
But even more so now during these challenging times.
Like most carriers, we ever get a number of the public discussion surrounding items, such as business interruption coverage and the implications that and they have on our company in our industry as a whole.
It should be noted that all of our Pal property policies required a direct physical while the property in order to provide for any covered peril.
Additionally, the vast majority of our policy contained an exclusion of lot due to virus or bacteria.
[laughter] listen applies to all hybrid under all forms an endorsement that make up our policies, including but not limited to wants an endorsement that applied a property damage to building or personal property or business and extra expense or action from civil authority.
While we investigate all claims individually on their merit, we do not expect they probably 19 related business interruption, all cost being offered at that under our belt.
Really talking on personal line, we've been very pleased that the result was 97% combined ratio for the quarter and earning an underwriting profit largely coming from our growing low value selling business.
This is a solid working example of continuing here and as you made a conscious decision to largely I did when exposed business already several years ago to reduce our overall volatility.
Today, we are seeing some of the result that earlier offers.
Well first of all I pick up a smaller portion of our business today, we've been pleased with a much improved results versus prior quarters and look for even more profitable contributions to come in future periods.
During the quarter, we reported the first period, where our underlying accident year combined ratios, both commercial and personal lines for sub 95%.
Well, it's lower than we originally anticipated or how we're heartened that the results reported.
One element of caught it doesn't feel very strongly about today's environment the growth and build out of our UK agency business.
For years. He has held they did a strong client carrier network sticky customer base and we believe that this is an area of our business. That's when you dig debit growth in the current helvetica.
Overall papermaking and diverse go in diverse operating platform with the ability to write and you're not and admitted paper commercial our personal line. It was a flexible IP infrastructure that was designed to manage changing market conditions.
This is true highly beneficial throughout this most recent Jared.
For example, our IP systems overall, and specifically our agency portal have worked flawlessly during a time when agent and pop merger are changing their day to day operations in a remote that.
Admittedly looking for the future a challenging about.
We like many in the industry still it's fair to expect topline pressure on our premiums going forward, but it's clearly too early in the process the properly gauge any future impact.
Today, we don't have a great deal of seasonal barrier or policies in force and all of US have been encouraged by the overall premiums generated up late in the high level over traction among our existing policyholder CNN recently.
We're working diligently see those trends continue.
With that I'll turn it over to held for a brief review of the financials.
Thank you Nick.
I'll provide a quick review of the results then we'll open it up for any questions and sense, Jim and Nick had discussed the impact of the Cobot 19 endemic I'll keep my comments limited to reported results for our first quarter.
Gross written premiums were $25 million in the first quarter, which was a 4% increase showing steady growth in our commercial lines business.
The conifer's combined ratio was 112% in the first quarter compared to 108% in the same period in 2019.
Our loss ratio was 65% compared to 67% in the prior year period.
We did have an impact during the quarter from prior year adverse development, which was largely related to commercial policies in older years 2017 and prior.
Yes, the accident year combined ratio improved considerably to 95% versus 99% a year ago, driven by improvements in both our commercial and personal line.
The expense ratio for the quarter was 47% from 42% a year ago, a change in the expense allocation between segments in some timing differences between quarters led the 2021st quarter expense ratio to be slightly higher than average.
Well, we have numerous cost cutting measures underway and continued to see more opportunity for improvement we expect that the expense ratio will normalize and continue to lower.
Throughout the year.
We are maintaining or ongoing efforts to reduce the expense ratio and continue.
With expense management reduction.
Net investment income was up 5% to 954000 during the first quarter compared to $910000. So last year.
Our net loss included 3.1 million dollar loss in the change in fair value of equity investments compared to a gain of $1.3 million in the prior year period.
This decline was largely due to the disruption in the financial markets related to the cobot 19 endemic.
We responded proactively to the unprecedented decline in the stock market by slightly increasing our exposure to equities during March.
Going from about 4% of our portfolio to 7%.
We also recognized the 900000 dollar gain realized gain as we repositioned our bond portfolio as a means to obtain the best yield and improve our insurance companies that story capital positions.
We believe our historically conservative approach to investment has provided significant downside protection.
It has afforded us flexibility and opportunities in these extreme market condition.
As Jim mentioned, our investments continued to be conservatively managed but 93% of investable assets in fixed income securities.
With an average credit quality, a double a., an average duration of three years and the tax equivalent yield just over 2.3%.
In the first quarter 2020 of the company reported a net loss of $4.7 million or 50, 49 cents per share compared to a net loss of $680000 or eight cents per share a year ago.
Moving to the balance sheet total assets were $249 million at March 31st 2020, compared to 247 million era.
Total cash and total investments of $182 million at the end of the quarter compared to 177 million at year end.
Our book value at quarter end was $3.81 per share we had a valuation allowance against the company's deferred tax assets of $1.55 cents per share there was not reflected in book value and with that I'd like to turn it back over to Jim for closing remarks.
Thank you Harold Nick.
Much has been CNN made up you mitigate the impact of cover 19 on the asset side of our industry.
I won't be labor. The fact any further yes, there is a silver lining today could be pop it couldn't possibly come from the liability side of the balance sheet.
With such changing times and volatile markets in general we have worked diligently in here to provide liquidity to our insurance and claims.
If they need as we seek to continue closing plants wherever reasonable and possible in these difficult times.
Overall, our new claim submission did decline throughout March and have continued to decrease in subsequent weeks compared to historical norms.
We cannot say how long that trend will continue.
We are pleased with what we see in Q2, so far.
It's hard to believe that we held our two on 2019 year end conference call at February 27.
We're all working in our offices.
Within weeks 46 dance had ordered some form of closures and business or schools across the country and shortly thereafter everything shutdown.
It is truly remarkable and the definition of unprecedented.
I want to again express my gratitude to all of our dedicated employees and their families rallying together and finding new and creative ways of serving our clients.
Throughout these challenging times.
Clearly, we will get through this together.
And now we are ready to take your questions operator.
We will now be getting the question answer session.
Ask your question in My Press Star then one of your Touchtone phone.
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At this time, we'll pause momentarily to assemble our roster.
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Our first question will come from Paul There somewhat Piper Sandler. Please go ahead.
All the floor is yours airline they'd be it up.
Oh, sorry about that if I'm not going to come through now.
Yeah, Yeah yeah.
Good morning, everyone, sorry about that I was wondering if you could give us a little bit of your thoughts about what might be happening from a competitive perspective.
With rates in terms and conditions.
Sure due to the pandemic itself well, what you see in new markets as well as well maybe doing as well.
Particularly interesting if there's any terms and conditions that you're doing we're thinking about changing.
Thank you want to talk about that.
Yeah, I mean, I think from from our perspective, certainly conditions sort of directly as a result or the corona virus.
Yeah as you mentioned most of the are.
The vast majority our policies had a virus night bacteria exclusion and we certainly.
We'll continue to apply that exclusion given given the crisis I think for the most part it sounds like a lot of the company in our markets already had similar language. So I haven't seen at no noticeable change and knows condition certainly Oh, we were as we mentioned we were seeing some.
Great.
We were if you're seeing the ability to get them rate earlier on in the quarter. We have seen a reduction I'd say in competition since the brunt of virus started but it's also offset somewhat from lowered sales, particularly we and the hospitality class. So.
It's really difficult to say the total rate momentum right now given kind of those two factors moving answered opposite direction.
I think beyond that.
With businesses reopening a most of our policies have communicable disease exclusion as it relates to liability My guess is and I think we've seen some of that.
Some movement from companies as they look moving forward as.
Well as best as reopened what kind of liability exposure is our people going to see on but Steve I'd say today. Those are the largest impact that we've seen in most of those I think I've been more focused on the hospitality side is that seems to be really to fitments that Ben impacted.
More so than the other classes that we right.
And we're confident such a small percentage of what we write that I don't think I'd have to get gauge and in terms of what are the overall market today.
Did that answer for you Paul or do you have you need any follow that's that's that's fantastic second question could you give us a little bit more detail on the commercial insurance reserve development.
Is there any development in.
Small in.
In 18, and 19 and just some color on what kind of this is driving.
Well, let Nick talked about that too.
Yeah. The 19 figure was it was very small.
We had some development and hospitality, but was offset by favorable development and some other other small, but why and sort of similar story 18 or most of the development was 17 in prior on on the hospitality, Bob that was driven by some of the copper jurisdictions that we had ready.
In those years, probably Florida big the most noticeable there, we've obviously bad working hard and repositioning the hospitality Bob toward more favorable fit like Michigan and some of the other areas in the Midwest and outside to a more difficult jurisdictions like Florida and also Pennsylvania alike.
Our but that's really what drove sort of the 17 in prior we continue to make.
Significant progress on closing out the claim and yeah, I think moving forward the impact will be much smaller that side certainly on the gold here. The only other thing I'd like to add to that which is on the QSR side that had some development in 18 to 19 that was because.
The geography situation as well.
Out of.
What we're out of those you know southeast, Florida in those areas. So we and QSR has much quicker reporting.
Pattern so.
Well.
We're comfortable that the development going forward is going to be lost.
And then my final question I'll, let somebody else ask a wanted to ask about what happened to the statutory capital and earnings during the quarter, obviously would not have been affected by the.
Mark to market on the bonds.
Gain.
So the operating loss, so I'm not sure.
To put all those things together and tell us which direction century capital when.
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Good question Daryl.
Yeah sure so.
As I'm sure you're aware the stock a valuation do affect statutory capital surplus correctly, there mark to market on a statutory basis a bonds are capped at amortized cost so.
We were closely monitoring our capital position I think we ended up for 331 in healthy position on a statutory basis of we did do some of adjustments to our bond portfolio to help ensure that we had a good statutory capital.
Surplus position and that's where the $900000 a realized gains on the bond portfolio came in a we also are very comfortable with seeing or the recovery of the market a bit following the end of the corridor.
Even if we see it revert back and we have some problems.
From a market perspective, we think we're still going to be okay from a capital perspective, Brian do you I added so yeah I just want to add that there were no permanent markdowns in the portfolio as a result of the changes so the bond portfolio remain healthy and strong.
Nice addition.
Now.
Thanks, guys I'll, let somebody else ask questions appreciate though.
Thanks, Paul.
Our next question will come from Bob Farnam with falling and Scattergood. Please go ahead.
Yeah, Thanks, and good morning.
Actually want to just continue on Paul's thing, but the statutory Cabot because I know A.M. best as can be stress testing companies for co bid.
19, so I'm curious if that has occurred for you guys or is there how is your.
I was your stance with A.M. best at this point.
Well actually so far so good if you look at our position we wouldn't tell you that we fared better than most as you're aware Bob you know ambassadors take I don't want to speak for them, but they're taking largely an asset review of this event and given the high quality nature of our portfolio, we actually feel very good.
There were kind of threed specific categories. They looked at kind of your business. They looked at your equity exposure and then they were looking at things like direct mortgages and real estate and category. Three we don't have anything in category too we had at the time only 3% equity exposure in as Nick talked about we actually.
I feel very good about our book of business. So I. Thank all things considered we haven't had any specific discussions with them, but we think as we kind of down our own internal modeling and working with our our brokers out there to kind of help on the stress test side I think we should hopefully being good shape.
Okay great.
And going back to the issue for a business interruption claims.
I think part of the concerned we've had is is that the language. So I was curious how much of this how much of your business is written on an excess and surplus lines basis, where you can I have more freedom for policy language versus a standard kind of ISO contract, so and that and how comfortable are.
The different types of language.
Yes. So we are we follow primarily ISO language.
And certainly in the coverages in question, we do follow I feel language, so we're pretty consistent.
With that language out there I feel comfortable at.
The way our policy is read.
Most that more than half of our business is DNS and I'd say in the states that are embedded there typically.
Pretty.
Favorable in terms of the regulatory environment.
So.
Where we've had to make changes we really on it admitted basis have not add much if any resistant and I'm again outside obviously that provides us a lot of flexibility. So we feel good that the language and and we.
We were glad that we followed the ISO language like that most carriers have let me. Okay. Let me just let me add to that though we don't have any.
Manuscript forms for other types of property and we don't expand coverage is too right. The things we write specifically in the hospitality are usually smaller and standard the ISO language almost across the board.
Right. Okay. That's good that's interesting because I thought since you had everything on the that spaces. It pretty much could be a free free for imports you want to have the policies, but it sounds like you've basically taking the ISO language you put it did not as well.
Yeah were to all I'm too old to argue with people about what the language means it's a lot easier for our books upgrades to utilize the ISO language and we know what we've got.
Can you do even though the language sounds like it's pretty tight do you expect to have increased litigation expense. He do you still expect to face lawsuits trying to kind of pick about language.
No I think given the environment.
I'm I'm sure there will be lost its at some point you know it seems like most of the lawsuits that at least that CNN and the media I have been attacking policies that don't necessarily have clarified.
Virus bacteria exclusion.
The vast majority of our policies do have that exclusion. So I think that will make it tougher from a litigation standpoint as reflects on our but but given that the nature of by sort of the country right now.
That the litigation has certainly you know a.
I have a private part of our economy and it could definitely pop up so far we have not received I need a lost its challenging our claims position on that specific issue, but certainly it's something that we're monitoring closely and yeah, we're going to continue to monitor and when when it says vast majority are.
The exclusion it's the vast majority I mean, there's very few that Matt.
Okay great.
Last question for me I always say whats interesting about that the had the fact about the expense ratio.
And you expect it might come down I know over the last couple of years because of battling rightsizing your premium to.
So kind of match the ER the infrastructure. So with the fact that premium is gonna be coming down or at least it sounds like it might be coming down in the near term I was curious to see why.
The expense ratio, becoming down as well like how much of that is coming from.
Savings of initiatives or whatnot, but your that you're doing.
You know, there's a couple of things hitting that we have.
As everybody in the industry is getting aroma development work continues to lower our earn premium because when you have Herman development, we have reinstatement premiums.
Having said that you know we only.
Well used up less than 30% of our cat limit on aroma, but every time you have a little bit of development in or you're going to have a lower earned premium are are written premium was down at the end of the March due to the Kogut.
There were a number of factors and then the business mix there was some higher commission.
Policies were a larger portion of business. Therefore, it kind of drove up our expense ratio for the first quarter. So we had a catalog.
That made the expense ratio go up we we have and are continuing to lower our fixed cost and.
We see that continuing in the future and.
We have made some commission changes that have not come into full effect as well. So we expect that continue to go down.
Okay. Thanks for that.
Hi, guys, if you'd like to ask your question at a star then one.
Star then one to ask a question.
Our next question will come from Greg Peters with Raymond James. Please go ahead.
Good morning real quick.
Well most of my questions have been answered, but I was wondering if you could give us a sense of new business production, how it flowed from February tomorrow.
Paul just so we can try and get a sound. So how gross written premium my track for the year. Thanks.
Yeah, I'm going to let Nick do the specifics, but if you look at our business in a diversification because our personal lines of ground because they're not risk.
Yeah.
Two other lines of business, whether it be repo commercial auto that has stayed consistent.
The security guard fire suppression.
All those areas are continuing to grow.
The hospitality is obviously the one that is more at risk and I'm going to light Nick talk more about it but the QSR side those people.
Have not necessarily get out of business because it drives.
It's bad I'm not yes, so we didnt see.
Some impact, but but not really a large impact in March really April is by the more telling month from a new business perspective overall, new business admissions were down on the commercial line side about 30% on which you know not surprising obviously given.
The.
The fire at but.
I think that's driven by a couple of things. Obviously, you don't have new restaurants are bars opening on to that impact new business.
Hello.
Additionally, we don't see as much shopping so I.
People and agents and ensures aren't really looking to you shopper different coverage or move carriers, there our policies given the uncertainty.
So you don't see as much new business submission through through that dynamic the retention ratios, though had stay high and actually saw a little bit of an uptick in march on and they pretty steady and in April as well so that benefits our thoughts from the renewal side and then to Jim's point, we do have it.
Hi versus vacation, even within the hospitality business. So.
Our taverns are obviously most impacted by that the various shutdown.
Well you know our quick service restaurant line, they're already set up for drive through carry out delivery. There typically on some of the delivery tight out odd and you see on.
Using successfully so all we haven't seen had much of an impact on that buck in that pretty healthy percentage of our overall hospitality, Bob and that and other class commercial line item and we really have not as much of an impact it's really been focused on.
And I'd be a far tavern side people the smaller accounts that we do right they tend to own buildings.
They want the building to remain ensured that but we were not writing a model I properties.
We still have the liability coverages that are associated with that therefore, you know they have lowered policy limits and and sales. So we're seeing pressure on the top line with respect to that but we're not necessarily losing accounts and the way. The government has responded with the various programs.
We are seeing people shutdown, but we haven't seen that many shutdown yet so I'd add certain areas of the country. We are seeing new some new business submissions pick up as.
They slowly reopened.
Texas being being one of the state than we had a solid distribution.
Network and access so obviously, it's uncertain at that so how does this all shakes out.
But yeah, we were really happy with our April premiums and I think.
If it stays open up and certainly a pop debit terms the topline thrust for us, but it's hard to really today and for that specific gauge on it right now.
Just just as a follow up you know if you could put a range on the outcome of gross written premium for 20 versus 2019 are we looking at.
On June 15% to up 5% door.
How would you how would you like to handicap the range of possibilities. If you want to handicap it at all.
I would be surprised if it was down not expecting it to be down.
We do have some initiatives going in the personal lines is actually growing.
And we picked up new distribution.
Places there we also added some a little bit more expansion in our core alliance.
And do agents and other geographic geography.
I would be surprised if it was down I mean, it could I mean, who knows what's going to happen right, Matt I'm not I can't tell you.
Good and other shutdown in the fall in that kind of effect, but we wouldn't be surprised to we've now.
And we're hoping for all.
Margin.
Got it thank you for your answers.
Again, if you like to ask your question that a star by the one.
Started them want to ask a question.
All right were good I think unless there is more questions come in grant that was all clear I would like to turn it over.
Over to management for any closing remarks.
Thank you.
Thank you all being on the call today, I will I I don't want to overemphasize, but during this period of time.
We are seeing a reduction.
In the new claims coming in so we expect our current accident year to continue to perform fairly well as we've discussed we don't expect a reduction in overall.
Premium.
We don't anticipate barring some are crazy about snowfall.
We just hope everybody out there remains say.
And.
We look forward to someday seeing all of you had person again.
Take care and thank you for your time.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.