Hello, and welcome to the American Coastal Insurance Corporation Second Quarter 2023 Financial Results Conference Call and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Karin Daly, Vice President, Investor Relations with The Equity Group. Please go ahead, Karin.

Thank you, Kevin, and good afternoon, everyone. American Coastal Insurance Corporation has also made this broadcast available on its website at www.amcoastal.com. A replay will be available for approximately 30 days following the call. Additionally, you can find copies of the latest earnings release and presentation in the Investors section of the company's website. Speaking today will be Chairman of the Board and Chief Executive Officer R. Daniel Peed; and President and Chief Financial Officer, Bennett Martz. On behalf of the company, I'd like to note statements made during this call that are not historical facts are forward-looking statements. The company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in or implied by these forward-looking statements. Factors that could cause actual results to differ materially may be found in the company's filings with the U.S. Securities and Exchange Commission, in the Risk Factors section in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and except as required by applicable law, the company undertakes no obligation to update or revise any forward-looking statements. With that, it's my pleasure to turn the call over to Mr. Daniel Peed. Dan, you may begin.

Thanks, Karin. Hello, and thanks for joining us on our second quarter earnings call. I'm Dan Peed, Chairman and CEO of American Coastal Insurance Corporation. I'm planning to overview the activities of the second quarter and the year-to-date numbers, including touching on the operating results of our continuing operations and specifically our commercial lines segment. I'll then turn it over to Brad Martz, who will expand on the financial results for continuing operations. We've immediately completed our transition to a commercial specialty insurance business underwritten through American Coastal Insurance Company. The commercial lines segment now comprises over 97% of the second quarter gross written premium and 92% of the gross earned premium. In light of this transition to a predominantly commercial specialty business, we announced July 27 that we have changed the holding company name from United Insurance Holding Corporation to American Coastal Insurance Corporation. And effective August 15, we will begin trading with the new ticker, ACIC. We believe this better reflects the future direction of our company as American Coastal Insurance Company has a 15-year track record of consistent product and financial performance in Florida. Back to the numbers. Given the extreme variances introduced by the accounting for discontinued operations, I consider the most applicable numbers to be quarterly and year-to-date results from continuing operations in the commercial lines segment. As such, I'm going to highlight the results from the commercial lines segment, and then Brad is going to focus mostly on continuing operations, which includes our continuing personal lines operations through Interboro. For the commercial lines segment, the pretax income was $25.4 million in the second quarter and $64.3 million year-to-date. The net loss ratio was 22.0% in the second quarter and 19.7% year-to-date, in line with expectations. The net expense ratio was 37.4% in the second…

Thank you, Dan, and hello. This is Brad Martz, the President and CFO of American Coastal Insurance Corporation. I'm pleased to review our financial results but encourage everyone to review the company's press release, investor presentation and Forms 10-Q and 10-K for more information regarding our performance. Pages 3 and 4 of our investor presentation provide a summary of the quarter ending June 30, 2023, which included core income of $28.4 million or $0.65 a share versus $8.5 million or $0.20 a share last year, which grew 236% year-over-year recast for discontinued operations. Net income from continuing operations of $22.6 million or $0.52 a share compared favorably to $5.8 million or $0.14 a share in the same period last year, driven by strong underwriting performance in our commercial lines segment, which was partially reduced by investment losses of $5.2 million or about $0.12 a share net of tax in the current period. Our combined ratio for the second quarter improved over 9 points to 67.7% versus last year, fueled by a $36 million or 17% increase in premiums written year-over-year despite our intentional reduction in policies and risk exposure and the reduced premiums written in the personal lines segment. The successful placement of our new catastrophe reinsurance programs for American Coastal and Interboro were the most significant accomplishments during the second quarter with more overall protection against severity and the lowest retention we've had against the Florida hurricane over the last decade at just $10 million. Page 5 of our investor presentation provides a breakdown of our results for the quarter and year against the recast 2022 amounts, which highlight gross premiums earned growing 22.2% year-over-year in the second quarter, helping to overcome increased catastrophe losses and decreased revenue from more premiums ceded as well as nonrecurring investment losses. Despite…

[Operator Instructions]. If there are no questions at this time, I'll turn the floor back over to management for any further or closing comments.

Okay. Thanks. This is Dan. I would like to thank our employees and associates for their diligent efforts as we transition this company to a commercial specialty underwriter. And then for our investors, thanks for your time on this call and your interest in our company. Thanks again.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today. End of Q&A: