“We not only achieved exceptional top line growth of 29%, 45% on a same-store basis, but we also saw strong bottom line growth with adjusted net income increasing 52% year-over-year.” (CEO)
“Our portfolio is one of a kind in specialty insurance and our second quarter results reflect its unique nature.” (CEO)
“We remain disciplined in our approach to underwriting and reserving. We are building reserves across the book and only releasing redundancies in short-tail mature lines of business.” (CEO)
“Our June 1 reinsurance placements were executed from a position of strength, enabling us to meaningfully reduce volatility, improve risk-adjusted returns and importantly, ensure consistency in our earnings base for the remainder of the year and into
Topic: Neptune flood partnership – scope, risk, and timeline
Key points:
Historical flood book concentrated in 5–6–7 states, writing mostly inland flood; Neptune partnership expands TAM to include both inland and coastal flood.
Company will take underwriting risk, as it has done for 6–7 years since launching flood product.
Wind exposure has been “called back meaningfully,” enabling coastal flood writing without stacking limits.
Partnership goes live 10/1; expects growth contribution primarily in 2026, not 2025 (avoids launching in hurricane season).
Mgmt stance: neutral-to-bullish – risk-bearing partnership with strong coastal expertise, designed to build a geographically and loss-type balanced flood book, but benefits are deferred to 2026.