Donegal Group Inc. (NASDAQ:DGICA) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET

Company Participants

Karin Daly - Vice President, The Equity Group Inc.

Kevin Burke - President and Chief Executive Officer

Jeffrey Miller - Chief Financial Officer

Jeffery Hay - Chief Underwriting Officer

Tony Viozzi - Chief Investment Officer

Karin Daly

Good morning, and thank you for joining us today. This morning, Donegal Group issued its first quarter 2023 earnings release outlining its results. The release and the supplemental investor presentation are available in the Investor Relations section of Donegal's website at www.donegalgroup.com. Please be advised that today's conference was prerecorded and all participants are in listen-only mode.

Speaking today will be President and Chief Executive Officer, Kevin Burke; Chief Financial Officer, Jeff Miller; Chief Underwriting Officer, Jeff Hay; and Chief Investment Officer, Tony Viozzi.

Please be aware that statements made during this call that are not historical facts are forward-looking statements and necessarily involve risks and uncertainties that could cause actual results to vary materially. These factors can be found in Donegal Group's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any obligation to update or publicly announce the results of any revisions that they may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

With that, it's my pleasure to turn it over to Mr. Kevin Burke. Kevin?

Kevin Burke

Thank you, Karin, and welcome, everyone. I will begin the call with an update on several strategic initiatives before turning it over to Jeff Miller for a review of our quarterly financial results. Jeff Hay will then provide details about the segment performance and action plans for the remainder of 2023, followed by Tony Viozzi who will provide an investment update.

I reported in our year-end earnings call just a couple of months ago that we successfully launched new personal lines products in 9 of the 10 states where we offered personal lines during 2022, and we were awaiting approvals of our product filings from regulatory authorities in Michigan. I am pleased to report that we have now received those approvals and are preparing to implement new products in Michigan, thus completing the 10-state rollout. We are actively monitoring our personal lines new business growth, which has exceeded our expectations. Jeff Hay will provide more commentary about the actions we are taking to control the pace of our growth and ensure rate adequacy in light of ongoing inflationary pressures on loss costs.