Donegal Group Inc. (NASDAQ:DGICA) Q2 2024 Earnings Conference Call July 25, 2024 8:30 AM ET

Company Participants

Karin Daly – Vice President, The Equity Group Inc.
Kevin Burke – President and Chief Executive Officer
Jeff Miller – Chief Financial Officer
Jeff Hay – Chief Underwriting Officer
Dan DeLamater – Chief Operating Officer
Tony Viozzi – Chief Investment Officer

Conference Call Participants

Karin Daly

Good morning and thank you for joining us today. This morning, Donegal Group issued its Second Quarter 2024 Earnings Release outlining its results. The release and a 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 pre-recorded, 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; Chief Operating Officer, Dan DeLamater; 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 is my pleasure to turn it over to Mr. Kevin Burke. Kevin?

Kevin Burke

Thank you Karin, and welcome everyone. In today's call, we will provide commentary on our quarterly financial results and an update on a number of strategic initiatives that we expect will continue to drive improved results in future periods.

Above-average severe convective storm activity continued into the second quarter of 2024, with hail, tornado and wind events reported across the country. There were more than 1,200 tornadoes reported for the first half of 2024, which is the highest number on record since 2011. Experts predict that these events have resulted in damages exceeding $20 billion. While we are working to restore properties for a number of policyholders who incurred tornado losses, we are pleased that decisions that we made as part of our state and regional strategies in recent years, as well as our ongoing management of geographic risk concentrations, served us well in mitigating the weather loss impact to our second quarter results. We will discuss more details about weather-related losses and other key earnings drivers as the call progresses.