UVE
#9/6/2016 for renewal, 8/1/2016 for new.
Yes, we have actually filed an aggregate 2.6 rate increase.
We have received some questions from the department in normal due course of business.
And we should get some finality on that within the next 30 days.
Yes, we do.
I think obviously you can look at our market share.
I think there is plenty of good rate adequate business in Florida, so I think there is some upside and I think there is some room for us to grow definitely in Florida.
Yes, we are pleasantly surprised.
This initiative has really only been in place for three, four months.
We've really started in Pennsylvania and then we added a few other states, Alabama, we added South Carolina recently and Indiana and Minnesota.
So obviously we think we've written in excess of 100 policies really with very limited marketing expense.
We've been obviously using SEO, search engine optimization, to drive as much traffic as we can to our website.
We think that over time that the acquisition cost could be significantly lower than what it is right now traditionally with our agents.
But as we've stated previously the difference between really what our marketing costs are and the traditional commission we're pulling that money together and giving the difference back to our agents who are specifically in a territory who are appointed with us and our meeting certain criteria.
So we are really pleased by this process.
We believe we are the first insurance Company to offer a policy where you can find coverage and pay for it in one transaction and we've gotten a lot of good results from it and good feedback, so we are definitely encouraged.
Yes, this is <UNK>.
I think the best way to look at those ratios would be to put a range on them.
And notwithstanding any unforeseen events in the remainder of the year and excluding the $8.4 million severe weather events I'd be looking at a range of 25% to 27% in the direct loss ratio.
Including the $8.5 million severe weather losses that we had in the first quarter it would be 27% to 29%.
And in your expense ratio I would look at that somewhere between 36% and 38%.
Now just as a point of clarification ---+ pardon me.
It's on a net basis, the expense ratio on a net basis 36 to 38.
And just as a point of clarification I told you that the second quarter of 2015 was 25.6%.
That was actually the full year.
The second quarter of 2015 was 24.3% and as you recall in the fourth quarter we strengthened our reserves, so the full year was the 25.6%.
No, we have not.
We anticipate launching Florida end of Q3, early Q4.
No, that was for full 2015.
Yes, give me one second.
The first two quarters 720 quarter one, 698 quarter two.
I don't have 2015 but I will get that for you.
It's a 4% decrease in severity.
You said buyback and what was the other one.
I'm sorry.
Obviously it just comes down to really analyzing our capital, really where is our stock trading at an individual moment in time and figuring out what the best way is to deploy that capital.
Obviously our Board is heavily involved in that as well as the management team but it's not an exact science.
But I will tell you that the share price obviously has a direct correlation to it and that's how we look at it.
Yes for two months of the three.
If you were to roll the expense ratios from last year to this year, last year we had 37.8% and the absence of the ceding commission added 3.2% to that.
But we also had economies of scale and that brought it down by 4.1%.
Then we also had last quarter we talked about some initiatives that the Company and its compensation committee has taken to address executive compensation.
In addition to attaching performance measures to certain restricted stock awards that were included in the 2013 agreements with the new agreements effective January 1, 2016 that replace restricted stock with performance stock units.
Rather than having a fixed number of shares that are awarded at a future date which could have an impact on future earnings if the price goes up it's a fixed dollar amount.
So what is variable would be the number of shares.
So that brought down the expense ratio in the second quarter by 1.9%.
So that's how you get from the 37.8% down to the 35%.
I'm sorry.
Repeat the question.
Well, the Fast Track is part of the claims group and those expenses are included in LAE.
So that would not be reflected in your general and administrative expenses.
So those are efficiencies that would ultimately flow through to the LAE ratio.
No, we have not.
As I stated earlier, obviously it's a little too green.
We see a lot the efficiencies in place, we see a lot of the improvements in place but we just don't feel like it makes a lot of sense right now to change that currently.
And we will judge it as we continue going through for the rest of the year and take a look at it.
Give us one second.
So premium is for our other states portfolio ---+ one second.
$79 million, expressed as percentage in would be 8.6% of in force premium as of 6/30.
I was just going to say obviously the cost of policies outside of the state of Florida is considerably lower.
The contribution of what.
I'm sorry.
The investment income for the quarter was $2.1 million and the book yields on the fixed income portfolios is 1.47.
We have 426 employees.
We are pleased with our performance in the second quarter.
And I believe we have the right strategy in place to drive continued profitable growth and shareholder value creation.
Our experienced and dedicated team, focused underwriting discipline, robust internal capabilities, superior claims operations and strong independent agent distribution network coupled with our new Universal Direct platform are all competitive advantages that we believe will allow us to capitalize on our future growth prospects.
In closing, I would like to thank our independent agents and our employees for their hard work and dedication as well as all of the shareholders, our Board of Directors and, of course, our management team.
Thank you.
