Greetings and welcome to the United Insurance Holdings Corp. Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. Please note this conference is being recorded. I will now turn the conference call over to Karin Daly United Insurance Holdings Corp. Investor Relations representative and Vice President at the Equity Group. You may begin Karin.

Thank you, Kevin, and good afternoon, everyone. UPC Insurance has also made this broadcast available on its website at www.upcinsurance.com. A replay will be available for approximately 30 days following the call. Additionally, you can find copies of UPC's 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 Bradford Martz. On behalf of the company, I'd like to note that 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 these 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 the forward-looking statements. Factors that could cause actual results to differ materially may be found in the company's filings with the US Securities and Exchange Commission in the Risk Factors section on their 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 fourth quarter earnings call. I'm Dan Peed, Chairman and CEO of United Insurance Holdings Corp. I'm planning to overview the continuing withdrawal from personal lines; then focus on the operating results in our commercial lines business. Brad Martz will then touch on our corporate activities and results at UIHC, as well as provide some information on our cat reinsurance tower. Over the last two years, we've been exiting UPC's personal lines business. First through the sale of renewal rights in the northeast at the end of 2020, then the sale of the renewal rights in the southeast at the end of 2021; and finally, in August of 2022, we announced the plan of withdrawal of UPC personal lines in the remaining states of Florida, Texas, Louisiana and New York. Throughout this time, we worked closely with the Florida OIR and our other regulators. In mid-November we amended our plan of withdrawal due to severe losses incurred in hurricanes Ian and Nicole, combined with emergency orders which prohibited non-renewals. In early December, we entered into administrative supervision with the OIR, including a requirement to continue looking for a carrier that could offer replacement policies for some or all of our policyholders. As a subsequent event and effective February 1, 2023, with the approval of the Office of Insurance Regulation, we entered into an agreement with Slide Insurance company to offer at least 72,000 policyholders a replacement policy, which will be further described in Brad's remarks. Due to our year-end review, in February, our gross loss estimate from Hurricane Ian increased, which resulted in the Ian UPC loss exceeding the UPC reinsurance limits available. And on February 27, United P&C Insurance Company was placed in receivership with the Florida Department of Financial…

Thank you, Dan and hello. This is Brad Martz, the President and CFO of UIHC. I'm pleased to review our financial results but encourage everyone to review the company's press release, investor presentation, and Form 10-K for more information regarding our performance. The quarter ending December 31st, 2022 included a GAAP net loss of $294.9 million or $6.84 a share versus the net loss of $2.3 million or $0.05 a share last year and a core loss of $273 million or $6.33 a share compared to a core loss of $1 million or $0.02 a share in the prior year. Page four of our investor presentation summarizes our results for the quarter and included $196.6 million of net retained catastrophe losses and $58.9 million of prior year reserve development. The significant increase in net loss and loss adjustment expense year-over-year was primarily driven by a re-estimation of ultimate loss liabilities across all companies and all accident years to fully align UIHC with its independent actuarial firm for both cat and non-cat losses at year-end. Page five of our investor presentation breaks down our results by segment and indicates most of our losses were incurred in personal lines. But commercial lines did incur approximately $16 million of net losses related to current accident year catastrophes as well as about $8 million worth of reserve strengthening for non-cat losses, but despite that it was still profitable as Dan mentioned. Our current accident year cat loss for the fourth quarter included $29 million from PCS events and approximately $160 million related to net development on Hurricane Ian and approximately $8 million for Hurricane Nicole net of reinsurance. Our gross loss estimated from Hurricane Ian moved from $1 billion at September 30th to $1.54 billion at year-end causing our former affiliate United Property &…

Thank you. You may now disconnect. End of Q&A: