HCI Group, Inc. (NYSE:HCI) Q1 2024 Earnings Call Transcript

Michael Phillips: No, it does. You didn’t reserve for a call it, whatever the number is, 35% drop or, it’s kind of the right number. But as you said, you built something in, but it wasn’t to the level that you are currently seeing.

Paresh Patel: Yes. We knew it was going to be better, but it’s better than we thought it was going to be. It’s good.

Mark Harmsworth: Michael, the other side of that is, we actually go back. We had stated that many a time that, we expected the numbers to be better, but we didn’t have enough evidence to book to the better number. We’ve tended to be conservative in the quarter since the legislation got passed. But eventually reality whatever it is will manifest itself. I think Mark will at that point make appropriate adjustments.

Operator: At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Paresh Patel, who has a few closing remarks.

Paresh Patel: On behalf of the entire management team, I would like to thank our shareholders, employees, agents, brokers and most importantly our policyholders for their continued support. Thank you.

Operator: This does conclude today’s conference call. You may now disconnect your phone lines and have a wonderful day. Thank you for your participation.