Shares dropped 20% as investors reacted to cautious commentary on competitive pressures in the commercial residential segment and ongoing challenges in policy growth, signaling concerns over margin sustainability and slower-than-expected expansion.

• Commercial residential in-force premium declined 7.8% due to persistent competitive pricing pressure in the Florida market.
• Personal residential in-force premium grew modestly by 1.4%, showing limited upside.
• New business written increased significantly (over 30%), but overall policy count growth remains uneven and only showing early signs of improvement.
• Retention held steady at approximately 88%, supporting stable customer base but not offsetting growth concerns.
• Management emphasized disciplined underwriting and rate adequacy, declining to chase competitors’ lower pricing, which could constrain near-term market share expansion.