Infinity Property and Casualty Corp. (NASDAQ:IPCC) Q2 2017 Earnings Conference Call - Final Transcript

Aug 03, 2017 • 11:00 am ET


Infinity Property and Casualty Corp. (NASDAQ:IPCC) Q2 2017 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Infinity Property and Casualty Corporation Second Quarter 2017 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Amy Jordan. Please go ahead.

Amy Jordan

Good morning, and thank you for joining us for Infinity's Second Quarter Earnings Conference Call. The live event link on our Website contains the slide presentation for this morning's call, if you'd like to follow along. We also have an Excel spreadsheet on our Investor Relations Website on the annual and quarterly reports page that provides more detailed quarterly financial data.

And Page 10 of this report contains the definition and reconciliation of any non-GAAP items we discuss this morning. As noted on Slide two of this morning's presentation, certain statements made during this call could be considered forward-looking statements, which anticipate results based on our estimates, assumptions and plans that are subject to uncertainty.

For a discussion of the primary events or circumstances that could cause actual results to differ materially from those suggested by such forward-looking statements, please refer to Infinity's filings with the SEC.

And now, let me turn the call over to Glen Godwin, CEO of Infinity.

Glen Godwin

Good morning, everyone, and thank you for joining us today. Rob Bateman, our CFO, is also on the call this morning.

As this is my first opportunity to speak to you in my new role, I'd like to start by telling you how excited and honored I am to lead Infinity. I'd also like to acknowledge the incredible leadership and contributions of Jim Gober. Everyone here thinks of Jim as our company's founding CEO, and we've watched him over many years build this extraordinary franchise. I know you will miss his candid, colorful and most importantly, informative discussions. We wish him all the best in his well-deserved retirement. As for the company's future, my feeling of confidence is bolstered by the team we have in place that is executing everyday in delivering value to our shareholders while admirably serving our agents and policyholders.

Turning to Slide three. Before we get into the results of the quarter, I'd like to use this first opportunity to share my thoughts on our strategy in future direction. In my prior role, I was immersed in both overall strategy and operational execution so I don't want to you think that I feel a need to take the company quickly in some new direction. I'm a vocal proponent of our current strategy, which clearly establishes our vision to be a leading provider of personal and commercial auto insurance products to urban and Hispanic markets. We've successfully built a recognizable and leading brand in some of the America's largest cities, executing on just that vision.

Our competitive advantages include our people who fundamentally believe that success is a byproduct of competitive prices that are driven by a cost structure that is well below the industry, along with the customer