NMI Holdings, Inc. (NASDAQ:NMIH) Q4 2018 Earnings Conference Call Transcript
Feb 12, 2019 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the NMI Holdings, Incorporated Fourth Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) I would now like to introduce your host for today's conference, John Swenson. Please go ahead, sir.
John M. Swenson
Thank you, Chris. Good afternoon, and welcome to the 2018 fourth quarter conference call for National MI. I'm John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Shuster, Executive Chairman; Claudia Merkle, CEO; Adam Pollitzer, our Chief Financial Officer; and Julie Norberg, our Controller.
Financial results for the quarter were released after the close of the market today. The press release may be accessed on NMI's website located at www.nationalmi.com under the Investors tab.
During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results or trends to differ materially from those discussed on the call can be found on our website or through our regulatory filings with the SEC. If and to the extent the Company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments. Further, no interested party should rely on the fact that the guidance of such statements as current at any time other than the time of this call.
Also note that on this call, we refer to certain non-GAAP measures. In today's press release and on our website, we've provided a reconciliation of these measures to the most comparable measures under GAAP.
Now to our conference call. Brad will make some introductory remarks. Claudia will provide an update on the business. And then Adam will discuss the financial results in detail. After some closing remarks from Brad, we'll take your questions.
With that, let me turn the call over to Brad.
Bradley M. Shuster
Thank you, John, and good afternoon, everyone. I'm pleased to report that in the fourth quarter National MI again delivered record performance, capping a year of stand-out success. We delivered a number of notable achievements in 2018, including exceptionally strong financial results, continued momentum in customer development, best-in-class growth in our insured portfolio, the introduction and rapid market adoption of Rate GPS and continued innovation in the reinsurance and capital markets.
Rate GPS, individual risk underwriting and our broad based reinsurance program, provide us with what we believe is the most comprehensive risk management framework in the industry, positioning National MI to deliver best-in-class credit performance. In 2018, we worked with the GSEs to finalize be updated PMIERs. We have significant excess capacity to date, a range of efficient funding options available going forward and expect to be in full compliance when the new standards take effect on March 31st.
Our broader conversations in Washington were also