Protective Insurance Corporation (NASDAQ:PTVCA) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 11:00 am ET

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Protective Insurance Corporation (NASDAQ:PTVCA) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings, welcome to the Protective Insurance Corporation Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Marilynn Meek. You may begin.

Executive
Marilynn Meek

Thank you. Thank you all for joining us this morning for the third -- for the Protective Insurance Corporation's third Quarter 2019 Conference Call. If you did not receive a copy of the press release. You may access it online at the company's website along with an investor presentation to accompany today's call and earnings release which is available at www.protectiveinsurance.com.

I would like to remind everyone that we are hosting a live webcast for the call which may be accessed at the company's website as well. At this time, management would like me to inform you that certain statements made during this conference call and in the press release, which are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Although Protective Insurance Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that expectations will be obtained. Factors and risks that could cause actual results to differ materially from expectations are detailed in the press release and are included from time to time with the company's filings with the SEC.

I would now like to introduce Jeremy Johnson, CEO of Protective Insurance Corporation and turn the call over to him. Please go ahead.

Executive
Jeremy D. Edgecliffe-Johnson

Good morning and thank you all for joining John and me this morning. John joined us as our CFO, a few weeks ago, he is a talented and experienced finance professional and I'm very pleased that he chose to join Protective.

Our quarterly results showed continued progress in our turnaround strategy. As a long-term specialist and ensuring large fleets of trucks, we operate in one of the most volatile segment of the property and casualty insurance industry. This quarter, I'm pleased with the continued improvement in accident year loss ratio. I am pleased to report, no material changes in our reserve and comfortable that we are managing our expenses for a competitive expense ratio over time while still investing in the talent and technology we need to position ourselves well for the future.

As I said in the last quarterly call, my priorities have been and will be to meet and speak with our customers and distribution partners and understand the value we bring and can bring to them. To build confidence and credibility with all constituents through disciplined execution of our ongoing turnaround strategy and the shape and stay of the culture of Protective for competitive advantage and to continue to attract reward and retain the very best talent in the industry. During the last quarter, we have brought on a new Chief Financial Officer, Chief Information Officer and several other