NMI Holdings, Inc. (NASDAQ:NMIH) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the NMI Holdings Inc, Second Quarter 2020 Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over to Mr. John M. Swenson. Please go ahead, sir.
John M. Swenson
Thank you, Cory. Good afternoon and welcome to the 2020 second 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 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 one should rely on the fact that the guidance of such statements is 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 I'll turn the call over to Brad.
Bradley M. Shuster
Thank you, John, and good afternoon, everyone. On today's call, we'll review our second quarter results, and share an update on how the COVID crisis is impacting our business performance and financial position, as well as the broader housing and mortgage insurance markets. We are now five months into this pandemic, and while we had hoped to see a rapid containment of the virus and quick rebound in economic activity, we planned from the start for a more protracted downturn and uncertain recovery.
We built National MI to be a credible and sustainable counterparty through all market cycles. From day one, we focused on building a durable franchise in a risk responsible manner. We have worked hard to establish a comprehensive credit risk management framework and in doing so, we have built the highest quality insured portfolio in the mortgage insurance industry. Well before this crisis merged we were using individual risk underwriting and granular Rate GPS pricing to target a higher quality mix of business and had sourced and secured comprehensive reinsurance protection on our in-force portfolio.
Alongside our credit risk management efforts, we built a strong balance sheet foundation, we have been conservative in our investment portfolio and worked hard to establish a robust liquidity position. We have flexible access across a broad range of capital and reinsurance markets and