Kingstone Companies (KINS) 31 Mar 232022 Q4 Earnings call transcript

Greetings [Technical Difficulty] Stone Companies 2022 Fourth Quarter and Full-Year Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jennifer Gravelle, Chief Financial Officer and Head of Investor Relations. you. Thank ahead. go Please

itself good not release Yesterday uncertainties unknown quarter Kingstone. detailing Kingstone as on of statements this and events result The issued circumstances a and and results. the factors could a risk affecting call, discussed regarding forward-looking make press Kingstone's call may and its morning, you, and business. afternoon, forward-looking may everyone. this company On and occur Thank known XXXX materially fourth differ

to section XA XX, in for yesterday. entitled company's refer company's May please forward-looking Future Results Condition ended That XXXX, XX-K information, Financial Affect commentary the on earnings Part statements more For release December the with the year Form of at issued Factors along of and the Item X, the end

references remarks to measures. our addition, today non-GAAP In include

a in For the see to of measures non-GAAP reconciliation figures, the please GAAP our our release. earnings tables

call Board Please Kingstone's Barry. like that, to Chairman turn Goldstein. Barry over Mr. the the of go CEO, With to I'd ahead, and

Great, and good and thank everyone. morning, you,

to Gravelle, of is Investor today CFO Also new Chief Relations. Jenn our and me of Golden, company. Officer insurance Head and with the our Operating President Meryl addition In

XXXX. call the welcome quarter So highly goodbye earnings fourth a to challenging to and

success journey Despite transformational small has the was Most laid methodically profitability we we foundation the the and it, multi-year that in this in through the part to this many hurdles got no transformation to years undertook. our support due and importantly, ahead. needed deliberately

a cost we in double-digit with a most more its been processes profitability equity structure with what known product the to set our work in to get us hard ever will on we and forward We're efficient company a Indeed, had more past. moving a out than will believe before, for that stage and return for the focused back XXXX year importantly in lower as future. that prove be will that the us returns

metrics, already that financial result our trends, our business how updates, actions with will and but focused and implemented and the review operational comments have you are been will profitability. We the regular on priorities, in they primarily market strategic

share indications that hold results. some will those clear and we actions taken already are with delivering Today, have early you

navigate our a environment The in number business we industry steps of factors, we environment. over, we taken continue influence have or to to as have our a significant macro challenging Even fortify includes though which against. already control no

transitory, This As this we market Fed We were in in a results have shared, rates out the and credit it way, but did that the it? of inflation. near called shutdown be work by XXXX advised spike markets. a that in rapidly by impacted didn't would they interest increasing surge what resulted were surge

same Higher Questions as declining reinsurance more property insurance rates did. Our were of would more claims partners cat thing. the [Indiscernible] their meant in catastrophe valuation weather just be the companies. portfolio as dramatic many Florida bad bond felt in that failure about resulted

Our reinsurance more a than difficult. was bit last just placement July

are continuing talk to far on and interested factors what impact about entire today, Kingstone challenges? these risk. forced cut to as rates in long That's XXXX. or specifically, reinsurers interest I'm Our less These we time including in responding How rates back the inflation, going industry, taking catastrophe are were to macro higher reinsurance.

inflation, approach. to two-pronged Relative taken we've a

others actually in will difficult are our inflation. address rate appropriately and in ongoing reflective while XXXX, hope First, ‘XX of environment and that seen while to peak rate we and continue of inflation rates. than were a spike for for late all on our are inflation inflation anticipated I a this we that our have and declining adjust know this to during experienced, path, future we them sudden premium levels an like we the include far unprepared estimate rates We lower early

this renewal. followed are detail, experienced. and we've every discussed of Meryl been covered in replacement this adopted [Indiscernible] this our keeping that on high had up in approach we're their we're the previously, are including more policyholders that already homes inflation replacement so we to properly as and we discuss process, permanently inflation. will a each of every property Second, level, impact ongoing our to ensured cost insure, practice but current We updating cost, the managing confident with at of

since comprises seen rate environment the income all rapid securities, fixed higher the their had Kingstone's came valuation. with rates, of has a portfolio we've onset As inflation impact on interest rising investment material

the has by an Our Conning from which rating short relatively externally X.X-year portfolio, duration. agencies minus and rating average major a credit is three bond managed AA of

higher As risk by investing hit in spiked along state inflation. as avoiding our we with portfolio, hard designed such, us income, is to do to important our with from provide credit borrowers. not rates It's strongest it’s trade additional of short-term the that portfolio obligations

(ph) maturity. [par] receive at we time scheduled And We expect most until hold which they're value. securities to

that losses more expect We will hopefully retreat. as as rates time and level passes current unrealized shrink the interest of quickly

five-year closely Our with aligned the treasury portfolio rate. is

you how changing. following see are can values that, So

We it rate the basis and X% and points have end moved X.XX% to was that seen I year XX of rate recently XXXX, up think the X.XX%. closed a in at significant end it mind yesterday at at at decline in keep five-year lower the five-year February

quarterly in equity fixed reinsurance and report to and AOCI of as say in ETFs. income will a are as hard reinsurance increase it preferred QX on which an ever securities, we a shares many costs improvement seen. Relative gains in market unrealized primarily is believe our they've I

carriers the severity host companies selective other willing to that obtain reinsurance the challenges us ever rates. poses of need reinsurance. for cost for are driving premiums cover, the factors higher become up are insurers coverage at know a Reinsurance primary follow they reasonable and to risks are leading in more of Kingstone it's of who reinsurance who all more difficult like to becoming and and and for frequency growing those of disasters As industry natural the

on last just ratio been loss the know its Kingstone's But has coverage X%. catastrophe over over this XX-years,

premium We the call amount helps of and the thresholds. pass the to we PML. which to July. upfront or that these the to we which have utilizing time this to time underwritten With by policy adapted anticipated a reinsurers. real cow buy, refer of we're score. will be been proactively in. to as reinsurance the slow quote, we dollar We've this probable and tool, At cash determine Yet changes better to to a manage our us need loss we every paid CAT underwriting taking in receiving to if market risk maximum a self-imposed this We back expect by of $X.XX our for tough our us to actions continuing of growth manage

while only growth are those PML now fewer We tightened criteria have writings as far active has we undertaking active, remain selective far to the environment are better that competitive we exposed. current highly materially the but competitors, catastrophe less manage and are are

the non-renewals contributing we're with Rhode and same non-renewed of maximum approval and of to coverage that PML. many are have policies underwriting the granted insure the that Island we guidelines. outside In range, we've and tightened New our to block that are willing our Kingstone's closely Working for were the most Jersey regulators, policies tighter reduced new

in every the entire our impact and modeling underwriting strategies. these of measuring other month portfolio now are We

marketplace. low tools reinsurance challenging Looking delighted needs to us, been us X.X to use changes able to already share possible behind bearing keep available address year. as the we as having X%, these to our ahead, we'll as the best foundation X.X these and such XXXX can. Kingstone to that with place. continue made you compared to reinsurance our With macro to last is a further as reduce I'm we Kingstone will be requirements efforts factors is in in all by are fruit with underway

While that will the laser us plan high were years. performing focused so on we back the lead to for many company strategic

about detail will that. Meryl do plan to just speak our strategic greater in

I'm turn Before the call to to over Jen Gravelle. going this, however,

As Insurance previously record a us valuable in team. to expert in Management, risks, in Relations is companies, as CFO of are our this Her matters of and deep already well Kingstone and mentioned, to reinsurance are wind-related including move particularly and to Allied brings and CFO property most as of areas Slide coastal Financial involving knowledge as forward Jen part Head insurance recently to I as Insurance XX-plus a Investor Insurance Kingstone year both an Trust joined who Executive She early comes Olympus is CFO phase. our we successful track Jen it these of and Company exposed instrumental year this insurance. when homeowners Company. focused next as

call the to pass to and go I'll ahead, quarter over financial Please that, full-year fourth our review Jen Jen. results. With

Kingstone per $X.XX you diluted for reported net for compared income period Thank year. be $X.XX share, here million to you, the In today Barry. $X.X introduction. XXXX, per to great fourth of same wonderful and loss quarter and last the million that of and of thank It's a net share diluted $X.XX

written million X.X% $XX.X were year in an $XX.X million, increase premiums $X.X period. of from Direct to up the prior million

for on to X.X% and foreseeable premiums quarter. have exposures expect average policies the declined our in materially from force previous future. than laser remain our the increasing However, We faster focused grow continue premium to

quarter. the LAE catastrophe million increase points Storm The year. added ratio in driver $X.X was losses, XX.X catastrophe quarter for largest Winter ratio net The loss losses. principally net up XX.X this the loss prior Fourth from XX.X%, the to of was Elliott points or

and quarter, a X.X $X estimate. independent in relative line also our exited recorded have or The line points been good feel that we million about reserves the strengthened position company of our at development During central We business. from liability year-end commercial to reserve actuarial overall our point reserves our XXXX.

of year XXXX. would was attritional in losses we ratio XX.X%, underwriting the of loss in non-cat The If profit in made the any XXXX. quarter fourth not cat quarter prior for lowest have the development, or

to the For ratio the XX.X%. expense quarter, underwriting points X.X fourth decreased net

commission by reduction will great from expenses, retirement even of we is Our systems, legacy and our IT progress will in continue notably on expense reduce be made efforts, over which but driven reduction that further. the the to initiatives, sharing expenses time. expense multiple other to We of changes structure most engaged recognized profit are expense

turning completed. and most to a around continue new confidently in hard and the to process. path months say the has Look to more that are already can decisions in forward have and meeting been customers. our a team, been I've of appreciate to it really work come the [Technical Difficulty] compelling with our services And few the Before value of and add Kingstone, I've still there's like I've producers impressed over talent done, I to to community of turn much ensure be product, the come financial to value to I’d made that important to business initiatives for platforms already how although our been Meryl, been work members with of months the creation.

turn I'll over Now, Meryl? Meryl. it to

Jen. Thanks,

is While our to we financial were be. are results for quarter has seeing green and we the quarter near This on want a sign for challenge shoots. year we that what direct to reflection the the first them that The overall since nowhere XXXX, begun the insurance transformation fourth of executed is a progress business turn throughout XXXX, including entire diligently industry. initiatives the was a have that

As proactively to a want turning I for more few address are strategic efforts, in operational a our to through challenges already fundamentals. walking company before these now inefficiencies and we are and XXXX beyond. and place of efficient we've that of to already plan minutes spend the result taken actions a market some with strengthened

with impact into to make our major more third Barry value. entire sure practice replacement annual cost us. of our but rate are a policyholders the detail update book on we ensured book given new of initiated spoke inflation to go to changes, quarter its inflation, up the in from to business and like keep our that Apart I'd to

keep with Our inflation all building late. been we've up with especially previous experiencing practices the rising that of costs didn't

since update we for was an each mentioned, as to producing this every cost New a most we've increase of average Barry seen we're in practice As share homeowners, example, positive that pleased policy to with the new process renewal replacement York results adopted available. premium using And implemented. recent data XX% a is this

as is the over This in XX% Let this average that, reflects update both me renewal term. change rate premium that's well increase through cost. the flowing up as replacement the repeat the expiring book,

much XXXX. takes in through book though seen term. in new to premium onto higher Remember full-year benefit we rolling of will XXXX, while the the that of and two XX book months be the we're the on, and and over items work these goes an the effect the the earn renewal Thus, real as amount increasing the will year a be

in has It's rise to replacement anticipate noting Looking us the XXXX, it's increase as ahead a foreseeable in cost future accordingly. forward, expect retention we premiums, our slightly for to but unfortunately only raise rate. and increase declined one thing we inflation our continue premiums to will worth significant for continued believe that despite also the

the conditions For York despite retention, homeowners, experienced We're in with in York hard drop New of so -- instance, New than materially. X% recent we've in the less positive who midst in producers rates a than and continued competitors a are with fewer years increasing market indicator retention expect of said, day. continue. our customers a our and and will That these loyalty talent customer base members, we team of strong directly working every the the is our of

in they Jersey, calendar New year footprint underwriting starting States and New a The not impact attempted loss did to We states inflation. not Kingstone's these nullified the driver factors may rate XXXX macro was been underwriting, XXXX. and underwriting especially Connecticut, Massachusetts. we and in namely the made results worked businesses discussed, than in results. our and Rhode entered in other there but enough tightened these of was the had have XXXX were changes benefit the towards results, Beyond the address series by did primary to challenges what and negative our our achieve has quarter of see we disproportionate not We'd impact Island expected a past deliver York, fourth we of on diversify and to profitability

constraints. focus considering the on decision aggressively profitable our we our this of we have more New York made unprofitable difficult book So to trend, of business of State to business regulatory reduce in where late our than XX% York and after XXXX, to non-New continued subject

be in have limit outside that of We these reduce to XX% to by year-end in improve operations we New we reduced the York our By to of will place improve this our than put will New XXXX. The for line more XXXX bottom eliminating is and outside actions Kingstone. policies, significantly by anticipate way the in are force another for policies confident profitability the XX% York decision unprofitable fastest Kingstone.

is with to net XX%, our rates the and in and Last, a so a and XX%, points to rates. furthering. at from calendar ratio over significant XXXX XXXX short commission continuing we're for X decline policies pleased reach reduction our by down of we to rate decline. ratio progress policies well. net and one expect restructuring being our year period are improvement Select far was the XXXX, at ratio producer committed a to expense of and We're Much commission lower are is as attendant XX% our legacy renewed expense

accounting, renewal, over GAAP the benefit the lower of the life paid at to policy. policy the Due recognize commission we the but

the commission key XXXX a felt on for Just for like look and build undertaken. more XXXX, same say commission Kingstone from we've the the is actions are being profoundly pivotal as currently lower is we reductions premiums in Needless to year undertaken increased to true rates.

reinsurance inflation; creatively profitability and and which York beyond. of to reducing will last, on continuing on to our to expense focused business; Kingstone three, stay in and X.X one, aggressively book four Kingstone these of reduction. adjusting tightly the goal Our costs; our initiatives, things: on focus pillar two, ‘XX, managing returning strategy trends non-New for coined of achieve By XXXX be requirements executing positioned pricing we've and loss four including ‘XX ahead is

optimistic myself the future. team Barry, entire leadership Jen, the and are for

plan capitalize always you a in which long-term strengths We shareholders. build support. for deliver and for solid foundation creation to a to on clear from your as have Thank with value our place

we'll up it to questions. Operator? with And open that,

for from is now questions. open coming is floor go Paul question Sandler. of The First Newsome Instructions] [Operator Piper ahead. you. Please Thank

the management. Good morning. Thanks could expense for call. we Maybe with start

commissions? negative you're some function from reduce the pulling the imagine expenses expense there you Or with lower are ratio book, I some the just would purely fixed of pure the a reduction your As to in a perspective? is expense costs. [Indiscernible] that Is leverage in operating expense there's leverage view

Sure. question, the Paul. I'll answer

expenses. thank you for lower our out pointing So

reduce happy in our we've X really to been XXXX. worked reduction a expenses and have point to able see hard so We that

the We agents play book. select. So, role, to York we've yes, very We in on plans. reduced commission non-New reduced restructured reduced sharing profit to significant commission move the our encourage our commissions for the the a legacy States because commission the And book. we also

repeatedly But $X.X review and beyond about our that, talked our we in efforts have of that expenses. made saved to us retirement the a all legacy I've of the areas million. systems company major reduce

will reduction our I and every reviewed we're what be managing really expenses relentless expense forward. have driving contract, We that's mean, our going in

us the your reserve and of more color view? on quarter, bit you from coming in frequency that the development varying in little Could development it's a the give reserve where sources

I a statute Yes, all reserve all question, of commercial of just exited additional Paul. that was policies, the And -- that's it of the old thanks we of we've think line for on that. There the $X run multi-parallel in taken limitations million relating But on those a business put to abundance strengthening is an of about This is additional first XXXX. caution. up policies.

was lot but that total up recall strengthening amount we in business $X the we a that XXXX, it's on directly to may exited a a and You of line put related million. pretax of basis

that debt about Great. Could think you walk maybe on us should refinancing guys and the -- talk through impact prospectively? the we the model

please Meryl that Jen chime start or and want do. Sure. in, I'll to

Piper When the thanks X.X%. of we this exchange, earlier an million total in at, world year. that had on amount years great to paying -- the XX%. is now Sandler. we at that team through we're reduced just finally amount rate The was was And paying as across is set we in under of part but you you, rate from I guess, the $XX $XX we million, debt loan large debt Paul it interest were interest recall that So five at the last got to coming due now reduced December

three interest those the the further, And about also loan. expense. of to reflected seeing the be you'll forward. So over and warrants the year And our goes what million will you're of issued life that amortized see noteholders quarters will is of increase in be financing time costs a we also that as costs

this business will a the a XX-K Paul. end be included your Hope of quite file and there's today -- lot of detailed you, to discussion We'll I be clear We by our answers think that XX-K. should in question.

I Yes, to figure piece of impact is guess more the the outstanding? challenging warrants out on the the shares

think will which you equity to see be can BlackScholes you exactly it I And XX-K. as will you be it accounted through warrants when for I will go is, what they think the and read entire they're Yes, discussion. the clear

want Great. question read I'll Any last renewals ask And to the I then this year? for else let questions. one July guess anybody early and on

Well, Meryl They I'm to got going talk. back let from just and London. Jen

you ladies, ahead. go don't So why

Yes.

London So coming month. from this earlier back just we're

our partners that Somewhat were talking to. we interesting and with conversations over markets new there reinsurance

that question the right? hearing in through. at expectations upcoming capacity what actually it has just renewal is to whether So that the going underneath much what this reinsurance some how to costs is cost, are So costs have of is created, that expected. reinsurance is is not come the they to forecast reinsurance we going challenge Northeast is And it's we're additional can in be absolutely those the -- But there we're us. or that in place increased Meryl have biggest the for in going

these a this providing the really to company catastrophe loss for business. and others Kingstone produced start up, higher that things reinsurers need to -- sorry, quality who a versus telling need of the fact rate is on that to flight to a only paying that program. on this higher a has ratio on reinsurers these One I X.XX% attention to ratio go the book They loss cat love scale you are

know, that? don't whether want I Yes, to anything add Meryl to

Florida were have were To drove point, of June. interest which that a the repeatedly important say we and last happen by prepared confronted be we Paul, in that got while personal fair. up, the July, at is the is new but think the They were and was what's was to reinsurers. that the by through going is pounding the same the gone prior almost I in all in point, we And is guess expectation renewals pricing, are yesterday, XX% entering the capital hope Florida not are of will that renewal the year's carriers to Florida. for challenging, times affect an our stung And in that our primarily lack What the the they issues going own that an increased to after took, us. Seaboard to effect we're market. it of capacity would combination was the Atlantic less years. expectation the number freeing this, least of I as think guess to reinsurance storms as early I be We've projected there's than is Yes,

for, but be. So Difficulty] Hope it that hope positive a pudding. you to [Technical to signs hope proof to lot get will need in be the the where of

Always appreciate much. help. the you very Thank

Thank you, Paul.

next go (ph), [Operator Instructions] McClure] a Investor. Please Private question ahead. coming The from [Gabriel is

Difficulty]. and [Technical Hello, Meryl Barry and welcome to

Hi. Yes.

as follow-up Paul's we on that reserve development of with first was question kind discontinued seeing on in just me That surprise. more Hi. kind a of the the XXXX, so surprise question is Yes, a was for that my lines. how commercial

Or are all we going your guess to reserve So going my Or on anymore? that? to question developments when done? be see is, what's these are best

and it I'll the first in I job you Gabe. would claims. But slowed for I resolve damn mean, to sizing in closed, pretty weren't so while up. these the attorneys of reserve unusual got it additional a obviously did I the a something courts the administration refused saying, XXXX. just working, a on acknowledge. door the we've the costs we It that forward. million taken just prior consider think more problem And -- since the development that was painful ability at thank all not way. and let way in me that might inflation $X first, surprise I shuts The was start and size be third and This in the got COVID COVID quarter Inflation exit were question, from hopefully a is the going say, good to think everything by everything

additionally, if that, I bit But XXXX. company are we Barry, what may policies was in place -- add we little conservative in more a have that back than reserving a as

have We within Sarah, who are now estimates. we we are we and Chief And million and Actuary our reserves in-house firm point range. tells -- us are our have where an annual independent an above basis central reviews their actuarial $X on their we

are more are reserves we So adequate going reasonable being our ensure forward. to conservative and also that

That a line. is you commercial liability volatile being never very [Indiscernible] multi said, a is know commercial

is there that additional claims So to expect statute there don't still, in exposure as some be turns we coming but of limitations out.

just it's of a what's handling matter open. currently So

the a Thanks, have it. portfolio. bond I about question Got Okay. Meryl.

you or again? are just go do lower they up don't, Reserve and see if X.X%. stated a guess to has that rates or And all duration at really that we going? all my this X.X% year. So Federal about nice do year lower if the two go how or is, I -- rates and later is rates what up next for duration what if going year that? the Your we question what where think thinking It's they rates But then

that have on bonds The just question. we've the mortgage it's added even only mean, we or the whatever have interest maturity of treasuries. think bonds, we've the entire we been good portfolio. about I new principal get, paydowns and should a Yes. before we maybe that securities I And the proceeds proceeds think earn purchased I own short-term last from that I received it's year

lower duration amount just much is the we the but marches So towards is going as scheduled new of incremental duration, bringing down, maturities, add the down. at securities portfolio it their not existing a

in think treasury right? plus if I mirroring spread, basically a bonds are rate credit So a general

carrying But have matter XXX result recently by up. a change question, by in spreads million increase duration will rough But going to no five-year $X everything a the been in quality point your the just quite credit we our to see rate changes reduction portfolio. a the on answer treasuries with while basis portfolio there there It's the lot in So were general changes over measurement. that or time, world. going if of value going of of adding and very our in down treasury is in the in

we the be So see feel not to happy I'd like of portfolio. come real rates see because about rates a very down we'd see come down. to I'd rates to but recession, good just love down. Yes, come

the But you're I to right, of By answers approach the go question. relying this hope conservative to we've AAA portfolio. I limited that or mean, exposure rates a think taken I valuation could up. have on And and your further rated short-term treasuries.

question much. [Technical I'm from laugh And those reporting, and the it's on But if -- we the to reports, doing know one customary other Alabama. I'd you taken provide it every summer, that and guys I report got middle taken this Difficulty] the people to of you a in -- companies losses and I great, and property to about [Indiscernible] like just and time that's as these business, Maybe last for a lot about very Winter would this I for kind have something of all. South it's excluding know, numbers maybe New catastrophe of, to Storms that And in hot up, straight out were we're opinion, of so out you my in does. Hurricanes you No, and catastrophe the think York, Thank part just going think that. reported in were

in it has always blaming and calls No, been how go and Kingstone I many to you and has been a years. for compared by you've to catastrophes. an on never find report. against But And excuse that's know peer know these that's think been and my itself look they a participant group you compare

looked underwriting what had Storm the here a the that. Elliott. be So upended good like I'm never got in quarter living this look, we note an freeze to I've like New lived that December We've from December -- to of it’s Winter got -- event also before. it’s to in now and York, then mean, on almost XX-years. We've I had sitting something by that perspective end really important a was never

you're sentiment or money the a weather it attritional And the carriers some reach And of or do don't like like want you But want you in. and a thought others money, if call to it to Florida extra but is At losses we I it it is are right, day, is it to others of loss of I the out at it. you appropriate the parse compared appreciate since leave call well doesn't and that that, whether cat end bad to level that said, look information losses. loss that hope what the your I an catastrophe. being can I

I So that… hope

Barry. Okay. Got it. Thanks,

Great.

We're any comments. no this turn like for additional back questions additional closing you. showing the to or at Thank in floor to queue over time. I'd management

obligation the of ‘XX is our premiums, forward do if been about, in And stay up having there's that. have by to with amounts thanks is claims for XXXX. to we business. must due. that in Great. And pay and to if of cost Thank the we reinsurance horrible a take our come with things we're things We've purchase through be put is materially material reinsurance and plan tables, were confronted for a over that business doing to order impacted you, control going Meryl higher if raise to to results and like listening. And our going And costs, turn outside increased we operator, as everybody of consumer these they in control. all XX%, XX% by it left Company can. talking has

there to So if is to this of paying the all reinsurance we due on left less just those after cost dump and and not then inflation, higher share it claims burden money the premiums policyholders. over had

GAAP of accounting We we and heightened of the and and see like to we the will of benefit macro This statements going because They had I need said, each changing forward, these in in cut in actions commissions in you'll to the through ‘XX, and dynamic factors. So as discuss. company think we represented the purely these earn of the prove premiums are to Meryl changed of will response commissions. through the math. it report the be will seen lower But quarterly be ‘XX ‘XX. get more as overall

I be with and forward mid-May in our is to next to And you sharing data think look going more then. call I

hanging Kingstone. listening that all thank I there hope you loyal good for shareholders. you remain and in. So for as Thanks And in with

a Have again. you day. thank great So

gentlemen, thank concludes and for you participation. This event. Ladies today's your

may the webcast your time disconnect log this of at lines the or day. off You rest your and enjoy