For the first quarter of 2026, we reported an expense ratio of 30.4%, an improvement of 0.9 percentage points from the first quarter of 2025. We continue to be diligent with expense management, realizing economies of scale as we continue to grow. As a reminder, the company's expense ratio was 41% in 2021. In less than five years, we have lowered it by 10 points, and we see opportunity to improve further as we gain scale.

May 8, 2026 / CFO / receipt, needs a key / Randy Patton, CFO | earnings call 2026-05-08 | transcript bfff0cb3-7c5e-438a-8b3c-1adfae94e7af | chars 11765-12189 | segment 12