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Innovation Group (TIG) Q4 2020 Earnings Call Transcript

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TIG earnings call for the period ending December 31, 2020.

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Innovation Group (TIG -5.75%)
Q4 2020 Earnings Call
Mar 24, 2021, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Operator

Greetings and welcome to Trean Insurance Group Inc.'s fourth-quarter 2020 earnings conference call. [Operator instructions] I would not have to turn this conference over to your host Mr. Garrett Edson of ICR. Thank you, sir.

You may begin.

Garrett Edson -- Investor Relations

Thank you, operator. Good afternoon, and welcome to Trean Insurance Group's fourth quarter and full-year 2020 earnings call. This afternoon, the company released its financial results for the quarter and full-year ended December 31, 2020. The press release is available on the Investor Relations section of the company's website at www.trean.com.

I would like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. I refer you to the company's filings made with the SEC for a more detailed discussion of the risks and factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. The company undertakes no duty to update any forward-looking statements that may be made during the course of this call.

Additionally, certain non-GAAP financial measures will be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be accessed through our filings with the SEC at www.sec.gov. Joining me on the call today are Andy O'Brien, the company's president and chief executive officer; and Julie Barron, the company's chief financial officer.

With that, I am now going to turn the call over to Andy.

Andy O'Brien -- President and Chief Executive Officer

Thank you, Garrett. We welcome you all to our fourth-quarter 2020 earnings call. We appreciate your participation in our call and your continued interest in Trean. On today's call, I will walk through our higher-level results and our overall strategy for 2021 and beyond.

Our CFO, Julie Barron, will follow and provide some detail about our fourth quarter and full-year results, and then we'll open it up to Q&A. 2020 was a year that truly tested all of us, and I'm proud to say that our entire team at Trean faced the challenges head-on and delivered rock-solid results throughout the year. In July, we completed our initial public offerings a landmark achievement for our company. Further, the resilience of our business model was validated, and we entered 2021 in a prime position to further expand our market share and sustainably grow our business.

In particular, we were very pleased by our fourth-quarter performance. We drove considerable revenue volume, revenue growth, which stream to our cash flow and ultimately will increase our earning. During the fourth quarter, we grew gross written premiums by 37% year over year, and excellent performance generated through multiple sources including our new program partners, organic growth, and acquisition of 7710 Insurance. Our net earned premium ratio is 30.2%.

We continue to improve our loss ratio on a year-over-year basis. Further evidence of our successful approach to underwriting, and we generated adjusted net income after excluding non-recurring other expenses and significant non-cash items of $11.2 million or $0.22 per diluted share producing adjusted ROE of 11%, and adjusted ROTV up 23.4%. We consistently discussed that a vital part of our overall program partner strategy is targeting specific niche programs with a clear additive edge. On that end in the fourth quarter, our non-workers' comp liability lines grew gross written premiums by 75% year over year, while our workers' compensation segment saw a 28% increase.

While workers comp still makes up reliance share of our business, we are making strong inroads in diversifying our overall business, which will serve to reduce concentration risk and enable us to exploit our advantages in newer and each segment to grow more rapidly. We also continue to make a strong -- maintain a strong pipeline of opportunities to add new business in the coming quarters. The fourth quarter was very strong for us in terms of year-over-year gross written premiums growth, and as we continue to retain more and more premium on our books, thanks to our solid capital base, we've also seen numerous additional opportunities to further expand our market share. In 2020, we added nine new program partners all of which are already making strong contributions between them.

Our growth in the second half of 2020 exceeded our projections and we expect that momentum to carry into 2021. To responsibly build on this momentum, we plan to accelerate our investments in automation, technology, workforce additions, and other areas in order to ensure that we are providing a superior competitive and value proposition to existing and prospective customers. While these investments in our growth will cause SG&A to remain somewhat elevated in 2021, we know these targeted investments will help ensure sustainable and profitable growth for Trean and it's ultimately the right path forward to create additional long-term value. As we sit here in March and judging by our fourth quarter and overall 2020 performance, we remain very well-positioned to succeed and significantly grow our gross written premium through 2021.

We will continue to pursue organic growth within our existing markets to further increase our gross written premium and is clearly evident, we've made significant progress in retaining more quality and better premium, which should further enhance our bottom line going forward. With a robust balance sheet, we are confident that we can successfully execute our growth strategies. Our business model and operating strategy are exceedingly resilient and powerful, and we are excited for what entails for 2021 and beyond. We remain focused on supporting our existing program partners, responsibly accepting new opportunities, seeking proper rate levels, and quickly and fairly resolving claims.

I'm proud of our entire team for their continued efforts and dedication. And with that, I'll now turn the call over to our CFO, Julie Barron. Julie?

Julie Barron -- Chief Financial Officer

Thank you, Andy. And good afternoon to everyone on the call. Let's go right into our fourth-quarter results. In the fourth quarter, our team grew gross written premiums by 37%or $134.5 million, compared to $97.9 million in the prior-year period.

This growth was driven by the addition of nine new program partners throughout 2020, organic growth as well as the acquisition of 7710 Insurance company beginning of the fourth quarter and resulted in an increase in both worker's compensation and non-worker's compensation liability line of business. We are proud of our gross written premiums performance and our position strongly for continued growth in 2021. Growth and premiums were $121.9 million for the fourth quarter of 2020, up 19% compared to the prior-year period, due primarily to the increase in gross written premiums and partially offset by the increase in gross unearned premiums due to the addition of new program partners during 2020 whose premiums were largely unearned as of the end of the fourth quarter. As a reminder, since we cannot control the timing of effective dates of new policies, this lag effect is a fairly common occurrence when we onboard new program partners.

Thus, we continue to recommend that the focus is on gross written premiums as the best proxy for the growth of our business. Further, as we noted in our last call, one quarter's performance is difficult to utilize as a run rate for the next quarter as premiums often come in EBITDA. That said, we remain confident in our ability to onboard additional new program partners and sustainably grow our gross written premiums over the long term. Unearned premiums for the fourth quarter were $36.8 million, an increase of 73% compared to $21.3 million in the prior-year period.

Primarily due to the increase in gross earned premiums more than offsetting a smaller increase in ceded earned premiums. Our net earned premium to gross earned premium ratio was 30.2% in the fourth quarter of 2020, a 940-basis-point improvement from 20.8% in the prior-year period. With our robust balance sheet, we expect to continue retaining more premium over time and grow net earned premiums commensurately. Our loss ratio for the fourth quarter of 2020 is 27.4%, a 180-basis-point improvement compared to 29.2% in the prior-year period.

Loss activity during the fourth quarter of 2020 was directly attributable to the increase in earned premium and partially offset by lower favorable loss reserve estimate true-up made for the fourth quarter of 2020 than for the prior-year period. We typically record a lower loss ratio in the fourth quarter compared to the first through the third quarter, and thus, we would expect the loss ratio to return to a more normalized figure in the first quarter of 2021. G&A expense was $15.2 million in the fourth quarter of 2020, compared to $5.1 million in the prior-year quarter. Included in G&A expense for the fourth quarter of 2020 with approximately $5.2 million of various accrual threw up related to profit sharing, seeding commissions, and deferred acquisition costs.

The remainder of the increase is primarily due to higher net agent commissions resulting from the companies increased retention, increased insurance, and professional service expenses, as well as higher expenses associated with an expanded workforce from acquisitions and continued investments. As Andy noted, given the significant momentum we are seeing in our business, we're going to invest throughout the year and our business, technology, and our workforce in order to enhance our competitive position and take advantage of opportunities we are seeing in the marketplace. As a result, we expect G&A expenses will continue to remain elevated in 2021 compared to a prior-year period. All in all, our combined ratio for the fourth quarter of 2020 with 68.8% compared to 53% in the prior-year period, excluding the accrual threw up G&A charges I just mentioned.

Our combined ratio for the fourth quarter of 2020 would have been 54.6%. Underwriting income for the fourth quarter was $11.4 million, a 14% increase compared to $10 million in the prior-year period. That investment income for the fourth quarter of 2020 was $1.7 million, compared with the prior-year period. The majority of our investment portfolio was comprised of fixed maturity securities at $405.6 million on December 31, 2020, classified as available for sale.

We also had $153.1 million of cash and cash equivalents. Our investment portfolio had an average rating of double-A at the end of the quarter. Other revenues, which consist primarily of third-party administrator and brokerage fees were $1.8 million for the quarter, due to reduced brokerage fees, due to the changes in estimated premiums on reinsurance contracts. GAAP net income for the fourth quarter of 2020 was $8.1 million or $0.16 per diluted earnings per share.

Excluding non-recurring other expenses, non-cash stock compensation, and intangible asset amortization adjusted net income for the fourth quarter of 2020 with $11.2 million compared to $11.4 million in the prior-year period. Adjusted diluted earnings per share for the fourth quarter of 2020 was $0.22. ROE for the fourth quarter was 8%, while adjusted ROE with 11%. Adjusted return on tangible equity, which is computed as annualized adjusted net income over average tangible equity was 23.4%.

For the full year of 2020, gross written premiums grew 18% to $484.2 million, driven by the addition of new program partners throughout 2020, organic growth as well as the acquisition of 7710 Insurance company. While underwriting income for 2020 was $19 million, compared to $20.9 million in the prior year, while adjusted net income for 2020 was $32.8 million relatively comparable to the prior year despite the additional expenses incurred from being a public company in July 2020. There's a very successful 2020 at Trean in the midst of an incredibly challenging environment, and we believe we are positioned strongly to grow rapidly and responsibly in 2021 and for the long term. With that, I thank you for your time, and we'll now open up the call for Q&A.

Operator?

Questions & Answers:


Operator

At this time we'll be conducting a Q&A session. [Operator instructions] Our first question comes on the line of Matt Carletti with JMP Securities. You may proceed with your question.

Matt Carletti -- JMP Securities -- Analyst

Hey, thanks. Good afternoon. My first question probably, probably for you Julie. How are you? Did you pick apart the loss ratio a little bit and specifically just looking for the dollar amount of prior year development in the quarter.

And then secondarily, could you talk a little bit about -- I know in prior quarters you had talked about a frequency benefit that you had been seeing likely COVID related, but you haven't recognized it. Is there a way to kind of get a feel for how much of that you might have recognized with the Q4 results? Is this any the amount that you might have held on to play going forward?

Julie Barron -- Chief Financial Officer

Ok. So we had, we had several loss reserves releases up in prior years about for a little over $14 million -- $14.8 million.

Matt Carletti -- JMP Securities -- Analyst

Right. Wonderful. And then, could you update us on that if that kind of frequency trends you're seeing and you know if anything changed in Q4 both from what you're observing versus what you might recognize that you had in prior quarters.

Andy O'Brien -- President and Chief Executive Officer

Matt, nothing -- nothing specific stands out right now. We did see a number of COVID claims filed in California as a result of the presumption statute. Many of those claims have been resolved with little or no payment. Overall, frequency -- at the end of the year, it seems to -- according to COVID claims seem to be similar to what we experienced in previous years.

Matt Carletti -- JMP Securities -- Analyst

Ok, great. And then maybe Andy, if I did ask you about the workers' comp environment more broadly, what you're seeing in terms of competitive pricing things like that? Know in California the big picture [Inaudible].

Andy O'Brien -- President and Chief Executive Officer

Sure. Over the -- all of our business, we still have not seen any significant rate increases really anywhere. We haven't seen much in the way of rate deterioration though. So I would say overall business, it feels like the rate levels this year are very similar to the rate levels next year.

There's still a lot of competitors in the market. We haven't seen, we haven't seen a lot of new interest where we are participating. California has been a little bit more challenging this year. The rate levels in California have not moved in a direction that we would have wished they would have moved in there.

Matt Carletti -- JMP Securities -- Analyst

Fair enough. And then lastly, if I can ask you to clarify -- I think both Andy, Julie -- both of you had comments about investing in the business going forward and how we should think about the better than '21. If we look at the expense ratio kind of for the full year for '20, is kind of that sort of level, a reasonable level to think about '21 even given the growth there. If you could help us frame that a little bit.

That would be helpful. Thank you.

Andy O'Brien -- President and Chief Executive Officer

Let me start with a more general statement. We exceeded our 2020 growth objectives, and we are optimistic about our 2021 growth opportunities. To take advantage of these opportunities, we do plan to accelerate some investments in new people and automation. Remember there is a lag between the time we recognize expenses, and when we can record profits.

So our expense ratio will be higher in times of elevated growth. We actually believe that the growth in R&D premium is probably a good measure of the deferred profit. We are building as we are growing our company and increasing our upfront expenses.

Matt Carletti -- JMP Securities -- Analyst

Great. Thank you. Congrats on the very nice end of the year and good luck in '21.

Andy O'Brien -- President and Chief Executive Officer

Great.

Julie Barron -- Chief Financial Officer

Thanks, Matt.

Operator

Our next question comes from the line of Jimmy Bhullar with JP Morgan. You may proceed with your question.

Jimmy Bhullar -- J.P. Morgan -- Analyst

Hi. First, a question on just your premium growth. Can you discuss -- you mentioned non-workers comp growing at a fast rate. What line you're growing in and what your outlook is in terms of -- like how these lines will contribute to your growth in 2021 outside of workers comp.

Andy O'Brien -- President and Chief Executive Officer

Hi, Jimmy. We did grow significantly from a percentage basis in lines outside of worker's comp. There are -- we are seeing rate increases in other lines that are outstripping on what we're seeing in worker's comp where we have seen some improvements are really across a variety of lines on commercial auto, homeowners, and medical staff loss at Trean's that grew pretty appreciably for us in the second half of 2020, and we anticipate that the momentum that began in those lines last year we'll be continuing this year.

Julie Barron -- Chief Financial Officer

And the numbers...

Jimmy Bhullar -- J.P. Morgan -- Analyst

Go on sir.

Julie Barron -- Chief Financial Officer

I was just going to add just some numbers at work comp growth in the fourth quarter with 28% over the prior-year period and other lines -- the other lines that business grew about 75% compared to last -- same period last year. And again, as Andy mentioned, most of that was commercial auto, homeowners, and staff loss.

Jimmy Bhullar -- J.P. Morgan -- Analyst

Ok. And in terms of the expense ratio, can you quantify how much you expect expenses to be elevated versus the last few quarters? And what the like -- just give us an idea on how the core expense ratio is trending vs. some of the investments you're making and how much are they going to sort of pick up the expense ratio this year.

Julie Barron -- Chief Financial Officer

Sure. You know Jimmy, we're really not wanting to provide any guidance around our expense ratio now. We're -- we know that it's gonna be elevated because of the investments that we're making due to our growth and we feel like we really have to do that to serve our programs and the business in the manner that we've always done that.

Jimmy Bhullar -- J.P. Morgan -- Analyst

OK. That's all there. Thank you.

Julie Barron -- Chief Financial Officer

Thank you.

Operator

Our next question comes from the line of David Motemaden with Evercore ISI. You may proceed with your question.

David Motemaden -- Evercore ISI -- Analyst

Hi. Good afternoon. Andy, I was hoping maybe you could talk a bit about you know the deal pipeline not only for M&A but also for you know potential program partners. You know I've been hearing a lot that the pandemic has maybe pushed smaller businesses that are right in your warehouse to consider partnering with larger organizations such as yourself.

Have you seen a meaningful pickup in this? And I guess, just maybe talk about how big of an opportunity this is, and your pipeline and was an increase in your pipeline and sort of what you guys are seeing really a big driver behind the increased investments that you guys are gonna make to support. I guess the growth on the horizon.

Andy O'Brien -- President and Chief Executive Officer

Yeah, you know David, we did exceed our expectations in both the third and fourth quarter last year. And that's really on the back. So, I mean we always expected that our growth would come primarily in the second half of the year, but we certainly did not expect the number of opportunities that would be presented to us. It has been at a very high level.

All of the last half of the year and it has continued -- it is continuing. We -- as I mentioned earlier, we're just very optimistic about our 2021 growth opportunities. We don't want to provide guidance about where we think it's going to be. But I can tell you that we think that there are many attractive opportunities and they do not seem to be slowing enough.

David Motemaden -- Evercore ISI -- Analyst

Got it. So I guess you're -- would you say or you are similarly both like or are you more confident about growth organically or inorganically, I guess could you comment on just what avenue you feel best about going forward?

Andy O'Brien -- President and Chief Executive Officer

Good question. And -- when you look at the new programs that we've put on in the fourth quarter, some of these programs are just starting now to produce. And so, I guess we could talk about that organic growth because they're already on the program are they part of the new programs. I guess I'd call them part of the new programs.

Nope, I think organic growth is not going to be as high as the growth we are getting from new partners. I think that's what we're going to see, and of course, we -- one new program can make a big difference for us. So we're excited by that.

David Motemaden -- Evercore ISI -- Analyst

Got it. Ok. That's helpful. And then, I just wanted to ask just on the retention levels that's -- I think it's the second quarter in a row where you guys have retained a bit more than what I had thought.

I guess you know, I guess -- are you guys thinking you know as you guys retain more business or are you thinking you'll reach up to 40% retention in 2021, or is that something more of like a 2022 event. Just sort of thinking about how much business you guys are comfortably keeping on your own balance sheet.

Julie Barron -- Chief Financial Officer

Again, we don't want to provide guidance. But we did increase our retention on a couple of programs last year, and you know that takes time. It doesn't happen on the day they sign the contract. It happens over time as the premiums are about with the -- [Inaudible] through the income statement.

So it will take a full year before you see the full impact of that increased retention at that earned premium level. But we are increasing our retention, and so if -- but then again that's offset by adding new programs where we're retaining anywhere from zero to 10% only. So it's really going to depend on the mix.

Andy O'Brien -- President and Chief Executive Officer

David, our business philosophy is to be very conservative in terms of retained risk on our new programs. And Julie, just alluded, we're keeping in the aggregate over these new programs something like just 6% net risk in those programs. So, we're keeping a lot more on our established programs to the degree that our new programs continue to produce as they did in the last two quarters. That will drive down our overall retained percentage even though our percentage on our existing business where we think it's more proven is increasing.

David Motemaden -- Evercore ISI -- Analyst

Right. Right. That makes sense. Are you -- and just to refresh my memory, are you guys at fully 100% retained on comp star?

Andy O'Brien -- President and Chief Executive Officer

No, we are not.

David Motemaden -- Evercore ISI -- Analyst

Ok. Is that something you guys think you'll get to within the next year?

Andy O'Brien -- President and Chief Executive Officer

I don't think so. I don't think so.

David Motemaden -- Evercore ISI -- Analyst

OK, that's fair. And I agree, I think the philosophy that you guys are following makes sense from a disciplined -- risk management discipline standpoint. I guess if I could just sneak one more in. This is probably for Julie.

I think you said, it was what $14.8 million of favorable reserve releases. Could you maybe help me with what accident years those primarily came from?

Julie Barron -- Chief Financial Officer

Yeah. I don't have that off the top of my head David that I would have to pull up the schedule piece. Look at those. David, I would say the majority of it was in the 19 years to 15 years.

David Motemaden -- Evercore ISI -- Analyst

Got it. OK.Thank you.

Julie Barron -- Chief Financial Officer

I think they're pretty -- evenly spread pretty evenly over those years.

David Motemaden -- Evercore ISI -- Analyst

Got it. Understood. Thank you.

Julie Barron -- Chief Financial Officer

Ok.

Operator

Our next question comes from the line of Adam Klauber with William Blair. You may proceed with your question.

Adam Klauber -- William Blair -- Analyst

Thanks. A couple of questions. Just a follow-up on the growth. Could you give us a rough idea of the contribution of organic versus new partners, versus the acquisition?

Andy O'Brien -- President and Chief Executive Officer

There's a lot of the new growth Adam is coming from the new partners, please. The organic growth...

Julie Barron -- Chief Financial Officer

Yeah, yeah. So, we grew gross certain premium in the fourth quarter about 37%, about a third of that growth was from our existing programs and two-thirds of that was from our new business.

Adam Klauber -- William Blair -- Analyst

Ok. Ok. That's very helpful. And then just roughly for the fourth quarter what was the percent of business that was 9 comp versus maybe the fourth quarter of last year?

Andy O'Brien -- President and Chief Executive Officer

Adam, we have that number somewhere, can we get back to you with that?

Adam Klauber -- William Blair -- Analyst

Okay. Yeah. Yeah. Sure, sure.

So you know with the noncomp growth is that coming both from the new partners and existing partners or is it more skewed toward the newer partners coming on.

Andy O'Brien -- President and Chief Executive Officer

It's mostly that new partners we've seen a number of just very attractive programs last year that we've put out outside of work often and they're performing consistent with our expectations right now.

Adam Klauber -- William Blair -- Analyst

Ok. Ok. And along that lines you know, I think how you run the business typically new programs you take lower retention, so I assumed that because some of these are the non-comp newer programs you have low retention than that than your average bucket. Is that your ballpark a fair assessment.

Andy O'Brien -- President and Chief Executive Officer

Absolutely a fair statement. Yes.

Adam Klauber -- William Blair -- Analyst

Ok. That's helpful. And then on expenses then. I totally understand that by not giving guidance at this point, can we think about the sort of having I guess a base level.

So excluding their accruals, your G&A was roughly $10 million in the fourth quarter, and you said you may elevate from there. But is that a reasonable base we can think about sort of that $10 million?

Julie Barron -- Chief Financial Officer

I think that would be giving guidance if I answer that. So I think it's originally framed.

Adam Klauber -- William Blair -- Analyst

Ok. Ok. That's insane. You may have said that how is your pipeline for new programs.

I guess twofold one, how's your pipeline and how's your ability to bring on new programs given that you've had a really strong year last year?

Andy O'Brien -- President and Chief Executive Officer

You know, the opportunities that are being presented to us concerning -- continue to be at an elevated rate. You know, we did put on nine new programs last year so you think there's -- with a number of new programs that we have that are just developing, we don't need to put on a lot of new programs this year to make some -- make significant growth during the year.

Adam Klauber -- William Blair -- Analyst

Right. Right. But is that -- again, clearly I mean you're showing you know much better growth than we had expected. But if you see some good programs, do you have the bandwidth right now, or are you so busy with those.

Because I mean nine programs a lot. It's like compared to what you've historically done just sort of capacity for getting these new programs up and running right now.

Andy O'Brien -- President and Chief Executive Officer

That's a great question and I'll try and answer it in two parts. Yes, we have a really good program that came to us. We would have the bandwidth to add that program. But at some point, at some point, if we don't make some investments, we will find ourselves in a situation where a good program will come to us and we won't be able to take advantage of it.

And that's exactly the situation we want to avoid. We just see a great opportunity here, and we want to make sure that we can handle it responsibly and that we've got the resources in place to do the job. And that's why we've made the decision that we're going to be making some investments in people and in automation efforts to make sure that we can always respond appropriately and quickly to a good program when it comes for us.

Adam Klauber -- William Blair -- Analyst

OK. Great. And then can you give us I guess some idea. What do investment and automation would be? Are those new policy management systems, the new claims systems I guess what is generally, what does that entail.

Andy O'Brien -- President and Chief Executive Officer

It could be all of the above. I mean, certainly, we are working on a new claim system. And so that's something that we are working on now. We've identified a lot of low hanging and our I.T.

people have identified a lot of low hanging fruit items whereby just making a few I.T. changes we can really automate a number of areas that are not as automated as we'd like them to be. I guess we're like every other insurance company that way. But, we're feeling we're seeing that we need to act now because of their growth, It's been exciting.

Adam Klauber -- William Blair -- Analyst

Are you thinking about upgrading your policy management system also?

Andy O'Brien -- President and Chief Executive Officer

I don't think -- well it does take it to get into guidance. So I think...

Adam Klauber -- William Blair -- Analyst

I'm so sorry.

Andy O'Brien -- President and Chief Executive Officer

Yeah, very good.

Adam Klauber -- William Blair -- Analyst

We'll take that off the table. OK. That's very good. That's very helpful.

Thanks, guys.

Julie Barron -- Chief Financial Officer

Thanks, Adam.

Operator

Ladies and gentlemen, we have reached the end of today's Q&A session. I would like to turn this call back over to Mr. Andy O'Brien for closing remarks.

Andy O'Brien -- President and Chief Executive Officer

Thank you. Our program partners in the Trean team performed exceptionally well during this really difficult past year. So my thanks to them for their commitment and effort. We enjoyed strong growth and we're optimistic about our future.

Our loss ratios were stable. We're executing on our proven historic plan. We thank you for your interest and support. Thank you.

Operator

[Operator signoff]

Duration: 40 minutes

Call participants:

Garrett Edson -- Investor Relations

Andy O'Brien -- President and Chief Executive Officer

Julie Barron -- Chief Financial Officer

Matt Carletti -- JMP Securities -- Analyst

Jimmy Bhullar -- J.P. Morgan -- Analyst

David Motemaden -- Evercore ISI -- Analyst

Adam Klauber -- William Blair -- Analyst

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