Harleysville Group Inc. Q1 2010 Earnings Call Transcript

Harleysville Group Inc. (HGIC)

Q1 2010 Earnings Call

April 28, 2010 8:00 am ET

Executives

Mark Cummins - Chief Investment Officer

Michael Browne - President and CEO

Art Chandler - Chief Financial Officer

Kevin Toth - Chief Underwriting Officer

Tom Clark - Head of Field Operations

Allan Becker - Chief Actuary

Analysts

Michael Phillips – Stifel Nicolaus

Beth Malone – Wunderlich

Bob Glasspiegel – Langen McAlenney

Caroline Steers – Macquarie

Scott Heleniak – RBC Capital Markets

Ron Bobman – Capital Returns

Presentation

Operator

Compare to:
Previous Statements by HGIC
» Harleysville Group Inc. Q4 2008 Earnings Call Transcript
» Harleysville Group Inc. Q3 2008 Earnings Call Transcript
» Harleysville Group, Inc. Q2 2008 Earnings Call Transcript

(Operator Instructions) Welcome to the Harleysville Group First Quarter 2010 Earnings Conference Call. I would now like to turn the meeting over to Harleysville Group Mr. Mark Cummins, Chief Investment Officer.

Mark Cummins

Welcome everyone today to our first quarter 2010 conference call. Our complete news release and financial supplement are posted in the investor section of our website at www.HarleysvilleGroup.com. A replay of this morning’s presentation will be available on our website later the morning.

During this call Harleysville Group, Inc. may make remarks about future expectations, plans and prospects. These remarks constitute forward looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from those indicated by these forward looking statements and our first quarter earnings release as a result of various important factors including those discussed in the 2009 Form 10-K which have been filed with the Securities & Exchange Commission.

You will hear us talk about operating results. Operating income is a non-GAAP financial measure defined by the company as net income excluding net after tax realized gains and losses on investments. For further definition we’ve included a chart titled reconciliation to operating income on the financial highlights page of our earnings release.