Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from David Lewis from Raymond James. Your line is open.
David Lewis - Raymond James
Thank you and good morning.
John Byers
Good morning, David.
David Lewis - Raymond James
Congratulations on the solid quarter.
John Byers
Thank you. We are happy rather.
David Lewis - Raymond James
Let's start off with a couple of questions for you. First, can you talk about any changes in the Florida competitive environment, and if you see any potential trend for self-insured groups to move to portfolio insured programs?
John Byers
David, the landscape competitively remains exactly as it was at the end of last year. I think you can see from our retention that stability is really the hallmark of the market right now. We are a bit surprised that we haven't seen more bare position turn to insurance or come back into the market. And we thought we'd see that trend start last year and it really didn't.
We are seeing some interest on bare doctors, we've picked up a couple of doctors that had been bare previously, but not anywhere near the numbers we expect to see.
David Lewis - Raymond James
And just talking about the 97% retention rate, which is quite impressive, how do you see your pricing relative to others have 30, you think you're still kind of a little ahead of those, and so therefore people are willing to stick with you just because of the fact of your strong service and knowledge of the market place or do you think there are some other factors driving that?
John Byers
Well, we are constantly up against competitors both legacy competitors and start-up competitors, who are bidding for our better groups and individual physicians with lower quotes than we've got out there for renewals. And we're seen as having value; we have tremendous brand recognition and a lot of loyalties to establish through the service we give our physicians, both from an underwriting and claims perspective. And you can't underestimate the impact of our ability to treat an independent insurance agent as another customer of the company. And that fact that we give such good service to the agents is another reason they like to keep their groups with us because we make their jobs easier.
David Lewis - Raymond James
And Chuck, changing over to you. Can you give a sense of where some of your new cash flows are being invested?
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