State National Companies, Inc. (NASDAQ:SNC) is a leading specialty provider of property and casualty insurance operating in two niche markets across the United States. In the Program Services segment, State National leverages its “A” (Excellent) A.M. Best rating, expansive licenses and reputation to provide access to the U.S. property and casualty insurance market in exchange for a ceding fee. In the Lender Services segment, State National specializes in providing collateral protection insurance, or CPI, which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks and specialty finance companies. Our founding shareholders started our CPI business in 1973 and our Program Services business in 1979. Both of these businesses have a long track record of profitable operations.