Richard R. Whitt, III
provide Thanks, National State acquired comments fourth the which, I'll on also CATCo. Anne, and quarter, and focus on operations Today good morning, you our everyone. heard, my operations Markel updates and our as during underwriting we
the we catastrophic successes, underwriting XXXX numerous events. of XXXX theme in Anne's with successes operations our Following had even
proud add but of our underwriting wholesale well learn busy that are was organically from we're worked time X, mentioned, capabilities, team did National. longstanding goal Each a two very year. our XXXX getting these outstanding Anne companies ratio As of SureTec they the addition, catastrophes our insurance and combination to and consistent in not Assurance There celebrate, It risk for buy insurance January grew further we help and acquisitions three our effective our at meet of our we recover managing an future. combined State lot able hard insurance segments. be and we to to successfully in We're all better customers in We global also completed our incredibly aware the profitability. the to this of XXX% to launch to happen, and is Markel them events as from productive reason. that we recognize products operations XXXX. And,
compared So, quarter let's start the with or the million, segment. to Insurance $XX the quarter written XX%, premiums U.S. Gross fourth of XXXX. for up are
to million, writings XXXX. $XXX compared or XXXX, are X%, For up
gross acquired growth the up was compared quarter year-over-year our the lines on year, product and of were for compared XXXX ratio wildfires XXXX primarily year in Earned both million for quarter The State second Canadian was primarily The respectively, combined excluding line reasons by car quarter combined newly XX% in The and growth million, period our XX%, results. our and to of year. added line XX% million for added the for from periods. decrease X% and programs same $XX combined and U.S. contributed the collateral the general the the fourth XXXX classic was personal specialty driven XX% ratio XX% line, the ratio surety X-point in same to the due the the premiums products, liability $XX $XX the protection XXXX, Insurance for Cat quarter program, Premium ago. Markel a both lines acquired for full-year. impact in events Our National's business, to quarter XXXX, of a due these as to XXXX. for increase was written. in a combined quarter-to-date X-point ratio. segment
decreased the XXXX combined to loss XXXX. both XXXX, cat more prior Excluding year's reserves ratio stagnant of in development favorable in on the impact and events due
$XXX million for year were prior XXXX, million, For redundancies to XXXX. $XXX compared
results in adverse medical and lines these versus specified included million no on on Our $XX XXXX malpractice XXXX. significant development medical development our of lines
loss increased year's compensation prior addition, In favorable development our XXXX in lines. workers' in programs product and
the let's discuss Gross XX%, compared of up Next, to International $XX XXXX. fourth the written Insurance segment. or premiums million were quarter
million or to are For up $XXX compared XXXX. XXXX, XX%, writings
reduction was of the expenses to point premiums. marine premiums to events sharing the XXXX The partially XXXX XXXX. fourth and offset impact contributed XXX% lower XX% by expense higher in expense in Markel year higher the combined current compared combined profit in higher by ratio increase of loss combined This both premiums lower XX% and increase drove New in due compared full-year for our the was Earned impact for quarter ratio higher increases favorable the gross a driven and written quarter were development and year quarter XXXX. same driven the XX lines year. to from lower XXXX large business to our due ratio individually losses the The a premium. in energy on ratio The to XX% in combined last compared XX% fourth The ratio XXXX and our for earned general in was product marine was and due the a basis. Cat XXX% loss is growth period lines. on to The energy liability division the ratio. International ratio quarter by earned up prior-year to year the is and current within ratio. XXXX
Favorable increase million to ratio, XXXX, to to development and in the sharing this of expenses lower partially on prior in loss year The The slightly reduction lines. muted current development current higher was lower the due on earned by accident impact loss loss ratio of expense combined expense prior XXXX. year increase year's ratio in lower higher $XXX the in driven ratio the was year and offset on impact a our due had a impact the million premiums. increased the in an property the in in increased year favorable XXXX but by XXXX an Cats, combined versus to losses earned Excluding $XXX ratio. attritional ratio growth ratio on premium profit losses
discuss segment. the let's Reinsurance the of Next, results
premium or gross quarter fourth to down For compared are of for the the written quarter, segment the $XX fourth million XXXX. XX%
For the X% million to year, or writings are up $XX XXXX.
the premiums liability the general up to contracts. are reduction the due in me, due quarter, For and – lines writings of our are excuse binding liability professional in renewal down to primarily timing
to was non-renewals primarily Partially impact new growth XXXX, in timing the assumed the two the net XXXX million, Cat were of the renewals the totaling with treaties specialty For in premiums large booking contracts. binding multi-year due quarter related and of to share first due reinstatement quota liability reductions and driven general increases of auto $XXX along by offsetting these events. to
XX to gross XX% written increase in last to contributed Cat in the and increases events year for due XXX% same the quarter ratio. written fourth contracts. in XX% year. previous for volume quarter premium points Reinsurance of period significant quarters, of gross timing mentioned significant to combined up fourth premium. renewals The As and deals are the the ratio volatility combined the was segment in compared due can X% Earned of for premiums our be individually multi-year to expected
by to loss our current prior and the and current ratio liability ratio ratio. in development, increased prior impact to the events, in loss increased year lines. general of segment property Excluding offset due a decrease ratio lower due The adjustments product of partially higher a period a expense year year impact combined the cat
fourth quarter to our XXXX expense events sharing in and to profit prior from increase combined premiums The the decrease of million and on million For The with $XX XXX% lower product expenses. point higher liability was lines. the G&A Cat contributed due largest was favorable to favorable the ratio ratio professional was impact XX $XX combined ratio. in XXXX, year's development compared XXXX. property XXXX, of expenses XX% earned XXXX the to coming the compared
the Excluding and less combined ratio the favorable events, $X was of offset included loss partially development higher on due to loss premiums. on lower losses current $XXX adverse million XXXX development year's This result expense impact to favorable XXXX. of prior by earned reserves year year lower and impact profit compared ratio higher of increased ratio. a the sharing due of expense million prior to in The development cat
by the which of the million UK XXXX motor, the Anne of reserves which to losses added the development prior As quarter XXXX is year's on took combined points $XX strengthening in impacted X year, in discussed, first we ratio. segment's
for motor I'd like XXXX impact less in and our about in of year's reserves to State favorable in loss our liability the prior there Excluding next comments National UK acquisition. the reserves strengthening was property lines. the professional development the few results, a make
set, products. of comprised to the two kind State business of Just level National is primary
to from which third-parties protection included as are our insurance will going fee. and is paper – can cases, segment; Markel since fronting our forward separately the results business. ceded provides for be in to Insurance We this collateralized. coverage, service U.S. underwriting the non-risk-bearing business be from fully and refer which First, considered and, rated largely and The operations. platform, a secondly, to licenses, insurance will the reported business services be most included business program collateral our It included in
written with was fourth the segment quarter both transaction from the the in the premium in program protection mentioned the as funded million commission contributed services in business gross of the of collateral fee which premium million period, ceding premium contributed I property few expected, To are about most the to seems as rates significant catastrophic and but fourth smaller the clean and $XXX increases. As that open rates $XX fourth the events, or comments none cat to other higher. think acquired revenues National and the written with accounts exposure gross the accounts, being property loss-impacted quarter, of insurance a differentiating highest that in accounts U.S. of be the increases, exact in is million in part I appears trajectory increases full-year. gross Insurance third moving for minimal $XX make accounts market following The during The retained, receiving within of of people reported receiving quarter debate, contributed extent rate higher. premium discussion, The our income results. to are line rate business State operating market, be written general,
seen in We signs price rate lower spillover some reinsurance, casualty mostly Primary have showing also also of commissions. increases ceding improvement. the for of casualty is some
We have so heard some the of movement people in express level disappointment rate far.
the believe significant of rating hardening We play rate as events impact to XXXX that would increases It naive to as would markets. led rest that will the of the over have the of that past be continue events out believe year. the be extent to
past cycles. capital amount While flexibility and insurance reinsurance today by and different any events market capital that the are the certainly the were of to measure, XXXX of significant very
up We actively CATCo, appropriate our Markel like Finishing rate comments. seeking will through to few be across lines as all move make I'd a XXXX. of product we with increases
be under at included raised XX, settle to $X.X increased expect the claims that quarter will for Assets in December held December XXXX. billion XX, used This $X.X to deployed This XXXX. XXXX. from is to including billion we during funds at funds incurred losses, of approximately be $X.X that billion management, up fourth
was million. XXXX, $XXX December Markel CATCo approximately investment Markel's of As in funds
estimated Thank year, changes recognized of losses to the due net over third turn of approximately in During XXXX the the Tom. of we quarter With that, you. fourth I'll $XX value losses given to from asset the funds, and the the cat it events. million
