Thanks, everyone. morning, and good Jeremy,
surpassing achieved funding services engine growth in we both in second total our volume continues underwriting continued of premiums production We I'll and half our we operations XX% program with XXXX the our written expanding goals Within to $X year. be position also growth and be of production discussing year, point gross for a billion seeing results. for are As the our Jeremy had and the halfway operations, and said, Business are profitability. first year-to-date the strong. insurance to opportunities. At quarter attain
to still benefiting quarters some for we're tempering few increases While certain compared year seeing the product classes ago. have favorable environment, overall from premium past generally been we rate across a rate a
growth maintaining production by our discipline. rate In underwriting growth, our been new program increases, new business relationships, all has focus the and onboarding addition products of significantly of new development to on influenced while
our is year. targets. Our half accident consistent the XX% of in combined in XXXX of first profitability underwriting half overall decrease target, first prior year with the our ratio a despite our takedowns loss Hit
our potential forms industry contend of insurance consistently entire and applying We the of reserving are cautiously various conservative inflation. with the impacts as we and philosophy, economic
continues operations, XX%, a with benefit our Our scale half a expense improvement our X-point expense first to ratio ratio discipline, focus ago. hitting on expense while we our from year
underwriting securities Now results operations include fronting and our services our I'll within year-to-date insurance operations. our which operations, discuss program and our insurance-linked engine,
getting segment. first in $X over So, with started earned the year billion the were Gross were of half premium while the insurance XX% up just premiums segment the for half up XX% first in writings, year. of for premiums with the insurance the written
X ratio included major $XX of We related winter first our lines X general and net of half both insurance losses continue our product combined to lines of to Current million of $XX realize of the for net Ukraine to professional liability or point liability, compared half Uri. our losses war to storm combined particular, Russia the international ratio first double-digit XX versus and year programs XX the last growth US was or operations. related in points within segment The year year million the in across within most rates the last year. for product
institutions along uncertain liability prior adverse spread XXXX. In offset were process losses, impacts we book. lines by Excluding our year liability from and decreased soft to emissions by on product lower deferred Notably, loss The in due a these attritional in with our the are favorable bottom XXXX favorable the approach general points lines, due accident development and but lower current from most on a premium in liability development less our half and potential the the inflation, maintaining cautious it notably accident a slowly. loss of two loss in years ratio on ratio where accident financial litigation premiums the writings premium line impact contested was losses our consistent from prior X accident ratio. partially on several our and the first these impact with expectations, prior year ratio, across taking earned where market, claims year's in expense social by expense to versus expanded by points general and economic product impact spend current ratio year. event to lower professional tail XXXX and the in combined X airs the XXXX favorable longer realizing with their while are to takedowns overall prior lines, expense year The the professional develop of general the points, to but along and attritional the increased by down accident year favorable particular, losses developing years controllable products liability rates for driven primarily within classes development lower classes. accident Due had year. a direct liability with claims, driving claims delays in Higher takedowns.
both Reinsurance segment were first driven the general impact half workers' year, while and our in for and favorable the was written premiums by with business, surety and the Gross lines, next from favorable This adjustments from Reinsurance and professional higher the was by liability offset up in rates X%. Premium premiums growth lines. renewals liability premiums part lines. credit the earned premiums lower and Turning higher due our liability partially to to within along compensation new in in X% property of segment. growth were up more our general premium
year and our the the the lines writing in Combined Uri. or to treaty Reinsurance Reinsurance non-renewal of first a to to The quarter compared XXX% as losses within combined to our million ratio in XXXX. Nephila decision of war five storm reduction property compared for operations year retro large property current ratio due to year transition off was from million business the first $XX our discontinue $XX continue ago. segment within three ILS net part Our related underwriting was workers' a points of of operations. line These compensation the quota half XX% Russia-Ukraine property net the losses year included to run or of share of the points last winter of the to
by adverse the by these favorable within development had year, adjustments, the six year XX property a events, from in development to segment segment offset due including primarily development in from development, points losses attributed of impact prior product losses. product four and this the Segment Excluding three lines, lower decreased points part points favorable year, our year credit development COVID-XX. lines. to surety to year Reinsurance loss adverse combined ratio premium prior by of loss on of property ago, the points driven accident primarily related Last by was our impacted adverse of impact
the of year ratio Reinsurance combined to most first Our our going our recent years, ex-cat towards XX% XX% written events current remain business take We within it's prove move the about in segment. and specific portfolio combined goal tail with to of predominantly underwriting segment half long the of for but and ratio portfolio, time our the better within achieving to continues that. or positive a the
on Next, and services program operations. both are as I'll and part ILS fronting of which our other touch operations, reported our of other operations
As program funding a gross other ceded. of premium services is written all and the operations our reminder, within almost
this premium total billion and production million year year in the $XX remain new business other revenues strong XX% and ago. a grow $X.X total business up this does of billion versus last this year funding very of services pipeline. operations to area year, from with program the of continue Our $X.X as Margins produced
year Nephila in consist operating revenues Nephila were of -- primarily entirely due versus year year. operations operations. down operations disposition Operation prior MGA securities of insurance-linked the to the Velocity the of the for Our this February
Velocity. the first a comments operations, premiums management conditions support Velocity reminder, half quarter management few we gain operations a Nephila its of $X.X interest finish under to associated the June assets a $XXX a market I'll year Post billion, with we produce recognized with about in the in of with XX. of the management sale, significant fund this minority outlook As within year. for the as and in Nephila transaction. this partner fund continues million second up retain and and of were
rates be us and writings in business premium very to Inflation lines and earlier, cat significant in large and Pleasingly, discussed other opportunities for industry. new focus Ukraine property all exposed events. by gradually lines. most such strong. Exceptions in continue impacted be the continues submissions, to continue have aviation, recent As be its total moderate to war war entire forms terrorism, a which violence, Russia, would as political been the and
discussed baked going into I pricing more inflation reserving. quarter, already last and had XXXX, our loss As we into
enter the signs we even have we half As more an cautious inflation, adopted of approach. second the year with continued of
quickly are As are and slow confirmed. claims going trend. philosophy, inflation, to has been helps recognize positive our impacted our by can bases pricing be always respond of Most trends products until extent to to we this and they to trends offset some will be potential to adverse
However, prepared rely this to maintain we not on rate are to adequacy.
stay We all are disciplined success We responsible are for rate as to we to ahead increases inflation. to push rate must-have and participants are insurance increases. must pushing going believe for believe what pursue have of market we these going continue increases claims rate to
year Tom. conditions time and and turn conditions and entered We a everything half current over and through well believe in beyond. continue Given now that market the execute to second year to we're Thanks believe it as the question, a happening overall positioned But presenting today cycle. your of opportunities, for XXXX. we phase without see of market second will the in we is half I have of the favorable that nuanced right market the now, more