for report well from and billion to good engine with morning this great the everyone. revenues while pre-tax our we continue our X% XXXX. the totaling generating of to all Teri, morning, million. operating Thanks, $XXX way It’s pleased I’m our year, insurance to operations first profitable businesses. insurance recap income growth of that to focused goal remain last we you up year, with to are results on The across achieving $X.X half on achieving midpoint insurance the our that year, across be
at to attractive continue operations invest created by yield. float the we our Additionally, underwriting
few insurance-linked on national across Let me and and a our businesses, Nephila our services, which from of collection underwriting thoughts reinsurance program half operations, now our include share results insurance insurance first state securities.
Insurance segment. our at first Looking
Insurance gross good the six in premiums continue rate from year, months the to by of grow the adequacy. first see we lines opportunities a grew segment year in the written and where Overall we premiums ago. X% about For feel of levels
pricing improved environment We property. are taking in the of advantage
in personal programs select lines, of London the inland product market. are and binding, marine many including within marine, We our growing also offerings, other energy and classes
nuanced is of As have line cycle having a own each bit discussed quarters, market product we in recent current the its story. with
by with allows strategies underwriting offering Fortunately, to of robust when us product exceptional go-to-market combined our breadth develop talent product. our
the We large writings in professional lines, the D&O have space, to of cost remain and in most these our certain our rate uncomfortable continued public decrease with decreases we continue trends notably to liability in account loss products. as
that and the not slowdown adequately targets. not approach business priced are away broader by walking in has space believe listings. profitability public in is and changes M&A been economy, underwriting disciplined line Professional in from including our also We the resolute we our meet impacted to and remain does
our past through We our managing to losses over natural catastrophe actions to reduce also property outsized exposure continue to to the benefits taken exposure from actively see few underwriting our our in years results losses. net
As losses secondary industry events convective a modest this peril result, broadly. only while as such and the storm more this events, with year we’ve experienced from winter grapples
uncertain. professional ultimately claims in will lines. environment settle higher segment, and that we product future is tail on the for the Insurance long year ago. and liability of economic a ratio X ratios the loss primarily our produce our combined attritional We claims in these liability year general we points that of XX due when is recognize a first up Within to exist lines the half This from
view the address in estimating more margin of and our it’s costs. future a that recent on loss err of of inevitably unpredictable best build safety to Given trends, to caution of is nature side the
We maintain to to also recognizing accident prior a takedowns. continue year cautious relative loss to approach
However, year on six prior ratio. decreased year the the of loss benefit ago, development all contributing takedowns year’s million X a for of a combined in months the combined lines, of Prior X point from point representing insurance we a the ratio. our product year to increase realized favorable slightly year-to-date across accident loss $XXX first reserves
This by factors. two largely was driven offsetting
a international cautious liability worth ago, professional professional due our realized year reserve a Bermuda remain within compared continue development to benign U.S. meaningful across our our we portfolio. within risk development we amount product to loss book prior lines is First, year noting, experience It operations of our managed to several more trends and favorable on classes. on liability loss on
excess years, international book, development lines XXXX outpace XXXX umbrella This the casualty product to with most and our takedowns on U.S. within our loss the our adverse to offsetting professional experience continues accident increased Second, pre-COVID is liability primarily line. the within notably expectations. where
Our loss reserving remains philosophy unchanged.
to favorable deficient levels. loss could XXXX underwriting to loss lead are taking trends long-term prove expect likely redundant generally the and hold continue expectations We reserves loss benefits of strengthening greater credit profitability. outpace by more the where trends later observed reserve and when we to Further, conditions for not levels at react we accident quickly years than improved on
Reinsurance Turning segment. to next the
to points, ratio a offset our ago. while to premium in over past segment of combined Our marine Reinsurance the was re-underwriting due lines. in by from actions within of our first improvement. the profitable We premiums written year, volumes energy portfolio of for combined higher a produced professional the the continue few decreased XX lines, X% by in Decrease a years X the deliver half improvement gross premiums an the within liability partially lower in ratio and year premiums
transactional favorable notable in volumes the increasing ratio, adjustment Russia-Ukraine Premium year the improved volume XXXX in related slow, our both the in loss to has activity to our losses year product by are reserve ratio a well offset given lower the most ultimate continues our last current reinsurance year. greater is prior ultimate be our within on professional differences flow accident which continues prior in development operations liability experiencing Lower incurred premium loss line ratio. our and remain This deal renewals. attritional as book decrease the Overall, as loss adjustment of current liability year-to-date effect in combined resulting where – year’s by war, year activity year-over-year. premium to premium impacted trends timing within
$X.X ago. billion operating and first the X% expansion program part production this reported premium operations existing other of and year in year operations services as This months the year our versus both operations, Total other programs. due program and was of for increase of addition $X.X billion to new our services touch and operations. are ILS on six a revenues other of which of I’ll our fronting totaled within fronting Next, programs
continues well. perform Our team state extremely national to
state We given the benefit business history strong the should market in development fronting and leading national and see Further, its we see. are space dislocation with position. pipeline pleased any reputable
expenses the sale six in down MGA due ILS and of in quarter Velocity quarter revenues for Nephila first first of operations were fourth XXXX. of of of and impact our our our Within the the months to the of the the XXXX operations, sale Volante operations MGA year the
lower billion stand addition, the which within are at due assets year operations under to revenues last from In our $X.X fund of at end the period. management, management down
our quarter of Velocity. a in As gain in million stake year sale of a the last reminder, $XXX first majority realized to related the we
the our The a experienced, an reflect results current current the pre-tax AUM lower operating investors. Nephila for While being second attractive for generated results for property environment has pricing risk proposition catastrophe quarter return created levels of in exposed profit.
very these on Our transparency, price working on construction. portfolio market team is hard to capitalize opportunities, focusing
outlook. market surplus our lines, solutions levels of economic and activity opportunities Clients Turning Submission remain professional our ongoing particularly breadth operations. attractiveness of generally the to business to outside product and turning current offering. strong specialty current funds and still are excess and or uncertainty commentary activity given for market new of see and
portfolio. comments couple across a Just rate on our
and cases trend. mentioned with and I its world large of fairly our region own each our speaking, area story, are but of in are the before, slightly ahead rates broadly estimation and well in of holding keeping has are product up and As some by up view
for XX%, most question, seeing many pushing rate rates products lines for are product if are have success X% in where up we to We rate. is adequacy
traction the we Equally, we when and need. aren’t new and policy quote of see reducing retention business, getting evidence we rates can bind
I’d the is and see structure retention. towards shape underwriting expect also what conditions under to it or well circumstances and This desired portfolio a the to if on helps as We’re of terms commitment our able demonstration as is discipline. push to
more managed deteriorate where continues Big professional exposure. is pricing account contributing I’m to year in are risk rates prices D&O liability where trends are which cautious at for of these the exceptions continue our why as property large to D&O somewhat from decrease shrinking public remain lines the meaningfully inexplicably. areas, accelerating generally, well and a start as loss to pricing we
not limits, Generally where terms adequacy our entirety we maintaining sufficient attain on of rate are rate effectively focused conditions do may that accounts from of walking from portfolio growth speaking, we’ve to slowing or past These away our adjust of across couple increases we top in unable or years. are line trend the the what the actions effect we’re targets. have meet profitability seen the and
the Given are that are remain around we profitable confident product we will and we breadth growth attractive we pockets of objectives. to offering find optimistic very grow have, longer-term
are well we XXXX XXXX. half approach very of think look and to I we latter positioned the ahead as
Thank And back I’ll over with you. that, Tom. turn to things
