morning Thanks Ned good and everyone.
with net The $X.XX share or the $X of an fair quarter, which consideration. of environment, per change in investments per value The and in to operating of we led year in coupled first a main prior million difference or the impact loss share. of our and development. the operating increase is between unfavorable challenging the For a $X.X $X.XX year loss million ratio, contingent loss quarter the loss reported modest operating current two accident a reflected
Lloyd’s Premium the premium our increased with to of most Workers’ the Insurance Gross to segment Compensation and declined P&C premiums million. written Specialty $X.X million, in slightly segment. decline occurring declined in $XXX
of year. consolidated Excluding a combined benefit transaction-related X purchase prior the and increased the driven operating percentage from from results prior accounting first change to Investment development. year our ratio ratio X ratio. in year increased the consolidated reserve quarter the provided mostly XXXX, Therefore, X-point points by operating accident of impact costs, the points last
recognized consolidated change favorable change development. was $X first quarter loss current reserve slightly quarter quarter prior after excluding the the ratio net and in In Our impact year compared the prior accident consolidated loss to the behind adjustments of net of we the ratio XXXX, in development. of premium year driver The first for the of primary changed million XXXX. ceded year purchase accounting
As older mentioned $X compensation the XXXX. result increase of that booked workers’ development unfavorable the client, an in Ned a and reserve verdicts of excess we on significant million
claims, The accident handful the verdicts unfavorable increases was on for the older were relate IBNR development a of cases. loss. by absorb outsized from we was to primarily driven which there the little what reserve These largely to facts based years, feel underlying
pressures by such net offset and with payroll the CARES under $X impact Act a travel-related pressured IT was million decrease operating of and tax a in related as to refund earned NORCAL ratio along partially the expense. higher the contingent were consideration expenses, the to liability reduction expense consolidated These $X available Our acquisition. consulting by million a premiums fees
X.X to $XX reset million rate yields assets income each assets floating well. the our in XX% as in reinvestment the total, the last rate ratio consolidated expense higher nearly the increased and Net exceeded as our In maturing investment has that points XX.X%. to quarter quarters seven of grew of
and in significant we on to scale the performance, has With investment coming expect increases we positive continue this the of quarters. the operating the impact see our leverage,
In markdown reinvest lag, approximately average the from which the reflected our one private LP one-quarter decline $X are particular a higher bond to the decreased and of portfolio a This performance to the XXX to results basis XXXX. maturing LPs performance of LLCs, and was quarter quarter, in in portfolio’s its Results driven the valuations lower by by quarter, the yield. investment million us public in the is fourth that yields of reported LP, which fund the company of to than market driven a points a during loss we on equity single book due first typically company in comps.
Given to market of these quarter. on positive context of those private and funds X rebound would movements our this LP of funds same the The the the performance comps to report due quarter, expect are fourth on equity during X based marks we in results first in Further, funds the not quarter, those we expect fourth timing additional the and funds next when quarter do portfolio, quarter credit those and next most quarter results quarter. LLC of of fund to provide private entire majority and on us. this public excludes to
of the loss quarter. in investment resulting was between and from from $X changes excluded the net million than gain. in resulting Net and which were drive almost holding of income difference more net operating our the convertible loss investment and bond Unrealized the offset, value Silicon gains gains, in $X credit-related fair are Valley and losses, on in Signature equity investments positions impairment Bank securities which million primarily Bank, operating
segment. reserves rates $X currency Other our changes income million P&C and currency in denominated impact foreign quarter declined Specialty in in foreign loss the due to the exchange of
and quarter the of foreign reserves to the million a currency associated movements quarter, in The the duration flows foreign year in $X as rates the of a exchange loss, gains the This We currency currency-denominated compared $X.X the of while loss foreign through of due million comprehensive to exposure to directly corresponding loss component investments our foreign of or is other unrealized to changes in through was generally currency of matching a gain of reserves. by euro investments period. impact of on strengthening losses income. effect prior loss income reflected and exchange on the mitigate other equity impact results
each reserves flows offset income roughly should other economically, the on the items so These impact FX only statement. the through
equity. excludes per $XX on X% $XX.XX, to our be holding maturity. losses, after-tax share other and loss, accumulated end gains quarter both primarily portfolio, book from of to fixed losses hold value as which up value these at we holding year-end, intent from $X.XX of is maturity unrealized ability of have to was by XX. which share, flows Adjusted We book the driven Our million directly March per comprehensive temporary unrealized $XX.XX to consider as
conclude, Before will the our notes I due senior I touch November. refinance maturing briefly this on of
swap loan the term filed agreements. – As a million execution $XXX credit $XXX may renegotiation the we an corresponding announcing you term and extension our have includes million and last of draw rate two seen, revolving delayed of agreement, X-K week delayed interest which loan
on term loan a revolver retire notes to in draw million to the million $XXX is $XXX proceeds November. plus Our the intent of million from senior the the $XXX use
The revolver loan borrowings the roughly floating interest X.X%. any under term base on and fixed swaps rate effectively rate to the
is X.X%, rates, to of the term remain banking the the our actually margin a and debt-to-cap the rate transactions. of total In there for variable. respectively. will in we’re on pleased current have However, and interest environment the interest on our be Based these revolver debt-to-cap also on very heels borrowing of the is would current ratio, higher that lending X.X% borrowing approximately considerably reduced the our component loan with costs rate turmoil ratio sector, and based
investment solid changes however, to in a operate including the we along challenging business and in of quarter, In with income see given did number book and the a environment; in our gains in rate continue interest our leverage positives investment retention we increasing HCPL rate environment. and summary, value
With that, Jason. back over I to will turn it
