Frank. Thanks,
the or was operating net per from difference in $X of million and million $X.X the interest Our of our syndicate the $X.X of loss entity in with our $XX and operating ownership $X between remaining of foreign gains, exclusion reflecting resulting primarily with of sale loss $X.XX quarter the million Lloyd's diluted million net exchange income currency investment share, associated million an losses. the
the to in which results, of increase. the being In terms of rose Compensation the ratio consolidated results that segment fourth almost underwriting XXXX, X combined quarter Workers' compared driver Insurance our primary points of
equal While than had our by our year full consolidated consolidated in quarter favorable impacted which higher segment, driven ratio. to of our estimate expense ratio and unfavorably quarter to this current last fourth loss of our Specialty almost offsetting points P&C by the year, ULAE expense our ratio largely was impact and adjustment an consolidated was X
our higher primarily continue earned expect lower into our expense which in as ratio drive pressure The premium, of reflected we to maintain consolidated rates. remaining the increase we XXXX for
rates segments. and last the the adequate cannot difference for less getting we're Specialty million $X with quarter our P&C, fourth do In to risks by and focus Turning when being so, the differences. now reduction away our remaining about due were million premiums we to timing on underwriting operating than year $XX of driven walking
and new business policies able Even rate as our on we meet write renew we focused adequacy, standards. are that to underwriting are
business essentially million, fourth at retention last double premium and X% was New XX%. with higher, year's pricing $XX quarter renewal was
Those are for deliver. ProAssurance value willing to results us we in find we tell insurance and and pay service that promises the insurers make the
decline premium Workers' the reinsurance ceded Insurance premiums portfolio renewal audit segment. business segment, Compensation our our segregated In lower market gross That decreased $XXX,XXX. to written sale result and primarily alternative of the in was
traditional from higher $X In renewal business the new face continue see Retention to fourth to cost last approximately last premiums increased compared each year. as loss At the intense time, book, declined million our state X% quarter was rate year. and prescribed writings rates adjustments. same XX points and pressure than renewal we competition XX%,
In In cost fact, of seeing. approved trends loss face current we're increased the loss our the full loss XX%. to ratio have we trends some cost states to our for additional loss book, year Workers' in accident in the flies decreases which response year XXXX, Compensation
year's Underwriting in expenses our essentially quarter. last were segment unchanged fourth Workers' Compensation from
reflecting points increased earned. However, the lower underwriting premiums net ratio primarily X expense
$XX continue to million increased we reinvest income highlight portfolio mature. be at Our to almost investment rates investment million continue as $X by securities results yields average as within higher to book as due net to higher our a
higher in New quarter yield. XXX basis were book average than points X.X% or our the purchase yields
X% holding down as since up per approximately reinvestment year-end rate provide end $XX.XX, balances we've for at was cash investment fixed end last the on million driven Our average in gains after-tax value operating X.X% to unrealized reduced of needs. of are share from our year maturity $XX of the by portfolio. last order year more of Book the
hold book share, value losses will the both back which is That unrealized approximately per to as there of still embedded matures value per portfolio said, the we intent until maturity. share book ability $X and as accrete have holding to in
conclude, couple to there items of a And before I I'd are like highlight.
on XX, a revolver draw refinanced our senior First, $XXX $XXX with million $XXX on a we loan. our term and million November million notes
interest compared with lending on XX, pleased and on given environment. refinance in Additionally, swaps were retired the rate term the respectively, X interest very senior we of December going as to revolver notes. X.X%, the our result loan the X.X% into rate entered XXXX effective this results a interest current and which We're total X.X% into that of
our Second, to XXXX second begin financial in our at call Lloyd's, the year. we ending with to due that impact participation will beginning That's of the in in last results XXXX underwriting be quarter quarter, the would we quarter we mentioned and see lag. done, our that
an earlier, open the syndicates over a the continue we from the And pro prior As as our our years interest of entity earn year-end. in I associated policy period. Frank? remaining to underwriting our results sale participation mentioned to rata out will with reminder, in to completed Lloyd's XXXX prior
