Paresh. Thanks,
this Paresh as a a that loss quarter. share. per lost mentioned, in an basis, So per GAAP the few we we $X.XX There quarter, led to basis. On share $X.XX were things lost adjusted significant on the fourth
of Michael. Hurricane first, The course, was
As you XXXX. on Florida struck know, XX, Panhandle Hurricane the October Michael
While it was of was us. for not a devastating significant policy in an concentration storm, area it
Hurricane including loss have for We flood. Michael ultimate $XX.XX the at estimated million
loss reinsurance this loss and million expense been our included of is $XX.X has in the to for Some ceded a net of quarter.
we prior related period, quarter, development development adverse losses, booked $X Matthew. about well to as on Second, in as million non-cat the of some fourth Hurricane
runs equity in dropped statement. relates about the third equity in quarter. in XX% markets, through with late accounting new The income the which securities to decline item change the In of fourth the accordance the rules, now year value
recorded fourth quarter. the of in a As loss a million result, we $X.X
was this periods in accounting before, mentioned volatility, new those certainly one periods. rules to of can inject volatility I earnings stock As and the market
market this in as bit last a no around some unrealized in of suggest the of a point in reversal would Speaking of equity certainly, the year. quarter to which, of And seen of will portion maybe the the first we’ve XXXX, from the this declines know, that of there’s you recovery certainty a significant what losses happen recovered fourth March, quarter while quarter.
turn the results full-year Let’s to for XXXX.
a loss after-tax of XXXX There per are the year million, and few share an was $X.XX for GAAP earnings our adjusted For related $XX.X results worth mentioning. year to the on that income are $X.XX an million. full-year were in Diluted net compared $X.X after-tax on full basis. things to basis net
net about XXXX. $XX.X XXXX to XX% income $XX.X First, from was in in million investment up million
is an unrealized this equity to year in for million fourth the led quarter, XXXX. as the the loss the markets case full in Second, $XX.X the of decline
Hurricane that in Third, than of adjustment biggest net expenses about the Irma loss decrease in big loss million The of expenses. were decline and the was course a XXXX XXXX down Michael and million $XX of the was of from XXXX. of from loss $XX less explains part hurricanes. The million to loss Hurricane $XX.X chunk impact
decrease loss to Another the relates of expenses in part loss development.
around Given adjustments benefits some litigation, of have we for made prior recent year in significant assignment the years. development environment
claims $XX significantly we The booked accident development XXXX the However, is fact which expenses the The loss than decline helped what rest that hurricanes XXXX the lawsuits overall XXXX, compared year million accident number year. of the to this is When XXXX about the better development for by reported performing number XX%. XXXX. very down removed, and the explained up than XXXX was in million in about booked – of a were reported down accident see is year reduce less shaping $X is were also period impact the XXXX. of for The what to accident XX% to be XXXX are that, year of prior you good year.
to-date think this XXXX As is again, note, expected combined, to ratio for experience XXXX years all XXXX, accident adverse encouraging had down. loss side core the encouraging. the and ultimate be we loss expenses a than result, for lower booked a is for driving favorable We also year is XXXX, which actually year on this accident actually, while development development some we is
Before moving to make rate. our to effective comment about I wanted balance the a tax sheet, quick
We have to we times mentioned rate expect our effective around be that few a XX%.
that stock somewhat and rate fourth higher Our for to lower quarter but the accounting this was the year in than temporary restricted year, somewhat related fluctuations were expire. for these certain that will full
Going to our still forward, about be rate expect we XX%. effective
to sheet. the Now balance
out XXXX when first The mix. is, to that December stands our December to last changes comparing investment thing
structural risk. have lower resulting cash, better While value reducing income, at total while but hasn’t yield. making the changes been in Combined duration, higher with the on are changed is that driven higher much, volatility portfolio we with this returns that of time, and average investment investment same a
I There for September mentioned million a are sheet The to reasons to wanted is other are from on balance two September from change December. December. Total the this. change about $XX up reserves
First, Hurricane quarter. so quarter Michael was for the that event a up we this and set fourth appropriate reserves
ultimate increased for we September $XXX including from end the Second, Irma of the the of million loss Hurricane to consolidated December. end at expected million flood at $XXX
at program. XX,XXX,XXX. number The end the than fully end buyback of program brings A million allocated of few Hurricane XXst just to other numbers. fourth number bought bought total X% number which of the In million reserves back quarter, higher the shares, outstanding significantly are $XXX year outstanding about for X,XXX of were and the down, year, was of the the September. we utilized XXX,XXX was back the they the total So fully diluted XXXX shares shares for Irma and to in over common quick the shares $XX the the December X,XXX,XXX of at under
book per was of Lastly, $XX.XX. as December value share XXst
liquidity turning Paresh, Before it a quick and structure. capital just to on holding back comment company
in have the is the maturing a month. this obligation and which obligation. issue, convertible we we million settle debt set on just this XXth funds is the holding have know, to you of company under $XX The aside As
a beyond our been. notes quarter $X.XX obligation stock, share per in per about between If per go if are As should value would settled have go $X what been. it $X earnings have they up settled otherwise $X.XX should is cash, and share what fully beyond otherwise in book to our up per the reminder, diluted would share the
a So is positive us. either result for mechanism settlement
liquidity, holding the had we investments. at securities of of end holding the the $XXX million company at company year, of limited partnership cash and level terms In including not
left have at holding will if the we notes over cash even of in the settled So all company cash. are
have investments. the new make discretion million we addition, at In if strategic available credit wanted facility we our any $XX to revolving
sheet balance great is the shape. in So
will turn funds investments the up. companies insurance with cash debt back down of surplus, Paresh. two and to come source inexpensive plus and X holding available company that, have if plenty paying And with at I LIBOR opportunities we strategic are an We has additional any it of
